Broadcasting
MTN and its FY2023 Financial Results Abracadabra
By Abdullahi Taminu Bida
MTN Nigeria Communications Plc (MTN Nigeria), the leading telecommunication service provider in the country, on Thursday, 29 February, 2024, submitted its full-year audited report for the year ended 31 December, 2023 to the Nigerian Exchange (NGX). The report showed very impressive highlights like growths in total subscriber base, active data users, active mobile money (MoMo PSB) wallets, service revenue and earnings before interest, tax, depreciation and amortization (EBITDA). Despite all these positive highlights in the Statement of Accounts, the media and most analysts, as the MTN Nigeria would wish, ran with the forex loss of N740.4 billion as well as the loss before tax of N177.8 billion.
Karl Toriola, Chief Executive Officer, MTN Nigeria
According to MTN Nigeria, the losses are as result of “rising inflation, currency devaluation and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1 arising from a redesign of the naira. Karl Toriola, the Chief Executive Officer of the company, noted that “MTN Nigeria’s operations are exposed to foreign currency volatility on its operating and capital expenditure. The most significant of these exposures relates to the tower lease costs, which comprised the bulk of the 45-50 percent foreign currency exposure in our operating expenses in 2023.” Specifically, the company attributed the poor financial performance for the year under review mainly to the foreign exchange loss of N740.4 billion as a result of a 96.7 percent movement in the exchange rate from N461/$1 in December 2022 to N906/$1 in December 2023.
From media reports many of the analysts seem to look at the MTN Nigeria’s 2023 Financial reports from the prism of the company – harsh operational environment, unfavourable government policies and the general macro-economic conditions. They seem to be so convinced by the jaundiced narrative the telecom company has deliberately crafted to hoodwink stakeholders to its side that they barely look at the submitted report critically.
To start with, MTN Nigeria listed on the floor of the Nigerian Exchange in 2019 as part of its bargain with the government to have its $5.2 billion fine, for failure to disconnect its subscribers who were yet to link their National Identification Numbers to their telephone lines, slashed. Prior to the listing, MTN Nigeria was a private company and had no disclosure requirements unlike now, as a publicly quoted company, it is required to meet the disclosure requirements including the submission of quarterly results.
Let us highlight some of the items as disclosed in the report. The Loss after tax was N137.0 billion due to net forex loss; Profit after tax (PAT), adjusted for the net forex loss, decreased by 14.3 percent to N344.5 billion; Earnings per share (EPS) declined to negative N6.38 kobo (N16.56 kobo adjusted for the net forex loss, down 14.1 percent); the Net loss for the year resulted in a depletion of its retained earnings and shareholders fund to negative N208.0 billion and N40.8 billion, respectively; the Capital expenditure (capex) increased by 13.2 percent to N571.0 billion; and the company’s liabilities and assets were N3.22 trillion and N3.18 trillion respectively.
The report, as indicated, showed that the company’s liabilities are bigger than its assets, an admission that MTN Nigeria is technically insolvent. The reality is that this insolvency would remain for a long time without shareholder funding and may trigger default. This also throws up the going concern questions. How can MTN Nigeria’s auditors sign off the on the going-concern assessment of the company with such reality – a case of financial illiteracy or poor oversight?
Also, the issue of lease agreements leaves plenty room for suspicion. Is attributing an item that, according to the company, constitutes 45-50 percent of its foreign currency exposure without naming the service provider a deliberate ploy to conceal pertinent facts? It is a known fact that MTN has large ownership stakes in the companies that provide these lease services and the ‘losses’ the company posts as a result of the forex fluctuations, it ‘gains’ in form of returns on investment.
Similarly, the report indicated that MTN Nigeria changed its “measurement” of FX loses from “realized FX differences on dollar indexed leased” to the N/US$ spot exchange rate at the end of each reporting period. This, it claims, is in line with the IAS 21 and FIRS 16 and led to adjustments of 2021 and 2022 results. Why would MTN Nigeria limit the restatement of its lease liabilities to 2021 and 2022 only and not 2020 and 2019 financials when it got listed on the NGX? It is also curious that forex for the H1 2023 was not restated – when objectively there was nothing that could have triggered the IFRS 16 treatment to be altered in H2. In fact, the report showed that MTN Nigeria did a restatement on the H1 FX related transaction that was undertaken in October 2023.
These may be pointers to a possibility of sharp practices and willful concealment on the part of MTN Nigeria in contravention of the extant disclosure rules of the Exchange. This possible concealment, probably aimed at avoiding tax liabilities and/or shareholder obligations, should be of interest to industry stakeholders, in particular and Nigerians in general. MTN Nigeria’s over two-decade operations in Nigeria leaves much to be desired as there have been cases that border around corporate governance such as tax defaults, illegal repatriations of profits and other corporate vices.
Abdullahi Taminu Bida, writes for Abuja
Drone
The US Department of Homeland Security (DHS) will invest $115 million in counter-drone technology to safeguard the 2026 FIFA World Cup and events marking America’s 250th independence anniversary, creating a dedicated office for rapid drone system deployment.
Homeland Security Secretary Kristi Noem described drones as “the new frontier of American air superiority,” stressing the need to counter threats from drug cartels using unmanned aircraft for smuggling and surveillance, alongside incidents like a 2025 NFL stadium drone flight and 2024 New Jersey sightings.
The funding supports 11 World Cup host cities expecting over one million visitors, building on FEMA’s $250 million grants to those states and addressing risks heightened by cartels’ advancing tech, including a reported FBI tracking plot in Mexico.
DHS has conducted over 1,500 counter-drone missions since 2018, with the new Program Executive Office accelerating acquisitions amid President Trump’s border security push.
Broadcasting
Youth Talent Takes Center Stage as T2 Ignites High-Octane Rap Battles @ Carnival Calabar
The energy at the Carnival Calabar Music Concert reached a new high as T2 introduced a first-ever rap battle platform, giving young Nigerians an electrifying stage to showcase their talent, creativity, and self-expression while competing for exciting prizes.
Held at the U.J. Esuene Stadium, the activation blended pulsating music, vibrant culture, and youthful energy into a dynamic celebration that kept thousands of carnival-goers fully engaged from start to finish.
Eight fearless contestants stepped into the spotlight, going bar for bar in an intense lyrical showdown. Rappers fused local languages, pidgin, and sharp punchlines, creatively weaving the T2 brand into their verses.
Anchored by the energetic hosting duo MC Double I and MC Princess, the rap battles thrilled over 16,000 attendees, including the Governor of Cross River State, Senator Bassey Otu, delivering an unforgettable showcase of youth talent and cultural expression.
With prizes including fridges, gas cookers, sound systems, and airtime top-ups, the competition remained fierce throughout the night. After two high-energy rounds narrowed the field to a five-man final duel, Emmanuel Eye emerged as the overall winner, taking home the grand prize — a fridge.
“I never expected this at all,” Emmanuel said. “I came to the concert like anyone else, and hearing about the T2 rap battle was a surprise. When I got the chance to perform, I just went for it. Being named the overall winner is amazing, and I’m grateful to T2 for creating this platform to showcase our talent.”
Beyond the stage performances, T2’s presence added a digital layer to the carnival experience. As part of its role as Digital Technology Partner of Carnival Calabar, the brand introduced the MyT2 App as a lifestyle companion, while also enabling line reactivations, airtime top-ups, and instant rewards for hundreds of attendees, blending technology seamlessly into the live celebration.
Commenting on the activation, Chinelo Manefo, Specialist, Events and Sponsorship at T2, said:
“The energy from both the rappers and the crowd was incredible. This platform reflects exactly what T2 aims to create — a celebration of youth, creativity, and culture, enhanced by technology that connects people and experiences. Seeing the audience so immersed shows how music and performance can empower the next generation.”
The Carnival Calabar Music Concert, headlined by Tiwa Savage, Timaya, and top local performers, was further energized by T2’s interactive rap battle platform. By blending music, culture, youth expression, and digital innovation, T2 reinforced its commitment to championing Nigeria’s next generation, giving young creatives a stage to shine while enriching how they experience the festival.
Broadcasting
Aig-Imoukhuede Foundation Wrapped Up 2025 with Real Change in Governance, Health, Media Across Africa
Aig-Imoukhuede Foundation has announced its 2025 achievements, marking a year of accelerated impact, systemic reforms and innovation in public leadership and service delivery across Africa.
Aig-Imoukhuede Foundation
A statement issued on Wednesday in Lagos said the foundation strengthened governance, improved primary healthcare, drove digital transformation and elevated media’s role in promoting public sector accountability.
It said the AIG Public Leaders Programme (PLP) trained 72 public sector leaders from Nigeria, Egypt, Tanzania, Cameroon, Zambia, Malawi and Kenya—its fastest growth to date—bringing the alumni network to 309.
These alumni are driving 237 reform projects to enhance public institutions, from faster decision-making to greater transparency, with nine promoted to higher roles for their contributions.
On civil service modernisation, the foundation accelerated digitalisation at the Office of the Head of the Civil Service of the Federation (OHCSF), streamlining 19 processes and achieving a 75 per cent increase in work speed through automated workflows.
It also trained over 400 officials from the Federal Ministry of Justice, Federal Civil Service Commission and Federal Ministry of Innovation, Trade and Investment in digital skills to support the FCCSIP 25 initiative and ongoing digital rollouts.
In healthcare, the Adopt-A-Healthcare-Facility Programme renovated four primary healthcare centres in Edo State, boosting antenatal visits by 73 per cent, immunisation coverage over 100-fold and fully vaccinating 554 children, while supporting 6,788 patients.
The foundation recognised 18 outstanding public servants with ₦500,000 each via the Emily Aig-Imoukhuede Endowment Awards and received a partnership award from the OHCSF for civil service reform efforts.
To empower media, it trained 50 journalists from top Nigerian media houses in impact storytelling, data analysis, visual and ethical reporting to better inform citizens on public sector changes.
Over five years (2021–2025), the foundation invested £2.6 million in PLP, saved ₦2.38 billion for the public sector through capacity building, trained 1,500+ civil servants, upskilled 660 digitally, trained 40 permanent secretaries and awarded 33 scholarships driving seven policy changes.
Other milestones include digitising 5,000 files, automating 333 processes, a 61 per cent efficiency gain, 60 per cent digital file creation at OHCSF, 128 excellence awards, 116 process reforms, 23 advocacy projects, 25 capacity initiatives, 18 podcasts, four healthcare articles, three policy papers, 23 adopted PHCs (four renovated) and 878+ fully immunised children aged 0–9 months.
Executive Vice Chair, Mr Aigboje Aig-Imoukhuede, said: “2025 was a year of real, measurable impact. From training hundreds of public servants to improving healthcare, helping ministries go digital, and equipping journalists to tell stories that matter, our work is making governments work better for citizens and communities across Africa.”
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