General News
New Starcomms is a Public Trust with Better RoI-Eleso
Demola Eleso, CEO designate, Starcomms Plc is a seasoned telecoms professional of more than 20 years.
Eleso was formally chief executive officer of Multi-Links Telecommunications Limited and has also held same position at MTS First Wireless.
His life revolves around telecommunications because he was also chairman of Contact Solutions , the premiere contact & call centre services provider in Nigeria and chief technical officer , MTN Nigeria, where he was responsible for designing, planning, implementation and the operation of a nationwide GSM network in Nigeria.
He believes that a new Starcomms Plc with the right mix of technology, fund and expertise will give better returns on investment and deliver world class services.
Our Venture into Starcomms
We believe that this is a compelling requirement and we are going to be successful with it. We are trying to satisfy a demand that is already there. We are not trying to create demand.
Nigerians, of course want to be connected to the worldwide networks of various transactions, information databases and e-commerce sites.
And today, our networks are charged towards making that delivery. What we have is an opportunity to put together the technical ingredients that create a data connectivity network that can satisfy the urgent demand.
And we believe that once we put that together, a large share of customers will join, enjoy and stay on the boosted network.
That’s the reason why we think that this deal and amalgamation will yield result.
Dwindling Fortunes of CDMAs and Strategies to Grow the New Deal
It will be somewhat risky to divide the market into non-CDMA successful and successful ones.
The CDMA operators that failed, as we identify them, they failed for many reasons.
Most of which has to do with their business modules and not really technology. I think we need to be careful, because the label that we place on the networks in Nigeria is like giving the dog a bad name.
There is actually nothing wrong with the CDMA technology. The technologies are well proven and have been used extensively around the world. They satisfy many communities in a profitable manner.
So the failure or lack of success with the CDMAs sector has more to do with the modules than the actual technology.
Now, what we want to do is that we are simply getting the valuable resources from the operators, extracting the value which is principally the spectrum and putting that on new technology to satisfy our customers.
And we are doing so and learning from the failure of the past and the advantage of the strong management that will be put in place so that we have a sound company that will take advantages of the opportunities that are out there.
So, I believe those are the ingredients that will make us viable and successful.
Efforts towards Voice Services
We will continue to support all the existing products, voice services inclusive.
So, in terms of where we have customers making use of those services we will continue to maintain the products and we will even inject some parts of our funds to make sure that those services get better over time.
It is true that our main business focus is on mobile broadband data services, because that is where the huge demand is.
Also, in the telecomm sector, the big GSM operators are dominate in the voice segment. Thus, looking at areas we have to achieve success, we don’t have to put ourselves like David, engaging in fight with the Goliath, every week.
We can do that once or twice, but we have to focus our energies where we have unique advantage.
Foreseen Technological Challenges
If you examine the aggregation of spectrum that we have put on the NCC spectrum line, you will observe that either of luck or hard work, we are actually putting together spectrum that is contiguous.
It is in a straight line, we are not crossing various bands of spectrum. The companies we are putting together happen to be next to each other.
So, it is a very simply technology integration for us to harmonise the spectrum and create one company, one service through a seamless technology provision.
In other words, we are blessed in that regards, certainly on the 1900 band.
Unified Licences and Business Opportunities
We are listening to experts of national and international proportions. Apparently, there is an evolution in the sector.
And due to the evolution we have moved from one 1G services to 2G services, which is about GSM and we have now moved to 4G services.
So, Starcomms and the new deal will embrace new technology platform and it is following evolution on which we are going to deliver services that meet demand.
I don’t see us back tracking towards a GSM service; just like I said the dominant GSM service providers already occupy that space.
Using Mobility as Competing Edge
Yes, we are going to use every opportunity in our licence regime to enhance the services we deliver same so that voice customers who have mobility today will have extended mobility in the future.
Both our existing and future technology will enable us to do that.
Will Starcomms still be Quoted on the Stock Exchange?
Starcomms is listed on the stock market and we are going to be listed. We have a play that within three years the minimum requirement in terms of quantum of shares is listed to have enough turn over.
Therefore, we are still in the market. In fact, part of the attractiveness of this whole transaction into Starcomms as a vehicle was the fact that it is the only listed telecommunication stock on the Nigerian Stock Exchange.
That shows the level of transparency and opportunities in our national and international businesses. The valuation is clear, there is no dispute.
And we believe the shareholders recognized these facts and expressed optimism that somewhat a 50kobo dormant can actually appreciate.
Even the right issues being planned for the existing shareholders will be tradable on the Nigeria Stock market.
Rumours of Retrenchment and Closure of Business Units
First and foremost, Starcomms did not sack any staff. That does not preclude that if a staff cannot be sacked for one reason or the other, or even disciplined.
Probably, it was a misinformation, because in the last 14 months we have not sacked any staff.
On the closing down of some of our shops, our plan is to migrate the existing subscribers of MultiLinks into Starcomms platform.
So nobody loses out. We planned that in the next five years, we will have minimum of 2 million subscribers on data.
We hope to get to a level where anybody who talks to us does that free. That is talk on-net free once you are using our service, which is even different from Skype.
Once we migrate to the new platform we should be able to have the apparatus.
Challenging Business Environment
Definitely, the major factor for the declining fortunes of the CDMAs was due to distress. We all know how many CDMAs have left now.
The two that we all recognized to full deliver they are not full running. They suffered distress.
Secondly, business environment has been a limitation. With the advent of GSM operators and with protection they had for five years, before other CDMAs started scrambling for a national licence, everybody had a phone and it is the same subscriber that the CDMA operator hoped on to come on board.
Now, for you to bring a CDMA operator to come to your network you must part with a phone or you configure that phone.
So, it put additional pressure on working capital requirement of CDMA operators. And consequently, the kind of competition they can pose for GSM operators who only put SIM card.
Also, in some quarters, the CDMAs are being tagged the alternate networks.
Be that as it may, what we intend to do is to grow the network, optimize it in such a way that wherever you are you can have access or get connected.
We know how bad GSM operators are doing, if we provide better service to the public, even though it is an alternative platform, it will become a network of preference over time.
We may not cover the entire nation, but wherever we are people will enjoy the network in terms of voice.
Arrangement for Shareholders
Currently, Starcomms carries 6.9 billion shares, if you want to issue 90 per cent of that to Capcom, then you we to consider the number of share we have to issue; so we are trying to do is to reorganize the shares in the ration of 100:1. That is for every hundred shares you have you get one.
Thus, the real value of each share is 50 kobo. And with that, it collapses the number of shares that will be calculated and we can issue new 90per cent percent of whatever we want to give to Capcom.
The key thing is that they are not losing value. We have heard discussion with the shareholders and have also gotten support from them.
And we are positive that once everybody is enlightened, no doubt we will get the best result. That flows from knowing what is being done.
They have been engaged from the time of AGM and several shareholder meetings. The institutional investors were also engaged.
Expected Dividends from the New Business
Our business calls for a better positive outcome in about three years depending on the market dynamics.
And we hope to return over $100 million into the business by 2017.
All is in reaction to the subscribers.
Before now, the drumming have been top get to them, now we have gotten to a level where we want to hear from them what they want and that we will deliver.
That might change, it’s is something we have worked on in the last one year.
Tackling Labour Issues
Well, I am glad that our workforces are glad to have a job. They know that sacrifices in forms of rendering required services to vendors and subscribers will keep us going.
They know that Capcom is coming to give us all a new future, so, a body of employees that are very vast as to what is going on and know what is in stake will be very supportive.
They are keen for this transaction to get concluded so that we can get into business. We have seen a tremendous support from the workforce.
Technical Changes?
We will start by undergoing technical repairs to the existing Starcomms business.
Our launch of new network will be by next year.
The new board emergence will debate on keeping Starcomms as the Business Name or a new brand that reflects a new style.
Federal High Court in Abuja has adjourned the Federal Government’s alleged tax evasion case against Binance Holdings Ltd. cryptocurrency exchange, until September 24, 2026, to allow both parties more time to pursue an out-of-court settlement.
Justice Emeka Nwite fixed the new date on Thursday after Moses Ideho, counsel to the Federal Government, informed the court that discussions aimed at resolving the dispute amicably were still ongoing.
Ideho, a deputy director of Legal and Prosecution at the Nigeria Revenue Service (formerly the Federal Inland Revenue Service), told the court that the matter, which had been scheduled for a report on settlement or continuation of trial, could not proceed.
According to him, one reason for the delay was the reported elevation of Justice Nwite to the Court of Appeal, while the second was the continued reconciliation efforts between the parties.
“The parties are still exploring settlement in the charge that led to this case,” Ideho told the court.
Sunday Agaji, counsel to Binance, did not oppose the application for adjournment, following which Justice Nwite postponed proceedings until September 24 for either a report on the settlement discussions or continuation of trial.
The case was previously adjourned on May 12 after both the Federal Government and Binance informed the court that negotiations were underway to settle the matter outside the courtroom.
Binance had first indicated its willingness to pursue an amicable resolution on March 24.
The cryptocurrency company was re-arraigned on July 12, 2024, on a four-count charge bordering on alleged tax evasion.
Ayodele Omotilewa, Nigerian representative, pleaded not guilty on behalf of the company.
The re-arraignment followed the removal of Binance executive Tigran Gambaryan and his colleague, Nadeem Anjarwalla, from the charge after the Federal Government amended the case to make Binance Holdings Ltd the sole defendant.
Justice Nwite had, on June 14, 2024, discharged and struck out the names of Gambaryan and Anjarwalla after the prosecution filed the amended charge.
Binance is also facing a separate criminal prosecution by the Economic and Financial Crimes Commission (EFCC), which accuses the company of laundering about $35.4m.
In addition, the Nigeria Revenue Service is pursuing a separate civil suit against Binance before another judge of the Federal High Court, seeking approximately $79.5bn in alleged economic losses linked to the company’s operations in Nigeria.
Oodua Youth Coalition (OYC), a Yoruba socio-cultural group, has issued a notice to stage peaceful picketing at MTN Nigeria offices nationwide.
This action stems from the company’s alleged failure to publicly condemn recent xenophobic attacks against Nigerians in South Africa.
This is coming despite statement by Karl Toriola, chief executive officer, MTN Nigeria, who recently said that MTN may have originated from South Africa, he explained, but MTN Nigeria is a Nigerian publicly quoted company, managed by Nigerians and with a Nigerian board.
However, in a statement jointly signed Olatunji Adejuwon and Olaoye Abolaji,vice president and national secretary respectively of OYC, described MTN Nigeria’s silence as unacceptable, given the company’s South African roots and the patronage it enjoys from Nigerians
The coalition said it would proceed with a peaceful protest if the telecommunications company continued to ignore its demands, stressing that the action was intended to draw attention to the need for corporate responsibility and moral leadership in condemning xenophobic attacks against fellow Africans.
“Consequently, the Oodua Youth Coalition hereby gives notice that we shall, without hesitation, commence a peaceful picketing of MTN Nigeria’s offices if the company continues to ignore our legitimate demands.
“Our action is intended to draw attention to the need for corporate responsibility and moral leadership in condemning acts of xenophobia against fellow Africans,” the statement said.
The group renewed its call on MTN Nigeria to immediately convene a press conference, with representatives of the coalition in attendance, to unequivocally condemn the xenophobic attacks and reaffirm its commitment to the safety, dignity and unity of all Africans.
It maintained that the proposed protest would be peaceful, orderly and in accordance with the laws of the Federal Republic of Nigeria.
According to the coalition, relevant security agencies have been notified of the planned action, while appropriate communications have also been sent to the South African diplomatic mission in Nigeria.
“We once again call on MTN Nigeria to immediately convene a press conference, with representatives of the Oodua Youth Coalition in attendance, to unequivocally condemn the xenophobic attacks and reaffirm its commitment to the safety, dignity and unity of all Africans.
“We emphasise that our proposed action shall remain peaceful, orderly and in accordance with the laws of the Federal Republic of Nigeria. Relevant security agencies have been duly notified, and appropriate communications have also been sent to the South African diplomatic mission in Nigeria.”
Reaffirming its commitment to defending the rights and dignity of Nigerians, the coalition vowed not to relent until its concerns received the desired attention.
“The Oodua Youth Coalition remains committed to defending the dignity of Nigerians and promoting African solidarity. We will not relent until our concerns receive the attention they deserve,” the statement added.
Responding to the controversy, Toriola further condemned all forms of xenophobia and violence against Africans living in South Africa, insisting that MTN Nigeria is a Nigerian company with substantial local ownership.
“We unequivocally condemn any form of xenophobia, violence or attacks against any community in the world. We’re a Nigerian company, through and through. We’re listed on the stock exchange with over 201,000 retail investors, and 11 million people hold shares through their pension funds in MTN Nigeria.
“We provide the digital backbone of the economy, and we have a completely Nigerian entity.
“Yes, MTN was founded in South Africa, and the parent company that is the majority shareholder is South African. But let’s also look at it objectively. The shareholding of MTN Holding South Africa is only 50 per cent African.
“The remaining 50 per cent is from across the world — 27 per cent from the United States, with the rest from the United Kingdom, Europe, the Middle East and the Asia-Pacific region,” Toriola said.
By Bidemi Oke
Every civilisation has been built on one invisible infrastructure. The Romans built roads. The Industrial Revolution built electricity. The Internet built information. The next economy may be built on something far less tangible.
Trust
That sounds counterintuitive because we have spent centuries believing that money is the foundation of every economy. It isn’t. Money has never been the foundation; it has simply been the mechanism through which trust is exchanged. Every major financial innovation, from coins and paper notes to credit cards, online banking and blockchain, has been humanity’s attempt to solve the same problem: “how do we help strangers trust one another without ever meeting?”
Seen through that lens, today’s financial revolution looks very different.
Most discussions about digital finance revolve around whether cash will disappear. We debate mobile wallets, central bank digital currencies, cryptocurrency, real-time payments and digital banking. Yet these conversations often mistake the visible change for the actual transformation.
The real shift is not that money is becoming digital. The real shift is that trust is becoming programmable. That single idea explains why the financial landscape is changing faster than many people realize.
For decades, finance has depended on institutions to create confidence. Banks verified identities, governments authenticated currencies, contracts relied on lawyers, payment networks validated transactions and every exchange involved an intermediary whose primary role was to reassure two parties that the system could be trusted.
Technology is quietly rewriting that arrangement
Today, identities can be verified digitally. Transactions can be authenticated within seconds, smart contracts can execute agreements automatically once predefined conditions are met, and artificial intelligence can detect suspicious activity before humans notice it. Increasingly, confidence is being built into the infrastructure itself rather than added afterwards.
This is why I believe we need a new way to think about the evolution of finance, not as a journey from cash to digital payments, but as “three generations of financial trust”.
The first generation was Physical Trust. Trust was tied to tangible assets like gold, paper currency, handwritten signatures and face-to-face interactions. Confidence came from what people could physically see and hold.
The second generation was Institutional Trust. As economies expanded, institutions became the guarantors of financial confidence. Banks, regulators, payment networks and financial intermediaries enabled transactions at a scale impossible through personal relationships alone. Trust shifted from physical objects to established organisations.
We are now entering the third generation: Programmable Trust.
Here, trust is embedded directly into technology. Verification happens automatically. Payments settle in real time, financial services become integrated into everyday experiences instead of existing as separate destinations. Increasingly, people interact with trusted systems rather than trusted institutions alone. That distinction is more profound than it first appears.
Many organisations still measure digital transformation by counting how many services have moved online, but digitising an existing process is not the same as redesigning how trust flows through an economy. Converting paperwork into an application does not automatically create a digital financial ecosystem.
This explains why some economies process millions of digital transactions every day yet continue to face friction, inefficiency and limited financial inclusion. The missing ingredient is rarely another payment platform. More often, it is interoperable infrastructure, trusted digital identity, consistent regulation and systems capable of working together seamlessly.
In other words, the future of finance will not be determined by who builds the fastest application. It will be determined by who builds the most trusted ecosystem.
This has significant implications for Africa. The continent has rightly earned global recognition for accelerating digital financial adoption. Yet the next opportunity extends beyond increasing transaction volumes. The greater challenge is designing financial infrastructure where payments, identity, data, compliance and commerce interact intelligently rather than operating in isolation.
That is where long-term competitive advantage will emerge. Perhaps the greatest irony of all is that the more advanced finance becomes, the less visible it will appear.
People rarely think about the internet protocols that power a video call or the cloud infrastructure supporting an online purchase. Likewise, future generations may hardly think about payment rails, settlement networks or blockchain architecture. Financial experiences will simply happen securely, instantly and almost invisibly.
History suggests that successful technologies eventually disappear from our attention not because they become less important, but because they become so reliable that we stop noticing them altogether.
So, are we entering a fully digital financial economy? Perhaps that is no longer the right question.
A more useful question is whether we are entering an economy where trust itself becomes digital infrastructure because if that is true, then the organisations shaping the future of finance are not merely moving money more efficiently.
They are redesigning how entire economies create confidence at scale and that may prove to be the most valuable innovation of all.
Bidemi Oke is the Chief Executive Officer of FlashChange, a fintech platform focused on secure digital asset exchange. He is an entrepreneur and vibrant leader, recognized for driving innovation and redefining access in the financial technology industry.
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