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Lagos Partners Austria on Economic Infrastructure

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Lagos State Government has expressed readiness to partner Austria in areas of mutual interest in order to create investment opportunities, jobs and reduce unemployment.

Mr. Akinyemi Ashade, State commissioner for Economic Planning and Budget, disclosed this on Wednesday at a meeting with the visiting Mrs. Bernadette Gierlinger, Austrian Vice Minister for Foreign Economic Policy and European Integration, at the Secretariat, Alausa.

He emphasized that the present administration was desirous of taking advantage of technology by using the Austria’s vocational studies model to reduce unemployment in the State, adding that the opportunities inherent in solid waste management and transportation, especially the need for the development of rail and water modes of transportation to complement road transport system can jointly be harnessed.

According to the Commissioner, other areas of mutual interest include investments in waste to energy programme which is aimed at encouraging Lagosians to sort and sell their waste products rather than dumping them indiscriminately to degrade the environment.

While noting that about $3billion was required for water development projects in the state, Ashade highlighted the potentials in waste water management which however requires huge investment.

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The Commissioner opined that the plan by the present administration to increase electricity supply to every part of the state using solar, wind and hydro plants will go a long way to unbundle the potentials of Lagos, urging the Austrian Government to make haste to partner with the State Government as the investment world is already focusing on the State.

Earlier, Mrs. Bernadette Gierlinger said that Nigeria was one of the economically promising nations, stressing that as soon as electricity and transportation problem improves in the country, Nigeria will be best hub for investment and production activities.

She said her visit was to explore ways to diversify the produce of Austria as well as partner with the Lagos State Government in such areas of mutual interest like construction, tourism, environmental technology, energy efficiency and vocational training which has made Austria one of the countries with the least unemployment rate.

The Vice Minister said she was impressed by the Lagos State Development Plan (LSDP), describing it as a detailed visionary document capable of hastening the development of the State if implemented faithfully.

While commending the Eko Atlantic project as a worthy investment, Gierlinger noted that Lagos and Austria have a lot in common and as such both can share in the experience of each other especially in the areas of urban migration, urbanization and climate change.

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Top government officials present at the meeting which is expected to produce a Memorandum of Understanding (MoU) in the next three months include the Commissioner for Wealth Creation and Employment, Mr. Babatunde Durosimi-Etti, his Science and Technology counterpart, Mr. Adeboye Odubiyi and the Special Adviser, Lagos Global Prof. Ademola Abass amongst others.


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Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

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Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.

According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.

Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.

He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.

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“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.

He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.

The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.

In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.

He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.

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NAICOM Issues New Licences to 43 Recapitalized Insurers

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The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.

According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.

Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.

He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.

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The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.

He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.

According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.

Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.

The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.

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Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

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Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.

Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.

Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.

The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.

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Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.

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