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Business News

Airtel to acquire additional spectrum for $70 million 

Airtel Africa Plc has disclosed its intentions to acquire an additional 10 MHz spectrum in the 900 MHZ band in Nigeria.

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Airtel to acquire additional spectrum for $70 million, Airtel Africa to raise $37.5 million in Malawi stock listing, set IPO price 
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Airtel Africa Plc has disclosed its intentions to acquire an additional 10 MHz spectrum in the 900 MHZ band in Nigeria. The acquisition is expected to strengthen and reposition Airtel’s LTE network across the country.

The Details: In a notification sent to the Nigerian Stock Exchange and the investing public, Airtel Africa announced that an agreement was reached between Airtel Nigeria and Intercellular Nigeria Limited for a consideration fee of $70 million.

The fee is excluding the Nigerian Communications Commission (NCC) fees as stipulated under the NCC Spectrum Trading Guidelines while the acquisition is still subject to the approval of the regulatory agency.

Airtel Africa

Responding to the development, Raghunath Mandava, CEO of Airtel Africa, explained that data and the decision to expand its services across Nigeria were the reasons for the growth of the company.

He said, “Data is a key pillar of our growth strategy, driven by increasing 4G networks and supported by the increased affordability and increasing penetration of smartphones. With an overall smartphone penetration of more than 35% and data consumption growing by 92% in the six months’ period ended 30 September 2019, Nigeria presents a significant growth opportunity in data. 

“The acquisition of this spectrum will enable us to further deliver on this growth opportunity and continue to offer our Nigerian customers an enhanced user experience.”

A look into the company’s financials: Airtel Africa recently released its half-year 2019 financial statements which showed impressive performance by the company.

Revenue: Airtel’s revenue grew by 8.4% to N503.3 billion, up from N464.4 billion during the comparable period in 2018. Meanwhile, the company’s expenses increased by 5.7% to N285.7 billion in H1 2019, up from N270.4 billion in H1 2018.

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Profit Before Tax: The company recorded a 158.4% increase in its profit before tax which stood at N96.9 billion in H1 2019 compared to N37.4 billion in H1 2018.

Profit After Tax: Airtel Africa’s profit after tax stood at N69.9 billion, indicating an 11.9% increase compared to N62.6 billion reported in H1 2018.

Similarly, Airtel Nigeria witnessed additional internet subscribers on a month-on-month basis, according to the monthly industry statistics released by the Nigerian Communications Commission (NCC) for September 2019. Airtel added 444,598 internet subscribers, as the telco’s total internet subscribers rose to 33.1 million last month.

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Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Corporate Press Releases

N1m up for grabs with Quickteller Business contest

To join in the contest, entrepreneurs are to post a 1-minute video of themselves explaining how N1 million will boost their businesses.

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Interswitch has announced a virtual pitch tagged ‘Boost your business with Quickteller’ where one business owner has the opportunity to win N1 million cash. The promo is believed will help businesses signed onto the Quickteller Business platform boost their business further.

To contest for the prize money, business owners are simply required to complete their account activation on Quickteller Business and they stand a chance of winning.

To join in the contest, entrepreneurs are to post a 1-minute video of themselves explaining how N1 million will boost their businesses. The videos should be uploaded on Facebook, Instagram, Tiktok or YouTube with the hashtag #boostwithquickteller. To submit an entry, business owners are required to paste their post’s URL in the video URL section of the entry form on the Quickteller Business site, share the entry with friends and family and invite them to vote.

They must register and activate their businesses on the Quickteller Business platform using the referral code ‘Boost’. Any entry without a referral code will be rendered invalid.

Speaking about the promo, Cherry Eromosele, Group Chief Marketing and Communications Officer at Interswitch noted that the promo is important to Interswitch as it helps business owners – not only to boost their businesses – but to provide solutions that addresses some of the pain points of business owners. “At Interswitch, we are committed to growing the business community by providing simple and scalable payment solutions because it is critical to their growth and essentially to the national economy at large,” she added.

The Quickteller Business platform provides seamless payment solutions for businesses and their customers. The platform is an intuitive and robust one that enables businesses of all sizes, small, medium, large, to take their businesses online even if they did not have prior technology infrastructure or website.

The top 10 entries with the highest votes by 11:59pm on Friday, April 30, 2021 will qualify to participate in the grand finale.

Apart from the numerous benefits enjoyed on the Quickteller Business platform, such as generating invoices to track sales and payments, customized storefront to display products and brand image, backend access to manage inventory, dispute management options to settle chargebacks and refunds, the platform further exposes its users to a ready market of over five million potential customers from Nigeria, Gambia and Kenya.

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On the Quickteller Business platform, business owners can get paid by anyone, from anywhere without hassles. From massive corporations to smaller tech-savvy businesses, Quickteller Business makes payment easy for entrepreneurs and their customers.

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About Quickteller Business

Quickteller business provides various payment tools for freelancers and small businesses operating without a website to receive payments easily. The platform seamlessly integrates with your existing website or store to provide various payment options.

About Interswitch

Interswitch is a leading technology-driven company focused on the digitisation of payments in Nigeria and other countries in Africa. Interswitch’s vision is to make payments a seamless part of everyday life in Africa, and its mission is to create transaction solutions that enable individuals and communities to prosper across Africa.

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We began in 2002 as a transaction switching and electronic payments processing business, building and managing payment infrastructure, delivering innovative payments solutions and driving transactions across Nigeria and other African markets. We provide secure solutions and services that facilitate convenience and real value for consumers, businesses, governments and other organizations, helping to reduce costs, improve operational efficiency and drive sustainable revenue growth.

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Business

FG launches National Gender Steering Committee for Gender Policy in the agricultural sector

The policy document is a developmental strategy for poverty reduction and it is expected to empower small scale holder farmers who are predominately women.

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FG moves to reduce gender inequality in agriculture, De-risking the agricultural sector
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The Federal Government has announced its inauguration of a National Gender Steering Committee for the Implementation of the Gender Policy in the Agricultural sector, in a bid to offer equal access and gender-sensitive approaches towards food production.

This was disclosed by Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Dr Ernest Umakhihe, who inaugurated the Committee on Wednesday in Abuja.

“The initiative will promote and ensure the adoption of gender-sensitive responsive approaches, plans and programmes in such a way that men and women will have equal access and control of productive resources,” he said.

He added that availability of the policy document was expected to address the vulnerability of women to biases in the Agriculture sector, integrate gender perspectives in National Planning, create more jobs and financial empowerment for women, citing that the National Gender Policy in Agriculture was consistent with the Global 2030 Agenda for Sustainable Development adopted by World Leaders at the United Nations Summit in New York, USA, in September 2015.

Director, Special Duties in the Ministry, Mrs Fausat Lawal also stated that “Women, small scale holder farmers constitute about 70-80% of the agriculture labour force and they produced the bulk of food for domestic consumption.”

She added that the policy document is a developmental strategy for poverty reduction and it is expected to empower small scale holder farmers who are predominately women.

What you should know 

  • Female unemployment rate in Nigeria as of Q4 2020 increased to 35.2% from 31.6% recorded in Q2 2020. This is according to the recent labour force report released by the National Bureau of Statistics (NBS).
  • A total of 61.63 million women were in the working population (15 – 64 years of age) as of Q4 2020 accounting for 50.5% of the total working population. Only 30.15 million of these women were willing and able to work, which represents about 43.3% of the total labour force in the period under review.

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