Telecom
MTN Nigeria Mulls Sale of 30% Equity to Retail Investors

MTN Nigeria, largest telecommunication company, may sell some 30 per cent of its ordinary shares to Nigerian retail investors under its much-awaited initial public offering (IPO).
Sources in the know of the arrangements for the IPO indicated that MTN Nigeria could sell as much as 30 per cent of its share capital to the investing public to ensure substantial number of the company’s shares is freely available in the hands of minority retail investors.
MTN Nigeria plans to raise between $400 million and $500 million through an IPO scheduled for the second half of this year. The company had in 2016 appointed the advisory team and set out a roadmap towards listing on the Nigerian Stock Exchange (NSE) in 2017.
Its board had announced the appointment of Stanbic IBTC Capital Limited and its affiliates, Standard Bank of South Africa Limited and Standard Advisory London Limited and Citigroup Global Markets Limited, as the joint transaction advisors and joint global co-ordinators for the proposed listing of MTN Nigeria on the NSE. The telco, however, missed the 2017 target.
Sources said MTN Nigeria plans to have a free float of some 30 per cent, significantly above the minimum listing requirement at the NSE. Free float, otherwise known as public float, which refers to the number of shares of a quoted company held by ordinary shareholders other than those directly or indirectly held by its parent, subsidiary or associate companies or any subsidiaries or associates of its parent company; its directors, who are holding office as directors of the entity and their close family members and any single individual or institutional shareholder holding a statutorily significant stake. This is 5.0 per cent and above in Nigeria.
Thus, free float’s shares exclude shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated, affiliated or family holdings.
MTN Group holds 75.8 per cent majority equity in MTN Nigeria. Public Investment Corporation Ltd holds 1.7 per cent. MTN NIC BV controls 2.8 per cent equity while Nigerian high networth investors hold about 19 per cent equity through many special purpose vehicles.
Sources said MTN Nigeria will use the IPO to dilute the current shareholdings and free up shares for retail minority shareholders. MTN Nigeria is expected to be listed on the premium board of the NSE.
Extant rules require companies on the premium board to have free float of 20 per cent or above N40 billion on the date the Exchange receives the company’s application to list. Companies on the main board is required to have 20 per cent of market capitalisation while companies on the third tier board, otherwise known as Alternative Securities Market (ASEM) are required to have 15 per cent free float.
A draft of a review of the free float rules undergoing rule-making process requires companies seeking to list on the premium board to have a free float of 20 per cent of the company’s issued share capital made available to the public and held by not less than 300 shareholders; or alternatively valued at N40 billion or more, or any value prescribed by the Exchange from time to time, on the date the Exchange receives the company’s application to list and shall maintain same as long as it remains listed on the Exchange.
Stock markets maintain minimum public float to prevent undue concentration of securities in the hands of the core investors and related interests, a situation that can make the stock to be susceptible to price manipulation. Besides, it provides the general investing public with opportunity to reasonably partake in the wealth creation by private enterprises.
Market sources said they expected MTN Nigeria to proceed as scheduled later this year despite the recent downtrend at the stock market, noting that MTN Nigeria is a good offer that will always attract investors. Many investors were reported to have placed funds on standby in their investment accounts with stockbroking firms.
With more than 55 million subscribers, MTN Nigeria is the largest subsidiary in the MTN Group. Since inception in 2001, MTN Nigeria has led the growth in the voice market to become the biggest mobile operator in Nigeria and West Africa.
Many analysts believe that the MTN Nigeria’s IPO will be the pioneer to launch the electronic IPO in the Nigerian capital market. Already, stakeholders in the Nigerian capital market have commenced preparatory process towards the full automation of IPO and other public primary offers in the Nigerian market.
The full automation of primary issuance will involve automation of the process, approval, documentation, subscription and allotment of all issues, especially IPOs and public offers. With this, investors will be able to subscribe and make payment for IPOs and public offers online with such orders being matched and allotted electronically and directly to the investment accounts of the investors at the Central Securities and Clearing System (CSCS).
The full automation will enable the primary market to operate within a designated transaction cycle, possibly within the T+3 four-day trading cycle currently being operated at the secondary market.
Investors will also be able to monitor and change their orders within a designated period while subscribers with personal access to the internet and online stockbroking trading portals can make direct subscriptions from anywhere.
Telecom
Minister Claims Bandits Exploit Poor Network, Bounce Calls Off Multiple Towers

Bosun Tijani, minister of Communications, Innovation and Digital Economy, yesterday claimed that bandits and terrorists are able to communicate and coordinate their activities with ease because they exploit gaps in the country’s telecommunications network.

Bosun Tijani, minister of Communications, Innovation and Digital Economy,
Tijani, who spoke Politics Today, a Channels Television’s programme, on Friday, Tijani said the criminals exploit gaps in the country’s telecommunications network.
He also claimed the bandits use advanced technology to bounce calls across multiple towers in areas with poor connectivity.
“They weren’t using the normal towers; they bounced calls off multiple towers, which is why they favor areas that are largely unconnected,” he said.
When asked about reports that unregistered or fraudulently registered SIM cards are still in use despite the Bank Verification Number (BVN) and the National Identification Number (NIN)–Subscriber Identity Module linkage policies, Tijani said the issue is technically complex and the reports are not fully verified.
“Whether it’s fact or not, I do not know where you’re getting that from, and I do not know who has evidence that there are people with unregistered SIMs,” he added.
The minister stated that the federal government is investing in telecom towers in underserved regions, upgrading the country’s communication satellites to improve coverage, and expanding fiber-optic networks to strengthen the country’s digital infrastructure.
“If our towers are not working, our satellites will work. Nigeria is the only country in West Africa with communication satellites, and we are bringing new satellites to upgrade their capabilities,” Tijani said.
He added that these initiatives aim to ensure better connectivity for Nigerians while closing loopholes that criminals exploit, thereby enhancing national security.
The minister’s comments come amid rising concerns over insecurity in several parts of the North, where banditry, kidnapping, and terrorism have escalated in recent years.
There are also reports of bandits flaunting ransom payments on social media platforms such as TikTok, raising alarm among authorities and the public
Telecom
CBN, NCC to Launch Short Code for Swift Consumer Complaint Resolution

Central Bank of Nigeria (CBN) on Thursday announced plans to partner with the Nigerian Communications Commission (NCC) to develop an industry-wide short code for consumers to lodge complaints with financial institutions anytime, anywhere, even without internet access.

CBN
Dr Aisha Isa-Olatinwo, CBN Director, Consumer Protection and Financial Inclusion Department, disclosed this at a virtual Consumer Protection Town Hall meeting titled “Ask the Regulator”, organised by Enhancing Financial Inclusion and Advancement (EFInA).
She said the initiative addresses challenges faced by vulnerable consumers using feature phones who often have to visit bank branches physically to report issues amid the convergence of telecom and banking services.
Isa-Olatinwo said the CBN had achieved 94 per cent month-on-month timely resolution of consumer complaints, adding that the apex bank had streamlined processes and partnered with banks to balance consumer protection with financial system stability.
An EFInA poll presented at the event revealed that 61 per cent of respondents experienced failed transactions in the past 12 months, while 26 per cent had reversals within 24 hours and 54 per cent between 24 and 48 hours.
Other complaints included six per cent for fraud, 14 per cent for hidden charges and 15 per cent for poor customer service, with 66 per cent of respondents aware of complaint escalation steps.
President of Consumer Advocacy Foundation of Nigeria (CAFON), Mrs Sola Salako-Ajulo, lamented that consumers often feel unprotected and urged introduction of fraud insurance for instant reversals, shifting the burden of proof from customers.
She said: “What is missing in our system—unlike more developed economies—is fraud insurance, where banks reverse reported fraud immediately, refund consumers, and investigate later.”
Mr Ajibade Laolu-Adewale, Chairman of Committee of e-Business Industry Heads (CeBIH), represented by Mr Adeyemi Salisu, stressed that banks must resolve disputes between acquiring and issuing banks without redirecting customers to merchants.
The short code initiative is expected to enhance financial inclusion by providing accessible redress mechanisms in Nigeria’s evolving digital payment ecosystem.
Telecom
Google.org Backs CyberSafe’s Resilio Africa to Shield 2m People from Cyber Threats

CyberSafe Foundation, with funding support from Google.org will launch Resilio Africa, a 3-year cybersecurity resilience project that aims at reducing the growing risks of cyberattack in institutions and communities across Sub-Saharan Africa.

CyberSafe
The project will strengthen the cyber resilience of 200 Critical Community Institutions (CCIs) in the region through provision of free technical tools, assessments, threat intelligence and incident response frameworks. With this intervention, Resilio Africa aims to protect over 2 million people and secure more than 15 million public records in Nigeria, Kenya, Ghana, and South Africa, marking one of the most ambitious community-building efforts in Africa’s cybersecurity ecosystem.
“At Google.org, we believe that access to secure digital systems is a cornerstone of inclusive growth,” said Haviva Kohl, Senior Program Manager, Google.org. “Our support for CyberSafe Foundation’s CCI cybersecurity efforts reflect our shared commitment to empowering communities and protecting the institutions that serve them. Resilio Africa will help ensure that essential community organizations can operate safely and confidently in an increasingly digital world.”
Identifying the challenges across sub-Saharan Africa, a brief by CyberSafe Foundation noted that critical community infrastructure in the region is increasingly targeted by cyberattacks, with inadequate resources available to tackle them. “These institutions collect, process, and store vast amounts of sensitive personal
data, yet most lack the corresponding cybersecurity maturity. Many operate on outdated systems, with limited cybersecurity capacity, low awareness of digital threats, and zero security budgets. According to INTERPOL, Africa experienced a 23% increase in ransomware attacks in 2023, with public and nonprofit institutions among the most impacted.”
Further citing data from the International Telecommunication Union (ITU)’s Global Cybersecurity Index, the statement said that more than 60% of African countries fall into the “low commitment” category regarding national cybersecurity readiness. This contributes to limited institutional cybersecurity capacity, low awareness of digital threats, and little to no dedicated security budgets.
“As services become more digitized, this creates a dangerous gap that cybercriminals are actively exploiting through ransomware, phishing, data breaches, and DDoS disruptions, compromising public services, exposing sensitive data, and eroding public trust,” it said.
“In Kenya alone, over 114 CCI-targeted cyberattacks were recorded in the first eight months of 2024, followed by a 201% increase in cyber incidents by Q1 2025. In Nigeria, key government and healthcare systems still operate over unencrypted communication protocols. Institutions in Ghana and South Africa face similar threats but often lack the capacity to respond effectively. This widespread vulnerability exposes millions of citizens to both digital and physical harm.
Despite emerging national strategies, policy formulations and growing political will in the region, most CCIs are under-resourced and under-protected. Without immediate, scalable, and context-specific interventions, the region risks a surge in cyber incidents that could significantly disrupt essential community services.
Resilio Africa will strengthen cyber resilience of 200 CCIs through technical tools, assessments, customized playbooks and incident response frameworks; provide over 10,000 hours of pro bono cyber consulting to support CCI teams, build human capacity by delivering tiered training for executives, IT teams, and general staff with over 4500 employees and decision-makers trained; protect over two million people; and secure more than 15 million public records in Nigeria, Kenya, Ghana, and South Africa.
“Africa’s digital transformation cannot succeed if our communities remain vulnerable,” said Confidence Staveley, Founder and Executive Director of CyberSafe Foundation.
“With Google.org’s support, we are scaling a proven model of capacity-building that will help critical institutions become resilient, safeguard the people they serve, and preserve trust in digital public systems.”
Application to the initiative is open and CCIs eligible to participate are to complete an online interest form guided by instructions on the website, www.resilio.cybersafefoundation.org.
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