Economy

NCC Remits N51.3bn to FG in Q1 2019

Published

6 years ago

15/07/2019

By Modupe Gbadeyanka

A total of N51.3 billion was remitted to the federal government’s Consolidated Revenue Fund (CRF) by the Nigerian Communications Commission (NCC) in the first quarter of 2019.

A statement signed on Monday by the agency’s Director of Public Affairs, Mr Henry Nkemadu, disclosed that the remittance was in compliance with the Fiscal Responsibility Act of 2007 (FRA 2007).

According to the Executive Vice Chairman of NCC, Prof. Umar Garba Danbatta, the payment represents “Payment on Account” in respect of operating surplus of N44 billion and N7.3 billion spectrum assignment fee collected, both of which are due to the Federal Government as at April 30, 2019.

Provisions of the FRA 2007 stipulated that such payments are to be made every year after preparation of Audited Accounts.

Specifically, Section 22, Sub-section 1 of the Act states that, “Notwithstanding the provisions of any written law governing the Corporation, each Corporation shall establish a general reserve fund and shall allocate thereto at the end of each financial year, one fifth of its operating surplus for the year.”

Section 22, Sub-section 2 of the Act states further that, “The balance of the operating surplus shall be paid into the Consolidated Revenue Fund (CRF) of the Federal Government not later than one month following the statutory deadline for publishing each Corporation’s Account.”

Aside from remitting the operating surplus, Section 17, Sub-section 3 of the Nigerian Communication Act (NCA, 2003) also stipulates that spectrum assignment fees generated shall be remitted 100 per cent to the Federal Government.

The Section states that, “the Commission shall pay all monies accruing from the sales of Spectrum under Part 1 of Chapter VIII into the Consolidated Revenue Fund (CRF).”

Commenting further, the EVC said the commission had taken the initiative to be making payments on account as it generates revenue.

Mr Danbatta noted that through effective regulatory oversight by the commission, telecommunications sector has witnessed phenomenal growth since 2001, making it an enabler of economic growth and development.

“To date, telecoms industry has positively impacted all the sectors of the economy including banking, healthcare, commerce, transportation, agriculture, education and so on, with increased quarter-on-quarter contribution to the country’s Gross Domestic Product (GDP),” Mr Danbatta added.

For instance, latest data released by the National Bureau of Statistics (NBS) showed that the telecoms industry contributed 10.11 per cent to Nigeria’s GDP in the first quarter of 2019.

This represents a 0.92 per cent increase from the first quarter of the last year. This year’s first quarter contribution is also 0.26 per cent more than the figure (9.85 per cent) recorded in the last quarter of 2018.

“From 2001 till date, telecoms investment has increased tremendously from $500 million to over $70 billion, just as the Commission intensifies measures aimed to further facilitate investment growth in telecoms infrastructure to drive the economy, especially through the licensed Infrastructure Companies (InfraCos). We are also working with necessary stakeholders across all levels of government to address identified impediments to investment drive in the sector,” the NCC chief said.

Mr Danbatta, while providing latest data on the industry to underscore the impressive growth already recorded in the industry, said “in the 21st Century, access to pervasive broadband is a game changer for any economy.”

He explained further: “The Commission has since placed greater emphasis on broadband development as the next frontier for economic growth by driving efficiency and innovations in Nigeria. Consequently, through painstaking implementation of our 8-Point Agenda with the need to facilitate broadband development topping the agenda, we have been able to increase broadband penetration to 33.13 per cent as at end of May, 2019.”

Accordingly, Mr Danbatta stated that as at May this year, there were over 173.6 million active mobile lines across mobile networks, corresponding to a teledensity of 90.98 per cent. Internet subscriptions during the month stood at 122.6 million up from 119 million in April.

The EVC noted that while the industry has provided and continues to provide direct and indirect jobs for millions of Nigerians, the Commission, through effective regulatory approach, is embarking on more initiatives to boost access to telecoms services in rural, unserved and underserved areas across the country “by ensuring service availability, accessibility and affordability for more Nigerians.”

Economy

NBA Demands Suspension of Controversial Tax Laws

Published

24 hours ago

24/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.

In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.

A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.

To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”

“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.

It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”

“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.

“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.

“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.

“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.

Economy

MRS Oil, Two Others Raise NASD Bourse Higher by 0.52%

Published

1 day ago

24/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.

The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.

Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.

Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.

Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.

The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.

By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.

Economy

NGX All-Share Index Soars to 153,354.13 points

Published

1 day ago

24/12/2025

Dipo Olowookere

By Dipo Olowookere

It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.

The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.

Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.

Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.

At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.

This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.

VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.

In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.