Court Freezes Bank Accounts of Iroko TV Boss Jason Njoku Amid Legal Dispute
The Federal High Court, Lagos Division, has issued an interim order to freeze the bank accounts of Jason Njoku, the CEO of Iroko TV, in the midst of a legal dispute with Cote Ouest Audiovisuel Maurice, a global audiovisual company based in Mauritius.
The order was given by Judge L.A. Okunnu while ruling on an ex parte motion filed on behalf of the Mauritius-based company, which claimed that Mr. Njoku’s company, Iroko TV, failed to honor contractual obligations. The legal dispute stems from unresolved licence agreements between the two parties.
According to the claimants, Iroko TV entered into two separate license agreements granting it non-exclusive rights to broadcast five telenovelas, including Caribbean Flowers, Juanita is Single, Now Generation, Seize the Day, and Hidden Truth, for a total amount of $141,500. However, the claimants allege that Njoku’s company refused to fulfill the terms of the agreements, leading to an outstanding settlement of $68,780, which was supposed to be paid in instalments from October 7, 2023, to February 7, 2025.
The court order, which is a Garnishee Order Nisi, directs that any sums of money in Njoku’s accounts, or their equivalent in Naira, be attached to satisfy the unpaid settlement, including the administrative costs of the garnishee proceedings.
In 2019, Iroko TV, known for its online video-on-demand platform, made headlines with the sale of its incubated media assets under the ‘ROK Group’ to Canal Plus, a subsidiary of Canal+ Group. The deal, which was speculated to have included a majority stake in Cote Ouest Audiovisuel, led many to believe that Iroko TV had been discreetly acquired. Despite rumors that the company was struggling, Njoku denied claims of Iroko TV’s decline, stating that the company was undergoing a vital transition.
Addressing the challenges of the past year, Njoku acknowledged the difficulties he faced, including debt restructuring and cost reduction efforts, which he described as a necessary step for the company’s turnaround. However, both Canal Plus and Mr. Njoku did not respond to requests for comment regarding the ongoing case.
As the legal proceedings continue, the outcome of this dispute could have significant implications for Iroko TV and its future operations.
