Telecom
CBN Proposes N100Bn Tax on Mobile Phone Users
Mobile phone users will be in for hard times if proposal by the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele to the federal government to introduce mobile phone call tax becomes a reality.
Emefiele has proposed an alternative to source of revenue for the government, and it is a telecoms tax for phone call conversations above 3 minutes.
He also suggested that the federal government introduce a tax on properties.
The Governor, who spoke at the 2016 Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) over the weekend, in Lagos, said such tax, targeted at the middle, upper class and long phone call makers, can generate N100 billion annually into the federal government coffers.
Speaking on the theme: “Policy options for reversing Nigeria’s economic downturn” he said the country’s economy is currently facing a classical case of “stagflation” and although the 2016 budget is well on track to tackle it, there is need to boost revenue generation base though increased taxes.
He suggested that government could explore opportunities for more revenues to wriggle out of stagflation and recession by introducing a negligible telecom surcharge to be paid by initiator of a telephone call.
“There are several ways we can raise additional revenue to finance the increased expenditure that is needed to engender fast and sustainable growth in the economy. I think we can consider introducing a negligible telecom surcharge to be entirely borne by the initiator of a call. In order to protect the poor and vulnerable amongst us, we could structure it to only take effect after the third minute of talk. Some analyses have indicated that the government could earn about N100 billion per annum from this alone,” he stated.
Emefiele explained that the surcharge will mainly be borne by middle and upper class people since many poor people do not make calls for more than three minutes.
He explained that stagflation occurs when a country’s Gross Domestic Product (GDP) is falling or stagnant while unemployment and inflation are rising, all simultaneously.
“As recent data from the National Bureau of Statistics (NBS) indicate, Nigeria’s GDP growth decelerated by 0.36 per cent and 2.1 per cent in the first and second quarters of 2016, respectively. More also, the rate of price inflation for the months of September and October were 17.9 per cent and 18.3 per cent, respectively, while official statistics also indicate that the country’s unemployment rate increased to 12.1 per cent and 13.3 per cent during the first and second quarters,” he stated.
Emefiele said that stagflation is a difficult condition for policymakers to deal with, insisting that no single macroeconomic policy can address rising inflation and slow growth simultaneously, because fighting inflation may require implementing policies that might, in the short term, be inimical to economic growth, whereas expansionary policies to stimulate growth usually worsen inflation.
Still on taxes, the CBN boss said government could also consider introducing minimal property taxes across the country. “This not only raises money for the government but also could be a veritable weapon against corruption since it creates a database of who really owns homes in this country. Another option to consider would be to fully implement the 2003 Cabotage Act. This is Act stipulates that all cargoes and passengers in the inland and coastal waters be transported by ships and ferries built, owned, crewed and manned by Nigerians,” he said.
Emefiele explained that contrary to the requirement of this Act, there are several foreign-owned vessels providing shipping services locally. “Out of about 600 ships that operate within our waters, only about 60 of them are owned by Nigerians and are mostly idle, in violation of the Act. Industry sources suggest Nigeria may be losing as much as N2 trillion annually from this anomaly. In addition to raising revenue, a full implementation of the Act could also spur job creation, capacity building, and significant backward integration,” he said.
Speaking further, he said that exchange rate is simply a price that is determined by the forces of demand and supply.
He said that while the proposal may seem controversial, variants of this policy have proven to be highly effective in other climes and even here in Nigeria.
“For example, throughout the early days of South Korea’s economic renaissance, the government intermittently used excessively stiff tariffs, quantitative restrictions and prohibitive inland taxes to effectively ban many items with potential for high imports, and simultaneously, offered generous and subsidized loans to firms for export promotion causes. In fact, at some point, about 93 per cent of total imports into South Korea were subject to one or more such restrictions,” he said.
Emefiele admitted that interest rates are a veritable tool for curtailing inflation but with inflation at over 18 per cent, the regulator would be abjectly failing on one of its cardinal objectives if it cuts interest rates at this time. “Second, for those who say we need a rate cut to spur growth, we need to remind that high inflation is highly inimical to economic growth. Indeed, many empirical studies have estimated the threshold level at which inflation becomes significantly growth retarding to be 11 per cent for developing countries. With ours at 18.3 per cent, one must question the judgment of cutting interest rates at this time,” he said.
The CBN Governor insisted that interest rates reflect not just the cost of capital but also the cost of doing business, hence, the need to also look at interest rates from the perspective of the lender. “Given that most banks have to individually provide security, power, and other infrastructure, it is not surprising that some of these costs are passed on to customers in the form of high interest rates. Notwithstanding these facts, we will continue to use moral suasion to encourage commercial banks to be more considerate in interest charges on customers,” he stated.
Nigeria’s leading composite e-commerce platform, Konga, has announced the launch of its highly anticipated Berekete Sales, a nationwide promotional campaign designed to deliver exceptional value to customers across key product categories.
Konga Berekete
The initiative reinforces Konga’s commitment to affordability, accessibility, and innovation while strengthening its position as a trusted retail partner for millions of Nigerians.
The Berekete Sales campaign features discounts of up to 50% on high-demand categories including Home and Kitchen, Computing, Electronics, Beauty, and Personal Care.
Carefully curated to meet both everyday and aspirational needs, the campaign comes at a strategic period that coincides with Ramadan, Lent, and the approaching Eid al-Fitr celebrations, seasons traditionally associated with reflection, generosity, and family-oriented spending.
Speaking on the campaign, Victor Olaleye, Konga Group Head of Marketing, emphasised that the Berekete Sales initiative reflects the company’s understanding of the economic climate and the importance of value-driven retail experiences. “Berekete Sales is about delivering abundance in savings to our customers,” he stated.
“We recognise that this period is significant for many households observing Ramadan and Lent, and we want to ensure they can access premium products at competitive prices.
“Our goal remains to make quality products accessible while maintaining the seamless shopping experience Konga is known for.”
Among the standout offers is a special deal on the Starlink Gen 3 kit, now available at ₦550,000, reduced from its regular price of ₦590,000.
As the authorised distributor, Konga continues to provide customers with reliable access to the high-speed satellite internet solution, further strengthening connectivity options in Nigeria.
Activation services are available in select cities, ensuring a smooth transition to enhanced internet performance.
In addition, technology enthusiasts can take advantage of an exclusive offer on the Huawei Watch 3, with a special promotion that allows customers to receive two units for the price of one at ₦200,000.
This offer underscores Konga’s strategy of delivering premium lifestyle products with unmatched value.
The Berekete Sales campaign also extends to computing solutions, with attractive deals on ASUS laptops, catering to professionals, students, and businesses seeking performance-driven devices at competitive prices.
Furthermore, customers can pre-order the new Samsung Galaxy S26 Ultra on Konga and receive gift items worth over ₦500,000 from Samsung, a compelling incentive for early adopters and technology enthusiasts.
By aligning its promotional calendar with key religious seasons, Konga demonstrates cultural awareness while providing practical solutions for customers during Ramadan, Lenten observances, and Eid celebrations.
The campaign ensures that households can upgrade their living spaces, enhance productivity, and invest in quality lifestyle products without straining their budgets.
Beyond the discounts, Konga’s integrated ecosystem, spanning secure payment solutions, nationwide logistics, and reliable customer support, ensures a seamless shopping journey from browsing to delivery.
This operational strength continues to differentiate the brand within Nigeria’s competitive e-commerce landscape.
As consumer expectations evolve, Konga remains focused on delivering not just products but complete retail experiences anchored on trust, transparency, and value. The Berekete Sales campaign is positioned to drive significant traffic, boost sales volumes, and deepen brand loyalty across its growing customer base.
With substantial savings, premium product offerings, and time-sensitive deals, the Berekete Sales As the campaign gains momentum, customers are encouraged to visit Konga.com or any Konga retail store nationwide to take advantage of these limited-time offers.
With its blend of spiritual season sensitivity and high-tech accessibility, Konga continues to set the pace for the future of commerce in Africa.
Telecom
Sunil Bharti Mittal Conferred GSMA Lifetime Achievement Award for Transforming Global Telecommunications
The GSMA has conferred a rare Lifetime Achievement Award on Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, recognising his role in reshaping the global telecommunications landscape and expanding connectivity across operators, governments, businesses and billions of consumers worldwide.
Bestowed on only a handful of industry leaders in the GSMA’s history, the honour recognises contributions that have left an enduring and defining mark on the global communications ecosystem.
The award was presented at Mobile World Congress in Barcelona in the distinguished presence of His Majesty Felipe VI, the Prime Minister of Spain, Pedro Sanchez, the President of Catalonia, Salvador Illa, and global industry leaders.
A visionary in the telecom sector, Sunil Bharti Mittal has built Bharti Airtel into one of the world’s leading mobile operators, with operations across India and Africa, ranking among the top three globally and serving over half a billion customers.
He pioneered the expansion of mobile services across emerging markets and served as Chairman of the GSMA from 2017 to 2018, where he championed policies that encouraged investment and innovation while strengthening the industry’s commitment to connecting the unconnected and advancing digital inclusion.
He was previously honoured with the GSMA Chairman’s Award in 2008 and again in 2016 for his outstanding contribution to the growth and development of the global mobile industry and was felicitated at Mobile World Congress in February 2019 in recognition of his Chairmanship.
On receiving the award, Sunil Bharti Mittal said, “I am deeply honoured to receive this recognition and sincerely thank the GSMA for this award. I accept it not only as a personal milestone, but as a tribute to India’s telecom journey, the collective spirit of Bharti, and the rise of Indian telecom companies on the global stage.
Equally the award reflects the progress of an industry that has connected billions and belongs to the customers we serve, the teams who built our institutions, and the partners who believe in the transformative power of connectivity.
Telecommunication is a force that expands opportunity, places essential services in the palm of every individual and unlocks human potential. Helping shape its evolution into a powerful accelerator of modern progress has been a privileged responsibility. As innovation accelerates, we will continue to work with our partners & stakeholders to ensure that growth advances equity and creates lasting opportunity for generations to come.”
The Lifetime Achievement Award is a rare honour, bestowed only on select individuals whose leadership and innovation have left an enduring mark on the industry.
House of Representatives is pushing to regulate Nigeria’s fintech sector through a public hearing on “A Bill for an Act to Establish the Nigerian Fintech Regulatory Commission and for Related Matters (HB.2389).”
Speaker Tajudeen Abbas opened the hearing, stressing the need for stakeholder inputs to craft enforceable, constitutional laws addressing regulatory overlaps in digital banking, science, technology, and communications.
Abbas highlighted fintech’s role in Nigeria’s growth via digital payments, blockchain, crowdfunding, and financial inclusion for the unbanked, creating jobs and supporting SMEs under President Tinubu’s Renewed Hope Agenda.
He warned that lagging regulations cause fragmentation, compliance issues, and investor uncertainty, necessitating a coordinating commission for licensing, supervision, standards, and a level playing field without duplicating bodies like the Central Bank of Nigeria (CBN), SEC, NITDA, or NDIC.
The commission would protect consumers, monitor cybersecurity, ensure data privacy, and promote education while complementing existing regulators.
Committee Chairman Emmanuel Ukpong-Udo, overseeing digital banking, banking regulations, science, technology, communications, capital markets, and institutions, called the bill vital for harmonizing oversight amid Nigeria’s rise as Africa’s fintech hub with 430+ firms valued at billions.
Ukpong-Udo emphasized balancing innovation, stability, and coordination to avoid burdens on startups.
Bill sponsor Fuad Kayode Laguda argued the commission would streamline operations currently split among CBN, SEC, NITDA, NOTAP, and FIRS, boosting profitability, user security, and ease of business. He cited 2024-2026 stats: 250-430 firms, $230 billion market projection, $10.6 billion valuation for top nine, and $1.6 billion in mobile transactions.
Fintech stakeholders offered mixed views, with some backing unified regulation and others fearing overlaps with current mandates.
SEC Revokes Registration of Kensington Agro Trading Limited
NCDC Raises Alarm over Lassa Fever Ravaging 18 States in Nigeria
Lagos Deploys Drones, AI to Boost Traffic Response
Purple Woman 3.0 Is Back, to Empower Women in Tech this IWD 2026
NRS Targets N40trillion in Tax, Royalty Revenue in 2026
Accidental Billionaire Opts for Jail Instead of Returning Money Credited Him by Mistake
Kaspersky Brings more Transparency to Threat Detection with New Hunt Hub
Dr. Cairo Ojougboh Foundation Bolsters Nigeria’s Education Drive with ₦2.7m Student Support
NDPC Commits to Balancing Data Privacy, Protection Information
OADC Lagos Reinforces Commitment to Local Data Hosting and Digital Transformation @ NDPC’s National Privacy Week Summit
E-Financial3 days agoIran-Israel-US Conflict and CBN’s FX Gains: A Stress Test for Nigeria’s Monetary Stability
E-Financial3 days agoMutual Benefits Assurance Reaffirms Full Regulatory Compliance, Enhanced Governance
General News3 days agoJAMB Uncovers AI-Driven Fraud Targeting UTME Candidates, Warns Parents
General News3 days agoSERAP Asks FCCPC to Investigate Google, Meta, Others over Alleged Rights Abuses
Telecom2 days agoSunil Bharti Mittal Conferred GSMA Lifetime Achievement Award for Transforming Global Telecommunications
News3 days agoTeamApt, Awabah Partner to Boost Pension Drive for Nigerians
News3 days agoFlashChange CEO, Bidemi Oke, Urges Startups to Build Strong Governance Structures Early
Telecom2 days agoWhy Digital Trust Matters: Secure, Responsible AI for African SMEs?