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MTN’s IPO Under Threat as CBN Asks Telco to Return $8.1Bn

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The plan to list MTN Nigeria in an initial public offering (IPO) is under threat after the Central Bank of Nigeria (CBN) ordered the South African telecoms giant to hand over $8.1 billion allegedly sent abroad illegally.

 

Nigerian Communications Commission (NCC), recently insisted that MTN must list on Nigeria’s stock exchange on or before May 2019 as contained in the agreement over the mega 2015 fine settlement between the regulator and the telecom company.

 

The listing of the telecom giant may be put on hold as the CBN last week alleged that MTN used improperly issued certificates to transfer funds out of Nigeria after the telecoms giant converted shareholder loans in its Nigerian unit to preference shares in 2007.

 

The apex bank went ahead to order MTN to return the $8.1 billion. The money is more than half of MTN’s market capitalization

 

MTN denies the allegations.

 

CBN said that bankers to MTN had failed to verify that the telecoms group had met all the country’s foreign exchange regulations.

Emefiele, CBN Gov

Africa’s biggest telecoms company had previously said it aimed to list this year in its largest market, the continent’s most populous country of 190 million people, as it seeks to expand mobile services to boost margins and access new revenue streams.

 

In an emailed statement, Rob Shuter, MTN Group Chief Executive said: “The implementation of our IPO has always been subject to satisfactory market conditions and this event will potentially make it complicated for us to conclude the process.

 

“Despite this, we have instructed our advisors and our teams on the ground to continue at full pace,” he said.

 

Earlier this year Shuter told Reuters plans for the Nigerian listing were at an advanced stage and it should be concluded this year if market conditions are appropriate.

The demand by Nigeria’s central bank is the latest setback for MTN in Nigeria, coming two years after it agreed to pay more than $1 billion to end a dispute in Nigeria over unregistered SIM cards.

 


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Google Rolls Out Search Live AI to 200+ Countries, Including Nigeria

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Google has launched its Search Live feature globally to over 200 countries, including Nigeria, where AI Mode is available, enabling voice-and-camera conversations in users’ preferred languages.

Google Rolls Out Search Live AI to 200+ Countries, Including Nigeria

Google

Powered by the new multilingual Gemini 3.1 Flash Live model, it delivers natural, real-time interactions via the Google app on Android or iOS—tap the Live icon under the Search bar.

Ideal for hands-free help, users can speak queries for audio replies, follow-ups, or web links. Camera integration adds visual context, like troubleshooting a shelving unit, or pairs with Google Lens for real-world chats.

From the app or Lens, Nigerians can now explore, learn, or solve tasks instantly, boosting everyday productivity worldwide.


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IFC Invests $45m to Green African Telecom Sites

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Clean and reliable power for telecom networks in Ethiopia, Liberia, and Sierra Leone will be expanded following a $45 million investment by the International Finance Corporation (IFC) in IPT PowerTech.

The investment targets countries where limited power supply continues to slow digital connectivity and broader economic participation, the institution stated earlier this week.

To enable this expansion, the IFC is providing a $45 million corporate financing package consisting of an A-loan of $27 million and $18 million in blended finance.

The blended portion is sourced from the Canada-IFC Blended Climate Finance Programme and the IDA20 Private Sector Window Blended Finance Facility.

The initiative marks the IFC’s first direct infrastructure engagement in Liberia in a decade and in Sierra Leone in six years.

It will help scale solar- and battery-based power systems that reduce reliance on diesel and support greener, more resilient telecom networks.

By improving the quality and stability of power to telecom towers, the initiative will strengthen mobile coverage and ensure that households, schools, health centres, and small businesses can depend on consistent digital services, said the IFC.

The funding supports the modernisation, operation, and maintenance of 2 235 telecom sites across the three nations. More than 90% of these are located in off-grid or weak-grid locations.

With new solar and battery systems powering these sites, mobile networks will experience fewer outages and improved service quality.

Optimising the energy mix is estimated to reduce power costs for operators by up to 30% in Liberia, 26% in Sierra Leone, and 52% in Ethiopia.

This transition is also expected to cut emissions by more than 10 624 tonnes of carbon dioxide annually. Furthermore, the partnership will promote gender inclusion by expanding opportunities for women in technical, operational, and leadership roles within the sector, says the IFC.

This agreement reflects a shared vision for a greener telecom industry and empowers the company to scale its innovative energy platforms, according to Nabil Haddad, CEO of IPT PowerTech Group.

Reliable and affordable power for telecom networks is a cornerstone of Africa’s digital transformation, said Nathalie Kouassi-Akon, IFC regional director for West Africa and the Gulf of Guinea.

Through this partnership, the institution is supporting a scalable, private sector-led solution that enables mobile operators to reach underserved and fragile communities more sustainably, added Kouassi-Akon.

The project advances the World Bank Group and African Development Bank’s Mission 300 initiative, which aims to provide electricity to 300 million Africans by 2030.


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Expedier Launches Platform to Ease Cross-Border Payments for African Firms

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Expedier has unveiled “Expedier for Business,” an online pro-banking platform to simplify global payments, multi-currency transactions, and financial operations for expanding companies.

Expedier Launches Platform to Ease Cross-Border Payments for African Firms

Kingsley Madu

The tool centralizes payments, invoicing, payroll, and treasury into one secure dashboard, tackling challenges like fragmented systems and poor visibility that hinder international scaling.

Kingsley Madu, Co-Founder and CEO of Expedier, said: “African businesses are increasingly global… Expedier for Business was built to simplify how companies manage money across borders while maintaining visibility, control, and compliance.”

Key features include customizable dashboards for payments, invoices, and workflows; support for USD, CAD, GBP, EUR, and more; virtual cards; automated payroll/invoicing; currency swaps; and real-time tracking.

Security measures cover two-factor authentication, KYC/KYB verification, and team access controls.

As cross-border trade and remote work boom in Africa, the platform aids firms dealing with international suppliers, teams, and customers. It is now available for organizations scaling globally.


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