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page 16 $38 billion telecoms industry now under mandatory compliance Omobayo Azeez, Lagos The voluntary compliance regime of the corporate governance code for the Nigerian…

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$38 billion telecoms industry now under mandatory compliance

Omobayo Azeez, Lagos

The voluntary compliance regime of the corporate governance code for the Nigerian telecommunication industry has just come to its end as the latest review of the code will make compliance compulsory, the Nigerian Communications Commission (NCC) has said.

This became the new corporate operational standard for the industry after deliberations between the NCC and industry stakeholders at a forum held in Lagos, where it was also disclosed that the industry is now valued $38 billion.

Speaking at the forum tagged Corporate governance forum: Review of the industry code, NCC’s Executive Vice Chairman (EVC), Professor, Umar Dambatta, explained that the code, which consisted of 12 principles and published in 2014 was due for a review with a view to further protecting the industry that has now attained $38 billion investment worth from an initial $32 billion.

He said so far, the Code had expanded the frontiers of accountability in the operation of companies in the sector but however, it was declaratory in nature and implementation was initially voluntary across the industry, leading to violations.

“While compliance with the provisions of the industry Code was initially made voluntary for a period of one year, which has since lapsed, the Commission is gradually moving towards a regime of stricter compliance,” he said.

Kebbi, NASENI partner on rural electrification, tech

By Zakariyya Adaramola

The Kebbi State Government and the National Agency for Science and Engineering Infrastructure (NASENI) have announced a partnership that will see the agency handling the rural electrification and agricultural machinery projects in the state.

Governor Abubakar Atiku Bagudu and NASENI Vice Chairman and CEO Dr Mohammed Sani Haruna jointly announced this in Abuja when the governor paid a working visit to the agency in Abuja.

Governor Bagudu said the project would increase the electricity supply to the urban areas and light up rural dwellings in all nooks and crannies of Kebbi.

He said NASENI would use its locally developed hydro machines and solar panels for the power generation.

He later told journalists in an interview that the projects would commence as soon as the deal is concluded in few months.

The governor said: “We want to collaborate with them in the areas of electrical energy, using their hydro machine, and solar energy. We also want to collaborate with them on the production of solar panels because we also want our youths to get involved and learn how to do it. We also like to be involved with them on climate and agricultural modelling so that we enhance the utilisation of ambience conditions by our farmers so that we know when best to plant, what to do to the soil and what kind of fertilisers to use and we also patronise them in the agriculture machineries that they have developed and they are using, especially rice thrashers, use in rice processing. And we also patronise their hydro power machines.”

On his part, NASENI CEO, Mohammed Sani Haruna said the agency has the wherewithal to carry through the projects.

“We are confidence that our equipment and machineries that we produce here will can use to supply electric energy to Kebbi state’s rural areas. We will leverage on our solar panels and hydro machines for the projects. Also, we have rice thrashing machines which would also be supplied to the state”, he said.

E-Payment: Nigeria yet to explore 70% market potential, says eTranzact

Omobayo Azeez, Lagos

eTransact has disclosed that about 70 per cent of the country’ e-payment market potential is yet to be explored.

The Chief Executive Officer (CEO), eTranzact International Plc, Valentine Obi, who stated this also, explained that electronic payment transaction indices in the country have not exceeded 30 per cent of the real potential of the country in terms of its population and turnover of transactions.

Recently speaking at a conference unveiling the new brand identity of the company, Obi identified the need to leverage on mobile gadgets to better drive Nigeria as fully fledged cashless economy.

Noting that as only 20 per cent of Nigeria’s 186 million people have traditional bank accounts, over 80 per cent of them are active on mobile devices which, according to him, should be transformed into mobile wallet accounts and electronic payment and transaction channels using.

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