The Federal Government has granted a 3-year tax relief to the newly inaugurated Pay TV operator in the country, TStv Africa, as well as tax free dividends to all investors in the company. The Minister of Information and Culture, Alhaji Lai Mohammed, announced this in Abuja at a dinner to mark the official unveiling of the new company.
The Minister, who performed the official unveiling of the new company and its products, said the tax reliefs were in line with the Pioneer Status recently granted to the Creative Industry by the federal government. TStv Africa is a wholly owned Nigerian Pay TV operator with refined offerings of novel Unclassified Pay Per View subscription and complimentary internet services.
The minister congratulated Dr Bright Echefu, Chief Executive Officer (CEO) of the company, and his team for liberalising and breaking the monopoly of Pay TV in the country.
“The important thing about what Echefu has done today is that he has redefined the pay per view television industry and from today that industry will never remain the same again. What he has done is to democratise the media and entertainment industry and make it possible for even a peasant farmer to have access to the best entertainment and news in the world.”
“It is a great opportunity for me to be the one to unveil TStv because just like a Nigerian made history by crashing the cost of telephony in Nigeria, I am glad that another Nigerian is now coming forward to crash the cost of Pay TV,” he said.
The minister commended the courage of the investor for coming from the Diaspora to invest in his country and for believing in the government’s seriousness about diversifying the economy. He said the company had also demonstrated that government alone could not do all things but needed the participation and synergy of the private sector.