General News
Mafab Telecommunication Launches 5G Network
Mafab Telecommunication Company on Tuesday inaugurated the Fifth Generation (5G) network and unveiled its logo in Abuja.
Dr Mushabu Bashir, Chairman of Mafab, said the launch had added another chapter in its journey towards a brighter and stronger future filled with hope and prospects.
Bashir said with the 5G, business outfits would expand their frontiers with operational ease and speed, especially in the fields of education.
Other fields are medical sciences, engineering, security, businesses like the banking sector, SMEs and smart cities, among others.
He said 5G would not just benefit the urban areas but also meet long-term goals of ensuring that rural areas and villages enjoyed benefits of this amazing technology.
“The rollout of Mafab 5G network is the beginning of immense opportunities for the country as it represents Nigeria’s capabilities and infinite possibilities.
“The prospect of increased job opportunities as a consequence of the value-chain benefits the technology will generate and offer is the dream we have all gathered here to launch today,” he said.
Prof. Isa Ali Pantami, Minister of Communications and Digital Economy, said that on Jan. 25, 2022, President Muhammadu Buhari launched the National 5G Policy for Nigeria’s digital economy.
Pantami said as the Chairman of the National Frequency Management Council, he handed over the frequency spectrum to NCC and it conducted a transparent auctioning where two operators emerged as the winners, MAFAB and MTN.
“MTN commenced the roll out and now MAFAB has joined the queue, I congratulate the Chairman of MAFAB for his commitment to the success of MAFAB.
“It is absolutely difficult to have a new player who joined the sector within a small period of time and also to be competing with some of the active players in the sector”, he said.
Pantamis said 5G had enormous benefits for security institutions, “because there are technologies in security that leverage on it which allows security institutions to properly manage security situations.
“5G allows real time communications, and this has so many benefits to our security institutions to manage challenges effectively, like robots.
“There are so many technologies and artificial intelligence to help our security institutions.
“All of them leverage effectively on 5G, so this is in addition to economic benefits”, he said.
The minister said there were many benefits of 5G, most importantly towards economic development.
According to him, a research conducted by Boston Consulting limited in the USA in February 2021 had indicated that the rollout of 5G in the US would increase their gross domestic product.
Pantami said: “This will increase within 10 years by a minimum of 1.4 trillion USD to 1.9 trillion USD.
“So, the benefits of 5G deployment is beyond just quality of service.”
The minister said there were so many benefits because new technologies come along with new benefits like low latency, very high quality broadband and faster network.
Pantami added: “It allows real time communication or almost near real time communication.
“Today using 5G virtual surgery is being conducted globally. They did in the US and also in China.
“The recently conducted a virtual surgery where the distance between the surgeon and the patient is over 3000 kilometers but the surgery was conducted successfully treatment of Parkinson’s in China, they did it also recently.”
In his presentation, Mafab’s Communications spokesperson, Mr Adebayo Onigbanjo, while unveiling the company’s new logo, said, “as an operator born in the data age, Mafab will aim to serve customers.”
Onigbanjo said that it would also serve the country by maximising the value of the digital technology.
“While 5G brings a lot of excitement about fast downloads, low latency and high speeds, our promise is ubiquitous data for Nigerians.
“Broadband is now an essential requirement and our data native network aims to deliver this to Nigerians,” Onigbanjo said.
The News Agency of Nigeria recalls that MTN Nigeria and MAFAB Communications won the 5G licenses of the 3.5GHz spectrum auction conducted on December 13, 2021.
They paid $547.2 million licence fee each to the Federal Government by Feb. 24, 2022.
The company also used the opportunity of the launch of its 5G services to unveil a brand-new logo, which it said heralded the dawn of a new era of infinite possibilities which the technology offered. (NAN)
Nigeria Customs Service (NCS) is set to introduce an electronic declaration system to streamline and enhance compliance for travelers carrying cash into or out of Nigeria.
Speaking in an interview with the News Agency of Nigeria (NAN) in Abuja, Abdullahi Maiwada, NCS spokesperson, emphasized that the initiative aligns with efforts to strengthen Nigeria’s anti-money laundering framework and reinforce financial regulations.
“The Nigeria Customs Service (NCS) has announced the deployment of an Electronic-Currency (E-Currency) declaration form as part of its anti-money laundering measures for travelers carrying cash into and out of Nigeria,” NAN reported. The system will require travelers carrying amounts exceeding the legal threshold to declare them before arrival or departure.
Maiwada further explained the process, stating, “We have developed a system where, even before leaving your point of origin, you can scan a QR code, access the form, fill it out, and we will be able to see it from here.”
He noted that the initiative, set for rollout soon, will enhance monitoring and facilitate information sharing with relevant authorities.
Under the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023, travelers carrying over $10,000 (about N15.4 million) or its equivalent in negotiable instruments must declare the funds to Customs authorities.
To boost awareness, the NCS is working with airline operators to inform travelers through onboard announcements and plans to reinstate signage at airports and border points in English and French.
The move comes as part of broader efforts to tighten financial controls following a recent case at the Murtala Muhammed International Airport (MMIA), where Customs officials seized $578,000 from a passenger attempting to evade currency declaration regulations.
General News
Aquaterra Energy Secures Multi-million-dollar well Intervention Contract with Intrepid Energy in Nigeria
Aquaterra Energy, a leader in offshore engineering solutions, has secured a multi-million-dollar, multi-year contract with Intrepid Energy Limited (IEL) to deliver a bespoke subsea well intervention equipment package for a project in Nigeria.
Aquaterra Energy’s turnkey well access package will enable IEL to conduct intervention operations across multiple mature oil wells in the region, supporting enhanced reservoir production.
The contract includes the supply of a complete seabed-to-surface intervention system and package, spanning from the subsea tree to surface intervention equipment.
Key components include Aquaterra Energy’s TRT tieback tooling, which provides production bore and annular access, a lightweight well pressure control system, and an ISO 13628-7 qualified open water intervention riser with an integrated tensioning system. In addition to equipment provision, Aquaterra Energy will also deliver ongoing offshore engineering support throughout the project.
The 7- 3/8” lightweight well access solution, has been specifically engineered for deployment from jack-ups and lift boats. This innovative approach offers a cost-effective and operationally efficient alternative to floating vessels, reducing intervention costs while maintaining high safety and performance standards.
Andrew McDowell, Delivery Director at Aquaterra Energy comments: “Our expertise in offshore engineering allows us to develop tailored intervention solutions that address the operational challenges of subsea well access.
This system has been engineered for efficiency, ease of deployment, and safety, helping IEL optimise intervention activities across Nigeria while reducing costs. By delivering a complete, integrated package, we are simplifying complex operations and enabling operators to maximise production potential.”
Engr Seun Alonge, CEO at Intrepid Energy Limited adds: “Working with Aquaterra Energy marks a significant step forward for our intervention operations in Nigeria. Their specialised technology enhances our ability to execute intervention programmes efficiently, maximising performance across our assets.
By combining Aquaterra’s technical expertise with our deep understanding of the local operating environment, we’re confident this collaboration will enhance production outcomes and create lasting value for our operations in the region.”
The project is set to support intervention operations over multiple years, with Aquaterra Energy providing ongoing technical expertise, with a dedicated team of engineers providing ongoing service support throughout the project.
George Morrison, CEO at Aquaterra Energy: “Delivering reliable and efficient well access solutions for shallow water subsea operations is central to how we support offshore operators.
This collaboration with IEL reinforces our commitment to providing cutting-edge engineering solutions that enhance efficiency and reduce operational costs. With West Africa playing an important role in the global energy sector, we’re proud to continue supporting its offshore industry with our expertise and innovative technologies.”
Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.
Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.
The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.
The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.
At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.
Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.
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