E-Financial
Nigeria Marks 25th Anniversary of world Web with Affordable Internet Access
An innovative and interactive new drive to empower affordable Internet access will today unite the Nigerian government as well as key members of the Nigerian ICT industry with technology leaders from across Africa and the rest of the world on the eve of the 25th anniversary of the Web.
25 years after Web inventor Sir Tim Berners-Lee submitted his proposal for the World Wide Web (March 12, 1989), the world’s broadest technology sector coalition, the Alliance for Affordable Internet (A4AI), is bringing together government ministers, technology innovators, researchers and campaigners to drive forward the policy change, dialogue and investment needed to put internet access in the hands of millions across Africa.
The forum will aim to consolidate support for, as well as build upon ongoing efforts to increase broadband penetration in Nigeria five-fold to 30 percent by 2018.
The Nigerian government has signed a Memorandum of Understanding with A4AI and participants at the forum include Mrs. Omobola Johnson, minister of Communication Technology.
The forum will also see the launch of a new multi-stakeholder coalition that will contribute to the development of policies intended to bring in a new era of widespread and affordable internet access.
As laid out in the recently published Nigerian National Broadband Plan, the existing challenges to greater Internet and broadband access in Nigeria will be tackled head-on by: Incentivizing the deployment of a national fiber optic network across the entire country; Developing a framework that ensures the potential benefits of open access and infrastructure sharing are realized.
Others are: addressing high cost points such as spectrum prices and the cost of physical attacks on infrastructure; and Increasing citizen awareness about the possible benefits of the internet and how to use it.
According to the World Bank, eighty-four percent of Nigerians live on less than two dollars per day and 63 percent live on less than $1.25 per day. A prepaid mobile broadband user subsisting on $2 per day who wanted to use 1GB of data per month would have to spend 22 percent of their monthly income to do so.
At present, one third of Nigerians use the Internet, up from 28 percent in 2011 and 24 percent in 2010. However, the broadband penetration rate is only 6 percent.
In Nigeria, fixed broadband currently costs 39 percent of average monthly income, with a 500MB pre-paid mobile broadband plan averaging 13 percent.
The Alliance for Affordable Internet and its 55 members, whose global sponsors are Google, Omidyar Network, the UK’s Department for International Development and the US Agency for International Development, will work hand-in-hand with the Nigerian government and sector stakeholders to support the Government in the implementation of its vision for affordable broadband access to all Nigerians.
Johnson said: “We welcome the opportunity to align ourselves with other forward looking governments and members of the Global ICT industry as well the ‘unified voice and coordinated focus’ that is represented by the A4AI. We are also extremely pleased to note the common approach to tackling the problems of providing ubiquitous, affordable access to the Internet for all Nigerian citizens as is represented by our recently launched Nigerian National Broadband Plan. We view this forum as extremely timely and a key part of our consolidating internal as well as external support for the changes needed to accelerate the needed improvements in our National Broadband network”.
Sonia Jorge, executive director of A4AI said: “On the 25th anniversary of the Web, we are working to unlock the power of the internet in Africa and place it in the hands of those for whom it remains out of reach. Nigeria is one of the fastest growing markets in Africa but overcoming the challenges to increased access will not be solved by a single solution or player. Through collaboration we need to create policy and regulatory environments that reduce cost structures for providers, users and potential users of the internet environments that stimulates investment, increase affordability and encourage internet use. In Nigeria, A4AI will be focusing on reaching rural communities and those living below the poverty line, so all Nigerian women and men can realize the benefits of the Web.”
Funke Opeke, CEO of Main One said: “Main One is delighted to see the Alliance focus on Nigeria with the launch here in October 2013, followed by this forum in Abuja today. We are in agreement that the emphasis on collaboration and open access in Nigeria’s broadband plan will need to be actualized to ensure affordable internet delivery and look forward to working with other industry players and government to make the vision of affordable Internet a reality for all Nigerians.”
A4AI has grown rapidly as an coalition since its launch in October 2013, achieving a membership of over 50 organisations in just four months.
Global sponsors Google, Omidyar Network, the UK’s Department for International Development and the US Agency for International Development have been joined by a host of governments, technology companies and civil society organisations from developed and developing countries.
The group is co-ordinated by the World Wide Web Foundation, Sir Tim Berners-Lee, founded by Web inventor.
It will work in a number of countries across Africa, Asia and Latin America, and has already signed a memorandum of understanding with the governments of Ghana and Nigeria.
A4AI is advocating for open, competitive and innovative broadband markets with a focus on achieving the UN Broadband Commission Broadband Target of entry-level broadband services priced at less than 5% of average monthly income.
The exchange rate stabilised in the FX market as the Central Bank of Nigeria (CBN), defended the local currency with $360 million, stemming a negative tide from increased demand for the US dollar.
Olayemi Cardoso, Governor, Central Bank of Nigeria
According to Market Forces Africa, for most part of the week, the naira experienced heightened volatility due to an FX liquidity shortage in the official window, brought forward from the previous week.
This caused the exchange rate to wobble against the US dollar, but late picked up as inflows into the market improved.
On Friday, the naira rebounded against the dominant foreign currency, the US dollar, in last-minute transactions supported by a relatively higher liquidity supply by the monetary authority.
The exchange rate appreciated by about 2% to settle at N1,517.93 in the official market on Friday after persistent negative volatile.
Spot FX data from the regulator showed that the naira gained N29.89 on the day following FX sales to banks.
The market liquidity was also supported by additional inflows from foreign sources and reduced demand for foreign payments.
FX interventions and inflows from offshore clients and local corporations boosted volume of US dollar in the official window, AIICO Capital Limited dropped the hint in an investors note.
In the market, demand pressure persisted, leading to fluctuations in the US dollar to naira exchange rate for most of the week.
The CBN sold $188.10 million to banks, the last auction offered at the range of N1,532.00 to N1,540.00, bringing the total FX sales for the week to $360.00 million, according to investment banking firm TrustBanc Financial Group Limited.
Despite these interventions, demand outpaced supply, causing the naira to depreciate. By the end of the week, the market recorded improved liquidity, with trades ranging between N1,480 and N1,548.
Data from the CBN revealed that Nigeria’s external reserves increased by USD12.06 million to USD38.36 billion after 9 consecutive weeks of decline. In the forwards market, the naira rates decreased by 0.6% for a one-month contract to N1, 577.80.
The Securities and Exchange Commission (SEC) has cancelled the registration of Mainland Trust Limited, and suspended Centurion Registrars, following their failure to comply with regulatory directives.
The commission made the disclosure through circulars which were released at the weekend. The circular on Mainland Trust Limited read: “The Securities and Exchange Commission hereby notifies the general public that the registration of Mainland Trust Limited as a capital market operator has been cancelled with immediate effect.
“This cancellation order is made pursuant to the powers of the Commission under Section 38(4) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
“The Commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems Plc (CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice.”
SEC directed that the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all capital market trade associations to discontinue capital market-related dealings with the company.
In the same vein, the SEC announced the suspension of Centurion Registrars Limited, its directors and sponsored individuals from capital market activities with immediate effect.
The SEC said the suspension order was made pursuant to the powers of the Commission under Section 38(4) & (5) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
It explained that its decision was informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
“All clients of Centurion Registrars Limited are advised to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another Registrar of their choice.
“In addition, the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all Capital Market Trade Association are directed to discontinue capital market related dealings with the company and its principal officers,” the circular stated.
The commission also disclosed that in furtherance of the commission’s unwavering commitment to the maintenance of zero tolerance for infractions in the Nigerian capital market and in line with its revised enforcement strategies, stakeholders and the general public are hereby informed that henceforth, the names of capital market operators (CMOs) found to have violated market laws/regulations would be published in the commission’s “name and shame” journal.
“The publication would be in addition to the sanctions/penalties for the respective infractions prescribed in the ISA 2007 and the SEC Rules and Regulations.
“This enforcement strategy underscores the Commission’s dedication to safeguarding the integrity and stability of the Nigerian capital market, protecting investors, and ensuring strict adherence to established rules and regulations.
“Stakeholders and CMOs are advised to be guided accordingly” the commission added.
FirstBank has formally denied allegations of fraud in an ongoing court case filed by customer Dr. Agbai Eke, describing the claims as “entirely unfounded and false.”
According to a statement from the bank, their internal investigation points to “unprofessional and unethical dealings” between Dr. Eke and a former bank employee.
FirstBank claims these individuals used a personal relationship to conduct unauthorised transactions without the bank’s knowledge or involvement.
The bank said it has reported the matter to law enforcement authorities for further investigation.
Officials noted that suspects have already provided statements to investigators.
FirstBank also declined to provide additional details, citing the ongoing court proceedings.
“We will refrain from further comments to allow the Court to dispassionately determine the issues before it,” the bank stated.
The case gained public attention following reports by Thisday Newspaper and Arise Television, as well as through a circulating video regarding the legal dispute.
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