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GTBank Shuts Down HiTV Premises & Puts It Into Receivership - Business (2) - Nairaland

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Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by Laajman(m): 10:01pm On Nov 24, 2011
Sad to hear this happen.

Clearly, there is more to this saga than meets the eyes. As noted above, I'd expect the risk guys at GTB to have gone over their prospects
with a fine comb.

I might be mistaken - but I think I began to have serious doubts about HITV's mgt years ago when I visited a friend, and saw that
an HITV employee - a senior engineer or something- had a range rover as his official car. And then range was like 15m+.

Maybe they didn't do a good job of creating / acquiring quality content (outside of the EPL). And of course, losing the EPL was a death knell,
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by Skii(m): 10:58pm On Nov 24, 2011
Abeg, someone gave us in our hiTV, dish and decoder new model for xmas last year, while we already had one running already.
please, biko, ejo, d'allah,,,,what will we do with it now? undecided undecided
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by adconline(m): 11:33pm On Nov 24, 2011
I thought a bankruptcy order from a judge would have forced HITV into receivership, instead of GTB acting as acreditor and an arbiter in their case?

Naija business culture is really bad. It seems that all our so called " business leaders" were/are groomed by politicians . Never succeed in anything.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by Nobody: 1:03am On Nov 25, 2011
TCD:

In that case, the GTB risk assessment people are dumb, also the board credit committee.

HITV came in banking on only the EPL to sell decoders, seeing as they snatched the rights off DSTV, people starved of their regular dose of football ran to them in droves.  They soon discovered that apart from football on weekends, the rest of HITV's content was total waste, nothing with real entertainment value.

HITV should have seen the handwriting on the wall. During the Off-season of the EPL, 80% of subscribers never renewed subscription until football starts again in August. They keep sending texts and calling , dear subscriber, why haven't you recharged?  Like Duh?

They kept banking on the EPL,  even the EPL quality was zero, sometimes sounds go off, mic too high and so on. Well, subscribers still endured coz we want our football and HITV was still smiling to the bank. Then the unthinkable happened! They lost the rights.

Eye still no clear them at that point, instead of going back to the drawing board it was still the same old rubbish Channels and promise of "more". Do you know that when DSTV lost the EPL rights to HITV, they went back and formulated channels like Afmag yoruba, afmag hausa, and others, Opened a supersport studio in Naija, and so on. Those improvement even increased sales without EPL. Ofcourse house wives loved it and most people who had HITV also had Dstv at home.


So yea, Tony subair is totally dumb and an incompetent CEO/business man. Even a 3 year old would run HITV better.

Very true.
My concern is the poor subscribers and what happens to the now worthless decoders they are saddled with?
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by 4llerbuntu(m): 6:35am On Nov 25, 2011
kalokalo:

HiTV is really owned by Bola Tinubu. Toyin Subair is just a front. The seed capital used to found HiTV came from a LASG account with Skye Bank. I got that from an impeccable source in Skye Bank. Even part of the funds wired to pay the EPL broadcasting rights came from a state government account.

See this one peddling false info like its the go truth, which village did u migrate from? For your info that assertion is very very untrue.  I know because i was involved in this saga as counsel. I dont understand y u pple just like behaving like dis. Tinubu does not have a dime in hitv, and would not be inclined to anyway seeing that a lot of pdp cronies were major hitv backers, the ones who def dont see eye to eye with tinubu.


Btw,  i thought u pple were insulting the chinese folks that brought startimes, shey u can see now that business acumen is not to be taken for granted. The quality of stations on startimes is improving daily. It may not be glamourous but its delivering it at a unmatchable price point, and its not going anywhere anytime soon. There abuja links alone with nta/nbc pple sef na sure banker. With an operatingcost thats borderline negligible, heck they dont even use their own transmitting stations!!!

1 Like

Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by kaxqua(m): 7:54am On Nov 25, 2011
So sad this happening

Anyone willing to compete with DSTv in Nigeria must have Arab 'unlimited' Money,  They should be able 2 bring those American & British Premium Content stations, EPL and So on. Then do dir research, HiTv didnt do dir home work well and dey r also going the way of FsTv, TiTv and Trend Tv cry
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by kjhova(m): 8:17am On Nov 25, 2011
Everything Nigerian is dying. Every sector of the economy we dabble into we fail. Okada Air, Concord group, Jobitex foods, UNTL, PAN , on to Stationery Stores, Calabar Rovers etc. Now it's HiTV. When UNTL finally shut down its main production unit in Kaduna in 2007, 4,000 Nigerians lost their jobs that day alone! How many guys are home and suddenly jobless with HiTV now?
Eyes closed and in prayer; may Glo, Oando, GTBank etc of today not fail too as we cannot cope with anymore loss of value in our system.
Having never floated a real business in my life, allow me to drop my humble advice to future venture founders. Please share ownership of your business and don't hold on to the management too. We as Nigerians are too fixated on "na me get am".

1 Like

Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by mbulela: 8:24am On Nov 25, 2011
i blame GTB for lending them the money in the 1st place.
they seem not to have done a good evaluation of the situation.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by logica(m): 9:06am On Nov 25, 2011
mbulela:

i blame GTB for lending them the money in the 1st place.
they seem not to have done a good evaluation of the situation.
It's obvious they were lent the money on the strength of their backers (politicians); and not any "projections". As pointed out they likely started having problems because their backer(s) were out of favor and therefore could not provide the required funds. Imagine if the backer(s) were in favor; they would have continued syphoning money from the government coffers to rescucitate the comatose horse. Moral of the story: if you need financing, don't bank on politicians. They are not "sure bankers".
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by lynxnoon(m): 9:47am On Nov 25, 2011
This is what happens when u dont sit down n do proper research n feasibility study undecided
I saw this coming a mile away!! grin grin
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by olaolaking: 10:04am On Nov 25, 2011
I use Hitv in my office. But I dont have a bit of fillings for them because They don,t have enough to offer
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by toxicguy: 10:42am On Nov 25, 2011
toyin subair worked with dstv and was silentlly trying to establish his own. he saw how it worked and all, but thought he was smart. he never knew how difficult things were. trying to force viewing centres to pay 20k for trash. hotels had to pay 1200 per room per month. utter nonsense. well he was a snitch and got what he deserved. i won't be surprised if he siphoned all that cash to his private account and left gtb with tables and chairs to recoup. he should be arrested tried and if possible auctioned to the highest bidder. who the fuuucccck does he think he is to offer $100m for EPL rights, when dstv at $30m was complaining that its too high. something tells me he stole that money. thief.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by Kizilala: 10:52am On Nov 25, 2011
Yorubas and their lack of business sense.If it's tribalism,they are experts.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by toxicguy: 11:17am On Nov 25, 2011
Kizilala:

Yorubas and their lack of business sense.If it's tribalism,they are experts.
are you telling me. they are also the best at running down businesses. put microsoft in the hands of a yoruba man, and in 3 weeks come and see what has developed.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by Bonfire: 11:37am On Nov 25, 2011
are you telling me. they are also the best at running down businesses. put microsoft in the hands of a yoruba man, and in 3 weeks come and see what has developed.


Like Adenuga, right?
Or Abiola,
Or Okoya-Thomas,
Or Folawewo,
Or the thousands who are running a successful business,
Brother, leave that hole you are in and get some sunlight.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by kaxqua(m): 11:40am On Nov 25, 2011
@ KIZIKALA its shocking that u can make that kind of statement, its so immature and shows u r very myopic in your thinking

Is this about a YORUBA man or a biz strategy going wrong, what does his tribe has to do with this, SHOCKING STATEMENT FROM YOU and shouldnt be making comments where matured minded people are, #shakingmahead
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by tobby123: 12:27pm On Nov 25, 2011
Its a sad news to some of us that belive in this country. It's not a thing of joy to be celebrated at all. Most foreign guys will never believe in the capability of nigerians to run a paytv business. What i expect gtb to do was to take over the company and run it, not selling the equipment. In any case who is going to buy those equipment, any way? Am sure no nigerian will want to dabble into that business again cos its a bit complex. Toyin had the opportunity but wasted it. He surrounded himself with some bunch of sychopants that will not querry his financial recklesness. Some of us saw it coming when most of his quality staff started to leave due to their inability to accept the guy's management style.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by Shinor(m): 1:12pm On Nov 25, 2011
@Jimmy Boy. Point taken. But it was evident this thing wasn't going to fly. How do you match a day old chick against a mother hen? They don't sell experience you know. DSTV has structure, experience and vision. A few of our companies lack these. Thanks all the same for your contribution Brother. Have a nice day.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by Pukkah: 1:36pm On Nov 25, 2011
Kizilala:

Yorubas and their lack of business sense.If it's tribalism,they are experts.

Why do you go about littering your path with messages of hate and negativity?
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by rogodo(m): 3:41pm On Nov 25, 2011
@Toxicguy, point of correction, Toyin Subair was never a staff of Dstv. He was one of their external solicitors.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by BERNIMOORE: 12:35am On Nov 26, 2011
My problem with hitv is that the way they treat their core viewers,footbal viewers, I was caught in awe whe hitv would invade a footbal viewing center and distrupt it and prouncing their activities illegal,and that if they must show football for commercial,they must pay higher to obtain the right taged ''DSTV VIEWING CENTRE'',that concept alone grieved the viewers,what DSTV never did.but our own man did.without quality service.WHERE IS TEMISAN OKOMI,OR DEJI OMOTOYINBO ET AL,football analyst that ran away from STV.too bad.from frypan to, ,lets reserve the comment.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by mwarawaa(m): 5:35am On Nov 26, 2011
Something is rotten in the state of Denmark.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by GeorgeD1(m): 9:01am On Nov 26, 2011
i guess this is a bitter lesson for subair and for all who want to dabble into business where competition

is cut-throat: look before you leap!
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by yemivictor: 9:00pm On Nov 27, 2011
logica:

It's obvious they were lent the money on the strength of their backers (politicians); and not any "projections". As pointed out they likely started having problems because their backer(s) were out of favor and therefore could not provide the required funds. Imagine if the backer(s) were in favor; they would have continued syphoning money from the government coffers to rescucitate the comatose horse. Moral of the story: if you need financing, don't bank on politicians. They are not "sure bankers".

Well said.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by Immunity247: 8:22am On Aug 18, 2012
Why is it that it even only 1 company that could pay 4 right in the whole country,why cant there be competetors like Mtn,Glo,et cetera.. Back when,we dey pay 5k for BIS,Glo dropt to 3k,mtn did too,Glo dropt again to 1400,mtn too..abeg let there be competetors jor,Toyin subair would inflate hiz crapy hiTV and wil go bak and strategize!
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by sholijay(m): 12:06pm On Sep 15, 2016
Toyin Subair Should keep his concocted stories for toddlers. He deliberately waited this long to reveal why his business failed, he has forgotten that the internet keeps record. Toyin Subair simply mismanaged HITV and ran it aground. Here is a snippet of what he was doing when he was the CEO then. https://www.nigeriafilms.com/celebrity-gossips/124-nollywood-biz/12204-flamboyant-lifestyle-of-hitv-boss-toyin-subair-buys-n5-million-champagne-for-birthday-bash-why-he-can-t-pay-salaries

Nigerian Entrepreneurs are the architects of their own destruction, they are never prudent and are always in hurry to impress everyone. We need entrepreneurs who will be prudent with the finances of their companies and focused on the big picture. No one should shed a tear for Toyin, he should go and sit down and enjoy whatever is remaining from the funds he mismanaged while at the helm of affairs of HITV.
Re: GTBank Shuts Down HiTV Premises & Puts It Into Receivership by tck2000(m): 4:47pm On Aug 31, 2019
kjhova:
Everything Nigerian is dying. Every sector of the economy we dabble into we fail. Okada Air, Concord group, Jobitex foods, UNTL, PAN , on to Stationery Stores, Calabar Rovers etc. Now it's HiTV. When UNTL finally shut down its main production unit in Kaduna in 2007, 4,000 Nigerians lost their jobs that day alone! How many guys are home and suddenly jobless with HiTV now?
Eyes closed and in prayer; may Glo, Oando, GTBank etc of today not fail too as we cannot cope with anymore loss of value in our system.
Having never floated a real business in my life, allow me to drop my humble advice to future venture founders. Please share ownership of your business and don't hold on to the management too. We as Nigerians are too fixated on "na me get am".

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