Connect with us

Broadcasting

MTN and its FY2023 Financial Results Abracadabra

Published

on

Kindly share this post

By Abdullahi Taminu Bida

MTN Nigeria Communications Plc (MTN Nigeria), the leading telecommunication service provider in the country, on Thursday, 29 February, 2024, submitted its full-year audited report for the year ended 31 December, 2023 to the Nigerian Exchange (NGX). The report showed very impressive highlights like growths in total subscriber base, active data users, active mobile money (MoMo PSB) wallets, service revenue and earnings before interest, tax, depreciation and amortization (EBITDA). Despite all these positive highlights in the Statement of Accounts, the media and most analysts, as the MTN Nigeria would wish, ran with the forex loss of N740.4 billion as well as the loss before tax of N177.8 billion.

Karl Toriola, Chief Executive Officer, MTN Nigeria

According to MTN Nigeria, the losses are as result of “rising inflation, currency devaluation and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1 arising from a redesign of the naira. Karl Toriola, the Chief Executive Officer of the company, noted that “MTN Nigeria’s operations are exposed to foreign currency volatility on its operating and capital expenditure. The most significant of these exposures relates to the tower lease costs, which comprised the bulk of the 45-50 percent foreign currency exposure in our operating expenses in 2023.” Specifically, the company attributed the poor financial performance for the year under review mainly to the foreign exchange loss of N740.4 billion as a result of a 96.7 percent movement in the exchange rate from N461/$1 in December 2022 to N906/$1 in December 2023.

From media reports many of the analysts seem to look at the MTN Nigeria’s 2023 Financial reports from the prism of the company – harsh operational environment, unfavourable government policies and the general macro-economic conditions. They seem to be so convinced by the jaundiced narrative the telecom company has deliberately crafted to hoodwink stakeholders to its side that they barely look at the submitted report critically.

To start with, MTN Nigeria listed on the floor of the Nigerian Exchange in 2019 as part of its bargain with the government to have its $5.2 billion fine, for failure to disconnect its subscribers who were yet to link their National Identification Numbers to their telephone lines, slashed. Prior to the listing, MTN Nigeria was a private company and had no disclosure requirements unlike now, as a publicly quoted company, it is required to meet the disclosure requirements including the submission of quarterly results.

Let us highlight some of the items as disclosed in the report. The Loss after tax was N137.0 billion due to net forex loss; Profit after tax (PAT), adjusted for the net forex loss, decreased by 14.3 percent to N344.5 billion; Earnings per share (EPS) declined to negative N6.38 kobo (N16.56 kobo adjusted for the net forex loss, down 14.1 percent); the Net loss for the year resulted in a depletion of its retained earnings and shareholders fund to negative N208.0 billion and N40.8 billion, respectively; the Capital expenditure (capex) increased by 13.2 percent to N571.0 billion; and the company’s liabilities and assets were N3.22 trillion and N3.18 trillion respectively.

The report, as indicated, showed that the company’s liabilities are bigger than its assets, an admission that MTN Nigeria is technically insolvent. The reality is that this insolvency would remain for a long time without shareholder funding and may trigger default. This also throws up the going concern questions. How can MTN Nigeria’s auditors sign off the on the going-concern assessment of the company with such reality – a case of financial illiteracy or poor oversight?

Also, the issue of lease agreements leaves plenty room for suspicion. Is attributing an item that, according to the company, constitutes 45-50 percent of its foreign currency exposure without naming the service provider a deliberate ploy to conceal pertinent facts? It is a known fact that MTN has large ownership stakes in the companies that provide these lease services and the ‘losses’ the company posts as a result of the forex fluctuations, it ‘gains’ in form of returns on investment.

Similarly, the report indicated that MTN Nigeria changed its “measurement” of FX loses from “realized FX differences on dollar indexed leased” to the N/US$ spot exchange rate at the end of each reporting period. This, it claims, is in line with the IAS 21 and FIRS 16 and led to adjustments of 2021 and 2022 results. Why would MTN Nigeria limit the restatement of its lease liabilities to 2021 and 2022 only and not 2020 and 2019 financials when it got listed on the NGX? It is also curious that forex for the H1 2023 was not restated – when objectively there was nothing that could have triggered the IFRS 16 treatment to be altered in H2. In fact, the report showed that MTN Nigeria did a restatement on the H1 FX related transaction that was undertaken in October 2023.

These may be pointers to a possibility of sharp practices and willful concealment on the part of MTN Nigeria in contravention of the extant disclosure rules of the Exchange. This possible concealment, probably aimed at avoiding tax liabilities and/or shareholder obligations, should be of interest to industry stakeholders, in particular and Nigerians in general. MTN Nigeria’s over two-decade operations in Nigeria leaves much to be desired as there have been cases that border around corporate governance such as tax defaults, illegal repatriations of profits and other corporate vices.

Abdullahi Taminu Bida, writes for Abuja


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Broadcasting

Young Africans Hit Hardest by Online Gender Violence, Paradigm Initiative Reports

Published

on

Kindly share this post

A new study, conducted by pan-African organisation, Paradigm Initiative (PIN), warns of an alarming surge in the prevalence of Technology-Facilitated Gender-Based violence, with 67 percent of respondents being victims of at least one or multiple forms of digital violence.

Young Africans Hit Hardest by Online Gender Violence, Paradigm Initiative Reports

Online

Released on International Human Rights Day, the research exposes deep systemic failures, weak accountability, and unsafe online spaces driving a rapidly escalating epidemic across Cameroon, Kenya, Nigeria, Senegal, Zambia, and Zimbabwe.

PIN recognises that this gap limits both the understanding of TFGBV and the development of effective solutions. In response, this study adopts a survivor-centred approach that reframes how TFGBV is researched, discussed, and addressed. By prioritising survivors’ perspectives, the research uncovers the emotional, social, and systemic dimensions of digital violence that formal reports and statistics often obscure. It also interrogates how survivors navigate reporting systems, access justice, and play an informed role in digital spaces that are frequently hostile or unsafe.

A key finding of the study is that young people are disproportionately affected, with those aged 18–34 constituting the vast majority of survivors. Most incidents of TFGBV occurred on Facebook, WhatsApp, and X (formerly Twitter), underscoring how mainstream social media platforms continue to function as structurally unsafe spaces for many users—particularly women, activists, and advocates.

“Victims’ experiences range from sexual harassment, threats, and misogynistic attacks to severe violations such as stalking, non-consensual image sharing, hacking, sextortion, and identity-based harassment,” the report notes. “Personal testimonies reveal profound emotional, psychological, and reputational harm.”

The study also highlights that formal systems such as the police, employers, and public institutions, remain underutilised, largely due to fear, mistrust, or an expectation of inaction. While the findings expose wide-ranging gaps across platforms, institutions, and legal frameworks, they also highlight survivors’ resilience and their continued efforts to seek safer digital environments.

In light of these findings, PIN calls for urgent action to make online spaces safer for everyone, in line with this year’s Human Rights Day theme, “Human Rights, our everyday essentials.” Addressing these systemic gaps is critical to advancing democratic engagement, promoting media pluralism, fostering digital inclusion, and achieving gender equality across Africa.


Kindly share this post
Continue Reading

Broadcasting

CKay’s “Love Nwantiti” Crosses Billion-Stream Mark on Spotify

Published

on

Kindly share this post

Nigerian singer, songwriter, and producer CKay has officially surpassed one billion streams on Spotify with his breakout hit Love Nwantiti, making him one of the few African artists to reach this milestone and the first Nigerian solo act to do so.

CKay’s “Love Nwantiti” Crosses Billion-Stream Mark on Spotify

Ckay

The rise of the emotional Afrobeats anthem

Originally an early hit when it dropped in 2019, “Love Nwantiti” (released on CKay’s EP – CKay the First) began as a slow-burn masterpiece that captured a global audience. The song broke out by blending the grooving rhythm of Afrobeats with an emotional feeling and an entrancing melody, a sound CKay himself pioneered and coined as “Emo-Afrobeats,” fusing African rhythms with raw, heartfelt emotion.

The song, which translates to “sweet gentle love” in the Igbo language, communicates an intense desire for a love interest. Its journey from a homegrown Nigerian track to a cultural sensation fueled by countless dance challenges, social virality, and international remixes is proof of the widespread power of its sound. The song remains a fixture on playlists globally, with over 3.9 million playlist adds and sustained streaming momentum across continents.

A solo milestone, a global legacy

Love Nwantiti’s sustained global appeal is undeniable: in the last 28 days alone, listeners from the United States , India,, Indonesia,  Brazil , and the United Kingdom  continue to press play, proof of the track’s staying power well beyond its viral peak.

This achievement places CKay in an elite group of African artists with billion-stream records on Spotify, which includes hits driven by collaborations with Nigerian artists, such as Drake’s One Dance (featuring Wizkid and Kyla), Future’s Wait For U (featuring Drake and Tems), and Rema’s Calm Down (featuring Selena Gomez), and solo song Water, by Tyla.

CKay achieved this historic mark with a solo, non-collaborative lead release by a Nigerian artist. This distinction highlights his unique vision and singular impact as both a writer and performer, making him a true torchbearer for the new generation of African music talent.

“Love Nwantiti” is more than a viral hit; it is a cultural reset. Demonstrating the rich storytelling and emotional depth of his sound, CKay didn’t just break borders, he built a powerful bridge for the global crossover of authentic African music, proving its resonance on the global stage.

CKay’s success is a signal for the future of African music on the global stage. Let us know if you’d like more on CKay’s journey or the song’s global streaming story.


Kindly share this post
Continue Reading

Broadcasting

Global South Alliance Launches $72,000 Datafication and Democracy Fund to Support 2026 Research Projects

Published

on

Kindly share this post

The Global South Alliance, a coalition of 26 digital rights organizations, launched today the second edition of the “Datafication and Democracy Fund” on December 9.

Global South Alliance Launches $72,000 Datafication and Democracy Fund to Support 2026 Research Projects

Global South Alliance

The Fund will provide more US$ 72,000 to support research and advocacy projects focused on datafication and democracy to be implemented in 2026.

The Datafication and Democracy Fund was launched during the fourth edition of the Data Privacy Global Conference, organized in São Paulo, Brazil. The Global South Alliance is jointly managed by Data Privacy Brasil, Aapti Institute, and Paradigm Initiative.

The members are Asociación por los Derechos Civiles, Bolo Bhi, Center for Communication and Governance, CIPESA, Derechos Digitales, Digital Rights Foundation, Dukingire Isi Yacu, Internet Bolivia, Pollicy, Research ICT Africa, Fundación Multitudes, InternetLab, Thraets, Jokkolabs Banjul, Aláfia Lab, Centre for Policy Alternatives, KICTANET, Tech Global Institute, Freedom Forum, TEDIC, Digital Access, Center for AI and Tech Innovation for Democracy and Masaar.

The call for proposals is open to non-profit, non-governmental organizations based in the Global South working on digital rights and related public policy issues. Previously supported organizations have addressed topics such as online child protection, data governance in electoral processes, biometric technologies in stadiums and large events, mandatory biometric data collection of migrants, and discriminatory surveillance and datafication practices.

According to the launch announcement, the Datafication and Democracy Fund “aims to finance research and public policy analysis projects that address critical questions arising from the impact of datafication on democracy.” The Alliance emphasizes that “datafication is a deep and complex process of social transformation: it shapes the provision of public services mediated by information technologies, the emergence of digital public infrastructures, the data-driven nature of elections, the reconfiguration of markets and platforms, and many aspects of civic life. Beyond deliberative processes and elections, datafication exacerbates democratic challenges such as transparency, due process, and respect for citizens’ autonomy.”

Selected applicants will receive grants of up to US$ 8,000 to support their research projects. Depending on the proposals submitted, between 8 and 12 projects will be funded. All funded projects must be carried out during 2026.

Applicants are required to submit:

  1. A one-page cover letter outlining the organization’s background, experience, and motivation for participating in the research program;

  2. A proposal of up to five pages detailing the topic, scope, methodology, expected results, and relevance of the project to digital rights and democracy in the Global South;

  3. A detailed budget, not exceeding US$ 8,000, specifying how resources will be allocated across the proposed project’s components.

Applications must be submitted in English by January 30th 2026, through the designated online form.

 


Kindly share this post
Continue Reading

Trending