Telecom
MTN Returns to Profitability in 2017 Annual Report

MTN’s earnings swung back to profit for the year ended 31 December 2017, although the strong rand dented revenue growth and new subscriber definitions saw active customer numbers tumble.
The telco giant today reported positive headline earnings per share (HEPS) of 182c compared to a full-year headline loss per share of 77c at the end of 2016.
“We are back in the black, with an attributable profit for the full year of R4.4 billion, as you know we had a loss of R2.6 billion in 2016,” group CEO Rob Shuter said in a conference call.
The group’s revenue for the 12 months increased by 6.8% on a constant currency basis, but was actually down by 10.2%, at R132.8 billion, when currency changes were included. Group service revenue was also hit by the strong rand during the period, decreasing by 10.8% to R124.4 billion, but would have been up 7.2% had the currency remained constant.
“The stronger rand and the significant year-on-year (YOY) depreciation of the naira against the US dollar had a negative translation impact on rand-reported results for the period.
The average naira depreciated by 25.8% against the US dollar in the year, and the closing rate was down 13.1% YOY. The average rand strengthened by 9.6% against the US dollar YOY, and the rand closed 10.7% stronger. In light of recent developments in SA, we expect the rand to remain robust throughout 2018,” the group said.
Reported data revenue increased by 19.4% to R28.2 billion. Digital revenue decreased by 6.9%, to R13 billion, but would have been up by 14% on a constant currency basis.
“The digital revenue is slightly disappointing, and there are two things going on in there: a very strong performance by Mobile Money and by our new rich media services, but a lot of pressure in the old value-added services subscription business, where we have been doing a big optimisation of that business largely in Nigeria,” Shuter said.
Active MTN Mobile Money customers increased by 5.7 million to 21.8 million across the group. Group voice revenue was largely flat. Shuter said: “Ideally, long-term flat voice revenue is a pretty good achievement,” although Nigeria actually saw outgoing voice revenue increase by 7.5% for the year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 15.2% for the year, to R46 billion, while the EBITDA margin decreased by 1.4 percentage points to 34%.
Capital expenditure (capex) for the year was close to R31.5 billion, slightly higher than the previous guidance of R30 billion. The telco rolled out a total of 8 583 3G and 8 611 4G co-located sites in the year, which it says “resulted in a marked improvement in network quality and capacity across a number of our markets”.
MTN spent R11.4 billion on capex in SA and almost R9 billion in Nigeria. The group plans to spend a total of R27.7 billion in 2018, with the guidance for SA at R9.6 billion and for Nigeria at R6.9 billion.
The group declared a final dividend of R4.50 per share, which brings the total dividend for the year up to R7 per share. Shuter, however, said the board had decided to rebase the dividend for the 2018 financial year, setting the guidance at just R5 per share. He said the group believes it will grow the dividend by between 10% and 20% going forward.
At 31 December 2017, the group had 217 million subscribers, based on the new modernised definitions, a sharp drop of 23.4 million from the 240.4 million subscribers the group had a year ago.
At the telco’s half-year results last August, Shuter explained the telco’s initiative to modernise its subscriber definitions, which led to a 3.6% drop in half-year subscribers.
This, as the group culled subscribers, which were only regarded as active because they receive a bulk SMS, something Shuter said was “distorting the reality of the business”. Under the new, modernised subscriber definitions, MTN South Africa had 29.5 million active customers at the end of 2017, compared to 30.8 million at the end of 2016.
In SA, Shuter said the company is making progress in building up its post-paid subscribers “from shedding subscribers the last few years, to a much better performance in the second half of the year and, in fact, a pretty meaningful 130 000 net post-paid adds in the fourth quarter.
“A big focus for the next year will be to continue to rebuild post-paid and get our enterprise business really performing well,” he added.
In 2017, subscriber numbers in Cameroon, in particular, were further affected by the disconnection of approximately 3 million subscribers to ensure adherence with regulatory requirements on subscriber registration. The group also saw regulatory related disconnections in Uganda of 750 000 subscribers.
Telecom
Oyedele Dismisses Claims Bank Accounts Without TIN Will Be Frozen

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has dismissed reports that bank accounts not linked to a Tax Identification Number (TIN) will be frozen or automatically debited from January 1, 2026.

Taiwo Oyedele
Oyedele described the claims as false and misleading, warning Nigerians against panic over misinformation surrounding recent tax and financial reforms.
In a post on his X handle Tuesday morning, he wrote: “Don’t let anyone manipulate you. Your bank account is safe. Misinformation makes you panic and fear a reform that is designed to help you.
“When they tell you that your account will be frozen or automatically debited from January 2026, ask them for the evidence in the new law. Be wise.”
He stressed that no provision in the new tax laws authorises the freezing of bank accounts, adding that the rumours are part of widespread misrepresentation of the reforms.
The committee chairman reiterated that the reforms are intended to simplify Nigeria’s tax system and ease the burden on ordinary citizens, not to impose punitive measures on bank customers.
Telecom
Amazon Blocks 1,800 North Koreans From Job Applications

US tech giant, Amazon has disclosed that it blocked more than 1,800 North Koreans from applying for jobs, amid growing concerns that Pyongyang is deploying large numbers of IT workers overseas to earn and launder funds.

Amazon
In a LinkedIn post, Amazon’s Chief Security Officer, Stephen Schmidt, said North Korean nationals have been attempting to secure remote IT roles with companies around the world, particularly in the United States.
He noted that the company recorded nearly a one-third increase in such applications over the past year.
According to Schmidt, many of the applicants operate through so-called “laptop farms” — computers physically located in the US but remotely controlled from abroad.
He warned that the issue is not unique to Amazon and is likely occurring at scale across the tech industry.
He added that common red flags include incorrectly formatted phone numbers and questionable academic credentials.
The issue has previously drawn the attention of US authorities. In July, a woman in Arizona was sentenced to more than eight years in prison for running a laptop farm that helped North Korean IT workers obtain remote jobs at more than 300 US companies.
Officials said the scheme generated over $17 million in revenue for both the woman and North Korea.
Last year, South Korea’s intelligence agency also warned that North Korean operatives were using LinkedIn to pose as recruiters, approaching South Koreans working at defence companies in an attempt to steal sensitive technological information.
“North Korea is actively training cyber personnel and infiltrating key locations worldwide,” Hong Min, an analyst at the Korea Institute for National Unification, told AFP.
He added that, given Amazon’s business model, the motivation behind such operations is largely economic, with a high likelihood of attempts to steal financial assets.
North Korea’s cyber warfare programme dates back to at least the mid-1990s and has since expanded into a cyber unit of about 6,000 personnel known as Bureau 121, according to a 2020 US military report.
In November, Washington announced sanctions against eight individuals accused of being state-sponsored hackers, alleging their illicit activities were carried out to fund North Korea’s nuclear weapons programme.
The US Treasury has also accused North Korea-linked cybercriminals of stealing more than $3 billion over the past three years, primarily through cryptocurrency-related crimes.
Telecom
Treepz Launches Direct Flight Bookings to UK, Canada, UAE and 210 Global Destinations

Treepz, Africa’s leading mobility and travel technology company, has officially launched direct flight bookings on its platform, enabling customers to search, compare and book flights to more than 210 destinations worldwide, including the United Kingdom, Canada and the United Arab Emirates.

The development marks a major milestone in Treepz’s transition from a mobility provider into a fully integrated travel platform. With the new service, travelers can now complete the entire booking process — from flight search to payment — directly on the Treepz website without relying on multiple agents or third-party platforms.
Speaking on the launch, Mr. Onyeka Akumah, Chief Executive Officer and Founder of Treepz, described the initiative as a defining moment for the company and for travel access across Africa.
He said launching flight bookings to serve customers with flights to over 200 destinations was a major achievement, noting that travelers could now search for flights, enter their details, make payments with their cards, and complete bookings instantly on the platform without delays or switching between multiple websites.
The launch comes at a critical time for the African travel market. December is widely regarded as the busiest travel season on the continent, driven by holiday vacations, family reunions, weddings, festivals and end-of-year celebrations.
Millions of Africans travel locally and internationally during this period, often facing challenges with slow booking systems, unclear pricing and fragmented services.
Treepz’s new flight booking system is designed to address these challenges by offering a faster, more intuitive and reliable experience.
Customers can now search and book flight tickets directly on the Treepz website, compare prices and travel options in real time, make payments using any card option, and complete bookings faster without switching platforms.
Treepz has outlined ambitious plans for 2026, including unlocking access to over six million hotels globally, which will allow travelers to book flights and accommodation together in one seamless flow.
The company also plans to expand its car rental services into Europe and South America, further strengthening its position as a one-stop travel ecosystem.
According to Akumah, these developments will significantly reduce planning time for both leisure and corporate travelers, while giving customers more control and convenience.
Treepz has already facilitated more than six million movements across multiple cities and countries, ranging from daily commutes and corporate transportation to group travel and event logistics. With active operations across Africa and recent expansion into Canada, the company continues to grow its international footprint.
The addition of flight bookings strengthens Treepz’s ability to serve global travelers while maintaining its reputation for reliability and customer-focused service.
By integrating flights, accommodation, ground transportation and experiences into one platform, Treepz is positioning itself as more than a mobility provider.
The company is evolving into a comprehensive travel solution designed for modern travelers who value speed, clarity and convenience.
Industry analysts say the move could redefine travel access across Africa, particularly during peak seasons when demand for efficient booking systems is highest.
With this launch, Treepz has taken a bold step toward building a unified, tech-driven travel ecosystem that connects Africa to the world.
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