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
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.
Telecom
Meta Confirms No AI Interference in 2024 Elections
Meta on Tuesday said fears that artificial intelligence would unleash a torrent of misinformation to deceive voters around the world did not come true as elections played out around the world this year.
Defenses against deceptive influence campaigns at the networking giant’s platform held firm, with no evidence that such coordinated efforts got much attention online, Meta president of global affairs Nick Clegg told reporters.
“I don’t think the use of generative AI was a particularly effective tool for them to evade our trip wires,” Clegg said of those behind coordinated disinformation campaigns.
“The delta between what was expected and what appeared is quite significant.”
Meta says that most of the cover influence operations it has disrupted in recent years were carried out by actors from Russia, Iran and China.
Meta has no intent of lowering its guard, however, since generative AI tools are expected to become more sophisticated and more prevalent.
Clegg referred to 2024 as the biggest election year ever, with some 2 billion people estimated to have gone to the polls in scores of countries around the world.
“People were understandably concerned about the potential impact that generative AI would have on elections during the course of this year,” Clegg said during a briefing with journalists.
“There were all sorts of warnings about the potential risks of things like widespread deep fakes and AI enabled disinformation campaigns.”
Preventing the malicious use of generative AI in elections became an industry-wide effort, according to Clegg.
Clegg said he was not privy to whether Meta chief executive Mark Zuckerberg and president-elect Donald Trump discussed the tech platform’s content moderation policies, when Zuckerberg was invited to Trump’s Florida resort last week.
Trump has been critical of Meta, accusing the platform of censoring politically conservative viewpoints.
“Mark is very keen to play an active role in the debates that any administration needs to have about maintaining America’s leadership in the technological sphere…and particularly the pivotal role that AI will play in that area,” Clegg said.
Clegg added that hindsight has led Meta to conclude that it “overdid” content moderation during the Covid-19 pandemic and that the tech company is “redoubling” efforts to improve the precision with which it targets content for removal based on its policies.
“Our content rules evolve and change all the time,” Clegg said.
“We will definitely continue to work on all of that, mindful of the fact that we’re never going to get it perfectly right and to everybody’s satisfaction.”
AFP
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