News
Airtel Africa Records Double Digit Revenue, 140M Subscriber Base in 2023 Report

Airtel Africa posted double digit revenue growth of 11.5% in its result of the year ending March 31, 2023 even as it grew customer base by 9.0% to 140million.

Olusegun Ogunsanya, chief executive officer, Airtel Africa, said: “Over the last year, the operating environment has been challenging in many ways, yet our strategic focus on providing reliable, affordable and accessible services across our markets has enabled us to sustain our top-line growth momentum.
“The resilience of our underlying EBITDA margins has shown the effectiveness of our operating model, despite significant inflationary and foreign exchange pressures. Strong customer and ARPU growth over the year demonstrates that demand for our services remains very strong and gives us the confidence to continue investing to support our future growth potential.
“Over the year, we invested $500m on additional spectrum, including 5G, across many of our OpCos which, combined with our capex, will underpin our growth ambitions. Despite this investment, and driven by a disciplined capital allocation policy, our balance sheet remains strong and has been further de-risked over the last year by the prepayment of $450m HoldCo debt in July last year.
“Currencies across our footprint have been under pressure, and the impact from the revaluation of our foreign currency denominated liabilities provided some headwinds in the last financial year.
“While currency devaluation is not in our control, we have plans to continue to mitigate its impact by growing our revenues at a faster pace than devaluation, with double-digit revenue growth in reported currency delivered this year and as we continue to reduce our foreign currency exposure across our balance sheet.
“Our six-pillar strategy continues to provide the basis for stakeholder value creation by facilitating continued expansion of our services to enhance both digital and financial inclusion across Africa. This strategy will continue and will be underpinned by our sustainability strategy as articulated in our Sustainability Report published in October 2022.
I am pleased with this year’s performance and wish to thank all our customers, business partners, governments and regulators for their support and our employees for their consistent contribution to the business’ success. The macro-economic outlook remains volatile, but we are well positioned to deliver against the growth opportunities these markets offer, with a continued focus on margin resilience.”
Carl Cruz, Airtel Nigeria CEO, added: “the results of the year ended March 2023, place Airtel Africa in an optimistic footing and Nigeria, being one of the most vibrant countries in the Group’s operations, is in a vantage position to capitalise on 5G technology, an energetic subscriber base, and the growing adoption of mobile money services, while we continue to promote the Group’s sustainability commitments.”
Highlights
Operating key performance indicators (KPIs)
- Total customer base grew by 9.0% to 140.0 million, as the penetration of mobile data and mobile money services continued to rise, driving a 16.9% increase in data customers to 54.6 million and a 20.4% increase in mobile money customers to 31.5 million.
- Constant currency ARPU growth of 7.4% was largely driven by increased usage across voice, data and mobile money.
- Mobile money transaction value increased by 41.3%, with Q4’23 annualised transaction value exceeding $102bn in constant currency.
Financial performance
- Revenue in constant currency grew by 17.6%, with revenues growing by 11.5% to $5,255m in reported currency.
- While each segment’s reported currency revenue growth was impacted by currency devaluation, they all delivered double-digit constant currency revenue growth. Across the Group mobile service revenue grew by 16.2% in constant currency, driven by voice revenue growth of 11.8% and data revenue growth of 23.8%. Mobile money revenue grew by 29.6% in constant currency.
- Underlying EBITDA increased by 17.3% in constant currency, and 11.4% in reported currency to $2,575m, with an underlying EBITDA margin of 49.0%, reflecting the resilience of our operating model despite inflationary cost pressures.
- Profit after tax was $750m, a decrease of only $5m, after including a higher foreign exchange and derivative losses of $245m.
- Basic EPS at 17.7 cents was up by 5.2% due to higher operating profits and exceptional items gain on deferred tax credit recognition in Kenya, the DRC and Tanzania partially offset by higher foreign exchange and derivative losses. EPS before exceptional items was 13.6 cents, a reduction of 15.0%, largely due to higher foreign exchange and derivative losses of $245m. EPS before exceptional items and excluding foreign exchange and derivative losses was 20.6 cents, up by 13.4%.
Capital allocation
- Capex increased by 14.0% to $748m, in line with our guidance, as we continue to invest for future growth. Additionally, we acquired spectrum in Nigeria, the DRC, Tanzania, Zambia and Kenya during the year.
- In July 2022, the Group prepaid $450m of outstanding external debt at HoldCo. The remaining debt at HoldCo is now $550m, falling due in May 2024. Cash at the holding companies was $398m. Leverage was at 1.4x in March 2023, broadly stable despite $500m of spectrum investment during the year.
- The Board has recommended a final dividend of 3.27 cents per share, making the total dividend for FY’23 5.45 cents per share, an increase of 9% in line with our progressive dividend policy.
Sustainability strategy
- The Group’s inaugural Sustainability Report was published in October 2022, reflecting commitment to sustainability and detailing progress against the long-term goals as outlined in the sustainability strategy.
- UNICEF partnership launched across 6 of our markets providing educational resources, free of charge, to more than 250,000 children this year on our way to reaching one million children by 2027.
- The Group’s ambition to achieve net zero by 2050 has progressed. We published our Scope 1, 2 and 3 baseline GHG footprint in October 2022 and in May 2023 announced our detailed plans to achieve over 60% reduction in Scope 1 and 2 emissions intensity by 2032.
News
Stakeholders Demand Stronger Governance and Infrastructure to Drive Tech Adoption @ Lagos AI Summit

As AI adoption accelerates across Nigeria, leaders at the “AI in Action Now” conference 2026 have called for a balance between rapid innovation and strict regulatory governance. The event, held at the Lagos Oriental Hotel, highlighted both the doggedness of Nigerian builders and the risks of unregulated data usage.

Dotun Adeoye, Co-Founder of AI Nigeria, raised alarms over “Shadow AI”, a trend where employees upload sensitive official documents to public AI platforms. He praised the Nigerian Data Protection Commission (NDPC) for its recent aggressive stance, including multi-million-dollar fines against major banks and social media brands.
“Innovation without governance is dangerous. The regulator now has the job of educating players. We are working in partnership with them to ensure players don’t just get fined, but actually understand how to protect data locally rather than storing it abroad, ” Adeoye noted.
Addressing issues of lack of infrastructure to carry AI adoption, Conference Convener Debola Ibiyode admitted that while Nigeria lacks the traditional foundation for AI adoption, the tech community cannot afford to wait.

“The simple answer is we don’t have the infrastructure, but Nigeria has never really had infrastructure to drive anything, and we still thrive, ” Iboyode said, encouraging students and builders to look beyond current limitations. “Once we start to build based on what we have now, it will encourage those who need to provide the infrastructure to do their part. The world will not wait for us,” she insisted.
To bridge this gap, she highlighted the AI Foundry Africa, an incubator designed to mentor ideas into market-ready products.
Meanwhile, speaking to journalists on the sidelines, Biodun Ogunleye, the Lagos State Commissioner of Energy and Mineral Resources, echoed the sentiment that the government’s role is to facilitate the right environment through partnership. He emphasized that data generated from interactions with the government must have long-term value.
“We must ensure that in all facets from production to interaction with government, the tools required to ensure data has value are appreciated,” Ogunleye stated.
He concluded that through private-sector collaboration, the government can focus on its primary functions while leveraging AI to ensure the nation aspires for the future.
News
35 Million Nigerians Face Acute Hunger in 2026, UN Warns

About 35 million Nigerians face acute hunger risks in 2026, including three million children battling severe malnutrition, the United Nations has warned, attributing the crisis to collapsing global aid budgets and escalating violence in the northeast.

UN Resident and Humanitarian Coordinator Mohamed Malick Fall disclosed this on Thursday during the launch of the 2026 humanitarian plan in Abuja, noting that the traditional foreign-led aid model proves unsustainable amid Nigeria’s escalating needs.
He highlighted dire conditions in Borno, Adamawa and Yobe states, where over 4,000 people perished in the first eight months of 2025 from surging suicide bombings and attacks—equalling the entire previous year’s toll.
The UN now targets $516 million to deliver lifesaving aid to 2.5 million people this year, a sharp drop from 3.6 million in 2025 and half of prior levels, forcing prioritisation of only the most critical interventions.
Fall stressed, “These are not statistics. These numbers represent lives, futures and Nigerians,” as shortfalls last year compelled the World Food Programme to halt support for over 300,000 children after resources dried up in December.
Yet, Fall acknowledged Nigeria’s increasing national ownership, including local funding for lean-season food assistance and proactive flood early-warning systems, signalling a shift toward self-reliant crisis response.
News
NITDA Commits to Digital Inclusion for Persons with Disabilities

The National Information Technology Development Agency (NITDA) has reaffirmed its commitment to inclusive digital development following the completion of a two-day digital literacy training for persons with disabilities (PWDs) in Abuja.

The programme, organised under NITDA’s Digital Literacy for All (DL4ALL) initiative, the programme trained 50 participants in practical digital skills to enhance their participation in Nigeria’s expanding digital economy.
In his remarks, the Director-General, Kashifu Inuwa CCIE, stated that the programme reflects the agency’s determination to ensure accessibility remains a core component of national digital transformation efforts.
He explained that genuine digital advancement cannot be realised without the inclusion of persons with disabilities, adding that millions of Nigerians remain constrained by limited access to accessible and inclusive digital platforms.
“In many cases, the problem is not the absence of digital tools but the lack of accessibility. Platforms that do not support assistive technologies, non-captioned content and inaccessible websites effectively shut people out and limit opportunities,” he added.
Inuwa further explained that the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises inclusivity as a driver of national development. He stressed that persons with disabilities should be recognised as active contributors to economic growth rather than dependants.
“When equipped with the right skills and technologies, persons with disabilities become innovators, entrepreneurs and professionals who contribute meaningfully across sectors,” he added.
He acknowledged the role of Inclusive Friends Association (IFA) and SIMBED in delivering the training, describing the collaboration as a model of how government and civil society partnerships can advance inclusive development.
Highlighting NITDA’s broader digital literacy drive, the Director-General said the DL4ALL programme is a key component of the agency’s Strategic Roadmap and Action Plan, which targets 70 per cent digital literacy by 2027 and 95 per cent by 2030.
He explained that the initiative operates through three main tracks: an informal sector programme that has trained more than 480,000 Nigerians across 30 states and the Federal Capital Territory since September 2024; an education sector programme focused on embedding digital skills into learning institutions; and a workforce readiness programme designed to strengthen digital competence in both public and private sectors.
“This programme is not merely a pilot. It is proof that inclusive and intentional training works, and that persons with disabilities can excel when given equal opportunities,” Inuwa stated.
Also speaking, the Managing Director and Chief Executive Officer of SIMBED, Mr Daniel Onunkwo, described the training as a significant step towards closing the digital inclusion gap for persons with disabilities.
Onunkwo added that the initiative sends a strong message about equity and national progress, adding that SIMBED remains committed to expanding digital empowerment for persons with disabilities.
Similarly, the Executive Director of Inclusive Friends Association, Grace Jerry, represented by Tracy Agbamu, commended NITDA for demonstrating intentional leadership in promoting inclusion under the Renewed Hope Agenda.
She urged participants to continue applying the skills acquired and to serve as digital inclusion advocates within their communities.
The training programme further strengthens NITDA’s vision of building a digitally inclusive Nigeria where access to digital opportunities is determined not by physical ability but by empowerment and innovation.
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