Connect with us

Telecom

MTN Nigeria Plans N52Bn Recapitalisation

Published

on

Kindly share this post

MTN Nigeria plans to issue two series of commercial papers worth N52.895bn, according to a corporate notice filed with the Nigerian Exchange Limited on Thursday.

MTN Nigeria Plans N52Bn Recapitalisation

In the notice, the company said that Series 8 & 9 Commercial Paper notes would be under its N250bn Commercial Paper Issuance Programme.

The notice signed by Uto Ukpanah, company secretary, said, “The issuance is part of the company’s strategy to diversify its financing options with the funds being deployed towards short-term working capital and funding requirements,” with a promise to provide more details to the market later.

Recently, MTN Nigeria raised N125bn through the issuance of commercial papers series 6 & 7.

Although, the company said it sought to raise N100bn, the offer recorded 146 per cent subscription with N125bn raised across both series.

The series included a 181-day commercial paper at a yield of 13 per cent and a 265-day CP at a yield of 13.50 per cent with an issue date of August 23, 2023.

In its recently released financial results for the first nine months of 2023, MTN Nigeria said its N250bn commercial paper programme was issued in March and August 2023 and that N52bn was redeemed in the month of September 2023 with the remaining tranches maturing in November 2023 (N72bn) at 12.5 per cent, February 2024 (N52bn) at 13 per cent and May 2024 (N72bn) at 13.5 per cent.

In the period ended September 2023, MTN reported a 21.8 per cent growth in its revenue from N1.45tn in September 2022 to N1.77tn at the end of the same period in 2023.

Its net finance cost rose by 174.4 per cent to N375.95bn, and profit before tax decreased by 42 per cent to N232.46bn.

Also, the telco’s earnings per share decreased by 45.2 per cent to N7.06 kobo while profit after tax declined by 45.2 per cent to N147.36bn.

MTN’s mobile subscriber base reached a new high of 77.6 million users as it added approximately 2 million users in the nine months. 3.6 million active data users were added in the nine months as its total data traffic rose by 46.3 per cent, and data usage (GB per user) grew by 29.1 per cent.

On the side of its fintech business, MTN Nigeria said it was recovering from the slowdown in H1 as active wallets rose by 1.6 million to 3.6 million, with over 293,000 MoMo agents and 197,000 merchants.

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Telecom

ASVLP 2026: Africa, MENA VCs Gear Up as Tech Funding Hits $4.1bn Rebound

Published

on

Kindly share this post

As Africa and MENA’s startup ecosystems transition from post-correction resilience into a new phase of disciplined growth, the Africa Startup & VC Landscape Preview (ASVLP 2026) will convene leading founders, investors, policymakers, and ecosystem builders on January 29, 2026, for its second annual, agenda-setting virtual forum.

ASVLP 2026: Africa, MENA VCs Gear Up as Tech Funding Hits $4.1bn Rebound

Following a challenging global venture cycle, 2025 marked a notable rebound across the African ecosystem, with startups raising an estimated $3.2–$3.3 billion over the full year.

The recovery was accompanied by significant structural shifts: Kenya emerged as the leading destination among Africa’s “Big Four” markets for the first time, while Nigeria recorded a year-on-year funding decline, reflecting changing investor preferences, macroeconomic pressures, and a broader recalibration toward capital efficiency and sustainability.

Sectorally, fintech remained the most funded vertical, while climate & energy, AI-enabled solutions, healthtech, and infrastructure-adjacent businesses gained increasing attention. Across Africa and MENA, development finance institutions (DFIs) and family offices played a more pronounced role in anchoring funds, deploying catalytic capital, and supporting blended-finance structures, reshaping how early-stage and growth capital is mobilized.

ASVLP 2026 is designed to translate these data points into forward-looking strategy.

The forum will bring together venture capitalists, angel investors, LPs, DFIs, family offices, founders, corporate leaders, and regulators from Africa, MENA, Europe, and North America to assess 2025 outcomes and chart priorities for 2026.

The program will feature keynotes, fireside chats, panels, and deep-dive roundtables, including discussions on:

· The 2026 Africa & MENA FinTech Landscape, focusing on security, profitability, regulation, and growth frontiers

· Emerging Fund Managers, capital formation, and LP alignment

· Talent, operator depth, and institutional capacity as constraints to scale

· Regulatory evolution and cross-border market integration

A major highlight of ASVLP 2026 will be the Final DealRoom Pitch Session, where a curated group of high-potential startups will present to an experienced panel of investors.

• Founders can apply to pitch via: bit.ly/ASVLP-DR-Founders
• Investors seeking DealRoom access can request entry via: bit.ly/ASVLP-DR-Investors

Confirmed speakers for ASVLP 2026 include Khaled Ismail (HIMangel), Idris Ayodeji Bello (LoftyInc Capital), Zachariah George (Launch Africa), Tosin Faniro-Dada (Breega), Selma Ribica (FirstCircle Capital), Maha Mandour (COREangels MEA), Joe Kinvi (Borderless), Remi Prunier (Orange Ventures MEA), Karima El Hakim (Plug and Play Tech Center), Souheil Guessoum (President, The Confederation of Citizen Employers – Algeria (CAPC)), Remi Prunier (Partner, Orange Ventures, MEA), Maha Mandour (COREAngels MEA), Ali Hussein (President, Kenyan FinTech Association), Patrick Okebu (CIO, Interswitch Group) among other leading voices shaping capital, policy, and innovation across the region.

“The conversation has shifted,” said Uche Aniche, Convener of ASVLP. “It’s no longer about whether capital will return to Africa and MENA, but what kind of capital, deployed with what discipline, and in service of which long-term outcomes. ASVLP exists to help the ecosystem make sense of that transition.”

Participation in ASVLP 2026 is free but strictly by invitation.
Interested participants are encouraged to repost the official announcement on LinkedIn and comment #ASVLP2026 to receive a private registration link. They could also email [email protected] and request invite.


Kindly share this post
Continue Reading

Telecom

TikTok, Instagram Blamed in US Youth Suicide Lawsuit

Published

on

Kindly share this post

Major social media giants Meta Platforms, TikTok and Alphabet’s YouTube will face a landmark jury trial this week in Los Angeles County Superior Court over allegations that their addictive designs have fuelled a youth mental health crisis, marking the first such case to reach this stage.

TikTok, Instagram Blamed in US Youth Suicide Lawsuit

Social Media

The pivotal personal injury lawsuit centres on a 19-year-old Californian woman identified as K.G.M., who claims her childhood immersion in Instagram, Facebook, YouTube and TikTok—engineered with endless scrolls, autoplay videos, notifications and algorithms—sparked severe anxiety, depression and suicidal thoughts.

Dozens of similar suits have surged since 2022 from families, schools and states, accusing the firms of burying internal research on teen harms while prioritising ad revenue through youth-targeted engagement hooks, despite Section 230 protections for user content.

Plaintiffs seek damages and design overhauls, arguing platforms bypassed parents and preyed on vulnerable kids; defendants counter there’s no clinical “social media addiction” diagnosis, no proven causation—kids with issues often use less—and they’ve added safeguards like parental controls and time limits.

Echoing Australia’s under-16 bans, the trial will scrutinise thousands of internal documents, expert testimonies and K.G.M.’s story, potentially expanding tech liability amid debates where studies show complex links, not direct causation, between screen time and disorders like eating issues or self-harm.

A win could mandate warning labels, age gates or algorithm tweaks, reshaping global platforms as U.S. Surgeon General advisories and global scrutiny intensify pressure on Big Tech to prioritise child safety over profits.


Kindly share this post
Continue Reading

Telecom

Meta Tests Paid Subscriptions Across Instagram, Facebook, WhatsApp

Published

on

Kindly share this post

Meta is gearing up to trial paid subscription services on Instagram, Facebook, and WhatsApp, aiming to diversify revenue streams beyond advertising while maintaining free core access for all users.

Meta Tests Paid Subscriptions Across Instagram, Facebook, WhatsApp

Meta

The subscriptions will offer enhanced tools tailored for everyday users, creators, and businesses, including advanced content creation, sharing, and workflow features distinct from the existing Meta Verified verification program. Unlike a uniform rollout, Meta plans varied testing formats per app to match diverse audiences, experimenting with feature bundles based on user feedback to refine the model.

A key element involves integrating Manus, the autonomous agent firm Meta acquired for $2 billion in December, into these apps alongside its enterprise sales. Manus enables complex task automation with minimal input, with early signs like Instagram shortcuts already spotted by reverse engineer Alessandro Paluzzi.

Video tools feature prominently: Meta’s Vibes short-form video generator in the Meta AI app shifts to freemium, where paid tiers unlock higher monthly creation limits beyond the free baseline. On Instagram, subscriptions could enable unlimited audience lists, non-follower tracking, and anonymous Story views, though specifics for Facebook and WhatsApp remain under wraps.

Drawing from Meta Verified’s 2023 launch—which provides badges, support, and protection mainly for creators—these broader plans target wider appeal amid industry shifts. Ad growth slows against TikTok competition, while Snapchat+ boasts 16 million subscribers at $3.99 monthly, proving demand for value-driven paid perks despite subscription fatigue risks from streaming and storage fees.

Meta will phase tests gradually, prioritizing feedback to shape long-term viability without alienating free users.


Kindly share this post
Continue Reading

Trending