Telecom
Stakeholders at MoDiTECH 2019 Harp on Leveraging Digital Services to Boost Nigeria’s Economy
To fully embrace the possibilities that digital technology has to offer both the private and public organisations have to be willing to use agile approaches in which requirements and solutions evolve over time.
Through adaptive planning, evolutionary development, early delivery, and continuous improvement agile development methods encourage rapid and flexible response to change.
These were the thoughts of speakers at the maiden Mobile and Disruptive Technology Forum (MoDiTECH2019) organised by TechEconomy.ng in Lagos recently.
R-L: MD Rack Centre and Chair, MoDiTECH2019, Dr. Ayotunde Coker; Founder, CWG Plc and Keynote speaker, MoDiTECH2019, Mr. Austin Okere and ATCON Coordinator, Internet Services Providers, Mr. Desoye Amoo, during Mobile and Disruptive Technology Forum (MoDiTECH2019) held at Victoria Crown Hotel, VI, Lagos, recently.
Participants at the Forum were exposed to how industry leaders are using disruptive technologies such as Mobile Internet, Automation of Knowledge and Work, Internet of Things (IoT), Cloud Technology etc. to improve the quality of life for people and redefining business models such as Agritech, FinTech, e-Billing, e-Commerce, e-Governance, e-Payments, transportation, smart city, etc.
Speaking at the event, Prof. Garba Danbatta, executive vice chairman (EVC), Nigerian Communications Commission (NCC), said that through its regulatory excellence, the Commission is at the forefront of unleashing the digital economy that will spur industrial growth, job creation, and Return on Investment (RoI) for investors.
According to him, the internet is at the leading edge of digital revolution, which informed why NCC is supporting operators to deploy more infrastructure.
“Today, Nigeria has started a test-run of 5G, the latest technology for delivering broadband services and such other services as Internet of Things (IoT), Artificial Intelligence (AI). The trial will last for three months. Nigeria hopes to join other countries which are in a rush to deploy the 5G technology because of its immense promise for digital communication,” Danbatta said.
R-L: Chief Product Officer, Global Accelerex, Chuks Anakudo; President, Digivation Networks, Dr. Bayero Agabi and the Executive Secretary, African ICT Foundation, Mr. Emmanuel Bassey, during Mobile and Disruptive Technology Forum (MoDiTECH2019) held at Victoria Crown Hotel, VI, Lagos, recently.
Prof. Danbatta who spoke through Engineer Bako Wakil, director, Technical Standards and Network Integrity, NCC, also disclosed that the Commission was “at the verge of sending the N65 billion request for supporting the already six infrastructure companies (InfraCos) licensed to roll out broadband infrastructure across the country, to the Federal Executive Council (FEC) for approval”.
Meanwhile, Danbatta expressed concurrence of the Commission to the renaming of the Ministry of Communications to ‘Federal Ministry of Communications and Digital Economy’.
“The renaming of the Ministry shows a demonstration of the future of telecoms in all government sectors and the economy; the EVC, therefore, commended the Minister, Dr. Isa Pantami and members of the Federal Executive Council for the foresight and dramatic change. This, will spur a new debate and redirect the Ministry and other agencies under it as well as the private sector to a new awakening that digital economy brings,” he added.
L-r: Marketing Manager, Galaxy Backbone Limited; Head, Marketing and Communications at Rack Centre, Ejieke Ezeadiugwu and the Conference Manager West Africa – International Data Corporation (IDC), Theresa Etukodo Eshiet, during Mobile and Disruptive Technology Forum (MoDiTECH2019) held at Victoria Crown Hotel, VI, Lagos, recently.
In a keynote presentation titled: ‘Social and Global Impact: Engaging for Growth’, Mr. Austin Okere, founder/vice-chairman, CWG Plc recalled that in 2018, the mobile ecosystem contributed more than $500 billion to the funding of the public sector through general taxation, globally.
According to him, Nigeria as among the three smartphone super-powers to emerge by 2025, stands to benefit from the smartphone ubiquity across the world that enables consumer engagement in numerous use cases
He said, however, slowing unique subscriber growth, regulatory intervention and intense competition continue to put pressure on operators’ traditional mobile revenue.
Cross section of participants at the event.
“Over a fifth of the world’s markets will have launched 5G by 2020, spending combined $244 billion on networks in the process. In 2018, mobile technologies and services generated 4.6% of GDP globally, a contribution that amounted to $3.9 trillion of economic value added.
“The mobile ecosystem also supported almost 32 million jobs (directly and indirectly) and made a substantial contribution to the funding of the public sector, with more than $500 billion raised through general taxation. By 2023, mobile’s contribution will reach
“$4.8 trillion (4.8% of GDP) as countries around the globe increasingly benefit from the improvements in productivity and efficiency brought about by increased take-up of mobile services.
“Further ahead, 5G technologies are expected to contribute $2.2 trillion to the global economy over the next 15 years, with key sectors such as manufacturing, utilities and professional/financial services benefiting the most from the new technology.
“The mobile ecosystem directly employs almost 32 million people globally; 14 million directly and 17 million through related industries
To this end, Mr. Okere called on State Governments’ to invest in digital economy especially by removing excess taxation on Right of Way (RoW) adding that over the next few years, as the enablers of mobile internet adoption such as infrastructure, affordability, consumer readiness and content/services, continue to improve, millions of people will start using the mobile internet for the first time, and will add value to the nation’s economy.
L-r: Senior Consultant, Digital Encode, Oluafemi Obadare; Chief Operating Officer, Fintech Association of Nigeria (FinTechNGR), Dr. Babatunde Obrimah; CEO, i-Naira.com. Hillary Nwaukor and Chief Technology Strategist at Debbie Mishael Consulting, Engr. Ifeanyi Frank Ogochukwu, during a panel session at Mobile and Disruptive Technology Forum (MoDiTECH2019) held at Victoria Crown Hotel, VI, Lagos, recently
He continued that “Mobile is a powerful tool for achieving the UN’s SDGs: since 2015, impact has increased across all 17 SDGs. 5G is an inevitable network evolution, and will create significant opportunities if the right conditions are in place.
Dr. Ayotunde Coker, managing director,Rack Centre and Chairman of MoDiTECH2019, aligned with Mr. Okere, stressing that content consumption through the mobile channels, is rising hence mobile is a key driver, with more people watching video on their devices for longer and more frequently.
Speaking on the theme: “The Power of Digital Services”, Dr. Coker briefly highlighted the history of the internet and interconnectivity and how it has brought progress to the way businesses and other important economic activities are done in Africa.
Dr. Coker stressed the importance of digitisation on the African continent, and “What it means for us in Africa is to leverage the lots of benefits we can get. Benefits in terms of demographic advantage”
According to Dr. Coker, “the fourth industrial revolution is the next stage of digitisation with Africa has a focus; survival in the present economic structure is dependent on innovation. The journey of digitisation is now a way of life hence the demand for data has exponentially increased.
In his presentation on ‘Impact of Digital Solutions on Financial Services’ Mr. Tunde Ogungbade, managing director, Global Accelerex, traced the history of banking and financial service provisioning to the 90’s when customers had to be physically present at a bank “in an orderly fashion, with a passbook or cheque” in order to carry out a financial transaction.
Thus, between year 2000 and 2011, were the era of search for utility among banks that engaged in fierce competition for the most branches in localities.
He said that this era was disrupted by internet banking and smart phones that paved the way for 24/7 banking; “Prepaid cards, the POS, the ATMs and then debit cards linked to bank accounts”.
“From 2012 to date we are talking about the search for more utility. This is the era of Web Payments; Mobile Payments; Smart POS Payments; Mobile Money & Agency Banking, Then, BVN changed everything!” he said.
Mr. Ogungbade who was represented by Chuks Anakudo, chief Product Officer, Global Accelerex, warned the banks to brace-up for more disruptions as payments will even migrate from traditional banking to native apps and point-of-sales solutions.
He added that Blockchain technology will further disrupt financial services like the internet did to the media.
L-r: Vice President of Nigeria Internet Registration Association (NiRA), Toba Obaniyi; CTO, Medallion Communications. Dr. Kris Ranganath and President, Association of Licensed Mobile Payment Operators (ALMPO), Chinedu Onuoha, during a panel session at Mobile and Disruptive Technology Forum (MoDiTECH2019) held at Victoria Crown Hotel, VI, Lagos, recently.
“Banks of the future may not need to hold funds in the vault, assets will be digitized in a more secured way. Therefore, the future to behold is closing the gap between what the financial institutions offer and what consumers really need”, said Mr. Ogungbade.
Earlier, Mr. Peter Oluka, editor, TechEconomy.ng; conveners of #MoDiTECH2019, said the event was organised “to discuss, brainstorm, learn and review the overall impact of new digital technologies that are disrupting many industries.”
Oluka also reiterated the widespread recognition that Artificial intelligence, for instance, will be key to future business and digital transformation and driving increasingly autonomous and intelligent networks (for telcos) and improving the customer experience through greater learning of customer behaviour.
MoDiTECH2019 was sponsored by Global Accelerex, Digital Encode, Access Bank Plc, ActivEdge Technologies, Zenith Bank Plc, Galaxy Backbone, i-naira.com, Medallion Communications, while the Nigerian Communications Commission (NCC) provided support to the Organisers.
Legend Internet Plc has reported a loss for the six months ended January 31, 2026, as rising operating costs and finance charges weighed on earnings, according to its latest management financial statements filed on the NGX platform.
The company posted revenue of N505.36 million for the period, down from N622.64 million recorded in the corresponding period of 2025, reflecting a contraction in topline performance.
Despite generating a gross profit of N322.99 million, Legend Internet’s profitability was eroded by elevated administrative expenses, which surged significantly to N457.62 million from N166.78 million in the prior year.
This drove the company to an operating loss of N134.63 million, compared to an operating profit of N244.55 million a year earlier.
Finance costs further pressured the bottom line, rising to N64.71 million, while interest income provided only a limited offset.
Consequently, the company recorded a loss after tax of N99.34 million, a sharp reversal from the N239.85 million profit posted in the same period of 2025.
Earnings per share also declined into negative territory, closing at a loss of 11 kobo compared with earnings of 12 kobo in the prior period.
A review of the company’s financial position showed total assets increased to N3.45 billion as of January 2026, up from N3.21 billion in July 2025, driven largely by growth in cash and cash equivalents and receivables.
However, shareholders’ funds weakened to N2.55 billion from N2.80 billion, reflecting the impact of the reported loss and dividend payments.
Cash flow analysis indicates that net cash used in operating activities stood at N237.48 million, highlighting liquidity pressure in the core business.
This was partially offset by financing inflows, including loans, which helped lift cash balances during the period.
Further breakdown showed personnel costs rose markedly to N153.50 million, underscoring increased staff-related expenses, while depreciation and amortisation charges remained significant due to ongoing investments in network infrastructure.
The results underlined the pressure on smaller telecom and internet service providers navigating high operating costs, currency volatility, and infrastructure demands within Nigeria’s competitive digital services market.
Airtel Africa has emerged as the standout large-cap performer on the Nigerian Exchange (NGX), recording a 10 per cent gain in a single trading week and reinforcing its position as one of Africa’s most resilient and valuable telecommunications companies.
The telecoms giant closed the week at ₦3,655.70 per share, up from ₦3,323.40, making it one of the strongest contributors to market performance during a period characterised by selective investor activity and sector rotation.
The strong performance reflects growing investor confidence in Airtel Africa’s business fundamentals, diversified revenue streams, and long-term growth strategy. Analysts note that the company continues to attract attention from investors seeking stable, high-quality stocks capable of delivering sustainable value despite ongoing macroeconomic uncertainties.
Unlike many of the week’s gainers, whose performance was largely driven by speculative trading and short-term market positioning, Airtel Africa’s rise was underpinned by confidence in its operational strength and strategic importance within the telecommunications sector.
Market watchers have identified Airtel Africa as a preferred investment destination due to its strong earnings profile, extensive regional footprint, and exposure to foreign currency-linked revenue streams. These factors have helped position the company as a key stabiliser within the NGX, particularly at a time when investors are increasingly selective in deploying capital.
The company’s performance also highlights the growing importance of telecommunications firms in driving economic growth and digital transformation across Africa. Through continued investments in network expansion, digital services, enterprise solutions, and financial inclusion initiatives, Airtel Africa remains at the forefront of enabling connectivity and economic opportunity for millions of people across the continent.
Beyond its stock market performance, Airtel Africa continues to strengthen its position through investments in digital infrastructure, mobile financial services, and technology-driven solutions that support businesses, governments, and communities. These initiatives have become increasingly important as demand for connectivity and digital services continues to accelerate across Africa.
Airtel Africa’s latest performance underscores confidence in the company’s long-term prospects and its ability to create sustainable value for shareholders. The milestone also reflects the market’s recognition of Airtel Africa’s role in shaping Africa’s digital future through innovation, connectivity, and inclusive growth.
With telecommunications remaining a critical enabler of economic development, Airtel Africa’s strong showing on the NGX serves as another indicator of the company’s continued momentum and leadership within the sector.
AVEVA, a global leader in industrial software, will host the first edition of AVEVA Day Nigeria, on 11 June 2026 at the EKO Hotel, Victoria Island, Lagos.
AVEVA
Built around the theme, “Driving the Transformation: Leveraging Digital Technologies and AI to Achieve Operational Excellence, Increase Efficiency and Reduce Emissions,” the one-day event will bring together industry leaders to discuss how AI, Digital Twin, and cloud-native industrial platforms are transforming the design, construction, and operation of assets.
The event will host AVEVA leadership, technical experts, customers, ecosystem partners, EPCs, and decision-makers from across Nigeria’s energy and process industries.
Nigeria’s industrial sector is entering a new phase with operators under pressure to improve operational reliability, cut emissions, and unlock gas monetisation opportunities cost-effectively. Digital technologies have emerged as a key enabler of this balancing act.
The International Energy Agency’s Africa Energy Outlook highlights the growing role of AI and digital tools in balancing Africa’s energy ambitions with its sustainability goals. At the same time, initiatives such as the African Union’s Digital Transformation Strategy for Africa (2020–2030) and Nigeria’s National Digital Economy Policy and Strategy are helping create the foundation for wider adoption.
Khaled Salah, Vice President – Africa, AVEVA, said: “Nigeria’s industrial economy is one of the most dynamic industrial markets in the EMEA region. As industries navigate growing demands around efficiency, sustainability, and resilience, technologies such as digital twin, industrial AI, and connected ecosystems are becoming central to transformation strategies. Through AVEVA Day Nigeria, we want to bring our global expertise closer to local industry leaders and demonstrate how the convergence of AI and industrial software can help local enterprises compete, and lead, on the world stage.”
Hanno Van Niekerk, Market Leader – Sub Saharan Africa, AVEVA said: “Nigeria has the scale, resources, and industrial ambition to become one of the leading energy and industrial hubs in the region. With continued investments in power infrastructure, and industrial development, the country is well positioned to drive long-term economic growth and strengthen energy access across Africa. At AVEVA, we are proud to support this journey by helping organisations leverage digital innovation to enhance operational performance, accelerate transformation, and advance sustainability goals.”
The event will begin with a welcome note from Khaled Salah, followed by a keynote from Gaurav Panpaliya, Enterprise Architect, AVEVA, on how AI-enabled Digital Twins are guiding industries towards autonomous, sustainable operations, supported by examples from global energy companies.
It will also feature interactive round table discussions hosted by Gururaj Purohit, structured around three focus tracks – Design & Build track, that will engage EPCs, capital project teams, and engineering companies, the Operate & Optimise track covering enterprise visualisation, process optimisation, asset reliability, AI/ML-based predictive analytics, and Predictive Asset Optimisation (PAO) and the IT/OT and Data Management track, focusing on the CONNECT industrial intelligence platform and how it underpins next-generation industrial operations.
Attendees will get a chance to explore the full scope of AVEVA’s industrial intelligence capabilities through a series of focused technical and industry sessions along with dedicated customer and partner presentation slots throughout the day.
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