Ict/Telecom
ATCON Tasks ICT Regulators On Convergence
The Association of Telecommunications Companies of Nigeria (ATCON) has called on regulators in the Information and Communication Technology (ICT) industry to consider merging.
ATCON’s President, Mr Olusola Teniola, told newsmen last Tuesday in Lagos that the absence of a converged regulatory environment was preventing convergence of services in the industry.
Teniola claimed that there had been the reluctance to embrace convergence by relevant government agencies and commissions in the ICT sector.
He said that bureaucratic bottleneck frustrated efforts of the immediate past Minister of Communications, Dr Omobola Johnson, to actualise the convergence.
According to him, the coming together of all the establishments will accelerate the process.
“Convergence refers to the integration or merging of previously separated services in telecommunications/telephony, media/broadcasting and internet technologies into a single technological unit.
“The practical consequence is interoperability and the ability to access and operate services through a single device, for example, accessing the internet or broadband through a mobile phone.
“However, convergence is not complete in most developing countries, such as Nigeria.
“The implication is that the benefits of a converged ICT environment have been limited by the absence of a converged regulatory environment as well as a binding legal framework,” he said.
Teniola said that multiple regulation and taxation from federal, state and local governments also hindered convergence.
He said that this placed major obstacles, which slowed down network expansion needed for convergence.
The ATCON president said that the Federal Government, through the Nigerian Communications Commission, had the exclusive right to regulate the telecommunications industry.
“It has become a common practice for any government agency; be it federal or state to solicit for one levy or the other from operators.
“Some demand that operators secure approval from them, which come with high fees, before they can build infrastructure.
“The list of taxes from states and local governments include planning permit fee, tenement rate, business premises registration fee, effluent discharge fee, environment impact assessment fee, advert rate, site analysis report fee, among others,” he noted.
The Tide reports that the National Information Communication Technology Policy (ICT), 2012 states that the Nigerian ICT sector is guided by policies and enabling laws such as the National Telecommunications Policy, 2000, and the National Mass Communication Policy.
Others include the National Broadcasting Commission Act, 1992 (as amended), Nigerian Communications Act, 2003; Nigerian Postal Service Act, 2004.
The policies and laws also include the National Information Technology Policy, 2000; NITDA Act, 2007; and Wireless Telegraphy Act, 1990.
Section 6.5 of the National ICT Policy, 2012, recognises the need for a converged regulator.
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
