Dr. Adamu Abdullahi, acting Executive vice chairman, Federal Competition and Consumer Protection Commission (FCCPC), has disclosed that Multichoice submitted a four-page letter detailing the reasons for the price hikes in their cable services, GOtv and DStv.

FCCPC is responsible for protecting market competition and promoting consumer protection.

In an interview with Channels TV, Sunday, Abdullahi stated that the company cited the cost of electricity, generator operations and poor access to dollars as some of the reasons for the price increase.

He said the commission will review the reasons identified by Multichoice, noting that the agency will involve regulatory bodies such as the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) in the process.

According to Abdullahi, the commission will not hesitate to sanction the firm if it discovers that their prices are arbitrary or it is in any way manipulating the market.

“We got a four-page letter from Multichoice, telling us the reason that led to this price increase. What we need to do is to bring in NCC and maybe NBC and Multichoice, sit down and look at all these variables that they claim caused the rise in prices.

“At a glance, we saw things like the cost of electricity, running generators, the cost of dollars for spare parts and so on. We’ll go through these items individually and find out how they have affected their operations.

“By and large, that’s the claim of what they are doing because they are a dominant player in this market. People have no choice but to go to them for Cable television, so that’s why they are doing what they are doing.

“If by any chance we find out or we can confirm that that’s what they are doing, again we go back to the law and do what we are supposed to do,” Abdullahi said.

Recall that the Multichoice Nigeria recently increased tariff or its DStv and GOtv packages by at least 25 per cent.

The increase,  second in five months will be effective May 1.

Nigerians have more trust in Bitcoin-based systems than in traditional alternatives such as banks and government, a new report by Elastos, an open-source blockchain website, has stated.

According to its inaugural BIT Index (Bitcoin; Innovation & Trust), emerging markets are driving the adoption of Bitcoin, with Nigeria and the UAE leading the charge.

The report revealed that 66 per cent of Nigerian respondents and 35 per cent from Brazil had more confidence in Bitcoin-based systems than alternatives like banks or national governments, compared to just 16 per cent in Germany and 21 per cent in the UK.

The survey also revealed that 20 per cent of Nigerian consumers use Bitcoin to conduct transactions at least once a day, while 67 per cent would have more trust in Bitcoin to protect their life savings than traditional services like banks, local governments, and cash.

According to the platform, the research was compiled from online interviews conducted with 1,407 self-defined ‘tech savvy’ respondents in Brazil, Germany, Nigeria, South Korea, the UAE, the UK, and the US.

It stated that the interviews were completed by a third party, a registered market research company, between March 30 and April 4, 2024.

“When it comes to ensuring the integrity of online transactions, emerging market respondents also revealed their relative confidence in Bitcoin compared to alternatives,” it indicated.

According to the report, 66 per cent of Nigerian respondents and 35 per cent of Brazil have more confidence in Bitcoin-based systems than alternatives, such as banks or national governments, compared to figures of just 16 per cent (Germany) and 21 per cent (UK) who feel the same.

Meanwhile, Jonathan Hargreaves,  Elastos’ global head, Business Development & ESG, described the BIT Index’s inaugural findings as indicative of the role the ‘global south’ was playing in the adoption of decentralised currencies such as Bitcoin.

“The BIT Index offers a fascinating and sobering insight into the industry. The fact that over two-thirds of Nigerian consumers and a third of their counterparts from the UAE and Brazil would feel more confident entrusting their life savings to Bitcoin rather than traditional financial instruments speaks volumes about the protagonism these regions are already playing.

“In many instances, the driving factor is the absence of viable, accessible alternatives to, for instance, conduct cross-border transactions or mitigate the impact of inflation,” he said.

According to Chainalysis, a cryptocurrency research firm, Nigeria’s crypto transaction volume grew year-over-year to $56.7bn in 2023.

It stated that the country’s crypto economy continued to grow despite market turmoil in the space.

On the contrary, the government has been taking strong measures to restrict and clamp down on cryptocurrency exchanges and platforms operating in the country.

Nigerian Communications Commission (NCC) has urged telecommunications operators in the country to embrace infrastructure sharing to reduce their operating cost.

Aminu Maida, executive vice-chairman of NCC,

This is coming on the heels of calls by both Association of Licensed Telecom Operators of Nigeria (ALTON) and the Association of Telecommunication Companies of Nigeria (ATCON) for cost-reflective pricing model after 11 years.

But during the 2nd edition of the West African Telecoms Infrastructure Summit and Exhibition at the weekend in Lagos, Aminu Maida, executive vice-chairman, NCC, said operators in the telecommunications sector could reduce their cost and enhance service delivery through partnerships.

Maidan was represented by Mr Victor Adoga, head, Next Generation Technology and Standards at the NCC.

He said the short-term remedy is public-private partnerships, infrastructure funds, and innovative financing models like Infrastructure as a Service.

He said, “Today, we boast of over 219 million mobile subscribers and a burgeoning tech-savvy population eager to harness digital technologies.

“However, while our growth has been remarkable, it has not been without its challenges. Issues such as uneven service distribution, infrastructural deficits, and regulatory uncertainties have occasionally hindered our progress.

“Yet, each challenge also presented a unique opportunity for growth and innovation.”

The NCC boss also advised the operators to embrace Artificial Intelligence (AI) and machine learning to optimize network management, predict maintenance needs, and enhance customer service through automation, and advanced analytics is also necessary.

“Another strategy is developing smart infrastructure, because as cities become smarter, telecom infrastructure must evolve to support an array of smart city applications, from traffic management systems to public safety solutions,” said the EVC.