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2025: Subscribers reject fresh telecoms tariff hike in Nigeria

by Folarin Kehinde
written by Folarin Kehinde

Telecommunications subscribers have vehemently rejected a proposed 40 per cent telecom service tariff hike in Nigeria expected to kick off in 2025.

The National Exco of the National Association of Telecoms Subscribers, NATCOMS, made this known in a communique jointly signed by its National president, Chief Adeolu Ogunbanjo, and the Secretary, Barr. Bayo Omotubora, on Tuesday.

The stance by the subscribers comes amid widespread claims of a planned telecom service tariff hike in 2025.

Reacting, NATCOMS said any plan to hike telecom service tariffs would be very insensitive amid the current economic hardship faced by Nigerians.

The association urged telecom operators to seek another alternative instead of a tariff hike to address rising operator costs.

“The National Exco of the National Association of Telecoms Subscribers (NATCOMS) held an emergency meeting on the 31st of December, 2024, on the planned tariff hike of telecommunication services. A unanimous resolution arising therefrom is our total objection to the planned tariff hike.

“The Nigerian Communications Commission (NCC), as recently published in both the print and electronic media, gave an approval to the Telecommunication Service Operators to hike their tariffs, and the approved increment would see the current tariffs rise by about 40 percent.

“This Association considers the decision of the NCC as very insensitive and not in the interest of Telecoms Services Consumers.

“The unrelenting rise in prices of goods and services in the country has made life extremely difficult for the generality of citizens who are the consumers of telecom services. The new increment is, therefore, one additional burden too many.
Under the new tariffs regime, a voice call will rise from N11.00 to N15.40 per minute. Short message services will jump from N4.00 to N5.60 and “One GB data bundle will move from N1,000 to N1,400. This represents additional digital costs consumers will have to square up with at the beginning of a new year, among other harsh economic realities of Nigeria today. This, undoubtedly, is against public interest, contrary to the false narrative of NCC that described the recent adjustments as pro public interest.

“This Association sees the increment as an official policy to price telecom services out of the reach of the generality of the citizens of this country.

“The cumulative effect of the pending suit and the public outcry prompted the federal government to suspend the implementation of the excise duty charge, but the charge is now part of the controversial tax reform bills now pending before the National Assembly.

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With God’s help, we’ll reduce inflation from 34.6% to 15% in 2025 – FG

by Folarin Kehinde
written by Folarin Kehinde

President Bola Tinubu has again said that his administration is focused on reducing inflation from 34.6 percent to 15 per cent by 2025.

Addressing Nigerians in a New Year Day broadcast, the president said the high cost of food and essential drugs has remained a significant concern for several households across the country.

He said that in the new year, he is committed to intensifying all efforts to reduce the cost of living and through an improved food production.

Tinubu also said that his administration would promote local manufacturing of essential drugs and other medical supplies.

His words, “We are resolute in our ambition to reduce inflation from its current high of 34.6 per cent to 15 per cent. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.”

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FG to spend N1.9b to fuel State House generators in 2025

by Folarin Kehinde
written by Folarin Kehinde

It appears there is no hope for an improved power supply to Nigerian households in 2025, as the federal government has made a provision of N1,989,579,379 to fuel State House generators during the course of the year.

This is higher than the amount budgeted for the same item in 2024 (N37,959,406), 2023 (N30,678,552), 2022 (N30,678,552), and 2021 (N45,678,552) combined by a staggering 1,272 per cent and 5,143 per cent higher than the N37,959,406 budgeted for the same item last year.

This high budget to fuel generators at the State House is indicative of a government that has lost hope in its power sector.

Power, as important as it is, has been a major challenge for Nigeria over the years, even though the country has made significant investments in the sector between 2021 and 2024. The budget for the power sector grew by 129.42 per cent, from N133.479 billion in 2020 to N306.23 billion in 2022, with a focus on capital expenditures for infrastructural development. In 2023, the government budgeted N258.494 billion for the power sector, with N251.609 billion allocated for capital expenditure.

It is estimated that between 2021 and 2024, Nigeria spent around N1.2 trillion on the power sector.

However, this has not resulted in significant improvements in power supply to the citizens, as homes and businesses are subjected to frequent blackouts.

In 2024 alone, the national power grid collapsed 12 times, an average of once every month.

Many businesses are shutting down, while others are finding their way out of the country because they can no longer bear the heavy costs of generating their own power.

Recently, the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Olusola Obadimu, raised the alarm that businesses in the country suffer an annual $29 billion revenue loss due to inadequate power supply.

The sector is said to be fraught with challenges such as inadequate power supply, unreliable energy infrastructure, and high electricity tariffs.

These challenges not only hamper the growth of industries but also undermine the ability of the country to attract investments and create jobs.

It is, however, heartening to note that in the 2025 budget proposal, a total sum of N2,086,790,002,565 has been earmarked for the Ministry of Power, of which a princely sum of N2,076,305,541,394 was set aside for capital projects.

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Business

Nigeria Ranks First in Global Cryptocurrency Adoption

by Nelson Ugwuagbo
written by Nelson Ugwuagbo

Nigeria has once again emerged as the global leader in cryptocurrency ownership and adoption, according to a newly released report by blockchain and Web3 software giant Consensys.

The report, released on Tuesday, highlighted Nigeria’s significant growth in crypto adoption, building on its already high levels recorded last year. Joseph Lubin, Co-Founder of Ethereum and CEO of Consensys, stated that Nigeria and India have witnessed continued increases in crypto ownership, with Nigeria standing out for its strong trust in internet services that handle user data, reaching a remarkable 98%.

The report revealed that cryptocurrency awareness in Nigeria remains overwhelming, with 99% of respondents indicating familiarity with crypto. Additionally, 77% of Nigerian respondents demonstrated the highest level of understanding of cryptocurrencies among the surveyed countries.

“A desire for more ownership was evident, with 84% of Nigerian respondents owning at least one crypto wallet. Among those aware of NFTs, 94% plan to acquire them within the next year,” the statement noted.

The report also underscored Nigerians’ commitment to data privacy and decentralization. It revealed that 92% of Nigerians want greater control over their online identities, while 87% seek more control over internet platforms that use their data. Over half of the respondents believe decentralization could improve traditional banking and social media platforms.

“Nigerians also lead in understanding the concept of decentralization, with 80% awareness,” the statement added.

This year’s report expanded on the 2023 survey, reaching over 18,000 individuals aged 18-65 across 18 countries in Africa, the Americas, Asia, and Europe, further solidifying Nigeria’s position as a key player in the global cryptocurrency ecosystem.

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Nigerians lament as Moniepoint failed transactions hits harder after CBN’s #1bn fine on regulation

by Folarin Kehinde
written by Folarin Kehinde

Customers banking with moniepoint throng different branches of their banks on Monday morning to complain over failed transactions made over the weekend.

One of the customers who preferred anonymity explained that one of his colleagues sent over #200,000 to her and transferred the receipt showing successful but over 3 days now the money has not dropped and when she visited her bank they made a general announcement that transactions made between Friday and Sunday via moniepoint will show successful but it has not left their account hence they should lodge their complain with moniepoint.

Meanwhile, it could be recall that
the Central Bank of Nigeria’s (CBN) recently increased scrutiny of fintech startups, two of the country’s most prominent unicorns, Moniepoint and OPay, were fined ₦1 billion each in the second quarter of 2024, sources with direct knowledge of the matter told TechCabal. While several other fintech companies were also penalized, the two firms were the hardest hit.

The penalties followed a routine CBN audit of the fintech sector, which revealed compliance issues. According to two sources familiar with the process, these regulatory checks are a standard procedure for banks and financial institutions under CBN oversight.

At least four other fintech companies were similarly penalized, though the details of these fines remain unknown.

The CBN has increasingly relied on fines to enforce regulatory compliance. In 2023, Nigerian banks paid a combined ₦678 million in penalties. In October 2024, the central bank and the Securities and Exchange Commission (SEC) imposed a ₦15 billion fine on ten commercial banks, including Zenith and GTBank, for various infractions in the first half of the year.

Until recently, Nigeria’s rapidly growing fintech sector largely operated without CBN interference. However, the rapid expansion of fintechs like OPay and Moniepoint, which now serve millions of users, has invited greater scrutiny. OPay, for instance, claims a customer base of around 40 million, while Moniepoint, which processed 5.2 billion transactions in 2023, does not disclose specific customer numbers but is similarly large.

As these fintech giants have grown in influence, so too have concerns over their regulatory frameworks. A significant issue is that many fintechs, including OPay and Moniepoint, still operate under microfinance bank licenses. Originally intended to support micro, small, and medium enterprises, these licenses have allowed the companies to expand rapidly and service millions of customers. However, with that expansion has come heightened concern that the current licensing framework is inadequate to safeguard customers effectively, according to one source.

Beyond licensing, the CBN has also expressed concerns about the fintechs’ compliance with Know Your Customer (KYC) processes. In April 2024, the central bank imposed a two-month ban on customer onboarding for several fintech companies, including Kuda Bank and Palmpay, citing non-compliance with KYC standards. The ban forced fintechs to overhaul their onboarding procedures and commit to improving their compliance measures.

Moniepoint declined to comment on any part of this story.

“We categorically refute the claims that OPay Digital Services was fined by the Central Bank of Nigeria to the tune of ₦1 billion for regulatory infractions,” OPay said in a statement to TechCabal. “These claims are entirely false.”

Customers are yet to receive their funds back at time of filing this report.

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Expect better economy next year, Edun assures Nigerians

by Folarin Kehinde
written by Folarin Kehinde

Nigerians yesterday got an assurance of a better economy next year from the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The minister expressed optimism that the country was gradually moving away from factors that has impacted negatively on its economy and the citizenry.

Edun gave the assurance at a meeting with the House of Representatives Joint Committee on National Planning and Economic Development and Finance on the proposed N47.9 trillion 2025 Budget.

The minister gave an overview of next year’s Appropriation Bill.

He said that going by the projection on increased revenue next year and as other measures being taken by the government, there are indications that the country was moving away from factors that had in the past impacted negatively on the Nigerian economy and affected its people.

Edun said the signs show positive indications of a positive performance of the country’s economy in 2025.

He said: “We do have market pricing and foreign exchange that has resulted in a situation whereby upwards of five per cent of the Gross Domestic Product (GDP) has been lost to plurality of factors benefiting just a few and created long-sighted incentives against growth and investment.”

The minister assured that as government revenue goes up, it will help lower debt servicing and borrowing because as the economy improves, it will become more competitive.

He said: “The deficit of that increase which we hope to achieve less but right now we are assuming is about 9.3 trillion naira in new borrowings and the debt service of about two trillion naira.

“In a nutshell, that backdrop gives you the optimism that the 2025 budget estimates, particularly the one on revenue, will be achieved and the economy will be strong. It will fast up to an inclusive and sustainable growth”.

Chairman of the House Committee on National Planning and Economic Development, Ibrahim Ayokunle (APC, Ogun) asked the minister to give an appraisal of the economy.

Ayokunle said: “But briefly, as we have said, what is the state of our economy, number one, as in our finances. Then number two, in terms of our revenue so far with the projections we have for 2025.

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Transcorp Hilton celebrates Christmas in Grand style with Tree Lighting Ceremony

by Folarin Kehinde
written by Folarin Kehinde

Transcorp Hilton Abuja has celebrated another Christmas celebration in glitz and glamour with the tree lighting ceremony.

The General Manager of Transcorp Hilton Abuja Mr Jorg Potreck while speaking over the weekend in Abuja
stated that the tree lighting ceremony symbolises hope, unity, and joy for Nigerians which also reflects the joy, love, and hope that the season brings.

“As we stand here, let us take a moment to appreciate the true spirit of Christmas – the spirit of giving, of caring for one another, and of spreading love. Whether you have been busy preparing for the Year end business, the festive season or just simply enjoying the sights and sounds of the season, let’s remember that the heart of Christmas is found in the connections we share and the kindness we offer.”

Meanwhile, the Managing Director/CEO of Transcorp Hotels Plc Dupe Olusola explained that in the spirit of Christmas, transcorp Hilton will be offering their services at discounted rates to her teeming audiences to enjoy the season to its fullest.

“So, you’ll see already we’re starting to talk about our Christmas offers. You know, we want
families to come here. We want to give discounts to people to bring their families here and
enjoy the leisure.

“So, you know, you can actually shop for gifts, beads, you know, nice things that are locally made. So, we’re really trying to promote more of Nigeria and more of Africa.

“We do great discounts. Particularly at Christmas, we’ll have a festive period, we have special
offers. And all the way into the next year as well”.

She added that as the year progresses, Transcorp Hotels will continue to deliver on world class services in hospitality and expansion of rooms and their event centre.

“We’re going to finish very strong, we’re still happy about the numbers that we’ve achieved so far. Our occupancy, we have at over 83%, you know, for a 677-room hotel. That is exceptionally good.
It means that almost every day of the week we are busy. In terms of our profitability as well, we have
very strong numbers.

“But every year, you know, we strategize and say how can we do things differently to make sure
that we’re running efficiently as a business. We’re keeping an eye on our costs. And we’re being
very innovative and ensuring that we’re bringing new strategies.

“We acquired more land. And now what we’re doing is working on a redesign to ensure that we
can actually deliver the 315 rooms. But there’s so much that we’re looking at.

“In addition to the event center, we’re also excited about actually expanding here. Because one of the things we’ve seen, like I said, we’re doing 83%, which means that almost all our rooms, we’re having to turn back guests. So, now we want to focus very strongly on actually building an extension here.”

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JUST IN: Netflix exits Nigeria

by Folarin Kehinde
written by Folarin Kehinde

Netflix has decided to abandon the Nigerian market as the country’s economy records further collapse with recent inflation data from the National Bureau of Statistics, Peoples Gazette can report.

Officials at the major on-demand movies channel told The Gazette on Wednesday evening that the worsening economic situation under President Bola Tinubu made the decision inevitable.

“We’re exiting the Nigerian market,” an official said under anonymity, pending an official announcement. “We’ve lost too many paying subscribers, and the exchange rate of naira against the American dollar also did not help us in any way.”

The development came barely six years after Netflix entered Africa’s largest economy with the production of Lionheart, which was touted as heralding a new era of high-quality cinema production in the country.

Since 2018, the Nigerian Nollywood industry has cheerfully embraced Netflix, which helped spread Nigeria’s creative work to a global audience.

Although the company has also reported a downward trend in subscriptions in other markets, it has persevered until now, with Nigeria appearing to be the first major country to lose the premium entertainment the U.S.-based company offers.

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CBN releases telephone numbers for reporting cash scarcity at ATMs

by Folarin Kehinde
written by Folarin Kehinde

The Central Bank of Nigeria (CBN) has provided designated contacts for bank customers to report difficulties experienced with withdrawing cash over the counter or at automated teller machines (ATMs).

On November 29, Olayemi Cardoso, governor of CBN urged bank customers to report any withdrawal challenges via designated numbers.

Prior to the directive, the financial regulator had asked banks to prioritise cash disbursement through ATMs or face penalties.

But in a circular on Tuesday, jointly signed by Solaja Olayemi, its acting director of currency operations, and Isa-Olatinwo Aisha, its acting director of branch operations, CBN provided designated lines to help address customers’ challenges.

“Please refer to the various engagements and interventions from the Central Bank of Nigeria (CBN) on the above subject aimed at addressing efficient and optimal currency circulation in the economy,” CBN said.

“As part of these ongoing efforts, we would like to draw your attention to the following directives and Guidelines:

“Deposit Money Banks (DMBs): DMBs are directed to ensure efficient cash disbursement to customers Over-the-Counter (OTC) and through ATMs as the CBN will intensify its oversight roles to enforce this directive and ensure compliance.

“General Public Reporting: Members of the public who are unable to obtain cash Over-the-Counter or through ATMs at DMBs, are encouraged to report these instances using the designated reporting channels and format provided below.

“This will assist CBN in addressing issues hindering the availability of cash and further improve currency circulation.”

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Over 19,000 Air Passengers luggage lost in six months – FG

by Folarin Kehinde
written by Folarin Kehinde

About 2,000 air passengers lost 19,274 pieces of luggage between January and June this year, the Federal Government has revealed.

Data obtained from the half-year report of the Nigerian Civil Aviation Authority, an agency of the Federal Government that regulates civil aviation, further indicated that 19,250 passengers were delayed for long hours during the review period.

Many air passengers in Nigeria face challenges including the loss of personal belongings and ongoing frustrations with the poor experiences they encounter at various airports.

Passengers experience delayed or abrupt cancellations of scheduled flights at various airports severally.

NCAA data showed that 35,398 flights operated by 13 local carriers experienced 16,945 delays, while 26 international airlines had 2,305 flight delays out of the 7,144 flights operated within the same period.

The 13 domestic carriers cancelled 696 flights within the period, representing two per cent of the total 35,398 flights operated by the airlines.

The data indicated that 48 per cent of total local flights were delayed by domestic operators with Dana Air getting the highest number of delays. It recorded 69 per cent flight delays, as the airline delayed 999 flights out of a total of 1,446.

Aero Contractor had 37 per cent delays with 1,992 operations. Arik Air had 59 per cent delays, indicating 1,378 delays out of its 2,331 flights operated within the period.

The report showed that Overland Airways, Air Peace, Max Air, Ibom Air, United Nigeria Airlines, Green Africa Airways, ValueJe, Rajo Air, and NG Eagles also recorded flight delays.

Air Peace, the biggest Nigerian airline, had 11,111 flights with 5,350 of the flights delayed, representing 48 per cent. The airline’s performance was better than Max Air but worse than Overland Airways.

The half-year report showed that Azman, which only flew 145 times, had 76 delays, indicating 52 per cent flight delays within the period.

The document showed that Aero Contractors had 33 cancelled flights, which was two per cent of its total flights; Arik Air had 32 cancelled flights, representing one per cent of its total operations.

Overland Airways had 57 cancelled flights, showing five per cent of its total flights; Air Peace had 294 cancelled flights, which was three per cent of its total flights; Max Air had 23 flight cancellations, representing one per cent of its total flights, among others.

On the international routes, the airlines operated 7,144 flights, with 2, 305 delays and 69 cancellations to and from Nigeria.

Eight international carriers delayed 40 per cent and above of their flight abd they include Delta Airlines, Cronos, Turkish Airlines, South African Airway, Air Peace, British Airways, Kenya Airways, and Air Cote d’Ivoire.

The United States carrier, Delta Airlines topped the list of airlines with the most flight delays among the international carriers, with 63 per cent of its flights delayed either inward or outward of Nigeria.

During the first six-month period, Delta flew 180 times but had 113 delays and outrightly cancelled flights seven times.

Cronos was trailing Delta with 60 per cent of flight delays out of its 25 flights with 15 delays, but zero cancellations.

Turkish Airlines operated 284 flights but had 148 delays, maintaining a third position on the list having delayed 52 per cent of its total flights. The airline also had five cancelled flights, showing two per cent of its total operations.

South African Airways operated 76 flights, 36 were delayed, showing 47 per cent of its total operations.

Air Peace with 888 flights had 409 delays, which was 46 per cent of its total operations. The airline also had six flight cancellations, showing one per cent of its total flights within the period.

British Airways operated 354 flights in and out of Nigeria in the first six months of 2024 and recorded 141 delays, representing 40 per cent of its total operations. It also cancelled one per cent of its total flights within the period.

Kenya Airways and Air Cote d’Ivoire contributed 45 and 40 per cent to the menace of flight delays during the period.

Kenya Airways with 146 flights, had 85 delays and cancelled two per cent of its flights. Air Cote d’Ivoire had 355 flights and 141 delays, indicating 40 per cent of the total delays and eight cancelled flights or two per cent.

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