Africa’s biggest telecoms operator, MTN Group has reported that it has concluded the sale of MTN Guinea-Bissau to Telecel Global Services following the receipt of all regulatory approvals. This was contained in a notice to investors this week.
According to the company, the disposal to Telecel Group Mobile Limited is in line with the Group’s strategic priority to accelerate portfolio transformation. “MTN has taken steps to ensure a seamless transfer of ownership, which the Group believes is in the best interests of MTN Guinea-Bissau, its stakeholders and the sector in Guinea-Bissau at large”, the company said.
Recall that in April, Telecel Group announced that it had acquired two West African units from the Group, as it scales operations ahead of an initial public offering in three years. This follows Telcel’s acquisition of Vodafone Group’s operations in Ghana last year.
The Africa-focused telecommunications company is buying the subsidiary’s debt and equity in Guinea-Bissau and Guinea-Conakry, Chief Executive Officer Moh Damush said in an interview with Bloomberg, without disclosing the size of the latest acquisitions.
Telecel is looking at two other prospects on the continent and the “next round of acquisitions will focus on financial services and tech companies that can add value to our investments,” CEO Damush told journalists.
Damush and partners Hugues Mulliez and Nicolas Bourg acquired Telecel in 2017. The firm has interests in several markets such as Ghana, Central Africa Republic and Liberia. The CEO also indicated that more than financing from shareholders, Telecel is raising money from Africa-focused funds, banks, and equity investors for the acquisitions.
Telecel Global Services raised $20 million in February 2024 from the Africa Credit Opportunities Fund (ACOF), a private credit fund. The purpose of the fund was to enable Telecel Group to expand its services in West Africa.
Some other reports confirmed that MTN agreed to the sale of its equity interests in Guinea-Bissau and Guinea-Conakry, as it looks to exit smaller markets in the West and Central Africa (WECA) region. This follows the release of its 2023 financial reports.
According to the report, MTN’s Guinea-Bissau and Guinea-Conakry businesses have been classified as held for sale as of December 31, 2023. With this sale, the African telecoms giant will be able to focus on Ghana, Cameroon, and Cote d’Ivoire as well as stronger markets in the West and Central Africa region.
The challenging operating environment in 2023, marked by rising inflation, currency devaluation, and foreign exchange shortages, posed significant headwinds for MTN in Nigeria, its biggest market in Africa. Nigeria’s inflation rate rose by 28.9% in December 2023, the highest in 18 years, with an average rate of 24.5% throughout the year.
These factors contributed to the depletion of retained earnings and shareholders’ funds to a negative N208.0 billion and N40.8 billion, respectively.
MTN Group announces leadership changes
The Group has also announced the appointment of Mohammed Rufai as chief executive offer (CEO) of MTN Congo-Brazzaville and Ayham Moussa as chief operating officer (COO) of MTN Nigeria.
Rufai will take over the CEO position at Congo-Brazzaville on 1 September, while Moussa will take up his new position on 19 August 2024. The company also announced the voluntary early retirement of MTN Côte d’Ivoire CEO Djibril Ouattara and the departure of MTN Nigeria COO Hassan Jabbar.
MTN Group President and CEO Ralph Mupita thanked Ouattara for his contribution during his nine years of service at the company. He also thanked Jabbar for contributing to the group’s success over 22 years.
Rufai currently serves as MTN Nigeria’s CTO. Rufai holds a computer science degree and certifications in advanced management and general management. He has held several senior roles across the MTN Group, including regional chief technology and information officer (CTIO) for Southeast Africa and Ghana. He also serves on the Bayobab and MTN Benin boards.
Ayham joined the Group in 2002 and left for a brief hiatus before rejoining in 2006. He has since served the organisation in various markets, including Syria and Guinea-Conakry. His senior roles have included chief information officer, CTIO, and CEO of the subsidiary in Congo-Brazzaville.
“In his technology roles, Ayham played a key role in the country’s digital evolution from 2G to 4G, establishing MTN Congo-Brazzaville as a technology leader,” said the Group.
The post MTN concludes sale of business unit in Guinea-Bissau to Telecel first appeared on Technext.
Africa’s biggest telecoms operator, MTN Group has reported that it has concluded the sale of MTN Guinea-Bissau to Telecel Global Services following the receipt of all regulatory approvals. This was contained in a notice to investors this week.
According to the company, the disposal to Telecel Group Mobile Limited is in line with the Group’s strategic priority to accelerate portfolio transformation. “MTN has taken steps to ensure a seamless transfer of ownership, which the Group believes is in the best interests of MTN Guinea-Bissau, its stakeholders and the sector in Guinea-Bissau at large”, the company said.
Recall that in April, Telecel Group announced that it had acquired two West African units from the Group, as it scales operations ahead of an initial public offering in three years. This follows Telcel’s acquisition of Vodafone Group’s operations in Ghana last year.
The Africa-focused telecommunications company is buying the subsidiary’s debt and equity in Guinea-Bissau and Guinea-Conakry, Chief Executive Officer Moh Damush said in an interview with Bloomberg, without disclosing the size of the latest acquisitions.
Telecel is looking at two other prospects on the continent and the “next round of acquisitions will focus on financial services and tech companies that can add value to our investments,” CEO Damush told journalists.
Damush and partners Hugues Mulliez and Nicolas Bourg acquired Telecel in 2017. The firm has interests in several markets such as Ghana, Central Africa Republic and Liberia. The CEO also indicated that more than financing from shareholders, Telecel is raising money from Africa-focused funds, banks, and equity investors for the acquisitions.
Telecel Global Services raised $20 million in February 2024 from the Africa Credit Opportunities Fund (ACOF), a private credit fund. The purpose of the fund was to enable Telecel Group to expand its services in West Africa.
Some other reports confirmed that MTN agreed to the sale of its equity interests in Guinea-Bissau and Guinea-Conakry, as it looks to exit smaller markets in the West and Central Africa (WECA) region. This follows the release of its 2023 financial reports.
According to the report, MTN’s Guinea-Bissau and Guinea-Conakry businesses have been classified as held for sale as of December 31, 2023. With this sale, the African telecoms giant will be able to focus on Ghana, Cameroon, and Cote d’Ivoire as well as stronger markets in the West and Central Africa region.
The challenging operating environment in 2023, marked by rising inflation, currency devaluation, and foreign exchange shortages, posed significant headwinds for MTN in Nigeria, its biggest market in Africa. Nigeria’s inflation rate rose by 28.9% in December 2023, the highest in 18 years, with an average rate of 24.5% throughout the year.
These factors contributed to the depletion of retained earnings and shareholders’ funds to a negative N208.0 billion and N40.8 billion, respectively.
MTN Group announces leadership changes
The Group has also announced the appointment of Mohammed Rufai as chief executive offer (CEO) of MTN Congo-Brazzaville and Ayham Moussa as chief operating officer (COO) of MTN Nigeria.
Rufai will take over the CEO position at Congo-Brazzaville on 1 September, while Moussa will take up his new position on 19 August 2024. The company also announced the voluntary early retirement of MTN Côte d’Ivoire CEO Djibril Ouattara and the departure of MTN Nigeria COO Hassan Jabbar.
MTN Group President and CEO Ralph Mupita thanked Ouattara for his contribution during his nine years of service at the company. He also thanked Jabbar for contributing to the group’s success over 22 years.
Rufai currently serves as MTN Nigeria’s CTO. Rufai holds a computer science degree and certifications in advanced management and general management. He has held several senior roles across the MTN Group, including regional chief technology and information officer (CTIO) for Southeast Africa and Ghana. He also serves on the Bayobab and MTN Benin boards.
Ayham joined the Group in 2002 and left for a brief hiatus before rejoining in 2006. He has since served the organisation in various markets, including Syria and Guinea-Conakry. His senior roles have included chief information officer, CTIO, and CEO of the subsidiary in Congo-Brazzaville.
“In his technology roles, Ayham played a key role in the country’s digital evolution from 2G to 4G, establishing MTN Congo-Brazzaville as a technology leader,” said the Group.
The post MTN concludes sale of business unit in Guinea-Bissau to Telecel first appeared on Technext.
Africa’s biggest telecoms operator, MTN Group has reported that it has concluded the sale of MTN Guinea-Bissau to Telecel…
The post MTN concludes sale of business unit in Guinea-Bissau to Telecel first appeared on Technext.
Africa’s biggest telecoms operator, MTN Group has reported that it has concluded the sale of MTN Guinea-Bissau to Telecel Global Services following the receipt of all regulatory approvals. This was contained in a notice to investors this week.
According to the company, the disposal to Telecel Group Mobile Limited is in line with the Group’s strategic priority to accelerate portfolio transformation. “MTN has taken steps to ensure a seamless transfer of ownership, which the Group believes is in the best interests of MTN Guinea-Bissau, its stakeholders and the sector in Guinea-Bissau at large”, the company said.
Recall that in April, Telecel Group announced that it had acquired two West African units from the Group, as it scales operations ahead of an initial public offering in three years. This follows Telcel’s acquisition of Vodafone Group’s operations in Ghana last year.
The Africa-focused telecommunications company is buying the subsidiary’s debt and equity in Guinea-Bissau and Guinea-Conakry, Chief Executive Officer Moh Damush said in an interview with Bloomberg, without disclosing the size of the latest acquisitions.
Telecel is looking at two other prospects on the continent and the “next round of acquisitions will focus on financial services and tech companies that can add value to our investments,” CEO Damush told journalists.
Damush and partners Hugues Mulliez and Nicolas Bourg acquired Telecel in 2017. The firm has interests in several markets such as Ghana, Central Africa Republic and Liberia. The CEO also indicated that more than financing from shareholders, Telecel is raising money from Africa-focused funds, banks, and equity investors for the acquisitions.
Telecel Global Services raised $20 million in February 2024 from the Africa Credit Opportunities Fund (ACOF), a private credit fund. The purpose of the fund was to enable Telecel Group to expand its services in West Africa.
Some other reports confirmed that MTN agreed to the sale of its equity interests in Guinea-Bissau and Guinea-Conakry, as it looks to exit smaller markets in the West and Central Africa (WECA) region. This follows the release of its 2023 financial reports.
According to the report, MTN’s Guinea-Bissau and Guinea-Conakry businesses have been classified as held for sale as of December 31, 2023. With this sale, the African telecoms giant will be able to focus on Ghana, Cameroon, and Cote d’Ivoire as well as stronger markets in the West and Central Africa region.
The challenging operating environment in 2023, marked by rising inflation, currency devaluation, and foreign exchange shortages, posed significant headwinds for MTN in Nigeria, its biggest market in Africa. Nigeria’s inflation rate rose by 28.9% in December 2023, the highest in 18 years, with an average rate of 24.5% throughout the year.
These factors contributed to the depletion of retained earnings and shareholders’ funds to a negative N208.0 billion and N40.8 billion, respectively.
MTN Group announces leadership changes
The Group has also announced the appointment of Mohammed Rufai as chief executive offer (CEO) of MTN Congo-Brazzaville and Ayham Moussa as chief operating officer (COO) of MTN Nigeria.
Rufai will take over the CEO position at Congo-Brazzaville on 1 September, while Moussa will take up his new position on 19 August 2024. The company also announced the voluntary early retirement of MTN Côte d’Ivoire CEO Djibril Ouattara and the departure of MTN Nigeria COO Hassan Jabbar.
MTN Group President and CEO Ralph Mupita thanked Ouattara for his contribution during his nine years of service at the company. He also thanked Jabbar for contributing to the group’s success over 22 years.
Rufai currently serves as MTN Nigeria’s CTO. Rufai holds a computer science degree and certifications in advanced management and general management. He has held several senior roles across the MTN Group, including regional chief technology and information officer (CTIO) for Southeast Africa and Ghana. He also serves on the Bayobab and MTN Benin boards.
Ayham joined the Group in 2002 and left for a brief hiatus before rejoining in 2006. He has since served the organisation in various markets, including Syria and Guinea-Conakry. His senior roles have included chief information officer, CTIO, and CEO of the subsidiary in Congo-Brazzaville.
“In his technology roles, Ayham played a key role in the country’s digital evolution from 2G to 4G, establishing MTN Congo-Brazzaville as a technology leader,” said the Group.
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