Business

Video, Calls Raised Telecom Spending To N3.86trn – NCC

Published

3 years ago

August 14, 2023

Nigeria’s telecommunication regulatory agency, the Nigerian Communications Commission (NCC) has said increased video streaming and talk time raised the amount spent on telecom services to N3.86 trillion in 2022.
NCC in its newly released “2022 Subscriber/Network Data Annual Report”, obtained at the weekend, noted that this increase represents 18.74 per cent from the N3.25 trillion that was spent in 2021; an indication of sustained growth in Nigerians reliance on telecom services.
The commission in the breakdown of the revenue, noted that GSM operators made N3.33 trillion; Fixed wired operators made N385.07 million; Internet Service Providers made N92.08bn; Value Added Service providers made N40.74bn; collocation and infrastructure sharing operators made N3.29bn; and other telecom operators made N5.59bn.
It further disclosed that while telecom service providers raked in N3.86tn as revenue, they spent N2.88tn on operating costs and capital expenditure, leaving them with a N977.44bn profit margin (before tax).
NCC also noted that the total number of active subscribers increased by 13.86 per cent to 222,571,568 active voice subscriptions as of the end of 2022, from 195,463,898 subscriptions it was in 2021.
”The increase in the operators’ subscriber base was attributed to a number of reasons which includes subscriber loyalty, promos, seasonal effects, aggressive consumer acquisition drive, and competitive product offerings across all the networks.
“The increase could also be attributed to the lifting of the ban on the sale and registration of new SIMs, SIM swaps, and all porting activities following the conclusion of its audit of the subscriber registration database”, the report stated.
According to the NCC, the growth in active subscriptions impacted positively on other derived telecom indicators such as teledensity, Internet penetration as well as broadband penetration.
“Data usage, which had been attributed to the growth in video streaming because of the rise in smartphone usage, surged by 46.77 per cent to 518,381.78TB in 2022 from 353,118.89TB in 2021.
”There was an increase in the volume of data consumed in the year end December 2022 when compared with the year-end December 2021.
“The total volume of data consumed by subscribers increased to 518,381.78TB as of December 2022 from 353,118.89TB as of December 2021. This represents an increase of 46.77 per cent in data consumption within the period.
“In 2022, the number of Internet subscribers increased by 9.06 per cent to 154.85 million from 141.97 million subscriptions as of December 2021.
“More people got connected to broadband services in 2022 with penetration growing to 47.36 per cent from 40.88 per cent and subscriptions increasing from 78,041,883 subscriptions in December 2021 to 90,398,960 subscriptions as of December 2022.
“People made more calls in 2022 with total outgoing local and national traffic for calls hitting 204,091,441,469.16 minutes, a 17.59 per cent increase from the 173,555,413,817.69 minutes recorded in 2021.
“SMS continued to be a relevant communication channel as the total number of national SMS both sent and received as of December 2022 was 25,928,704,567, a 28.82 per cent increase from the 20,126,551,822 SMS recorded in 2021.
“Telecoms continue to create value for the Nigerian economy because it is the country’s communication backbone, connecting every aspect of the economy”, NCC stated.
The commission had recently disclosed that the telecoms sector had attracted $75.6bn worth of investments as at the end of year 2021.

By: Corlins Walter

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

2 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.

Business

Customs Impound N2.35bn Cocaine, 15 Trailers of Rice

Published

2 days ago

May 13, 2026

The Tide

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, Ikeja, has impound Cocaine Substance valued at ?2.35 billion alongside 15 trailer-loads of foreign rice and a wide range of contraband across the South-West.

This was disclosed to Newsmen during a press briefing in Lagos by Controller of the Unit, Comptroller Gambo Aliyu,

Aliyu revealed that the seizures were made over an eight-week period, underscoring intensified enforcement efforts.

According to him, operatives foiled 473 smuggling attempts within the period, leading to the confiscation of 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, and 31,705 litres of Premium Motor Spirit (PMS).

He said other seized items include a Mercedes-Benz vehicle and various food products such as poultry, vegetable oil, spaghetti, and sugar.

Aliyu clarified that the rice displayed at the briefing represented cumulative interceptions made at different locations and times across the zone.

“All the rice you see here are accumulative of seizures carried out at different places, at different times, and through different interdictions,”

Beyond the economic implications, the Comptroller emphasized the social cost of drug trafficking, warning that narcotics continue to destroy families and fuel criminal activities.

“It may surprise you to know that many homes are broken due to drugs.

” Our mandate is to cut off the supply chain, and that is exactly what we are doing,”.

Similarly Customs operatives at the Gbaji outpost intercepted a 71 year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander.

The drugs, comprising both powdered and crystalline forms, were valued at ?2.35 billion.

Under a special enforcement drive, codenamed “Operation Hawk,” the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg.

The substances, along with three suspects, have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.

In a related operation, officers intercepted four cylinders of mercury hidden in a vehicle along the same corridor. Aliyu described the substance as hazardous and subject to international regulation.

Overall, the Duty Paid Value (DPV) of the seizures stands at approximately ?5.5 billion, reflecting the scale of enforcement activities.

Additionally, the unit recovered ?97.7 million through Demand Notices issued on under-declared consignments.

Aliyu reaffirmed the Service’s commitment to deploying modern technology—including geospatial intelligence, drone surveillance, and real-time tracking—to strengthen border security and clamp down on smuggling networks.

CHINEDU WOSU

Business

Dangote, Nicolai Tangen To Partner In strategic sectors

Published

2 days ago

May 13, 2026

The Tide

Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen ( manager of the world’s largest sovereign wealth fund) has expressed interest in partnering with Dangote Group to expand investments across Africa, particularly in strategic sectors such as power, energy, renewable energy, agriculture, fertiliser and cement.

This was made known during a meeting of Chief Executive of Dangote Group, Aliko Dangote with Nicolai Tangen, the manager of Norwegian investment institution (with assets estimated at about $1.9 trillion) .

Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.

The engagement reflects growing international investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation across the continent.

Industry observers say the proposed collaboration could create significant opportunities for investments in critical sectors linked to energy transition, food security, industrialisation and infrastructure development.

The Norwegian sovereign wealth fund, regarded as one of the world’s leading institutional investors, has in recent years increased its focus on emerging markets, with Africa seen as a major frontier for long-term investment and value creation.

Analysts believe a partnership between Norges Bank Investment Management and Dangote Group could unlock substantial capital flows into infrastructure and industrial projects across Africa, helping to accelerate economic growth and regional integration.

Nkpemenyie Mcdominic, Lagos