By Toby Prince In the heart of Nigeria’s digital economy, a story of patriotism and resilience unfolds. The telecommunications sector, a driving force behind the country’s growth, has been facing unprecedented challenges. Despite its significant contributions to Nigeria’s social and economic development, the sector has been struggling to keep up with the rising costs of operations. For nearly a decade, telecom tariffs in Nigeria remained unchanged, while the demand for data and voice services skyrocketed. The cost of operations, however, surged due to rising energy costs, inflation, currency devaluation, and increased costs of importing telecom equipment. These mounting expenses threatened…
Author: Elvis Eromosele
TikTok’s third-quarter 2024 report has revealed that Nigeria ranked among the top 50 countries responsible for violating its content policies. The report indicated that Nigeria contributed 2.1 million of the 147.8 million videos removed, globally. These actions reflect the platform’s ongoing efforts to enforce its community guidelines, which focus on maintaining integrity, privacy, and safety on the platform. According to TikTok’s Community Guidelines Enforcement report, around 90 per cent of all material removals during the quarter occurred in the top 50 markets where violations of its standards were documented. TikTok’s policies, which focus on Integrity and Authenticity, Privacy and Security,…
The Nigerian Communications Commission (NCC) has revealed that it has granted approval for the disconnection of Exchange Telecommunications Limited (Exchange) from MTN Nigeria Communications Limited (MTN) due to the non-settlement of interconnect charges. The NCC noted in its statement, “In accordance with the Nigerian Communications Act 2003 and the Guidelines for the Procedure for Granting Approval to Disconnect Telecommunications Operators, 2012, Exchange was duly notified of the application for disconnection and provided with an opportunity to present its case. After a thorough examination of the application and circumstances surrounding the indebtedness, the Commission determined that Exchange did not present sufficient justification for…
Gabriel Orpin, a humble farmer in the heart of Benue State, spends his days tending to rice, cassava, and yam on his small farm. But this Christmas season, Gabriel’s life took an extraordinary turn when he hit the ₦5 million jackpot on BetKing Virtuals. “I’ve always loved farming,” Gabriel shared, his voice brimming with pride. “It’s my own farm, and things have been moving well. But honestly, I never imagined something like this would happen to me.” Gabriel’s journey with BetKing started earlier this year. “It was in June when I tried their Virtuals for the first time,” he recalled.…
In presenting the N49.7 trillion estimated expenditure for the 2025 fiscal year to the joint session of the National Assembly on Wednesday, President Bola Tinubu said that the budget projects that inflation would decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate would improve from approximately N1,700 per the United States dollar to N1,500, and a base crude oil production assumption of 2.06 million barrels per day. President Tinubu explained that the projections were based on the following observations: Reduced importation of petroleum products alongside increased export of finished petroleum…
The Nigerian Communications Commission (NCC) has held a Virtual Stakeholders’ Forum to discuss the Draft Application-to-Person (A2P) Messaging Services Licensing Framework. This event underscores the Commission’s unwavering commitment to fostering innovation, protecting stakeholders, and creating a regulatory environment that ensures the continued growth of Nigeria’s telecommunications sector. In his welcome address, Dr. Aminu Maida, Executive Vice Chairman (EVC)/CEO, NCC, emphasized the importance of collaboration in shaping a comprehensive licensing framework for A2P messaging services. He reiterated the NCC’s commitment to creating a regulatory environment that promotes growth and innovation within the sector. “The Nigerian Communications Commission remains committed to providing…
MTN Nigeria Plc has reportedly successfully raised an additional N72.18 billion through the issuance of commercial papers. This latest funding round follows a previous N75 billion issuance in November 2024, demonstrating strong investor confidence in the telecom giant. The Series 13 and 14 commercial papers were issued at attractive yields of 27.50 per cent and 29.00 per cent, respectively, with a maturity period of 180 and 270 days. The oversubscribed offer, which attracted a 144 per cent subscription rate, underscores MTN Nigeria’s strong financial position and brand reputation. The proceeds from this issuance will be utilized to support the company’s…
Omolola Oloworaran, Director-General of the National Pension Commission (PenCom), has revealed that pension fund assets in Nigeria reached N21.92 trillion in October 2024, amid challenges that persist in the industry. Oloworaran who made this disclosure on Thursday, noted that the challenges are being addressed through several initiatives, including a comprehensive review of the Investment Regulations, among others. She stressed that the organisation is addressing the economic realities and challenges that have eroded the real value of pension funds in Nigeria. She shared developments within the Commission during the 2024 PenCom Media Conference. The event was themed “Tech-Driven Transformation: Shaping the Pension…
By Elvis Eromosele The Nigerian banking system, once celebrated as the backbone of the nation’s economy, is facing a glaring paradox. Customers walk into bank branches daily to access their funds, only to be told that cash is scarce. The situation, which began following the Naira redesign exercise under former President Muhammadu Buhari, has become a troubling norm. Bank tellers now ration cash withdrawals, often imposing arbitrary limits like N20,000 per person, without detailed explanations. This raises an unsettling question: is there a hidden liquidity crisis in the Nigerian banking system? The central function of a bank is to provide…
For the thirteenth consecutive year, Nestlé Nigeria has empowered more than twenty young Nigerians through the Technical Training program in its factory at Agbara. The participants received scholarships and training to attain the highly recognized City Guilds certifications. In addition, the top five students were given the opportunity to conclude their training with an eight-week apprenticeship at two of Nestlé’s technical sites in Switzerland (Orbe and Broc). Equipped with their newly acquired skills, the graduating batch are ready to embark on their engineering careers with Nestlé in Nigeria. The Nestlé Technical Training Program in Nigeria is part of Nestlé’s global…