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Spectrum Licences Followed Due Process – NCC Boss

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The Executive Vice Chairman of the Nigerian Communications
Commission, Dr. Eugene Juwah, has broken his silence over newspaper reports
alleging underhand dealings in the allocation of spectrum licences.

The major bone of contention has been the allocation of a
frequency slot belonging to the Nigeria Police to a private firm, OpenSkys.

Juwah noted in a
telephone chat that “due process was followed in the allocation and the process
was initiated long before he assumed office.

“When I assumed office, I pledged to myself to avoid the
Nigerian penchant of jettisoning projects initiated by past administrations.
All we did was to bring to a conclusion a process that began in 2009.”

Media reports have alleged frequent spectrum racketeering by
the current leadership of the telecoms industry regulatory agency to OpenSkys
and Smile Communications.

A statement from the NCC has attempted to put the issues in
perspective by providing clarification regarding how the spectrum allocation
process is carried out.

According to the NCC, the Frequency allocations to OpenSkys
were not only in “compliance with the Nigerian Communications Act, but also in
full implementation of a Presidential Directive of July 5, 2007.

This directive was fully deliberated upon by the Board of
the Commission during its 62nd, 63rd and 64th Sittings and other subsequent
meetings. “

The commission noted that the provisional offer of frequency
was made to OpenSkys as far back as October 2, 2009 and at that period “the
Nigerian Police was still occupying some of the frequencies in the 450MHz Band.

The then Ministry of Communications had on October 5, 2005,
conveyed to the Police the decision of the National Frequency Management Board,
for it to be relocated by the Commission.

“The decision to allocate part of the 450Mhz frequency was
therefore not made by the NCC nor by Dr, Juwah. It was a decision that predated
his appointment by almost five years.

In fact, the NCC noted that the approval for commercial and
corporate entities to “use the 450 MHz for commercial telecommunications
was given by the National Frequency Management Council (NFMC) on
November 5, 2004.

After this approval, occupants in this band like the police,
NITEL, Shell, Chevron, and some others, were relocated to specific portions of
the band. The NCC was categorical that the frequency reserved for the police
has not been tampered with or reallocated to OpenSkys, as has been alleged in
some media reports.

The relocation of occupants in the various portions of the
band was ongoing till 2009. The NFMC approved Frequency bandwidth of 500 KHz
for the Nigerian Police specifically on 469.375 – 469.975 MHz / 459.375 –
459.975 MHz of this spectrum for relocation away from the Commercial Band.

When the Inspector General of Police approved the
relocation, following further meetings with NIGCOMSAT on behalf of OpenSkys,
NIGCOMSAT also submitted the cost of the relocation. The Commission then made
an initial offer of frequency to OpenSkys on February 4, 2009, with a condition
of acceptance within 30 days. OpenSkys accepted the offer on February 23, 2009
almost two years before Dr. Juwah was appointed as EVC.

On October 2, 2009, a clear one year before Dr. Juwah was
even appointed EVC, the NCC management upon review of the status of the offer,
thereafter “issued a provisional offer of the frequency to Openskys on the
condition of payment of total spectrum fees for the 5MHz spectrum for a tenure
of 5 Years of N1,140,000,000 (One Billion, One Hundred and Forty Million Naira
Only), out of which the sum of N247,544,989.40 was earmarked for the
replacement of digital radio equipment of the Nigerian police as may result
from the relocation. The sum of N892,455,010.60 representing the balance of the
spectrum fees for the offer was to be paid to the Commission.”

The NCC noted in their statement that such fees for
Frequency allocation are “paid, mandatorily, into the federation account and a
letter of frequency assignment stating the exact frequency channels, and other
conditions of use is usually issued to the company upon receipt of proof of
payment.”

These, the NCC explained are the processes in place to
ensure transparency in the process and they were all followed to the letter.

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NEM Insurance celebrates IWD 2026 with pledge to sustain support for women endeavour

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NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.
Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.
Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.
“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”
The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.
Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.
Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.
“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”
To mark the occasion, the leadership outlined several key pillars of support:
Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.
Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.
Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.
The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.
Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.
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Nigeria: Profit-Taking Persists as NGX Dips Marginally by 0.2%

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Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.
Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.
Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.
The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.
Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.
Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.
On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.
Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.
Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.
Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.
This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.
Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.
Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.
They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.
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Wema Bank Admits 10 Startups into Hackaholics 2026

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Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.
The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.
The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.
Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.
According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.
Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.
He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .
“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.
Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.
Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.
As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.
The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.
Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.
Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.
Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.
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