Business
Prepare for greater risks, NCC advises telecom operators ahead of 6G deployment
Prepare for greater risks, NCC advises telecom operators ahead of 6G deployment
The Nigerian Communications Commission (NCC) has advised telecommunications operators in Nigeria to brace for increased risks as technology progresses from the current 5G to future generations, including 6G and 7G.
The Executive Vice Chairman of the NCC, Dr. Aminu Maida, issued this warning on Tuesday during a two-day Telecoms Industry Risk Management conference in Lagos.
The conference, themed “Evolution and Future Risk Management in the Telecoms Industry: Harnessing Emerging Technologies and Trends,” aimed to address the new challenges that come with technological advancements.
Dr. Maida emphasized that the shift towards more advanced technologies introduces a variety of risks for telecom operators, ranging from cybersecurity threats to ethical issues.
Preparing for the future
Dr. Maida, represented at the conference by Mr. Ubale Maska, the Commission’s Executive Commissioner for Technical Services, highlighted the technological advancements from the current 5G to the anticipated 7G, stating:
“As we navigate the landscape of 5G networks, which feature a broader attack surface due to the increased number of connected devices and denser network infrastructure, it is crucial to also consider the future.
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“The advent of 6G technology marks the next milestone in wireless communication. With its potential for faster speeds, reduced latency, and innovative applications, 6G could dramatically change our connectivity experience. Nonetheless, this advancement also requires us to tackle new risks, from cybersecurity threats to ethical challenges, to ensure a secure and equitable digital future.
“Furthermore, the possibility of 7G technology beckons. With each generational leap, we encounter not just technological breakthroughs but also new challenges.
“Preparing for and managing the risks associated with 7G will demand collaboration, innovation, and a forward-thinking approach to integrate this technology seamlessly into our global network.”
Emerging technologies
In addition to connectivity evolution, Dr. Maida pointed out the need for telecom operators to consider the implications of emerging technologies like quantum computing, advanced artificial intelligence, and blockchain technologies.
He noted that these advancements offer significant opportunities to transform the industry but also introduce complex challenges that must be integrated into the operators’ risk management strategies.
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The NCC boss said the regulator on its part remains committed to fostering an environment that encourages innovation while prioritising the security and stability of telecom infrastructure.
“As we navigate through 5G and the uncharted territory of the next generations of wireless technologies, collaborative efforts among regulators, industry players, and other stakeholders become even more crucial for sharing best practices, threat intelligence, resources and implementing robust risk management strategies.
“We should therefore move beyond mere compliance and reactive measures, and instead, harness the power of these new technologies and trends to build a resilient and future-proof industry,” he added.
Also speaking at the event, Kelechi Nwankwo, the Head of Corporate Strategy and Risk Management at the NCC, hailed the conference as a testament to the industry’s dedication to identifying evolving risks and challenges while seizing the vast opportunities provided by emerging technologies and trends.
“From 5G networks and the Internet of Things (IoT) to Artificial Intelligence (AI), Cloud Computing, and beyond, the potential is unlimited. Yet, with significant opportunities come substantial risks, and it is our shared duty to mitigate these risks to ensure the industry’s growth and sustainability,” he remarked.
Prepare for greater risks, NCC advises telecom operators ahead of 6G deployment
Auto
Chery celebrates automobile excellence, creativity at Lagos roadshow
Chery celebrates automobile excellence, creativity at Lagos roadshow
Chery Nigeria on Friday held many Lagos fans of elegant new vehicles spellbound during its spectacular roadshow.
The event featured a captivating procession from the Carloha showroom to The Palms in VI passing through scenic routes such as the Third Mainland Bridge, Ikoyi and Victoria Island, ending with a celebration at the iconic shopping mall.
The roadshow not only showcased Chery’s exceptional vehicles but also celebrated the spirit of creativity and community.
The event provided a platform for guests to savour and enjoy the unique display of new work of art and automotive excellence.
The roadshow extravaganza, as the organisers called it, was revealed Chery’s commitment to engaging experiences, showcasing the brand’s latest masterpiece, the Tiggo 8 Pro,Tiggo 4 Pro and Arrizo 5, in an unforgettable way.
The highlight of the event was a unique “Sip and Paint” session led by a notable artist, who skilfully captured the essence of the Tiggo 8 Pro on canvas.
Guests were invited to unleash their creativity as they painted their own interpretations of the iconic Chery logo, adding personal touch.
The climax of the evening came with a breathtaking moment as Eben, renowned for his impressionistic prowess, unveiled his masterpiece – a stunning portrayal of the Chery Tiggo 8 Pro.
The artwork, met with awe and admiration from attendees, encapsulated the essence of Chery’s dedication to innovation, style, and sophistication.
Representative of Chery brand in Nigeria, Carloha, says it will continue to provide automotive solutions to customers with its six-year free service and six-year warranty or 200,000km, whichever comes first.
Meanwhile, Chery has expressed its gratitude to all attendees, partners and supporters who contributed to the success of this extraordinary event.
“As the brand continues its journey of innovation and inspiration, it remains dedicated to delivering exceptional experiences that captivate hearts and minds,” the firm said in a statement on Saturday.
Business
BDCs consider harmonised retail market as naira depreciates further
BDCs consider harmonised retail market as naira depreciates further
The Association of Bureaux De Change Operators of Nigeria (ABCON) has said it is working on establishing a unified retail end forex market operations to tackle volatility and boost regulatory compliance within the Bureau De Change (BDC) sub-sector.
This is as the value of the naira depreciated further at the parallel market to N1,450 to the dollar.
From N1,420 which it was on Thursday, the value of the naira, which had depreciated to N1309 to the dollar at the Nigeria Autonomous Foreign Exchange market (NAFEM) continued to fall at the parallel market.
ABCON president, Alhaji (Dr.) Aminu Gwadabe, said ABCON is carrying out strategic plans meant to unify operators from different cadres of the market including inauguration of state chapters for markets coordination, integration and administering a united market structure.
According to him, ABCON plans to extend its automation policies and platforms to all BDC operators across Nigeria markets and upgrade its Business Process Platform-(formerly called SAAZ Master). He said the new blueprint for a united retail end forex market structure will ensure the deployment of a centralised, democratised and liberalised online real time trading platform.
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He stated that the association will sustain its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive to regulation and government.
“Part of our vision for a united retail-end forex market include activating geo mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps. This will enable forex buyers to easily locate where BDCs offices are for effective and seamless transactions”.
He reiterated the benefits of a realistic and vibrant retail end forex market as supporting Central Bank of Nigeria (CBN’s) goal of achieving true price discovery for the naira, balancing of international obligations and national objectives; ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.
According to Gwadabe, the vision for a united retail end forex market will help in the provision of market intelligence reports, enhance the local and global image of the BDCs and other stakeholders, market operators and boost employment generation.
The successful execution of this plan, Gwadabe said, will help in seamlessly capturing revenues for the government through digitised retail end market and creating a well structured, transparent and competitive platform to checkmate the menace of unlicensed platforms like Binance, Aboki FX, ByBit among others.
BDCs consider harmonised retail market as naira depreciates further
Business
Naira gains marginally at parallel market as FG plans for diaspora fund
Naira gains marginally at parallel market as FG plans for diaspora fund
Nigerian currency, Naira, appreciated to N1,380 per dollar on the parallel market on Friday, posting a gain of N70 in one single day, compared to Thursday’s close of N1,450/$1.
On the other hand, the the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the N1,309.81/$1 it closed at on Wednesday.
However, daily turnover on the NAFEM declined by 2.85 per cent to $309.01 million compared to $318.08 million the previous day.
The highest spot rate stood at N1,410, with the lowest recorded at N1,051.
Meanwhile, as part of efforts to attract and accelerate inflow of foreign currency into the economy, the federal government has unveiled plans to float a $10 billion Nigeria Diaspora Fund.
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The move is expected to among other things, improve FX liquidity in the system as well as strengthen the Naira exchange rate.
The Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, in a notice shared on her X handle (formerly Twitter), yesterday, revealed that the Nigeria Diaspora Fund Multi-sectoral Investment Initiative would be designed and managed by fund managers selected through an Expression of Interest (EOI) exercise where winners are expected to emerge.
Owing to this, the ministry has issued an EOI Expression to fund managers for the development and establishment of a multisectoral, multilateral private sector-led investment fund to form the $10 billion Nigeria Diaspora Fund.
Newstrends recalls that Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, had recently said Nigerians living in diaspora remained a key source of foreign capital projection, adding that a diaspora bond would be launched by June.
Naira gains marginally at parallel market as FG plans for diaspora fund
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