Business
Improve service quality or risk sanction – NCC warns Telcos
Telecommunications service providers have been warned by the NCC to improve their services or face sanctions.
Telecommunications service providers have been warned by the Nigerian Communications Commission (NCC) to improve their services or face sanctions.
This warning was given by Executive Vice-Chairman of the commission, Prof. Umar Danbatta, at the NCC Day of the Abuja International Trade Fair.
The Details: Danbatta noted that the consequence of poor service is sanction. He told the operators to improve their services for the millions of subscribers in the country.
“Where a service provider continues to fail to improve services at the detriment of the consumers, the commission will apply appropriate regulatory actions and sanctions against such service provider.”
He restated the commission’s eight-point agenda while stressing that the protection of the consumers from unfair practices is NCC’s mandate.
[READ ALSO: 11 African Startups win $1.1 million MEST grant]
Recall that Nairametrics reported the Nigerian Communications Commission (NCC) moved to track cybercriminals in the country. One of the ways NCC planned to achieve this was via consumer education, and enlightening consumers on the roles required of them in mitigating cybercrime.
Danbatta also expressed his concern over the matter at the fair while advising members of the public to refrain from opening unfamiliar email messages to avoid falling victim of cybercrime. He also told customers to disregard any message from banks seeking personal information.
“The commission advises all our consumers not to open email that is unfamiliar and also note that banks will not request personal information over the Internet,” Danbatta said.
Why this matters: Telecommunication is very critical to the development of all aspects of a nation’s economy not excluding manufacturing, banking, education, agriculture and government. The industry, if well tapped, will provide jobs, shore up GDP and close the communication gap. Thus, it is very important to improve the service to avoid the continuance of dropped call rates, and poor data services which adversely affect information flow.
Business
China more willing to restructure Africa’s debt than private creditors
Agreements have been easier to reach with Chinese lenders than with private creditors.
A recent study by John Hopkins University reveals it may be easier for African Nations to raise debt and also get debt relief from China than private creditors.
The report of the study comes a day after China promised to cancel interests from loans to African nations and restructure debt to Africa. The study also revealed that China has restructured $15 billion of African debt and written off $3.4 billion in the past ten years.
After 1,000 Chinese loans, including restructured Mozambican and Republic of Congo debt, were analysed, the researchers concluded that “the agreements have been easier to reach with Chinese lenders than with private creditors”.
The Paris Club recently agreed to pause debt payment valued at $11 billion for the poorest 73 nations freeing up capital to tackle the coronavirus pandemic. However, not all eligible nations signed up citing fears of default ratings if debt obligations are not met.
The study discovers difficulties in renegotiating terms on International Bonds for African countries due to the disparate ownership structure making private creditors unwilling to grant complete debt relief, citing warnings on rating downgrades.
China accounts for about 20% of Africa’s external debt and lent over $150 billion to the continent between 2000-2018 the study reveals. Chinese President, Xi Jinping has urged global leaders to be more pragmatic with debt suspension for Africa.
The study says much of the terms of Chinese debt to Africa has not been transparent and the relief negotiations may follow the same path.
Business
Orange, France’s largest telco operator, may come to Nigeria in months
Orange would also be looking at bolstering partnerships with health companies or institutions.
France’s largest telecom operator, Orange, is set to extend its tentacles to Nigeria and South Africa.
Chief Executive Officer, Orange, Stephane Richard, who disclosed the news, said that the firm would make the move in a few months.
He said, “It could make sense to be in economies such as Nigeria and South Africa. If one considers there are things to do, the time frame I am considering is rather a few months than a few years.”
READ ALSO: French telco inks investment partnership with MainOne
The Middle East and Africa, where Orange has a presence in 18 countries, is the company’s fastest-growing market.
What you need to know: There are chances that the company may eye payment transfers (mobile) in Nigeria.
That is because it makes the largest chunk of its revenue from payment transfers (Middle East), a key part of the group’s diversification into financial services, and Nigeria, which is the most populous black nation, is always an attraction.
READ MORE: Multichoice to integrate Netflix, Amazon contents into decoder
Meanwhile, earlier in 2020, Orange had stated that it was bringing its operations in the Middle East and Africa into a single entity, paving the way for a potential listing of the operations that could raise cash to invest in overseas expansion.
“Orange would also be looking at bolstering partnerships with health companies or institutions,” he added.
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Business
LIRS further extends deadline for filing annual tax returns by one month
“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.” – Ayodele Subair
The Lagos State Internal Revenue Service (LIRS) has again extended the deadline for filing of Annual Tax Returns from May 31 2020 to June 30, 2020.
This is part of the state government’s effort to provide relief to taxpayers in light of the economic impact of the Covid-19 pandemic. With this development, annual returns for individuals, both employees and self-employed persons, can be filed anytime before June 30, 2020.
In a press release signed by Monsurat Amasa, the head of LIRS’ Corporate Communications Department, the agency urged taxpayers to take advantage of the magnanimity of the government and file their returns. The LIRS’ Executive Chairman, Mr. Ayodele Subair, explained the extension thus:
“As the Lagos State Government keeps abreast of global best practices in containing the Covid-19 pandemic and eases the effects of an economic downturn on taxpayers and residents of the State, LIRS had initially extended the deadline for filing annual tax returns for two months, from the statutory March 31st of every fiscal year to May 31, 2020.
“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.”
(READ MORE: COVID-19: Lagos issues new guidelines, considers full reopening of economy)
He further explained that taxpayers can file the annual returns from the comfort of their homes and offices using the LIRS eTax platforms. They can also generate assessment and payment schedule, and other tax administration matters on the same platform. Updates on business operations and alternative payment platforms are to be found on the verified handles, and the LIRS website.
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