The Lagos Division of the Federal High Court has issued an interim order to freeze bank accounts linked to IROKOtv CEO Jason Njoku due to a legal dispute with Cote Ouest Audiovisuel Maurice, an independent audiovisual company based in Mauritius.
The audiovisual company claims that Njoku’s IROKOtv failed to honour licensing agreements for five telenovelas, leading to an unsettled debt of $68,780.
Justice L.A. Okunnu granted the order while ruling on an ex parte motion filed by the Mauritius-based company on 21 March 2024. The dispute concerns an unsettled contract between Cote Ouest Audiovisuel and Njoku’s company.
The claimants stated that they had signed two separate licensing agreements with IROKOtv, allowing it non-exclusive rights to broadcast five telenovelas: Caribbean Flowers, Juanita is Single, Now Generation, Seize the Day, and Hidden Truth. The total value of these agreements was $141,500. However, they allege that Njoku failed to honour the terms, leading to a settlement arrangement requiring payments totalling $68,780 from 7 October 2023 to 7 February 2025.
“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,” the order stated.
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In 2019, IROKOtv, a digital video-on-demand service, announced that it had successfully sold its media assets under the ‘ROK Group’—including ROK Studios, ROK1–3 on DStv/GOtv, and ROK on SKY—to Canal Plus, a subsidiary of the Canal+ Group, which holds a majority stake in Côte Ouest Audiovisuel. The financial details of the transaction were not disclosed. The acquisition expanded Canal+ Group’s reach in Nigeria and across Africa by adding ROK’s production, content distribution, and publishing arms.
Njoku later clarified that the deal only involved the sale of IROKO Group and that his wife, Mary Njoku, retained her ownership stake.
At the time, there was widespread speculation that IROKOtv had been quietly sold off, with rumours suggesting that Njoku embarked on a lavish international lifestyle that disrupted the company’s operations.
IROKOtv’s business struggles raise questions
Amid the legal battle, speculation continues regarding IROKOtv’s financial health, with Njoku previously denying claims that the company is struggling. He, instead, claimed that IROKOtv was undergoing a necessary transformation.
“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.