Business News
There will be nationwide repercussion if NCAA demolishes masts – Telecoms operators reply threat
Telecommunications operators in Nigeria have condemned the move by the Nigerian Civil Aviation Authority (@NigerianCAA) to demolish about 7000 masts.
Telecommunications operators in Nigeria have condemned the move by the Nigerian Civil Aviation Authority (NCAA) to demolish about 7000 masts.
The telecoms operators said if NCAA goes ahead with the threat, the repercussion will be felt nationwide.
The telecoms operators who spoke through the Association of Licensed Telecoms Operators of Nigeria (ALTON) said the operators will not rebuild the mast if demolished without consulting the association of telecoms operators.
Nairametrics had reported that NCAA issued a 30-day ultimatum to owners and operators to obtain Aviation Height Clearance (AHC) or risk having their masts pulled down.
Why NCAA wants to demolish masts: ALTON accused NCAA of trying to enforce new tax on the telecoms operators by threatening to demolish these masts if AHC isn’t obtained.
The association said despite the multiple taxation already imposed on the telecoms industry, regulators are weighing other methods of taxing the network operators more.
The ALTON Chairman, Gbenga Adebayo, said telecoms operators have been under numerous attacks, warning that if the telecoms industry is negatively impacted, the consequences will affect other sectors of the economy.
“When attacked, the economy and the people will feel the impact negatively. Blackout becomes imminent.”
Adebayo also condemned the Nigerian Communications Commission (NCC) for faulting SIM registration done by Mobile Network Operators. Adebayo said there was no reason to sanction the telecoms operators because they followed procedures, standards and protocols.
“Operators duly followed the procedures, standards and protocols handed the operators at the commencement of the exercise some eight years back.”
In the meantime, network operators earmark $8.5bn to bridge telecommunication gap
To bridge the telecoms infrastructure gap in the country, Nigerian mobile network operators have earmarked $8.5 billion for investment purposes. The companies intend to invest this amount to meet the demand for telecommunication services across Nigeria.
The network operators will invest the $8.5 billion in the next two years to improve telecommunication services and expand their reach. This investment represents an increase of $1.6 billion over the past two years.
Business
FG explains why Lagos-Ibadan rail line was not linked to the sea
The government in its explanation said that the delay was due to disruption by trucks going in and out of the port complex.
The Federal Government has stated why the China Civil Engineering Construction Company (CCECC) Nigeria Limited could not link the final part of the Lagos-Ibadan rail line to the sea.
The government in its explanation said that it was due to disruption by trucks going in and out of the port complex.
According to a press statement signed by the Director, Press and Public Relations of the Federal Ministry of Transportation, Eric Ojiekwe, this disclosure was made by the Minister of Transportation, Rotimi Amaechi, while on a routine tour of the Lagos-Ibadan rail line project on Saturday, April 10, 2021.
The Minister pointed out that the original blueprint for the Lagos-Ibadan rail line project was not adhered to by CCECC Nigeria Limited and TEAM consortium and therefore warned that the master plan of the soon to commence Ibadan-Kano rail line project should not be changed.
The statement from the ministry partly reads, “The Nigerian Government has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.”
Amaechi forewarned that the master plan of the soon to commence project should not be changed as the original blueprint for the Lagos-Ibadan wasn’t adhered to by Messrs CCECC Nigeria and TEAM consortium. The Minister who rode the train from Ebute-Meta to the 8.72 km Apapa Port Spur line, informed the media that the inability of Messrs CCECC Nigeria to link the final part of the rail line down to the sea is rather due to disruption by trucks going in and out of the port complex.’’
The Minister had noted that the Federal Government has paid its share of the counterpart funding of the Ibadan-Kano rail line project and is waiting for China-Exim bank to ratify its side of the agreement for the project to commence.
He also advised the Nigerian Railway Corporation (NRC) to acquire more land around the train stations and the rail tracks for future development adding that this will be near impossible to do in the future as whatever space available now would have been taken over by businesses attracted to the rail line.
In case you missed it
It can be recalled that full commercial train services commenced on the Lagos-Ibadan rail line after train operations commenced on December 7, 2020, with only Lagos, Ibadan and Abeokuta residents enjoying the train services.
This is because other minor and major stations along that route were yet to be completed.
IBADAN-KANO RAIL PROJECT TO COMMENCE SOON – FG
The @NigerianGov has restated its commitment to connect the whole country by rail with the soon to commence Ibadan-Kano Standard Gauge Rail project.
The Minister of Transportation, @ChibuikeAmaechi, while on routine tour of the— Federal Ministry of Transportation (@MinTransportNG) April 11, 2021
Manufacturing
Industrial Index loses -12.39 points, as BUA and Lafarge Cement shares top losers list
The NSE Industrials index lost 12.39 index points in the first trading week in the month of April.
The Nigerian Stock Exchange Industrial Index at the close of trading activities for the first week in the month of April closed on a bearish note, following a 0.66% decrease in the shares of BUA CEMENT and Lafarge.
At the close of trading activities on the Nigerian Stock Exchange on the 9th of April 2021, the industrial index depreciated by 55.01 index points, to close lower at 1,928.18 index points for the week.
When compared to the overall performance of the market, the NSE Industrial index underperformed, noting that the NSE All-Share Index and Market Capitalization depreciated by 0.66% to close the week at 38,866.39 and N20.3350 trillion respectively.
READ: COVID-19, VAT, FX scarcity adversely impacted our operations in 2020 – Nigerian Breweries boss says
What you should know
The NSE Industrial Index was designed to provide an investable benchmark to capture the performance of the Industrial Sector. It comprises the most capitalized and liquid companies in the industrial sector and is based on the market capitalization methodology.
The index tracks the performance of ten industrial companies on the Nigerian Stock Exchange which includes Dangote, BUA, and Lafarge Cement.
The overall performance of the companies for the week was bearish, as the index closed on a negative note driven by the decrease in the share price of BUA Cement and Lafarge.
MEYER (19.51) was the only gainer for the week, while BUACEMENT (-1.09%) and LAFARGE WAPCO (-3.00%) were the only losers for the week.
GAINER
- MEYER up by19.51% to close at N0.49.
LOSER
- WAPCO down by -3.00% to close at N21.00.
- BUACEMENT down by -1.09% to close at N72.70.
