Connect with us

Telecom

MTN Nigeria Begins IPO in August

Published

on

Kindly share this post

MTN Nigeria’s Initial Public Offering (IPO) has been set for August as part of MTN’s plans to restructure debts and fund local investments in Nigeria with its local currency, according to Ventureafrica.com reports.

 

Also, MTN Nigeria’s bid to be listed on the Nigerian stock exchange has been approved to go ahead after weeks of delay by Nigeria’s Securities and Exchange Commission (SEC).

 

BusinessDay, MTN Nigeria reported that will be worth between 3.2 trillion Naira and 3.9 trillion Naira on the Nigerian Stock Exchange.

MTN hopes to raise $400 million from the IPO to pay preference shareholders.

 

The telecoms company will issue about 402 million shares, with one share split into 50 units to create 20 billion shares.

 

MTN had originally planned to list its Nigerian office on the country’s stock exchange last year but delayed the decision due to unfavourable market conditions.

 

MTN also plans to pay off some of its debts through the IPO. MTN Nigeria is Nigeria’s biggest telecommunications provider with more than 50 million subscribers.

 

In 2015, it was slapped with a $1 billion fine by Nigeria’s communications regulation body for failing to disconnect unregistered subscribers on its network before a general deadline. The fine was later reduced to 330 billion Naira by Nigeria’s Minister for Communication Adebayo Shittu.

 

The fine contributed to MTN’s debt burden, which had risen from 52 billion rand ($4.2 billion) in 2016 to 57 billion rand ($4.6 billion) in 2017.

 

In response, MTN, whose headquarters is situated in South Africa, has decided to replace its dollar-dominated debts with the local currency of the countries where its different units are situated.

 

The stock exchange listing of its Nigerian office is MTN’s second major listing in its West African offices this year after the Ghana IPO in May. The listing of the IPO, which was worth $754 million, was bigger than Ghana’s previous greatest share sale. The IPO was offered at 4.64 billion shares in the unit, and at 75 pesewas per unit.

 

It has also announced the same deal in Ivory Coast. However, in its offices in Iran, which represents its second largest market, it has been impossible for MTN to repatriate about 200 million euros ($237 million) after US President Donald Trump pulled out of a nuclear deal with the country and re-instated sanctions on it.

 

Investment firms for the issuance include Chapel Hill Denham, the lead issuing house, Rand Merchant Bank, Renaissance Capital and Vetiva Capital.

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

Telecom

Airtel Africa Partners Starlink to Launch Direct-to-cell Service in 14 Markets

Published

on

Kindly share this post

Airtel Africa said on Tuesday it has partnered with SpaceX to introduce Starlink’s direct-to-cell satellite technology to all its 14 markets.

The satellite-to-mobile service will begin across Africa in 2026, with data for select applications and text messaging, Airtel Africa said in a statement.

Airtel Africa customers with compatible smartphones in regions without terrestrial coverage will have network connectivity through Starlink.

The deal also includes “support for Starlink’s first broadband Direct to Cell system, with next-generation satellites that will be capable of providing high-speed connectivity to smartphones with 20x improved data speed,” Airtel Africa said.

Last month, Kyivstar, Ukraine’s largest mobile operator, became the first in Europe to launch Starlink’s direct-to-cell satellite technology in a bid to keep millions connected amid wartime blackouts and disrupted infrastructure.


Kindly share this post
Continue Reading

Telecom

NCC Blames NOGASA for Abuja Outage

Published

on

Kindly share this post

Nigerian Communications Commission (NCC) has blamed the actions of the National Oil and Gas Suppliers Association (NOGASA), for the recent telecom blackout experienced in the Abuja area.

NCC Blames NOGASA for Abuja Outage

NCC

A statement issued on Friday by the Head, Public Relations, NCC, Mrs. Nnenna Ukoha, while acknowledging the challenges and impact of the degraded Quality of Service (QoS) in the area on subscriber experience, stated: “The challenges are a result of the activities of the National Oil and Gas Suppliers Association (NOGASA), which disrupted diesel supplies to sites with the attendant telecommunications services outages in Abuja.”

She however disclosed that the telecommunications sector regulator is committed to ensuring restoration of seamless communication services to the affected area, and all Nigerians at large, and recognizes the importance of reliable power supply for the provision of optimal telecommunication services.

“The Commission is collaborating with major stakeholders and licensees to address these challenges, largely caused by disruption to diesel supply affecting IHS Nigeria Limited, the colocation provider responsible for powering Airtel and MTN base stations in the affected areas.

“The NCC is actively engaging with relevant stakeholders to address the diesel supply issues and explore sustainable solutions.

“The Commission urges all parties to work together to collaboratively resolve these challenges swiftly by removing the diesel supply bottlenecks affecting critical telecommunications infrastructure, arising from NOGASA’s actions.

Ad image
“In the face of these challenges, we reiterate our commitment to fostering a conducive environment for the growth and sustainability of telecommunications services in Nigeria.

“We are taking proactive steps to facilitate dialogues between the impacted service providers and other stakeholders to promptly resolve the diesel supply concerns that have negatively impacted service quality.”

While assuring that the Commission remains dedicated to effectively managing the situation and will keep the public updated on progress towards restoring full telecommunication services in Abuja, Mrs. Ukoha appreciated subscribers for their patience.

“We thank telecommunications subscribers for their understanding and patience during this period and reaffirm our commitment to delivering high-quality telecommunications services nationwide,” she said.


Kindly share this post
Continue Reading

Telecom

NITDA Charts Path for Kano as Innovation Hub

Published

on

Kindly share this post

Mallam Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

NITDA Charts Path for Kano as Innovation Hub

Mallam Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA)

This is contained in a press statement e-authored by the Director of Corporate Communications & External Relations at NITDA, Hajia Hadiza Umar.

Speaking at the Kano Startup Weekend, Mallam Abdullahi acknowledged Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provided a solid foundation for future growth.

Abdullahi emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offered even greater opportunities through innovation and technology.

He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas were effectively deployed, they created value, solved societal challenges and generated sustainable economic growth.

He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture placed it in a strong position to take advantage of innovation-driven opportunities.

According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”

He noted that the state hosted numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development.

However, the NITDA DG expressed concern that these institutions often operated in isolation from industry, with research outputs rarely translating into commercial or industrial applications.

He explained that innovation did not happen in silos and stressed the need for a strong, interconnected ecosystem that brought together academia, industry, startups, entrepreneurs and government.

According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converted ideas into market-ready solutions.

The NITDA boss further encouraged entrepreneurs to leverage technology to build businesses that could grow beyond local markets, explaining that innovation-driven enterprises had the power to scale rapidly, create jobs and position Kano competitively at both national and global levels.

According to him, digital platforms and emerging technologies now made it easier for startups to reach wider markets and develop solutions that were previously unimaginable.

“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.

Highlighting NITDA’s ongoing interventions, its Director-General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes.

He cited the Digital Literacy for All (DL4ALL) initiative, which aimed to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.

He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”

Abdullahi explained that these programmes were key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritised skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity.

According to him, empowering Nigerians with digital and technical skills was essential for building a resilient economy capable of competing in the global digital landscape.

“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth.

“At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.

The NITDA boss urged all stakeholders in Kano to work together to build a functional innovation ecosystem that could unlock the state’s vast potential and expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano could reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.


Kindly share this post
Continue Reading

Trending