General News
The Telco Business As a Service Provider
The recent feud between MTN, Glo, Airtel and Etisalat – , Nigeria’s big four mobile operators and the Nigeria Communications Communication (NCC), the industry regulator leading to a hefty cumulative fine of N1.17 billion threw up several mindboggling questions.
One of such on the minds of the subscribers: did NCC act on behalf of the customers and if so, why are the funds going to the regulator, rather than the subscriber?
Again, the question arises: who loses if the NCC asks non-cooperating operators to leave in ‘national interest’?
Answers to the second question put more issues of ‘national interest’ at the front burner. Who defines ‘national interest’?
Bolaji Abdulahi, the Minister of Sports, recently gave an insight to the ‘national interest’ question with a new twist when he stopped the football federation from signing on the Belgian Tom Saintfeit, as national technical director – ‘in national security interest’.
In the instance of telcos vs. NCC the national question issue has even become indistinctive, especially since Nigeria has no fall back national carrier.
Globacom was awarded a ‘second national carrier’ status, but its posturing in terms of ‘national interest’ is subject for another discuss.
Mobile operators in Nigeria got on the wrong side of the law following failure of key performance indicator (KPI), carried out by the industry watchdog.
In communicating to the telcos on their continued KPI failures, Ms. Josephine Amuwa, Director of legal and regulatory services, and Ubale Maska, Head of compliance monitoring and enforcement at NCC noted that the Commission had noted that the operators quality of services (QoS) performance in the months of January and February 2012 were below the ‘specified thresholds.’
“However, for the purpose of enforcement of the new Quality of Service Regulations, the Commission had taken these periods as grace period.” It subsequently ordered the foursome to pay the cumulative fine of N1.170 Billion for the months of March and April, 2012 on or before May 21, 20112; with a caveat that failure to comply automatically attracts addition N2.5 million daily fines.
As the arguments swung left and right, the way out of the quagmire of poor QoS offered by telcos is for them to first see themselves as ‘service providers’ rather than ‘network operators’.
Hugh Bradlow, chief technology officer of Australia’s Telstra noted that the “telecommunications industry is, at its heart, a service provider business – we just got a bit distracted for a 100 years or so by being ‘network operators’ because we had this large asset that gave us control over services.
So at the heart of the operators have always being – profit – rather than service or so many Nigerians see them.
Profit drives the ‘networks’ to load their system, roll out services even when they are aware of poor QoS as a result of over-capacity utilization leading to network congestions.
Bradlow believes that with the emerging telecom ecosystem occasioned by competing new technologies, telcos should instead “focus on delivering a holistic customer experience that empowers the consumer and business and allow them to get the most out of their services – fixed as well as mobile.”
He spoke at the GSMA Mobile Asia Expo 2012 last week and noted that Telstra is “working on a wide range of partnerships with all sorts of players in the industry, ranging from our large traditional vendors, to new startups to the so-called over-the-top players. We are doing this to ensure that we can deliver the best possible user experience to our customers.”
Perhaps, as often cited by critics, it would do Nigerian operators a world of good if they re-invent their business module to fit into the peculiar operating environment rather than the one-fit-all approach seem to be adopted in a challenging terrain as Nigeria.
It would do them better to present themselves as one-partner-with-Nigeria, rather than businesses that repatriate capital out the Nigerian economy.
The NCC appears to be in a no-win-situation – it would swim or sink with the operators’ overbearing tendencies rather than revert to the pre-GSM Nitel monopoly days. The operators seem aware of the fact that Nigeria has no fall-back backbone; hence they would remain its ‘beautiful bride’.
Franco Bernabe, GSMA chairman is already predicting more growth by 2015 that would see 9.1 billion mobile connections, 4.6 billion subscribers, 3.2 billion mobile broadband connections and 350 million LTE connections, generating $1.9 trillion and providing close to 10 million jobs.
To achieve this goal, Bernabe noted there was need for more investments, condoned by a healthy competitive and fair regulatory environment.
Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.
Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
AM Best has reaffirmed its stable outlook for the global cyber insurance market. The rating agency notes that strong demand for cyber insurance coverage is expected to continue, supporting profitability across the sector despite intensifying competition.
Atlas Magazine reports that the small and medium-sized enterprise (SME) segment presents a key growth opportunity, as many SMEs remain underinsured or lack sufficient cyber coverage.
Rising awareness of cyber threats has also led policyholders to enhance their IT security measures, helping reduce potential losses in the event of a claim.
AM Best’s outlook is further supported by several factors, including sustained capital inflows from reinsurers and alternative capital providers, the use of artificial intelligence for more effective risk selection, and favorable regulatory developments.
According to Munich Re, global cyber insurance premiums reached $15.3 billion in 2024, climbing seven per cent year-on-year.
The market is projected to grow at an average annual rate exceeding 10 per cent through 2030.
However, the industry continues to grapple with challenges such as a rise in ransomware attacks, business email compromise, and payment fraud. The growing use of AI by cybercriminals is also amplifying the scale and sophistication of such attacks.
Woodhall Capital in partnership with Polaris Bank, Lagos and UK governments have announced the launch of a ₦1.5 billion Creative Sector Fund aimed at expanding access to structured financing for creative entrepreneurs meant to scale their output across fashion, film, music, and digital content.
L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast at the weekend, Lagos
The fund was unveiled during the launch of the Creative Currency Podcast, an initiative designed to foster collaboration between creatives, financiers, policymakers, and global stakeholders.
The platform will serve as both a podcast and policy engagement forum, tackling long-standing challenges such as limited access to finance, weak Intellectual Property(IP) enforcement, and the absence of scalable business infrastructure within the creative ecosystem.
In May 2022, Polaris Bank partnered with the Lagos State Employment Trust Fund (LSETF) to establish a ₦1 billion funding initiative targeted at artisans in Lagos State.
The objective of the partnership was to deliver critical financial support to empower skilled artisans and entrepreneurs within the MSME sector who had maintained active business operations for at least one year ultimately fostering wealth creation and economic inclusion across the state.
At the launch event held on Thursday evening at the Ikoyi residence of the British Deputy High Commissioner, Polaris Bank’s Executive Director, Abimbola Ozomah, who sat on a panel at the launch, emphasized that the fund is a long-overdue response to the structural exclusion of creatives from formal financing systems. She described the initiative as a deliberate attempt to recognize creative endeavours, intellectual property as a bankable asset and to build a framework where creatives are treated as serious entrepreneurs capable of generating significant economic value.
“This fund represents more than capital, it reflects our belief in Nigerian creativity as a global force,” said Polaris Bank’s Executive Director, Abimbola Ozomah. “We’re not just exporting talent. We’re exporting ownership, structure, and long-term value.”
Founder and CEO of Woodhall Capital, Mojisola Hunponu-Wusu, reiterated the urgent need to redefine how the financial system engages with the creative sector. She committed to providing bespoke financial products, advisory services, and investor-matching support tailored specifically for the needs of creative MSMEs.
The UK Government, through the British Deputy High Commissioner, Mr. Jonny Baxter, highlighted its longstanding commitment to Nigeria’s creative economy. The UK-Nigeria Creative Industries Partnership signed in 2024 was cited as a milestone in unlocking trade, investment, and collaborative opportunities between both countries. The Deputy High Commissioner praised the initiative as a blueprint for global creative cooperation.
The Lagos State Government, a key driver of the initiative, reaffirmed its ambition to cement Lagos as Africa’s creative capital. According to the Governor’s representative, Representing the Governor, Mrs. Folashade Ambrose-Medebem, Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, highlighted the state’s efforts in supporting the sector through progressive policy reforms, infrastructure development, and the provision of zero-interest loans of up to ₦10 million via the Lagos Creative Fund. These measures are designed to empower creatives to scale operations, access markets, and formalize their business practices.
The newly launched Creative Currency Podcast is positioned to be more than a media channel. It is a knowledge-sharing ecosystem that brings together local talents, international investors, legal experts, and cultural stakeholders to explore opportunities, identify risks, and share solutions that will elevate Nigeria’s creative industries to global standards.
Throughout the panel sessions, panelists emphasized the need for deeper structure, transparency, and professionalism in the sector. Creators were encouraged to develop clear business plans, maintain accurate financial records, formalize their operations, and assert their rights to royalties and IP protection.
As conversations deepened, financial institutions acknowledged the need for a mindset shift. Traditional risk models, they agreed, must be reimagined to reflect the unique nature of creative enterprises many of which are driven by intangible assets, flexible revenue models, and export potential.
The event concluded with a call to action: invest in the systems, not just the stories. Stakeholders were unanimous in their belief that a more structured, collaborative, and well-capitalized creative economy will deliver jobs, exports, and global relevance for Nigeria.
Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empower micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth.
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