Telecom
Telcos Wax Worriedly over Annual Due Review by FRC
Association of licensed Telecom Companies of Nigeria (ALTON), umbrella body of telecom operators in the country, has raised the alarm over the review of annual payment structure under the Financial Reporting Council Amendment Act 2023 (FRC Act), warning that its implementation will hurt telecom operators.
The group warned that “the new structure would pose significant challenges for our members, especially in light of the prevailing harsh economic conditions in the country”.
A letter addressed to Dr Rabiu Olowo, executive secretary/CEO, Financial Reporting Council of Nigeria, dated September 13, 2024 and jointly endorsed by Gbenga Adebayo, chairman, and Gbolahan Awonuga, executive secretary of ALTON respectively, highlighted the concern of the reviewed annual payment structure.
“ALTON writes to express its deep concerns regarding the recent review of the annual payment structure under the Financial Reporting Council Amendment Act 2023 (FRC Act) particularly as it relates to non-quoted public interest companies.
As you are aware, the new payment structure is based on a percentage of the annual turnover of our member companies, rather than the previous maximum cap of N1 million that was payable under the Act. Section 33(1)(d) of the Act now requires private companies to pay their annual dues based on the computation below: 0.02% of annual turnover of N25 million and below; 0.025% of annual turnover of more than N25 million but not more than N50 million; 0.03% of annual turnover of more than N50million but not more than N500 million; 0.04% of annual turnover of more than N500 million but not more than N1 billion; 0.045% of annual turnover of more than N1 billion but not more than N10 billion; and 0.05% of annual turnover of more than N10 billion.
“On the other hand, Section 33(1) (c) of the Act determines the annual dues payable by quoted companies with reference to a percentage of their market capitalization up to a pre-determined lower amount, which is more favourable to publicly quoted entities compared to the non-publicly quoted entities. For example, a publicly quoted company with market capitalization of N1 trillion will be required to pay N25 million as annual dues, whilst a non-publicly quoted company will be required to pay 0.05 percent of N1 trillion amounting to N500million. We are concerned about the huge disparity in the amounts payable as annual fees by entities having the same turnover figure deserves to be addressed in the face of the harsh operating environment in the country.
“While we understand the rationale behind this review, we believe that implementing the new structure would pose significant challenges for our members, especially in light of the prevailing harsh economic conditions in the country. The telecommunications industry in Nigeria has been facing numerous headwinds, including rising operating costs and foreign exchange fluctuations. The current payment structure will place an undue burden on our members, potentially impacting their ability to maintain operations and continue providing critical services to the Nigerian public,” ALTON wrote.
The group noted that when considering the balance between enforcing the law and the need for Foreign Direct Investment (FDI), as well as the demand for bridging the telecom infrastructure deficit to enhance digital penetration, it urged the FRC to consider adopting alternative computation for companies within the telecommunications industry.
“We respectfully urge the FRC to consider the following suggestions as alternatives: Computation of annual dues based on profit and not revenue.
“By virtue of the nature of the telecommunications industry, our members deploy significant capital towards carrying out their operations and bridging the telecommunications gap within the country. As such, there is a great disparity between the revenue of these companies and the profit which they declare. For example, a company might have a turnover of N200 billion and declare a profit of only N15 billion and it would be unfair for such a company to pay FRC dues based on its revenue. We consequently request that the FRC uses its good office to consider computation of the annual dues for companies within the telecommunications industry, based on their profit as opposed to revenue,” ALTON suggested.
Another suggestion was the reintroduction of a pre-determined cap on the FRC dues.
“We note that the new Act in Section 33 (1)(c) computes the annual dues payable by public companies based on their market capitalization but subject to a pre-determined cap. For example, a public company with a market capitalization of N500 billion will either pay 0.0025% of this amount or N20 million, whichever is lower. On the other hand, a private company with the same revenue will pay N250 million. This disparity is significant and unfair to private companies. In the interest of fairness, we urge your good office to consider reintroducing a pre-determined cap on the dues payable by non- quoted public interest entities, similar to that which is applicable to public companies.
“In the light of the foregoing, ALTON respectfully request you to use your good office to change the basis of computing the annual dues payable based on either of the option mentioned above. We are committed to working constructively with the FRC to find a mutually acceptable resolution to this matter. We would be more than willing to arrange a meeting with your office to discuss this issue in detail and explore alternative solutions or payment arrangements that would be more manageable for our member companies.
“We firmly believe that a collaborative approach would be in the best interest of the industry, the regulatory environment, and the overall economic well-being of the country,” ALTON stated.
Telecom
VDT Communications Achieves Two Prestigious Certifications ISO /IEC 27001:2022, ISO/IEC 27032:2023 Reinforcing its Leadership in Broadband Service Provision
VDT Communications Limited, a provider of Enterprise communication solutions, is proud to announce that it has been awarded the ISO/IEC 27001:2022 Information Security Management System (ISMS) and ISO/IEC 27032:2023 Cybersecurity Management System certifications.
These prestigious certifications demonstrate VDT’s commitment to maintaining the highest standards of information security and cybersecurity, ensuring the protection of sensitive customer data and maintaining the trust of its clients.
These certifications are a testament to VDT’s dedication to implementing robust information security and cybersecurity measures, aligning with international best practices.
The ISO/IEC 27001:2022 certification recognizes VDT’s ability to establish, implement, maintain, and continually improve its ISMS, ensuring the confidentiality, integrity, and availability of customer information. The ISO/IEC 27032:2023 certification highlights its commitment to protecting its customers’ information assets and preventing Cyber threats.
VDT Communications Limited has consistently demonstrated its commitment to excellence, previously earning and maintaining ISO 9001:2015 Quality Management System and ISO 20000-1:2018 IT Service Management certifications. These certifications have enabled the company to deliver high-quality services, ensuring customer satisfaction and loyalty.
“We are thrilled to receive these two prestigious certifications, which reinforce our commitment to information security and cybersecurity. These certifications demonstrate our dedication to implementing robust security measures that ensure confidentiality, integrity and availability of customer data” said Engr. Abiodun Omoniyi, GMD of VDT Communications Limited.
The ISO/IEC 27001:2022 and ISO/IEC 27032:2023 certifications bring numerous benefits to VDT’s customers, including:
- Enhanced information security and cybersecurity posture
- Protection of sensitive customer data
- Compliance with international standards and regulations
- Improved risk management and incident response
- Increased trust and confidence in VDT’s services
“We are proud to serve our customers with the highest level of security and quality,” Bimbo Ikumariegbe, Chief Operating Officer (COO) of VDT. “These certifications demonstrate our commitment to excellence and our dedication to delivering innovative communication solutions that meet the evolving needs of our customers” – Olufemi Akinola, Head, Information Technology.
Nigeria Data Protection Commission (NDPC) has issued a stern warning to content creators filming and sharing videos of unsuspecting citizens on social media, describing such practices as direct violations of citizens’ rights to informational self-determination.
NDPC
The Commission drew attention to individuals capturing pictures and footage of the general public without consent, breaching Section 37 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and the Nigeria Data Protection Act, 2023 (NDP Act).
NDPC specifically flagged a content creator in Lagos State who films unsuspecting passersby at roadsides for a “reality show”. The Commission stressed that processing personal images in this manner demands explicit consent or a justifiable lawful basis under the NDP Act.
Preliminary investigations revealed no public or legitimate interest served by this “wilful invasion of privacy”. Data subjects, the Commission noted, have no reasonable expectation that their images would be captured and broadcast globally by an unknown individual.
National Commissioner/CEO Dr Vincent Olatunji has instructed social media platform owners—including TikTok, X (formerly Twitter), and Meta—to intensify enforcement of community guidelines to prevent harm from unlawful and unfair personal data processing.
Platforms failing to act promptly face sanctions under the NDP Act. Individual creators remain personally liable for violations, potentially facing criminal prosecution for infringing citizens’ and data subjects’ privacy rights.
The advisory was signed by Babatunde Bamigboye, Esq. CDPRP, Head of Legal, Enforcement and Regulations.
NDPC emphasised that abuse of rights under the guise of entertainment will not be tolerated, urging compliance to safeguard Nigerians’ data privacy in the digital age.
In celebration of International Women’s Day (IWD) 2026, Techeconomy, a leading business news platform in Nigeria, has unveiled its “100 Women Shaping the Future: Techeconomy Power List 2026,” recognizing exceptional women driving innovation, leadership, and impact across technology and the broader digital economy.
Techeconomy
The annual recognition spotlights women who are transforming industries through entrepreneurship, policy leadership, digital innovation, financial inclusion, media, education, and emerging technologies.
The initiative is part of Techeconomy’s commitment to promoting gender inclusion and highlighting female leadership shaping Africa’s technology ecosystem.
The Techeconomy IWD Power List features a diverse group of women, from corporate executives and startup founders to policymakers, ecosystem builders, and social innovators, whose work continues to influence the future of technology, business, and digital transformation in Nigeria and across Africa.
Speaking on the initiative, Joan Aimuengheuwa, the Managing Editor at Techeconomy, noted that the recognition goes beyond celebrating titles, focusing instead on impact, resilience, and the ability to shape the future through innovation and leadership.
According to her, “the women on the list represent different sectors including fintech, banking, healthcare, agriculture, education, communications, and the creative economy, demonstrating the growing role of women in advancing technology-driven development.
The unveiling aligns with the global celebration of International Women’s Day, which highlights the achievements of women and calls for accelerated progress toward gender equality. Across the world, the technology sector continues to push for greater female representation and leadership as part of efforts to build more inclusive digital economies.
Also speaking, Oluwatosin Aloba, the Brand Manager at Techeconomy, said: “Techeconomy IWD 2026 Power List is specially designed to inspire the next generation of female innovators and leaders by showcasing role models who are breaking barriers and redefining possibilities in the technology landscape.
“Techeconomy encouraged industry stakeholders, institutions, and the broader public to celebrate the achievements of these women while continuing to support policies, programs, and investments that expand opportunities for women in technology”, she added.
The full list of the “100 Women Shaping the Future: Techeconomy Power List 2026” is available on the Techeconomy website or visit: https://techeconomy.ng/techeconomy-iwd-2026-power-list-celebrates-100-women-shaping-the-future-of-tech/.
VDT Communications Achieves Two Prestigious Certifications ISO /IEC 27001:2022, ISO/IEC 27032:2023 Reinforcing its Leadership in Broadband Service Provision
CBN Orders Banks to Restrict Access to Banking Services for Loan Defaulters
NLNG Advances Media Excellence with Change Your Story Workshop
Interswitch Advocates Trust-Driven Infrastructure as Cornerstones of Africa’s Cross-Border Capital Future
Why JustMarkets Is a Strong Choice for Gold Trading
Kaspersky Discovers New Phishing Campaign Exploiting Google Tasks Notifications to Steal Corporate Credentials
esentry 2025 Report Shows Healthcare, Financial Services and Telecoms as Staging Grounds for Increased Cyberattacks in Africa
AfDB, UNDP Launch $10Bn AI Initiative for Africa
Pheelz Shares His Journey on Glo-Sponsored African Voices
Mutual Benefits Assurance Settles ₦5.9bn Claims in January 2026
General News2 days agoCourt Freezes Bank Accounts of Petrocam, Founder over Alleged N9Bn Zenith Bank Debt
General News2 days agoFCCPC Says Telcos, Energy Firms Lead Consumer Complaints in Nigeria
Telecom2 days agoTecheconomy Unveils IWD 2026 Power List Celebrating 100 Women Shaping the Future
E-Business2 days agoKaspersky Uncovers a New Android Malware Campaign Disguised as Starlink Application
News2 days agoEasybuy Sales Talent Program to Empower 10,000 Nigerians to Become Millionaires
News1 day agoNLNG Advances Media Excellence with Change Your Story Workshop
News2 days agoFG Approves First National Policy on Cosmetic Safety, Health
General News1 day agoInterswitch Advocates Trust-Driven Infrastructure as Cornerstones of Africa’s Cross-Border Capital Future