General
Airtel Chairman Mittal Lauds Tinubu’s India-like Economic Reforms
By Adedapo Adesanya
The Chairman of Airtel Nigeria, Mr Sunil Bharti Mittal, has lauded reforms by President Bola Tinubu, drawing parallels with India’s economic reforms that transformed the economy for future growth.
He made the remarks when he led a delegation to the State House in Abuja on Thursday.
“When you took office, you made some promises. Given the country’s situation, I was unsure how deep and far you could take your commitments.
“I am indeed reminded of 1991, when India was in a similar situation, and we were practically on our knees, having pledged 500,000 tons of gold to the Bank of England, and our vessel in Tokyo had been put up for sale.
“During that time, the Prime Minister and his team took similar reforms to what you are taking now in Nigeria, and India has never seen better times after that.
“The duties went down, the Rupee was floated, and it depreciated significantly. Relicensing happened, and it was the dawn of a new world in India. We just moved forward,” he said.
Mr Mittal said the reforms turned India into one of the largest economies in the world.
“I feel that what you have done here is unprecedented in a challenging time. Only people of resolve and steel can endure this huge pressure, floating the naira, which moved from N450/$1 to about N1,900/$1 and is now coming back to N1,400/$1 to N1,500/$1.
“It has been a remarkable achievement celebrated by the entire world. This was much required, and you delivered on your promises,” the Airtel Chairman told President Tinubu.
He also commended the removal of the petrol subsidy.
“The second one was the removal of subsidy, which was a very tough decision for any politician. It was unpopular and difficult, but you held your position, knowing fully that not doing it would not help the country.
“You have taken a long-term position. It is my belief and hope that you have created a legacy for yourself. Your first term as President will mark a watershed in the development of your country.
“This will be a turning point, and I would like to commend you for having held a firm position and taken the country forward,” he added.
Mr Mittal said more Nigerians should be encouraged to invest in the country, particularly those with huge financial portfolios abroad.
“I have been speaking to people in Nigeria, friends and business people, and they are all now feeling calm, and when they start to get back, they will move very fast. I have experienced this in India,” he stated
On his part, President Tinubu said the telecoms sector’s regulatory framework and operations would be reviewed to reflect global best practices, with a greater focus on protecting infrastructure.
“I am grateful for your openness, readiness, and confidence, which moved us very close to the Prime Minister of India. When he was here, we discussed things at length.
“The entire ecosystem will be further examined, and if there is anything we can copy from India, we are ready to do so. We are prepared to learn. We are not ashamed of copying what is working in other climes.
“It is for the good of all of us, and Nigeria is so critically important that we must give attention to those revolutionary intentions that can make business work. I am pro-business, and I will continue to be that. I can give you that assurance,” he said.
The President noted that the tax reforms will create a more favourable climate for investors.
“We will find a way to work with tax administrators to ensure that whatever we have to do, we will encourage growth and opportunities. We are ready to do that”.
Adding his input, the Minister of Communication, Innovation, and Digital Economy, Mr Bosun Tijani, thanked the President for consistently supporting the telecoms sector’s growth.
Mr Tijani said the approval by the President for the protection of fibre optic and undersea cables as critical national assets would further stimulate growth in the industry, assuring that the Office of the National Security Adviser (NSA) has started implementing and enforcing the law.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has urged the chief executive of Meta Platforms Incorporated (Facebook), Mr Mark Zuckerberg, to pay the $220 million fine imposed on the firm by the Federal Competition and Consumer Protection Commission (FCCPC).
Last Friday, the Competition and Consumer Protection Tribunal upheld the $220 million fine slammed on the company for the grave violations of Nigerian consumer, data protection and privacy laws and international human rights standards.
In a statement over the weekend, SERAP advised Mr Zuckerberg and Meta “to provide (in addition to the fine) justice and effective remedies, including adequate compensation and guarantees of non-repetition for the victims of the grave violations of Nigerian consumer, data protection and privacy laws and international human rights standards.”
It also told him and his organisation to “immediately” pay the $35,000 awarded by the tribunal to the FCCPC as cost of investigation, adding that they must “immediately halt the violations found by the tribunal and prevent their re-occurrence, as well as ensure the accountability of any person(s) responsible for the violations.”
In the letter dated April 26, 2025, and signed by its deputy director, Mr Kolawole Oluwadare, the group said, “As Chairman and CEO, you ought to ensure enhanced transparency, human rights due diligence, accountability and remediation by Meta to ensure that Nigerians’ human rights are not threatened or violated.”
Giving more context, SERAP noted that, “The tribunal’s judgment followed the administrative penalty imposed on Meta on July 19, 2024 by the FCCPC after concluding that the companies engaged in discriminatory and exploitative practices against Nigerians.”
“The tribunal’s judgment followed a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.
“We would be grateful if these measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions at the national, regional or international levels to compel you and Meta to comply with our requests in the public interest,” SERAP said.
By Dipo Olowookere
Eight persons, comprising four Nigerians and four foreigners, believed to have promoted the failed Ponzi scheme, Crypto Bridge Exchange (CBEX), in Nigeria have been declared wanted by the Nigeria Police Force (NPF).
Recall that a few weeks ago, several investors lost their hard-earned funds in the investment scheme, which the Securities and Exchange Commission (SEC) said it did not authorise.
The platform crashed and went away with investors’ money after it made it impossible for them to withdraw their funds. It later asked them to pay an activation fee of $100 and $200, depending on what was in their wallets.
The crashing of CBEX triggered attacks on its offices, especially in Ibadan, Oyo State, by aggrieved investors, whose funds’ were trapped in CBEX.
Already, the EFCC has swung into action, arraigning the promoters of the investment scheme in court, though four of them are at large.
In a notice on Friday night, the agency said it was looking for the fugitive, asking members of the public with information about their whereabouts to come forward to aid their arrest.
The anti-money laundering organisation listed the wanted persons as Seyi Oloyede, Emmanuel Uko, Adefowowa Oluwanisola, and Adefowora Abiodun Olaonipekun, and listed Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro as the foreign accomplices.
“The public is hereby notified that the persons whose photographs appear above are suspected foreign accomplices wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX)
“Anybody with useful information as to their whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, llorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: [email protected] or the nearest Police Station and other security agencies,” the notice signed by its spokesman, Mr Dele Oyewale, stated.
By Adedapo Adesanya
Nigeria’s National Economic Council (NEC) has approved the establishment of Cotton, Textile and Garment Development Board as part of efforts to drive non-oil revenues.
This was disclosed by the Governor of Imo State, Mr Hope Uzodinma, while briefing State House Correspondents at the end of the 149th NEC meeting chaired by the Vice-President, Mr Kashim Shettima, on Thursday at Presidential Villa, Abuja.
He explained that in order to make the board function effectively, the council approved a proposal for Public-Private Partnership (PPP).
Mr Uzodinma stated that the chairman of the board would be selected from the private sector, adding that the body would be funded from import levies on textiles.
“The National Economic Council, among others things, received a representation from the members and leadership of Cotton, Textile and Garment Development Forum.
“These are private sector operatives who are into the cotton business, garment and textiles and the presentation highlighted their proposal on how to revitalise the cotton industry in Nigeria.
“The council endorsed the presentation and approved the establishment of a National and regional Offices for the board in each of the six geopolitical zones for proper coordination,” said Mr Uzodinma.
On his part, Governor Douye Diri of Bayelsa said the council also received proposal from the Minister of Livestock Development on acceleration strategy for the livestock industry.
He said the presentation was on on a plan to transformation the livestock industry between 2025 and 2030, stating that the strategy was built on the national livestock growth acceleration plan, which is expected to transform the sector to create jobs, export products and serve as an engine room for internally generated revenue.
“The projection is that the strategy will generate between $74 billion down and $90 billion in that sector by the year 2035.
“It will be a direct partnership with the state governors, the private sector and foreign investors under a very sound federal regulatory umbrella,” said Mr Diri.
He added that the investment would be prioritised into five key pillars between 2025 and 2026, saying the pillars are: animal health and zones control, feed and further development, water resources management, statistics and information and livestock value chain development.
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