Business

NCC suspends new SIM card sale, registration

Published

4 years ago

December 10, 2020

The Nigerian Communications Commission (NCC) has ordered immediate suspension of sale and activation of new SIM cards to allow an audit of the subscriber registration database.

Its Director of Public Affairs, Dr Ikechukwu Adinde, said in a statement on Wednesday that it was necessary for all the tekco operators to comply with the directive.

Minister of Communications and Digital Economy, Dr Isa Pantami, was quoted as directing the commission to embark on an audit of the database.

He, however, said an exemption might be granted following approval from the Federal Government through the commission.

He warned that non-compliance with the directive would attract sanctions, including withdrawal of operating licence.

Adinde said the audit would help to consolidate the achievement of the SIM card registration.

The director explained that the objective of the audit was to ensure compliance with set quality standards and requirements by mobile network operators.

According to him, the directive became necessary in view of the preponderance of pre-registered SIMs with the attendant security implications associated with their use to facilitate criminal activities.

In May 2019, the NCC had announced the second phase of an audit of SIM registration data and registration processes.

The exercise started in 2011 with the introduction of the Subscriber Registration Regulations and Registration Specifications in 2011.

In August 2015, the telcos were given a deadline to disconnect SIMs found not to fully comply with registration requirements, or risk being penalised.

In 2019, the commission announced that it found that the SIM registration of 95.7 million subscribers was not properly carried out.

In November 2015, the NCC fined all the four major telcos for violating Section 20(1) of the Registration of Telephone Subscribers Regulation of 2011.

Business

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

11 hours ago

November 26, 2024

Trends Admin

Port Harcourt Refinery

PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Business

Breaking: CBN increases interest rate to 27.50%

Published

12 hours ago

November 26, 2024

Trends Admin

Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Business

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

16 hours ago

November 26, 2024

Trends Admin

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”