Telecom
MTN Investment in Nigeria Hits N2trn
MTN Nigeria Communications Plc has invested more than N2 trillion in its business operations over the past 18 years.
The market value of MTN Nigeria closed at the weekend at N2.585 trillion.
MTN Nigeria, in a regulatory filing at the Nigerian Stock Exchange (NSE) at the weekend, indicated that it has invested more than N2 trillion since incorporation in 2001.
MTN Nigeria reiterated its commitments to the Nigerian economy, noting that it had paid more than N1.7 trillion in taxes, levies and other regulatory fees in its nearly two decades of existence.
The market value of MTN Nigeria dropped by 1.59 per cent to close weekend at N2.585 trillion.
The share price decline came on the heels of what the telecommunications company described as “technical disagreement” with the Federal Inland Revenue Service (FIRS) over the tax treatment of the N330 billion fine imposed on the company for failing to deactivate more than five million unregistered SIM cards. MTN Nigeria had completed the payment of the N330 billion fine in May 2019 but the tax treatment remains a subject of judicial review at the Tax Tribunal.
MTN Nigeria believes the N330b fine should be treated as part of operating cost and not subjected to any other tax but FIRS holds that the fine should be subjected to tax.
MTN Nigeria has remained Nigeria’s second largest quoted company since listing on the NSE in May 2019. MTN Nigeria last month earmarked N60 billion as interim cash dividend to shareholders as it released its first earnings report as a quoted company.
The board of the telco indicated shareholders will receive a dividend per share of N2.95 for the first half ended June 30, 2019. This however represented a drop of 17.83 per cent from N3.59 per share paid for the first half of 2018.
Key extracts of the six-month report for the period ended June 30, 2019 showed that MTN Nigeria’s profit before tax rose by 30.9 per cent to N141.8 billion in first half 2019 as against N108.35 billion recorded in comparable period of 2018. Profit after tax grew by 34.8 per cent from N73.4 billion to N98.93 billion.
Total turnover grew by 12.12 per cent to N566.95 billion as against N505.67 billion. Operating profit had risen by 39.49 per cent from N136.50 billion to N190.4 billion. Earnings per share rose by 34.8 per cent to N4.86 compared with N3.61.
The report showed that the telco’s mobile subscribers increased by 3.3 million within the first six months of this year to 61.5 million while service revenue increased by 12.2 per cent. Voice revenue increased by 11.4 per cent, data revenue rose by 31.7 per cent while fintech revenue increased by 21.2 per cent.
However, digital revenue dropped by 64.5 per cent. The company’s earnings before interest, tax depreciation and amortization (EBITDA) rose by 40 per cent to N304.9 billion while EBITDA margin improved by 10.7 percentage points to 53.8 per cent.
Nigeria is MTN’s largest market, accounting for one-third of the South African Group’s business. The telco last week announced that the Central Bank of Nigeria (CBN) has granted its subsidiary, Yello Digital Financial Services Limited (YDFS), full Super Agent Licence. The licence will enable MTN Nigeria to convert its existing airtime agents and recruit other small businesses to distribute financial services.
The telco stated that the Super Agent Licence will enable it to pursue its fintech strategy, as part of efforts to deepen financial inclusion in Nigeria.
Ferdi Moolman, chief executive officer, MTN Nigeria Communications Plc, described the first half performance as a solid performance as the company continued to invest to improve network quality and expand 4G coverage.
He noted that recent work on revamping data prices and accelerating 4G network has put the company in a strong competitive position to offer more value to customers and provide new impetus for overall corporate growth.
He said the listing of the company on the Nigerian Stock Exchange (NSE) in May 2019 demonstrated the company’s commitment to the Nigerian market while providing opportunity to domestic investors to participate in and benefit from the company’s growth.
“Our overriding priority for the rest of the year is to focus on our BRIGHT strategy to build a sustainable business and create value for customers. We will continue to progress in the second half of the year making improvements to our network experience, subscriber growth and enhance operational efficiency. We expect lower data pricing and our acceleration of the 4G network expansion to bolster the acquisition of customers and data traffic volumes in the second half,” Moolman said.
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.
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.
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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