General News

eStream will Bring Real 4G Services to Nigerians – Ogungboye

Published

10 years ago

June 14, 2016

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Muyiwa Ogungboye is the managing director of e.Stream Network, an internet service provider.
He spoke to chike onwuegbuchi on issues around e.Stream Network’s decade of service delivery in Nigeria as well as it expansion plan to other cities with LTE technology.

eStream 10 Years of Operation
eStream was founded on March 2006, so, we have clocked 10 years old. As an entrepreneur that saw a problem in the country in terms of connectivity and providing a solution to it, that was how eStream was formed.
We started with VSat as means of communications. Ten years ago, the fiber network in Nigeria was limited, radio connectivity was also limited. Mainly, satellite was the choice. As years go-bye we found that there was a need for us to start incorporating newer technologies in our network.
To that end, we have put in fiber and radio. We still have satellite running up to date.
Actually, over the past ten years, it has been challenging. The situations in the country are such that dollar has never been stable, all the equipment are bought from abroad, government regulations have been tough with accruable multiple taxation. Accessing funds from the banks is another major bottleneck we encounter in as we pursue growth. In all, we have been able to weather the storms.
Generally, I will say that it was the urge to solve problems in the country that manifested in having eStream come to live. We also want a situation that indigenous companies can be perceived as capable of executing, even better projects, what Americans and Europeans are doing for us. So, during the course of our ten years, we also obtained our certification on quality management. I think we got that ISO:1900 certification when we clocked seven (7) years.
The whole idea is to prove to the outside world that there are some indigenous companies that can do it in the right way. Corporate governance is something we hold very seriously in this organization. Quality is also something we don’t play with. In all, it has been challenging and interesting in the life of the company.
Moving forward, we intend to expand our network on fiber and especially on radio. There are some sub-marine cables that have come into the country, but the problem is distribution. It is a factor to induce results in the sector.

Expansion Strategy
Last year, we came up with a five-year business plan. When we started the company ten years ago, the business plan we had was exhausted at about the fifth year. Another one was written, which ended last year. So, our focus for the next five year is majorly on expansion.
Right now, we have agreements on colocation on certain base stations across the country, but we also want to invest on some of those base stations. We have some already, but we are expanding. Like in Onitsha, the ones we have are not enough. In Abuja we have one and we will launch another one before the end of the month. There is an existing one in Calabar, we want to launch another one there too; so that we can cover the larger part of the country and also the hinterlands.
Secondly, we just signed an agreement with Bitflux, which won the licensing for deploying LTE in Nigeria. But by the law they can’t sell to the end users, rather through internet service providers like us. We are one of their major partners. The base stations we are building will help in spreading their signals across the country; it is a collaborative drive where they set up some and we do too. We also have plan for setting up our cloud services. Discussions are on with Microsoft and Dell for the purchase of the software and hardware. We expect that the cloud will soon be up and running.
For the LTE, it is not going to be working only on WiFi or MiFi; it will still work on mobile as well. It is not restrictive; as long as your phone has the capacity of working on 2.3GHz spectrum, the signal will work. We are spending a lot of money in setting up these base stations. It costs a minimum of N20million to set up one base station. If we do some arrangements with people that have buildings, we will be spending N10 to N12million. That is going to be the major drive of our services.

Investments on Distribution
For this year, we have a budget of about $1.2million. What we did was to break down the five year plan into yearly focus. That is why, this year we are focusing on coverage. By next year, it is going to be more on Value Added Services (VAS), because the coverage would have been established. Then, we have plans to have a TV business. TV perfectly works on satellite. We are trying to incorporate IPTV into our existing business. That will probably happen by next year. Our team is already having talks with a Kenyan Company. We have visited each company’s facilities; we are hoping to tidy up the agreements this year, so that by next year we can launch our IPTV business.

End-Users Services against Corporate Services Delivery
What heralded the birth of our Company was due to the challenge in the corporate market, basically, connectivity. We have achieved a milestone on that, however, we also realized that in the retail or mass market sector, what is focused on is mobile, be it MiFi, or mobile phone, that was what led us into signing agreement with Bitflux. It is basically to solve some problems in the mass market segment. But you know that as at today most of the mobile internet services providers are on 2G/3G. None of them is actually what is regarded as full 4G. What we intend bringing on board is the pure 4G service which has a minimum of 10Megabytes per second. Anything short of that is not 4G, but most Nigerians do not understand the definitions of 2G, 3G or 4G. If the public is educated on how to test the service they are getting, they will understand better. Therefore, we want to bring alongside, education on 4G. It comes with exceptional speed at a very competitive price. You can imagine getting 100megabytes per second for as little as N5,000. As I speak, it is already happening in some locations in Lagos such as Ikoyi, Victoria Island, among others. Our focus is that before the end of the year, Lagos State would have been covered. With that, you and I will have access to affordable, reliable and exceptionally fast internet connectivity. In Europe you get a minimum of 12megabytes per second. They are advanced, because on the move you want to watch CNN, BBC, skype with your wife or husband. These services need big bandwidth, which 2G or 3G cannot really offer.

True Value Of What Subscribers Pay
We are already in mobile, just that the devices that will support our 4G services are not yet available. I want to believe that before the end of the year, it will be available. As we speak, Huawei is already producing 2.3Ghz phone which is compatible with our services. I want to believe that organizations like Samsung, among others are thinking towards that direction. We don’t want to be restrictive in such a way that you must buy our particular set of mobile phones. No. let people have varieties. It will definitely happen.
On whether other companies offer real 4G, I wouldn’t want to quote companies, but what we have experienced is that some are still deploying 2G or 3G. But they say it is 4G. Education needs to come in, the Nigerian citizens to understand the differences. A typical 4G services have minimum of 10megabytes speed. But 2G is like 2megabytes while 3G gives about 4megabytes. It is not enough to watch Nollywood content via the mobile phones, but people need the services real time. Only 4G can accord you the pleasure.

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CBN Has Not Published Annual Financial Statements Since 2022 despite Legal Requirement

Published

6 hours ago

July 24, 2026

Ebere Melum-Nwogbo

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Central Bank of Nigeria (CBN) has yet to publish its annual financial statements beyond the 2022 financial year, despite legal provisions requiring the apex bank to release its audited accounts annually.

CBN Has Not Published Annual Financial Statements Since 2022 despite Legal Requirement

An annual report is a comprehensive report on a company’s activities throughout the preceding year.

Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.

The most recent annual report and financial statements of the CBN available to the public remain those for the 2022 financial year.

Under Section 50 of the Central Bank of Nigeria (CBN) Act, the bank is required to prepare, submit and publish its audited annual financial statements.

Section 50(1) stipulates that the CBN must transmit its annual accounts, certified by an external auditor, to the President and the National Assembly within two months after the end of each financial year.

Section 50(2) further provides that the annual report submitted to the President and the National Assembly should be published in a manner determined by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure the accounts are published in the Federal Government Gazette as soon as possible.

Despite these statutory requirements, the apex bank has not made public any annual financial statements after the 2022 reporting year.

The development comes after the CBN, on August 11, 2023, released its consolidated financial statements covering seven years the first such publication since 2015.

President Bola Tinubu appointed Olayemi Cardoso as Governor of the CBN on September 15, 2023, following the removal of former Governor Godwin Emefiele in June of the same year.

Emefiele is currently facing trial over alleged corruption-related offences.

Last week, the Supreme Court ordered the final forfeiture of several of Emefiele’s properties, along with $2.045 million in cash.

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Dangote Refinery Completes Landmark $2.5bn Private Equity Placement

Published

6 hours ago

July 24, 2026

Chike Onwuegbuchi

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Dangote Petroleum Refinery and Petrochemicals has successfully completed a landmark US$2.5 billion private equity placement, in what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.

This marks a major milestone in the company’s long-term expansion strategy.

In a statement issued on Thursday, the company said the offering was 3.7 times oversubscribed relative to its initial offer size, reflecting strong investor confidence in the refinery’s growth prospects and resulting in the issuance and allotment of approximately US$2.5 billion in new equity.

The fundraising follows the recent equity capital raise in which existing investors expanded their holdings alongside new institutional investors, strengthening the refinery’s capital base to support its next phase of growth.

According to the company, proceeds from the private placement will finance the continued expansion of its refining and petrochemical operations, reinforce its capital structure and enhance financial flexibility for future investments.

The transaction attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-term strategic partners.

Among the key investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank). The offering also drew participation from a diverse mix of institutional and individual investors, underscoring strong market confidence in the refinery’s long-term strategy.

Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the successful capital raise as a strategic move to deepen and institutionalise the company’s shareholder base while complementing internal cash flows and external financing.

“This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security,” Dangote said.

Managing Director and Chief Executive Officer of the refinery, David Bird, attributed the strong investor response to the company’s operational performance and leadership.

“The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership,” he said.

Following the completion of the transaction, the company said it is well positioned to continue executing its long-term growth strategy by expanding world-class refining and petrochemical capacity while strengthening Africa’s energy security.

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Three Entrepreneurs Secure ₦5 Million at The Gathering on 100 Pitchathon

Published

6 hours ago

July 24, 2026

Ugo Onwuaso

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Once again, The Gathering on 100 Pitchathon has rewarded some of Nigeria’s most promising young entrepreneurs, with three startups sharing ₦5 million in funding.

Pitchathon

The pitchathon took place at the Abuja edition of the Gathering on 100 held between July 18 and 19, at This Day Dome, Central Business District, Abuja.

The competition brought together founders from different sectors to pitch their businesses before a panel of judges.

The Pitchathon remains one of the most sought after experiences at The Gathering on 100, an MTN Nigeria initiative that connects young Nigerians with opportunities for entrepreneurship, innovation and personal development.

Omolola Rebecca, founder of Agrovest, emerged overall winner, receiving ₦2.5 million for her agritech solution, which provides funding for farmers to improve access to capital and boost agricultural productivity.

Reacting to her victory, Rebecca said the recognition would give her business greater visibility and open doors to more investors. “Winning this competition means more people will notice what we’re building.

“It puts Agrovest in front of potential investors and partners, and gives us the opportunity to grow our impact by supporting even more farmers,” she said.

The second prize of ₦1.5 million went to Agbo Obinnaya, founder of Case Radar, a legal technology platform that uses generative artificial intelligence to simplify access to legal services in Nigeria.

The platform enables users to obtain legal guidance, understand legal documents and connect with legal professionals through a single digital platform.

Abdulmuiz Adam secured third place and ₦1 million with WaveBudget, a fintech platform that combines savings and responsible financing.

The platform allows users to save towards financial goals, access buy now, pay later services through partner merchants with a 50 per cent down payment, and manage their savings in one place.

Presenting the prizes to the winners, Lanre Coker, Manager, Customer Acquisition and Compliance, North-West, MTN Nigeria, said the initiative reflects MTN’s commitment to supporting young Nigerians with the resources they need to grow their ideas into sustainable businesses.

“The Gathering on 100 is about helping young Nigerians achieve the height of their endeavours, whatever they may be.

“We know there are brilliant ideas across the country, and through initiatives like the Gathering on 100, we are creating opportunities for innovators to access funding and the confidence to keep building,” he said.

The Abuja edition builds on the success of previous Pitchathons held during The Gathering on 100 across the country.

In Lagos, eight startups received a combined ₦45 million in funding, while three startups shared ₦5 million at the Aba, Enugu, and Kano editions. With the Abuja winners now joining the growing list of recipients, the Pitchathon continues to position itself as a platform for discovering and supporting the next generation of Nigerian entrepreneurs.

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