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
SEC Probes Ponzi Scheme Linked to FF Tiffany

The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
“These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
News
US Launches ‘Window on America’ @ Ogun Tech Hub

The Ogun Tech Hub in Abeokuta, Nigeria received a significant step towards increasing digital access and empowering young people as US Embassy in Nigeria launched the ‘Window on America’ facility.
The newly opened centre will offer free high-speed internet, computer access, and targeted programs to help young Nigerians build essential skills in technology, entrepreneurship, and leadership.
In a post on X (previously Twitter), the US Embassy described the hub as a modern ICT and resource centre meant to promote digital inclusion and provide youths with skills.
“Hello Abeokuta! We’re thrilled to announce the opening of the Ogun Tech Hub Window on America. This dynamic space offers free high-speed internet, computers, and programs to help young people gain tech, leadership, and entrepreneurial skills,” the Embassy wrote.
The facility was established in collaboration with the Ogun State and GFA Technologies, a software solutions provider for startups and SMEs.
The Embassy said the facility is part of its wider network of 29 American hubs across Nigeria, designed to empower youth and broaden access to global knowledge and opportunities.
Speaking during the launch, Ogun State governor Dapo Abiodun urged young people to use the ICT industry for self-sufficiency and competitiveness globally.
He lauded the program as a public-private cooperation that connects Nigerian youngsters with global innovations.
The governor said: “The Ogun Tech Hub serves as a collaborative space for technologists, startups, and social entrepreneurs to develop tech-driven solutions for societal challenges. The partnership is aimed at positioning Ogun State as a leading tech hub in Africa, supporting creative problem-solving and commercial innovation.”
With the ‘Window on America’ program fully operational, Ogun State is well-positioned to boost youth empowerment and digital literacy.
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