NCC reports 162.03mn active mobile phone lines in September

The Nigerian Communications Commission (NCC) has reported that the nation’s active mobile telephone lines increased to 162,032,053 in September, indicating 1,172,433 lines above the 160,859,620 recorded in the preceding month. The commission, in its Monthly Subscriber/Operator Data posted on its website on Friday, showed that the Global System for Mobile communication (GSM) network lines grew […]

Bharti Airtel raises $1.25bn to boost Africa’s operations

Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, has raised $1.25 billion from six global investors, including SoftBank Group Corp, Warburg Pincus LLC and Temasek Holdings (Private) Ltd. Raised through a primary equity issuance, the fund now raises the telecommunications company’s value to $4.4 billion and will be used to reduce existing debt […]

Mobile money: Telcos to reach 90m people by 2020

Five Nigerian network operators have pledged to deploy over one million airtime agents for mobile money services in the country. The Global System for Mobile communication operators said they would leverage their mobile base, integrated identity systems and distribution network to offer financial services to Nigerians. During the inauguration of a financial inclusion committee made […]

MTN may scrap IPO, adopt listing by introduction

MTN, a multinational telecommunications company operating in many African, European and Asian countries is considering other options of trading its shares in Nigeria. The wireless carrier facing a combined $10 billion in claims from authorities in Nigeria, said it may no longer seek to raise capital through an initial public offering on the country’s stock […]

Strike: MTN tells Nigerian staff to stay at home

South Africa’s telecoms group MTN on Thursday told its staff in Nigeria to stay at home after the country’s main unions launched a nationwide strike to demand a higher minimum wage from the government. Talks between the Nigerian Labour Congress (NLC) and the government to avert the strike broke down on Wednesday. Unions want the […]

CBN optimistic on resolution of MTN’s $8.1bn repatriation saga

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, yesterday said he was optimistic that the alleged illegal $8.134 billion repatriation dispute involving MTN and its lenders would be resolved amicably. The regulator had last month ordered the South African telecommunications firm and the affected banks in the deal to return the money to Nigeria, alleging […]

NLC asks MTN to pay $10.13bn forex fine, tax liability

The Nigeria Labour Congress (NLC) has asked MTN Nigeria, to pay the $10.13 billion sanctions, comprising the recent $2 billion fine in tax arrears and the $8.13 billion fine imposed on it by the Central Bank of Nigeria (CBN) over alleged breach of foreign exchange repatriation guidelines. In a statement issued on Sunday and signed […]

Orange, MainOne sign telecoms connectivity investment pact

Orange Group and MainOne Cable Company have signed an agreement allowing for a major investment by Orange in MainOne, the West Africa submarine cable system. A news report distributed by African Press Organisation (APO) Group on the deal indicated that through the partnership Orange will acquire additional capacity, thereby reinforcing its position in the African […]

NCC, CPC investigate consumer abuse in telecoms sector

The Nigerian Communication Commission (NCC) and the Consumer Protection Council (CPC) have launched a joint investigation into the series of consumer abuses in the telecommunication sector. In a statement jointly signed by the management of the two agencies and made available to journalists on Monday, they stated that their action was borne out of the […]

MTN’s NSE listing threatened by CBN’s $8.1bn refund order – Experts

Market pundits have said the request by the Central Bank of Nigeria (CBN) that the MTN Group should refund 8.1 billion dollars illegally repatriated from Nigeria will jeopardise the listing of its shares on the Nigerian Stock Exchange (NSE). The CBN ordered MTN to refund $8.1 billion illegal capital repatriation from its Nigerian operations to […]