Telecom
MTN Group to Reduce Stake in Nigeria
MTN Group Ltd will push on with the plan to reduce its majority stake in its Nigerian business but the turmoil caused by the coronavirus (COVID-19) pandemic may require the sale to be done in smaller chunks than anticipated.
The impact of the pandemic on international financial markets has not changed the importance of selling part of the 79 per cent shareholding to local investors, Ralph Mupita, chief financial officer (CF) said in a chat.
However, the rest of a three-to-five-year plan to dispose of 25-billion rand ($1.4 billion) of assets will probably take a back seat for now, he said.
Mupita said: “In Nigeria we still want to do part of our retail offer, even if it’s a smaller part of the total planned sale. We are applying our minds to doing this at the moment.”
MTN is disposing of part of its largest division after a series of disputes with federal government agencies, especially over tax payments and withdrawal of cash from the country.
The plan is to sell about a 15 per cent stake to local investors, reducing MTN’s ownership to about 64 per cent.
MTN Nigeria Communications Ltd was listed on the floor of the Nigeria Stock Exchange (NSE) in Lagos last year and is the country’s second-biggest publicly traded company.
Nigeria is MTN’s biggest market, accounting for a third of overall 2019 revenue and almost 40 per cent of earnings before interest, taxes, depreciation and amortisation.
The Johannesburg-based company is also the biggest provider of telecom services in the country, with almost 69 million customers, according to the Nigerian Communications Commission (NCC).
The drastic fall in oil prices, hurting major producers including Nigeria, and the outbreak of the coronavirus has weighed on MTN’s share price, which hit 15-year lows last week. The stock has since rallied for six straight days, and traded as much as 21per cent higher in Johannesburg two days ago — the biggest jump in two decades.
“We of course have no visibility on how all of this could play out, but the business currently has a resilient balance sheet and is highly cash generative, with most of our business coming from pre-paid contracts,” Mupita said.
Telecom
Google, Meta Criticize Australia’s Rush to Pass Social Media Ban for Under-16s
Tech giants Google and Meta have called on the Australian government to delay a proposed bill that would ban children under 16 from accessing most social media platforms.
The companies argue that more time is needed to assess the bill’s impact and await results from an age-verification trial.
Prime Minister Anthony Albanese’s government aims to pass the legislation—one of the strictest globally on children’s social media use—by Thursday, the final day of the parliamentary year. Introduced last week, the bill was open for public submissions for just one day, drawing criticism for its expedited timeline.
The proposed law would require social media companies, rather than parents or children, to enforce age-verification measures, potentially using biometrics or government-issued identification. Companies found in breach could face fines of up to A$49.5 million ($32 million).
Meta criticised the bill as “inconsistent and ineffective” without clear results from the age-verification trial. Google echoed the sentiment, urging for a measured approach to ensure Australians understand the implications of the legislation.
TikTok raised “significant concerns” over the lack of consultation with experts, social media platforms, mental health organisations, and young people. “Novel policies must be drafted thoroughly to ensure their success,” the company stated.
Elon Musk’s X also opposed the bill, arguing it could infringe on children’s human rights, including their freedom of expression and access to information. Musk, a vocal advocate for free speech, accused the government of using the bill as a backdoor to control internet access.
The opposition Liberal Party has signalled support for the bill, while some independent lawmakers have criticised the government for rushing its passage. A Senate committee report on the bill is expected on Tuesday.
If passed, the bill will place Australia at the forefront of regulating children’s online activity, but its swift progression and potential implications have sparked a heated debate over privacy, freedom, and the role of government in digital spaces.
Telecom
Unforgettable Moments and Big Wins at the TECNO SPARK 30 City Tour
TECNO SPARK 30 city tour made a memorable stop at Ikeja City Mall on November 15th, bringing with it an infectious energy that electrified the entire city.
As the event unfolded, it was clear that this was more than just a product showcase – it was an immersive experience designed to thrill and delight.
The day’s festivities kicked off with the iconic TECNO SPARK 30 transformer bus, painted in bold red and blue hues, rolling into action.
The bus served as the hub for a games grotto, where fans immersed themselves in thrilling digital games and adventures.
Outside, the excitement spilled over, with attendees engaging in friendly competitions of Jenga, Monopoly, Ludo, and chess.
These games sparked laughter, playful banter, and a sense of camaraderie among strangers.
As the games heated up, so did the rewards. Purchasers of the TECNO SPARK 30 Pro enjoyed a N20,000 discount and a chance to win up to 100% cashback by participating in the games.
The atmosphere was electric, with cheers of victory, enthusiastic applause, and celebratory high-fives.
The excitement reached a fever pitch with the arrival of tech and lifestyle creator Kagan, accompanied by Big Brother Naija Season 9 stars Victoria and Ruthee.
The trio dove into the action, competing in games and claiming victory. They were awarded TECNO-branded gift items, earning cheers and applause from the thrilled crowd.
The event was an unforgettable experience, leaving a lasting impression on all who attended.
Telecom
Sophos Report Highlights Cyber Risks During Holiday Shopping Season
During peak shopping days, this threat intensifies.
Here’s what happens: with the surge in online deals, more employees may be shopping from their work computers, feeling that Cyber Monday is a legitimate time to do so.
This increases the risk of them clicking more freely and potentially exposing the organization to malicious links or phishing attacks.
To keep your organization safe, encourage your team to follow these simple tips:
• Don’t click deals in email that look too good to be true or are from businesses you don’t have accounts from – these could be phishing emails hoping to bait you into clicking links to bogus, malicious web sites.
This season, small steps can make a big difference in protecting against cyber threats.
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