The Federal Government has reiterated its commitment towards providing adequate broadband penetration in the country.
The Minister of Communications and Digital Economy, Isa Pantami, said the target is to have a minimum of 70% broadband penetration by 2025.
Pantami said this when the Executive Chairman of Phase 3 Telecoms Limited, Mr Stanley Jegede and his delegation paid him a courtesy visit in Abuja.
Speaking further, the minister said that the country relied so much on broadband penetration, which is why adequate broadband penetration is needed in line with what the Digital Economy Policy and Strategy for digital Nigeria aim to achieve.
“Whatever we do, we rely so much on broadband penetration. That is why any effort to complement what we have been doing to ensure it is highly commendable,” he said.
Pantami said that one of the major responsibilities of the government is to provide an enabling environment for the private sector to thrive.
“The main responsibility of government is to ensure that the environment is favourable and conducive and if there are any challenges, the government will intervene. This is what we will continue to do and I assure you within the time I am going to spend here, I will give 100% to ensure that all the challenges we encounter are addressed,” Pantami said as reported by Punch.
He added that the government was waiting for the report of the National Broadband Plan Committee 2020-2025 as it is important to bridge the gap because broadband penetration was directly proportional to the Gross Domestic Product of a country.
Why this matters: Broadband service provides a higher-speed of data transmission, which gives access to the highest quality internet services that in turn contributes to economic growth. This is because when there is fast broadband growth, business processes are more efficient, new consumer applications and services are innovated and general improvement of the deployment of business services.
Joe Biden appoints Nigerian-born Funmi Olorunnipa Badejo as Counsel
Nigerian-American, Funmi Olorunnipa Badejo has been appointed as a member of the office of the White House Counsel.
U.S President-elect, Joe Biden, announced the appointment of Nigerian-American Funmi Olorunnipa Badejo as a member of the office of the White House Counsel, to serve as an Associate Counsel.
He announced it this week in a statement seen on his transition website.
A part of the statement reads:
- “The Counsels are experienced and accomplished individuals, have a wide range of knowledge from various fields and will be ready to get to work on day one.”
What you should know about Funmi Badejo
- Funmi Olorunnipa Badejo, before the announcement, was General Counsel of the House Select Subcommittee on the Coronavirus Crisis, chaired by House Majority Whip, James E. Clyburn.
- Other government roles she has served include serving as Counsel for Policy to the Assistant Attorney General in the Civil Division of the U.S. Department of Justice, Ethics Counsel at the White House Counsel’s Office, and Attorney Advisor at the Administrative Conference of the United States during the Obama-Biden administration.
- She started her career as an associate with the law firm of Manatt, Phelps & Phillips, LLP and was also a Legal Counsel at Palantir Technologies Inc.
- She is a graduate of Political Science from the University of Florida, with a Master of Public Administration (MPA) from Harvard University and holds a Law Doctorate from the University of California School of Law.
- She becomes the 3rd Nigerian American to be appointed under the Biden Government.
Biden’s transition committee said the new Counsels would work under the direction of White House Counsel, Dana Remus, and “help restore faith in the rule of law and the accountability of government institutions.”
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Global Credit Rating reaffirms Sovereign Trust Insurance Plc ‘A-‘rating
Global Credit Rating Limited has reaffirmed an A-rating for Sovereign Trust Insurance Plc.
Global Credit Rating Limited, an international rating agency, has reaffirmed an A-rating for Sovereign Trust Insurance Plc.
According to a press release signed by the firm’s Deputy General Manager, Olusegun Bankole, and seen by Nairametrics, the insurance firm has consistently maintained its rating for over a decade now.
The key drivers that helped in the reaffirmation of the A-rating by the firm are;
- Consistency in paying her claims obligations over the years, as captured in an earlier solvency and operational report for financial institutions in Nigeria and other allied businesses, released by the rating agency in December 2020.
- Listing of rights issue in 2019 which helped to increase the shareholders’ funds of the company to N8.2 billion as at Q3 2020, up by 31% Year-on-Year. This played a catalyst role in maintaining the A-rating status of the firm.
- The capital adequacy of the firm was also pivotal.
According to the information available on the website of the rating agency, the A-rating reflects high claims-paying ability, strong protection factors, modest risk which may vary over time due to economic and/or underwriting conditions.
This fact was buttressed by a section in the press release which reads:
- “Sovereign Trust Insurance Plc has great potentials for growth in the years ahead, considering some of the strategies that have been put in place to propel its operations. Global Credit Rating noted that the company has shown a great deal of consistency in her claims obligations to her numerous customers spread all over the country.”
About Global Credit Rating Limited
- Global Credit Rating Co (Pty) Ltd (GCR) operates as a credit rating services provider. The Company ratings for banks, financial institutions, insurance, corporate and public sector debt, and structured finance serves customers worldwide.
Notore chemicals shuts down 500,000 MTPA fertiliser plant for turn around maintenance
Notore Chemicals has shut down its fertiliser plant for turn around maintenance, in expectation of significant improvement in the Plant’s reliability index.
Notore Chemicals has shut down its fertiliser plant with a 500,000MTPA nameplate capacity for maintenance, in order to restore the plant’s productivity and facilitate a sustainable bounce back in operations.
This information became general knowledge after a notification issued by the Company Secretary, Mrs. Otivbo Saleh, was published on the website of the Nigerian Stock Exchange.
According to her, Notore Chemical Industries Plc had to shut down its fertiliser plant to pave way for the commencement of the Turn Around Maintenance, expected to return the Plant to its 500,000 MTPA nameplate capacity and improve the reliability index to 95%.
The TAM exercise was initially impacted by the COVID-19 pandemic, as the disruption to global businesses occasioned by the COVID-19 pandemic and its attendant restrictions by Governments all over the world affected the timely delivery of procured spares and the arrival to the site of Vendor Service Men (VSM).
Barring any unforeseen circumstance, the Turn Around Maintenance which has started should be completed on 8 March 2021.
- The company’s 2020 audited financial report tells a tale of effete operation, as the company made a Gross loss of N2.9 billion, due to the cost coming from the company’s operation completely eroding all the revenue generated from its operating segment.
- The company managed to post a positive operating profit of N9.5billion at the back of N18.8billion revenue from contracts with customers. However, this was not enough to set the company on the path of profitability, as the heavy loan book of the company impacted its profitability in 2020.
- Upon the completion of the TAM programme, the company expects a significant improvement in the Plant’s reliability index and sustained daily production output of 1,500MT.