TodayPrice

Author: Val Kosi

  • MTN Nigeria Opens First-Ever 5G Digital Experience Centre in Abuja

    MTN Nigeria Opens First-Ever 5G Digital Experience Centre in Abuja

    MTN Nigeria has officially launched its first fully digitized experience centre, powered by advanced 5G technology, in the nation’s capital, Abuja.

    This cutting-edge facility, located at MTN’s Regional Office in Maitama, offers a unique, immersive experience designed to showcase the transformative power of digital services and solutions.

    During the unveiling ceremony on Wednesday, the Chief Customer and Experience Officer of MTN Nigeria, Ugonwa Nwoye, explained that the centre represents a major milestone in MTN’s commitment to leveraging technology to enhance the lives of Nigerians.

    “Today we launched the first digital experience centre in Nigeria by any telecom firm. One of our goals was to bring a digital immersive experience as close as possible to our customers and businesses,” Nwoye said.

    Nwoye highlighted how technology plays a critical role in unlocking Nigeria’s economic potential and explained that MTN has consistently been at the forefront of technological advancement, being the first to launch 3G, 4G, and now 5G in Nigeria.

    “We wanted to showcase what is possible with the technology we provide. As you know, MTN is a technology company that harnesses tech to enhance the lives of our customers and businesses around us. We believe Nigeria’s full potential can be reached through technology,” she added.

    The 5G-powered centre has been built with local relevance in mind, offering a wide range of services that allow customers to engage with MTN’s offerings in new and interactive ways.

    The centre features Nigeria’s first digital kiosk, where users can independently access services such as purchasing SIM cards, airtime, data plans, and even devices like 5G routers. Staff assistance is also available for those who require it.

    In addition to these services, the experience centre provides demonstrations of smart home solutions, enabling customers to control their homes remotely using a data connection.

    “This isn’t just about data and devices; it’s about empowering people to live a breathtaking life. We want Nigerians to meet their full potential and unleash their creativity, as technology is the driving force behind their imagination,” Nwoye emphasized.

    The event was also attended by ThankGod Otorkpa, the Regional General Manager North for MTN NG, who underlined the importance of digital transformation.

    “We would like you to know that even though we are going digital, we must not forget the human connection. It’s in that light that we have invited you today to be part of this journey, helping us to take a glance together into the future,” Otorkpa stated.

  • Stakeholders at 30th Nigerian Economic Summit Discuss Public-Private Transitions and Regulatory Frameworks

    Stakeholders at 30th Nigerian Economic Summit Discuss Public-Private Transitions and Regulatory Frameworks

    At the 30th Nigerian Economic Summit, stakeholders from the public and private sectors gathered to evaluate the regulatory frameworks governing public-private transitions and to explore strategies for building trust and confidence in Nigeria’s regulatory systems.

    The session, held in Abuja, aimed to further strengthen Nigeria’s leadership in ensuring effective enforcement and implementation of these frameworks.

    Opening the session, Professor Fabian Ajogwu, SAN, a Corporate Governance expert from Lagos Business School, highlighted Nigeria’s robust approach to regulating transitions from public to private sector roles.

    He noted that the Nigeria Code of Corporate Governance sets clear guidelines, including a three-year cooling-off period for individuals transitioning from regulatory roles to senior positions in the private sector.

    “Nigeria’s approach to regulating public-private transitions involves a combination of sector-specific guidelines, industry codes, and overarching governance rules,” Ajogwu stated.

    “The code mandates a three-year cooling-off period before such individuals can assume roles as Directors or senior managers in organizations they once regulated.

    Ajogwu emphasized that Nigeria’s three-year cooling-off period surpasses global best practices, where European standards typically range between one to two years. However, workshop participants, including CEOs, Board Chairmen, and Company Secretaries, suggested that a more flexible approach might be necessary.

    They argued that the universal application of the three-year period could be reconsidered in cases where the individual’s public sector role did not directly oversee the private company or its sector.

    Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), also addressed the summit, highlighting the importance of transparent public-private transitions for fostering collaboration and innovation between the sectors.

    “Public-private transitions are not merely desirable; they are essential for promoting collaboration and innovation,” Dr. Agama remarked.

    “The exchange of knowledge and expertise between these sectors can greatly enhance their respective capabilities, contributing to a dynamic and resilient economy.

    “At the SEC, we are dedicated to fostering an environment where these transitions yield benefits for both public and private sectors while maintaining market trust and confidence.

    “Transitions are not simply career moves, they are bridges connecting two vital sectors of the economy, when conducted transparently they can enrich public governance and invigorate private enterprise, driving innovation, efficiency and institutional trust.”

    Professor Ajogwu also pointed out that a lack of public awareness about these regulatory frameworks undermines their effectiveness.

    He urged for a critical assessment of the dynamics of these transitions to avoid misconceptions and ensure compliance with the rules.

    “There seems to be a general lack of awareness regarding the existence of regulatory guidance on this issue. This undermines regulatory effectiveness by fostering misconceptions and non-compliance, eroding trust in market integrity,” Ajogwu said.

    “A critical assessment of the dynamics of these transitions is necessary, particularly in distinguishing between actual and perceived implications.”

    The session concluded with stakeholders agreeing on the need to build public awareness and improve the enforcement of existing regulations to sustain trust in the system.

    They stressed the importance of ongoing evaluation and dialogue to ensure Nigeria remains a leader in maintaining market integrity through strong regulatory practices.

  • MTN Nigeria Introduces First Biodegradable SIM Cards in Nigeria

    MTN Nigeria Introduces First Biodegradable SIM Cards in Nigeria

    Leading ICT company, MTN Nigeria Communications Plc, has announced the launch and pilot of its paper-based biodegradable eco-friendly SIM cards as part of its ongoing commitment to reducing greenhouse gas (GHG) emissions and achieving net zero emissions by 2040.

    This initiative aligns with MTN’s Project Zero goals, which focus on promoting sustainability and minimizing environmental impact.

    The biodegradable SIM cards, made from paper-based materials, are designed to support environmental protection by reducing plastic waste and promoting product circularity.

    The new SIMs are an alternative to traditional Polyvinyl Chloride (PVC) plastic-based SIM cards, which contribute to plastic pollution due to their limited recycling options and the environmental issues associated with disposal through landfills or incineration.

    “Our new eco-friendly SIM cards represent part of our continuous commitment to environmental responsibility, as well as our dedication to reducing waste, supporting local Nigerian vendors, and integrating sustainability into business operations and the daily lives of the people,” said Tobe Okigbo, Chief Corporate Services and Sustainability Officer at MTN Nigeria.

    The paper-based SIM cards are 100% biodegradable and can naturally decompose, thus lowering the carbon emissions footprint associated with their production and disposal.

    They are also recyclable, helping to mitigate waste pollution compared to plastic SIMs. This innovative move is in line with MTN’s efforts to prevent plastic pollution and support sustainable waste management.

    Adekemi Adisa, General Manager of Sustainability and Shared Value at MTN Nigeria, emphasized the company’s commitment to its customers and the environment:

    “Our people and the environment where they live drive the innovative measures we take. The launch of our recyclable SIM cards embodies our commitment to sustainability, encouraging our customers to make eco-friendly choices, reducing waste, and paving the way for a more environmentally conscious future for Nigerians.”

    The eco-friendly SIM cards, which are currently being piloted in select MTN stores in Lagos and Abuja, are part of the company’s broader strategy to integrate sustainable practices into its operations.

     

     

  • NITDA, ECOWAS Empower West African Youth Through Cybersecurity Hackathon

    NITDA, ECOWAS Empower West African Youth Through Cybersecurity Hackathon

    The National Information Technology Development Agency (NITDA) and the Economic Community of West African States (ECOWAS) have joined forces to equip young people across West Africa with the skills and knowledge necessary to protect the region’s cyberspace. This collaboration was highlighted during a regional Cybersecurity Hackathon held in Abuja, showcasing the talent and potential of youth from 12 West African countries.

    The event, which is part of ongoing efforts to combat the rising threat of cybercrime in the region, identified and nurtured cybersecurity experts capable of defending critical institutions. The hackathon attracted 1,500 teams, including 139 teams led by female captains, and featured a 30-hour competition where young tech enthusiasts demonstrated their skills.

    Kashifu Inuwa, Director General of NITDA, represented by Oladejo Olawumi, stressed the importance of harnessing the creativity of youth to address cybersecurity challenges, stating, “By harnessing the energy and creativity of our youth, we can effectively fight cybercrime and prevent them from engaging in criminal activities.”

    On his part, Dr. Omar Alieu Touray, President of the ECOWAS Commission, emphasized the urgency of protecting the region’s cyberspace and highlighted the collaboration between ECOWAS, NITDA, governments, the private sector, and academia in making the event a success.

    “As technology continues to evolve, mere vigilance is no longer enough. To stay ahead of emerging threats, we must foster adaptability, creativity, and collaboration across borders,” Touray said.

    The competition saw TeamERROR from Nigeria win third place, receiving $6,000 and laptops, while the M3V7R team from Benin Republic came second with $8,000 and laptops. The first prize went to Shell X Roots from Cote d’Ivoire, who won $10,000 and laptops. The event also recognized Hannah Bangoura from Sierra Leone as the Best Female Participant, underscoring the growing influence of women in West Africa’s cybersecurity sector.

    In addition to the competition, the event provided training programs sponsored by donors and partners to further enhance the participants’ skills. The hackathon coincided with the National Cybersecurity Awareness Month, aiming to educate the public about current cyber threats and how to stay safe.

  • Starlink Reverses Subscription Price Increase for Nigerian Users Amid Regulatory Challenges

    Starlink Reverses Subscription Price Increase for Nigerian Users Amid Regulatory Challenges

    Starlink, the satellite internet service owned by billionaire Elon Musk, has temporarily suspended its recent price hike for Nigerian subscribers

    This comes nearly a month after the company raised its standard monthly subscription fee from N38,000 to N75,000, a 97.37% increase, and hiked the cost of its hardware from N440,000 to N590,000.

    In a notice sent to customers on Thursday, Starlink cited “regulatory challenges” as the reason for suspending the price increase.

    The company acknowledged the price hike last month, attributing it to inflation and the need to maintain reliable operations. However, it has decided to reverse the subscription fee due to regulatory concerns.

    “Today, we are temporarily suspending this price increase as we navigate regulatory challenges,” Starlink said.

    “If you’ve already been charged at the higher rate, a one-time credit will be applied to your account to cover the difference.

    “You also have the flexibility to cancel your service at any time.

    “We remain committed to providing high-speed Internet in Nigeria, but we need regulatory support to make the improvements necessary for a better customer experience.

    “Without these approvals, our ability to continue delivering service is at risk.

    The Nigerian Communications Commission (NCC) previously stated that Starlink had not received approval before implementing its price changes.

    The NCC also announced that it had initiated a pre-enforcement action on the company for the unauthorized price hike.

    As of now, Starlink has reversed the price of its standard residential plan to N38,000 and its mobile regional plan to N50,000. However, the cost of the Starlink hardware remains at N590,000.

     

  • FCCPC Clarifies Position on Price Regulation Amid Market Concerns

    FCCPC Clarifies Position on Price Regulation Amid Market Concerns

    The Federal Competition and Consumer Protection Commission (FCCPC) has clarified that it has no intention of regulating prices in the Nigerian market, Okay.ngreports.

    This assurance was provided in a statement issued on Tuesday by the commission’s spokesman, Ondaje Ijagwu, in response to concerns raised by the Organised Private Sector and other stakeholders.

    Ijagwu emphasized that the FCCPC’s recent directives, which have prompted debate, are focused solely on curbing exploitative practices and ensuring a competitive marketplace.

    The statement was made to address misunderstandings following the commission’s call for businesses to cease price gouging and price fixing.

    “We categorically assert that prices in a competitive marketplace are determined solely by the forces of supply and demand. Price control is entirely outside the scope of our responsibilities,” the statement read. “We have never considered, nor will we ever consider, intervening in the market to regulate prices. Any claims to the contrary are baseless.”

    The FCCPC made it clear that while external factors such as fluctuations in foreign exchange rates and the removal of fuel subsidies have significantly impacted pricing, these circumstances do not justify unfair practices that exploit consumers.

    Citing the cement industry as an example, the commission highlighted a recent instance where the need for its intervention became evident.

    “Abdul Samad Rabiu, Chairman of BUA Cement, disclosed that despite efforts by his company to sell cement at a fair price of N3,500 per bag, dealers inflated prices to as much as N7,000 to N8,000 per bag. This situation exemplifies the kind of exploitative conduct that the FCCPC is committed to addressing,” the statement noted.

    The FCCPC reassured the business community that its actions are not intended to stifle private enterprise but to protect consumers from harmful practices. The commission reiterated that its role is to maintain a fair market environment where consumers are not taken advantage of, rather than controlling market prices.

  • NBS Reports 69.15% Surge in Cooking Gas Prices Over the Last Year

    NBS Reports 69.15% Surge in Cooking Gas Prices Over the Last Year

    The National Bureau of Statistics (NBS)has reported a sharp increase in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, with a 69.15% rise in the cost of refilling a 12.5kg cylinder over the past year, Okay.ng reports.

    According to the NBS’s August 2024 report, Nigerians paid an average of ₦15,552.56 for a 12.5kg cylinder, compared to ₦9,194.41 in August 2023. This marks a significant year-on-year increase as the country faces rising inflation and energy costs.

    In July 2024, the average price was ₦14,261.57, reflecting a 9.05% increase month-on-month to ₦15,552.56 in August.

    “On a year-on-year basis, this marks a 69.15% rise from ₦9,194.41 in August 2023,”the NBS report noted.

    State and Regional Analysis

    The report also highlighted regional price differences across Nigeria. Rivers Staterecorded the highest average price for refilling a 12.5kg LPG cylinder at ₦17,086.36, followed closely by Cross River at ₦17,050, and Abia at ₦17,012.52. On the other hand, Bauchi had the lowest average price at ₦13,425.00, followed by Nassarawa at ₦13,640.94 and Adamawaat ₦13,725.00.

    At the regional level, the South-South zonehad the highest average retail price for refilling a 12.5kg cylinder at ₦16,524.00, followed by the South-East at ₦16,495.78. The North-Central zone recorded the lowest average price at ₦14,767.41.

    Price Hike for 5kg Cylinders

    The NBS also reported an increase in the price of 5kg LPG cylinders, which rose by 7.62% month-on-month, from ₦5,974.55 in July to ₦6,430.02 in August 2024. Year-on-year, the price surged by 56.25%, up from ₦4,115.32 in August 2023.

    For 5kg cylinders, Benue and Sokotorecorded the highest prices at ₦7,000.00, followed by Rivers at ₦6,954.55 and Bornoat ₦6,914.29. Meanwhile, Taraba recorded the lowest price at ₦5,600.67, with Abujaand Kogi trailing at ₦5,825.00 and ₦5,857.56, respectively.

    In terms of regional averages for 5kg cylinders, the South-East had the highest price at ₦6,585.18, while the South-Southand North-Central zones followed with ₦6,451.34 and ₦6,344.29, respectively

  • BUA Foods Expands Production Capacity with Italian Partnerships Amid Food Security Challenges

    BUA Foods Expands Production Capacity with Italian Partnerships Amid Food Security Challenges

    BUA Foods, a subsidiary of the BUA Groupfounded by Abdul Samad Rabiu, has taken a major step to boost its production capacity in response to Nigeria’s ongoing food security challenges, Okay.ng reports.

    The company has signed agreements with Italian firms FAVA and Martini to introduce nine new long-cut pasta lines and advanced packaging equipment. This expansion will increase BUA Foods’ annual pasta production by 400,000 tonnes, bringing its total production capacity to 900,000 metric tonnes per year.

    The agreements were formalized on Tuesday, September 24, 2024, with the deal signed by Luigi Fava, Chairman of Fava; Michela Martini, Chairman of Martini; and Abdul Samad Rabiu, Chairman of BUA Group.

    This expansion follows a strategic agreement with Cukurova Silo from Turkey to increase BUA Foods’ grain storage capacity by 100,000 tonnes, further enhancing the company’s food processing capabilities.

    These developments align with BUA’s broader objectives of strengthening food security, addressing supply shortages, and cementing its position as a leader in the food processing industry. The increased production capacity is also expected to contribute significantly to Nigeria’s economy by creating jobs, improving food supply, and enhancing industrial infrastructure.

    In addition to these efforts, BUA’s ongoing collaborations with Turkish manufacturers for flour milling and new facility developments further demonstrate its commitment to supporting Nigeria’s agricultural and food production sectors.

    By expanding its operations, BUA Foodscontinues to play a vital role in addressing food challenges while supporting economic growth and development in Nigeria and the wider region.

  • CBN Approves Forex Sale to BDCs at ₦1,590 per Dollar

    CBN Approves Forex Sale to BDCs at ₦1,590 per Dollar

    The Central Bank of Nigeria (CBN) has approved the sale of foreign exchange (FX) to eligible Bureau De Change (BDC)operators at a rate of ₦1,590 per dollar to meet demand for invisible transactions, Okay.ng reports.

    In a circular titled ‘Sales of Foreign Exchange to BDCs to Meet Retail Market Demand For Eligible Invisible Transactions’, released on Wednesday and signed by W.J Kanya, Acting Director of the Trade and Exchange Department, the apex bank announced that $20,000 will be sold to each eligible BDC at this rate.

    “This is to inform the Bureau De Change (BDC) Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market,” the circular read.

    “To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,590/5. This is to meet the demand for invisible transactions.

    “All BDCs are allowed to sell to eligible end-users at a margin of NOT MORE THAN one percent (1%) above the purchase rate from CBN

    “Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them.”

    The CBN also stated that all necessary documentation and payment confirmation for disbursement should be submitted at its branches in Abuja, Awka, Kano, and Lagos.

  • Starlink Announces 97% Increase in Monthly Subscription Prices for Nigerian Users

    Starlink Announces 97% Increase in Monthly Subscription Prices for Nigerian Users

    Starlink, the satellite internet provider, has announced a hike in its monthly subscription rates for both new and existing customers in Nigeria, Okay.ng reports.

    In a message sent to its customers on Tuesday, Starlink revealed that the new pricing structure will see the standard residential package rise to ₦75,000, while the mobile regional (roam unlimited) plan will now cost ₦167,000, and the mobile global (global roam) package will increase to ₦717,000.

    The new rates are effective immediately for new customers and will take effect for existing users on October 31, 2024.

    “Due to excessive levels of inflation, the Starlink monthly service price will increase,”the company explained in an email obtained by Okay.ng.

    The standard residential plan, which includes a 1 TB fair usage policy, will now cost ₦75,000 ($48), a significant increase from its previous rate of ₦38,000 ($24).