The Unstructured Supplementary Service Data (USSD) platform debt profile has hit N120 billion in the midst of the protracted crisis affecting the service. Dialogue is however ongoing between the telecommunications operators and the banks at the regulatory level to find an amicable solution. As of the first quarter of 2023, the debts were put at N100 billion. But the Association of Licensed Telecoms Operators of Nigeria (ALTON) said the banks continue to hold back remittance even as the outstanding has increased by N20 billion. ALTON Chairman, Gbenga Adebayo revealed that the debt figure has climbed up to N120 billion. Adebayo,…
Author: Elvis Eromosele
Barring any unforeseen, President Muhammadu Buhari will commission the multi-billion naira Dangote Refinery in Lagos on May 22, 2023. This exactly a week to his handover date. The Special Assistant on Digital Communications to the President, Bashir Ahmad, confirmed the development in a statement on Sunday. He said: “Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil to save the scarce foreign exchange used in the importation of petroleum products have received a boost as the 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery is set for inauguration on May 22nd,…
The Nigerian Communications Commission (NCC) generated N117.36 billion from Airtel Nigeria and MTN Nigeria after both firms renewed their 3G spectrum. Airtel Nigeria paid N58.70 billion to have its 2100 MHz spectrum licence renewed for the 3G network in Nigeria, while MTN Nigeria was charged N58.66 billion. According to separate statements released by the two companies, Airtel and MTN renewed their spectrum for 15 years. Both companies’ previous licenses for the 3G spectrum expired at the end of April 2022. But the renewal has extended the validity till April 2037. In its statement informing shareholders of its licence renewal, Airtel…
Mr. Mayowa Adeduro, Managing Director/CEO, Tangerine General Insurance Limited, says that over 133 million Nigerians are at risk of dying of poverty due to a lack of access to financial inclusion. Adeduro, who spoke at the SUPERNEWS Nigeria Fintech23 Conference in Lagos added that there is a nexus among poverty, education and financial inclusion, noting that this is why the Federal Government needs the contribution and action plan of many stakeholders to achieve the goal. “The banking sector just has 50 per cent of the adults in the banking circle. It is even worse in the insurance sector, which has…
Stanbic IBTC Holdings has launched a Blue Blossom community, a gathering of women from diverse backgrounds that come together to support each other while leveraging various benefits offered by the financial institution to meet their entrepreneurial needs. Recent report by World Bank revealed that women comprise 43.83 per cent of the labour force, and 43 per cent of businesses worldwide are owned by women. Despite increased financial services in Africa’s biggest economy in the last decade, 98 per cent of women still lack access to formal credit markets. Speaking at the official launching of the community in Lagos, Non-Executive Director,…
The average Middle class in Nigeria is just one major illness from penury, right now, GOFUNDME, programs on social media to fund health care emergencies aren’t just for those on the bottom of the ladder. The average motivational speaker would tell you to save first, then invest before you spend, my advice is to pay your health insurance provider first, since health is wealth that’s the best investment, just take it as another form of saving investment, like payment into a pension for your health. Health insurance is a lifesaver, For the reasons, it helps to prevent late diagnosis of…
The senate has approved the securitisation of the N22.7 trillion ways and means to the federal government for budget deficits. The approval was given by the upper chamber of the National Assembly at its plenary on Wednesday, months after President Muhammadu Buhari wrote a letter to the parliament on the issue. The N22.7 trillion loans were given to the national government by the Central Bank of Nigeria (CBN) when it could not get short-term funds to run the country. The CBN loans have caused controversies in the country because the apex bank violated the law to give such credit…
The Manufacturers Association of Nigeria (MAN) has condemned the increases in Excise tax for 2023 and 2024 as provisioned in the 2023 Fiscal policy. In a statement signed by the Director General of MAN, Segun Ajayi-Kadir, the Manufacturers’ umbrella body said the increase came as a surprise. “As a major stakeholder, MAN had actively participated in the deliberations on the proposal and presented various positions from its members across all sectors, especially those directly impacted by the proposed measures. “From the meeting held with the Honourable Minister of Finance, Budget and National Planning on the 29th March 2023, MAN representatives…
The Managed Detection and Response (MDR) service that was launched by Sophos about six months ago has grown its customer base by 33 per cent, the company has announced. In a statement, Sophos said that its industry-first vendor-agnostic has the ability to ingest and analyze telemetry from third-party security vendors, adding that Sophos is processing more than 150 million alerts from nearly 30 other security providers. Based on this, Sophos Adds Team of MDR Experts in Germany, Expanding Global Footprint of Security Operations Specialists and Defenders Have Less Time to Defend; MDR Services Become Critical Cybersecurity Layer as Attacker Dwell…
The National Information Technology Development Agency (NITDA) is set to leverage the National Youth Service Corps (NYSC) to get at least two million developers in two years, the Director-General of NITDA, Mal. Kashifu Inuwa has disclosed. Mal. Kashifu disclosed this while receiving the Director-General of NYSC, Brig Gen.Yushau Dogara Ahmed in his office in Abuja recently. “We have identified the National Youth Service Corp as a key partner if we must achieve the projections of two million developers in two years,” he said. He argued that there is a global talent shortage. Thus, Nigeria must position itself by training people…