Telecom
Airtel Africa Records Loss as Revenue Falls on Naira Devaluation
Airtel Africa Plc released its full-year financial statement for the year ending March 31, 2024. The company posted a loss after tax of $89 million during the fiscal year, a significant decline from the $750 million profit after tax recorded in the previous fiscal year.
The company’s financial performance was mainly hit by the Naira’s instability over the fiscal year. As Airtel recorded FX losses of $770 million due to the devaluation of the Naira from N463/$ as of June 2023 to N1303/$ as of March 2024. The Naira devaluation also affected the company’s revenue baseline.
In reported currency, the USD, Airtel Africa posted a revenue of $4.98 billion in FY ‘23/24, representing a 5.3% decline from the $5.26 billion posted in FY ‘22/23. However, in constant currency, Airtel’s revenue grew by 20.9% over the course of the fiscal year.
However, Airtel Nigeria posted a revenue of $1.50 billion during the fiscal year, representing a 29.4% decline from the $2.13 billion revenue posted in FY ‘22/23. More so, in Naira terms, the group’s revenue appreciated by 25.8%.
Airtel Nigeria posted $711 million and $654 million in voice and data revenue respectively. Airtel customer base in Nigeria also increased to 50.9 million, representing a 5.3% growth from the 48.9 million customers posted in the previous fiscal year.
During the year, the group’s voice revenue constituted the bulk of its total revenue with $2.18 billion. Data revenue constituted $1.73 billion of its revenue.
In constant currency terms, Airtel Africa’s mobile services revenue experienced a significant increase of 19.4%. This growth was primarily driven by an 11.9% increase in voice revenue and a 29.2% growth in data revenues, as the group’s 4G customers increased by 42.3% during the fiscal year.
Airtel’s mobile money, SmartcashPSB recorded a 20.7% growth in customers as well as a 21.1% growth in revenue, hitting 38 million customers and $837 million.
Despite inflationary headwinds and currency devaluation across the group’s operational markets, Airtel Africa displayed resilience in its financial performance as it generated a net cash of $2.26 billion from its operations during the fiscal year.
Also, in terms of constant currency, Airtel maintained a double-digit growth across its revenue, pre-tax profit, EBITDA, and operating profit profiles.
Commenting on the results, Olusegun Ogunsanya, the group’s CEO, said: “This strong revenue performance is a reflection not only of the opportunity that is inherent across our markets, but also the resilience of our affordable offerings despite the inflationary pressure many of our customers have experienced.
“Furthermore, our rigorous approach to de-risking our balance sheet and our capital allocation priorities has materially reduced the risks that the currency devaluation has had on our business. Key initiatives include the reduction of US dollar debt across the business and the accumulation of cash at the [holding company] level to fully cover the outstanding debt due. We will continue to focus on reducing our exposure to currency volatility. At the beginning of March, we launched our first buyback programme reflecting the strength of our financial position.”
Airtel declared a 3.57 cents final dividend, a rise of 9.2% on-year from 3.27 cents. Its total dividend amounted to 5.95 cents, also up 9.2%, from 5.45 cents.
The CEO added: “The growth opportunity that exists across our markets remains compelling, and we are well positioned to deliver against this opportunity. We will continue to focus on margin improvement from the recent level as we progress through the year.”
MTN Champs Season 3 Lagos Continental Relays concluded on April 12, 2025, with a vibrant closing ceremony at the Yabatech Sports Complex.
This event marked a historic moment in Nigerian athletics, featuring the debut of the Olympics-approved mixed relays and showcasing exceptional talent across various track and field events.
The final day was a blend of intense competition and entertainment, drawing families, friends, and MTN Nigeria staff to the stands. Guests enjoyed music, games, and the much-anticipated MTN Staff Relays, where teams from different departments competed for medals and bragging rights. The Innovators emerged victorious, clinching gold in both male and female categories.
MTN executives also joined the fun, participating in 50m sprints and emphasizing the importance of physical activity. Chief Human Resources Officer, Esther Akinnukawe, highlighted the company’s Go M.A.D (Make A Difference) campaign, encouraging individuals to stay active and impactful in their fields.
The Lagos Continental Relays attracted over 2,500 entries from 155 schools, with participants competing in four age categories: Cadet (U-14), Youth (U-17), Junior (U-20), and Senior. The event not only celebrated athletic excellence but also reinforced MTN’s commitment to nurturing future Olympians and building a legacy of sports development in Nigeria.
Season 3 of MTN Champs continues with the grand finale scheduled to take place in Uyo at the Godswill Akpabio Stadium from April 30 to May 3.
MTN Group, Africa’s leading telecommunications provider, has joined forces with Meta to improve the quality and reliability of voice and video calls on real-time calling applications such as WhatsApp across 12 MTN markets.
The collaboration, which began at the Mobile World Congress (MWC) 2024, focuses on optimizing application-aware networks and network-aware applications to deliver a seamless and high-quality user experience. By leveraging data analytics and conducting comprehensive testing, MTN and Meta have successfully developed solutions that enhance the interaction between mobile networks and real-time calling applications.
Nigeria, MTN’s largest market, was the first to implement these enhancements. Early results indicate a remarkable 50% improvement in key performance indicators (KPIs), significantly enhancing the user experience for MTN Nigeria mobile users.
“This implementation further demonstrates our commitment to enhancing our customers’ digital experience.
“We’re pleased with the remarkable improvement in our real-time communication services, reflecting our commitment to innovative customer solutions,” said Yahaya Ibrahim, Chief Technology Officer (CTO) at MTN Nigeria.
Diego Marí, Head of Network Ecosystems Engineering at Meta, added, “The collaboration allows us to deploy advanced solutions for an unparalleled real-time experience in Nigeria and showcases our dedication to elevating service quality and improving user experience, while striving for continued efficiency in traffic delivery.”
The partnership underscores MTN and Meta’s shared vision of delivering cutting-edge solutions to enhance digital communication across Africa.
Rack Centre, West Africa’s premier Tier III carrier and cloud-neutral data centre, has unveiled its state-of-the-art 12MW IT Load Data Centre, the LGS2, in Lagos, Nigeria.
This innovative facility is set to redefine the digital landscape of Nigeria, offering unparalleled infrastructure, scalability, and reliability.
Speaking at the official commissioning on April 10, 2025, Rack Centre’s Chairman, Maher Jarmakani, emphasized the company’s dedication to innovation and sustainability.
He highlighted the LGS2 facility’s role in providing uninterrupted, energy-efficient solutions for enterprises, cloud providers, and financial institutions, reinforcing Rack Centre’s pivotal role in Nigeria’s digital transformation.
“This facility exemplifies our commitment to powering the nation’s digital future,” Jarmakani stated.
Governor of Lagos State, Babajide Sanwo-Olu, represented by his Deputy Chief of Staff, Sam Egube, praised the milestone during his keynote address.
He described the LGS2 facility as a cornerstone in Lagos’s journey toward becoming a globally competitive digital hub.
Sanwo-Olu also commended Rack Centre for prioritizing sustainability and energy efficiency in the centre’s design.
Rack Centre’s CEO, Lars Johannisson, expressed gratitude to the Lagos State Government for fostering an enabling environment to support the company’s vision.
Johannisson described the facility as a symbol of Nigeria’s commitment to cutting-edge technology, sustainable digitisation, and artificial intelligence.
He noted that with the LGS2 operational, Rack Centre’s data centre capacity would increase eightfold, solidifying its leadership in sub-Saharan Africa’s digital infrastructure space.
As a key player in Nigeria’s digital ecosystem, Rack Centre continues to connect people, businesses, and ideas, driving technological progress and cementing its legacy as a trailblazer in Africa’s digital economy.
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