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InfraCos to Access N65b Broadband Subsidy

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  • InfraCos to Access N65b Broadband Subsidy

Infrastructure Companies (infraCos) expected to drive broadband penetration in Nigeria would have access to the N65 billion subsidies over the next four-years.

However, investigation reveals that InfraCos that will access the subsidy are required to meet some set milestones, as compiled by the Nigerian Communications Commission (NCC), even as it seeks to get approval for more funding from the Presidency.

InfraCos are licensed by NCC to provide Layer 1 (dark fibre) services on commercial basis; focus on the deployment of metropolitan fibre, and provide transmission services, available at access points (Fibre to the Node or Neighbourhood – FTTN) to access seekers.

Already, the Commission planned to license seven operators – one provider for each of the six geo-political zones, and one specifically for Lagos. Six operators have already been licensed, while the remaining one for the North Central, whose process had started, would be unveiled in August.

Those licensed already include MainOne for Lagos; Zinox Technology Limited for South East, and Brinks Integrated Solutions Limited for North East. Others are O’dua Infraco Resources Limited for South-West, Fleek Networks Limited for North-West, and Raeana Nigeria Limited for South-South zone.

Speaking with journalists, during his visit to Lagos, the Director, Public Affairs, NCC, Dr. Henry Nkemadu, confirmed that funds have been budgeted for the project, and that the Commission is seeking approval for more from the Presidency.

He also revealed that NCC is now at the verge of concluding on the last InfraCo for the North Central, which was initially licensed to IHS Holdings, noting that many companies have shown interest in the region. “You will even be surprised that those who already bided and won some other regions could also be among those interested in the last InfraCo licence. It all boils down to their capacities. Each zone is independent of another zone.”

With regard to the N65 billion subsidies, Nkemadu explained: “The InfraCo project will be financed yearly, and this is subject to the operators meeting the required milestones. We are not going to pay them to do the job, but we are going to give them money for jobs well done. We shall soon conclude the signing of the subsidy agreement; that process is currently on. The period to get Nigeria connected through the InfraCos is four years; so to access the N65 billon subsidy, we divided the milestones into one year each.”

Some of the milestones operators are expected to meet include that the InfraCo should have established the project; must have started digging metro fibre, pilling, cable installation. It must have brought in equipment and got all necessary approvals in the region of interest.

While the NCC awaits approval to release the N65 billion, Nkemadu said “The provisions we have made in our budget for 2018 and 2019 did not cover the N65 billion. So, we need to get approval from the Presidency to give us lee way that will ensure more money is made available to the InfraCo.”

Meanwhile, an industry source told The Guardian that the President Muhammadu Buhari is also keen on seeing that broadband and Internet access gaps are bridged. As such, NCC is expected to close the 120,000km fibre connections gaps that currently exist in Nigeria.

Recall that the Executive Vice- Chairman, NCC, Prof Umar Danbatta, had warned the InfraCos that failure to rollout broadband infrastructure within six months will lead to withdrawal of their licences, as they were given a time frame of one-year to commence country-wide rollout.

Danbatta had said: “This is one of the biggest projects that have ever been undertaken by the regulatory agency. The licence has been granted and there is a time specified in the licence document within which they must start deploying the infrastructure, which is one year. They have since done six months and they have six more months before we see visible infrastructure rollout of broadband services in this country.”

The Guardian checks however, showed that the InfraCo for Lagos, MainOne, has started the deployment of infrastructure across the state.

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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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 Nigeria - Investors King

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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