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Digital Economy A Catalyst For Nigeria’s Development- Dr. Woherem
Dr. Evans Woherem, a foremost banker and renowned IT guru, has lauded the Minister of Communications & Digital Economy, Dr. Isa Ali Pantami, and the Federal Government, for upgrading the former Federal Ministry of Communications to that of Communications & Digital Economy.
Dr. Woherem said he was particularly delighted by the upgrade because he had for long advocated the need for the country to constitute a committee that would come up with a new policy and strategy aimed at creating a roadmap on how to turn the country into a digital economy, describing the Minister’s action as poignant and proactive.
“Take for instance as I have been pointing out lately. South Africa has a Ministry of Information Technology. To me, that’s so marvelous for a country to be so far-reaching in its thinking of the future, realizing the importance of information technology.
“The fact that it’s a catalyst for development, for energizing other parts of government or activities in an economy, to the point of creating a ministry that will run the affairs of the information technology in the country, made me applaud the South African Government.
“And again, the United Arab Emirates has something similar, and indeed, more exciting. UAE has a Ministry of Artificial Intelligence; to me, that’s something that speaks volumes. In addition to that, they also have a Ministry of Possibilities.
“It means that they are really preparing for the Fourth Industrial Revolution and beyond; they are really preparing for the new century.
“They really want to do something that nobody had thought ever before. They really want to experiment, push boundaries and use technology to go where no nation had been before,” Woherem stated.
Dr. Woherem, a former Executive Director at First Bank Plc and Unity Bank of Nigeria noted that he had always pointed out the need for Nigeria to do the right kind of thing as a nation, have the audacity to reach out to be the best, and to do things that are almost miraculous.
“By the creativity of Nigerians as individuals, by her population, and by what our youths are doing today, we need to do something that is audacious.
“We are just simply destined to do something great in leading Africa. Unfortunately, our leaders do not think long term; they rather think short term that has to do with themselves than pan-Nigeria.
“I am very glad that even in our own country, a minister is thinking along this direction to the extent of adding to the Ministry of Communications, Digital Economy. With the new ministry, we are no longer going to have the Communication Ministry as we used to know it.
“What we’ve done now with the new ministry crosses what South Africa and the UAE had done. It is a good thing to the point that it’s something that is needed.
“Simply, information technology is the major catalyst for development. Even by itself, it began to make significant contributions to the GDP. We are told that about 13.8% of the GDP is as a result of ICT contributions. That to me is herculean and portends a lot of good for the country. It means that the next 10 to 20 years, it will begin to reach about 30% or so.”
Dr. Woherem advised that information technology should be taken seriously because it is going to positively affect all the sectors of the economy, all the activities of government and even her citizens, adding that currently Nigeria and indeed Africa are still at the lower end of the spectrum of information technology.
“We are just at the foundation stages. It does not however, mean that it is like that in all the sectors of the economy. For instance, the banking sector might be at the beginning of the operational level, same as the Agricultural sector.
“Our various sectors of the economy are at various stages of development whereas all of them are supposed to be at the operational level going to strategic levels of use of information technology,” he said.
The Digital Africa Global Consult Group boss warned that as a country, Nigeria should not just be technology usersbut should participate in developing technology applications that are going to drive the 21st and 22nd centuries.
“I have always lamented about the fact that Africa is sitting idly by and letting the train of technology development pass-by. Just like we did in the first, second and third industrial revolutions, it always baffles me that we are not taking it more seriously.
“Somebody once said there is a culture of technology; every technology has a culture associated with it. Sometime, you are creating a technology without knowing you are creating a culture too.
“That being the case, why should Africa allow somebody else be solely responsible on how we are going to live in the future without our own input? So, I have always felt that Africa should be part and parcel of those developing global technology.
“Digital economy is therefore, a good thing for us as a country because it can definitely help us to not only have ICT but will add more and more to our GDP. It is also going to develop and advance each of the industries and sectors of our economy as a nation by creating a lot more employments.”
Dr. Woherem said that though kudos should be given to government for coming up with the decision to upgrade to a digital economy, he insisted that there are certain things that must be done to ensure a total paradigm shift to digital economy.
“We need to come up with a set of policies and strategies through which things can be evolved. To an extent, government has come up with something to that effect, and it is kudos to government.
“However, I would have wanted a set of Nigerians, representing certain key parts of the economy led with a representation of certain people that are truly experts in these areas that would come up with that set of policies and strategies for developing a digital economy.
“And that committee shouldn’t be an Ad hoc or one-off committee. They should be there to also oversee things and be called upon from time to time to deliberate and also make recommendations with regard to the digital economy. This should be taken serious.
“There is an organization within the European Union where all Champions for IT in different countries in Europe come together to deliberate on the future of Europe especiallyon matters of technology.
“What does that show? It means they are taking the issue of technology seriously over there. Yet, Europe is way ahead of Africa in the adoption of technology tools. If Europe that is way ahead of us in technology is taking it this serious, that means we have to be more serious. This also means there are certain things we have to put in place.”
He said that whatever Nigeria is doing with regard to digital economy is the country’s own attempt to catch up, adding that what heis expecting to see is that as a result of this subtle focus and emphasis on digital economy, that Nigeria will start thinking a lot more seriously with regards to what kind of economy she is building and the instruments to deploy to bring about developments in the various sectors of her economy.
“To actualize the digital economy of our dream as a nation, government should also build tech hubs, parks and experience centres through which people can now begin to practice these exponential technologies. Government should also encourage the private sector to be involved. We need a lot of that here in Nigeria, at least one in major cities of the country,” Woherem said.
MTN Group has revealed that the board of IHS Towers accepted its offer of US$8.50 per share, positioning MTN to boost its stake to 100% ownership following IHS’s divestment of Latin American assets.
MTN Group
The potential transaction is subject to various approvals and the delisting of IHS from the New York Stock Exchange (NYSE).
Upon the completion of IHS’s announced disposals (on 11 February and 17 February 2026) of its Latin American assets, it is intended that MTN will acquire 100% of IHS’s remaining business.
IHS is one of the world’s largest tower companies, with nearly 29 000 high-quality towers in Africa serving various mobile network operators in five key MTN markets.
The proposed transaction, which follows discussions noted on 5 February 2026, marks an important step to unlock compelling value for MTN and strengthen and
reintegrate its ownership of critical digital infrastructure across Africa. For IHS shareholders, it provides them with an attractive opportunity to crystallise value.
The funding for the proposed transaction of the remaining shares MTN does not already own, for a consideration of some US$2.2 billion, will be through cash of
approximately US$1.1 billion on IHS’s balance sheet, along with available liquidity and debt from MTN.
MTN has approximately 24.7% shareholding in IHS. As part of the transaction, it intends to take the company private through the acquisition of all outstanding
shares it does not own, pursuant to a cash merger.
By reintegrating the tower assets, MTN will be able to internalise the margin currently paid to IHS, benefit from current and future incremental third-party
revenues, improve cost predictability and unlock significant long-term value embedded in its existing investment.
“This proposed transaction is a pivotal step in further strengthening MTN Group’s strategic and financial position for a future where digital infrastructure will become ever more essential to Africa’s growth and development,” said MTN Group President and CEO Ralph Mupita.
“This transaction gives us a unique opportunity to buy back our towers and strengthen our ability to be partners for progress to the nation states in which we operate.”
“For IHS customers and partners across the continent, we commit to continuing high standards of service and the right governance of what is the largest standalone and
integrated tower company in Africa, enabled by the excellent people within IHS.”
Through this transaction, shareholders of IHS will receive US$8.50 per share. This translates to an 9.7% premium to the 30-day volume-weighted average price as at
4 February 2026 (the last day of trading before the release of MTN’s cautionary announcement) on the NYSE, enabling them to unlock the value of their investment.
Long-term IHS shareholder Wendel has provided a letter of support to vote in favour of the transaction and will receive full liquidity on its shares upon closing.
With support from Wendel (and certain affiliates) and MTN being able to vote at a general meeting, ~40% has already been secured of a minimum two-thirds approval
of voting shareholders.
IHS Chairman and CEO Sam Dawish commented: “The proposed transaction deepens our long-standing partnership with MTN as it combines Africa’s largest
mobile network operator with one of its largest digital infrastructure platforms and underscores the strong connection between IHS Towers and the African continent.”
In structuring this transaction, MTN remains focused on disciplined capital allocation inclusive of shareholder remuneration going forward. No new equity issuance will be required at the MTN Group level and the funding plan allows for a short-term increase in leverage. The transaction is forecast to be accretive to net income and cash flow.
The proposed transaction is subject to IHS shareholder approval, regulatory approvals in the relevant markets and customary closing conditions.
Nigerian Exchange Group (NGX) hosted its annual Made of Africa (MOA) 2025 Awards on Monday, February 4, 2026. The event, held during the NGX year-end celebrations, brought together regulators, listed companies, and market operators such as MTN, BUA, Dangote, Transcorp, to celebrate achievements in compliance, sustainability, and market performance.
In his opening remarks, Dr. Umaru Kwairanga, the Chairman of Nigerian Exchange Limited, said “Excellence in compliance, sustainability, and several other categories recognises the fact that capital market operators and quoted companies must be standards not only in terms of the size of their operations but also adherence to regulations and best practices of corporate social responsibilities.”
He emphasised that the awards serve as a benchmark for excellence. He noted that the 2025 honourees demonstrated significant improvements in branding, customer service, and operational standards despite a challenging economic environment in Nigeria.
Among the evening’s significant winners was MTN Nigeria, which was honoured for its commitment to corporate transparency. The technology giant received the award for Leadership in Sustainability Reporting, emerging as the winner in a category that included Seplat Energy, BUA Cement, and Transnational Corporation of Nigeria PLC.
The award recognised the brand’s adherence to both national and global reporting standards, reflecting its role in advancing environmental, social, and governance (ESG) practices within the Nigerian corporate space.
Tobe Okigbo, Chief Corporate Services & Sustainability Officer, MTN Nigeria, said “This recognition for Leadership in Sustainability Reporting underscores our commitment to transparency and aligning with global best practices.
“As the capital market moves toward greater accountability, MTN Nigeria remains dedicated to demonstrating resilience and faith in the Nigerian economy through comprehensive and standard-compliant reporting.”
The ceremony saw several other major players in the financial sector secure multiple accolades. Chapel Hill Denham emerged as one of the night’s most successful firms, winning in categories including Fund Manager with the Largest Listed Fund Size and Market Operator with the Highest Value of Foreign Portfolio Investment (FPI) Transactions.
Other notable winners included: Cardinal Stone Securities Limited, named Broker of the Year and Equity Trader of the Year, Dangote Cement was awarded Best Issuer in terms of Fixed Income Listings, BUA Cement PLC was recognised as the Most Compliant Listed Company, and Transnational Corporation of Nigeria (Transcorp) PLC received special recognition for Capital Market Excellence in Equity.
Mr. Jude Chiemeka, the Chief Executive Officer of Nigerian Exchange Limited, congratulated the recipients, noting that the market saw a 51% close in the All-Share Index last year, making it the second-best performing market globally. He urged winners and nominees alike to continue striving for excellence to further the aspiration of a $1 trillion Nigerian economy.
Nigeria’s broadband landscape remains anchored by 4G LTE at 52.95% market share in December 2025, with 2G holding steady at 37.37%, while 5G penetration crawls at just 3.77%, per Nigerian Communications Commission (NCC) data.
4G’s dominance stems from urban smartphone migrations and MTN-Airtel infrastructure expansions, fuelling the digital economy, as 2G persists in rural areas due to feature phone reliance and a stubborn device gap.
5G growth stalls from high smartphone costs amid inflation, telco preference for 4G’s quicker returns over capital-heavy 5G rollouts, and limited mainstream apps beyond elite urban streaming in Lagos and Abuja.
Broadband subscriptions topped 112 million, lifting penetration to 51.97%—up from 42.2% in October 2024—crossing the halfway mark for the first time, though monthly gains of 2-3 million slowed mid-year amid population growth and regional disparities.
The NCC’s 70% target stays elusive, highlighting sustained urban-rural demand but underscoring needs for affordable devices, infrastructure, and use cases to accelerate high-speed access nationwide.
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