Ict/Telecom
New NCC Boss Sets Agenda For Telecoms Growth
Executive Vice-Chairman, Nigerian Communications Commission (NCC) Eugene Juwah, said on Sunday in Lagos that the commission would focus on six key areas for the growth of the telecommunications industry within five years.
Juwah told newsmen that one of the major areas the commission would concentrate on would be the consolidation and integration of mobile wireless services.
He named the other areas as fixed lines and broadband deployment for national development, enhanced competitive market for enhanced consumer choice and vigorous compliance, monitoring and enforcement of regulations.
According to him, the rest are national connectivity for accelerated growth and enhanced international relations.
He said the current mobile network in Nigeria was not fully optimised and that the nation could derive more value from an optimised mobile network, especially with an improved quality of service.
“The commission will encourage the upgrade of mobile networks to include 3G data overlays for the implementation of application services.
“This will include but not limited to mobile payment, estate agency and other entertainment services using the internet as a plank.
“We want to achieve this by implementing the key performance indicators for quality of services that can be possibly monitored independently by the commission with zero tolerance for non-compliance.
“Such wireless network will also deliver enhanced and integrated services to such other national projects as the Emergency Communications Centres being implemented by the commission in the 36 states and the Federal Capital Territory, Abuja,’’ he said.
He said the NCC would strive to bring fixed lines back to homes, schools, offices and businesses, adding that plans for massive deployment of broadband infrastructure were being explored.
“While it is true that mobile phone has attained high penetration and usage, for many homes, businesses and companies, there still exists a yawning need for fixed line access.
“We are therefore, currently working out the details on how to implement this desirable project which would bequeath the nation with an accomplished and robust telephone network for national development.
“This means that the nation will expect more licenses coming out from the commission, while investors are being informed of new opportunities that the Nigerian market presents,’’ Juwah said.
He added that in the next five years, the NCC would concentrate on enhanced competitive market which would ensure enhanced choices for the consumer.
According to him, there is need to enhance the competition in the market to bring about the best in all the operators as competition also breeds best atmosphere for the consumer.
“The situation must change and all the stakeholders in the industry will need to inject a new corporate governance approach towards compliance with existing regulations and directions,’’ Juwah said.
He noted that the Monitoring and Compliance Department, set up by the commission was being equipped with human and material resources needed for effective performance.
Juwah said the regulatory body would focus on national connectivity for accelerated growth in which the commission planned to reduce the distance of access to telecommunications services for every Nigerian.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter