MTN Group recently welcomed a delegation of senior officials from Nigeria’s Ministry of Foreign Affairs at its headquarters in Johannesburg, South Africa.

This visit comes in anticipation of His Excellency, President Bola Ahmed Tinubu’s state visit to South Africa scheduled for December, which aims to enhance diplomatic and economic relations between the two nations.

The Nigerian delegation included prominent figures such as Rt. Hon. Wole Oke, Chairman of the House Committee on Foreign Affairs; Amb. Ahmed Sulu-Gambari, Head of the Ministry of Foreign Affairs; and Nigeria’s High Commissioner, H.E. Alexander T. Ajayi, among others. They were received by top MTN executives, including the Group Chairman Mcebisi Jonas and others.

During the meeting, Rt. Hon. Wole Oke acknowledged MTN’s contributions to Nigeria’s economy. “MTN remains a leading player in the Nigerian telecommunications industry. Over the years, the company has contributed significantly to the nation’s economy through its investment in infrastructure, promotion of digital inclusion, and job creation,” he stated.

The delegation emphasized that MTN’s investments in Nigeria are crucial for strengthening bilateral ties between Nigeria and South Africa. Mcebisi Jonas reiterated MTN’s commitment to fostering these relationships: “At MTN, we believe in Pan-Africanism and promoting African solidarity. Building social, economic, and political relations is crucial for a united Africa, and MTN is dedicated to fostering these relationships across countries.”

Discussions also focused on expanding partnerships between MTN Group and the Nigerian government, exploring how corporate objectives can align with Nigeria’s national development goals.

Jonas highlighted MTN’s long-term commitment to Nigeria’s digital economy: “MTN is in Nigeria for the long haul. We will continue to partner with the Nigerian government in promoting financial inclusion, digital transformation, and other initiatives that will enhance the nation’s economy.”

He assured that MTN would actively support the Nigerian presidency’s diplomatic and economic objectives during the upcoming state visit. President Bola Ahmed Tinubu’s visit to South Africa is set for December 2, 2024, representing a pivotal opportunity for both nations to align their strategic interests and strengthen bilateral relations.

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The South African pay-TV operator MultiChoice Group disclosed that its Nigerian unit, MultiChoice Nigeria, lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services from April to September this year.

The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024, which were released on Tuesday.

MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect.

In its financial report for March 2024, MultiChoice had earlier reported an 18% subscriber loss in Nigeria.

The company further reported a 566,000-subscriber loss in the Rest of Africa operations over the past six months, with Zambia and Nigeria contributing the largest shares to this decline.

“With the Rest of Africa business having seen a decline of 803k subscribers in 2H FY24, this rate of decline slowed to 566k in 1H FY25,” stated MultiChoice.

The loss included 298,000 in Zambia and 243,000 in Nigeria, while other markets experienced a minor decline.

Extreme inflation and currency instability have negatively impacted the group’s profits, with MultiChoice Group CEO Calvo Mawela commenting, “We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year.”

Mawela noted that the group’s net equity position is expected to recover by November.

With regard to Zambia’s losses, the company attributed them to extensive power outages caused by drought, leaving some regions with up to 23 hours of daily outages.

The company also cited competition from streaming services and changes in viewer preferences as pressures on its traditional pay-TV model.

To adapt, MultiChoice invested an additional ZAR1.6 billion in its streaming service Showmax, which reported 50% year-over-year growth.

Mawela added, “Showmax strategically positions the business to actively participate in the streaming revolution as it gains momentum across Africa.”