Telecom
Starcomms Losses Hit N5.3Bn
Starcomms Plc has reported a net loss of N5.3 billion in the third quarter ended September 30, 2012, indicating a steady decline of the telecom company when compared with the N478.69 million recorded in the corresponding period of 2011.
According to the report, total sales had more than halved from N16.1 billion in 2011 to N7.5 billion in 2012.
The company’s balance sheet remained precarious with net deficit of about N20 billion in 2012 as against N14.7 billion in 2011.
The third quarter report followed quarter-on-quarter performance trend for the ailing company. First quarter report had shown net loss of N1.9 billion while this mounted to N2.96 billion in the second quarter.
Shareholders of the company are to meet tomorrow (Friday) to consider the reconstruction of the outstanding shares of the company and acquisition of 90.5 per cent equity stake by a new core investor.
Approval of the reconstruction will help the company reap from a capital injection of $200 million by Capcom, a new core investors.
Capcom is a special purpose vehicle (SPV) created for the purpose of making the investment into Starcomms and other related transactions.
Investors under Capcom included MBC, a private trust with a focus on investing in emerging markets; Pan African Capital through its asset management division, PAC Asset Management; and the family offices, Bridge house Capital and Oldonyo Laro Estates.
As part of the investment agreement, Capcom would acquire, release and merge the spectrum licence of MTS and the CDMA mobile telecoms business of Multi-Links to that of Starcomms.
Besides, Capcom will provide $98 million in cash to finance the integration of MTS and Multi-Links into Starcomms and for the emergent company to meet on-going short-term losses in the business and to deliver the combined company’s new business plan.
The proposed transaction is expected to create a leading CDMA operator in Nigeria and represents a fundamental step as part of the consolidation move in the telecoms industry.
With the benefit of the 20 MHz of contiguous 1900MHz spectrum to be held by the consolidated operations, the largest spectrum allocation for any mobile operator in Nigeria, the new entity will be positioned at the forefront of the shift away from current generation of services into a Long Term Environment (LTE) technology platform capable of delivering new 4G and related data and other services that will offer customers substantially improved performance.
With the introduction of Travel Saga, a premium, fast-paced gaming experience that is currently live and accessible to customers on its network, Globacom has lifted the bar for mobile entertainment in the country.
Travel Saga is a story-driven, intricately connected role-playing game designed to provide the thrill, complexity, and competitive intensity of some of the most well-known action games in the world.
The game, which has been painstakingly optimized for mobile devices, redefines mobile gaming as a full-fledged digital battlefield by translating a console-grade experience onto data-enabled handsets.
Fundamentally, Travel Saga takes users on quick virtual journeys against recognizable international landscapes. In a dynamic, ever-evolving gaming environment, players are thrown into furious missions, fierce fights, and ever-expanding tales where talent, strategy, and endurance determine who rises through the ranks to become a true war hero.
In addition to the excitement of fighting, users are encouraged to go to various locations, take part in thrilling challenges, and participate in intense competition for in-app rewards like points and victory badges. With each encounter and accomplishment, the immersion increases with each level, maintaining momentum and excitement.
Flexible subscription plans with one-time or auto-renewal choices are available to subscribers for the service, which costs ₦100 per day and ₦250 per week. By dialing *70021#, customers can quickly subscribe and gain instant access to the action.
With Travel Saga, Glo reaffirms its dedication to innovation and high-end digital experiences, making top-notch gaming easily accessible to its customers. The game offers uninterrupted action, adventure, and competition, all smoothly supported by the Glo network.
SHELT, a leading cybersecurity-as-a-service provider, has earned inclusion in the 2025 MSSP 250, the annual ranking of the world’s top 250 Managed Security Service Providers (MSSPs) by MSSP Alert, a CyberRisk Alliance publication.
SHELT
The list evaluates firms on business performance, service breadth, and industry impact, spotlighting those excelling in growth, operational excellence, and advanced managed security amid rising cyber threats. Selection criteria include annual recurring revenue, profitability, workforce expansion, business growth, and the depth of managed security offerings.
SHELT’s recognition underscores its investments in scalable security operations, threat intelligence, and tailored managed services across multiple regions, enabling clients to navigate complex risk landscapes effectively.
“Being recognised in the MSSP 250 is a meaningful milestone for our team,” stated Youssef Abillama, CEO of SHELT. “It validates our focus on building practical, resilient security services that help organisations manage risk and respond effectively to today’s evolving cyber threats.”
The company hailed the honour as testament to its teams’ dedication and expertise worldwide, reaffirming commitment to enhancing capabilities and delivering trusted cybersecurity solutions.
Meta Platforms, owner of Facebook, has appointed Dina Powell McCormick, a former adviser to President Donald Trump, as its new president and vice chairman, bolstering its leadership amid aggressive AI and infrastructure expansion.
Dina Powell McCormick
The announcement, made on Monday, positions Powell McCormick – who recently stepped down from Meta’s board after eight months – to guide overall strategy, including multi-billion-dollar investments in data centres and global partnerships.
A Goldman Sachs veteran with 16 years in senior roles and prior stints as deputy national security adviser under Trump and in the Bush administration, she brings deep finance and international ties to the role.
Meta CEO Mark Zuckerberg hailed her as “uniquely qualified” for the company’s next growth phase, while President Trump praised the move on Truth Social as a “fantastic choice”.
The hire signals Meta’s efforts to strengthen White House relations, following recent dinners with Trump and U.S. investment pledges worth hundreds of billions
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