Economy
NCC Plans Fresh Guidelines for Telecoms Sector
By Adedapo Adesanya
The Nigerian Communications Commission (NCC) has stated that the telecoms sector should expect fresh guidelines and regulations on indigenous content, among others.
The Executive Vice-Chairman/Chief Executive Officer of the agency, Mr Umar Garba Danbatta, made this disclosure while speaking at the maiden edition of the Policy Implementation Assisted Forum (Piafo-001) on the National Policy for Promotion of Indigenous Content in the Nigerian telecommunications sector last Friday.
Mr Dambatta said “with the constitution of the NODITS, the industry should expect new guidelines and regulations bothering on indigenous content, local manufacturing of telecom equipment, outsourcing of services, construction and lease of telecoms ducts, succession planning in the telecoms sector, corporate governance, corporate social responsibility, as the need arises.”
The NCC boss explained that the Commission has already put in place “a standing licensing review committee” which is currently analysing all its licenses in an effort not only of modernizing them to reflect the current realities of technology and development, but also to consolidate, bundle or unbundle individual licenses or even create new licenses.
“In brief, the NITDA guidelines set out to introduce content requirements for all companies operating in the Nigerian ICT industry and to achieve a target of 50% local content in the industry.
“All ICT companies were also required to be registered under Nigerian entities with predominant Nigerian representation.
“The guideline is not restrictive but is aimed at encouraging local value creation for ICT companies.
“Focus areas of the guidelines include driving indigenous innovation, developing the local ICT industry and establishing intellectual property regulation and standards protection,” he stated.
Mr Danbatta said that due to the opportunities and challenges presented by the search for a balance for the regulator, there was a pressing need to find a middle ground between optimizing indigenous participation in ICT and maximizing the benefits of a globalized ICT ecosystem.
“For us in the commission, we agree with the notion that such a balance is achievable through purpose-driven policies that create an enabling environment towards local innovation, local participation, local job creation, local investment and local ownership.
“Collaboration with National Information Technology Development Agency (NITDA), a key mandate of the Commission under the NPPIC is periodic benchmarking with NITDA, our sister agency.
“In that regard, it is gratifying to note that sometime in 2013, NITDA introduced Guidelines on Nigerian Content Development for the ICT sector,” he stated.
Mr Danbatta also assured Nigerians of the commission’s commitment to realise the vision of President Muhammadu Buhari for promoting indigenous content in the telecommunications sector as has been done in the agricultural and petroleum sectors to achieve our goals of significant participation, preservation of scarce foreign exchange and improving the lives of Nigerians.
“To ensure effective implementation of these objectives, we are developing a robust compliance monitoring and enforcement framework leveraging on existing mechanisms.
“We are spurred by the President’s words ‘we want Nigerians to play a major role in the design and manufacture of devices, in meeting the manpower requirements and in becoming an active part of the telecommunications ecosystem of the country’.
“With advancements in technology, administrations have come to recognize the need for their indigenes to participate actively in exploitation and transformation of their resources into goods and services aimed at economic growth.
“Indigenous Content Policy is, therefore, any policy that encourages the development of indigenous skills, technology transfer, use of indigenous manpower and indigenous manufacturing.
“As we are all aware, the Federal Government has put in place very robust policy and legal framework for local content within the oil and gas sector. Similarly, the advent of local content in the Nigerian Telecoms sector is probably as old as the Nigerian telecoms revolution itself.
“The national telecommunications policy posited that the domestic production of telecommunications hardware and software is desirable for national development.
“It further states that the government shall encourage domestic production of telecommunications equipment, components and software to meet local and export demands.
“In giving legal backing to the above policy direction, the Nigerian Communications Act, 2003 identifies, as one of its National Telecom Policy 2000 primary objects, the encouragement of local and foreign investments in the Nigerian communications industry,” Mr Danbatta said.
According to him, with the steady evolution of telecommunications in Nigeria, the industry and its infrastructure are appreciated as the infrastructure of infrastructures, positioned to drive growth and efficiency in every other sector (both private and public) by supporting the optimization of institutions and processes in the ecosystem.
“Accordingly, the development of effective local participation at all levels of the value chain becomes a sine-qua-non to the overarching national economic development and market success,” he added.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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