Telecom
iSON Xperiences Secures $51 Million Investment from Gulf Capital, AfricInvest
Gulf Capital, one of the largest and most active alternative asset management firms in the Middle East, and AfricInvest, a leading pan-African mid-cap-focused private equity firm, have partnered for the first time to provide a US$ 51 million structured loan and equity investment to iSON Xperiences (formerly iSON BPO Limited), one of the largest outsourcing and customer experience partner/delivery partner operating in 14 countries in Africa and in India.
Gulf Credit Opportunities Fund II, Gulf Capitals’ second private debt fund, and AfricInvest Fund III, the firm’s third generation pan-African fund, provided a total debt and equity commitment of US$ 25.5 million each. Proceeds from the co-investment will be used for growth and working capital, as well as for acquiring shares from a minority investor.
iSON Xperiences is the largest customer experience partner / delivery partner in Sub-Saharan Africa, accounting for an estimated 75% of the market, excluding South Africa. The company’s operations serve 425 million telecom end-users through 27 call centres in 13 Sub-Saharan countries, South Africa and India.
Today iSON Xperiences is a valued partner and consultant for clients looking to remain ahead of the customer experience management curve, in a dynamic global environment.
Founded in 2010, iSON Xperiences (formerly iSON BPO Limited) launched its operations in six countries in Africa including Kenya, Tanzania, Burkina Faso, Chad, Niger and Nigeria and in India with a focus on offering call centre services to the telecommunication sector.
The company rapidly expanded and transformed its business to offer related outsourced experience services and technology solutions for the banking and insurance (BFSI), retail, travel and hospitality, media and entertainment, aviation, and e-commerce sectors in addition to the telecommunication industry.
Dr. Karim El Solh, Chief Executive Officer of Gulf Capital, said: “iSON Xperiences is another success story in Africa that we are delighted to support through this co-investment with AfricInvest.
“Our private debt solutions remain a flexible financing instrument for market leaders who are looking for growth and working capital to implement their next phase strategy.
“We commend iSON on its sharp focus on delivering superior customer experience to the end customer for all its clients. This is Gulf Capital’s second investment in Sub-Saharan Africa over the last year, and we look forward to expanding our franchise across the region.”
Adam Hadidi, Managing Director Private Debt at Gulf Capital, commented: “iSON Xperiences is an inspiring example of how a company can grow from a single country, single sector provider to achieve impressive growth across markets and sectors.
Very early on, iSON graduated from being a call center services provider to an end-to-end customer experience partner, thus providing a seamless experience to the end customer.
The management team has a clear vision and a proven track record of building first-class operations. We are pleased to be partnering with AfricInvest to support iSON in its growth journey.”
Hakim Khelifa, Executive Partner of AfricInvest added: “The BPO industry is an important sector for the continent of Africa, providing many opportunities for employment.
AfricInvest has considerable experience investing in outsourcing companies and recognises the significant opportunities that lie ahead for iSON Xperiences.
As the leading customer experience delivery partner in sub-Saharan Africa, the company is well placed to continue its geographic expansion as well as to benefit from the implementation of innovative digital strategies.
We believe the iSON edge lies in going the extra mile for every client and providing a seamless experience to their end customer. We look forward to partnering with Gulf Capital as together we accompany iSON Xperiences on this exciting path.”
Ramesh Awtaney, Founder and Chairman of iSON Group, said: “At iSON, as we continue to transform ourselves to provide our clients solutions for complete Digital Customer Experience Management covering both processes and technology, we are excited to welcome our new investment partners Gulf Capital and Africinvest.
They bring with them deep industry and geography knowledge. We are confident that with this fresh investment, we are now on an accelerated trajectory to be the largest Customer Experience Partner company in emerging markets. We remain committed to rapid innovation and enabling business transformations in emerging markets, so as to ultimately deliver on our vision.”
The deal marks the sixth investment for Gulf Capital from its US$ 251 million second debt fund and is the second for the company in Sub-Saharan Africa. With this commitment in iSON, Gulf Credit Opportunities Fund II is now 52% invested. It is the 10th investment for the US$273m AfricInvest fund III that is now more than 80% deployed.
Meta has announced its intention to appeal the decision of the Competition and Consumer Protection Tribunal (CCPT), which upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) over its data practices.
The penalty follows a 38-month investigation conducted by the FCCPC, in collaboration with the Nigeria Data Protection Commission (NDPC), which ran from 2021 to December 2023.
The investigation found evidence of unauthorised data sharing, insufficient user consent mechanisms, and discriminatory practices that treated Nigerian consumers differently from those in other regions.
In July 2024, the FCCPC imposed the $220 million fine on Meta and WhatsApp, citing violations of Nigeria’s data protection and consumer rights laws. Additionally, the ruling mandated corrective actions to ensure that Meta’s business practices comply with Nigerian regulations.
In a decision delivered on Friday, April 25, the tribunal upheld the fine, reaffirming the FCCPC’s authority and investigative processes. The tribunal also ordered Meta to pay an additional $35,000 to cover the costs incurred during the investigation.
However, Meta expressed disagreement with the tribunal’s ruling, stating in a statement on Saturday, April 26, that it would urgently seek to appeal the decision and apply for a stay of execution.
“We are urgently applying to stay the order and appeal today’s decision to avoid any impact to users,” WhatsApp said.
The company also contested the tribunal’s findings, claiming that the ruling misrepresented how WhatsApp operates and contained inaccuracies regarding its data practices.
Competition and Consumer Protection Tribunal has upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) on Meta Platforms Inc. and WhatsApp LLC for data privacy violations in Nigeria.
The Tribunal also awarded $35,000 in investigative costs to the country’s Federal Competition and Consumer Protection Commission .
In a statement issued by the FCCPC, the Tribunal delivered its judgment in the appeal filed by Meta Platforms Incorporated (Facebook) and WhatsApp LLC against the Federal Competition and Consumer Protection Commission (FCCPC), affirming the Commission’s authority and ruling in favour of its actions on nearly all contested issues.
According to the statement by the FCCPC, “The Tribunal specifically determined that the Commission adhered to prevailing laws, fulfilled its mandate, and exercised its powers by the 1999 Constitution (as amended).
“It ruled that the multiple actions by WhatsApp and Meta, for which the Commission made findings of violations, were correctly identified, and that the Commission did not err in making those findings.”
The statement revealed that WhatsApp and Meta’s legal team was led by Professor Gbolahan Elias (SAN), while the FCCPC was represented by Babatunde Irukera.
It added that both legal teams presented their final arguments on behalf of their respective clients on January 28, 2025.
“The FCCPC had on July on July 19, 2024, issued a Final Order imposing a $220 million administrative penalty after concluding that the companies engaged in discriminatory and exploitative practices against Nigerian consumers, the investigation started in 2020.
“The case arose from a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.
“Dissatisfied with the Order last year, Meta and WhatsApp appealed to the Tribunal, challenging both the legal basis and the findings of the Commission,” FCCPC said.
The Tribunal upheld the FCCPC’s authority and investigative procedures in Meta and WhatsApp’s appeal, resolving most of the contested issues in the Commission’s favour.
It confirmed that the FCCPC acted within its constitutional and statutory mandate, particularly regarding fair hearing, data protection, and consumer rights.
While it dismissed the majority of the appellants’ objections, it set aside one specific order (Order 7) for lacking sufficient legal basis.
While expressing satisfaction with the judgment, Tunji Bello, executive vice chairman/CEO, commended the Commission’s legal team for their exceptional diligence and forensic expertise in assembling evidence and presenting their case.
He reaffirmed the FCCPC’s unwavering commitment not only to protecting the rights of Nigerian consumers but also to promoting fair business practices in line with the FCCPA (2018) and the Renewed Hope Agenda of the Nigerian government.
Nigerian Exchange Limited (NGX), has made history with the listing of Legend Internet Service Plc as the first company in its Telecoms sector and the first company to be listed this year.
Legend’s N2 billion ordinary shares, with a par value of 50 kobo each, were listed at N5.64 per share.
Dr Umaru Kwairanga, chairman of NGX Group, who welcomed Legend’s board and management, commended the company for its successful listing on the Exchange
He highlighted that listing signifies an elevated commitment to corporate governance and provides opportunities to leverage the Exchange’s diverse asset classes for capital raising.
He stated, “As we celebrate this listing, with many more in the pipeline, I commend the management of Legend Internet Plc for this remarkable milestone.
“This bold step demonstrates confidence in your business model and growth vision.
It also marks the formal emergence of a broadband service as a distinct sub-sector on our Exchange.
Legend has evolved from a focused digital network provider to a diversified technology player, achieving significant advancements in broadband infrastructure development and data services.
We anticipate continued growth in the future.
“We are still bringing many companies on board the NGX, including Dangote, NNPC and others.
“As Africa’s leading exchange, NGX has consistently championed innovation, transparency and sustainable value creation through our investment in cutting-edge infrastructure and a comprehensive range of product offerings, spanning equities, bonds, ETFs and derivatives
Speaking at the Facts Behind the Listing Ceremony, Dr Ladi Bada, chairman, Legend emphasised that the company, as the first indigenous telecommunications company on NGX, has substantial value to offer the market.
Bada encouraged Nigerians to embrace the broadband industry, recognizing it as the fastest-growing sector globally.
He noted that the company had been instrumental in laying fiber optic cables connecting 250 homes in the Suleja and Abuja environs.
He expressed optimism that the Exchange would serve as a catalyst to replicate such commendable projects across other regions of Nigeria.
“We are here to create an enabling digital infrastructure to achieve the projected one-trillion dollar economy.
“On this special day, Legend Internet takes a bold step forward, not just for itself, but for the broader ecosystem of technology, infrastructure, and enterprise in Nigeria.
“As we begin this exciting new chapter as a publicly listed company, we do so with humility and boldness.
We remain committed to continuous innovation, expanding our reach, and delivering value to shareholders and society
“A listing on the Nigerian Exchange is more than a financial event. It is a signal and a declaration that a business is ready to be held to the highest standards of governance, performance, and public trust,” he said
Providing insights into the company’s development, Ms Aisha Abdulaziz, chief executive officer of Legend Internet Plc, stated that the company had evolved from an internet service provider to a comprehensive digital service provider.
Abdulaziz noted that with broadband penetration in Nigeria being less than one per cent, Legend Internet was strategically positioned to deepen access
She affirmed the company’s commitment to taking Nigeria’s digital economy to the next level
“When we started Legend, we weren’t just building an internet company; we were building a movement
A movement fueled by the belief that every Nigerian deserves access to premium, reliable, and high-speed internet, regardless of their location or occupation
“From late nights in our first office to laying fiber across Abuja, to launching products that made people’s lives easier and faster, our journey has always been about connections
“Connecting people to opportunities, connecting homes to entertainment, connecting Nigeria to the digital future it deserves. Our journey has always been about a better way to live.
“This listing is a symbol of our commitment to transparency, sustainable growth, and the kind of excellence that outlives hype.
“Legend’s primary focus now is on unlocking digital value at the household level,” she said.
Mr Jude Chiemeka, chief executive officer of NGX, congratulated the company for making the strategic decision to list.
Mr Chiemeka noted that Legend’s listing on NGX now brings the total number of listed securities to 322
Also, Mr Temi Popoola, chief executive officer of the Nigerian Exchange Group, encouraged the investing public to support the newly listed company.
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