The Nigerian Communications Commission (NCC) has made the vital decision to allow Telecom companies to increase their tariffs for the first time in more than 12 years. It was a brave decision that should be recognised and commended.

All the customers of our member operators are understandably disappointed that they will have to pay more to stay connected. We recognise that. We know that Nigerians have been through a series of even more substantial price increases in other sectors like fuel and power.

That is why it is so important for us to set out why the tariffs need to go up, how the revenue from the price increases will be used and how long it is going to take us to deliver the improvements that our customers will be able to see and appreciate.

The telecom sector is capital-intensive. It requires constant investment to maintain the infrastructure that we use to deliver connectivity, ensuring that we can deliver the quality of service that our customers demand and continue to upgrade to the latest technologies like 5G.

In 2024, the telecoms sector faced a perfect storm. The need for our member operators to continue to invest in their infrastructure remained, but the cost of operating their networks increased significantly. In isolation, that might have been manageable, but it followed 12 years of progressively increasing costs during which they could not increase prices.

Despite that, the telecoms industry has continued to grow. We have been able to expand voice connectivity, introduce world class data services and diversify into value added services like payments and platforms. But at some point, something had to change if we want to have the digital economy we all know Nigeria deserves.

While we have continued to invest, we were not able to do so at the speed and scale that we would have liked to ensure we deliver service quality at the levels we want, or to roll-out the products we want our consumers to have access to. In 2024, the significant losses across the industry meant that investment slowed considerably to a level that would be simply unsustainable for Nigeria going forwards.

The process of securing the price increases was a long and deliberate one, under the strong leadership of President Bola Ahmed Tinubu, the NCC and the Minister of Communications and Digital Economy, Dr. Bosun Tijani. It was a process that sought to find the right balance that unlocks investment, while minimising the impact on consumers. Our collective goal has been to enable the investment needed to give Nigerians the best service, while continuing to do so at a price that is as competitive as possible from a global perspective.

The 50% increase is a reflection of this, and it is important to assess how this compares to our regional contemporaries. Following the increase, the cost of 1GB of data in Nigeria will remain lower than it currently costs in Kenya, Ethiopia and South Africa and will be just 9.5% of the cost of 1Gb in the USA. Nigeria will continue to have low-cost connectivity that enables the broadest possible access.

Following the decision, all our member operators will now be able to activate investment plans that will drive improved quality of service, new technologies and expanded reach. But the impact of this will not be felt immediately. It is not something we can just switch on. We cannot address a protracted period of under-investment overnight. The supply chain for the telecom industry is global and competitive. The hardware required must be fabricated by the original equipment manufacturers, shipped to Nigeria, cleared and installed, and this needs to happen at a large scale.

Following the tariff increase, the acquisition, importation and installation of the equipment can now begin. All our member operators have planned for this moment. We know what to do.

The journey to improved service delivery, more advanced technical solutions and a better customer experience has started. The progress Nigeria has made in the growth and development of the digital economy can, and will continue, and the potential to drive social and economic transformation is incredible. We believe in that vision, and the government does too. They have recognised its strategic importance and demonstrated the leadership required to put us on the path to progress.

All hands are now on deck!

Engr. Gbenga Adebayo is the Chairman of the Association of Licensed Telecom Operators of Nigeria (ALTON).

First Trustees Limited, a subsidiary of FBN Holdings Plc. and a leading provider of bespoke trust solutions for individuals, corporate entities, and government organisations, is pleased to announce its 7th Islamic Estate Planning Clinic, scheduled to take place on 15 February, 2025, in Abuja.

This year’s clinic, themed Wealth Transfer: Ensuring Seamless Equity and Clarity, aims to provide comprehensive insights into the principles of estate planning within the framework of Islamic law.

The event is designed to educate the Muslim community on the importance of proper estate planning, ensuring the fair and just distribution of assets in accordance with Sharia principles.

The clinic will be held in collaboration with the Metropolitan Law Firm and will feature a distinguished panel of speakers from both the Islamic and legal sectors.

Among the experts set to address attendees are Professor Dogarawa, a Lecturer at Ahmadu Bello University, Zaria; Ustadh Abubakar Muhammad Sadiq, Amir of 1 Ummah; Abdullahi Abubakar Lamido, Chairman of the Zakkah and Waqf Foundation; Ummahani Amin, Managing Partner at Metropolitan Law Firm; and Mutiat Olatunji, Private Trust Specialist at First Trustees Limited.

In addition to discussions on Islamic estate planning, First Trustees will provide valuable perspectives on managing conventional estate plans, with an emphasis on safeguarding and preserving legacies for future generations.

The event promises to be an essential platform for individuals and organizations seeking to deepen their understanding of estate planning while ensuring the equitable and transparent transfer of wealth in line with both Islamic and conventional legal frameworks.

The Smart Treasure Investment Team (ST Team) has held median edition of its business banquet at Vertigo Hotel, Victoria Island, Lagos, to discuss the platform’s vision and legitimacy amidst Nigeria’s uncertain economic climate.

L-R, Barrister Isaac Adediran, Legal adviser, Mr Princewill Otorudo, VIP 9 leader, Mrs. Fola Abiodun, VIP 9 leader, Mr. Trust Otorudo, Regional Head, Lagos, and Hon. Samson Aminu, VIP 7 leader, all of Smart Treasure Investment Team (ST Team) during its business banquet held at Vertigo Hotel, Victoria Island, Lagos.

Trust Otorudo, the regional head for Lagos, introduced the ST Team, including VIP 9 leaders Mrs. Fola Abiodun; Princewill Otorudo and the legal consultant Barrister Isaac Adediran.

Mr Trust emphasized the platform’s commitment to improving financial status through AI-driven trading and data analysis.

According to him, “People should engage in this platform if they want to truly improve their financial status,” Mr. Trust said. “The ST team is not a fake project. You can do your own research and investigative journalism.”

Mr. Trust highlighted the platform’s use of artificial intelligence to predict trades accurately, stressing the importance of moving from traditional means to AI-driven methods of making money.

“Our vision is to reduce poverty rates in Africa by 30% come 2027, with our major focus on Nigeria,” he added. “We believe strongly in public-private partnership and are currently in the incubation stage of our SEC approval.”

Mrs. Fola Abiodun shared her motivation for spreading the news about the platform, emphasizing the importance of financial stability for societal security.

“I believe that when we have more people doing well in society, there won’t be a cause for stealing and robbery,” Abiodun said. “That’s one of the drives that made me reach out to my colleagues, friends, and family.”

The ST Team aims to provide an enabling environment for individuals to achieve their goals, whether in agriculture, education, or manufacturing, while also making money virtually.

Addressing concerns about potential challenges from banks, Mr. Trust clarified that the ST Team does not trade the Naira and poses no threat to Nigerian banks.

“We are not a threat to any bank. We do not trade the Naira, and we have no business with fiat currencies,” he said. “The banks will enjoy doing business with us.”

The team also discussed their corporate social responsibility (CSR) initiatives, which include supporting education and community development projects.

When asked about the platform’s incorporation and licensing, Mr Trust revealed that ST Team was incorporated in 2025 and is currently awaiting its full Securities and Exchange Commission (SEC) license.

The banquet concluded with a call to action for individuals to take advantage of the opportunities provided by the ST Team to improve their financial status and contribute to reducing unemployment in Nigeria.