Business

MTN, AIRTEL raked in N2.02tn from airtime, data in 2021

Published

3 years ago

February 21, 2022

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Two telecomunication campanies, MTN Nigeria Communications Plc and Airtel Nigeria, both raked in N2.02tn from airtime and data revenues in 2021, according to the financial statements of the two companies.

The amount indicates a 20.01 per cent increase from the N1.68tn both companies made from airtime and data revenues in 2020.

The amount 9mobile and Globacom made from data and airtime revenues could not be obtained as their financial statements are not made public.

According to statistics from the Nigerian Communications Commission, MTN and Airtel are the two major call carriers in the nation. In its industry statistics report for 2020, a total 150,825,830,687.40 minutes of calls were made.

Of this number, a total of 145,420,101,695 calls (96.42 per cent) were made from MTN lines (103,531,547,686 minutes), while the remaining (41,888,554,009 minutes) were made on Airtel network.

In 2021, MTN made N819.74bn and N516.21bn from airtime and data, respectively; in 2020, it made N766.39bn and N332.37bn from airtime and data, respectively. In 2021, Airtel made N397.91bn ($957m) and N287.31bn ($691m) from airtime and data, respectively; in 2020, it made N370.47bn ($891m) and N214.96bn ($517m) from airtime and data, respectively.

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In its financial statement for the year end, December 2021, MTN said its data revenue had continued to maintain an upward trajectory even as it expanded its 4G coverage. It added that average megabyte per subscriber rose by 85.3 per cent in the year.

It said, “Data revenue rose by 55.3 per cent, maintaining an accelerated growth trajectory in Q4 as we continue to accelerate the expansion of our 4G coverage, enhance the quality and capacity of our network to support increasing data traffic, and grow active data users.

“Average MB per user rose by 62.7 per cent, enabling overall data traffic growth of 85.3 per cent. Also, smartphone penetration on the network grew by 4.0pp to 50 per cent. Our 4G network now covers 70.3 per cent of the population, up from 60.1 per cent in December 2020.”

MTN added that its voice revenue grew by 8.4 per cent more than that of 2020 as a result of higher usage in its active SIM base, as it witnessed a 7.9 per cent growth in minutes of use.

READ MTN speaks on network outage, says fibre cuts affecting call, data services

According to Airtel, its voice revenue grew by 8.4 per cent, resulting in a 7.9 per cent growth in minutes of use.

The Chief Executive Officer, Airtel Africa Plc, Segun Ogunsanya, said, “Voice revenues posted year on year growth of 9.9 per cent, almost 10 per cent in the quarter, a slight slowdown given the softer quarter particularly in Q1 but still reflecting year on year customer growth of 5.8 per cent, adding voice ARPU growth of 5.2 per cent.

“We still fundamentally believe that with the low customer penetration levels across our footprint of 14 countries, combined with very low minutes of usage, there is still a very long runway for voice revenues to continue to grow.”

Business

‘We are changing lives every day’ — Oando restates commitment to a sustainable energy future for Nigerians

Published

4 hours ago

November 2, 2024

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In continuation of his dedicated mission to ensure a robust sources of energy for Nigerians, Wale Tinubu, the Group Chief Executive of Oando, has emphasized the company’s long-standing dedication to transforming lives through accessible energy sources.

“This is an energy story we’ve been writing for over 30 years. We are changing Nigeria’s lives every day by providing access to varied energy sources that power industries and fuel the economy,” Tinubu stated.

Tinubu, in a compelling narrative about Nigeria’s energy landscape, conveyed a strong sense of purpose, asserting that Oando has a mission to demonstrate the capacity of indigenous companies to lead the nation’s energy sector.

While drawing a parallel to Nigeria’s independence in the 1960s, he explained, “We see this as the emancipation of Nigeria’s indigenous oil and gas community.

“With a deep understanding of the resources beneath the surface, Oando is determined to excel and embrace meritocracy. We do not understand limits; we strive for the best,” Tinubu affirmed.

He noted that the company adheres to global standards in operations and maintenance, while at the same time showcasing its commitment to quality and excellence.

Highlighting the significance of the Okpai Phase I and II projects, Tinubu explained that the facilities boast a combined capacity of approximately 1GW, marking them as “the most reliable and efficient plants in the country.

“Since 2005, Okpai has contributed over 43,435 GWh to the national grid, enabling communities across Nigeria to thrive. Okpai Phase II is set to make an immediate impact, with an expected injection of 300 MW into the national grid, followed by an additional 180 MW anticipated by the third quarter of 2025.”

Tinubu emphasized that the $800 million, 480 MW facility is centered on the company’s mission: “Building our nation remains at the heart of what we do.”

He went further to highlight Oando’s commitment to local communities, noting that over 8.5 GW of electricity has been delivered since the commissioning, and stressing the company’s role in fostering employment.

“We have achieved 12,332,594 LTI-free man-hours as of September 2024,” he proudly announced.

Oando continues to lead the charge in the energy sector, taking significant strides in illuminating the lives of Nigerians and securing a sustainable energy future for all.

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Business

Marketers can’t lift petrol without NNPC approval – Dangote refinery

Published

1 day ago

November 1, 2024

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The Dangote Petroleum Refinery says it has not received any payment from the Independent Petroleum Marketers Association of Nigeria (IPMAN) for refined petroleum products.

In a statement on Thursday, Anthony Chiejina, the company’s group chief branding and communications officer, told IPMAN that the refinery cannot be held accountable for payments made to the Nigerian National Petroleum Corporation (NNPC), adding that no approval has been received from the national oil firm on the sale of petrol to marketers.

On October 29, Aliko Dangote, founder of the Dangote Industries Limited (DIL), said the refinery currently holds over 500 million litres of petrol, but oil marketers are not buying the product.

In a counter-response, the IPMAN said its members had been unable to load petrol from the Dangote refinery for days.

Speaking on Channels Television’s Sunrise Daily programme on October 30, Abubakar Garima, IPMAN’s president, said the association has paid N40 billion to the NNPC, but still cannot source the product.

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In the refinery’s latest statement, the organisation said it currently has no direct dealings with IPMAN.

“Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them,” the refinery said.

“Consequently, we cannot be held responsible for any payments made to other entities.

“The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us.

“In the same vein, NNPCL has neither approved nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.”

Dangote refinery reiterated its ability to meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel.

The Chiejina said the refinery is capable of loading 2,900 trucks per day and has also been evacuating petroleum products by sea.

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He advised IPMAN to register with the refinery directly and make direct payments, noting that there is “more than enough petroleum products to satisfy the needs of their members”.

“It is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu,” Chiejina said.

The company also encouraged all stakeholders to collaborate and heed Tinubu’s advice, promoting a unified approach rather than engaging in media conflicts and unnecessary propaganda.

On October 10, IPMAN had asked the NNPC to sell PMS to its marketers at the Dangote refinery rate or refund the oil marketers’ money.

During the television programme, the president of IPMAN said the marketers’ monies have been with the national oil company for three months.

Business

Wema Bank Releases Q3 2024 Unaudited Results

Published

2 days ago

October 31, 2024

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… Reports Profit Before Tax of ₦60.62billion, a 174% YonY Growth

Wema Bank Nigeria (“Wema” or “the Bank”)) has released its unaudited Consolidated Financial Statements for the period ended September 30th 2024, to the Nigeria Exchange Group (NGX). The Bank reported profit before tax of ₦60.62bn, representing an increase of 174% over the ₦22.13bn recorded in the corresponding period in 2023.

Wema Bank’s balance sheet remained well structured with total assets growing by 38% to ₦3,084.27 trillion in Q3 2024 from ₦2,240.06trillion in FY 2023. The bank also grew its deposit base year to date by 23% to ₦2,292.30bn from ₦1,860.57bn reported in FY 2023. Loans and Advances grew by 25% to ₦1003.28bn in Q3 2024 from ₦801.10bn in FY, 2023. NPL stood at 3.19% as at Q3 2024.

The bank recorded an improved 3rd quarter performance as Gross Earnings grew by 91% to ₦288.32bn (Q3 2023: ₦150.90bn)). Interest Income was up 81% y/y to ₦229.11bn (Q3 2023: ₦126.67bn). Non-Interest Income up 144% y/y to ₦59.21bn (Q3 2023: ₦24.23bn).

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Return on Equity (ROAE) of 38.62%, Pre-Tax Return on Assets (ROAA) of 2.64%, Capital Adequacy Ratio (CAR) of 14.06% and Cost to Income ratio of 60.47%, speak to the resilience of the brand.

The Managing Director/Chief Executive Officer of the bank, Mr. Moruf Oseni said, ‘our Q3 2024 numbers speaks to our resilience despite a tough operating environment. We will sustain our growth trajectory into 2025. The performance is headlined by impressive improvements in Profit before Tax which grew strongly by 174%. The growth of Gross Earnings by 91.07%, Total Assets by 38% and earnings per share at 328.1kobo shows the core improvements to our balance sheet. In addition, our cost to income ratio at 60.48% has witnessed significant improvement from the previous period.