Costs of calls, data to go up, FG confirms

Users of telecommunication services in Nigeria will pay higher costs as the Federal Government has agreed to the demand of industry operators for a tariff hike.

But the hike will be below the 100 per cent increase requested by service providers, the government has said.

Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, disclosed this during an industry stakeholders forum in Abuja on Wednesday.

“The essence of this gathering is recognizing the critical role the telecom sector plays in driving Nigeria’s economic development,” Tijani said.

“Tariff will go up. That’s the verdict. But it won’t be by 100%.

“We need to ensure that as a sector, we put the right regulations in place that can ensure the growth of this sector, continue to contribute to job creation, but also enable other key sectors in the country as well.”

This implies that prices of calls, data and SMS will go up for the average Nigerian.

Executive Vice Chairman, Nigerian Telecommunications commission (NCC), Aminu Maida, also said that tariff adjustments would be accompanied by measures to simplify billing systems and increase transparency.

He said, “We’ve revised our quality of service regulations, bringing the entire value chain into scope for compliance, from MNOs to tower codes and transmission companies.

“So when we do see these tariff modifications, it’s also going to come with simplification.

“So every MNO or every service provider must comply with a simplified template; to show Nigerians what you are charging per minute, per voice, per SMS, and per megabyte of data.”

I rose from Almajiri to CEO of NNPC, says Mele Kyari on 60th birthday 

Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has spoken about how he rose from being an Almajiri pupil to become the head of “Africa’s largest energy company”.

This reflection on his life’s journey is contained in a statement he shared to celebrate his 60th birthday.

Born January 8, 1965 in Maiduguri, Borno State, Kyari is a geologist and known in the oil industry as a crude oil marketer. He assumed office on July 7, 2019 as NNPC boss.

“Allah, by his grace, spared my life to this exceptional day, making it my 60th year from birth, even much earlier on the Hijri calendar,” he said in a post on X.

“I am profoundly grateful to my country for giving me the opportunity to grow from an Almajiri (Tsangaya) school pupil to become the CEO of Africa’s largest energy company.”

Kyari also thanked President Bola Tinubu and ex-president Muhammadu Buhari for the opportunity to head the NNPC.

“Even more particular, I deeply appreciate the exceptional privilege given to me by Presidents Muhammadu Buhari and Bola Ahmed Tinubu to serve as the last GMD of the NNPC and the pioneer CEO of the NNPC Ltd,” he added.

“Reflecting backwards alone can’t account for the profoundly eventful life I spent to this date, walking through good and bad times, travails and triumphs, pains and happiness, fails and successes and many more that only the sufficiency of Allah will explain.

“At this milestone, I feel the obligation to serve with even greater conviction and with elevated expectation of eternal recompense so deeply pleasing.

“I am hugely indebted to my family for being nearly absent for most of my later years serving our nation and the common good.

“My deep appreciation to my family, friends and associates, my colleagues at work and my teachers (western and of Almajiri extractions), and many unmentioned people who account for many of my accomplishments, unconditional support and my overall wellbeing.”

Oil prices surge over supply disruption

Oil prices reversed early declines yesterday, induced by concerns of tighter Russian and Iranian supply in the face of escalating Western sanctions.

Brent crude futures advanced 60 cents, or 0.79 per cent.

It sold for $76.90 a barrel while U.S. West Texas Intermediate (WTI) crude was up 50 cents, or 0.68 per cent. It sold for $74.06.

The Federal Government’s oil price benchmark in the 2025 budget estimates is $75 per barrel.

It seems market participants have started to price in some small supply disruption risks on Iranian crude exports to China, said UBS analyst Giovanni Staunovo.

Concern over sanctions tightening supply has translated into increased demand for Middle Eastern oil, reflected in a rise in Saudi Arabia’s February oil prices to Asia, the first such increase in three months.

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In China, Shandong Port Group on Monday issued a notice banning United States-sanctioned oil vessels from its network of ports, three traders said, potentially restricting blacklisted vessels from major energy terminals on China’s east coast. Shandong Port Group oversees large ports on China’s east coast, including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil.

Meanwhile, cold weather in the U.S. and Europe has boosted heating oil demand, though oil price gains were capped by global economic data. Euro zone inflation accelerated in December, an unwelcome but expected blip that is unlikely to derail further interest rate cuts from the European Central Bank.

“Higher inflation in Germany raised suggestions that the ECB may not be able to cut rates as fast as hoped across the eurozone,” said Panmure Liberum analyst Ashley Kelty.

Technical indicators for oil futures are now in overbought territory and sellers are keen to step in again to take advantage of the strength, tempering additional price advances, said Harry Tchilinguirian, Head of Research at Onyx Capital Group.

Market participants are awaiting more data this week, including the U.S. December non-farm payrolls report on Friday, for clues on U.S. interest rate policy and the oil demand outlook.

Oil prices surge over supply disruption