Court Freezes Bank Accounts of Iroko TV CEO Jason Njoku Over Debt Dispute

The Federal High Court in Lagos has issued an interim order freezing the bank accounts of Jason Njoku, CEO of Iroko TV, amid an ongoing legal dispute with Cote Ouest Audiovisuel Maurice. The Mauritius-based audiovisual company filed a motion over unresolved contractual issues, prompting the court’s decision.

Justice L.A. Okunnu issued the order on an ex parte motion filed by Cote Ouest Audiovisuel on March 21, 2024. The claimants alleged that Mr. Njoku and his company failed to honor two licensing agreements for the broadcasting rights of five telenovelas, including Caribbean Flowers and Hidden Truth. The agreements, valued at $141,500, were partially settled with a payment plan of $68,780 scheduled between October 2023 and February 2025.

The court’s garnishee order mandates the attachment of funds in Mr. Njoku’s accounts to satisfy the unpaid debt and administrative costs.

In 2019, Iroko TV made headlines for selling its ROK Group media assets to Canal Plus, a subsidiary of Canal+ Group, which holds a majority stake in Côte Ouest Audiovisuel. Despite this, Mr. Njoku clarified that the sale involved only IROKO Ltd’s shares in ROK Group, with his wife, Mary Njoku, retaining her stake in the company.

Speculation about Iroko TV’s financial stability has persisted, with rumors suggesting a decline in the company’s operations following the 2019 sale. Critics allege that Mr. Njoku’s lifestyle impacted the company’s management. However, he has denied these claims, describing 2023 as a challenging year marked by efforts to restructure debt, reduce costs, and implement a turnaround plan for the business.

“Irokotv dead? We can all agree that 2023 has been a nightmare. For me, it’s been unusually brutal as I have spent considerable time dealing with debt restructuring, cost reductions and completing the three-year turnaround of Iroko,” Mr. Njoku tweeted.

Neither Mr. Njoku nor Canal Plus has responded to requests for comments on the ongoing case.