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Ministry of Communications and Digital Economy Generate N1.054T In Years

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Ibrahim-Pantami-Isa- Investors King

The Federal Ministry of Communications and Digital Economy and its departments and agencies have collectively generated a total of N1.05 trillion in the last two years.

Minister of Communications and Digital Economy, Dr Isa Pantami, disclosed this on Thursday during the 12th batch, virtual commissioning of eight projects in Abuja.

Pantami said the ministry and its parastatal agencies got a major chunk of its revenues from the salle spectrum allocation.

“The Ministry and its parastatals have generated over N1 trillion for the Federal Government in less than two years, this translates to an average of about N44 billion every month, or over N1.4 billion every day.

“For example, about N360 billion of this revenue was largely from spectrum allocated by the National Frequency Management Council (NFMC) to the Nigerian Communications Commission (NCC) and National Broadcasting Commission (NBC) for commercial purposes.

“Another, over N600 billion was paid by ICT Companies to the account of the Federal Government through the Federal Inland Revenue Service (FIRS),” he said.

According to him, over N94 billion was generated for the government, and approved by the National Assembly in line with relevant laws, as part of the 2020 appropriation for personnel, capital projects, capacity building, interventions, etc.

He thanked the Chief Executive Officers (CEOs) of the parastatal agencies, stakeholders, partners and all who contributed one way or the other to the success story of the ministry within the last two years.

“The IT Projects Clearance Programme also saved over N5billion for the Federal Government.”

“I wish to thank all our esteemed partners, stakeholders and members of the Communications and Digital Economy family for supporting us in the last two years.

“We look forward to your continued support and partnership.

“The CEOs of all the parastatals under the Ministry have been committed to their responsibilities and I commend them for this.

“I also urge them to redouble their efforts in ensuring that we keep up the good work of developing Nigeria’s digital economy,” he said.

The Executive Vice Chairman (EVC) of the NCC, Prof. Umar Dambatta, and the Director-General, National Information Technology Development Agency (NITDA), Kashifu Inuwa, thanked the minister for the feat in project executions.

They also said the projects would help the government in its digital economy drive.

The eight projects commissioned are Emergency Communications Centre (ECC), Makurdi, Benue State; Virtual Examination Centre, College of Education, Argungu, Kebbi State; and E-accessibility Centre, Alderstown Schools for the Deaf, Warri, Delta.

Others are, E-Health/Data Sharing Project, Leko Abdulrahman Hospital, Daura, Katsina State; Digital Economy Centre & E-Learning Facilities, Ogba Grammar School, Lagos State; and Digital Economy Centre & E-Learning Facilities, St Paul Secondary School, Eke, Enugu State,

Digital Economy Centre & E-Learning Facilities, Federal Character Commission, Abuja; E-Accessibility Centre, Bauchi State Orphans and Vulnerable Children School, Bauchi State, are also listed.

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Fintech

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

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Robinhood

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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