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MTN Finally Resolves With FG, Agrees To Pay N330Billion.

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MTN

Telecoms Giant, MTN has agreed to pay N330 billion ($1.7 billion) to the federal government over a space of three years after 8 months of serious negotiation

The telecommunications outfit confirmed this in a statement issued on Friday, saying henceforth it will comply with the directives of the Nigerian Communications Commission (NCC).

MTN also said it will ensure the listing of its shares in the Nigerian Stock Exchange (NSE). The company pulled out of NSE amid the crisis, and later issued a statement to debunk reports that it was considering getting listed again.

“Further to several weeks of negotiations between MTN, NCC and the federal government, the following agreed terms have been announced. MTN will pay the NCC the sum of N330 billion in full and final settlement of the fine in line with an agreed payment plan,” MTN said on Friday.

“In addition to the monetary settlement, MTN Nigeria undertakes to: subscribe to the voluntary observance of the code of corporate governance for the telecommunications industry and will ensure compulsory compliance. The company also undertakes to take immediate steps to ensure listing of its shares on the Nigerian Stock Exchange as soon as is commercially and legally possible.”

The agreed sum is a third of N1.04 trillion penalty MTN got from the Nigerian Communications Commission (NCC) for failing to comply with a directive to disconnect 5.1 million improperly registered lines.

Although the fine was subsequently reduced to N780 billion, MTN failed to pay the penalty, and even filed a suit against the government.

It eventually withdrew the case, and paid N50 billion toward a possible settlement.

Commenting on the settlement, Ferdi Moolman, chief executive officer of MTN Nigeria, said: “MTN Nigeria once again offers its most sincere apologies for the series of unfortunate events that led to the imposition of the fine” Elaborating further, he said, “It was of critical importance to reach a solution that would be of universal benefit to all stakeholders given the importance of the ICT industry in Nigeria and its tremendous impact on socio-economic growth. Along with the authorities, we believe that has been achieved.

“MTN Nigeria is undoubtedly one of Nigeria’s success stories. Broader public participation exemplifies this.”

President Muhammadu Buhari failed to comment on the sanction imposed on the telco until President Jacob Zuma, his South African counterpart visited the country in March.

Buhari had said the failure of the company to comply with the directive of NCC had an effect on the battle against insurgency.

“This is the first time I will be personally, as a president, making a public comment about it. The concern of the federal government is basically on the security and not the fine imposed on MTN,” he had said.

“You know how the unregistered GSM are being used by terrorists. And between 2009 and today, at least 10,000 Nigerians were killed by Boko Haram.”

BIG STORY

Lagos State Government To Concession Red And Blue Line Rails For Sustainability, Loan Repayment

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The Lagos State Government has announced plans to concession the operations of the Red and Blue Line rail systems to the private sector in order to ensure their sustainability and repay loans taken for the rail projects.

This announcement was made by the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, during a recent TVC News interview, where he discussed the measures being implemented to ensure the continued viability of the state’s rail systems.

Osiyemi explained that the concessioning process would involve transferring the operations of the rail systems to private sector players for a defined period. This approach is intended to ensure the continued operation and effective management of the rail projects.

“The ultimate game is for all our rail systems we’ve done—that is, the Red Line and Blue Line—there is going to be some concessionairing with the private sector for a period of time to ensure sustainability and continuity,” he stated.

He added, “The concessioning would help pay back the loans taken for the rail projects.”

The commissioner emphasized that the concessioning strategy aims to ensure efficient operations and long-term financial sustainability, in line with the state’s vision for a world-class transportation network.

  • More Insight

Osiyemi further highlighted the substantial financial and technical challenges involved in operating rail systems, describing them as capital-intensive projects that require significant resources and specialized expertise.

To tackle these challenges and build local capacity, he noted that the Lagos State Government has enlisted foreign partners to temporarily manage the operations of the trains.

These partners are expected to not only ensure smooth operations during their tenure but also transfer critical skills to Nigerian personnel. The plan includes a structured training program lasting one to two years, after which the management of the rail systems will be fully handed over to local operators.

“What we have done is we have consulted foreign partners who, of course, would run these trains for a particular period of time and train our people—that is, transfer of skills.”

“They will train our people for one to two years, then hand over for our own management,” Osiyemi explained.

  • Things You Should Know

The Lagos State Government, under its Lagos Strategic Transport Master Plan, has set out an ambitious vision to develop a network of rail systems across the state.

Currently, only the first phases of the Red Line and Blue Line rail systems have been completed, with passenger services already in operation.

The Blue Line is a 27km electric rail line designed for sustainable operations. Its first phase, covering 13km from Lagos Marina to Mile 2, was completed in 2023 and began commercial operations in September, carrying over 2 million passengers to date.

The Red Line, spanning 37km from Agbado in Ogun State to Oyingbo in Lagos, operates on diesel. Its first phase, a 27km stretch, includes eight strategically located stations: Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and Oyingbo.

The construction of the second phases of both the Red Line and Blue Line rail systems is being managed by the China Civil Engineering Construction Corporation (CCECC), which also oversees the operation of the trains.

Beyond the Red and Blue Lines, the state has plans for additional rail systems, including the 68km Green Line (Lekki Free Trade Zone to Marina), the 85.7km Purple Line (Redemption Camp to Ojo), the 48km Orange Line (Ikeja CBD to Agbowa), and the Yellow Line, all aimed at enhancing the state’s transportation network.

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BIG STORY

Lagos Commissioner Tokunbo Wahab Condoles With Families Of Epe Accident Victims

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Condolence Message from the Honourable Commissioner for Environment and Water Resources, Lagos State, Mr. Tokunbo Wahab.

I am deeply saddened by the tragic incident that occurred in our community, Epe, claiming the lives of two promising young adults, a dedicated tricycle driver, and leaving several other people injured. This heartbreaking accident has left our hearts heavy, as we mourn the loss of these young souls who were full of hope and dreams, and an industrious individual who worked tirelessly for his livelihood.

As a member of this community, I extend my heartfelt condolences to the families and friends affected by this terrible loss. I can only imagine the pain you must feel, and I want you to know that you are not alone in this moment of grief.

Let us honor the memories of these individuals by advocating for safety and awareness on our roads. As we move forward, may we find comfort in community and strength in one another. May their souls rest in peace, and may their families find solace and healing in the days to come.

Our thoughts and prayers are with you all.

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BIG STORY

JUST IN: Monday Okpebholo Sworn In As Edo State Governor

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Monday Okpebholo, a serving senator, has been sworn in as the governor of Edo State.

Okpebholo took his oath of office at about 1pm on Tuesday during the inauguration ceremony in Benin, the state capital.

As the candidate of the All Progressives Congress (APC), Okpebholo won the September 21 off-cycle governorship election in the state.

He polled 291,667 votes to defeat Asue Ighodalo of the Peoples Democratic Party (PDP), who came second with 247,274 votes.

Olumide Akpata, the candidate of the Labour Party (LP), came third with 22,763 votes.

Dennis Idahosa was also sworn in as the deputy governor of Edo.

Dignitaries, including Vice-President Kashim Shettima, Abdulrahman Abdulrazaq, chair of the governors’ forum; Philip Shaibu, reinstated deputy governor of Edo; and other governors from the party, were present as Okpebholo took the oath of office.

The new governor later rode in an open-top van around the stadium, acknowledging cheers from supporters.

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