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Telecom

MTN Nigeria Reports N51.1Bn Net Profit in Q1 2020

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MTN Nigeria Plc grew its profit after tax by 5.6 percent to N51.1 billion in the first quarter of 2020 compared with N48.4 billion reported during the same period in 2019.

MTN Nigeria Reports N51.1Bn Net Profit in Q1 2020

This information was contained in the telecommunications company’s interim financial statements for the first three months of this year sent to the Nigerian Stock Exchange (NSE).

In addition, the company’s revenue for the period grew by 16.7 percent to N329.2 billion from N282.1 billion recorded in Q1 2019.

MTN Nigeria, the leading telecommunications firm in the country, explained that the increase in its revenue came from voice calls and data subscriptions from its expanded customer base.

It further noted that its mobile subscribers increased to 68.5 million during Q1 2020 from 4.2 million the corresponding time of 2019, while there was equally a rise in active data subscribers to 26.8 million from 1.7 million during the comparative period.

Before taxation, the company saw a profit growth of 8.9 percent during the period to N79.3 billion in contrast to N70.1 billion in the same period 2019.

MTN Nigeria’s Earnings Per Share (EPS) also went up by 5.6 percent to N2.51 from N2.38 as at Q1 2019.

The firm further said its total equity rose by 35.3 percent to N195.7 billion during the quarter compared with N144.7 billion in Q1 2019.

In a statement attached to the financial report, MTN Nigeria’s Chief Executive Officer, Mr Ferdi Moolman, stated that the solid performance from the first quarter built on the momentum recorded in the final quarter of 2019.

“We recorded a solid performance in the first quarter, building on the growth momentum we achieved in Q4 2019.

“Service revenue was strong and rose by 16.7 percent driven by voice and data revenue; 4.2 million subscribers were added to the network, driving voice revenue growth of 7.4 percent.

“We continued to deepen penetration with the further rollout of 4G sites, increasing 4G coverage to 48 per cent in Q1 2020 from 44 per cent as at year-end 2019,” he said.

MTN Nigeria noted that the Value Added Tax (VAT), which was increased in February 2020 from 5 percent to 7.5 percent by the federal government, affected both revenue and costs, as there were changes in patterns following the implement of the new charges.

 


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Telecom

4 Dead, 20 Others Injured as Fire Engulfs Cairo Data Centre

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Four people have been killed, with over 20 injured after a fire at Cairo data centre disrupted telecom services nationwide.

4 Dead, 20 Others Injured as Fire Engulfs Cairo Data Centre

A fire at a major Telecom Egypt facility in Cairo on Monday has left four workers dead and at least 22 others injured, plunging parts of the capital into a communications crisis.

According to Hossam Abdel Ghaffar, spokesperson for Egypt’s Health Ministry, most injuries were due to smoke inhalation.

The blaze, which broke out at a key data centre operated by Telecom Egypt, the country’s primary fixed-line and internet provider, was brought under control later that day.

However, it caused widespread disruptions, halting phone services, affecting internet connectivity, and even interfering with digital banking operations.

Internet monitoring group NetBlocks reported that national connectivity dropped to just 62% of normal levels following the incident.

Residents across Cairo struggled with poor network access, and banks—although already closed for the day—reported interruptions in ATM services and online transactions.

In a statement on Tuesday, Telecom Egypt mourned the loss of its employees and pledged support to their families.

Amr Talaat, Egypt’s minister of Communications and Information Technology,  assured the public that service restoration was underway and expected to be completed within 24 hours.

To address the disruption, the Health Ministry released alternative emergency contact numbers across Egypt’s governorates, in case its primary ambulance hotline remained unreachable.

The state-run MENA news agency reported that the fire was prevented from engulfing the entire building and nearby rooftops, thanks to the efforts of emergency responders.

A preliminary investigation suggests the fire was likely triggered by an electrical short circuit, according to a security source cited by MENA.

As the nation works to restore full connectivity, the incident has raised fresh concerns about the vulnerability of critical infrastructure and the need for enhanced fire safety protocols in sensitive tech facilities.

 

 

 

 

 

 

 


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Globalcom Thrills Subscribers with 3 New Digital Products

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Tech faints, Globalcom, on Tuesday unveiled three exciting digital products aimed at rewarding customers. The products, Animation World Promo, Treasure Spin and Sport Brain, also provide subscribers with the opportunity to play and win instant prizes.

Globalcom in a statement in Lagos said that the company is dedicated to providing value-added service to its ever-growing customers.

The first digital product, which is Animation World Promo, is an innovative trivia-based service aimed at challenging customers culinary knowledge of Nigerian food. With it, subscribers engage in answering food related questions, earn points and win delicious prizes.

For Treasure Spin, customers are availed the digital treasure spin experience. With each spin Glo subscribers stand a chance to win instant prizes, making every participation exciting and rewarding.

In addition, Globalcom captures the heart of football lovers with Sport Brain. Subscribers are allowed to predict football scores in matches across top leagues all around the world. Customers get to select their preferred leagues. “It’s a fun and competitive way for football lovers to test their instincts and knowledge,” the company noted.

Customers who subscribe to any of the three services stand a chance to win fantastic daily, weekly, and monthly prizes. Every day, 20 participants will receive ₦1,000 cash, ₦1,000 airtime, and 3.5GB data. On a weekly basis, five lucky winners will walk away with ₦100,000 each, while one grand prize winner will receive ₦1 million every month.

To participate, customers are required to dial *13055*2# for Animation World Promo,*13199*3# for Treasure Spin and  *13199*2# for Sport Brain. Each plan can be activated either as a one-time purchase or Auto Renewal.

Globacom further explained that all products are available at an affordable subscription rate of ₦100 for a daily plan, ₦300 for weekly plan and ₦500 for monthly plan.

In concluding, the company disclosed that the services are available to all Glo prepaid and postpaid subscribers nationwide.

 


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SiBAN Applauds Interstellar’s Groundbreaking Role in Africa’s Blockchain Future

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The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has lauded Interstellar, one of its prominent members, for spearheading a major breakthrough in Africa’s financial technology space.

This follows Interstellar’s strategic partnership with the Pan-African Payment and Settlement System (PAPSS) to roll out the PAPSS African Currency Marketplace (PACM), a blockchain-based platform designed to address the continent’s long-standing currency inconvertibility challenge.

The initiative is already being hailed as a game-changer capable of eliminating the $5 billion annual trade friction currently plaguing intra-African commerce.

According to SiBAN President, Mr Obinna Iwuno, the development affirms Nigeria’s leadership in blockchain innovation, stating that Interstellar’s PACM is not only a technological feat but also a timely response to the African Continental Free Trade Area (AfCFTA) mandate of seamless and cost-effective regional trade.

PACM operates on STARGATE, a blockchain-agnostic system developed by Interstellar, and leverages the Bantu blockchain network to facilitate real-time, peer-to-peer exchanges of African currencies.

The solution ensures financial inclusion by allowing businesses, SMEs, and informal traders to transact in local currencies without relying on foreign intermediaries, all while maintaining regulatory compliance.

Mr Ernest Mbenkum, CEO of Interstellar, described the solution as Africa’s roadmap to financial sovereignty. “Blockchain is not just innovation; it is empowerment,” he said.

SiBAN reaffirmed its commitment to supporting policies and partnerships that promote secure, transparent, and inclusive digital economies.

The association further called on stakeholders in government and the private sector to prioritise blockchain adoption as a driver of national development.


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