Telecom
MTN Public Offer: 85% of Subscribers via Digital Platform were Youths under 40
MTN Nigeria has successfully completed the first series of its public offering, to sell up to 575 million of the company’s shares.
The offer which officially commenced in December 2021, was an opportunity for every Nigerian to own a share of MTN Nigeria.
Following the commencement of the public offer, there was an oversubscription of the shares by 139.47%, which led to the activation of the approved 15% greenshoe of an additional 86.25 million MTN Nigeria shares.
As a result, a total 661.25 million MTN Nigeria shares were allotted, comprising the 575 million Offer shares and the 86.25 million greenshoe. In addition to 126,720 retail investors who participated and received full allotment, Nigeria’s pension funds that invested represent approximately 6.5 million Nigerian contributors.
Approximately 76% of successful applicants from the digital platform are women and 85% are youths under the age of 40.
Commenting on this, Karl Olutokun Toriola, Chief Executive Officer of MTN Nigeria said, “It has been inspiring to see so many Nigerians, many of whom are young, acquire shares for the first time, and use a digital platform to do so. This is the beginning of a journey to broaden our shareholding and there will be more opportunities to participate.”
Speaking on the conclusion of the first series of the offer, Ralph Mupita, Chief Executive Officer MTN Group, said: “We are pleased that this Offer has given so many Nigerians the opportunity to become owners of MTN Nigeria. With over 6.6 million Nigerians directly or indirectly becoming shareholders in MTN Nigeria, the objective of broadening the shareholder base, and creating shared value has been achieved.”
Also commenting on the closing of the offer, Chief Executive Officer of MTN Nigeria, Karl Toriola, said: “We are delighted to welcome so many new shareholders to the MTN family, up 11.6 times from the number before the offer.”
MTN Nigeria’s offer was the first public offering delivered through a digital platform, thereby allowing for maximized diverse investor participation across the country. MTN Nigeria will continue to conduct several series of these transactions in the coming months.
Telecom
WIOCC, Galaxy Backbone Partner to Drive High-Speed Internet Connectivity Across Nigeria
WIOCC, Africa’s Carriers’ Carrier, has partnered with Galaxy Backbone Limited (GBB), a leading digital infrastructure and shared services provider, in a strategic infrastructure collaboration aimed at enhancing high-speed internet connectivity across the country. This partnership supports digital inclusion and drives Nigeria’s digital transformation.
By combining WIOCC’s extensive wholesale fibre network and expertise with GBB’s national fibre footprint, the collaboration will improve scalability, efficiency and service delivery for businesses and government institutions. It also aims to bridge the digital divide by expanding broadband access to underserved regions and foster partnerships with Mobile Network Operators (MNOs) to advance Nigeria’s digital economy.
A signing ceremony was held at Galaxy Backbone’s Corporate headquarters in Abuja, with Darren Bedford, Group Chief Development Officer at WIOCC and Managing Director/CEO of Galaxy Backbone, Professor Ibrahim A. Adeyanju.
They highlighted the strategic alignment of both organizations in driving digital transformation to accelerate Nigeria’s digital future, setting a benchmark for innovation and connectivity that addresses the evolving needs of Nigeria’s digital ecosystem..
Professor Ibrahim A. Adeyanju stated, “Our mission is to provide robust digital infrastructure that underpins Nigeria’s digital economy. This partnership with WIOCC is a testament to our commitment to enabling digital inclusion and providing a platform for collaboration that transforms how businesses, governments and communities operate in today’s world.”
Darren Bedford added, “This collaboration with Galaxy Backbone reflects our shared vision for driving digital transformation. Together, we are creating a platform for innovation and economic growth that will benefit the country with world-class connectivity.”
Telecom
Schneider Reiterates Commitment to Accelerate Data Centre Market
Schneider Electric, has reiterated its commitment to accelerate growth in the data centre market across East and West Africa regions that have become vital due to rapid digitalisation and increasing Internet penetration.
Commitment on the company’s drive, End User Sales Director, Anglophone Africa, Schneider Electric, Rohan de Beer, said, the African data centre market is witnessing unprecedented growth, creating a fertile ground for resellers and distributors to enhance their capabilities and foster stronger relationships with local end users.
De Beer explained that previously, Schneider Electric relied solely on external channels for market development, which sometimes led to missed opportunities and increased competition.
He noted that the new dual approach adopted by the firm seeks to address these gaps by enabling closer engagement with end users to influence technology decisions and secure a larger share of the market.
He added, “Crucially, these engagements will still be fulfilled through Schneider Electric’s extensive channel network.This strategy allows us to influence project lifecycles at an earlier stage while maintaining our channel-driven fulfilment model,” explained De Beer. “Our goal isn’t to increase direct business but to expand our market presence and share while empowering partners.”
“In addition to self-paced learning resources, we are hosting instructor-led training sessions across the Anglophone cluster. The first half of the year saw successful training completions in East, West, and Southern Africa, focusing on technical solutions for partners and distributors,” De Beer added.
Telecom
Leo Stan Ekeh Highlights Nigeria’s Tech Potential @France–Nigeria Investment Forum
This year’s France–Nigeria Investment Forum, a major highlight of President Bola Tinubu’s visit to France, ended on a sound note and was mutually rewarding for both countries.
For some of us who have attended a few such forums in the past, this year’s edition stands out as the best from a Nigerian perspective, especially because of the organization and selection of relevant, successful Nigerian entrepreneurs who attended.
Though it was a government-to-government outing, the event was largely driven by the private sector, including experienced foreigners who functioned as moderators. In the past, the Nigerian government would showcase CEOs of companies that foreign investors found it difficult to connect with.
Also, this year, Nigeria’s leading women CEOs were presented to the French and global investment communities. I was impressed with the confidence Dame (Dr.) Adaora Umeoji, the CEO of Zenith Bank, Dr. Owen Omogiafor and Jumoke Oduwole, the Honourable Minister of Industry, Trade and Investment exhibited during their respective presentations. This is good for the Tinubu administration and the Nigeria economy and in tandem with emerging global trends where women have been raising the bar in entrepreneurship and leadership.
However, what was exceptional to me as a Nigerian UK-based property investor, was the presentation of Dr. Leo Stan Ekeh, Chairman of Zinox and Konga Group as he was introduced.
He gave a completely different perspective to the event, speaking with confidence on the technology capacity of Nigeria to support foreign investors. He assured the foreign investors of the existence of world-class IT professionals in their thousands who are available to support these investors.
He pleaded with French investors to invest in the educational sector and partner with some Nigerian educational institutions to produce graduates who may become global citizens in the corporate world. It was a great eye-opener for the packed hall as he personally gave an example of what his companies have done in the tech sector for French companies in Nigeria over 30 years ago. Most of these companies had their CEOs present at the event.
Ekeh’s confidence was infectious, and you could gauge the impact of his audacious presentation from the faces of both the foreigners and Nigerians in the audience. I am sure there are many companies with the profile of Zinox and Konga Group that are yet to be showcased to the world.
People left the hall very impressed. Though I was unable to reach him as he had a few persons engaging him, and I left immediately after his presentation, I spent time on Google to check out this Nigerian who presented the Nigerian technology roadmap over 30 years back.
One of his most impactful impressions in his presentation was when he said that you cannot anticipate future investments anywhere in the world without technology as your enabler.
Google revealed a lot about this humble Africa’s leading tech icon. It was a great expose for a Nigerian who pioneered many tech initiatives on the continent. Very touching was what led him to transition Nigeria from analogue petrol dispensing pumps at filling stations to today’s digital dispensing pumps when he was cheated at a petrol station, amongst others.
His profile also mentioned how he lost over $28m in one swoop on an AI and Robotics investment that failed after he acquired the largest warehouse in the city of Lagos to install the intelligent, high-end project over eight years ago.
As I was travelling back to UK, I was reflecting on opportunities that abound in Nigeria. Today, we celebrate Elon Musk, the world’s richest man who has an African background but who made his money outside Africa, but I wager that Musk could not have made as much money if he had stayed back in Africa. Never!
Ekeh’s reason for not hitting the jackpot is that he is operating out of a very limited Nigeria economy with structural challenges and several infrastructural deficits.
The young Minister of Technology and Digital Economy Dr. Bosun Tijani, should be encouraged to produce more Dr. Ekehs to guarantee the future of Nigeria.
Ekeh in his narration talked about how as a young man he returned to Nigeria over 37 years ago with a vision to launch what he called ‘Digital Democracy’ by digitalising elections and electoral processes in the country. He also narrated his effort at consolidation of data through digital census to guide planning and investments to achieve his ambition of promoting Nigeria to the status of an economy the world can trust.
He may have achieved his vision for digital elections with massive tech deployment which his company handled, but I am not sure how he could achieve a trusted economy where 80% of successful persons in the country are in oil and gas, cement, road construction, all brutally controlled by government both directly and vicariously.
Tech is the present and the future, and the Nigerian government must be intentional by patronising and helping to grow indigenous players to ensure they remain competitive on the global stage. I must say that I am proud of Dr. Ekeh and his achievements as a serial tech entrepreneur. His work inspires confidence in Nigeria’s potential. However, the next two years will be pivotal in proving that this progress can be sustained.
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