Connect with us

Telecom

$10.1Bn Fine: “MTN Targeted in State Sponsored Corporate Mugging”

Published

on

Kindly share this post

The dust has yet to settle over the recent order given to MTN Nigeria by the Central Bank of Nigeria (CBN) to refund $8.134 billion illegally repatriated between 2007 and 2015; and the allegation of $2 billion tax evasion.

 

Telecom associations, legal experts and some Nigerians with knowledge of the workings of the telecom industry have insisted that the treatment meted out to MTN was too harsh.  One said it was a” state sponsored corporate mugging”

 

May be by its sheer size and control of the Nigerian telecom market, MTN Nigeria has become target of every available fines and harassments.

 

The most notable was in 2015, when the company was hit with a $5.2 billion fine for failing to disconnect just over five million lines that were not registered.

 

The size of the fine—37% of its revenues and more than double its annual profits—sent shockwaves through the industry.

 

Then in August this year, Nigerian Communications Commission (NCC) said that MTN must list on Nigeria’s stock exchange on or before May 2019 as contained in the agreement over the 2015 fine settlement between the regulator and the telecom company.

 

By all intent and purposes, going public is usually the decision of the company but Nigeria is forcing the telecom firm to make that decision.

 

The combined weight of the recent demand by CBN and attorney general of the federation amounting to $10. 1billion has also left many wondering the intents and purposes of the legion of fines.

 

Mr. Gbenga Adebayo, chairman, Association of Licenced Telecoms Operators of Nigeria (ALTON), said that the burden of proof that there was an infraction on the MTN financial transactions with the four banks over funds repatriation, lies on the CBN, based on the earlier report on the investigation of MTN by Senate on the same issue, which freed MTN of any complicity.

 

MTN has maintained that it got the approval of the CBN for all dividends it had declared in the past, and that the Senate investigation on alleged funds repatriation had since exonerated it from any complicity in illegal funds transfer.

 

Oulsola Teniola, president, Association of Telecoms Companies of Nigeria (ATCON) also said that the CBN has no powers to order MTN Nigeria to refund the money.

ATCON logo.jpg

ATCON said that the cash in question belongs to MTN in the first place and wondered what the CBN wants to achieve by its order.

 

He said: “A refund is very unlikely. The size of the demand and timing is unreasonable and not in the interest of the country. After all, the Naira equivalent will have to be returned to MTN Nigeria. It is then an interesting situation that this seeks to redress events that occurred when CBN had full oversight and approved the transactions. How do they intend to do that?”

 

Elsewhere, Chibuike Okeke, a lawyer and investment analyst, said that “I think regulators are too harsh on companies with the numerous and high amount of fines they impose on MTN, it looks like state sponsored corporate mugging”

 

“Effective and impartial regulation is good but if this fines continue, it ultimately could end up hurting Nigeria much more in the long term than it does MTN. Foreign investors don’t look favourably on such risk and will think twice about investing in here.” Okeke added.

 

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Telecom

Airtel Nigeria Leads Telecom Market Surge

Published

on

Kindly share this post

In a recent revelation from the Nigerian Communications Commission (NCC), Airtel Nigeria has emerged as a standout performer in the country’s telecommunications sector, marking significant gains in market share over the past year.

According to the NCC data, by the end of March 2024, Airtel Nigeria has grown its market share over the last year into a remarkable 29%, solidifying its position as a leading telecom provider in the region.

In stark contrast, other mobile network operators such as MTN and 9mobile have faced considerable setbacks, with MTN witnessing a notable 3.19% decline in market share and 9mobile experiencing a 0.5% decrease.

Even Glo, a prominent player in the market, saw a decline, albeit less pronounced, with a 0.58% drop in its share of internet subscribers.

Airtel Nigeria’s success story goes beyond market share gains. The company has also witnessed a substantial surge in its share of internet subscribers, boasting an impressive 165% basis points increase.

This surge correlates with the launch of Airtel 5G, which the company began rolling out in June 2023 and underscores the telco’s continued push to grow its customer base nationwide.

Airtel Nigeria’s ascendancy in the telecom market comes at a pivotal moment when mobile network operators face challenges of rising operations cost and exchange rates volatility. The company’s recent results solidify its position as a frontrunner in Nigeria’s telecom landscape.

 


Kindly share this post
Continue Reading

Telecom

#BuildWithAI Hackathon: Google Developer Groups Lagos Partners SeerBit, GoMyCode

Published

on

Kindly share this post

Google Developer Groups Lagos (GDGLagos) has announced a regional edition of the global #BuildWithAI hackathon, in partnership with SeerBit, Africa’s most trusted payment solutions provider and GOMYCODE.

seerbit

This hackathon, taking place on Saturday, April 27th and Wednesday, May 1st, 2024, will empower participants to explore Google’s AI tools, Gemini and Vertex AI and develop innovative solutions for real-world challenges.

“We are excited to partner with Seerbit and GoMyCode to bring the #BuildWithAI hackathon to Lagos,” says Co-Organizer, GDGLagos, Femi Taiwo. “This event fosters innovation and empowers individuals to use AI to solve real-world problems. We encourage everyone interested in AI to join us for this inspiring event.”

Founder & CEO of SeerBit, Omoniyi Kolade articulated the profound impact of this collaboration, stating, “At  SeerBit, we are committed to pioneering innovative solutions that enhance financial security and foster trust in digital transactions. Collaborating with GDG Lagos amplifies our quest to combat fraud effectively. Together, we aim to empower developers to harness the power of technology for the greater good, ultimately benefiting society as a whole.”

“At GOMYCODE, we are committed to unlocking the potential of innovators across Nigeria and beyond through accessible technology education. The ‘Build With AI’ hackathon with Google Developer Groups Lagos offers a hands-on chance for innovators to use AI for real-world solutions. We’re excited to create a space where technology meets creativity, empowering participants to actively shape the future,” Country Head, GOMYCODE Nigeria, Babatunde Olaifa said.

The #BuildWithAI hackathon aligns with Google’s global initiative to democratize access to AI technology. This regional event in Lagos offers a unique opportunity for developers, data scientists, designers, students, and anyone curious about AI to:

  • Gain hands-on experience with Google’s cutting-edge AI tools, Gemini and Vertex AI.
  • Tackle real-world challenges across various sectors like sustainability, finance, education, healthcare, and social good.
  • Leverage SeerBit’s expertise in digital payments to create solutions with tangible applications.
  • Develop in-demand skills with the support of GoMyCode’s training resources.
  • Collaborate in teams and network with fellow AI enthusiasts.
  • Compete for a chance to win a cash prize of NGN 1,000,000, office space to further develop their winning solution, and the opportunity to partner with SeerBit, with NGN 500,000 and NGN 250,000 for second and third place respectively.

The GDGLagos #BuildWithAI hackathon serves as a springboard for the global Google AI Hackathon, taking place online. This international event focuses on pushing the boundaries of what Generative AI apps can do with Gemini. Participants in the Lagos event are highly encouraged to consider entering the global competition as well.

GDGLagos will provide ongoing support and guidance to the regional winner as they prepare to compete on the global stage. This includes access to mentorship, resources and technical expertise to help them refine their solution and showcase their talent to a worldwide audience.

Startup founders, experienced developers, data scientists and expert resources and designated mentors will be available during the hackathon to provide guidance, refine ideas, answer questions and offer technical support to participants.  This ensures they receive the necessary guidance to tackle the challenges and bring their innovative ideas to life.


Kindly share this post
Continue Reading

Telecom

Airtel Boosts NIPR Public Relations Week with Onsite Unlimited Data Connection

Published

on

Kindly share this post

Telecommunications service provider, Airtel Nigeria has collaborated with the Nigeria Institute of Public Relations (NIPR) to provide with unlimited internet access at the institute’s inaugural edition of the Nigeria Public Relations Week.

The trailblazing event themed ‘Leveraging Public Relations as a Critical Asset for Nigeria’s Economic and Reputation Renaissance’ is set to run from Monday, April 22nd to Friday, April 26th, 2024, and will welcome thousands of delegates across Nigeria to the prestigious June 12 Cultural Centre, nestled in the heart of Abeokuta, the Ogun State capital.

Speaking on the strategic collaboration, Femi Adeniran, Director, Corporate Communications and CSR, Airtel Nigeria, expressed enthusiasm about the partnership, stating, “Airtel is proud to support the Nigeria Institute of Public Relations in its endeavor to advance the field of public relations.

“The relevance of public relations practice in Nigeria cannot be overstated, as it plays a vital role in shaping perceptions, managing reputations, and influencing public opinion. Hence, our support is a demonstration of our commitment to empowering individuals and organizations with innovative solutions that drive progress and create an enabling society.”

According to NIPR, through the PRWeek Organizing \Committee Chairman, Mr Yomi Badejo Okusanya, the NPRW will gather over 2,000 experts in the fields of economics, PR, and nation-building to discuss strategies for effectively communicating government policies and initiatives to the public.

Other activities at the NPRW will include conferences, the annual general meeting, workshops, induction of new members, breakout sessions with students as well as traditional rulers and a tour of some legacy projects in Ogun state.

With Airtel’s provision of onsite unlimited data connection, attendees and participants can enjoy unparalleled access to online resources, real-time updates, and interactive engagements throughout the duration of the event. This will significantly support the exchange of ideas, foster networking opportunities, and elevate the overall experience for all stakeholders involved.

Airtel Nigeria remains committed to offering unwavering support for initiatives aimed at driving innovation, collaboration, and nation-building.


Kindly share this post
Continue Reading

Trending