Business
NCC, NigComSat sign MoU on 5G technology
This Nigerian Communications Commission and the Nigerian Communications Satellite Limited (NigComSat) have signed a Memorandum of Understanding (MoU) for the takeoff of the Fifth Generation (5G) technology in Nigeria.
The MoU by the two Federal Government agencies under the Ministry of Communications and Digital Economy signed in Abuja is expected to lay the foundation for the acquisition of foreign spectrum suitable for the deployment of the 5G technology in the country.
NCC Board Chairman, Prof Adeolu Akande, said the time had come for the country to key into the 5G technology.
He said, “In recent times, precisely from the last quarter of 2019, several administrations have begun to license Spectrum for commercial deployment of 5G.
“As we speak today, 5G services have already been deployed in United States of America, South Korea, United Kingdom, China, South Africa, Kenya and many more.”
According to him, telecommunication evolution has led to improvement in user experience witnessed from the 2G to the 3G and later 4G.
“The global impact of 4G brought about increases in mobile usage and network performance. 5G will build on this momentum, bringing substantial network improvements, including higher connection speeds, mobility and capacity, as well as low-latency capabilities,” he added.
Speaking on the how the MoU would work for the new technology, NCC Executive Chairman, Prof. Umar Dambatta, said, “It will facilitate the release of contiguous bandwidth in one of the most suitable Frequency Spectrum band(s) for early deployment of fifth Generation Network (5G) services in the largest market in sub-Saharan Africa.
“Among the frequency spectrum bands allocated to 5G by the International Telecommunications Union (ITU), the C-band (3.4GHz – 3.9GHz) stands out because its balancing point between coverage and capacity provides the perfect environment for 5G connectivity.
“The C-band is most suitable and appropriate for immediate deployment of 5G services taking into consideration availability of device ecosystem with 60-70 per cent of global commercial 5G network deployment currently in the band, thus the importance of this Spectrum for early deployment of 5G services in Nigeria cannot be over emphasised.
“For optimal 5G service performance, an average of contiguous 100 MHz of spectrum in the C-band is required by an Operator. However in Nigeria, only 120 MHz of the band (3.4 – 3.52) GHz is available for mobile services while the remaining 680 MHz (3.52 – 4.2) GHz of the band is used by NigComSat (NG-1R) satellites.
“The commission initiated negotiation with NIGCOMSAT which in our estimate could make some adjustment to its satellite operation and release part of its spectrum holding in the band to facilitate the deployment of 5G in Nigeria.
“The impeccable team at NigComSat proved us right. Ladies and gentleman, permit me to use this medium to appreciate the Management of the NigComSat under the distinguished leadership of my sister – Dr. Abimbola Alale – for demonstrating that the interest of our dear country is paramount to our organisational or personal interest.
He added, “The two agencies discussed on how to relocate the operations of NG-1R to the standard C-band 300MHz (3.9GHz – 4.2GHz) potion of the band, which is more suitable in terms of Satellite service offering because end user terminal are cheaper there, while leaving the non-standard C-band 400MHz (3.5GHz – 3.9GHz) portion of the band for 5G use.”
“The cost of relocating the NG-1R is expected to be offset from the proceeds of the auction of the 5G Spectrum.
“The two agencies have developed a Memorandum of Understanding (MoU) detailing all the aspect of this undertaking.”
NigComSat Chief Executive Dr Abimbola Alale comended the committees set by the two agencies for doing a thorough job.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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