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MTN Nigeria Issues N127Bn Series 1 and 2 Commercial Paper

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MTN Nigeria Communications Plc has announced the issuance of N127 billion Series 1 & 2 Commercial Paper under its registered N150 billion Commercial Paper Programme.

MTN Nigeria Issues N127Bn Series 1 and 2 Commercial Paper

In a notification Monday sent to the Nigerian Exchange Limited and the investing public, the Company said the issuance comprised two tenors – a 184-day Serie issuance priced at a 7.50% yield and a 254-day Series 2 issuance priced at an 8.50% yield.

The company added that the issuance is in line with its strategy to diversify its financing options, with the proceeds being deployed towards working capital and general corporate purposes.

Speaking at the signing ceremony of the bond, Olukotun Karl Toriola,  CEO, MTN Nigeria, said, “We are delighted to have successfully concluded what will go into the record books as the largest Commercial Paper issuance in Nigeria. The success of our CP Issuance is a clear demonstration of the strength and acceptance of the MTN brand, and the trust placed by the investor community in our company’s leadership, strong financial performance and corporate strategy.

“Having emerged as one of two winners for the 5G spectrum recently auctioned by the Nigerian Communications Commission and also having just been granted final approval by the Central Bank of Nigeria for Momo Payment Service Bank Limited to commence operations license, this landmark issuance represents yet another step towards our cementing MTN Nigeria’s leadership in Nigeria’s telecommunications sector.

According to MTN Nigeria boss, Stanbic IBTC Capital Ltd served as the Lead Arranger and Dealer for the deal, while Chapel Hill Denham Advisory Ltd additionally helped to rearrange the deal, alongside Coronation Merchant Bank, FBNQuest Merchant Bank, Standard Chartered Capital and Advisory Nigeria Ltd, FSDH Capital and UCML Capital.

Toriola said; “First and foremost, we thank our customers and the investor community for their continued support and confidence in the MTN brand and all it stands for. We thank Stanbic IBTC Capital, our Lead Arranger and Dealer on this landmark CP Issuance, and our Joint Dealers – Chapel Hill Denham, Coronation Merchant Bank, FBNQuest Merchant Bank, FSDH Capital, Standard Chartered and UCML Capital.

“We also thank all other professional parties to the transaction, who worked tirelessly to ensure its timely and successful completion and the board and management of FMDQ Securities Exchange for providing an efficient platform for raising short term funding via the issuance of commercial papers.”

The commercial paper is an unsecured, short-term debt instrument generally utilized by firms to boost capital from the general public and handle their short-term monetary liabilities.

The most maturity date for a commercial paper is usually 270 days.

With MTN Nigeria recent acquisition of the ultimate approval from the Central Bank of Nigeria to start working Momo Payment Service Bank Ltd in the country, analyst thus opines that the leading communication company will be needing some working capital to facilitate the brand new enterprise.

 

 

 

 

 

 


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Telecom

NCC Directs Telcos to Audit Billings to Address Data Depletion Complaints

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Nigerian Communication Commission (NCC) has said that mobile network operators (MNOs) have been directed to audit their billing systems, to address consumer complaints about data depletion.

NCC Directs Telcos to Audit Billings to Address Data Depletion Complaints

The commission made this known in a statement on Friday.

“Quality of experience takes into account all touch points along the consumers’ journey in using telecom services from selection, through onboarding, usage, support and even off-boarding,” NCC said.

“This means that consumers are empowered to make the right network selection, enjoy a seamless onboarding into the network of their choice, enjoy quality service at fair costs, receive responsive customer service and enjoy protected off-boarding where they choose to leave the ntwork.

“To address consumer complaints on data depletion, the commission has directed mobile network operators (MNOs) to conduct an independent audit of their billing systems and is concluding a consultation process to simplify tariff plans.

“These initiatives would provide enhanced transparency to the consumer.”

elsewhere, the NCC said it is committed to tackling industry debt issues more seriously.

The commission said it has also embarked on critical advocacy initiatives to address long-term challenges in the sector, “including advocacy for designating telecom infrastructure as critical national infrastructure, as well as successfully persuading over six states to waive right of way (RoW) fees, even as he initiates discussions with more states”.

NCC said engagement is ongoing with the presidential committee on fiscal policy and tax reforms towards addressing multiple taxation issues in the telecoms sector.

 


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Nigeria’s Healthtracka, 23 Others selected for Google for Startups Growth Academy Program

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Google for Startups has announced 24 startups selected for the 2024 cohort of the Growth Academy: AI for Health program. The program is designed to support high-potential startups across Europe, the Middle East, and Africa (EMEA) that are leveraging artificial intelligence (AI) to revolutionise healthcare and medical research.

Among the selected startups are Nigeria’s Healthtracka, Kenya’s Thalia Psychotherapy and TibuHealth, and South Africa’s Zoie Health. These companies exemplify the potential of AI to address pressing healthcare challenges in Sub-Saharan Africa, advancing mental health integration, providing accessible outpatient services, and delivering affordable healthcare to underserved populations.

According to the World Health Organization, more than 116 million  people across Africa were already estimated to be living with mental health conditions pre-pandemic and as things stand, there are fewer than two mental health workers for every 100 000 people. Thalia Psychotherapy’s AI-powered chatbot provides initial assessments and therapy sessions, increasing access to mental health support in a region with a critical shortage of mental health professionals. TibuHealth, on the other hand, delivers affordable outpatient services via “minute clinics” in partner pharmacies in high-density neighbourhoods.

Dorothy Ooko, Head of Communications and Public Affairs, Google, Africa, said: “We are committed to supporting the growth of innovative startups, particularly those that are leveraging AI to address critical healthcare challenges. The Growth Academy: AI for Health program is a testament to this commitment, and we are excited to see the impact these startups will have on the future of healthcare.”

The three-month program will provide participants with intensive training, mentorship, and networking opportunities. Startups will benefit from workshops on best practices for AI, leadership development, responsible innovation, product design, and customer acquisition. Additionally, Google experts from Research, Health, Verily, Fitbit, and DeepMind will offer one-on-one mentorship sessions and technical project support.

Below are the participating startups, representing 13 countries from across Europe, the Middle East and Africa, and how they’re using AI models and technology to improve patient care and advance medical research:

  • Aide (United Kingdom) is a digital service that helps patients and clinicians better understand and manage chronic disease, specifically comorbidity.

  • AmplifAI (Saudi Arabia) combines AI driven thermography and computer vision to create a standardised and objective assessment for diabetic foot ulcers.

  • Biorce (Portugal) is developing solutions to enhance clinical trials through the power of AI, having created Jarvis, a clinical AI assistant.

  • C the Signs (United Kingdom) is an AI cancer prediction platform that helps identify patients at risk of cancer at its earliest and most curable stages.

  • Callyope (France) develops speech-based remote patient monitoring solutions that help caretakers assess treatment efficacy and detect relapses in serious mental illnesses such as depression, bipolar disorder and schizophrenia.

  • Clear.bio (Netherlands) works to reverse diabetes type 2 by precision nutrition, providing best in class digital therapeutic based on real-time glucometry.

  • Ephion Health (Spain) develops digital biomarkers to ensure accurate disease monitoring and therapy assessment, through wearables data, clinical reports and AI for precise patient assessment.

  • Exakt Health (Germany) is a certified medical app for physiotherapy and evidence-based training with hyper-personalised treatment plans.

  • FiveLives (France) is a digital brain health platform for people aged 50+ to take control of their cognitive health, through combining clinically-validated brain health assessment and an engaging coaching program.

  • Healthtracka (Nigeria) is decentralising access to healthcare in Africa through remote medical diagnostics, connecting users with a seamless way to access at-home lab tests, receive clear results and doctors consultations.

  • HearMe (Poland) supports employees’ mental health through anonymous and secure 1:1 sessions with mental health professionals.

  • Juniver (United Kingdom) delivers on-demand help for eating disorders, with AI-powered interventions for urges, evidence-based education, personalised tools, peer support and telemedicine.

  • Mindgram (Poland) is a platform offering a holistic solution providing employees and their relatives with psychological and self-development support around the clock.

  • Motherbeing (Egypt) is a digital solution dedicated to Arab women’s sexual and reproductive health. The platform connects users with doctors, experts, personalised health education and an AI-powered health assistant.

  • Noah Labs (Germany) develops a voice-based machine learning software for the early detection of decompensated heart failure.

  • Nui (Germany) is an app providing family caregivers with support through an intelligent chatbot that provides guidance to find answers to the most pressing questions.

  • O7 Therapy (Egypt) bridges the treatment gap with cutting-edge tech and top-tier mental health professionals. The O7 Therapy app offers instant, anonymous support via encrypted Chat, Audio and Video Sessions.

  • Powerful Medical (Slovakia) revolutionises cardiovascular diagnostics with its AI-driven platform, enabling healthcare professionals across the EU and beyond to diagnose and manage 39 cardiovascular conditions.

  • Research Grid (United Kingdom) is an automation engine enabling faster, more successful clinical trials by engineering smart software that safely automates back office admin across the full lifecycle.

  • Rofim (France) specialises in developing telemedicine software. The Rofim platform is a telemedicine platform designed to connect patients with healthcare professionals, enable diagnosis and improve access to care.

  • SYCAI Medical (Spain) develops medical device software with the aim of preventing the appearance of cancer in the abdomen non-invasively.

  • Thalia Psychotherapy (Kenya) is a mental health startup focused on integrating mental health services into primary healthcare systems.

  • TibuHealth (Kenya) delivers affordable outpatient services via “minute clinics” in partner pharmacies in high-density neighbourhoods.

  • Zoie Health (South Africa) is a digital health platform focused on providing underserved, high-need populations with affordable, accessible and healthcare.


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Nigeria Set to Host the World’s Largest Tech Expo, GITEX

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In a move set to boost the country’s tech sector, the Federal Government, through NITDA, has signed a Memorandum of Understanding (MOU) to host the world’s largest technology fair, GITEX, for the first time in 2025.

The agreement was signed by Kashifu Inuwa Abdullahi, Director General and CEO of the National Information Technology Development Agency (NITDA), and Trixie LohMirmand, CEO of KAOUN International, the organisers of GITEX.

Speaking on the significance of signing the MOU, Inuwa said, “Bringing GITEX to Nigeria will introduce the experience of the best tech conference to our country.”

He further emphasised that this strategic initiative aligns with President Bola Ahmed Tinubu’s Renewed Agenda to reform the economy to deliver sustained growth.

“President Tinubu is big and loud on trade and economic diversification, and you cannot trade in isolation. The President has mandated us to facilitate parts of this diversification,” said Inuwa.

The NITDA Boss recognises that in today’s interconnected world, no country can thrive in isolation. Economic prosperity is increasingly tied to the ability to engage with global markets and integrate into the international trade ecosystem.

In line with this vision, President Tinubu has given a clear mandate to MDAs to actively facilitate and support initiatives that contribute to economic diversification in line with this administration’s redefined priority areas. This includes fostering the development of new industries, promoting innovation, and creating an environment conducive to technological advancement.

“The President’s directive is clear: we must build bridges with the rest of the world and leverage these connections to boost our economic growth. Through initiatives like GITEX Nigeria, we are creating platforms for our tech ecosystem to shine, demonstrating that Nigeria is not only open for business but is also a hub of innovation and creativity,” he added.

Trixie LohMirmand expressed her excitement about the partnership, citing the impressive track record of Nigerian teams at GITEX pitch competitions. She said Nigeria has positioned itself as the fastest-growing country for developers in Africa, with vast potential for untapped talent.

“By bringing GITEX to Nigeria, we aim to explore the country’s potential in sectors like AI, digital health, and fintech. The initiative aims to not only showcase local advancements but also integrate the Nigerian tech scene with the wider GITEX network, providing Nigerian startups with a platform to connect with new markets,” she said.

While a date for GITEX Nigeria has not been announced yet, this agreement marks a significant step forward in positioning Nigeria as a key player in the global tech scene and affirming President Tinubu’s strong stance on economic diversification and international trade integration to drive a comprehensive strategy to transform Nigeria’s economy.


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