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Nigeria’s Active Mobile Subscribers Hit 220m – NCC

By
Rhoda Onuzulike
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The number of active mobile subscriptions in Nigeria has reached 220,715,961 million as at August 2023.

The Executive Vice-Chairman of Nigerian Communications Commission, NCC, Prof. Umar Danbatta, disclosed this at the 18th Abuja International Trade Fair organised by the Abuja Chamber of Commerce and Industry (ACCI) in Abuja, Nigeria’s capital, tagged “Sustainable Financing and Taxation’’.

Danbatta, represented by the Director, Consumer Affairs Bureau, Umar Alkasim, also revealed that the number of active internet subscribers was 159,034,717 million with broadband penetration at 45.57 per cent as at August, 2023.

He said the competitiveness of Nigerian businesses depend on their ability to leverage on new technologies by acquiring the necessary digital skills to do business on an international scale.

Telecom Subscribers To Pay 5% Tax On Calls, Text, Data

The NCC Boss said the Commission’s regulatory efforts in deepening access to digital services would benefit Nigeria and make it competitive comparable with other economies in the areas of job creation and contribution to Gross Domestic Product (GDP) growth.

“NCC’s regulatory efforts in deepening access to digital services will benefit Nigeria and make it competitive comparable with other economies in the areas of job creation; contribution to Gross Domestic Product (GDP) growth.

“Emergence of new services and industries; workforce transformation, and business innovation.

According to Danbatta “It is in our response to ensuring that Nigeria is competitive in all these areas that the Commission continuously puts a number of regulatory measures in place to ensure seamless access by Nigerians to telecommunications services.

“This is in order to deepen competitiveness of the Nigerian economy by making our businesses and industries digitally compliant.”

To sustain the steady growth of telecoms sector, the EVC said NCC would continue to create a conducive environment.

He said an environment that would stimulate deployment of robust broadband infrastructure to improve the Quality of service (QoS) and Quality of Experience (QoE) for telecom consumers, be it individuals or corporates.

“This is because, as a country, we need robust telecoms infrastructure that will help our industries transit to becoming Information and Communication Technology (ICT)-driven if we hope to be digitally competitive on the global stage,” he said.

The Director, Consumer Affairs Bureau, Umar Alkasim, reiterated NCC’s was commitment to ensure fair competition and a level playing field for all stakeholders in the telecommunication industry.

Alkasim said particularly in safeguarding the interest of consumers from abuse of their rights and privilege, and against unfair practices in the telecom service value chain.

“This commitment is demonstrated by the Commission’s continuous effort to establish seamless programs that would Protect, Inform and Educate (PIE Mandate) telecom consumers through various consumer-centric initiatives,”

Germany-Nigeria Trade Volume Hits €3b– Envoy

By
Rhoda Onuzulike
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The German Ambassador to Nigeria, Annett Günther has expressed the commitment of Germany to deepen and strengthen bilateral relations with Nigeria as trade volume between the two countries hits €3b.

Ambassador Günther stated this while briefing journalists in Abuja, on the bilateral relations between the two countries.

She disclosed that Nigeria is Germany’s second-largest trading partner in Sub-Saharan Africa and an important political, economic and cultural partner.

According to Günther ” Germany contributed a total trade volume of €3 billion in 2022 (up from €2 billion in 2021) and the European Union is Nigeria’s most important trading partner with total trade volume of €45.8 billion.”

She also gave the assurance that “Germany’s foreign Direct Investment (FDI) in Nigeria will prospectively surpass the €1 billion mark.”

According to the envoy, Germany’s main export to Nigeria are machines (28%), food products 20% and chemical products (19%) while Nigeria’s main exports to Germany are crude oil 83%, food products 12% other raw materials 4%.

She also revealed that no fewer than 90 German companies currently operate in Nigeria, creating 17,000 jobs directly and minimum 10-fold indirectly.

The envoy also noted that all the European Union countries put together have generated around 160,000 jobs in Nigeria.

In the area of developmental cooperation, she said Germany has also invested over €600 million in development projects across all sectors of Nigeria economy.

“Germany has committed a total of 600 million Euros in development cooperation grants in ongoing projects and another 620 million pledged to ECOWAS in current projects.”

In terms of humanitarian assistance, the envoy said Germany remains the second biggest donor to Nigeria “with €50 million in 2022 on activities such as protection, food security, health and shelter that save lives every day.” Ambassador Günther said.

In the fields of energy and climate, Günther stated that a bilateral energy partnership to build up renewable energy production and improve energy efficiency has existed between both countries since 2008.

“This has been expanded in line with Nigerian Government’s National Hydrogen Strategy with the opening of a German-Nigerian Hydrogen Office in Abuja, which supports the hydrogen sector with a view of increasing Nigeria’s export capabilities.

“Presidential Power Initiative is ongoing to improve Nigeria’s electricity grid with Siemens technology as a basis for enhanced economic growth.

“There is interest by German companies in implementing Nigeria’s Energy Transition Plan (ETP), using German high-tech investments in climate-friendly technology,” Gunther stated.

The envoy said both countries have 22 University cooperation’s with 4,000 Nigerian Students currently schooling in Germany.

Trade Volume Hits N1.12bn On Nigerian Stock

She further revealed that more than 1000 of the students are on scholarships.

She also disclosed that 2000 Nigerians passed the German language examinations at the Goethe Institute in 2022 as part of the countless exchanges between both countries.

Other area of support to Nigeria, the envoy said include training 600 police trainers, refurbishing training colleges and providing mobile barracks in support of the Nigerian Police Reform and Transformation Office (PORTO) within NPF as a hub for reform.

In terms of German Government’s cooperation with Nigeria, Ambassador Günther explained that Germany implements its cooperation activities in Nigeria in the three pillars of Development, Stabilisation and Humanitarian, as well as Democracy, Rule of Law and Human Rights.

She reiterated the commitment of the German government to return all the Benin Bronzes in Germany possession to their country of origin- Nigeria.

According to the envoy, “the ownership of more than one thousand Benin Bronzes in Germany was transferred to the Nigerian government in 2022.”

Ambassador Günther dislosed that December last year, the German Foreign Minister Annalan Beerbock visited Nigeria, specifically to personally to return twenty most valuables and beautiful bronzes.

NDIC Disburses N1bn to Depositors of Liquidated Banks

By
Rhoda Onuzulike
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0

The Nigeria Deposit Insurance Corporation, NDIC, said it has disbursed about N1.084 billion to 29,573 depositors of over 179 Microfinance Banks (MfBs), and four Primary Mortgage Banks (PMBs) whose licenses were revoked by the Central Bank of Nigeria (CBN) as at 22nd September 2023.

The Managing Director/Chief Executive, NDIC, Bello Hassan, disclosed this on the occasion of NDIC’s special day at the 18th Abuja International Trade Fair, Thursday.  

He stated: “Recently, following the revocation of licenses for 179 MfBs and four PMBs by CBN, the NDIC immediately commenced liquidation of the banks and began disbursing insured sums to depositors within just 7 days of the closure of these banks.

132 Microfinance Banks Licences Revoked By Central Bank

“It’s important to note that as at 22nd September 2023, the corporation had paid a cumulative insured sum of N1.084 billion naira to 29,573 depositors of the closed MFBs/MPBs.  

“It is however instructive to let you know that payments are still ongoing and depositors with funds exceeding the insured limit will receive liquidation dividends after recovery of debts and sale of physical assets of the closed banks.

“Currently, the corporation is in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 closed banks.”

The affected banks were: Allied Bank, Peak Merchant Bank, Commerce Bank, Continental Merchant Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Icon Merchant Bank, Liberty Bank, Nigeria Merchant Bank, North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank and Merchant Bank.

The corporation urged eligible parties to  visit   its website for more information and download verification forms.

The NDIC boss further warned Nigerians against patronising banks that are not legitimately licensed by the Central Bank of Nigeria, CBN, or covered by the NDIC deposit insurance scheme.

Customs Brokers Protest Alleged 200% Increase in Duty

By
Rhoda Onuzulike
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Customs brokers under the aegis of the Association Concerned Freight Forwarders, ACFF, Thursday, commenced moves against the recent increment in the payment of import duties, a development, said would further trigger inflation in the economy.

Speaking to newsmen after a meeting in Lagos, Convener of the meeting, Ndubisi Uzoegbo, said that the leadership of the Nigeria Customs Service, NCS, increased import duty by 200 percent, lamenting that people are trading in Nigeria at a great risk.

Uzoegbo also said that besides the increase in import duty,  shipping companies and terminal operators have also increased their charges by over 70 percent without  recourse to its impact on people.

Customs Strengthen Ties With Others Agencies To Tackle Crimes

He added, “The system we are operating is no more favourable to us, the increment in duty payable is affecting us. As it stands now, we can no longer pay our workers. The shipping companies’ increment and the terminal operators’ increment are unacceptable.

“Every practitioners of freight forwarding, including the transporters, will be mobilized to protest this arbitrary charges because we can’t continue    this way and if we want this country to work, we have to get it right and the time is now”.

Similarly, Jonny Ubaka, Coordinator of the group, said that if urgent steps were not taken to stem the trend, it could lead to anarchy, adding that the current situation would  further compound  traders’ woes.

He stated: “There are modalities of increasing duty, there is a procedure and it is contained in the Customs and Excise Management Act, CEMA”. Commenting on the development, Yusuf Danladi, a concerned freight forwarder, said that the current situation affects every Nigerian, noting, “every increase in duty payment will come back to the final consumer”.

Ajaokuta Free Trade Zone to Attract Foreign Investments

By
Rhoda Onuzulike
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Minister of Steel Development, Prince Shuaibu Abubakar-Audu has revealed the Federal Government plan to make the Ajaokuta environ a Free Trade Zone to attract Foreign Direct Investment (FDI) and to diversify the economy of the country.
Abubakar-Audu disclosed this at his maiden visit to the Ajaokuta Steel Company Limited (ASCOL) on Wednesday, as he took a tour of the complex.

He also pledged his commitment to ensure the production of steel from the multi-billion dollar investment project of the Federal Government under a three-year plan.

The News Agency of Nigeria (NAN) reports that the minister was accompanied on the trip by the Permanent Secretary of the Ministry, Dr. Mary Ogbe, Staff of the Ministry, and some foreign investors

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Abubakar-Audu said that the visit was aimed at getting a first-hand knowledge of the problems stopping production in the company in a bid to proffering solutions.

He said that President Bola Tinubu had also taken interest in the resuscitation of Ajaokuta Steel Complex by appointing him as the pioneer Minister to show the world the importance of Steel Development to Industrialization.

He further stated that Ajaokuta Steel Company if gotten right would create over 500,000 jobs which would be enough to lift Nigerians out of poverty.

“We want to thank President Bola Tinubu for having the vision to create a Steel Development Ministry.

“Over the past 40 years, we had the largest Steel Plant in Nigeria and one of the largest West Africa which has not functioned.

“But the President knows that in order to industrialize Nigeria, we have to get the steel industry working,” he said.

According to him, in line with the key point agenda of ‘Renewed Hope’ of President Bola Ahmed Tinubu, some of the key elements are job creation, diversification of the economy and to attract Foreign Direct Investment.

“If we are able to revitalize Ajaokuta, it will help us achieve this. This key point agenda will also help us eradicate poverty.

“To achieve this, we have put together two documents. A three-year plan for the revival of Ajaokuta Steel Company which will have a Small and Medium Term Plan.

“Part of the things is the roadmap to designate the 24,000 hectares land of Ajaokuta an Industrial Park, to create a Free Trade Zone that will further attract Foreign Direct Investment,” he said.

He said that his job was to ensure that all those typical issues that held the plant from producing be resolved.

Read Also: Fed Govt expended $10b on Ajaokuta
steel so far, assures on speedy completion
“And by the first term of this administration, if we are able to produce some sheet of steel, it will be a significant achievement.

“I have taken an extensive tour of the complex and plants, and there are lots of opportunities that if we are able to unlock we will be able to create over 500,000 jobs, which ill benefit kogites a bit more importantly, Nigerians.

“This will also guarantee that everyone benefits from the renewed hope agenda of President Bola Ahmed Tinubu, ” Audu said.

Audu said that he was on the tour with potential foreign investors and experts who have shown. Interest in bringing FDI to unlock these potentials.

Different investors given different components also worked in resuscitating moribund steel plants in other countries.

The Minister said that the investors will carry out an advanced technical audit of the steel complex and its facilities so see what more is to be done.

“I am being accompanied here today by investors who are ready to put their expertise to ensure that this steel company works.

“We have the Russians, Americans, Arabs and Chinese who are showing interest. They have come to show their desire to carry out an advanced technical audit to see what needs to be completed.

“After my findings from here, we will forward everything to Mr President for his approval,” Audu said.

Audu said that in addition to the three-year plan, there was a five-year plan which would also see to ensuring the production of steel in other parts of the country.

Mr Sumaila Abdul-Akaba, Sole Administration and Chief Executive Officer, thanked Mr President for reviving the hope of Nigerians by making Ajaokuta a priority again.

Abdul-Akaba also commended Audu for his great vision and plans in reviving the company, noting that Ajaokuta is a land of vast opportunities.

“Unlike the thinking of so many people, Ajaokuta is not obsolete but only requires the right attention to get the multi-billion dollar running again.

“All we have to do as staff is to join hands with the visions of the President and also key into the plans of the Minister,” Abdul-Alkaba said.

Mr Jalil Hkoodshoev, a Foreign Investor from Novostal-M Company in Russia, lauded the initiatives of Mr. President in reviving the company.

Hkoodshoev noted that with what they had seen on ground, they were e very interested in investing in the company.

He added that the resuscitation of the company would be a big impact not only to Nigeria but the entire West Africa, and the African region in general.

“I assisted His Excellency with this trip to Ajaokuta, I am mesmerized about the size of the plant. It is amazing and I think that the initiatives that have been taken by His Excellency, the President of Nigeria will have a big impact not only for Nigeria but all the sub-region and all of Africa.

“I hope that in the next couple of years, we can participate also as partners of the government for this project, and for the steel business,” Hkoodshoev said.

Federal Govt. Loses N847bn To Gas Flaring- Agency

By
Rhoda Onuzulike
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The Federal Government lost about N843bn to gas flaring between January 2022 and August 2023, data obtained from the National Oil Spill Detection and Response Agency has shown.

NOSDRA, in its latest gas flare report, disclosed that oil and gas companies operating in the country, between January and August 2022, flared 147.1 billion SCF of gas, valued at $514.9m, about N390bn (using Central Bank of Nigeria’s current exchange rate of N757.5 to a dollar.).

Again, the firms, between January and August 2023, flared 171.1 billion standard cubic feet of gas valued at about $599m (N453bn).

This gives a total of about N847bn lost between January and August last year and the same period this year.

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According to the report, the volume of gas flared in the eight-month period this year was 16.28 per cent higher compared with the same period in 2022.

It added that the gas flared in the first eight months of this year had the potential of generating 17,100 gigawatts/hour of electricity; while it emitted 9.1 million tons of carbon dioxide into the atmosphere.

In addition, it noted that the offending companies were liable for penalties of $342m, about N251bn, adding, however, that a large chunk of the penalties was never collected by the Federal Government.

In comparison, the oil spill remediation agency stated that between January and August 2022, the oil firms were liable for penalties of about $294m (N223bn) and that the gas lost had a power generation potential of 14,700 GWh of electricity, while it was equivalent to carbon dioxide emissions of 7,800 tonnes.

Some of the offending companies, according to NOSDRA include Shell Petroleum, Development Company, Nigerian Petroleum Development Company, Chevron Nigeria, Mobil Oil, Elf Petroleum Nigeria, Nigeria Agip Oil Company, Addax Petroleum, Texaco Overseas (Nigeria), Cromwell and South Atlantic Petroleum, among others.

These companies flared gas from Oil Mining Leases 04, 05, 11, 13, 14, 17, 18, 22, 28, 23, 24, 38, 40, 42, 43, 72, 49, 54, 90, 95, 67, 70, 104, 59, 99, 100, 101, 102 and Oil Prospecting Licenses 222, 316 and 306, among others.

The report comes on the heels of FG’s pledge to the United Nations in 2020, to attain zero gas flare by 2060, ten years after the UN’s 2050 target.

Exporters Decry Extra Charges at Export Terminals

By
Rhoda Onuzulike
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0

Months after the management of the Nigerian Ports Authority approved export processing terminals to boost agro exports, exporters have lamented that the terminals have added extra cost to what they had before.

The NPA in 2022 approved five export-processing terminals to boost the nation’s agro-export.

The Managing Director and Chief Executive Officer, NPA, Mohammed Bello-Koko, at the public presentation of export processing terminal licenses in Lagos, explained that movement of agro-export boxes arriving at the ports from Lagos & Ogun states shall only be allowed into the ports from any of the five EPT.

Bello-Koko who was represented by the Executive Director, Marine and Operations, Mr. Onari Brown, disclosed that for export containers arriving from the Domestic Export Warehouses located across the country, the authority is committed to receiving export containers subject to compliance with the traffic management put in place by the Lagos State Government in collaboration with the Nigerian Ports Authority.

However, the Chief Executive Officer of LWL Concept, Wasiu Lawal, in a chat with the PUNCH in Lagos on Wednesday, said the terminal is coming as an extra cost to exporters.

“We pay N34, 600 to make use of the ETP and if you miss your vessels and you want to validate, you will pay additional N30, 000 to the shipping company. But before now we don’t pay anything apart from the terminal charges N65, 000 and the local charges is N35, 000. We still pay for those things including the new ETP amount you see that the stuff is coming with an additional cost which made the stuff an extra cost to us.” he stated.

He said that the charges for EPT vary depending on the one you want to use.

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Lawal also said that the situation has made it difficult for Nigerian exports to compete favourably in the global market as their prices are always higher due to the extra charges they pay here.

He, however, called for more ETPs, adding that the ones available can’t handle the volume of exports.

According to him, “We need more government interventions and we need exports to be less expensive. We need more terminals because the ones we have now are overcrowded. So far it has both good and bad effects, because if we don’t have these terminals, the situation may be worse. We need more of these terminals because it can lead to more export and also bring in bilateral relationships between Nigeria and other countries,” he noted.

The Chief Executive Officer of Femat International Services Nigeria Limited, Olabanji Olufemi, urged the necessary agencies to look into the double payment exporters are subjected to when using the facilities.

Olufemi who is also the Lilypond Chapter Chairman of the Association of Nigerian Licensed Customs Agents, said, “We pay double, they should do something about it.”

World Bank Warns CBN Against FX Control, Others

By
Rhoda Onuzulike
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0

The World Bank on Wednesday advised the Central Banks of Nigeria, Ethiopia, and Uganda to refrain from unconventional measures that might undermine their monetary policies.

According to the Washington Bank, these measures include “monetizing the fiscal deficit, direct lending interventions, untargeted subsidy programs, and foreign exchange controls.”

The lender emphasised the critical challenge of inflation faced by monetary authorities in the region, particularly in countries struggling with “underdeveloped financial systems, a substantial informal sector, and a lack of coordination between monetary and fiscal policies.”

The organization highlighted the potential consequences, stating, “If monetary and fiscal actions are not adequately coordinated to bring down inflation, the risk of de-anchoring inflation expectations would fuel further inflation, accelerate interest rate increases, and exacerbate the deceleration of economic activity.”

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In its Africa’s Pulse report, the World Bank underscored the persistent inflationary challenges faced by most regional countries.

Africa’s Pulse is a bi-annual publication of the Office of the Chief Economist in the World Bank Africa Region. It analyses the continent’s short-term economic prospects, current development challenges, and a special development topic.

The 2023 edition of the report attributed the inflationary challenges to several factors, including “a global demand slowdown, eased supply chain disruptions, lower commodity prices, and stricter monetary policies.”

Despite a projected decrease to 7.3 percent in 2023 from 9.3 percent in 2022, 18 countries are still contending with double-digit inflation.

The report highlighted the impact on households, particularly the poor, who allocate a significant portion of their earnings to food, due to rising food and fuel costs and weakened domestic currencies.

Regarding fiscal matters, the report expressed concern over the slow progress of fiscal consolidation efforts in some countries. In 2023, fiscal deficits remain higher than pre-pandemic levels for nearly two-thirds of the region’s nations.

The World Bank stressed the urgency of addressing these issues, emphasizing the need for “domestic resource mobilization and efficient spending” to mitigate fiscal and debt sustainability risks, curb inflation, and create room for development expenditure.

The World Bank acknowledged the efforts of certain countries, such as Kenya and Ghana, in implementing revenue reforms, and Angola and Nigeria in subsidy reforms, signifying the region’s commitment to fiscal consolidation.

Additionally, the adoption of digital tools for tax administration and compliance has become a recent trend in the region.

Electricity: 47 Companies Bid for W/Bank’s 1.25m Meters

By
Rhoda Onuzulike
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0

The Federal Government Thursday began opening bids from 47 companies for the supply of 1.25 million electricity smart meters funded by the World Bank’s $155 million loan.

The bid opening is part of the Federal Government’s National Mass Metering Programme started in 2021 with the supply of one million meters in “phase -0”. The phase-1 of the project however failed to kick-off as the N200 billion funds expected from the Central Bank of Nigeria, CBN, failed to materialise.

This prompted the World Bank intervention of a $500 million loan for the phase-2 with the balance $345 million going directly to the electricity distribution companies, DisCos, to fund the expansion of the distribution networks across the country.

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Speaking at the opening of the bids in Abuja, the Special Adviser to the President on Energy, Olu Veihejen expressed the commitment of the Federal Government to provide meters for all electricity customers and estimated billing in the Nigerian electricity market.

According to her, “The Federal Government of Nigeria is committed to delivering reliable and cleaner electricity to Nigerian people and businesses. We are embarking on reforms that will improve the performance of Distribution Companies as we continue our trajectory to cost reflective tariffs. In the first step to fulfilling our campaign promise to end estimated billing, we are launching phase two of the ambitious National Mass Metering Programme.

“The phase involves procuring 1.2 million pre-paid meters, with the procurement process set to begin this month, ending estimated billing which Nigerians have complained about for decades and ensuring cost reflective tariff etc”, Veihejen stated.

Also speaking on the programme, the Assistant General Manager, World Bank PIU, Transmission Company of Nigeria, TCN, Engr. Tukur Musa Bamalli, explained that the first set of meters under phase-2 are expected by June next year.

Bamalli explained that “we are procuring 1.25 million meters funded by the World Bank to supply the smart meters to the eleven distribution companies in order to end estimated billing. The loans became effective in February 2023. The contracts will be signed very soon.

“The NMMP is in three phases, phase 0, 1 and 2. This is under phase 2 of the mass metering programme funded by the World Bank for $155 million”.

He explained that local companies would be given special consideration as they are allowed “to bid up to 15 percent higher than the foreign companies for the lots available”.  

He expressed optimism that the entire 1.25 million meters would have all been supplied by the first quarters of 2025.

Atiku invites Obi, Kwankwaso to join in upholding good morals in governance

By
Mana Balagbogbo
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0

The Peoples Democratic Party (PDP) Presidential candidate Atiku Abubarkar in a world press conference on Thursday for the first time spoke to the world on the verdict of the appeal court that upheld the victory of President Bola Ahmed Tinubu which LN247 earlier reported that he was going to challenge at the Supreme Court. This comes in the light of evidence gotten from Chicago State University disclaiming the certificate presented by President Tinubu to INEC before the elections.

Atiku called on the people to defend the ground rules in the country regarding electoral laws stating the constitution requires that those who seek office must have their certificates verified by relevant bodies stating for the sake the country’s reputation.

He further thanked the lawyers in Nigeria and the United States for assisting Nigerians in bringing clarity to the issues that defined the country, Nigerians and journalists across the country for exposing the water gate scandals and bridging the gap where government had failed.

Atiku made a call to fellow candidates who contested during the elections: Candidate of the Labour Party, Peter Obi and the candidate of the New Nigeria Peoples Party, Rabiu Kwankwaso to join hands in bringing accountability and upholding good morals and uprightness in government.

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