Telecom
Bharti Airtel Inks Long-term Strategic Investment with QFE
Bharti Airtel, a leading global telecommunications services provider has entered into a binding agreement with Qatar Foundation Endowment (“QFE”), under which Bharti will issue 199,870,006 of its new shares to QFE representing a shareholding of 5% in the Company, post issuance of the new shares.
As per the agreement, QFE will subscribe to 199,870,006 new shares of Bharti at a price of INR 340 per share amounting to a total consideration of USD 1.26 billion (INR 6796 crores). The investment will further strengthen the capital structure and provide further flexibility for the Company to deliver on its growth strategy.
Mr. Sunil Bharti Mittal, chairman, Bharti commented thus, “I am delighted to welcome another high quality long-term institutional investor to our shareholder base. This strategic partnership with QFE demonstrates the confidence they have in the Company and our strategy for growth. In addition, this agreement exemplifies further strengthening of the already deep economic and cultural relations between Qatar and India. We look forward to a long and fruitful partnership with QFE”.
Speaking on the agreement, Rashid Al-Naimi, acting chief executive officer, QFE, said, “We are excited to be making a significant investment in one of the leading telecommunications companies in the world. As a long-term global investor, our shareholding gives us exposure to a high growth sector in key emerging markets. QFE looks forward to supporting Bharti in realising the full potential of this world class business.”
Goldman Sachs acted as sole financial advisor to QFE on this investment.
Telecom
Netflix Exits Nigerian Movie Market After Eight Years
Netflix, the international movie streaming giant, has reportedly exited the Nigerian movie market after eight years of operation.
The development was disclosed by renowned Nigerian filmmaker Kunle Afolayan during his speech at the 2024 Zuma Film Festival.
Although Netflix has yet to release an official statement, Afolayan, who has collaborated with the platform on several projects, confirmed the withdrawal, emphasizing that it was intentionally kept away from the public.
Netflix, which launched in Nigeria in 2016, has been a significant player in the local film industry, providing financial support for producing Nigerian content. However, according to Nollywood Wire, the platform officially exited the market in November 2024.
The report states that Netflix informed its frequent collaborators about its decision to scale back on acquiring Nigerian content. The reason for this withdrawal remains unclear, as Netflix has not provided any explanation or statement regarding the move.
The platform’s departure marks a significant shift in the Nigerian film industry, which has relied heavily on streaming services like Netflix for global visibility and funding.
Telecom
Telecoms Subscribers to Petition National Assembly Over Controversial 5% Tax
The National Association of Telecoms Subscribers (NATCOMS) has announced plans to petition the National Assembly over the Federal Government’s renewed push to impose a 5% excise duty on telecommunications services.
The association, representing millions of telecom users in Nigeria, is set to meet on Wednesday to finalize its petition, urging lawmakers to halt any legislative approval of the proposed tax while a court case challenging its implementation is ongoing.
The case, currently before the Lagos Division of the Federal High Court, has been adjourned to March 13, 2025. NATCOMS President, Adeolu Ogunbanjo, told The newsmen on Monday that the petition is necessary to prevent the National Assembly from unknowingly passing the tax into law.
“We are meeting this Wednesday to finalize the arrangement to write the National Assembly. If we don’t inform them that there is a pending court case, the Assembly might unknowingly pass the bill into law. That would be disastrous for subscribers and the industry,” Ogunbanjo said.
NATCOMS has consistently criticized the proposed excise duty as excessive and detrimental to telecom users. Ogunbanjo noted that telecom services are already subject to over 40 different taxes, and adding another levy would significantly increase the financial burden on subscribers. The association’s National Secretary and Legal Adviser, Bayo Omotubora, described the tax as double taxation and unconstitutional.
“The case is before the Lagos High Court and has been adjourned to March 13, 2025. Until a decision is made, implementing this tax would be illegal and unconstitutional. The Federal Government must respect the judicial process,” Omotubora said.
The 5% excise duty is part of a broader tax reform initiative outlined in the proposed “Nigeria Tax Act.” The bill seeks to consolidate tax laws and impose taxes on various transactions, including telecom services regulated by the Nigerian Communications Commission.
Introduced in 2022 under former President Muhammadu Buhari, the tax faced public backlash, leading to its suspension in July 2023 by President Bola Tinubu. However, the government has recently revived the plan to boost revenue amidst economic challenges.
NATCOMS emphasized that the government must wait for the court’s decision before proceeding with the tax. “We are not just fighting for the legality of this tax but also to protect millions of Nigerians who rely on affordable telecom services,” Omotubora added.
The association’s petition to the National Assembly will highlight the ongoing legal battle and the economic implications of the proposed tax. “The Federal Government must respect the judicial process and suspend any action on this tax until the matter is resolved in court,” Ogunbanjo said.
NATCOMS has called on stakeholders to join its fight against the tax, describing it as an unnecessary burden on telecoms subscribers and the industry.
Telecom
Airtel Directors Win Honours @ CIO Awards
Airtel Nigeria’s leadership team has demonstrated outstanding excellence in innovation and technology as two of its directors were honoured with three prestigious awards at the 5th edition of the CIO & C-Suite Awards, held on Saturday, 30th November 2024, at the Civic Centre, Victoria Island, Lagos.
The annual awards, organized by CIO Club Africa, celebrates outstanding achievements in technology and innovation leadership across 11 African nations, recognizing individuals and organizations shaping the future of the tech industry.
During the event, Harmanpreet Dhillon, Chief Technology Officer, Airtel Nigeria was recognised as Overall Tech Champion of the Year and also received the Gold Award as an Innovative Leader in the Telecommunications Sector. Also, the Director of Information and Technology, Airtel Nigeria, Kemi Ariyo, was recognized with the Silver Award as an Innovative Leader in the same category, highlighting her significant contributions to the sector.
While expressing his gratitude for the recognition, Mr. Harmanpreet Dhillon dedicating the awards to the efforts of the Airtel team.
“At Airtel, we are fully committed to continuous innovation and excellence and I must say this is a reflection of the relentless efforts and dedication of the entire Airtel Nigeria team. These awards inspire us to continue breaking barriers and achieving excellence through innovative technology,” he said.
The event brought together technology leaders, including Chief Technology Officers (CTOs), Chief Information Officers (CIOs), tech visionaries, security experts, and innovation pioneers who share a united goal of shaping the future of technology and driving transformative progress across industries.
In her remarks at the event, Kemi Ariyo also emphasised the importance of professional honours in encouraging innovation across the industry, stating, “Awards like these are a motivation to keep contributing meaningfully to the industry and to push the boundaries of what is possible in technology and telecommunications.”
These achievements reflect the brand’s commitment to excellence, innovation, and setting new benchmarks in the telecommunications industry.
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