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Govt to Declare Telecoms Facilities as Critical Infrastructure

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  • Govt to Declare Telecoms Facilities as Critical Infrastructure

The Federal Government is set to declare telecommunications facilities across the country as critical national infrastructure.

The Minister of Communications, Mr. Adebayo Shittu, disclosed this at a reception and presentation of the Board of Commissioners of the Nigerian Communications Commission in Abuja on Tuesday night.

Shittu also stated that the telecommunications sector had attracted $60bn investment since the introduction of digital mobile services in the country 17 years ago.

The Executive Vice Chairman, NCC, Prof. Umar Danbatta, also explained that the regulatory agency intervened in the case of indebtedness between Etisalat and a consortium of banks to avoid the negative consequences of a takeover of the telecommunications company.

The minister said a memo for the declaration of telecommunications facilities as critical national infrastructure was ready to be presented to the Federal Executive Council.

The declaration will likely see more resources going in for the protection of telecommunications facilities, which are often vandalised, which leads to some subscribers to be denied of telecommunications services, while others are subjected to poor quality of services.

According to the minister, the memo will be presented to FEC in two or three weeks and the implementation will begin thereafter.

Shittu said, “I believe it will happen within the next two weeks. We have a memo to the Federal Executive Council in that regard, whose approval has been delayed due to certain circumstances beyond our control.

“The bottleneck has now been removed and the memo will soon be presented to the Federal Executive Council. In two weeks or three weeks, we will have approval of the Federal Executive Council and once it is approved, we will go on to the implementation stage.”

He lauded the management of the NCC for making N80bn for the Federal Government in 2016 through the imposition of penalties on telecom firms for infraction of regulatory provisions.

The minister said such infractions had been there in the past, adding that it was the firmness of the managers that brought the N80bn into the coffers of the government.

Shittu also stated that through the enabling environment provided by the government, the country attracted more than $60bn investment into the telecommunications industry in the past 17 years.

The Chairman of the NCC Board, Senator Olabiyi Durojaiye, said both the regulator and operators in the telecommunications sector should embrace the change mantra of the Federal Government.

He said it would be unfair to begrudge telecommunications operators reasonable returns on the huge investments they had made in the country, adding, however, that the regulator must ensure a fair and level playing field.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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