MTN Nigeria posts ₦137 billion loss amidst naira devaluation

MTN Nigeria faced a challenging year in 2023, as the telecoms giant reported a loss after tax of ₦137.0 billion, a huge contrast to the ₦348.7 billion profits recorded in 2022.

The net foreign exchange loss for 2023 compared to 2022 was N740.434 billion, showing a YoY increase of +804.93%, as opposed to N81.822 billion in the previous year. However, revenue grew by 22.7% from N2.01trn to N2.47trn.

This is contained in the company's audited financial results for the year ended 31 December 2023.

According to Karl Toriola, MTN Nigeria CEO the telecom giant witnessed a very challenging operating environment characterised by rising inflation, currency devaluation and foreign exchange shortages, complicated by geopolitical disruptions and cash shortages in Q1.

The financial statement revealed that MTN's services revenue grew by 22.4%, driven primarily by data revenue growth of 39.8%. Voice revenue was up by 9.7%.

The company sustained robust commercial momentum in its connectivity business and platforms, fueled by the expansion of its user base, reaching over 4 million subscribers in 2023 and elevating the total base to 79.7 million. Data subscribers for the company increased by over 5 million to 44.6 million, which helped to drive total data traffic growth of 44.9%.

Dividend payment:

On 27 July 2023, the company's Board of Directors approved interim dividends of N117.48 billion for the year ended 31 December 2023 (Interim 2022: N113.99 billion). The interim dividend were paid out of interim profit made during the same period and represents N5.60 kobo per ordinary share on the issued share capital of 21 billion ordinary shares of 2 kobo each for the period ended 30 June 2023.

Given the significant currency devaluation and its impact on the retained earnings, the Directors will not be recommending a final dividend payment, in view of the resulting loss for the year ended 31 December 2023.

Fintech revenue

This increased by 2.4%, led by Xtratime (our airtime lending product), which rose by 2%. However, despite the challenges from the NIN requirement for KYC introduced in Q4 by the CBN, we added 3.3 million active wallets in the year to 5.3 million. This helped to drive MoMo PSB revenue, which rose by 8.1%.

Active mobile money (MoMo PSB) wallets increased by 163% to 5.3 million, powered by 326,000 MoMo agents, and 324,000 merchants in its ecosystem.

Outlook

MTN says it expects 2024 to be a challenging year due to the rising inflation and devaluation of the naira. In January 2024, the inflation rate reached 29.9%, while the exchange rate has further devalued to N1582/$ as of 26 February 2024. "This is anticipated to put additional pressure on consumers, the cost of doing business and further potential forex losses," it said.

By Adekunle Agbetiloye, Business Insider Africa

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Nigeria detains Binance executives in cryptocurrency crackdown

Two senior executives at Binance have been detained in Nigeria as the country cracks down on cryptocurrency exchanges, the Financial Times reported on Wednesday, citing people familiar with the matter.

The executives flew to Nigeria following the country's decision to ban several cryptocurrency trading websites last week but they were detained by the office of the country's national security adviser and their passports seized.

Binance did not immediately respond to a Reuters request for comment.

The crackdown follows a period after several cryptocurrency websites emerged as platforms of choice for trading the Nigerian currency, which has suffered chronic dollar shortages.

The naira's official exchange rate has been trading at levels close to the parallel market level after the currency was devalued last month, its second adjustment in less than a year.

Africa's largest economy has been experiencing crippling dollar shortages that have pushed its currency to record lows after foreign investors fled following a previous oil price collapse and introduction of capital controls in 2015.

Reuters

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The eco-entrepreneur sparking the electric vehicle revolution in Nigeria

Mustapha Gajibo is driving change in Nigeria with his groundbreaking company, African Motor Works. The entrepreneur is transforming Nigeria's transportation sector while focusing on affordability and sustainability.

"Our main reasons for building electric vehicles are the high cost of mobility, cost of energy and carbon emissions," Mustapha Gajibo, Founder and CEO of African Motor Works, tells SCENES.

The young business owner's interest in electrifying Nigeria's transport options was sparked by the constant problems with the country's electricity supply.

"We spent weeks, sometimes months, even up to a year without electricity. So that has really motivated me to come up with this company," explains Mustapha.

The start-up company manufactures 200 vehicles monthly and produces mass transit vehicles such as large buses, minibuses and tricycles. Each vehicle has a simple battery-swapping system and can be fully charged in less than 40 minutes.

African Motor Works employs 24 workers and plans to expand its workforce. According to the electric vehicle creator, building a solid team is the key to his company's success.

"I don't call them staff. I call them family. Whatever glory we achieve, we achieve together," says Mustapha.

The reputation of African Motor Works is gaining momentum in Nigeria, and Mustafa hopes his venture will inspire other manufacturers across Africa. He dreams of one day seeing his African vehicles driving through the streets of New York, Beijing and other cities worldwide.

By Gregory Ward & Hillary Ebele Nnoruka, EuroNews

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World's longest subsea cable spanning 45,000km has landed in Nigeria

Meta's 2Africa subsea cable, which is 45,000 km long, has reached the shores of Lagos State and Akwa Ibom State in Nigeria. The deep-sea cable project will connect 32 other African countries and directly support economic development in Africa, fostering further growth of 4G and 5G and increased broadband penetration to millions of people and businesses across the continent.Meta's 2Africa subsea cable, which is 45,000 km long, reached the shores of Lagos State and Akwa Ibom State in Nigeria.

The deep-sea cable project will connect 32 other African countries and directly support economic development in Africa.

It will also foster the growth of 4G and 5G and increased broadband penetration to millions of people and businesses across the continent.

Bayobab, a pan-African digital connectivity solutions provider, partnered with MTN Opco's to land the 45,000km subsea cable at Mopo-Onibeju Lekki area of Lagos, according to Guardian Nigeria. The Akwa Ibom phase of the project has landed in Ibeno in Akwa Ibom state, South of Nigeria and is handled by the Nigerian Equinix Company, MainOne.

CEO Frédéric Schepens said this landing represents the fourth in a series of six landings spanning five countries. Among these are three destinations in West Africa—Ghana, Nigeria, and Côte d'Ivoire—as well as South Africa. He also noted that Nigerian service providers will obtain world-class capacity in carrier-neutral data centres or open-access cable landing stations on a fair and equitable basis.

"The 2Africa initiative is at the core of the work we do as Bayobab, with the ultimate goal of connecting Africa to the world and the world to Africa. We are eager to continue offering services that will expand the rapidly growing African digital economy and positively impact growth across the continent," he said.

Managing Director, Bayobab Nigeria, Josephine Sarouk, commented on the significance of the deep-sea cable landing, stating that arrival in Nigeria will supercharge Nigeria's digital economy, creating space for a vibrant ecosystem bringing digital services to millions of Nigerians in line with the government's vision for a thriving digital economy.

"Our investment in 2Africa is part of our commitment to our customers, bringing resilience to networks and capacity due to the growing demands for digital services such as Fintech, IoT, AI, and e-learning, which continue to revolutionise the way customers engage with services, fueling the demand for more data. This landing is further proof of our long-held confidence in the future of the continent," she said.

The consortium behind the 2Africa subsea cable is made up of several companies, including Meta, China Mobile International, MTN Global Connect, Orange, Vodafone, Egypt Telecom, Saudi Telecom Company, and the West Indian Ocean Cable Company. The deep-sea cable will go a long way towards transforming the region's connectivity landscape. 

By Victor Oluwole, Business Insider Africa

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E-gates to be installed at all international airports in Nigeria

Nigeria’s Ministry of Interior has announced that biometric e-gates are currently being installed at Nnamdi Azikiwe International Airport in Abuja and at the e-border data and control center at the Nigeria Immigration Service headquarters.

Dr Olubunmi Tunji-Ojo, honorable minister of interior, said e-gates will be installed across all five of Nigeria’s international airports, providing Nigerians with streamlined arrival while the e-border system will enhance national security.


As of February 19, four out of the planned 10 gates have been installed at the airport. It is expected that the remaining six gates will be operational before the end of the month.

Dr Tunji-Ojo said the new gates will reduce waiting times for arriving passengers. “With an impressive clearance time of just 30 seconds per individual, the gates are set to establish a new standard for efficiency in airport processing, comparable to global benchmarks.”

They are also designed to enhance national security by providing an additional layer of scrutiny for inbound travelers. “Through advanced biometric scanning and automated flagging systems, the gates will swiftly identify individuals of interest or those on watchlists, bolstering the efforts of the Nigeria Immigration Service to safeguard the nation’s borders,” the minister said.

In total, the nationwide project aims to deliver a total of 40 e-verification gates across multiple airports by the end of the first quarter. These installations will include 10 gates in Abuja, 17 in Lagos, five in Kano and four each in Enugu and Port Harcourt.

By Kylie Bielby, Passenger Terminal Today 

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Nigeria plans clampdown on Binance, other crypto firms

The Nigerian government is considering blocking the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds, officials with knowledge of the policy option have told PREMIUM TIMES.

The recent unprecedented weakening of the Nigerian currency has seen the naira falling to all-time low of N1,800 to a dollar in the parallel market.

Presidency and regulatory sources say the government decided to move against Binance and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities. Authorities believe the ‘criminal activities’ going on on platforms are contributing significantly to the weakening of the naira.

Binance, a digital assets platform, serves as a window for peer to peer transaction allowing users to advertise interest to sell or buy currencies of their choice.

In September 2023, Nigeria’s Securities and Exchange Commission (SEC) placed a disclaimer on Binance Nigeria Limited, saying the platform was “neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal”.

Despite the warning by the regulatory agency, the firm continued its operation, attracting huge patronage especially among urban youths and suspected speculators and money launderers.

Aside suspicions of economic sabotage, officials also speak of national security concerns as the platforms are often patronised by other criminal groups including for payment of ransom.

Law enforcement sources say the digital asset platforms are also routinely deployed for manipulation of forex values through fake deals that serve to prop up values or cause a fall.

A source at the Economic and Financial Crimes Commission (EFCC) involved in probing criminal complaint against digital asset platforms, who was however not authorised to speak to the press, described the process as a “sophisticated heist against the Nigerian economy”.


According to her, by allowing simultaneous opening of buy and sell windows for a single user, manipulators often fake interest to sell dollars which they then buy at a speculated rate to themselves through the buy window.


“This therefore gives the dollar a fake value against the naira which then sets a frenzy and mislead the market. This fake price is then often quoted by BDCs who raise their prices to meet the Binance benchmark even without any corresponding demand in that segment,” she said.

A senior executive at the Central Bank of Nigeria (CBN) described as “troubling” the bearish downward trade of the naira against the dollar in the last 10 days, attributing it to artificial devaluation caused by the speculative sites.

“Through manipulative rent seeking, Binance’s global reach results in higher USD to NGN exchange rates often being used as a benchmark for currency trading, misleadingly devaluing the Naira in global markets.”

But he added that trading on the platform is encouraged by activities of money-launderers and terrorist financiers “who have no qualms with the arbitrage”.

“We started noticing this sharp trend from February 9, and since then it has caused significant devaluation of the naira against the USD. This is simply criminal,” he said.

Binance has had similar accusations of currency manipulation and unethical conduct leading to sanctions in many countries and an ongoing lawsuit in the United States.

If the government decides to invoke a ban on the digital asset trading site it would be treading the path of countries like Malaysia, France and Malta, among others.

The Office of the National Security Adviser (ONSA) had announced Tuesday that it was joining forces with the Central Bank of Nigeria to clamp down on currency speculators and economic saboteurs.

The Head of Strategic Communication at ONSA, Zakari Mijinyawa, hinted in his Tuesday statement that individuals and organisations involved in wrongful activities in Nigeria’s Forex market would be identified, investigated and penalised.

Contacted on Thursday night on the planned clampdown on Binance and other crypto firms, Mr Mijinyawa said he was at an “important meeting”. He did not answer or return subsequent calls made to him.

Binance could not be reached Wednesday morning. Multiple calls to a customer service number listed for it rang out unanswered.

By Abdulrahman Abdulmalik, Premium Times

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Video - Increased internet penetration in Nigeria linked to decline in poverty levels

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Video - Students in Nigeria showcase robotics prowess and tech innovation

The Nigerian AI-Robotics competition, which is now in its tenth year, is a hub of youthful brilliance, where students from public and private schools showcase their robotics prowess, creating a spectacle that goes beyond traditional education boundaries. The West African nation is tapping into AI-Robotics competition to nurture excellence in the field.

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The Central bank in Nigeria has released guidelines for banks opening cryptocurrency accounts after it lifted its ban on crypto assets. However, there are calls for the government to embark on crypto-awareness campaigns among young people as a way to boost the economy. 

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Central Bank of Nigeria Lifts Ban on Crypto Transactions

The Central Bank of Nigeria (CBN) has lifted a ban on transacting in cryptocurrencies.

At the same time, the bank said there is a need to regulate virtual asset service providers (VASPs), including cryptocurrencies and crypto assets, Reuters reported Wednesday (Dec. 27), citing a Friday (Dec. 22) circular issued by the bank.

The CBN imposed a ban on banks and financial institutions dealing in or facilitating transactions in crypto assets in February 2021 due to concerns over money laundering and terrorism financing, according to the report.

However, the Securities and Exchange Commission, Nigeria published regulations in May last year that aimed to find a middle ground between an outright ban and unregulated use of crypto assets, the report said.

In its circular dated Dec. 22, the CBN outlined guidelines for banks and financial institutions regarding the opening of accounts, designated settlement accounts, settlement services, and acting as channels for foreign exchange inflows and trade for firms transacting in crypto assets, per the report. The guidelines emphasize the need for VASPs to obtain licensing from the Nigerian SEC to engage in crypto business.

The circular also states that banks are still prohibited from trading, holding or transacting cryptocurrencies, according to the report.

Nigeria has witnessed a surge in cryptocurrency adoption, particularly among its young and tech-savvy population, the report said. Many individuals have turned to peer-to-peer trading offered by crypto exchanges as an alternative to traditional financial services.

The volume of crypto transactions in Nigeria grew by 9% year over year to $56.7 billion between July 2022 and June 2023, per the report, which cited data from blockchain research firm Chainalysis.

It was reported in October 2021 that despite the ban from their country’s central bank, people in Nigeria had turned to cryptocurrency to conduct business, send payments and guard their savings.

In November 2022, the Securities and Exchange Commission, Nigeria said that it had no plans to make crypto part of its digital asset trading goals until regulators agree to standards that keep investors safe.

The commission said at the time that it would promote investment in “sensible digital assets,” with investment protection while also looking into blockchain technology to drive virtual and traditional investment products.

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Video - Artist Creates AI Fashion Show for Elderly in Nigeria

Images of African senior citizens walking the runway created a buzz on social media, eventually going viral. These AI-generated pictures challenged the typical depictions of elderly Africans, showcasing them in an empowering way. Karina Choudhury has the story. Camera: Samuel Okocha.

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Nigeria in talks with Elon Musk to create jobs in Nigeria

The Federal Government of Nigeria has initiated discussions with Elon Musk's Starlink on setting up programs that will create jobs in Nigeria through local maintenance and production of its hardware.

The discussions happened on the sideline of the ongoing International Telecommunication Union-World Radio Communication (ITU-WRC) Conference in Dubai, with the Senior Director of Global Licensing and activation of SpaceX, Ryan Goodnight.

The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, disclosed this on Sunday through his verified X handle.

The conversation focused on the possibility of Starlink creating a program to certify local installers and maintenance personnel in Nigeria, and contracts with hardware startups in the country to produce Starlink's repeater boxes locally.

What the minister said:

“Excellent conversation with Ryan Goodnight, Snr. Director, Global Licensing & Activation of @SpaceX on the sidelines of ITU-WRC 23, who shared that Nigeria is their biggest market in Africa. As demand for @Starlink continues to grow in Nigeria, we discussed connecting unserved and underserved Nigerians,” he stated.

“I also mentioned the possibility of creating thousands of new jobs in Nigeria through initiatives like a certified installer/maintenance programme for Starlink and working with hardware startups to produce repeater boxes locally.

“We intend to encourage every tech company to invest and deepen our tech ecosystem,” the Minister added.

When Elon Musk’s Starlink made its debut in Nigeria in January 2023, the next-gen satellite internet service provider promised to usher in a new era of high-speed internet connectivity in Africa's most populous nation. It also promised low-latency internet to areas where it is either unreliable or inaccessible.

In October, Starlink Nigeria reduced its hardware prices by 21% in its efforts to capture a larger portion of the Nigerian Internet Service Provider (ISP) market.

Following this reduction, Starlink's hardware is now priced at N299,500, down from its previous rate of N378,000. However, the monthly subscription fee of N38,000 has not changed. 

By Adekunle Agbetiloye, Business Insider Africa

 
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Google brings Generative AI to Nigeria

Google has rolled out its Search Generative Experience (SGE) in the sub-Saharan Africa (SSA) region as an opt-in experiment in Search Labs, powered by Artificial Intelligence (AI-powered) experience and is available in English.

With new breakthroughs in generative AI, Google is reimagining what a search engine can do and is bringing these powerful new capabilities to Search in a bold and responsible way.

This new technology can unlock entirely new types of questions that Search could not previously answer, and transforms the way information is organised in Search to help people sort through and make sense of what’s out there.

Google General Manager for Search in Africa, Wambui Kinya, while announcing the initiative at a webinar organised by Google, said the initiative, which is in its experimental stage, would be launched after users and advertisers have had a good feel of it and are satisfied.

“With new generative AI capabilities in Search, we’re now taking more of the work out of searching. We’re imagining a supercharged Search that does the heavy lifting for you so you’ll be able to understand a topic faster, uncover new viewpoints and insights, and get things done more easily. This Search Generative Experience is the first step we’re taking in this journey, and part of our vision to make Search radically more helpful. We’re excited to bring this to the SSA region, and look forward to receiving feedback and iterating on the experience alongside our users over the next few months,” Kinya said.

With SGE’s generative AI capabilities in Search, people will see an AI-powered overview of key information to consider, with links to dig deeper. For anyone who has ever been overwhelmed by the amount of information online, this will help find answers more quickly.

For instance, with a question like “Does Honey ever Spoil?” Normally, you might break this question down into smaller ones, sort through the vast amount of information available, and then start to piece things together yourself. With generative AI, Search can do some of that heavy lifting. 

By Emma Okonj, This Day

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Newspapers that once delivered news big and small are invaluable windows into our past. They risk being lost forever if not properly preserved and archived. Meenakshi Ravi reports on a project in Nigeria started by journalist Fu’ad Lawal - to rescue old newspapers from dust and decay and digitise decades worth of the country’s front pages in a freely accessible online archive. 

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Crypto usage growing further in Nigeria

Cryptocurrency usage is growing in Nigeria as Africa's largest economy grapples with a weakening currency and soaring inflation, New York-based blockchain research firm Chainalysis said in a report on Tuesday.

Nigeria's volume of crypto transactions grew 9% year-over-year to $56.7 billion between July 2022 and June 2023. In Uganda, crypto use is smaller but growing fast, rising 245% to $1.6 billion in the same period, while its use in Kenya fell more than a half to $8.4 billion, the report said.

In Nigeria, interest in bitcoin and stablecoins - crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility - increased when the naira's value plunged, particularly during the most extreme drops in June and July of 2023, Chainalysis said.

The currency weakened to record lows after President Bola Tinubu embarked on some of the boldest reforms that Nigeria has seen in years, including scrapping a popular but costly petrol subsidy and removing some exchange rate restrictions.

"People are constantly looking for opportunities to hedge against the devaluation of the naira and the persistent economic decline since COVID," Moyo Sodipo, co-founder of Nigeria-based cryptocurrency exchange Busha, said in a statement shared with the report.

Nigeria barred its banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in 2021.

Last year, the country's financial regulator published a set of regulations for digital assets, signalling Africa's most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use.

Nigeria's young, tech-savvy population has eagerly adopted cryptocurrencies, for example using peer-to-peer trading offered by crypto exchanges to avoid the financial sector ban. 

By Anait Miridzhanian, Reuters

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Meta launches Creator Lab in Nigeria

We hosted young, emerging and aspiring creators across lifestyle and entertainment as part of our Creator Lab programme in Nigeria. The first-of-its-kind educational program brought creators together in person to connect with fellow creators, participate in immersive workshops and experience the latest innovations within our ecosystem.

The programme, which took place in Lagos, had over 40 creators and influencers present to learn how to explore creativity and grow on Instagram. As part of the programme, the creators were encouraged to create inspiring content that showcases optimism using the hashtag #PositiveVibesOnlyChallenge.

“We are excited to launch Creator Lab Live in Nigeria, a first-of-its-kind event by Instagram to support emerging and aspiring creators to grow on Instagram. Nigeria already has a thriving creator ecosystem with a global cultural influence and provides an excellent opportunity for us to support them as they navigate their journeys and careers. We recognise the amazing content they create across our family of apps and are committed to helping creators to grow their communities and make a living across our platforms. As we work toward shaping the future of digital content and experiences, we are excited and invested in giving creators a home base to build community and create engaging content through various content formats and creative tools.” – Moon Baz, Creator Partnerships Lead, Africa, Middle East and Turkey, Meta

A fireside chat titled “How to Keep Relevant in the Creator Space” was held during the programme with Amarachi Amusi (ashmusy), who spoke about the importance of staying up-to-date with trends and remaining consistent as a creator.

The Creator Lab Live was attended by several talented content creators including Taaooma, Markangelcomedy, Ayomidate, Frank iTom, Miss Techy, De General, Twinz_love, Lizzy Jay, and Geenafoodiesandspice, who also took part in the #PositiveVibesOnlyChallenge. 

Meta

20,000 to be trained by Google for digital skills in Nigeria

Google plans to train 20,000 Nigerian women and youth in digital skills and provide a grant of 1.2 billion naira ($1.6 million) to help the government's create one million digital jobs in the country, its Africa executives said on Tuesday.

Nigeria plans to create digital jobs for its teeming youth population, Vice President Kashim Shettima told Google Africa executives during a meeting in Abuja. Shettima did not provide a timeline for creating the jobs.

Google Africa executives said a grant from its philanthropic arm in partnership with Data Science Nigeria and the Creative Industry Initiative for Africa will facilitate the programme.

Shettima said Google's initiative aligned with the government's commitment to increase youth participation in the digital economy. The government is also working with the country's banks on the project, Shettima added.

Google director for West Africa Olumide Balogun said the company would commit funds and provide digital skills to women and young people in Nigeria and also enable startups to grow, which will create jobs.

Google is committed to investing in digital infrastructure across Africa, Charles Murito, Google Africa's director of government relations and public policy, said during the meeting, adding that digital transformation can be a job enabler.

By Felix Onuah, Reuters

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Africa's most populous country is still reporting a boom in the use of cryptocurrencies despite warnings from authorities. Nigerians say bottlenecks around banking transactions, a scarcity of foreign exchange, and the belief that cryptocurrencies are an easy and quick means to make money, contribute to crypto's popularity.

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Video - Techpreneurs ease operations for SMEs in Nigeria

A team of young techprenuers in Nigeria has developed a financial service platform to enhance transactions and record keeping among small scale businesses. Digital communication experts say using such platforms to boost business processes have the potential to improve the country's economy.

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