Connect with us

Business

NCC May Share Levy with Subsidiary Institute

Published

on

umar-danbatta
  • NCC May Share Levy with Subsidiary Institute

Going by recommendations of a committee of experts headed by a former Executive Vice- Chairman of the Nigerian Communications Commission, the Digital Bridge Institute may be transformed into technology innovation hub.

To guarantee steady funding for the DBI which is a training subsidiary of the telecommunications regulatory agency, the experts recommended that NCC gives up a small proportion of the Annual Operating Levy paid by telecoms operators to ensure the actualisation of the vision.

Telecoms operators pay two and half per cent of their annual turnover as Annual Operating Levy. Forty per cent of this levy is set aside as to address the needs of un-served and underserved communities through the mechanism of Universal Access Provision Fund while NCC retains 60 per cent for its operation.

Presenting the report of the experts on Friday, Ndukwe said if a small proportion of the AOL was set aside for the operation of DBI; it would guarantee that the institute played a major role in research and innovations in the Nigerian telecommunications and information technology industry.

The former NCC boss said, “We have captured in the report, the important and critical role the NCC is expected to play in the process by providing the needed funding for achieving the initiatives in the recommendations.

“Our research has confirmed that similar successful training and manpower development institutions around the world do not sustain their operations from fee income on training programme and other internally -generated revenue alone; they are necessarily supported with other forms of funding interventions.”

He added, “Consequently, it is our recommendation that sustainable funding can be guaranteed for DBI if a small proportion of the Annual Operating Levy is permanently earmarked for its operations but within the framework that also ensures proper accountability.

“In this way, DBI will not only be sustainable but will be able to take on added responsibilities demanded of it in implementing the recommendations in this report. For example, it has been proposed that the DBI centre in Kano and the idle centres in Yola, Enugu and Asaba are converted to become operational as ICT innovation hubs.”

The experts said that the main thrust of the strategy for achieving the articulated vision in the report was the creation and development of ICT hubs and innovation centres at specified locations across the country

They added that the hubs and innovation centres would be primarily devoted to software development and engineering.

The Board of NCC led by Senator Olabiyi Durojaiye had, on July 17, inaugurated the panel of experts for the Development of Appropriate Blueprint/Curriculum for ICT Innovation Research Programmes in Nigeria.

Speaking on Friday, Durojaiye said DBI already has ample basic facilities to house ICT research centres in Lagos and Abuja to start with, adding that the commission was desirous of refocusing the DBI to actualise its mandate.

Executive Vice Chairman, Prof. Umar Danbbatta, expressed appreciation to the panel and pledged commitment towards the implementation of the report.

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.

Continue Reading
Comments

Business

Africa’s Richest Man, Aliko Dangote Ready to Sell Refinery to Nigerian Government

Published

on

Dangote refinery

Aliko Dangote, Africa’s wealthiest entrepreneur, has announced his willingness to sell his multibillion-dollar oil refinery to Nigeria’s state-owned energy company, NNPC Limited.

This decision comes amid a growing dispute with key partners and regulatory authorities.

The $19 billion refinery, which began operations last year, is a significant development for Nigeria, aiming to reduce the country’s reliance on imported fuel.

However, challenges in sourcing crude and ongoing disputes have hindered its full potential.

Dangote expressed frustration over allegations of monopolistic practices, stating that these accusations are unfounded.

“If they want to label me a monopolist, I am ready to let NNPC take over. It’s in the best interest of the country,” he said in a recent interview.

The refinery has faced difficulties with supply agreements, particularly with international crude producers demanding high premiums.

NNPC, initially a supportive partner, has delivered only a fraction of the crude needed since last year. This has forced Dangote to seek alternative suppliers from countries like Brazil and the US.

Despite the challenges, Dangote remains committed to contributing to Nigeria’s economy. “I’ve always believed in investing at home.

This refinery can resolve our fuel crisis,” he stated, urging other wealthy Nigerians to invest domestically rather than abroad.

Recently, the Nigerian Midstream and Downstream Petroleum Regulatory Authority accused Dangote’s refinery of producing substandard diesel.

In response, Dangote invited regulators and lawmakers to verify the quality of his products, which he claims surpass imported alternatives in purity.

Amidst these challenges, Dangote has halted plans to enter Nigeria’s steel industry, citing concerns over monopoly accusations.

“We need to focus on what’s best for the economy,” he explained, emphasizing the importance of fair competition and innovation.

As Nigeria navigates these complex issues, the potential sale of Dangote’s refinery to NNPC could reshape the nation’s energy landscape and secure its energy independence.

Continue Reading

Business

Dangote Shelves Steel Project to Prevent Monopoly Allegations

Published

on

Aliko Dangote - Investors King

Aliko Dangote, chairman of Dangote Industries Limited, announced the company’s decision to halt plans to enter Nigeria’s steel industry.

The decision comes just two months after the conglomerate had initially unveiled its intentions to invest in the sector as part of efforts to expand the economy.

Addressing journalists at his refinery in Lagos, Dangote explained that the board’s decision was driven by concerns over potential accusations of creating a monopoly.

“We have decided against pursuing the steel business to avoid being labeled a monopoly,” Dangote stated.

He explained that the company’s operations focus on adding value by transforming local raw materials into finished products.

The industrialist dismissed claims that his group enjoys monopolistic advantages, pointing out that their business practices have always fostered a competitive environment.

“When we entered the cement market, Lafarge was the only player, yet no one accused them of being a monopoly,” he stated.

Dangote further encouraged other Nigerian investors to explore opportunities in the steel industry, suggesting that there are ample resources and space for new entrants.

“There are many Nigerians with the financial capacity to invest. They should seize this opportunity to contribute to our nation’s growth,” he urged.

The billionaire’s call to action extended to Nigerians living abroad, inviting them to invest in their homeland.

“Bring your resources back from Dubai and other parts of the world and invest in Nigeria,” he said, reinforcing his commitment to seeing the country’s economy thrive through diverse contributions.

This decision marks a strategic shift for Dangote Industries, focusing on dispelling monopoly myths and promoting a collaborative business landscape.

Continue Reading

Company News

Goya Foods Takes Legal Action to Assert ‘Goya Olive Oil’ Trademark Ownership

Published

on

Goya Foods

“Goya Olive Oil” trademark in Nigeria, Goya Foods Incorporated has initiated legal proceedings against the Registrar of Trademarks under the Federal Ministry of Trade and Investment.

The case, numbered FHC/ABJ/CS/883/2023, was brought before the Federal High Court in Abuja.

Goya Foods, a prominent producer and distributor of foods and beverages across the United States, Spanish-speaking countries, and Nigeria, seeks to enforce a longstanding consent judgment issued by the court in December 2006.

The judgment directed the Registrar to rectify the Trademarks Register to reflect Goya Foods Incorporated as the rightful owner of the “Goya Olive Oil” trademark, without any further formalities.

The lawsuit, exclusively revealed to sources, underscores Goya Foods’ determination to safeguard its intellectual property against alleged infringements.

According to court documents, Goya Foods obtained the consent judgment against Chikason Industries Limited, which was accused of marketing “Goya Olive Oil” in Nigeria, thus infringing on Goya Foods’ registered trademark.

Legal counsel for Goya Foods, Ade Adedeji, SAN, emphasized the necessity of rectifying the Trademarks Register to protect their trademark interests effectively.

Despite appeals to the Registrar, the requested rectification has not been implemented, prompting Goya Foods to escalate the matter through legal channels.

The case has been adjourned to September 27, 2024, for further proceedings, highlighting the complexity and significance of trademark disputes in the global marketplace.

Goya Foods remains committed to upholding its brand integrity and securing its proprietary interests amidst the evolving landscape of international trademark law.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending