Telecom
How Olu Falae’s Kidnap Triggered $5.2Bn on MTN
When the federal government failed to trace owners of SIM cards used by kidnappers of Olu Falae, a prominent politician in September, it was the final straw for Nigeria after what it called a string of violations by telecoms firm MTN Group, according to Reuters.
MTN, Africa’s biggest mobile phone company was given a $5.2 billion penalty by the Nigerian Communications Commission (NCC) last month after the South African company failed to cut off users with unregistered SIM cards from its network.
Nigeria has been pushing industry players to verify the identity of their subscribers on worries that unregistered SIM cards were being used for criminal activity in a country facing Islamic militant group Boko Haram’s insurgency.
The fine, which is based on a $1,000 for each phone line MTN failed to cut off, has left investors, including its biggest shareholder, wondering how the company failed to comply with the law that carried that such a heavy penalty.
“We are equally concerned that MTN seems to have failed to anticipate the fine and take preventative actions,” said the Public Investment Corporation, MTN biggest shareholder with about 16.6 percent stake.
The NCC raised the prospect of a penalty on MTN Group and other players in Africa’s biggest economy at least two months before imposing the fine on the Johannesburg-based company.
According to Reuters, but the final straw for MTN, according to an NCC source, came a month after the high profile kidnapping of former Nigerian Finance Minister and runner-up candidate in the 1999 presidential election, Olu Falae, on September 21.
The company said this week that it was in talks with Nigerian authorities about a penalty which would wipe out more than two years of annual profit.
When the NCC imposed the penalty MTN had been talking with the regulator about the exact number of people that needed to be disconnected from the network, two sources familiar with the matter.
In a meeting with the state security agency and all operators on August 4, the NCC had asked MTN to cut off between 10 and 18.6 million users but MTN told the regulator that it only had 5.2 million users whose identity could not be verified, an NCC source said.
“MTN was under the presumption that it can carry on business as usual because it was still in discussion with the regulators,” the source said.
MTN has said the fine related to the “timing of the disconnection” of subscribers and is expected to argue that it could not cut off any subscribers by the deadline date because it had been in talks with regulator.
By September, other operators, which include United Arab Emirates’ Etisalat and India’s Bharti Airtel, had fully verified their users and cut off those they could not verify their identity while MTN had made a “partial attempt”, the NCC said.
Then, on October 22, four weeks after the abduction of Falae and about two months after the August deadline, the NCC, on advice from the state security agency, decided to impose the fine but only made it public four days later.
“These SIM cards with invalid registrations pose a grave security risk to the country,” the NCC memo said. “The recent kidnapping of the former finance minister Chief Olu Falae is one example of this risk.”
MTN also faces a Johannesburg bourse investigation on the timing of its announcement of the penalty. The company declined to comment.
Social Innovation Driven Entrepreneurship (SIDE) initiative, a flagship project under the Digital Access Program (DAP) by the UK NG Tech Hub, is geared towards addressing the critical need for accessible, safe, and secure digital access among underserved populations in Nigeria.
In collaboration with the Network of Incubators and Innovators (NINE), the SIDE project has engaged entrepreneurs across Nigeria’s six geopolitical regions, utilizing selected innovation hubs to provide support. The aim is to address sustainable solutions that target economic data, risk capital, infrastructure, and advisory gaps within key sectors. By leveraging digital innovation, the project seeks to alleviate poverty and address challenges faced by SMEs in identified markets and sectors, particularly those affecting underserved populations.
The SIDE project is a 4-month acceleration program tailored for entrepreneurs, startups, and SMEs developing sustainable, relevant, and scalable solutions to local challenges through digital innovation. Focused on various economic indicators aimed at poverty alleviation, the program is supporting entrepreneurs in developing sustainable and scalable solutions across key sectors such as health, education, food security, employment, and climate change.
The initiative began with the design and validation of a research-focused challenge brief in collaboration with Nigeria’s academic ecosystem. Subsequently, a call for applications was made, resulting in over 900 submissions. From these, 60 startups were selected to participate in the Masterclass phase, conducted in collaboration with partner hubs in Adamawa, Edo, Enugu, Kaduna, Kwara, and Osun.
Following the Masterclass and pitching sessions, 12 startups were chosen to participate in a 16-week acceleration program, culminating in a Demo Day scheduled for June 25, 2024, at the Radisson Blu Hotel, Victoria Island, Lagos.
This event aims to provide SIDE startups with a platform to showcase their progress, attract potential investors, receive valuable feedback, and network with industry experts, thereby facilitating the growth and scalability of their businesses.
Event Highlights:
The Demo Day will feature stakeholders from Nigeria’s vibrant tech ecosystem, providing them with an opportunity to witness impactful solutions and extend their support. Join us as we accelerate change and empower communities through digital solutions.
To register for the SIDE Demo day: visit https://sidenigeria.com/
Having any questions, further information or need to make inquiries, kindly email us at [email protected] or visit our website: https://sidenigeria.com/.
Engr. Ikechukwu Nnamani, CEO of Digital Realty Nigeria, received the prestigious Lifetime Achievement Award at the recent Africa’s Beacon of ICT Merit and Leadership Awards organized by Nigerian CommunicationsWeek.
Engr. Ikechukwu Nnamani, CEO of Digital Realty Nigeria, (R) receiving Lifetime Achievement Award from Mr. Ayotunde Coker, MD Open Access Data Centre (l) at the 2024 Africa’s Beacon of ICT Merit and Leadership Awards
For the past three decades, Nnamani has been a driving force in Nigeria’s digital space, particularly in interconnected services and data centers, which are now considered the backbone of the digital economy. Industry experts acknowledge his significant contributions.
“We are honored to present you with the Lifetime Achievement Award,” declared Mr. Ken Nwogbo, founder of Nigerian CommunicationsWeek, at the ceremony that highlights initiatives propelling Nigeria’s ICT sector on the global stage.
This award recognizes Nnamani’s unwavering commitment to providing innovative ICT solutions that fuel Nigeria’s flourishing digital economy. He was one of only four individuals chosen for this esteemed honor by a meticulous selection panel.
Under Nnamani’s leadership, Digital Realty (formerly Medallion Data Centres Limited) has become the most interconnected data center facility in West Africa. It boasts the region’s number one peering point, providing a crucial link for submarine cables, long-distance providers, fixed and mobile service providers, Over-the-Top (OTT) providers, internet exchanges, Value Added Service (VAS) providers, and global Tier 1 service providers.
Nnamani’s influence extends beyond Nigeria. Over the past 30 years, he has actively promoted the development of telecom infrastructure in several African nations, including Ghana, Togo, Liberia, Sierra Leone, Ivory Coast, Senegal, Kenya, Uganda, Botswana, and Angola.
As economic challenges loom large, the quest for quality at an affordable price becomes more crucial than ever, especially in the realm of smartphones. Amidst this backdrop, TECNO emerges as a beacon of innovation and hope with the launch of the POVA 6 Neo. This budget-friendly marvel defies expectations and redefines value in the smartphone market.
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Powered by the MediaTek G99 Ultimate Gaming Processor, the POVA 6 Neo delivers powerhouse performance without the hefty price tag. Seamlessly navigate through apps, games, and tasks with lightning-fast speeds, thanks to its 256GB of storage and 16GB of RAM – proving that high performance doesn’t have to come with a high price.
Built to Last, Built for You:
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The POVA 6 Neo proves you don’t have to break the bank to experience innovation and performance. Its unmatched endurance, stunning camera capabilities, and powerful performance make it the perfect choice for budget-conscious consumers who refuse to compromise on quality. So why settle for less when you can have it all with the POVA 6 Neo?
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