Iroko TV Dark on Debt Dispute, Future Plans

Three months after a Lagos Federal High Court froze bank accounts linked to Jason Njoku, founder of the entertainment platform Iroko TV, the company has provided no public updates to its users or customers regarding its operational status or the ongoing legal case.

The freeze order, issued by Justice L.A. Okunnu in January 2024, stems from a legal battle with Mauritius-based audiovisual company Cote Ouest Audiovisuel Maurice. The court acted on an ex parte motion filed by Cote Ouest over alleged unpaid debts related to content licensing agreements.

According to court documents, Cote Ouest entered two licence agreements with Iroko TV, granting non-exclusive rights to broadcast five telenovelas – Caribbean Flowers, Juanita is Single, Now Generation, Seize the Day, and Hidden Truth – for a total of $141,500. Cote Ouest claimed Iroko TV failed to honour these agreements, leading to a settlement requiring payments totaling $68,780 between October 2023 and February 2025.

Justice Okunnu’s order stated: “A Garnishee Order Nisi is hereby made to the effect that sums of money which stand to the credit of the judgement debtors be and hereby attached to satisfy the judgement debt yet unpaid — the sum of USD 68780…or its equivalent in Naira as well as the administrative costs of these garnishee proceedings.”

This dispute occurs against a backdrop of significant change for Iroko TV. In 2019, the company sold its incubated media assets, the ROK Group (including ROK Studios and its broadcast channels), to Canal+, a subsidiary of Canal+ Group which holds a majority stake in Côte Ouest Audiovisuel. Njoku clarified at the time that Canal+ acquired only IROKO Ltd’s shares in ROK, and his wife, Mary Njoku, retained her stake.

While Canal+ sought to bolster its African content production via the ROK acquisition, speculation arose about Iroko TV’s own future, with some alleging a discreet acquisition and criticizing Njoku’s management. Njoku has consistently denied these claims.

In March 2024, Njoku stated in a blog post that Iroko TV had “finally accepted there was no market for paid premium services and exited Nigeria” in 2023, adding that the company “haven’t processed any Naira payments there in almost two years.” This followed a December 2023 tweet where his wife acknowledged a “nightmare” year involving “debt restructuring, cost reductions and completing the three-year turnaround of Iroko,” refuting claims of the company’s demise.

Despite the court order freezing accounts over the $68,780 debt to Cote Ouest, Iroko TV has not communicated with its user base regarding the company’s direction or the legal situation.