MTN

MTN Nigeria joined the expanding list of financially distressed companies in the country after its entire shareholders’ fund was obliterated by a sweeping after-tax loss precipitated by a dollar scarcity in Africa’s biggest economy. The wireless carrier, which executes the majority of its transactions with trade partners in foreign currencies, incurred N740 billion in net foreign exchange loss last year following sharp jumps in the rates of exchanging the naira for the dollar. That turned its shareholders’ fund…

Mobile network operator MTN has apologised to its Nigerian customers after users experienced outages in many parts of the country on Wednesday. It was observed Wednesday that the network disruption affected calls and data services for several hours. In a statement, the telecom operator attributed the network challenges to a major service outage caused by multiple fibre cuts. The company said its engineers are working hard to resolve the problem while noting that services are gradually being restored in some…

The Nigerian Communications Commission (NCC) on Thursday announced that the interconnect debt dispute between MTN Nigeria Communications Plc (MTN) and Globacom Limited (Globacom) has been amicably resolved. In accordance with this resolution, the NCC said the approval granted to MTN for the disconnection of Globacom has now been withdrawn. Following its initial public notice, the NCC said it undertook further regulatory intervention, by mediating between the parties and facilitating the reconciliation process.…

The Nigerian Communications Commission (NCC) has approved the partial disconnection of Globacom to MTN due to a non-settlement of interconnect charges. The NCC said this in a public notice by Reuben Muoka, the director of public affairs of the commission, on Monday. The partial disconnection, according to the commission, means that Globacom’s subscribers will no longer be able to make calls to MTN, but will be able to receive calls to the Globacom network. The commission explained that at the expiration of 10…

Mtn Dew is resurrecting its Game Fuel drink this year, and to celebrate, the soft drink company teamed up with Microsoft for a special map in Halo Infinite inspired by the drink.The map is called Critical Dewpoint, and it's coming to Halo Infinite through the Halo 3 Refueled playlist later this week. This playlist features seven classic Halo 3 maps remade for Infinite using Forge.A first look at Critical DewpointCritical Dewpoint was created by Forge user ArturBloodshot. They said on the Xbox Wire that…

Telecom company MTN Nigeria said it has completed the allotment of about 4 million shares to qualified investors who partook in its last public share sale between December 2021 and January 2022. To draw a good number of investors to the offer for sale, the local unit of Africa’s biggest wireless operator MTN Group said it will give 1 extra share for every 20 bought and allotted. That was subject to a maximum of 250 shares, a decision MTN said it took to enhance retail participation. Shareholders who received the…

MTN Nigeria Communications Plc is spending more to source short-term funds it needs to uplift working capital by way of commercial papers, the company said in a disclosure on Monday. Attracting interest to its commercial papers issued on 1 March implied yields were priced at levels never before seen to compensate investors for the impact of inflation on return on such securities. “MTN Nigeria issued 188-day commercial papers at a yield of 11.00% and 267-day commercial paper of 12.50%,” the firm said in a Monday…

MTN Nigeria Communications Plc reported revenue in excess of the N2 trillion mark for 2022, a bumper year during which turnover swelled by one-fifth and bottom-line by about the same rate, its audited earnings report showed on Wednesday. The feat firms up the place of the wireless carrier as Nigeria’s biggest public company by revenue, with turnover climbing 21.6 per cent to N2 trillion and service revenue contributing 99.7 per cent of that sum. Income sources, including data and digital services, saw…

MTN Nigeria Communications Plc is on track to allot incentive shares to investors who partook in its initial public offering completed last January and met the conditions entitling them to additional shares, the telecom company said in a statement Saturday. The local unit of Johannesburg-based MTN Group Limited concluded its first public shares sale a year ago, an offer 139.5 per cent oversubscribed necessitating allocation of extra 86.3 million shares. It had set out to sell 575 million ordinary shares then…

MTN South Africa and MTN GlobalConnect, in partnership with a consortium, have landed a 45,000-kilometre subsea cable in South Africa, part of plans to build a subsea network to connect African countries to Europe and the Middle East. Africa's big economies have a fast growing population of internet users, with growth fuelled by rapidly expanding mobile broadband networks and affordable smartphones. But the continent still lags behind the rest of the world in internet connectivity. "Data traffic across African markets is…