BUSINESS
NCC Blames Fast Data Depletion on Explosion of New Global Technologies
Inundated with complaints about fast depletion of data after the daily, weekly and monthly subscription of data bundles from telecom service providers, the Nigerian Communications Commission (NCC) has traced such fast data depletion to the advancement and explosion of new technologies across the globe.
The NCC, which exonerated telecoms subscribers from being responsible for fast data depletion, blamed the situation on the advancement of new technologies that have high rates of data consumption due to its increased download speed and connectivity speed at very low latency.
Telecoms consumers have continually complained to the NCC about the high rate at which their data bundles are consumed, shortly after they subscribe to the available data plans offered by telecoms subscribers.
Some of the subscribers had complained that their monthly data subscription plan does not last for one month before it is exhausted and they are immediately cut off from having access to the internet, while some said within few hours of their daily and weekly data plans subscription, they would be automatically disconnected from the internet, not allowing them to enjoy full browsing of the internet.
Addressing a large audience at the 91st edition of the Telecoms Consumer Parliament (TCP), which held in Abuja, with the theme, “Data Depletion:
Discussions on Various Perspectives,” the Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, in his opening remarks, said: “We are gathered to deliberate on the issue of data depletion, which has become one of the most prevalent complaints received from the telecom consumers in the wake of their recent migration to 4G/LTE technology.
According to Danbatta, Mobile Network Operators (MNOs) all over the world have had to face challenges occasioned by emerging technologies. Particularly during the pandemic, employees and students alike were forced to operate from home during the lockdown, which stretched the existing infrastructure to its limits.
“This deliberation could therefore not have come at a more auspicious time, as Nigeria moves with the rest of the world towards 5G technology following the issuance of 3.5GHz spectrum licenses to MTN Nigeria Communications
Limited, MAFAB Communications Limited, and Airtel Networks Limited.,” Danbatta said.
Head, Consumer Affairs Bureau at NCC, Mr. Ayanbanji Ojo, said: “As a nation, we have struggled with the effect of the COVID-19 lockdown, which necessitated an upsurge in the use of data-enabled devices for communication, whether for school, work or social interaction. Our Mobile Network Operators have also had to upgrade their infrastructure so as to accommodate the extra pressure brought on by streaming platforms necessary for consumers to work, school and socialise.”
BUSINESS
CBN Unveils New Minimum Capital Requirements For Banks
Gives Them 24 months To Recapitalise
By Tony Obiechina, Abuja
Days after urging Nigerian banks to expedite action on the recapitalisation of their capital base in order to strengthen the financial system, the Central Bank of Nigeria (CBN) on Thursday, March 28, 2024, unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500 Billion.
Confirming this in Abuja, on Thursday, March 28, 2024, the Acting Director, Corporate Communications Department, Mrs.
Hakama Sidi Ali said the new minimum capital base for commercial banks with national authorisation is now N200 Billion, while the new requirement for those with regional authorization is N50 Billion.Mrs. Sidi Ali also disclosed that the new minimum capital for merchant banks would be N50 Billion, while the new requirements for non-interest banks with national and regional authorisations are N20 Billion and N10 Billion, respectively.
A circular signed by the Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, to all commercial, merchant, and non-interest banks and promoters of proposed banks emphasized that all banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026
According to the circular, the move, initially disclosed by the CBN Governor, Olayemi Cardoso, in his address to the Annual Bankers’ Dinner in November 2023, was to enhance banks’ resilience, solvency, and capacity to continue supporting the growth of the Nigerian economy.
To enable them to meet the minimum capital requirements, the CBN urged banks to consider inject fresh equity capital through private placements, rights issues and/or offers for subscription; Mergers and Acquisitions (M&As); and/or upgrade or downgrade of license authorisation.
Furthermore, the circular disclosed that the minimum capital shall comprise paid-up capital and share premium only.
It stressed that the new capital requirement shall not be based on the Shareholders’ Fund.
“Additional Tier 1 (AT1) Capital shall not be eligible for meeting the new requirement. Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorisation.
“In line with extant regulations, banks that breach the CAR requirement shall be required to inject fresh capital to regularise their position,” it added.
The CBN circular said the minimum capital requirement for proposed banks shall be paid-up capital, adding that the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024.
It noted that the CBN would continue to process all pending applications for banking licenses for which a capital deposit had been made and/or an Approval-in-Principle (AIP) had been granted.
However, it said that the promoters of such proposed banks would make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.
Meanwhile, the CBN said all banks are required to submit an implementation plan (clearly indicating the chosen option(s) for meeting the new capital requirement and various activities involved with their timelines) no later than April 30, 2024.
The CBN also disclosed that it would l monitor and ensure compliance with the new requirements within the specified timeline.
Economy
Value Addition is new Standard in Mining Operations – Alake
The Minister of Solid Minerals Development, Dr Dele Alake has declared value addition as the new indispensable standard for mining operations in the country.
Alake made the declaration in a statement issued by his Special Assistant on Media, Mr Segun Tomori, on Tuesday in Abuja.
The minister had earlier said that the federal government had resolved to ensure compliance to value addition before permitting investors to operate.
He said that his seven-point agenda for the ministry had placed the mining sector on the global front burner since assuming office, which had generated renewed interest from the international community in Nigeria`s mineral resources.
According to the statement, the minister lauded a mining company, African Natural Resources and Mines Ltd.
(ANRML), during an inspection tour in Kaduna State, for its 600 million dollar facility dedicated to the mining and processing of magnetite iron-ore.He described the move as in line with the government`s resolve for value addition, which is especially apt given President Bola Tinubu`s quest to develop the solid minerals, to boost Nigeria`s economic profile and to meet the global upsurge in energy transition.
“The company aligns with our vision of value addition and beneficiation through its processing of iron-ore, and I urge other mining companies to take a cue from them, “ he said.
He reiterated the government`s commitment to abstain from granting mining licenses to companies that lack the necessary plans for value addition.
The minister acknowledged that resilience, courage and laying a solid foundation were critical in contributing to the company success.
He added that such factors also serve as guidelines for President Tinubu`s administration in its efforts for economic transformation.
“ We have set our minds in this administration and invariably in Nigeria to achieve success, that is why Mr President is restructuring the economy.
“When this company (ANRML) started seven years ago, we saw one of the foundations through the video documentary, the amount of concrete that went in to erect a foundation, just to carry a giant edifice.
“That is what we are going through. When we get through the gestation period, the results will manifest, and it will herald prosperity, “he said.
The minister had stated that no license would be granted to companies wishing to enter the mineral sector without presenting a plan for value addition, such as processing and refining which has multiplier effect on the economy. (NAN)
BUSINESS
NASS Seeks Collaboration with WTO on Improving Digital, Marine Economies
By Eze Okechukwu, Abuja
The Nigerian delegation at the on-going 148th Assembly of the Inter-Parliamentary Union (IPU) in Geneva, Switzerland has sought the collaboration of the World Trade Organisation (WTO) in the area of Digital and Marine economies.
Addressing the WTO media shortly after a courtesy visit to the Director General of the WTO, Dr Ngozi Okonjo Iweala in her office in Geneva on Monday, the leader of the Nigeria delegation, Senator Godswill Akpabio said the delegation were at the WTO to look for areas of collaboration with the organisation in the various sectors of the economy for the overall benefit of Nigerians.
According to him, “We used our attendance at the IPU to pay courtesy visit to one of Nigeria’s very costly export to the world, Dr Ngozi Okonjo Iweala; the Director General of the WTO.
We came to thank her for the job she is doing for the world and thank her staff for supporting and standing by her to succeed. We, in Nigeria are very proud of her.”“We had discussions on the various developmental programmes of the WTO and we noticed that there were spaces where Nigerians can become major players. We discussed issues affecting trade back home in Nigeria and ways in which the National Assembly can assist in removing barriers, through legislation for the benefit of our people.
“We also talked about issue of regulations concerning Digital economic contents, illegal finishing along the coastal states of Cross River, Rivers, Akwa Ibom and Bayelsa states. How Nigerian women could benefit from the recent program funded by the organization was also discussed. The establishment of a Digital trade portal, where-in, all trade information could be accessed by our people top our discussion with the WTO. “
Akpabio noted, “The deliberations were fruitful and we are confident that with our support in all of these, Nigerians would be the better for it.”
In his brief remarks, the Deputy Speaker of the House of Representatives, Benjamin Kalu said, ” our best export to the world took her time to bring us up to speed on the various innovations and initiatives of the WTO and what Africa and Nigeria stand to benefit from. We are going back more refreshed because we have seen a space here for Africa to thrive in business and in trade.”
Speaking in the same vein, the WTO chief described the visit of the Senate president and the Deputy Speaker, to her office as “a huge honour. We were able to talk on those things we are doing at the WTO that would help make a material difference for Nigerians.
“We spoke of recent program that we launched in some development program from the standards and trade facilities to help in improving sanitary and vital sanitary standards for some of the crops in Nigeria, so that it helps in diversifying the economy to even fisheries and illegal mining of the waters of Nigeria.”
According to her, “A lot of things on the table have already been discussed. I am honoured by this visit and I am home-sick.”