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Why MTN Nigeria Listing on NSE is Delayed—CEO

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By Dipo Olowookere

A senior official of MTN on Wednesday explained why the South Africa-based telecom giant was yet to list its shares on the Nigerian Stock Exchange (NSE).

In 2016, it was announced that MTN Group would offer part of its Nigerian unit to citizens of the country through an Initial Public Offering (IPO). The company said it was planning to raise about $500 million from the exercise.

But nearly three year after, the much-hyped proposed listing on the NSE was yet to become a reality because of postponements.

It was initially said that the exercise would be done before end of the first half of 2018, but was later moved to end of the year.

The latest information is that the listing of MTN Nigeria shares would now be done before the end of H1 2019 or early Q3 2019.

Addressing journalists in Lagos yesterday, the Chief Executive Officer (CEO) of MTN, Mr Ferdinand Moolman, explained why the exercise has been delayed for too long.

According to him, the company was making sure it sorted out some issues with the Nigerian government, which has imposed different fines on the telco.

After an initial $1 billion fine for SIM registration infractions in 2016, the Central Bank of Nigeria (CBN) last August asked the company to refund $8.1 billion it allegedly repatriated illegally.

MTN took the matter to court and an out-of-court settlement was reached and the firm was told to only pay $52.6 million.

While that was going on, precisely in September last year, the Attorney-General of the Federation (AGF), Mr Abubakar Malami, asked the network operator to pay $2 billion in outstanding taxes for 10 years.

During his chat with newsmen on Wednesday, Mr Moolman emphasised that these issues were the main reason for the delay in listing MTN Nigeria shares on the stock exchange.

“Truth be told, it would not be wise to offer shares to the public if we had outstanding issues still hanging.

“We thank God we were able to resolve [the issue with the CBN] on December 12, 2018. So, we are now feverishly working toward listing, and we plan to do the listing before the end of H1 or early Q3 of this year,” the CEO said.

Mr Moolman further said, “We have always been serious about the proposed listing, but like I said earlier, we have to remove every bottlenecks before we allow the exercise to fly.”

“Nigerians already owned 20 percent of MTN shares, which are not publicly traded, but were sold through over-the-counter (OTC), and other investment schemes,” he added.

“We needed to change to a public company because we are a private company at the moment before we can list. We need to send our directors to training for compliance with Securities and Exchange Commission (SEC) requirements. So a lot of work had happened to prepare for the listing. Then the CBN issue happened,” Mr Moolman told journalists.

Commenting on how the exercise would be done, the chief executive said, “We anticipate to do it in two phases; the first phase will be to list and then start trading in our shares and then lifting it for bigger participation.”

However, he assured that, “There is a lot of value we can bring to this market,” relying on the 17 percent growth in revenue the firm recorded in 2018 financial year, where its turnover hit over N1 trillion, becoming the firm Nigerian company to achieve this feat.

Business Post reports that last year, MTN publicly listed its shares in Ghana and was the biggest listing in the West African nation’s stock exchange.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Airtel Subscriber Base Crosses 650 million, Now World’s Second-Largest Telco

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Bharti Airtel

By Modupe Gbadeyanka

Bharti Airtel has crossed 650 million mobile subscribers worldwide to emerge as the world’s second-largest telecommunications firm.

The Indian company has operations in several countries, including Nigeria, where it has continued to scale infrastructure at a pace unmatched in its recent history.

Over the past three years, the telco has increased its national site count from just above 13,000 to nearly 17,200 sites, including more than 1,560 added in the last 12 months.

This expansion deepens capacity in high-demand corridors and extends high-speed coverage to previously underserved regions.

The latest industry data from the Nigerian Communications Commission (NCC) underscores the significance of this growth. As of December 2025, Nigeria recorded 145,141 base stations across 2G, 3G, 4G and 5G layers.

Of this national infrastructure, Airtel accounts for 46,918 base-station layers, reflecting its substantial contribution to the country’s radio access network and its push to absorb rising data consumption.

Nearly 99 per cent of Airtel Nigeria’s sites are now 4G-enabled, positioning the operator as one of the few with a near-ubiquitous high-speed broadband footprint. Thousands of sites have been upgraded for capacity in the past year alone, enabling improved speeds and more stable performance during peak usage.

That expansion underpins Nigeria’s rising internet adoption. According to the latest regulator figures, Nigeria’s internet penetration recently climbed above 50 per cent, with Airtel recording among the largest monthly increases in new internet subscribers, driven by network upgrades across states and rural corridors.

Strategic Connectivity and Redundancy

Airtel is also tackling a critical infrastructure challenge for the Nigerian digital economy: reliance on a single international internet gateway. The company is advancing plans for its second submarine cable internet breakout point at Kwa Ibo in Akwa Ibom State, early in the 2Africa cable system rollout, to provide faster and more resilient national connectivity across regions. This significant investment aligns with global best practices in network diversity and redundancy, ensuring a more stable digital experience for consumers and enterprises alike.

Digital Finance at Scale: SmartCash

Airtel’s digital finance arm, SmartCash, has gained traction in Nigeria’s competitive mobile money ecosystem, now serving over 3 million active users. The platform is supported by an expansive agent network and digital services that lower barriers for everyday financial transactions and savings.

Outstanding Human Touch: Retail Reach

Across Nigeria, Airtel’s retail distribution network stands as one of the sector’s most extensive, with approximately 4,000 exclusive outlets bringing services, support, and products closer to customers in small towns, communities, and high-traffic urban hubs. That footprint drives both access and engagement in a market where localised presence remains a competitive differentiator.

As Nigeria’s digital economy continues to evolve, Airtel is committed to sustained innovation — from expanded fibre backbones and advanced mobile broadband to future-ready services that include satellite-enabled solutions and enterprise-grade digital platforms. These efforts help ensure that connectivity, commerce, and creativity thrive across Nigeria and beyond.

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Nigeria to Launch NIGCOMSAT Satellites in 2028, 2029

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NIGCOMSAT Satellites

By Adedapo Adesanya

Nigeria has set 2028 and 2029 as the timeline for the deployment of its new satellites, NIGCOMSAT-2A and 2B, respectively.

The Managing Director of NIGCOMSAT, which is Nigerian Communications Satellite Limited and the premier satellite operator in Nigeria, Mrs Jane Nkechi Egerton-Idehen, disclosed this at the second Nigerian Satellite Week in Abuja on Monday. She noted that the development is expected to boost military intelligence, surveillance, and regional connectivity.

“For 2A and 2B, we have started the process. We have closed the tender and are now back into the financing and implementation stage. 2A is built to come up in 2028, and 2B for 2029.

“When they are up and running, they are expected to provide security within the borders and neighbouring countries. They will support the security agencies because data collection and intelligence in real time is important. Satellites like communication satellites allow that, irrespective of where they are,” she said.

In his remarks, the Minister of Communications and Digital Economy, Mr Bosun Tijani, said the satellites form part of the nation’s strategy to strengthen digital infrastructure.

Mr Tijani explained that the satellites will complement ongoing investments in 90,000 kilometres of fibre-optic cable and nearly 4,000 telecom towers, which are being rolled out nationwide and extended to neighbouring countries, including Cameroon, Niger, Chad, Burkina Faso, and the Republic of Benin.

He stressed that satellite technology is critical for national development, affecting education, agriculture, business, and emergency response.

“The president’s approval of NIGCOMSAT-2A and 2B demonstrates a clear commitment to building the future. These satellites will enhance security, connect remote communities, and extend our fibre-optic network into neighbouring countries,” he said.

“Some of these neighbouring countries pay up to ten times more for internet capacity than Lagos. Extending our fibre network will not only improve connectivity but also enhance border security and regional collaboration.

“Satellite technology affects everything, from how a child in a rural community accesses the internet to how farmers make critical decisions and how businesses operate across distance,” the Minister said.

Also speaking, the Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, welcomed the development, saying the military will leverage the satellites for operational efficiency.

“The Nigerian Army will continue to use space assets to improve intelligence gathering, surveillance, and operational coordination across all theatres of operation,” he said at the event, represented by Major General Kennedy Osemwegie, Commander of the Nigerian Army Cyber Warfare Command (NACWC).

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Interswitch, KCB Group to Deliver Innovative Financial Solutions in East Africa

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Interswitch KCB group

By Modupe Gbadeyanka

A partnership to advance digital payments and financial inclusion across East Africa has been strengthened between Interswitch and KCB Group.

Both parties have agreed to expand digital payment infrastructure and deliver innovative financial solutions that meet the evolving needs of individuals, businesses, and institutions across the region.

The aim is to accelerate seamless, secure, and inclusive digital payments in East Africa, where the leading Africa-focused integrated payments and digital commerce enabler, Interswitch, recently announced an expansion of Verve card acceptance footprint, leveraging its consolidated partnership with KCB Group, Kenya’s largest financial services group by assets, following a similar move in Uganda through the local KCB Franchise in February 2022.

During a recent executive engagement at KCB Group headquarters in Nairobi, the chief executive of Interswitch, Mr Mitchell Elegbe, held high-level discussions with KCB leadership, including its chief executive, Paul Russo.

At the core of the strengthened collaboration is the integration of Interswitch’s robust payment rails, card scheme, and emerging digital token solutions with KCB Group’s expansive regional footprint and trusted banking franchise.

This integration enables the acceptance of Verve cards and tokenised payment solutions across KCB’s extensive merchant point-of-sale network in Kenya and Uganda, significantly enhancing everyday usability for customers while strengthening KCB’s digitally driven retail payments offering.

The consolidated partnership is expected to drive increased merchant acquisition, improve interoperability across payment ecosystems, and expand access to secure, cashless transactions. It also reinforces both organisations’ shared objective of deepening financial inclusion and accelerating digital commerce across East Africa.

“Our collaboration with KCB Group represents a powerful alignment of vision and capability. By combining our technology-driven payment solutions with KCB’s strong regional presence, we are unlocking new opportunities to scale access, drive innovation, and deliver greater value to customers across East Africa,” Mr Elegbe stated.

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