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MTN to Invest N89.999Bn Series II Bond Proceeds in Network Expansion

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MTN Nigeria has launched the book build in respect of the Series II 10-Year Fixed Rate Bond (Series II Bond), and have concluded plans to invest the proceeds from the book launch, which amounts to N89.999 billion, in its network expansion drive.

MTN to Invest N89.999Bn Series II Bond Proceeds in Network Expansion

This followed the approval from the Securities and Exchange Commission (SEC).

The telecommunications company had successfully raised N110.001 billion through the Series I bond in May 2021 and is set to raise N200 billion through Series II.

This is just as the company has revealed that it has paid over N93.66 billion in taxes to the Federal Government of Nigeria for the fiscal year 2020.

The effort, it stated, is in line with its commitment to fulfilling its civic responsibility and stimulating economic growth and infrastructure development in the country.

In a recent interview with Arise News, Modupe Kadri, chief financial officer, MTN Nigeria, elaborated that MTN, throughout the years, has remained consistent with performing its civic responsibility.

Kadri stated that the bond issuance would reinforce MTN Nigeria’s strategy of diversifying its funding sources.

According to him, “As part of its expansion drive for its Ambition 2025 initiative, and its new growth strategy, the proceeds will be used to finance the existing obligations and put into the network for critical network infrastructure to drive network expansion.

“We are coming out of a pandemic, so interest rates are generally down. We have existing facilities with the banks, which were based on floating rates. Naturally as the rates went down, so did finance costs. We took advantage of the low rate in the market to also establish a Commercial Paper (CP) programme, which was oversubscribed, and we decided to put this bond programme in place knowing fully well that the rates are not likely to remain at those levels. So, it is better to have a long-term view because our business is highly capital intensive and that means you have to try to match those returns to your annual outgoings. This is what we are trying to do with the structuring of the bond programme.”

He further explained that some proceeds gotten from Series II Bond would be used for the expansion of 4G network as there has been an increase in data usage following the COVID-19 lockdown. The telco also intends to increase its overall coverage and expand to the rural communities to avail everyone an opportunity for digital connection using the MTN network.

Kadri also expressed the telco’s intention to further grow its digital businesses.

“Proceeds will also be used to position our Fintech and digital businesses for accelerated growth and to unlock their full value. In addition to this, MTN will continue to sustain an expense efficiency programme to strengthen its financial position and support margins,” Kadri said.

 


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Elon Musk Launches XChat with Video Calling to Take on WhatsApp, Messenger

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Elon Musk’s X (formerly Twitter) has launched a new stand-alone messaging app on iOS devices, called XChat.

Elon Musk Launches XChat with Video Calling to Take on WhatsApp, Messenger

Elon Musk

This app will help users connect their existing X contacts for calling, chatting, and sharing files. This move shows how Musk’s previous idea of creating a single ‘everything app’ seems to shift to a different strategy now.

This newly launched app comes with features such as audio and video calling, text messaging, group chats, and file sharing.

Moreover, it features privacy-focused tools like disappearing messages, the option to delete and edit messages for everyone, and a feature that blocks screenshots.

Looking at these features, the XChat seems to take on WhatsApp and Messenger.

However, the tech firm said that the app has no tracking or ads.

In terms of privacy, X claimed that the instant messaging app is end-to-end encrypted and comes with a PIN.

This app is currently available to iOS users only, and more updates are expected in the near future, as teased by Benji Taylor, the X’s lead designer. The launch of this app reflects a shift in Musk’s strategy about turning X into an ‘everything’ app that will include payments, shopping, messaging, and more combined in one place.

However, the focus of xAI seems to be different now as the company seems to be developing several different apps instead of combining everything into one.

This approach may help X to reach users through their various services rather than a single platform.

While XChat focused on messaging currently, the tech firm is also reportedly testing a separate payments system, which is not available to the public so far.

More features and updates to the instant messaging app are likely to be arriving in the coming months as X continues to grow its ecosystem with more apps.

 

 


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Globacom Unveils Two New TVCs Showcasing the Future of Connectivity

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Technology Company, ​Globacom has unveiled two vibrant television commercials, “Road Trip” and “Department of Imagination,” reinforcing the telecommunications giant’s dedication to providing seamless, reliable connectivity for every lifestyle.

​These engaging campaigns illustrate how Glo remains an essential partner in both our daily routines and our boldest future aspirations.

​​“Road Trip” captures a relatable family adventure filled with laughter and authentic moments. The story follows Toyin Abraham Ajeyemi as she experiences the frustration of poor signal—only to find that switching to Glo transforms the experience instantly. Whether it’s navigation, downloading content, or staying entertained, the difference is clear with Glo, which ensures you stay connected no matter where the road takes you.

Starring alongside Toyin Abraham Ajeyemi, the commercial featured Bolaji Ogunmola and others and their combination brought the best out of the TVC.

​Users can easily access data plans by dialling *312#, ensuring smooth, uninterrupted service on the go.

​Department, on the other hand transports viewers to a futuristic landscape where technology bridges the gap between creativity and reality.

Guided by the renowned Richard Mofe-Damijo (The Professor), the story explores how powerful ideas turn into extraordinary experiences. It showcases a smarter, more dynamic world—from real-time gaming to advanced culinary processes demonstrated by Hilda Baci and creative tech integration by Bamike Adenibuyan (Bam-Bam).

​The unique feature of the story is each scene serving as a testament to how Glo is actively shaping a future where technological possibilities are infinite.

​The Glo’s latest commercials carry a unified, powerful message: The future is here, and it is powered by Glo.


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MTN-Backed Pitchathon Awards ₦45m to Startups @‘Gathering on 100’ in Lagos

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Young innovators and entrepreneurs from across Nigeria converged at the “Gathering on 100,” a 100-hour non-stop youth-focused experience powered by MTN, to showcase ideas, build networks, and compete for funding in a major startup pitch competition.

Pitchathon Awards ₦45m to Startups at ‘Gathering on 100’ in Lagos

Pitchathon

The event, described by organisers as a convergence of creators, founders, and culture shapers, featured a Pitchathon segment that awarded a total of ₦45 million to eight outstanding startups selected from 30 participants spanning sectors such as Artificial Intelligence, FinTech, HealthTech, EdTech, Internet of Things (IoT), AgriTech, DefenceTech, and CreativeTech.

The competition underscored what participants called a “Gen Z approach to business,” combining innovation, speed, and community-driven growth models.

At the end of the contest, Hurpham Africa, led by Sesan Kareem, emerged overall winner, securing ₦15 million alongside enterprise partnership and co-development access from MTN.

Coconoto Ltd, founded by Jacob Oluwayannife, clinched the second runner-up position with a prize of ₦10 million, while Rava Send, represented by Emmanuel Isaka, emerged third runner-up, receiving ₦5 million.

Five other startups — URI Social, Dulces Jams, Kindly Book, Africa Medical Marketplace, and MyFund — each received ₦3 million in recognition of their innovative solutions and growth potential.

Organisers said the initiative was designed not only to reward innovation but also to equip young founders with critical business skills through mentorship and real-time engagement with industry leaders.

The Pitchathon formed part of a broader industry showcase where emerging technology startups presented solutions aimed at deepening financial inclusion and accelerating e-commerce growth across Africa.

Among the presenters was a fintech platform led by Charles Dairo, which is focused on simplifying cross-border transactions. According to Dairo, the platform has recorded more than 10,000 user registrations, with about 30 per cent actively transacting.

He said the company is deploying a localized incentive system to drive user engagement and convert inactive users, noting that a referral programme already contributes roughly 15 per cent of organic growth.

The platform operates a 0.5 per cent transaction fee model and leverages strategic banking partnerships to ensure liquidity. It also integrates stablecoins such as USD Coin to enhance cross-border payment efficiency and expand interoperability across mobile money ecosystems.

Stakeholders noted that such innovations could help address long-standing challenges in Africa’s payments landscape, including high transaction costs and limited system integration.

In the e-commerce space, startups like Jakuta demonstrated the use of artificial intelligence to simplify purchasing decisions and improve operational efficiency.

The platform combines voice technology with mobile messaging tools such as WhatsApp to guide users through transactions, while also enabling device trade-ins through automated video analysis.

Developers said the system currently supports operations in about 20 countries and is capable of handling high volumes of daily interactions, including automated customer engagement processes.

They added that the solution automates routine merchant tasks such as inventory management and customer follow-ups, even in low-connectivity environments, thereby expanding access for small and medium-sized enterprises.

Founders also disclosed ongoing efforts to partner with telecommunications providers to reduce communication costs and scale adoption of their platforms.

Industry analysts at the event observed that many startups are increasingly prioritising customer lifetime value, reinvesting revenues into marketing, user acquisition, and product optimisation to build resilient and scalable business models.

They noted that such strategies are essential for navigating challenges including exchange rate volatility, infrastructure gaps, and regulatory complexities across African markets.

The “Gathering on 100” highlighted the growing influence of youth-led innovation in shaping Nigeria’s digital economy, with stakeholders expressing optimism that sustained collaboration between startups, financial institutions, and telecom operators would accelerate digital inclusion and unlock new economic opportunities.


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