Business
NCC Faults Falana’s N600bn Loss Claim
The Nigerian Communications Commission (NCC) has faulted the claim by Lagos lawyer, Femi Falana, (SAN) that the country was losing about N600 billion from the telecommunications industry.
The NCC, through its Executive Commissioner, Stakeholders Management, Sunday Dare, faulted Falana’s claim in a statement in Lagos last Monday.
Dare gave assurance to stakeholders in the telecommunications industry that the NCC was committed to due process and high integrity in its regulatory roles.
Reports say that Falana said the loss was due to the failure of the commission to issue “contract award letter’’ to a firm that allegedly won the contract for the implementation of “Revenue Assurance Software”.
Falana, in a publication titled: “How NCC is making Nigeria Lose N600billion Revenue Every Year”, threatened to sue the commission within two weeks, if it failed to issue the letter.
“Our attention has been drawn to sponsored reports alleging that the Federal Government of Nigeria is losing up to N600 billion yearly.
“Ostensibly because of the alleged failure of the Nigerian Communications Commission (NCC) to issue a “contract award letter” to a firm which supposedly won a contract to implement a Revenue Assurance Software.
“Ideally, the commission would not join issues in the media on what is essentially an ongoing procurement exercise of a very sensitive nature.
“We are however obliged to make this clarification, so as to set the records straight, and to reassure stakeholders of the commission’s commitment to due process.
“As well as the integrity of its regulatory and other processes which were unfairly called into question by the said media publication.
“For the records, there is no iota of truth whatsoever in the allegation of revenue losses to the tune of N600 billion from the telecommunications industry,’’ Dare said.
He said that the industry currently contributed a significant portion to the National Gross Domestic Product (GDP) and government revenues.
According to him, NCC’s initiative of implementing a Revenue Assurance System was motivated by its firm belief that the industry has the potential to generate more revenue for government.
The executive commissioner said that the commission had deployed remarkably stringent processes with which it monitored the industry and collected all revenues.
“We considered it necessary to enhance the effectiveness of these processes by proactively blocking any potential gaps, through the use of available and proven cutting-edge technology solutions.
“The Revenue Assurance System is therefore to provide an additional layer of assurance that our licensees continue to meet their obligations without fail.
“The wildly exaggerated loss of N600 billion annually to non-implementation of a particular system by a particular vendor as alleged in the said publications is therefore simply not true.”
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter