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MTN to Sell 14 Per Cent Stake in Nigerian Unit

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Karl Toriola, CEO-MTN Nigeria
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MTN Group is targeting at least 2 million retail investors in Nigeria ahead of its plan to sell 14 percent of shares in its local unit on the Nigerian Exchange Group (NGX).

MTN to Sell 14 Per Cent Stake in Nigerian Unit

“We would like to have the broadest retail shareholder base of any company in the history of the stock exchange of Nigeria,” Karl Toriola, CEO of MTN Nigeria.

“We believe that it is coming in the short to medium term. We just need to programme all that in the context of the COVID-19 situation, working constructively with the relevant authority,” Toriola said.

Retail investors are non-professional investors who buy and sell through brokerage firms or other types of investment accounts.

MTN is the largest telecommunication operator in Nigeria with 39.66 percent share of the market and 74 million subscribers.

MTN group, a South African firm, holds 78.8% of MTN Nigiera, added that the process would commence as soon as market conditions are conducive.

TeleGeography’s GlobalComms Database states that in June 2016 MTN Nigeria committed to listing a portion of its shares on the Nigeria Stock Exchange (NSE) as part of a settlement arrangement with the Nigerian government regarding a N330 billion ($800 million) fine.

The listing was initially expected to take place during 2017 but was delayed due to regulatory and macroeconomic issues; it eventually took place on May 16, 2019 via a ‘listing by introduction’.

Eventually, MTN intends to follow this with a public offer once market conditions are favourable.

Over time, MTN Group anticipates that local ownership will increase from around 20% to 35%, although in March 2020 it hinted that its sale of a roughly 15% stake may have to be carried out in phases due to the COVID-19 pandemic and a slump in oil prices.


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Telecom

Sub-Saharan Africa Lost $1.56Bn to Internet Shutdown in 2024 – Report

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Sub-Saharan African countries lost $1.56 billion to government-induced shutdowns in 2024, according to a new report by Top10vpn, an international VPN review website.

Sub-Saharan Africa Lost $1.56Bn to Internet Shutdown in 2024 – Report

This is 19 per cent of the total $7.69 billion that was lost to Internet shutdowns worldwide and a 10 per cent decline from $1.74 billion reported in 2023.

According to the report, there were a total of 28 Internet shutdowns across 28 countries. Thirteen of these were African countries — Sudan, Ethiopia, Kenya, Algeria, Guinea, Mauritania, Senegal, Mozambique, Chad, Mauritius, Tanzania, Papua New Guinea, and Equatorial Guinea.

It revealed that Nigeria stood out as one of the few sub-Saharan African countries to avoid internet shutdowns in 2024.

Experts said the absence of an internet shutdown suggests that people in that country have continuous and unrestricted access to the internet, allowing them to communicate, access information, and participate in online activities without disruption imposed by the government.

Sudan is the African country that lost the most — $1.12 billion — to Internet shutdowns. Total Internet shutdowns in the country lasted for more than 12,707 hours or over 529 days.

The Internet shutdown in Sudan is mainly due to a prolonged conflict in the country, which has claimed 13,000 and displaced more than 10 million people.

Other African countries like Kenya and Ethiopia shut down the Internet because of protests.

 

Both countries lost $75 million and $211 million to Internet shutdowns, respectively.

Major platforms such as X, TikTok, Signal, Facebook, Instagram, and WhatsApp were restricted, affecting approximately 111.2 million internet users in the country.

“In late February 2024, authorities in Myanmar once again started blocking access to X. As this was a new restriction. This is also the second year we have included blocks of newer social media platforms, such as TikTok and Telegram,” it said.

Globally, Asia led in terms of internet shutdowns in 2024, losing $4.64 billion over 48,807 hours of disruptions affecting 331.3 million people. Sub-Saharan Africa followed with $1.5 billion in losses spread over 32,938 hours and impacting 111.2 million internet users.

While the global economic impact of internet shutdowns decreased by 16 percent compared to 2024, the duration of shutdowns increased by 12 per cent in the same period.

The report emphasised the damaging effects of internet shutdowns, both in terms of economic and human costs, and highlighted concerns about citizens resorting to unsafe VPNs to circumvent imposed restrictions.

 

 

 

 

 


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USSD Dispute: FG May Blacklist 18 Banks Allegedly Owing Telcos N250Bn

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Indications have emerged that federal government may this week list names of 18 banks owing almost N250 billion naira to Nigerian telecom operators on Unstructured Supplementary Service Data (USSD), and have remained adamant towards settling it for several years.

USSD Dispute: FG May Blacklist 18 Banks Allegedly Owing Telcos N250Bn

Nigerian Communications Commission (NCC) has reportedly been given the nod to publish the names and approve that telcos withdraw services to them if after two weeks they fail to settle the debts, according to Vangaurd.

Recall that the issue of banks’ multi billionnaira USSD debt to telcos has lingered since 2020, rising from below N40 billion to N57 billion by the end of 2021 and N80 billion in 2022.

But now, the telcos claim the debt has risen above N250 billion and accused the banks of not complying with the repayment plan.

The recent development, cannot be unconnected with a December joint meeting between the two regulators, NCC and the Central Bank of Nigeria (CBN) which resolved that the banks pay part of the money by December 31, last year and defray the remaining gradually.

However, Vanguard gathered authoritatively that only four banks complied with the directive, while 18 others are still adamant.

Similarly, when the matter brewed heavily a few years ago, the National Assembly, Central Bank of Nigeria, CBN, and the Nigerian Communications Commission, waded in and also generated such a gentleman’s agreement, which gave the banks leverage to defray the debts gradually.

However, that did not also happen as the banks allegedly reneged.

A few weeks ago Gbenga Adebayo, chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), accused the banks of deliberately frustrating any move to resolve the issue and threatened that the only option, since the banks have consistently failed to honour the agreements, would be to withdraw the support that gives the USSD platform life.

 


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Suspected Lakurawa Terrorists Kill 3 Telcoms Workers in Kebbi

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Terrorists belonging to Lakurawa group have reportedly killed three staff of a leading telecommunication firm.

Suspected Lakurawa Terrorists Kill 3 Telcoms Workers in Kebbi

The insurgents were said to have invaded a construction site at Gumki village in Arewa Local Government Area of Kebbi State.

The bandits reportedly attacked a construction site at Gumki village in Arewa Local Government Area of Kebbi State when their victims were installing a surveillance mast for the Nigeria Immigration Service and killed them and one other person who is yet to be identified.

There was a conflicting report of which organization the victims belonged as the police said three of the deceased were Airtel staff and the residents identified them to be Immigration staff.

A staff of Sir Yahaya Specialist Hospital however corroborated the villagers, saying the three victims brought to the hospital were Immigration staff.

But SP Nafiu Abubakar, police spokesperson, said four persons lost their lives, one indigene and three staff of Airtel.

He said from the report the police got, Bello M Sani, state Commissioner of Police, alongside with CIS Muhammad Bashir, Comptroller, Nigeria Immigration Service, Kebbi State Command, Lawali mobilized their men to the scene to evacuate the corpses to Sir Yahaya Memorial Hospital in Birnin Kebbi.

He said his CP has deployed additional tactical teams to the area and charged them to decisively deal with the suspected bandits operating in the area.

He said the CP also had meeting with people in the area and appealed to them to always assist the police and other security agencies with relevant information for their prompt response.


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