Editorial
Bad Call for Listing of ICT Firms on the NSE
The renewed call for ICT firms to list on the Nigerian Stock Exchange (NSE) is retrogressive and at variance with the federal government’s foreign direct investment policy.
It makes a lot more sense if companies which have risked everything to grow their businesses without government support willingly decide to add new investors.
These companies on their own know that further expansion by way of addition of new investors will benefit them.
Companies become public entities for different reasons, but usually to raise additional capital.
That is why the recent call by Mrs. Omobola Johnson, minister of Communications Technology on ICT firms to list on the NSE is shocking.
Johnson had argued that the Nigeria’s telecoms sector is the fastest growing sector of the Nigerian economy for the last five years, with year-on-year growth at an average of 22- 23 per cent and contributing 8.3 per cent to Gross Domestic Product, GDP, as at the second quarter of 2013.
There is no denying that fact.
But according to her, it is, therefore, appropriate that many more Nigerians should benefit from this success through the increased public ownership of the companies, stressing that this can only be when they are listed on the stock exchange.
But that was an extreme exaggeration of the fact.
It was the same inordinate that prodded the House of Representatives last year, to tinker with a law that will compel the operators to list their companies.
That idea has since died out of its own frivolity and uselessness.
The decision to sell shares to Nigerians should not be subjected administrative or legislative intimidation.
It must be the commercial decision of the ICT firms concerned to get listed or remain as a limited liability company.
Instead of coercing the firms to go public, Nigerians should find a way of making these companies contribute to various corporate social responsibilities.
At best, urging ICT firms to list on the exchange amounts to putting the cart before the horse.
For now, the minister and her counterpart in Finance should be concerned with providing fiscal and legislative backing for clear and unambiguous set of rules that local and foreign players can relate to using best practice benchmarks.
Caution also needs to be exercised because the listing of major ICT firms like GSM service providers may have negative impact on the development of the stock exchange.
This is because the listing of major telcos might result in run on other stocks because investors are likely to pull out profits already invested in the market to buy shares in these companies.
And with all due respect, the capital market at present does not have the capacity nor the liquidity to sustain a few telcos because of the paltry average daily trade value of $14 million.
The most important thing to do now is to shore up public power supply that will create large numbers of small and medium scale companies that will list that the exchange.
Also lawmakers must ensure that the laws of the land are strengthened to deal with demands of modern times.
Dr Vincent Olatunji, National Commissioner and Chief Executive Officer of Nigeria Data Protection Commission (NDPC), has been nominated for the Giovanni Buttarelli Award 2024. The award through the Global Privacy Assembly recognises an individual’s outstanding leadership and exceptional efforts in fostering international collaboration.
Dr Vincent Olatunji
This nomination highlights Dr Vincent’s commitment to driving innovation, expanding global partnerships, and promoting a collaborative approach within the data privacy and protection ecosystem.
Under the visionary leadership of Dr Vincent, the Data Privacy ecosystem in Nigeria has witnessed a remarkable growth through key milestones such as deepening the knowledge of data protection and privacy in all public and private institutions, judicial recognition of adequacy principle in cross-border data transfer, playing key roles in regional and global data privacy ecosystem, commencement of bilateral cooperation with other jurisdictions, licensing of data protection compliance organisations, commencement of national data protection certification process, among others.
Dr Vincent’s strategic and innovative initiatives has been instrumental in forging strong international partnerships, driving sustainable growth, fostering a culture of collaboration which has not only propelled the NDPC to new heights but also set a benchmark for international cooperation and industry standards.
The Giovanni Buttarelli Award celebrates leaders who have demonstrated exceptional leadership and/or promoted collaboration at a regional or international level in the field of data privacy and protection.
Nominees are evaluated based on their contributions to projects that has led to the development of innovative concepts or practices, which have significantly impacted the thinking in the international data protection and privacy community, partnerships, and initiatives that enhance global cooperation and development.
In his response to his nomination, Dr Vincent Olatunji expressed his gratitude and emphasised on the importance of collective effort in achieving global progress. “I am deeply honored to be nominated for the Giovanni Buttarelli Award 2024” said Dr Vincent.
“This recognition is a testament to the hard work and dedication of our entire team at NDPC. It underscores the power of collaboration and the remarkable outcomes we can achieve when we work together across borders.
“I am excited to continue our journey, driving innovation and fostering partnerships that make a positive impact globally,” he said.
Telecoms operators including MTN, Airtel and Globacom have pushed for cost-reflective tariff in view of extant economic realities.
This was contained in a statement jointly released by the Association of Licensed Telecom Operators of Nigeria (ALTON) and the Association of Telecommunication Companies of Nigeria (ATCON) on Thursday.
The statement was co-signed by Gbenga Adebayo; chairman, ALTON and Tony Emoekpere, president, ATCON.
The telcos called upon the government to take decisive action in addressing the numerous challenges confronting the telecommunications industry.
The telcos said telecommunications infrastructure development requires substantial investments in network expansion, maintenance, and technology upgrades.
“Despite the adverse economic headwinds, the telecommunications industry remains the only industry yet to review its general service pricing framework upward in the last (11) years, primarily due to regulatory constraints.
“For a fully liberalized and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence.
“ATCON and ALTON call upon the government to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability,” the statement partly read.
Regarding the Nigerian Communications Commission (NCC), the telcos also said regulatory neutrality and independence are crucial to ensuring a thriving telecommunications sector.
“Statutory provisions lend credence to this notion, as a lack of an impartial regulator will lead to a failure to maintain public confidence in the objectivity and independence of its decisions,” the statement added.
The federal government has reiterated its commitment to achieving all the 17 Sustainable Development Goals (SDGs) to promote economic growth and eliminate poverty in Nigeria.
The Minister of Special Duties and Intergovernmental Affairs, Senator George Akume, gave the assurance at a news conference on Tuesday, in Abuja ahead of the “Inaugural Partnership Economy Summit”, scheduled for September 14 and 15.
According to Akume, the primary purpose of the summit is to diversify the economy, promote rural growth, as well as generate sustainable jobs for the youths.
Achieving this, the minister emphasised on partnership with other stakeholders as it was the responsibility of his ministry to achieve the aim of its mission and the creation.
“The framework for the upcoming summit, guided by the principles of Public Social Private Partnership (PSPP) is being designed to develop, promote a multi-Iayered collaborative socio-economic platform for the government, the business sector as well as the civil society.
“In order to achieve this, President Muhammadu Buhari established the ministry with the mandate to develop and implement policies, programmes and projects for the effective and efficient delivery of the gains of Economic Growth and Recovery Plan,” Akume said.
He said the ministry was also charged with the mandate of collaborating with the private sector to create employment for a large number of Nigerian youths, adding that it is also meant to implement a strategy towards the realisation of the president’s June 12 promise to take 100 million Nigerians out of poverty in 10 years.
“Nigeria is among the countries in the UN that signed a pact to implement the SDGs by 2030, in the words of Ban Ki-Moon, former Secretary-General of UN in 2016.
“Nigeria is not left out in its plan towards achieving the SDGs, and how far has Nigeria gone to achieving the 806 goals is part of the questions that the upcoming summit seeks to address,” Akume explained.
He stated that to tackle the issue of poverty and unemployment, the ministry is in partnership with a number of stakeholders, including the Ministry of Industry, Trade and Investment; and Small and Medium Enterprises Development Agency of Nigeria.
Others are Raw Materials Research and Development Council, National Orientation Agency, Association of Local Government of Nigeria and SDGs Nigeria as well as MYK Psymmons Solutions Limited to come up with achievable solutions to all the challenges.
NCDC Activates Emergency Response as Lassa Fever Kills 190
CBN Disqualifies 41.65m Shares in Access Holdings Rights Issue
2025 Budget: FG Earmarks N1.5Bn for Airports’ Internet, Others
World Bank Raises Nigeria’s NIN Target to 180m
MTN Nigeria Renews Spectrum Lease Agreement with NTEL
UBA Group Sets Foot in France with Full Banking Services
FG Begins N50 Electronic Levy Deductions from Moniepoint, Other Digital Banks
Report Reveals Most Organisations Fear AI-driven Cyberattacks but Lack Key Defences
Nigeria Risks Missing out on $1.2 Trillion AI Opportunity- NigComSat
Firm Sues NIMC, Others On Digital Rights Breach Allegations
Telecom3 days agoAirtel Africa to Return $100m to Shareholders via Share Buyback
Broadcasting2 days agoSpotify’s ‘Detty December’ Hub and Spotify’s ‘Songs of December’ now live
Broadcasting2 days agoQNET Collaborates with Lagos Food Bank to Aid Vulnerable Children
News3 days agoEgueke, Former Bank Manager Jailed for $46,900 Fraud
Telecom3 days agoFG Gives Banks, Telcos Six-Month Deadline to Resolve N250Bn USSD Debt
Telecom3 days agoNCC Launches Initiative to Combat Fraud, Spam Messaging
Broadcasting2 days agoNERC Discloses $5.7 Million Debt Owed by International Customers for Q3 2024 Electricity Supply
Broadcasting3 days agoAfrica Magic Announces Call for Entries for 11th AMVCA