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MTN Nigeria Mulls Sale of 30% Equity to Retail Investors

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MTN Nigeria, largest telecommunication company, may sell some 30 per cent of its ordinary shares to Nigerian retail investors under its much-awaited initial public offering (IPO).

 

Sources in the know of the arrangements for the IPO indicated that MTN Nigeria could sell as much as 30 per cent of its share capital to the investing public to ensure substantial number of the company’s shares is freely available in the hands of minority retail investors.

 

MTN Nigeria plans to raise between $400 million and $500 million through an IPO scheduled for the second half of this year. The company had in 2016 appointed the advisory team and set out a roadmap towards listing on the Nigerian Stock Exchange (NSE) in 2017.

 

Its board had announced the appointment of Stanbic IBTC Capital Limited and its affiliates, Standard Bank of South Africa Limited and Standard Advisory London Limited and Citigroup Global Markets Limited, as the joint transaction advisors and joint global co-ordinators for the proposed listing of MTN Nigeria on the NSE. The telco, however, missed the 2017 target.

 

Sources said MTN Nigeria plans to have a free float of some 30 per cent, significantly above the minimum listing requirement at the NSE. Free float, otherwise known as public float, which refers to the number of shares of a quoted company held by ordinary shareholders other than those directly or indirectly held by its parent, subsidiary or associate companies or any subsidiaries or associates of its parent company; its directors, who are holding office as directors of the entity and their close family members and any single individual or institutional shareholder holding a statutorily significant stake. This is 5.0 per cent and above in Nigeria.

 

Thus, free float’s shares exclude shares held directly or indirectly by any officer, director, controlling shareholder or other concentrated, affiliated or family holdings.

 

MTN Group holds 75.8 per cent majority equity in MTN Nigeria. Public Investment Corporation Ltd holds 1.7 per cent. MTN NIC BV controls 2.8 per cent equity while Nigerian high networth investors hold about 19 per cent equity through many special purpose vehicles.

 

Sources said MTN Nigeria will use the IPO to dilute the current shareholdings and free up shares for retail minority shareholders. MTN Nigeria is expected to be listed on the premium board of the NSE.

 

Extant rules require companies on the premium board to have free float of 20 per cent or above N40 billion on the date the Exchange receives the company’s application to list. Companies on the main board is required to have 20 per cent of market capitalisation while companies on the third tier board, otherwise known as Alternative Securities Market (ASEM) are required to have 15 per cent free float.

 

A draft of a review of the free float rules undergoing rule-making process requires companies seeking to list on the premium board to have a free float of 20 per cent of the company’s issued share capital made available to the public and held by not less than 300 shareholders; or alternatively valued at N40 billion or more, or any value prescribed by the Exchange from time to time, on the date the Exchange receives the company’s application to list and shall maintain same as long as it remains listed on the Exchange.

 

Stock markets maintain minimum public float to prevent undue concentration of securities in the hands of the core investors and related interests, a situation that can make the stock to be susceptible to price manipulation. Besides, it provides the general investing public with opportunity to reasonably partake in the wealth creation by private enterprises.

 

Market sources said they expected MTN Nigeria to proceed as scheduled later this year despite the recent downtrend at the stock market, noting that MTN Nigeria is a good offer that will always attract investors. Many investors were reported to have placed funds on standby in their investment accounts with stockbroking firms.

 

With more than 55 million subscribers, MTN Nigeria is the largest subsidiary in the MTN Group. Since inception in 2001, MTN Nigeria has led the growth in the voice market to become the biggest mobile operator in Nigeria and West Africa.

 

Many analysts believe that the MTN Nigeria’s IPO will be the pioneer to launch the electronic IPO in the Nigerian capital market. Already, stakeholders in the Nigerian capital market have commenced preparatory process towards the full automation of IPO and other public primary offers in the Nigerian market.

 

The full automation of primary issuance will involve automation of the process, approval, documentation, subscription and allotment of all issues, especially IPOs and public offers. With this, investors will be able to subscribe and make payment for IPOs and public offers online with such orders being matched and allotted electronically and directly to the investment accounts of the investors at the Central Securities and Clearing System (CSCS).

 

The full automation will enable the primary market to operate within a designated transaction cycle, possibly within the T+3 four-day trading cycle currently being operated at the secondary market.

 

Investors will also be able to monitor and change their orders within a designated period while subscribers with personal access to the internet and online stockbroking trading portals can make direct subscriptions from anywhere.

 


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PIN Engages 1,300 Stakeholders Across Africa to Advance Digital Rights, Inclusion

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Paradigm Initiative (PIN), a pan-African digital rights and inclusion organisation, says it has engaged more than 1,300 stakeholders across 11 African countries through a series of forums, training sessions and policy dialogues aimed at strengthening digital rights, inclusion and online civic participation.

PIN Engages 1,300 Stakeholders Across Africa to Advance Digital Rights, Inclusion

The organisation disclosed this in a statement, saying the engagements were carried out during the second quarter of the year through 26 programmes focused on election monitoring, judicial capacity building, digital literacy and policy development.

According to PIN, the initiative brought together policymakers, judges, lawyers, journalists, civil society organisations and community groups to promote a safer, more inclusive digital ecosystem across the continent.

The organisation said the programmes focused on safeguarding electoral integrity in Zambia, The Gambia and Ethiopia, while also strengthening the capacity of Nigeria’s judiciary on issues relating to Artificial Intelligence (AI), data privacy and digital evidence.

In partnership with Meta, PIN trained 35 judges in Lagos across two cohorts on privacy, data protection, AI and digital evidence.

It described the initiative as a significant step towards equipping Nigeria’s judicial officers to effectively handle legal disputes arising from an increasingly digital society.

The organisation also expanded its Digital Rights and Elections in Africa Meetings (DREAM) to Ethiopia, The Gambia and Zambia.

According to the statement, the programme equipped 110 civil society organisations, media professionals and election management bodies with skills to monitor digital rights violations and protect online civic spaces during election periods.

PIN further said its Digital Rights Academy (DRA) trained more than 100 lawyers, law students and digital rights advocates from Cameroon, the Republic of Congo, Ghana, Nigeria, Tanzania and Zimbabwe.

The academy focused on strengthening participants’ capacity in strategic litigation and promoting accountability for digital rights violations.

The organisation also hosted a Digital Policy Engagement Roundtable, bringing together 34 stakeholders, including organisations representing persons with disabilities, to discuss accessibility and inclusion in digital policy development.

It said Afrocities roundtables held in Nigeria and Tanzania attracted 80 participants who explored ways of improving informal workers’ access to digital social protection and financial services.

According to the statement, a ministerial roundtable in Zambia also aligned the country’s digital priorities with the World Summit on the Information Society (WSIS+20) review process.

PIN said it also implemented the Digital Rights and Inclusion Board Learning Experience (DRIBLE) Ambassadors Training in Cameroon, Nigeria and Senegal.

The programme reached 315 participants and strengthened their capacity to deliver digital rights education through experiential learning approaches.

The organisation said the training improved participants’ understanding of digital rights and increased interest in practical digital rights education across communities.

PIN also highlighted the successful hosting of the Digital Rights and Inclusion Forum 2026 (DRIF26) in Abidjan, Côte d’Ivoire.

The forum, themed “Building Inclusive and Resilient Digital Futures”, attracted 415 participants from more than 39 countries.

According to the organisation, the event brought together policymakers, civil society organisations, media professionals, academics, legal experts, technologists, human rights defenders and development partners to promote dialogue, partnerships and knowledge sharing on Africa’s digital future.

PIN said the engagements underscored the growing importance of collaborative efforts in advancing digital rights, promoting inclusion and strengthening digital governance across the continent


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FG Halts Enforcement of New Regulations on Internet Platforms

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Federal Government has suspended the implementation and enforcement of newly introduced regulations affecting internet platforms, online intermediaries and other cross-cutting issues in the digital economy pending the development of a harmonised national policy framework.

FG Halts Enforcement of New Regulations on Internet Platforms

Bosun Tijani

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, issued the directive following a strategic meeting with the leadership of the Nigerian Communications Commission, National Information Technology Development Agency and the Nigeria Data Protection Commission.

According to a statement issued on Tuesday, the three agencies have been directed to maintain the existing regulatory framework while efforts to harmonise policies are underway.

The statement said the implementation or enforcement of recently introduced regulations, guidelines, codes, directives and administrative requirements relating to internet platforms and other digital economy issues would be deferred where they are part of the ongoing review.

It, however, clarified that the directive does not affect the statutory responsibilities of the agencies.

According to the ministry, existing regulations that fall within the legal mandates of the respective agencies will remain in force, provided they are consistent with the ministry’s policy direction.

Tijani said the rapid convergence of telecommunications, digital platforms, artificial intelligence, online safety and data governance had created overlapping regulatory responsibilities, making closer collaboration among regulators imperative.

He said a harmonised regulatory framework would provide greater legal certainty for businesses, encourage investment, promote innovation, strengthen consumer confidence and enhance Nigeria’s competitiveness as Africa’s leading digital economy.

“As part of the harmonisation process, a joint technical coordination committee comprising representatives of the NCC, NITDA and NDPC has been established.

“The committee will coordinate stakeholder consultations and develop recommendations for a unified national policy and governance framework,” the statement said.

It added that the proposed framework would seek to clearly define the responsibilities of each regulator, reduce compliance uncertainty for businesses and improve regulatory coordination across the digital ecosystem.

The ministry stressed that the harmonisation exercise was aimed at improving collaboration among the agencies and was not intended to diminish their statutory powers.

The development comes less than 24 hours after President Bola Tinubu directed the Federal Competition and Consumer Protection Commission to investigate major technology companies and generative artificial intelligence platforms over allegations of anti-competitive practices and the exploitation of Nigerian media content.


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Airtel Africa Cuts Diesel Dependence by 9.1m Litres

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Airtel Africa, a telecommunications and mobile money services provider across 14 African countries, saved 9.1 million litres of diesel during its just ended 2025/2026 financial year, as part of efforts to drive responsible growth by minimising the environmental impact of its operations.

This was achieved by reducing reliance on diesel and increasing use of lower-carbon energy sources, including the conversion of 390 infrastructure sites to on-grid power during the year, thus improving efficiency and reducing emissions.

Airtel Africa CEO, Sunil Taldar highlighted this achievement during a media roundtable held in Lusaka, Zambia, where he presented the Group’s Sustainability Scorecard and progress towards building a more sustainable, inclusive and connected Africa.

Other initiatives to reduce Airtel Africa’s environmental impact during the year included promoting the circular economy, recycling 94% of total waste generated. These form part of Airtel Africa’s broader sustainability strategy, which seeks to create long-term value by balancing business growth with environmental stewardship, digital inclusion and socio-economic development.

Mr. Taldar emphasized that responsible growth remains central to Airtel Africa’s business strategy and is reflected in the company’s ability to extend services and opportunities to millions of people across the continent while advancing sustainability goals. Airtel Africa’s network now reaches 81.9% of the population across its markets, enabling greater access to connectivity, information, education and economic opportunities for individuals and communities.

The company recorded progress in its efforts to advance financial inclusion. Airtel Money now serves 54.1 million customers through a network of 2.4 million agents, making it one of Africa’s largest digital financial services ecosystems. Notably, 44.1% of Airtel Money customers are female, demonstrating the platform’s growing role in empowering women through access to secure, affordable and convenient financial services.

Beyond connectivity and financial inclusion, Airtel Africa, through its philanthropic arm, Airtel Africa Foundation continued to drive meaningful change across communities in the continent, investing US$6.2 million in priority programmes in four strategic areas namely Financial Inclusion, Education, Environmental Sustainability and Digital Inclusion.

Through its partnership with UNICEF, 3,296 schools have been connected to the free internet access, helping to bridge the digital divide and expand access to quality education reaching over 2 million learners and 38,868 teachers, while 64 zero-rated digital learning platforms enabled more than 11 million learners to access free digital educational content.

Also, during the year, more than 30,000 young people received digital skills training, while over 250 full undergraduate STEM scholarships were awarded through the Airtel Africa Tech Fellowship programme, helping to prepare the next generation of African innovators and technology leaders.

 


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