Ict/Telecom
NATCOMS Hails Fine On Glo, MTN
Managing Director, tv Enterprises, Mr Maxwell Loko (left) Minister of Information, Mr Lai Mohammed (middle) during the minister’s inspection of nta digitisation facilities in Jos. With them are other government officials.
The National Association
of Telecommunications Subscribers (NATCOMS) says that it supports the N34 million fine meted out to Globacom and MTN for Mobile Number Portability (MNP) business rules and regulations breaches.
The President of NATCOMS, Chief Deolu Ogunbanjo, said the association supported it because the telecommunications operators did not take the number portability seriously.
“NATCOMS is in total support of the fine in view of the fact that the telecommunications operators are not taking the Mobile Number Portability seriously.
“The lack of seriousness of the operators to porting service is a choice deprivation to subscribers.
“The sanctioning will make the service providers now take MNP more seriously,’’ he said in Lagos.
The Nigerian Communications Commission (NCC) fined MTN Nigeria and Globacom Ltd N34 million for non-compliance to MNP business rules and regulations.
The regulatory body made the disclosure in its 2015 Q4 Compliance Monitoring and Enforcement Reports.
NCC said that out of the N34 million sanction, Globacom was fined N22 million, while MTN was fined N12 million.
In the 2015 Q3 Compliance Monitoring and Enforcement Reports, NCC said it had resolved to monitor and sanction violations with MNP process time obligations to address the increasing cases of porting request rejections.
It said that consequent upon the above, series of compliance checks were carried out regarding timer violations by Donor Operators with respect to “validation and deactivation responses’’ which had timelines of 2 hours and 1 hour respectively.
“After investigations by the regulatory body, MTN and Globacom were found wanting, hence, they were fined N34 million in the Q4 2015’’.
The telecoms umpire said in its 2015 Q4 Compliance Monitoring and Enforcement Reports that the two telecommunications companies had paid the fine.
It also said that the commission’s activities were consistent with Section 89 of the Nigerian Communications Act 2003.
The commission noted that the section mandated NCC to monitor all significant matters relating to the performance of all licensed telecoms service providers and publish annual reports at the end of each financial year.
NCC said it had developed Compliance Monitoring and Enforcement strategies to prosecute the above mandate.
The commission also said that the strategies would enable it to achieve its objective of fair competition, ethical market conduct and optimal quality of service in the Nigerian telecommunications industry.
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
