Headlines
Netflix Loses Subscribers for First Time in More Than 10 Years

By Derrick Bangura
The number of Netflix subscribers has fallen for the first time in more than a decade.
The streaming company lost 200,000 members in the first three months of the year, the company said on Tuesday.
The declines came after the firm raised prices in key markets including the US and UK, while pulling out of Russia.
But Netflix warned that more losses are coming, and it hinted it will start to crack down on account sharing as it pushes to sign up new members.
In a letter to shareholders, Netflix said a surge in sign-ups it saw during the pandemic had “obscured the picture”.
It warned investors it expected another two million subscribers to leave in the three months to July.
“Our revenue growth has slowed considerably as our results and forecast below show,” the company said as it released its quarterly results.
“Our relatively high household penetration – when including the large number of households sharing accounts – combined with competition, is creating revenue growth headwinds.”
The last time the company lost members in a quarter was October 2011. It still boasts more than 220 million subscribers globally.
Russian hit
Pulling out of Russia, a step Netflix took following the war in Ukraine, cost it 700,000 subscribers, it said.
Another 600,000 people stopped its service in the US and Canada after the price increase, Netflix said.
Netflix said that move was playing out “in line with expectations” and would yield more money for the firm, despite the cancellations.
The firm’s revenue in the first three months of the year was up 9.8% compared with the same period last year to more than $7.8bn (£6bn).
That marked a slowdown from earlier quarters, while profits fell more than 6% to roughly $1.6bn.
Losses in the quarter were partially offset by sign-ups elsewhere such as Japan and India.
As it looks to grow, the firm said it is focused on international markets and finding ways to tap the 100 million people it estimates are sharing household accounts, including more than 30 million in the US and Canada.
The company is looking to advertising and getting revenues from customers who share accounts with family or friends..
“Those who have followed Netflix know that I’ve been against the complexity of advertising, and a big fan of the simplicity of subscription,” said chief executive Reed Hastings. “But, as much as I’m a fan of that, I’m a bigger fan of consumer choice.”
Mr Hastings said “it’s pretty clear” that ad-supported services are working for Disney and HBO.
But analysts said rising costs are starting to wear on households.
In the UK, households cancelled more than 1.5 million streaming subscriptions in the first three months of the year, with 38% saying they wanted to save money – the highest level ever, according to research from market research firm Kantar.
Netflix is also facing intense competition, as companies from Amazon and Apple to traditional media firms like Disney pour money into their online streaming services.
Paolo Pescatore, an analyst at PP Foresight, said the subscriber loss was a “reality check” for the company, as it tries to balance retaining subscribers with raising its revenue.
“While Netflix and other services were key in lockdown, users are now thinking twice about their purchasing behaviour based upon changing habits,” he said.
North America especially is “now awash with too many services chasing too few dollars”, he added.
Shares in the company plunged more than 20% in after-hours trading in New York following the news, wiping more than $30bn off the company’s market valuation.
Investor concerns also hit shares in other entertainment firms, including Disney.
ANALYSIS
Netflix, like many tech companies, had a bumper pandemic.
People flocked to the streaming company – it seemed like the company could do no wrong.
But several factors have now combined to give Netflix the most difficult operating environment it has faced for over a decade.
Firstly it can’t seem to find a way to stop people from sharing passwords which it has complained about for years.
An increase in competition from rivals like Disney+ and Apple TV has also made the streaming market extremely competitive – at a time when Netflix has increased its subscription price.
The company is blaming its decision to pull out of Russia for its negative global growth – and this is technically true.
But the company is forecasting further losses in subscribers in the next quarter too, so this isn’t just about Russia.
And with the cost of living crisis biting for many, Netflix’s future, which seemed so rosy only a few months ago, now looks unsteady.
Headlines
NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.
The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.
Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.
“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”
She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.
“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”
Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.
“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.
Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.
“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.
“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.
“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”
He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.
“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.
Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.
“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”
The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.
Education
NUC grants ESUT full accreditation for Law, 7 other programmes

The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.
According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.
Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.
Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.
Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.
He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.
He said the session also empowers the NUC to accredit such programmes.
Crime
Court remands 2 over alleged attempted murder

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.
Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.
The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.
Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.
He thereafter adjourned the case until May 31 for mention.
The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.
She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.
“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.
Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.
He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.
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