The total number of active subscribers for telephone services fell by 2.71 per cent in the first half (H1) of 2023 following a decline in the subscriber base of MTN Nigeria and Airtel Nigeria.
According to data obtained from the Nigerian Communications Commission, the total number of mobile subscriptions in the country fell to 219.77 million as of the end of June 2023, from 225.82 million recorded in January 2023.
The loss in subscriber base was attributed to MTN Nigeria (84.66m), while still retaining its spot as the largest telco, lost 7.28 million users million mobile subscriptions in the quarter under review to end the period with 84.66 million, from 91.95 million.
Similarly, the subscribers of Airtel decreased from 60.56 million to 60.19 million, indicating a decline of 373,035 users in the customer base of the telecommunications company.
However, Globacom and 9mobile saw their subscriber base increase as those of MTN and Airtel were dropping in the first half, according to data obtained from the Nigerian Communications Commission (NCC).
Surprisingly, 9mobile recorded the highest growth in subscriber base after reporting 546,846 telephony users joined its base, which represents a 4.19 percent increase.
9mobile’s total telephony subscriber base rose to 13.57 million during the review period, up from 13.03 million, the NCC data reported.
Globacom also contributed to the subscriber base, reporting it recorded 61.33 million users at the end of June, compared to the 60.33 million subscribers posted in January – this shows Glo’s base rose by 998,994 users.
Teledensity, the number of active telephone connections per 100 inhabitants living within an area, continued its free fall and declined to 115.30 per cent in the second quarter from 118.48 per cent in the first quarter.
The decline in mobile subscriptions has been blamed on the impact of the country’s economic crisis, naira scarcity, and the decline in purchasing power.
Meanwhile, MTN and Airtel had stated, in its second quarter financial report, that it lost N485.69 billion to the recent fall in the naira’s value.
Author: Chike Ozohili
-
Nigeria’s Active Phone Users Drop In H1 2023
-
Production Cut Pushes Oil Prices To $94.74
Oil prices continued to climb in early trading on Monday as WTI rose to $91.60 while Brent traded at $94.74.
Falling crude inventories and the continuation of the Organisation of Petroleum Exporting Countries (OPEC)+ cuts have sparked an oil price rally that is showing no signs of slowing.
Analysts say prices hit the $100 marks.
China’s latest stimulus measures have only added to bullish sentiment, with hopes rising that the Asian giant is set to get its economy back on track.
Oil prices rose in early Asian trade on Monday, extending last week’s gains amid expectations of an increasingly tighter market and hopes that China’s latest stimulus measures would revitalize the economy.
WTI Crude prices were trading above $91 per barrel in early Asian trade on Monday, at $91.50, up by 0.85%. The international benchmark, Brent Crude, was above the $94 a barrel mark and traded 0.69% higher at $94.57.
Falling global inventories amid a tightening market with the OPEC+ and Saudi production cuts have supported oil prices in recent weeks.
One of China’s latest policy moves to jumpstart the economy has also made market participants and analysts more bullish on oil. Last week, China cut the reserve ratio for banks for a second time this year in a move to increase liquidity in the system.
“China’s stimulus policy, resilient US economic data, and OPEC+’s ongoing output cuts are the bullish factors that support the oil market’s upside movement,” Tina Teng, a market analyst at CMC Markets, wrote in a note.
Senior market analyst at OANDA, Ed Moya, said that “After a third week of gains, crude prices are not seeing the typical profit-taking as the short-term crude demand outlook gets a boost from improving US and Chinese economic data.
“The oil market is going to stay tight a while longer, but we might need to see a fresh catalyst to send oil to triple digits,” Moya added. -
We Generated N8.5trn In 9 Months –Nami
Outgoing Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami has said the Service generated the sum of N8.5 trillion between January 1 and September 14.
Nami, who said this at the handover ceremony to the incoming Acting Chairman of the Service, Mr Zach Adedeji on Monday in Abuja, added that he implemented reforms that improved the operations of the FIRS in line with the mandate given to him when he took over in December 2019.
President Bola Ahmed Tinubu had last week appointed Zaccheus Adedeji to head the revenue Service as acting Chairman.
According to Nami, the reforms introduced helped boost the federal government’s revenue.
With the NNPC Limited putting a stop to his FAAC contribution from January 2022, analysts noted that tax revenue became the mainstay of distributable revenue by the Federal Accounts’ Allocations Committee (FAAC).
In his address, the acting head of FIRS, Zaccheus Adedeji, said the Service will continue to employ technology as it seeks to achieve its mandate of improving Nigeria’s tax revenue.
The former Oyo finance commissioner noted that with the government spending 96 per cent of its revenue on debt servicing, improving tax revenue collection was not negotiable.
“This stark reality necessitates swift and resolute action on our part. We cannot afford to delay; we must act decisively to reverse this concerning trend,” he said.
The Acting FIRS Chairman stressed that during, he will focus on further improving tech use by the Service in a bid to fortify it against revenue leaks, and bolster coordination and accountability within the Service.
He said, “Our overarching goal is to nurture voluntary tax compliance by establishing a modern, dependable tax system that gamers the trust and admiration of all stakeholders. Through this, we hope to Create an environment where taxpayers willingly fulfil their civic duties.
“For those who deviate from their tax obligations, rest assured, we will enforce our responsibilities judiciously. We will implement a robust enforcement model that effectively defers tax evaders while maintaining fairness and transparency in our processes.
“A fundamental aspect of our mission is to elucidate to taxpayers why their civic duty matters. We are committed to simplifying our tax system, making it accessible and comprehensible, thereby facilitating voluntary tax payments and fostering a sense of civic responsibility.
“Quality data will be the cornerstone of our operations, enabling us to measure our progress, make informed decisions, and maintain the highest standards of accountability. We recognise that data-driven strategies are essential to our success.”
-
Bandits Kill 2, Kidnap 3 Others In Kaduna
In a tragic incident on September 15th, suspected bandits struck a community in Kaduna State, leaving two individuals dead and three others kidnapped, according to the Kaduna State police command.
The Acting Public Relations Officer, Mr. Mansir Hassan, confirmed this disturbing development in Kaduna on Sunday.
According to him, the attack unfolded in the quiet enclave of Dogon Noma-Unguwan Gamu within the Kajuru Local Government Area.
“At approximately 6:30 a.m., the bandits launched a violent incursion into the community, ruthlessly taking lives and abducting their victims,” he said.
Amid the grief and fear that have gripped the affected community, the police spokesman, Mr. Hassan, provided a glimmer of hope by affirming that the perpetrators would not escape justice.
He assured the public that the law enforcement authorities were determined to track down and apprehend the culprits, ensuring they face the full consequences of their heinous actions.
The tragic incident is another grim reminder of the ongoing security challenges faced by many communities in Nigeria and highlights the urgent need for measures to address and mitigate these threats to the safety and well-being of citizens.
-
Subsidy: Bala Mohammed Distributes Rice To Citizens
The Bauchi State Government, on Saturday, commenced the distribution of 88,889 25kg bags of rice to the citizenry as post-subsidy removal palliative.
The State Government said on September 4 that it had released N2 billion for the purchase of the commodity for distribution to different groups in society.
In a speech at the launch of the distribution in Bauchi, Governor Bala Mohammed, said that the civil servants, through the Office of the Head of Service, would get 5000 bags.
He also said that 2000 bags would be distributed to the vulnerable groups present at the launch.
“Critical stakeholders, which include the traditional institution, religious groups, security and quasi-security will get about 11,000 bags.
“At the local government level, civil servants through the union will get 5000 bags,” the governor said.
He also said that every polling unit would get 12 bags, amounting to about 65,000 bags in all.
The governor further said that N10,000 would be distributed to 3,484 orphans and vulnerable children, 11,000 women, especially
widows, people living with disabilities, the poor and aged, totalling about N300 million.Mohammed thanked President Bola Tinubu for his timely response to the yearnings of the people.
According to him, by this response, the president has demonstrated that he is a listening leader and that the subsidy removal was not meant to punish anybody but a necessary exercise of leadership and responsibility.
“I must also warn that the government will not hesitate to deal with anybody at any stage of the implementation process that becomes a cog in the wheel of progress in our efforts to bring succour to the people across board,” Mohammed said.
Earlier, the Emir of Bauchi, Alh. Rilwanu Adamu, described the distribution of palliative to the people at this trying time as a demonstration of compassion and solidarity that deserved appreciation.
Adamu, who is also the Chairman of the Palliative Distribution Committee, said that for making the palliative available, the governor had addressed the immediate needs of the citizens.
He said that the gesture also demonstrated his empathy and care for the well-being of the people.
“We are deeply grateful for your leadership and tireless efforts in mitigating the hardship faced by our people,” the emir said.
-
Transport Management: FCTA To Introduce Digital Security Monitoring, Control -Minister
The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, has said it will soon introduce digital security monitoring and control system in the existing FCT transport management system.
Wike stated this on Saturday at the 2023 Special Marshals Sectoral Workshop, organised by the Federal Road Safety Corps (FRSC), FCT Sector Command Special Marshals.
The workshop held in Abuja had the theme, “Volunteerism in Road Safety Management: Limits and Possibilities.”
The minister, who was represented by Mr Ubokutom Nya, the Secretary, Transport Secretariat, FCTA, said that the digitisation would ensure the safety and security of commuters in the FCT.
He added that the initiative would equally enhance affordability and efficiency in transportation services.
“The idea of the digital monitoring system is part of our attention to details in providing a transportation system that will be safe and secure.
“Apart from being affordable, those entering a vehicle, private or mass transit of the FCT will have peace of mind that as he enters the vehicle, so also he will come out safely,” Wike said.
He explained that the digital monitoring system would be made up of cameras that would be able to track vehicles that carry people.
The minister said that on entering vehicles, people would be required to scan in using their phones and scan out on disembarking.
He said: “once in the vehicle, the system will time the trip and alert the central control system if a person does not scan out at the time he or she is supposed to disembark the vehicle.
“This means that in real time, there will be an alarm to search for the individual who entered the vehicle.
“You don’t need to call any person at home, saying you entered a particular vehicle, because it is self-activating.
“As you enter, you scan in on the vehicle and it goes to the central control and as you come out within a period, it also goes to cancel. If the trip is not canceled, there is an alarm that is triggered.
“We are working on the details, and it will not be too long before it comes on board.”
The minister added that other innovations would also be rolled out in line with the secretariat vision – safety, affordability, and flexibility.
“We are working on rail transportation; we are working on Bus Rapid Transport and consulting with private individuals who will bring in their private transportation.
“The FCT will also be working on upgrading our motor parks to global standards, so that people will be encouraged to patronise public transport.
“This, of course, will reduce the number of private vehicles on the roads, and if there are fewer private vehicles, it means that the traffic movement will be better,” he said.
Wike noted that Abuja recorded a high level of crashes as a result of irresponsible road users, which, he described as “worrisome”, and called for drastic actions.
He noted that most road users did not comply with traffic regulations like maintaining tolerable speed limit, obeying traffic lights and maintaining lane discipline among others.
This, he said, caused traffic infractions for other road users making the roads unsafe.
The FCT minister said that the establishment of the Special Marshal Division by the FRSC would help the corps to effectively discharge its statutory functions.
“On our own part as the administrators of the FCT, we will continue to relate with critical stakeholders in this sector to enable us to achieve our core mandate,” the minister said.
Earlier, the FRSC Corps Marshal, Dauda Biu, stressed the need for a review of the road safety management activities and analysis of factors that could contribute to the reduction of crashes on Nigerian roads.
Biu, who was represented by the Deputy Corps Marshal, Shehu Zaki, blamed road crashes on the action or inaction of road users, saying it was preventable.
He added that road safety advocacy was not for the FRSC alone, but a responsibility of all stakeholders.
-
SEC Targets N5trn In Listing Of Shariah Compliant Products By 2025
The Securities and Exchange Commission (SEC), has reiterated that it targets 50 listings of Shari’ah-compliant products with a combined market capitalisation of at least N5 trillion by 2025.
The Director-General, SEC, Mr. Lamido Yuguda, who was represented by the Executive Commissioner Operations, Mr. Dayo Obisan at a “capacity building workshop for local Shariah talent for non-interest capital market – level II,” in Abuja said Non-Interest Capital Market (NICM) segment of the revised Capital Market Masterplan (2021 – 2025), targets 100 retail Shariah-compliant products and over one million direct investors in Shariah-compliant products.
He stated that the Commission, faced with these ambitious targets, has resolved to redouble its developmental efforts, especially in capacity building that nurtures reputable professionals to leverage Sharia best practices in facilitating the sound implementation of Sharia-compliant initiatives with the ultimate aim of deepening the NICM space.
The DG stated that the Commission would continue to leverage its subsidiary, the Nigerian Capital Market Institute, especially in developing robust programmes around Non-Interest Finance which are expected to promote capacity-building and sharia-compliant products and processes.
According to him “As you are all aware, the fundamental difference between conventional finance and Non-Interest Finance is the application of Shariah principles in the latter. This simply means that NICM cannot exist without experts in Islamic commercial jurisprudence (Fiqhul Mu’amalat Al-Maliyya).
“The objective of this Workshop, therefore, is fast-tracking the development of experts for the Market. We believe this will enhance the development of our local Sharia talent, not only for the Nigerian Capital Market but also for the Nigerian Financial system in general.
“The level of activities in the Non-Interest capital market that we are currently experiencing in Nigeria affirms the overwhelming acceptance of NICM products by different classes of investors, which portrays a strong appetite for these class of assets as evidenced by the oversubscription of the FGN and corporate Sukuk issued in previous years.
“The Level 1 segment of this important Workshop, which was conducted in December 2022, covered the basic areas of Financial Market Structure and Operations of the Capital Market and three modules from Shariah Principles and Contracts Relating to Non-Interest Capital Markets.
“As we dive into Level II, the remaining modules relating to Shariah Contracts will be extensively discussed starting today, while modules on Shariah Issues Relating to Non-Interest Capital Market Principles, and Operation of the Sukuk and Equity Markets shall be treated in the coming days.”
He reiterated that Level II is aimed at consolidating participants’ understanding of the theoretical and practical aspects of the NICM.
“Armed with this training and subsequent ones to come, the participants would undoubtedly have the potential to provide Shariah advisory services for the Islamic Finance Industry, particularly the Non-Interest Capital Market’s operations as it relates to Shariah principles and rulings,” he added.
Yuguda expressed further that significant progress recorded in this area is evidenced by the last ranking of Nigerian Islamic Finance in 13th place on the Global Islamic Finance Development Indicator 2022, ahead of countries like Bangladesh and Turkey.
He pointed out that the Non-Interest Finance Sector has gradually grown to become a distinct industry within the broader financial landscape, offering alternatives to traditional interest-based financial systems.
-
NNPCL Retail Records N18.4bn Profit
NNPC Retail made N18.4 billion in the first quarter of 2023, after acquiring OVH Energy in 2022, Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has said.
Kyari, who said this on Friday when he addressed the House of Representatives Ad-Hoc Committee on the OVH Acquisition by the company, added that since the acquisition of the OVH, NNPCL’s profit margin has grown.
In October 2022, NNPC Limited acquired Oando retail brand, OVH Energy Marketing.
According to the NNPCL GCEO, the profit would not have been possible if the company had not acquired the retail company.
“NNPCL is a creation of the federation with over 200 million Nigerians as shareholders. The Petroleum Industry Act (PIA) also grants us the mandate to guarantee national energy security. On this basis, it is duty-bound on us to increase our market share.
“Allegations against the acquisition of OVH are painful because they are not true. We believe that the only way we can grow our market share is by expanding our business. Since the acquisition of OVH, the profit margin of NNPC Retail has jumped.
“In every merger and acquisition, there is a transition period. We are rising to those challenges brought about by the transition. We are also ensuring that none of our staff at NNPC Retail is victimized. Staff are placed where they are best fit towards optimum performance.”
-
Just In: Nigeria’s Inflation Soars To 25.80% In August 2023 –NBS
Nigeria’s headline inflation rate jumped to 25.80 per cent in August 2023, relative to the July 2023 headline inflation rate which was 24.08 per cent, the National Bureau of Statistics (NBS) has said.
According to the NBS in its Consumer Price Index (CPI) report for August 2023, there is a 1.72 percentage point increase when compared to the July 2023 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 5.27% points higher compared to the rate recorded in August 2022, which was 20.52%.
The NBS noted that food inflation for August rose to 29.34 per cent in August 2023, representing a 2.35 percentage point increase from 26.98 per cent recorded in the previous month. On a year-on-year basis, which was 6.22% points higher compared to the rate recorded in August 2022 (23.12%).
According to the Statistics bureau, the increase was driven by increase in prices of Oil and fat, Bread and cereals, Fish, Fruit, Meat, Vegetables and Potatoes, Yam and other Tubers, Vegetable, Milk, Cheese and Eggs.
“On a month-on-month basis, the Food inflation rate in August 2023 was 3.87%, this was 0.41% points higher compared to the rate recorded in July 2023 (3.45%).
“The rise in Food inflation on a month-on-month basis was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Fish, Oil and Fat, Coffee, Tea, and Cocoa.
“The average annual rate of food inflation for the twelve months ending August 2023 over the previous twelve-month average was 25.01%, which was 5.99% points increase from the average annual rate of change recorded in August 2022 (19.02%),” the bureau said.
The NBS further said that in August 2023, food inflation on a year-on-year basis was highest in Kogi (38.84%), Lagos (36.04%), and Kwara (35.33%), while Sokoto (20.09%), Nasarawa (24.35%) and Jigawa (24.53%) recorded the slowest rise in food inflation on a year-on-year basis.
“On a month-on-month basis, however, August 2023 food inflation was highest in Rivers (7.12%), Kwara (5.89%), and Kogi (5.80%), while Sokoto (0.50%), Abuja (1.30%) and Niger (1.40%) recorded the slowest rise in Food inflation on a month-on-month basis,” the report revealed.
-
System Collapse: EEDC Announces Gradual Restoration Of Power Supply
The Enugu Electricity Distribution Company (EEDC) has announced the gradual restoration of electricity supply after the total system collapse within the South-East.
This is contained in a statement issued by the EEDC’s Head of Corporate Communications, Mr Emeka Ezeh in Enugu.
Ezeh said that the company’s Awada Transmission Station had been restored and our Awada, Osamala, 3-3, Army Barracks, Nnewi-Orba, and Obosi 33KV feeders and the PPI and IUNT 11KV outgoing feeders had received supply so far in Anambra.
“Ugwuaji Transmission Station has equally received supply and Gariki 33KV feeder was restored so far.
“New-Haven Transmission Station has received supply and Kingsway 33KV Line 1 and Power-House 11KV outgoing feeder have been restored so far.
“Agu-Awka Transmission Station received supply but is presently placed on station services only.
“Kindly note that restoration after system collapse is gradual to avoid further collapse or challenges,” he said.
The EEDC spokesman said that power restoration is ongoing even as “we appeal to our customers in locations that are yet to be restored to be patient as all hands are on deck”.
“EEDC remains committed to delivering improved services to her esteemed customers,” he said.
It would be recalled that electricity system collapse was reported at about 12:30 a.m. today, Thursday; which left the entire South-East in total darkness and affected businesses