The economic hardship rocking Nigeria is telling on many establishments. In fact, it may only take the grace of God for many firms to scale through.
One fact remains clear, firms and establishments that stand firm through this crisis would not only have stamped its name on the sands of time but would be singled out as a force to reckon with.
Now, the hardship is throwing its weight on the media industry.
Megalectrics on Thursday announced a temporary closure of its radio stations, The Beat 97.9FM and Naija FM 102.7FM, in Ibadan.
In a statement, the chief executive officer of Megalectrics, Christopher Ubosi, said the temporary closure was due to the prevailing economic conditions.
He, however, said other stations in Lagos, Port Harcourt, Abuja and London were all fully operational.
Better Experience
Ubosi said the temporary closure of the two stations would allow the company to regroup, restructure, and emerge stronger.
This will allow providing an even better experience for “our valued staff, clients, and the loyal listening public”.
He said: “Megalectrics understands the profound impact that Beat and Naija FM have had on the vibrant city of Ibadan.
“Over the years, these stations have become an integral part of the local culture, offering unparalleled entertainment, music, and news.
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“We recognise the immense support we have received from our dedicated staff, esteemed clients, and the general public. We are committed to honouring their unwavering loyalty.
The Driving Force
“Megalectrics would like to extend our deepest gratitude to our valued staff in Ibadan, who have played an instrumental role in making The Beat FM and Naija FM the successful platforms they are today.”
Ubosi noted that public trust in them “had been the driving force behind our success”.
The organisation remains committed to maintaining open lines of communication, “as we work together to create innovative solutions that will benefit all parties involved”.
More and more businesses are suffering the economic hardship in Nigeria, with small businesses dying daily.
