Telecoms and IT

Investors lose £27m to crypto, forex scams

The Financial Conduct Authority (FCA) and Action Fraud are warning the public to be wary of investment scams carried out via bogus online trading platforms.

This warning comes as cryptoassests (crypto) and forex investment scams reports more than tripled last year to over 1,800. Fraudsters promise high returns from investments in crypto and forex, with victims losing over 27 million pounds in total in 2018/19.

Market Operators fault MTN Nigeria listing over Free Float

Some stakeholders in the capital market have faulted the listing of MTN Nigeria Communications Plc on the nation’s bourse in spite of unavailability of the mandatory 20 per cent free float.

The market operators told the News Agency of Nigeria on Monday in Lagos that the price of MTN Nigeria shares would continue to skyrocket due to their scarcity at the detriment of retail shareholders.

The stakeholders blamed the Nigerian Stock Exchange (NSE) for approving the company’s listing without the mandatory free float.

Nigeria and MTN trade legal arguments over $2bn tax bill

Lawyers representing Nigeria’s attorney general on Tuesday appeared in court to argue that telecoms company MTN Group did not have grounds to oppose a $2 billion tax bill, legal teams for both sides said.

MTN faces the demand from the country’s attorney general, a claim which the company has said is without merit. Nigeria handed MTN the tax bill in September, but the company said the attorney general had exceeded his powers in making the demand, Reuters reports.

Legal arguments were heard from both sides at a court in commercial capital Lagos on Tuesday.

Active telecom subscribers in Nigeria over 172m says NCC

The Nigerian Communications Commission (NCC) says there were 172,871,094 active subscribers on the telecommunication networks in December 2018, as against 169,104,830 recorded in November 2018.

The telecommunications regulator disclosed this in its Monthly Subscriber/Operator Data made available on its website on Saturday.

The News Agency of Nigeria reports that the active subscribers increased by 3,766,264.

Nigeria to access $100m Indian loan for broadband

The Federal Government has said it is working with the Indian Government to access $100 million concessional loan to develop Nigeria’s rural broadband connectivity.

The Minister of Communications, Mr Adebayo Shittu, said unveiled at the Indian Technical and Economic Cooperation (ITEC) Day held in Abuja yesterday.

Shittu said that the loan to be accessed would be part of India’s 10 billion-dollar concessional loans to African countries for the implementation of projects of their national priority.

EXCLUSIVE: How MTN ‘Paid’ its NCC Fine

Shrouded in secrecy, market watchers are trying to unravel the enigma surrounding the self-styled fine payment imposed on the Nigerian unit of Africa’s leading mobile telecommunications company, MTN Group, since October 2015.

MTN was handed down a record fee of N1.04 trillion fine (or $5.2 billion at the exchange rate at the time) by the Nigerian government through the telecom industry regulator –the Nigerian Communications Commission (NCC) –for failing to comply with directives on improper registration of Subscribers Identification Modules (SIM).

Nigeria aiming to resolve MTN dispute and soothe investor fears –Minister

Nigeria is confident of resolving a $10.1 billion dispute with telecoms firm MTN and sending a positive signal to foreign investors worried about the country’s demand for the money, its trade and investment minister told Reuters.

Nigeria’s central bank on Aug. 29 ordered the South African firm and its lenders to bring $8.1 billion back into Nigeria that it alleges the company sent abroad in breach of foreign exchange regulations. MTN also faces a $2 billion tax demand from the country’s attorney general.

MTN denies any wrongdoing.

Regulatory Agencies Canvass Proper Regulation for E-Commerce

The Standards Organisation of Nigeria (SON) says there is the need for stakeholders in the e-Commerce space to adhere strictly to standards to grow the sector.

The organisation made the call with the Consumer Protection Council (CPC), Nigeria Customs Service (NCS) and others at a stakeholders’ forum with the theme: “The Role of Standards and Quality Regulation in Electronic Commerce’’, organised by SON in Lagos.

Telecom Operators seek Regulation of Over-the-top Services

Telecommunications operators in Nigeria on Wednesday called for licensing for and regulation of over-the-top services such as YouTube, Facebook, Twitter and WhatsApp Messenger to generate more money for the country.

Mr Gbenga Adebayo, the Chairman, Association of Telecommunications Operators of Nigeria (ALTON), told newsmen in Lagos that telecom regulators should no longer be neutral to technology regulation.

According to the ALTON chairman, it is technology that is now driving telecom market and not services, news agency Voice of Nigeria reports.

Nigeria to Promote Regulations on Tech Entrepreneurship

Nigerian Government will continue to promote regulations and policy framework on tech entrepreneurship ecosystem.

Minister of State Federal Ministry of Industry Trade and Investment, Aisha Abubakar, said this on Thursday in Abuja at the launch of the ecosystem research paper, noting that the research will provide policymakers with the tools to manage and leverage on digital disruption, news agency Voice of Nigeria reports.

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