Telecom
Etisalat Woes Deepens over $1.2Bn Debt

The fate of Etisalat Nigeria, the fourth largest telecommunications network operating in the country, hangs in the balance as the telecom giant battles to pay its creditors, according to the Nation.
Etisalat Nigeria had in 2013 obtained a seven-year loan facility of $1.2billion from 13 local banks and their foreign counterparts to refinance a $650 million loan as well as the expansion of its network but the company had missed the payment due to dollar shortfall in Nigeria’s financial system.
The loan, which involved a foreign-backed guaranty bond, was for Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria.
The 13 local banks involved in the loan deal include: Zenith Bank, GT Bank, First Bank, UBA, Fidelity Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank, and Union Bank.
According to the Nation, Abu Dhabi state investment fund Mubadala, the second-largest shareholder in the business, had in April presented a final restructuring plan to the banks which they flatly rejected. The banks further gave a one month window for repayment which lapsed in May 31st, 2017.
The telecoms company unable to redeem its payment, the banks have since issued Etisalat a default notice.
This is just as The Nation learnt at the weekend that Etisalat Nigeria is working with its lenders and Abu Dhabi state investment fund Mubadala, the second-largest shareholder in the business, to resolve debt woes it said were caused by a devaluation of the naira currency.
Mubadala spokesman Brian Lott told Reuters on Friday that a local media report saying that the fund has pulled out of Etisalat Nigeria was wrong and that several proposals are under discussion.
He declined to elaborate on the options being considered but said he will know more next week.
The Nigerian affiliate of Abu Dhabi-listed Etisalat has said it is in talks to restructure a $1.2 billion loan after missing a repayment, though sources have said that talks reached a deadlock on April 28.
In a statement by Ibrahim Dikko, Vice President, Regulatory & Corporate Affairs, Etisalat Nigeria, the company described as spurious news report that Mubadala Development Company, the majority shareholder of the company is exiting the business.
In the statement which reads in part, Dikko said: “Whilst it is premature at this stage of the ongoing discussion to affirm that this is the conclusive option, Etisalat Nigeria considers it pertinent to state that parties in the negotiation are considering a number of options and discussions are at an advanced stage regarding the syndicated loan agreement with the banks. It will therefore be presumptive and in bad faith to begin to predict the outcome.”
Etisalat Nigeria, he stressed, “Can confirm that negotiations with the consortium of banks regarding the syndicated loan agreement signed in 2013 have reached an advanced stage. As noted in an earlier statement, we are considering a number of options and are not taking anything off the table at this time.”
Etisalat, he further emphasised, “Remains a viable business, having recorded its best financial year in 2016. So parties are keen to ensure that the ongoing discussions and eventual outcome do not affect the day to day operations of the business whether now or after the announcement of our agreement. All parties have continually demonstrated an interest in the continued operations of Etisalat as a business as it remains a backbone of millions of small business owners; multinationals, government and indeed Nigerian subscribers in general.”
However, it does appear that the apex bank and the regulatory agency in charge of the telecoms sector are not willing to stick their necks out for Etisalat again judging by their mute indifference to the lingering crisis involved the embattled telecom company and the banks.
When our correspondents broached the subject before the CBN spokesman, Isaac Okoroafor, Acting Director of Corporate Communications at the weekend, his rather terse response spoke volumes. “Call the Etisalat people please. We have nothing to say on that.”
His counterpart at the NCC, Tony Ojobo, informed our correspondent that he was going to get back soon but never did as at the time of filing in this report.
In the view of industry experts, the future of the telecoms sector looks bleak without Etisalat. One of those who share this sentiment is Mr. Olusola Teniola, National President, Association of Telecommunications Companies of Nigeria (ATCON), the umbrella body of telecoms companies.
Speaking with our correspondent at the weekend, Teniola said the issue of Etisalat leaving is a very complex question, as the insinuation describes a scenario whereby the subscribers on their network can be easily accommodated by other networks, which is not necessarily the case.
According to him: “No single network as currently configured and engineered can provide the requisite capacity to cater for any additional traffic burden a collapse of any single mobile network operator with over 20million subscribers will cause. It is more feasible that a more likely scenario of a merger or acquisition will occur in the form of an international player coming in to ensure continuity of Etisalat’ operations. This is more of a preferred scenario that should occur anything else will be disastrous for the consumers’ choice.”
Options before Etisalat, banks
Among the many options before Etisalat is to sellout its entire equity. The telco also ran into problem in Tanzania when the owners refused to put in more money. Specifically, United Arab Emirates telecom operator Etisalat had in 2015 sold its 85 percent stake in Zanzibar Telecom Limited (Zantel) to Sweden’s Millicom.
Zantel, which has struggled against larger rivals Vodacom and Bharti Airtel, got up to $32million in net current liabilities at close of the deal, Etisalat said in an emailed statement.
Etisalat received $1 in cash while Millicom assumed the total debt obligations of $74million under the terms of the agreement subject to regulatory approval by the Tanzanian Communication Regulatory Authority.
According to a source in one of the dealing banks who asked not to be named, one of the options the banks proposed to Etisalat management as a middle way out of the crisis was for it to request for a bankruptcy status.
The official, who requested that his name should not be revealed, since he was not authorised to speak on behalf of the consortium, said the bankruptcy option would require having receivership management appointed by the banks to oversee its operations.
The other option before Etisalat is to go into a merger with the existing telcos operating in the country. Already MTN had in the past signified interest to buy Etisalat but had to back pedal following its trouble with the NCC over unregistered sims.
However, reliable sources say Globalcom may also be interested in Etisalat buyout but the telecom giant is said to be keeping its plan under wraps.
One of the options before the banks is to approach the court and get the board dissolved and take the company into receivership. But the challenge however is that the banks can’t run the firm because they don’t have operating license neither do they have the technical knowhow to do so.
But, the NCC appears not to be favourably disposed to the takeover proposal, the source said, as it believed that Etisalat is not only a viable going concern but also willing and able to negotiate the servicing of its loans.
Etisalat has the option of running to NCC for help but informed sources say Etisalat has not been carrying them along. But the NCC sources say they are ready to protect the over 21million subscribers on the network.
Telecom
Lebara Launches Agent Registration Portal

Lebara Nigeria has launched the Agent Registration Portal (ARP), a new digital onboarding platform designed to accelerate the expansion of its retail and point-of-sale (POS) network nationwide.

Through the Agent Registration Portal, Lebara aims to create awareness, build trust and credibility within the retail channel, create opportunities for Nigerians to register and become Lebara partners, and position the brand as a modern, digitally driven, and opportunity – focused telecom operator.
With the introduction of the Agent Registration Portal, alongside its earlier customer-focused digital tools, Lebara Nigeria is designed to empower SMEs, independent distributors, SIM sellers, and retailers nationwide by removing traditional barriers to entry and enabling compliant, digital-first onboarding at scale.
Also, positioning itself as a digitally driven telecom entrant, focused on speed, compliance, and nationwide reach as it prepares for full-scale operations across the country.
The rollout comes as part of a national onboarding campaign running from January to March, 2026, targeting both low-scale retail agents and high-scale distributors.
Through the portal, Lebara aims to rapidly grow its digital and physical presence across Nigeria while ensuring all partners meet required compliance and verification standards
The Agent Registration Portal is accessible via the Lebara Nigeria website and allows prospective agents and distributors to complete the entire onboarding process online.
Once approved, partner locations are activated as Lebara POS outlets, trained and authorized to sell Lebara starter packs, data bundles, vouchers and other Lebara Nigeria products and services.
The launch builds on Lebara Nigeria’s earlier digital initiatives ahead of its full market entry.
Prior to the Agent Registration Portal rollout, the company introduced a Number Registration Portal, enabling prospective customers to select and reserve preferred phone numbers before the network goes live.
The service allows users to secure personalised numbers such as memorable dates, culturally significant digits, or easy-to-recall patterns through a simple online process, giving customers early control over their mobile identity.
The Agent Registration Portal onboarding process follows a structured flow from account creation and document upload to compliance checks, verification, approval, and activation. Applicants are required to submit details such as National Identification Number (NIN), valid government-issued ID, Tax Identification Number (TIN), and address information. Where all documentation is complete, onboarding can be completed within 30 minutes, after which applicants receive email confirmation and next steps.
Commenting on the launch, Mary O. Akin-Adesokan, Chief Operating Officer of Lebara Nigeria, said the portal is central to the company’s operational and growth strategy in the country.
“The Agent Registration Portal is a key part of our strategy to scale Lebara’s retail presence nationwide. It allows us to onboard partners faster, ensure full compliance, and provide both small retailers and large distributors with a transparent and reliable way to do business with Lebara.
“Together with our earlier Number Reservation Portal, it demonstrates our commitment to using digital innovation to simplify access, empower partners, and enhance the overall telecom experience,” she said.
Telecom
MTN CEO Toriola Hails Nigeria’s Telecom Transformation at MIPAD

MTN Nigeria CEO Karl Toriola has declared that the era of outsiders telling Africa’s story is over, positioning the continent as a global powerhouse of authors, architects, and innovators.

MTN Nigeria
Toriola made the remarks while accepting the ‘CEO of the Year’ award at the 2025 Most Influential People of African Descent (MIPAD) Recognition Ceremony in Lagos.
“For decades, stories about Africa were told about us, but rarely by us,” he said, rejecting outdated narratives of conflict and need. “We are no longer the subjects of the story; we are the authors. Africa’s time is now.”
He spotlighted African talent now leading global organisations, alongside Afrobeats and art reshaping world culture, drawing the Diaspora home with investments, not just emotions.
Toriola anchored his vision in MTN Nigeria’s journey, recalling a time when Nigeria’s 120 million people shared fewer than 500,000 telephone lines. “When MTN entered in 2001, analysts said Nigerians were too poor for mobile phones. They were wrong. They underestimated the Nigerian spirit,” he said.
From that first call in May 2001, MTN has connected over 84 million subscribers, building Nigeria’s “digital nervous system.”
He described Nigeria as uniquely investable due to its resilience and scalability, dedicating the award to MTN’s “real heroes”—engineers scaling masts and frontline customer service staff.
As MTN marks 25 years in 2026, Toriola pledged: “We are going nowhere. We are rooted in the soil of Nigeria and Africa.” He urged global elites to become the continent’s “Most Impactful Builders.”
Telecom
Study Shows Blocks in Telegram are Pushing the Underground Out

Modern messengers, such as WhatsApp, Telegram, Signal and others, are often used for illicit purposes. Kaspersky Digital Footprint Intelligence has conducted an in-depth monitoring of over 800 blocked cybercriminal Telegram channels between 2021 and 2024.

While a range of illegal activities continues to be hosted on the platform, its environment has become noticeably more challenging for sustained underground operations.
Telegram’s bot framework and other built-in features make for a low-effort ecosystem for the underworld.
A single bot can simultaneously manage queries, process cryptocurrency payments, and instantly deliver stolen bank cards, info-stealer logs, phishing kits, or DDoS attacks to hundreds of buyers per day, often without operator involvement.
Unlimited, non-expiring file storage eliminates the need for external hosting when distributing multi-gigabyte database dumps or stolen corporate documents. This frictionless automation naturally favours high-volume, low-price, low-skill offerings, such as leaked bank cards or other data, hosting malware, etc.
High-value, trust-dependent deals (for instance, zero-day vulnerability information) still remain on reputation-gated dark-web forums.
Kaspersky researchers found two clear trends related to illegal activities on Telegram. The average lifespan of shadow channels has increased, with the proportion of channels surviving over nine months more than tripling in 2023-2024 compared to 2021–2022. At the same time, Telegram’s blocking activity has risen significantly.
Monthly takedown figures recorded since October 2024 – even at their lowest – are comparable to the peak levels seen throughout 2023, and the overall pace continued to accelerate in 2025. This impedes malicious activities.
Other disadvantages of Telegram for cybercriminals include the lack of default end-to-end (E2E) encryption for chats, the inability to use their own servers for communication (due to the messenger’s centralised infrastructure), and closed server-side code, which makes it impossible to verify its functionality.
As a result, several established underground communities, including the nearly 9,000-member BFRepo group and the Angel Drainer malware-as-a-service operation, have already begun shifting primary activity to other platforms or proprietary messengers, citing repeated disruptions of their activities on Telegram.
“Fraudsters find Telegram a convenient tool for many malicious activities, but the risk-reward balance is clearly shifting. Channels are managing to stay online longer than a couple of years ago, yet the dramatically higher volume of blocks means operators can no longer count on long-term stability.
“When a storefront or service disappears overnight – and sometimes reappears only to be removed again weeks later – building a reliable business becomes much harder. We’re starting to see the early stages of migration as a direct consequence,” comments Vladislav Belousov, Digital Footprint Analyst at Kaspersky.
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