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
Aliyu Aboki Appointed to Global Submarine Cable Resilience Advisory Body
West Africa Telecommunications Regulators Assembly (WATRA) has announced that Mr. Aliyu Aboki, its executive secretary, has been appointed as a member of the International Advisory Body for Submarine Cable Resilience.
This body, established by the International Telecommunication Union (ITU) in collaboration with the International Cable Protection Committee (ICPC), aims to bolster the resilience of submarine telecommunication cables that form the backbone of global digital connectivity.
Submarine cables, which carry the majority of the world’s Internet traffic, enable essential global services, including commerce, financial transactions, government operations, digital health, and education. Enhancing their resilience is critical for ensuring continuity in a digitally connected world.
Mr. Aliyu Aboki’s inclusion in the high-level International Advisory Body for Submarine Cable Resilience comes at a critical time when disruptions to digital connectivity in West Africa have highlighted the urgent need to safeguard vital telecommunications infrastructure.
As the Executive Secretary of WATRA, Mr. Aboki brings a wealth of experience and a distinctive regional perspective to the Advisory Body’s mission.
His appointment provides an opportunity for the region to contribute meaningfully to shaping global best practices for the deployment, maintenance, and protection of submarine cables, ensuring a stable and resilient digital ecosystem for millions across the continent.
Speaking on his appointment, Mr. Aboki stated: “The recent disruptions to telecommunications services across West Africa, caused by damage to vital submarine cables, underscore the fragility of our digital infrastructure.
“These incidents, which affected countries such as Côte d’Ivoire, Ghana, Nigeria, and Liberia, resulted in significant connectivity issues and highlighted the urgent need for enhanced resilience in our submarine cable systems.
As Executive Secretary of WATRA, I have witnessed firsthand the critical role that secure and reliable digital connectivity plays in driving economic development, supporting government operations, and enabling access to essential services across the region.
This appointment to the International Advisory Body on Submarine Cable Resilience presents an opportunity to strengthen global collaboration and bring the perspectives of West Africa to the forefront of discussions on protecting these crucial infrastructures.
It is vital that we work together with other experts and stakeholders to develop strategies that ensure submarine cables are more resilient to disruptions, safeguarding the continuity of services that are fundamental to the global digital economy.”
The Advisory Body brings together 40 global leaders, including Ministers, Heads of Regulatory Authorities, industry executives, and experts.
Co-chaired by Dr. Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, and Prof. Sandra Maximiano, Chair of the Board of Directors of the National Communications Authority of Portugal (ANACOM), the group will work to develop strategies that enhance the security and resilience of submarine cable infrastructure worldwide.
WATRA’s participation in this global effort reaffirms its leadership role in driving policies that prioritize digital connectivity, economic growth, and sustainable development.
By representing the region’s interests, Mr. Aboki will ensure that West Africa continues to play a vital role in shaping the future of telecommunications.
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.
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