NCC announces rollout date for 5G spectrum in Nigeria – Newstrends
Connect with us

Business

NCC announces rollout date for 5G spectrum in Nigeria

Published

on

5G spectrum

The Nigerian Communications Commission has said it would rollout the Fifth Generation technology by August.

The Executive Vice Chairman, NCC, Prof. Umar Danbatta, said this at the 90th Edition of Telecom Consumer Parliament.

Danbatta at the event on Thursday in Lagos said that NCC through the support of the Federal Ministry of Communications and Digital Economy would ensure the deployment of spectrum to further accelerate the growth of Nigeria’s broadband services.

He said: “The final letters of award have been issued to MTN and Mafab Communications, which emerged winners of the 3.5GHz Spectrum auction conducted on December 13, 2021.

“In line with the information memorandum, the licensees are expected to commence rollout of 5G services effective from August 24, 2022.

“The successful completion of the process leading to the final letters is  confirmation that the rollout of 5G technology services in Nigeria is on course.”

READ ALSO:

The EVC reiterated that the International Telecommunications Union had revealed that 5G network would ensure Enhanced Mobile Broadband, Massive Machine-Type Communications and Ultra-reliable and Low-Lattency Communications.

He said with the estimated population of 214 million Nigerians, an average growth rate of 2.6 per cent annually, approximately 76.46 per cent of the population should be under the age of 35.

Danbatta added: “In line with the demographic  changes, internet penetration grew from three per cent in 2004 to 73.82 per cent as of September 2022 while broadband penetration increased from less than 10 per cent in 2015 to 40.01 per cent in September 2021.

“The potential for expansion is a great opportunity for 5G deployment as operators are certain of recouping their investment.”

He noted that some challenges of the spectrum identified by ITU included the requirements for more spectrally efficient technologies, which were more than what the current 3G and 4G system required.

He said ITU also identified intrinsic propagation characteristics of millimetres waves, which may require greater number of base stations.

“It is a challenge that stakeholders must collaborate to address as Nigeria rolls out 5G technology services,” the EVC said.

Danbatta reiterated that the goal of the commission was for Nigeria to be one of the leading nations with 5G technology deployment that would benefit all stakeholders and contribute maximally to the digital economy policy of the Federal Government.

The News Agency of Nigeria reports that the theme of the meeting was: “5G Technology: Opportunities and Challenges.”

EAGLE

Business

CBN raises commercial banks’ capital base to N500bn

Published

on

CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

Continue Reading

Business

Tinubu orders creation of single-digit tax system

Published

on

Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

Continue Reading

Business

Naira gains further against dollar

Published

on

Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

READ ALSO:

The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

Continue Reading

Trending

Skip to content