Histry GSM in Nigeria

Then and now: Nigeria’s telecommunication history
Nigeria’s telecommunication history takes its roots from the colonial era in 1886 when telegraphic
submarine cable lines were laid.
Nigeria’s telecommunication history started from the colonial era in 1886, when telegraphic submarine
cable lines were laid by the British firm, Cable & Wireless Ltd, connecting Lagos to London. This led to
the installation of phone lines, connecting the famed commercial hub to Jebba, Ilorin, Calabar, Ibadan
and other parts of the country.
It is worthy of note that the establishment of telephone lines aided other forms of communication in
Nigeria like the radio, television, and internet.
The era of NITEL
Nigeria Telecommunications Limited (known as NITEL) was established in 1985. NITEL was owned by the
government and given monopoly status in the communication sector. The firm was formed through the
welding together of two government entities – the telecoms arm of the Posts and Telecommunications
(P&T) department under the Ministry of Communications, and the Nigerian External Communications
(NET).
Posts and Telecommunication dealt with internal communication services in Nigeria. Services rendered
by P & T were telegraph services and a manual telephone exchange service with a magneto switchboard
of 100 lines introduced in Lagos by 1908.
On the other hand, Nigerian External Communications was for external purposes as colonisation had
done a good job of connecting Lagos and London through a telegraph service. The company, which
produced these services, African Direct Telegraph Company, became Imperial and International
Communications after a merger. It transformed into Cable and Wireless later.
Nigeria sought a partnership with Cable and Wireless. This led Nigeria into acquiring an interest in the
Nigerian arm of Cable and Wireless and renaming the company Nigerian External Telecommunications
(NET). NET did well by providing international telephone, telex and telephone services to major cities in
Nigeria like Ibadan, Enugu, Kaduna, and Port-Harcourt. It was credited with the introduction of
international Direct Dialing Services.
Poor services
P&T and NET had their fair share of ineffective services. They were mostly run with analogue
infrastructure and needed a wave of digital transformation. Also, the lines were congested, the billing
system was inefficient and the call completion rate for long-distance calls was below 50%. Generally,
NITEL was plagued by a list of complaints, so reforms for better communication services began.
<img
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Telecommunication reforms
The deregulation of the sector heralded the establishment of the Nigerian Communications Commission
(NCC) as prescribed by Decree 75 of 1992. The decree establishing the NCC helped to liberalize terminal
ends equipment, and gave room for competition and private sector participation.
The deregulation meant that the NITEL regime, which was characterized by poor communication service,
was over. Even though NITEL retained its monopolistic rights, new players were introduced into the
industry.
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content/uploads/2020/01/mobile_300x250-2.gif?w=740&ssl=1" alt="app" data-recalc-dims="1"/>
[READ ALSO: Will there ever be a day the NCC withdraws a Nigerian telco’s license?]
The era of GSM
Nigerian telecommunications received a great boost with the coming of the Global System for
Communication (GSM) in 2001. Econet (now Airtel) has been said to be the first telecommunication
service to launch its services in Nigeria on August 8, 2001, going head-to-head with MTN which also
began operations in August of the same year.
They were given renewable GSM licenses, which had a 5-year expiration date, and allowed them to
operate within the 850 MHz and 1900 MHz spectrum bands. Specific targets were set for the operators
by the NCC. Some of the targets were a minimum of 100,000 subscribers each in the beginning year of
operations, 1.5 million subscribers in the next five years, and a minimum of 5% geographical coverage
within each of the country’s geopolitical states.
<img class="aligncenter wp-image-177033 size-medium" src="https://i1.wp.com/nairametrics.com/wp-

content/uploads/2020/05/720-x-90.png?fit=700%2C400&ssl=1" alt="Coronation ads" data-recalc-
dims="1" />
The goal was efficiency and NCC was committed to achieving a secure and efficient mobile network.
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telecommunication history " width="600" height="400" data-recalc-dims="1" />
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One important feature of the initial era of the GSM was the prestige accorded to phone owners. At that
time, only the wealthy could own phone, as it cost N80,000 – N100,000 and not many could afford it.
The popular phone brands were Nokia, Sagem, and Samsung.
MTN, which kept innovating at the time, brought about the SIM (Subscriber Identity Module) which
helped to enhance call rates. Registering a line was as costly as having a phone. Line registration was
pegged at N40,000 to N50,000, however phone billing rates were charged on the minute basis (N50 per
minute).
Globacom, established by Mike Adenuga, brought per second billing as its unique offering. The entry of
MTN, Glo and Airtel helped the evolution of Nigeria telecommunication and created better services for
Nigeria.
Some of those old phone models were Nokia 3310, Nokia 1200, Nokia 1208, Motorola XT1032, Samsung
C140.
An overview of industry players
Globacom
As of December 2018, GLO had over 45 million subscribers, making it the second-largest network
operator in Nigeria. It introduced lower tariffs and other value-added services.
In 2011, GLO became the first telecommunication company to build an $800 million high-capacity fibre-
optic cable known as Glo-1, a submarine cable from the United Kingdom to Nigeria. It is the first
successful submarine cable from the United Kingdom to Nigeria.
MTN
MTN built 3,400 kilometres Yello Bahn cable which gives it a wider coverage all over Nigeria. The telco
paid $285 million for one of four GSM licenses in Nigeria in January 2001. It has spent more than $1.8
billion in strengthening its mobile telecommunications infrastructure in Nigeria.
<img src="https://i0.wp.com/nairametrics.com/wp-
content/uploads/2020/08/first-bank-400X400-e1596396831651.jpg?w=740&ssl=1" alt="first
bank" data-recalc-dims="1" />
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src="https://i1.wp.com/nairametrics.com/wp-content/uploads/2020/01/mobile_728x90-1.gif?
resize=300%2C250&ssl=1" alt="app" width="300" height="250" data-recalc-dims="1" />
Since its launch in August 2001, MTN has steadily deployed its services across Nigeria. It now provides
services in 223 cities and towns, more than 10,000 villages and communities and a growing number of
highways across the country, spanning the 36 states of Nigeria and the Federal Capital Territory, Abuja.
<img class="size-medium wp-image-194591 aligncenter" src="https://i0.wp.com/nairametrics.com/wp-
content/uploads/2019/10/Tele-4.jpg?resize=700%2C394&ssl=1" alt="Then and now: Nigeria's
telecommunication history " width="700" height="394"
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Airtel
Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in
14 countries in Africa, primarily in East Africa and Central and West Africa.
It has gone through several rebranding regimes from Econet to Vmobile, Zain, Celtel, then Airtel. As of
March 2019, Airtel had over 99 million subscribers in the continent. It is listed on the London Stock
Exchange and is a constituent of the FTSE 250 Index.
Etisalat
Etisalat Nigeria launched in 2008 as one of the first major broadband services in the country. The
company is known for its innovative products and services such as the Eco Sim and being the first
network to offer special numbers to Nigerians as their mobile numbers via the 0809uchoose campaign
In 2013, Etisalat Nigeria signed a $1.2 billion medium-term facility with 13 Nigerian banks, which it used
to refinance an existing $650 million loan and fund modernisation of its network.
The banks that were involved in the loan deal include Zenith Bank, GT Bank, First Bank, UBA, Fidelity
Bank, Access Bank, Ecobank, FCMB, Stanbic IBTC Bank and Union Bank.
However, Etisalat struggled to repay the loan. While the banks pushed forward to acquire Etisalat, the
NCC intervened and waded into the troubling water.The intervention by NCC led to Etisalat withdrawal
from the market after its debt was not repaid or rescheduled. The local operator then renamed itself
9mobile in July 2017.
[READ FURTHER: NCC moves to track cybercriminals]

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telecommunication history " width="700" height="394"
srcset="https://i1.wp.com/nairametrics.com/wp-content/uploads/2019/10/Airtel.jpg?
resize=700%2C394&ssl=1 700w,
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Ntel
Ntel is a spinoff from the defunct telecoms company, NITEL. The Nigerian government handed over
NITEL/Mtel assets to NATCOM (Ntel’s parent company) in a deal worth $252 million last year. This was
after the company went through a period of botched sales and divestment. Established in 2016 with
offices in Lagos and Port Harcourt, and a plan to come back bigger and better, Ntel has begun to rejig its
services.
Conclusion
One thing about Nigeria’s telecommunications industry is the improvement of its services over time. It
has gone from the era of analogue phone lines to the digital era of smartphones and wireless
connections. The current state of the sector may not be perfect but Nigeria’s telecoms development has
come a long way indeed.
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content/uploads/2020/06/banner-ish_bitcoin-patricia.png?w=740&ssl=1" alt="Patricia" data-
recalc-dims="1" />
Related Topics:9MobileAirtel Nigeria NewsCable & Wireless LtdGlobacomGlobal System for
CommunicationGSMMike AdenugaMTNNigerian Communications CommissionNigerian External
TelecommunicationsNITELNokiantelSagemSamsungSubscriber Identity Module
<img alt='' src='https://secure.gravatar.com/avatar/c2f3f2f4e81376f72ea67b78e87a4788?

s=60&d=identicon&r=g'
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Joseph Olaoluwa
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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Blurb
Okomu Oil: Home is where the heart is
Okomu Oil has its tires on the track and is not slowing down.
Published
3 days ago
on
July 31, 2020
By
Lawretta Egba
Despite the teeming opportunities in the Nigerian agriculture industry, very few companies in the agro-
space have been able to put in place the right processes and systems to create huge corporations out of
farm produce. But there is one that is doing just okay. With a market capitalization of N71.5 billion,
Okomu Oil Plc sits at the top of the industry.
While many companies, big and small, are losing their grip to the volatile global economic landscape of
2020 birthed largely by the COVID-19 pandemic, Okomu Oil has its tires on the track and is not slowing
down. More so, it is not only proving COVID-19 wrong. Just a little over a year ago, Nairametrics had
downgraded the company to a “Sell” owing to its faltering revenues. Today, with huge increases in
revenue in 2 out of 2 completed quarters, Okomu Oil plc is laughing last.
aligncenter" src="https://i0.wp.com/nairametrics.com/wp-content/uploads/2020/06/300-by-250.jpg?
fit=700%2C400&ssl=1" alt="UBA ADS" data-recalc-dims="1" />
READ ALSO: Okomu Oil half year profit drops by 57%
Winning by the Numbers
The company’s Q1 financials had revealed a 65.2% growth in revenue as the company recorded a
turnover of ₦6.9 billion in comparison to the ₦4.2 billion it made in Q1 2019. It had also recorded a
profit after tax of over ₦2 billion in comparison to the ₦1 billion recorded in Q1 2019 resulting to a
101.4% jump in profits. In the second quarter of the year, its unaudited results reveal that the company
has also increased its revenue. Turnover jumped by 50.6% from N4.3 billion in Q2 2019 to N6.5 billion in
Q2 2020. This jump was not totally reflected in its profits after tax, however, owing to a significant
increase in income tax from nothing in Q2 2019 to N462 million in Q2 2020. PAT was still able to
increase by 30% to 1.9 billion in 2020. While there could be a myriad of reasons for the tax burden, the
company’s foreign operations are starting to rain on its parade.
Why it has to watch its foreign operations
Okomu Oil’s wins can be directly attributable to its domestic activities, bolstered by devaluation impact
and a larger market share as a result of border closures. A closer look at both its Q1 and Q2 financials
reveal that a majority of its earnings have been from improved domestic operations. In Q1, the company
witnessed a decline of ₦89.8 million in Q1 2020 from its 2019 figures, representing a drop of 12.5% in
the comparative quarter. In Q2, its export revenue took an even greater plunge. Export sales
experienced a 35.3% drop from N730.6 million in Q2 2019 to N473 million in Q2 2020. Domestic sales
had increased by 67.9%.
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READ MORE: GTBank declares closed period as directors meet July 22nd to consider H1 result
While this is reflective of the current economic activities, there are rising fears that it will keep relapsing.
Failure to contain its activities will, sooner than later, have it in the same position as some of the equally
large companies that had to eventually spin off ailing foreign activities. Reduced turnover is not the only
diaspora-induced challenge being faced by the company. Its Q2 financials also reveal exchange losses of
over N17 million for the quarter. Compared to the exchange losses incurred in Q2 2019 which stood at
1.2 million, it recorded a 1284% increase in foreign exchange losses.
In today’s world, it is becoming increasingly tough for businesses to ward off the allure of foreign
opportunities in trade as well as in the area of raising finance. While these, no doubt, have immense
benefits to businesses, there’s a long list of reasons why staying home and penetrating local markets has
been underrated. Being able to source inputs locally, produce locally, and even finance locally is
becoming even more of a luxury to Nigerian companies especially given the challenges around the
relatively weak currency to stronger currencies.
Okomu Oil plc is creating a sustainable market in Nigeria and its efforts are paying off. Until order is
restored, an increasing focus on its domestic market will do the company more good. That said, the
company is a great stock to have in your investment portfolio to serve as a hedge against companies
that have been negatively impacted by the pandemic. Its current share price is N74.95. While its price to
book ratio is high at 2.2857 hinting that it could be overvalued, its EPS is stable at 7.33.
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Blurb
WARNING: Why you should avoid investing long term in Nigeria’s stock market
The stock market is only as resilient as the economy.
Published
4 days ago
on
July 30, 2020
By
Blurb Team @Nairametrics

Thirteen years ago today, I was getting set to oversee a meeting with a group of partners in a newly
formed investment club. About a dozen of us, young and just at the cusp of family hood thought it was
important to come together and put money aside for the future.
We had several options such as real estate or treasury bills, but we settled for the Nigerian Stock
market. The decision wasn’t difficult to make especially when you look at the performance. Stocks were
up 37.8% in 2006 and will close the first half of 2007 55% up.
Demand was high as everyone wanted a piece of what was then the fad. Private placements, right
issues, IPOs were fast and coming and it was as if any offer placed in the table was sure to sell. The early
signs that this was a bubble was when spare part traders abandoned their trade to get in on the gold
rush.
READ MORE: Facebook, Microsoft, Amazon shares drop, top U.S official orders lockdown
The All Share index showed its first signs that the bears were around the corner when it fell by 5.15% in
August 2007. As investors who were made to understand that investing in stocks for the long term was
wise, we ignored the temptation to sell believing that stocks will rise again.

It’s 13 years now and the Nigerian All Share Index is down 52% between June 2007 and June 2020. In
hindsight, we should have sold everything we had and simply bought dollars and kept it under our
pillows. The stocks, we had hoped will deliver compounding returns over the years have delivered
nothing but losses.
The Nigerian Stock Exchange is not a long-term market. We learned this 13 years ago but believed that
experience was just a massive correction and that things will change. It did not and is unlikely to change
so long as we remain a highly import-dependent economy. The stock market is only as resilient as the
economy. If you have an economy like Nigeria that is good at growing its population and not its
economics, investments in capital and money markets is a risky activity.
READ MORE: Where to Invest N5 Million right now
The more we remain reliant on crude oil and high imports, the worse it gets and you lose more money.
Thus, it is my firm belief that investing in Nigerian stocks for the long term is folly. There are much better
investments out there that will deliver you better returns and reduce capital erosion, two of the major
symptoms of the Nigerian Stock market. But why is this market not a long term investment?
The reasons…
Firstly, stocks rely heavily on foreign portfolio investors to drive demand up. Since former CBN Governor,
Sanusi Lamido Sanusi allowed foreign investors to repatriate any portfolio investment into the country
without restrictions, stocks have become heavily reliant on hot money to keep valuations high. Thus,
when foreign investors exit, stocks suffer. They create a bubble when they enter our markets and leave
bears to dominate when they exit, until they are ready to get back in again.
READ MORE: A New Wave: Where to Invest in H2 2020

Secondly, Nigeria’s susceptibility to frequent currency devaluations keeps market valuations in

perpetual risk of capital erosion. For example, if your portfolio was worth N165, 000 in 2013 it was the
equivalent of $1,000. Today, that portfolio is worth just $412 assuming N400/1. So, even if you are lucky
to have a portfolio that has performed well over the years, it will struggle to outperform dollar
investments on the medium term.
Also, Nigerian companies are hardly accountable with the way their businesses are run. Insider trading
persists without control and suspicions are immediately swept away. There are no consequences for
reckless corporate behaviour. Most of the corporate fraud and unscrupulous activities perpetrated in
the great stock market crash of 2008/2009 did not lead to a single jail term for anyone.
READ MORE: Eid-El-Kabir: Food prices surge, as ram traders decry low patronage
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Billions lost in stocks over the years have not been recovered. Whilst some companies have continued to
grow their revenues and profits most remain unprofitable and lack the basics of corporate governance.
Investor protection is weak in this market as there are no reliable remedies for fraud induced market
losses. The stock market is also very limited in the number of products available to buy. Apart from
buying and owning stocks, there are little options to short-sell. We understand this is in the pipeline but
it has remained there for years.

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thegreenafricaproject.gif?fit=700%2C400&ssl=1" alt="thegreenafricaproject 300x250" data-recalc-
dims="1" />
These are examples that explain why investing for the long term cannot work in Nigeria for now. Buy
and hold forever is a myth at least in today’s Nigeria. You will get burned and likely lose the value of
your investments.
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Blurb
Why Cadbury might be a long “Hold”
Top on the list of the company’s challenges is that it is over-due for a rebrand.
Published
4 days ago
on
July 30, 2020
By
Lawretta Egba
The consumer goods sector is almost always a win amongst others on the Nigerian Stock Exchange,
mainly because of its stability with very little seasonal restrictions. In other words, consumer goods are
important during Valentine’s as much as they are important at Christmas. Yet, the COVID-19 pandemic
era has been an entirely different ball game for one of Nigeria’s leading consumer brands — Cadbury
Nigeria Plc.
Having lost a lot of its grounds to competitors like Nestle years ago, the company had set off on a path
to recovery trying to expand its market share and increase its revenue. Revenue had grown at a steady
pace all through the years, moving from N27.8 billion in 2015 to N39.3 billion in 2019. The company’s
2019 financials had also continued the seemingly smooth sail to growth with a 26% increase in profit,
following a fair 9% increase in revenue at N39.3 billion in the year.
READ ALSO: GTBank declares closed period as directors meet July 22nd to consider H1 result
Not hesitating to show its appreciation to its shareholders who had not received dividends for three
years, before 2019, the company declared a dividend per share of 49 kobo this year, which was almost
double the 25 kobo it had paid last year. It was also the first time the company had been paying two-
consecutive dividends after a 3-year break. Needless to say, the dividends are still far from exciting.
However, 2020 has come with challenges that have had the company already dropping in revenue for 2
out of 2 quarters. Its Q1 2019 financials reveal that the company earned a total revenue of N8.5 billion,
representing an 8% decline from the N9.2 billion it recorded in Q1 2019. It was able to still attain a profit
after tax of 26% from N506.7 million to N638.9 million, owing to improved other income and a slight
reduction in expenses. However, in its recently released Q2 results, its revenue took an even lower
plunge of 27.6% to 7.4 million. In the same trajectory, the company recorded a loss for the quarter of
N102 million, representing a whopping 162.7% drop in profits from the corresponding quarter in 2019
all from the reduced revenue. Expenses did not reduce as much.

READ MORE: Nestle, Cadbury, Flour Mills on a home run, investors gain N21.8 billion
The steady progression

Top on the list of the company’s challenges is that it is over-due for a rebrand. The company’s top
brands, Bournvita, TomTom, Trebor/Peppermint, Eclairs and more have one thing in common and it is
that they are almost nostalgic. We know and love them, but they’re not necessarily with us on a daily
basis. Another way to look at it is that they have attained the same scarcity as luxury items, only at a low
price point. Consequently, it is only natural that headwinds of the COVID-19 pandemic and all the other
challenges 2020 has not been bereft of, got it on a downward spiral as they became less exciting given
the limited financial resources of most Nigerians.
Another challenge that rests on its shoulders is the less than proportionate reduction in expenses
despite the reduced revenue – and it didn’t start this quarter. Since the year 2015, analysis reveals that
the company’s revenue has risen by 9% on an annualized basis. For some reason, cost of sales and
operating expenses have also risen by 9% over the same period. What is more alarming is that these
cost of sale makes up a huge amount of the total expenses. This could mean input prices have been
rising without a similar increase in prices. It might also not have the required brand equity to survive a
significant increase in price given the availability of close substitutes and alternatives that could even
transcend the consumer goods industry.
READ ALSO: Coca Cola revenue dips but analyst recommend stock as a buy
For a company which was quoted on the Nigerian Stock Exchange (NSE) as far back as 1976, its current
share price of N6.60 which is low on its 52-week average of N4.95 and 11.65 is underwhelming. An
earnings per share of 0.51, show that its performance has not been stellar. With the overall economy
further expected to plunge before only marginally recovering over the next few years, we cannot expect
much of a difference in the state of its revenue. Its high price to earnings ratio of 13.07 could also mean
many investors either have faith in the future of the company or are simply hanging on to its past
victories.
Either way, what is clear is that investors in the company are going to need to be in a long hold position
with very little gains in dividends. Whether the duration of the waiting period is longer or shorter rests
on the back of its management to work out strategies to remain in the line of sight of the average
consumer at low costs. Its growth is particularly important as it just does not have the option of being a
value stock.

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Histry GSM in Nigeria

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Histry GSM in Nigeria

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Then and now: Nigeria’s telecommunication history

The era of NITEL

The era of GSM

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An overview of industry players

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[READ FURTHER: NCC moves to track cybercriminals]

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NIPOST is going into e-commerceMay 23, 2018In "Business News"

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