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WAS IT THE BANKERS WHO TOOK AWAY OUR DOLLARS?

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By Segun Sanni

Nigeria is a peculiar place where those who know absolutely nothing about a topic would be making outlandish claims on the topic with supreme confidence that would make even a subject matter expert green with envy. To this nameless author that made the rounds all over the social media in the past week, 99% of bank MDs and executives are thieves and they are the ones behind the ongoing economic and currency crises bedeviling Nigeria. He obviously took his cue from a similar erroneous claim by elder statesman, Chief Bode George, to the effect that bankers were the ones behind the collapse of the Naira. He even mentioned some names to personify the object of his anger but with tremendous respect, Baba only waxed very angry and emotional, pretty much symptomatic of the current mood in the land, widespread anger at the government and at anyone perceived to either contribute to or is not/less affected by the spreading hunger and general hardship in the country. It would not occur, neither matter, to them that bankers are not exempted from the national calamity and they almost compete in number with doctors, nurses and other healthcare professionals on the Japa exodus queues. But back to Baba George, he did not make ANY single valid charge against Wigwe or the other bankers that he mentioned in his diatribe, and I will try quote him verbatim:
“Emefiele, Elumelu, Adeola…all of them, stupendously wealthy now! Wigwe, who became MD of Access Bank immediately the other young man left, has now established a university. He has the temerity to be advertising that university on CNN. Wigwe University! That’s personally established by him! Where’s the money? Where’s his factory??Access Bank! What is the practice? They release dollars to them on monthly basis. They use the dollars! If it’s at 1 to 100, they will get it through the Mallam to say 1 to 200. You see that profit, what do they do with it? Who are the commercial people that really need it and get it? Most people get back to the Mallam to buy dollars. You hardly would get from the bank unless you are…Is that commercial activity?? So, what they had done to this nation, they must all be invited for discussion because the rottenness started from there, and it’s been going on for years! But it has exploded now on our faces!…”*

And let us do the analysis: a man who had a strong passion and track record for excellence came out and said he wanted to establish a world class university with international standard facilities and top notch foreign professors and university administrators to attract students from Nigeria and other African countries who ordinarily would have been targeting European and American universities. And we knew this guy to be an unbeatable go-getter who had the uncommon grace to achieve virtually all he set his sight on, where should we expect him to advertise the culmination of his dream project and to invite students? On Radio OYO or LTV Channel 8??? We’re so used to things not working around here that we forget this school could be, or could have been, a major source of pride, prestige, foreign exchange, profit and academic prowess to our country! Are we aware of how much revenue and foreign exchange British universities attract to Britain every year? Recently, I read a report that British universities made £5.4bn from overseas students in 2015-2016 academic session (one session) but the same figure had grown 71% to £9.7bn (about N20 Trillion which would equal Nigeria’s one year debt-funded budget) by the 2021-2022 academic session, amounting to 21.5% of all incomes earned by the universities in the same year. This is a huge source of income/liquidity aside the attendant spillover effects on housing, food, tourism and general aggregate demand in the economy from the influx of international students. Why do we believe we cannot replicate the same here, at least from within the African region?? Are we going to reach Africa through NTA Channel 7?
Now back to Baba’s charges: 1. That bankers make their profit from selling and round tripping foreign exchange! 2. That Nigerians don’t get dollars to buy in the banks bcs the bankers have sold the dollars to Mallams??? Haba!!! Do you know of any industry that is as strictly monitored and regulated in Nigeria as banks?? If you know one that comes close, please mention it here. The Central Bank has a whole Banking Supervision (and Examination) Department, headed by a Director and a coterie of banking experts and auditors whose jobs would also be on the line should they fail to spot and report any infractions or violations or red flags which later became an issue or got discovered after their visit. CBN is almost overbearing on the banks and is always on their backs, issuing circulars and directives with threats and actions of serious penalties and consequences should there be a violation. Some in our midst think the CBN just allocates dollars to the banks to disburse as they deem fit and the banks then take the dollars to the Mallams. But that is not how things work. Every dollar that the CBN releases to the banks is backed by an actual transaction with a customer completing and signing the forms (sometimes electronic forms) and with the funds released directly to the eligible destination depending on the nature of the transaction. Every dollar the CBN releases to the banks is tied to a customer request and can be easily traced and confirmed in the customer’s account. And the customer’s foreign exchange transactions can be traced across all the banks because the accounts are all connected to a BVN.
From the above, the allegation that Nigerians don’t get dollars from the banks is a very false and unfair allegation. There was no big problem with dollar funding for eligible transactions until our economy was grounded by serious mismanagement and dollar flows dried up in the economy. It is not the making of the banks. The banks do not print or manufacture dollars. Is there anyone here who travelled abroad three to four years ago and couldn’t buy PTA dollars from his banker and had to buy from Mallams?? Is there anyone here whose child attended school abroad up till about four years ago and didn’t get dollars/Pounds from the banks and had to buy from Mallams?? Is there anyone here whose business opened an LC up to four years ago and whose bank would not remit the FX and had to buy from Mallams?? It was only recently that the sh.t hit the fan and the utter mismanagement and complete grounding of our economy became a crisis where the system ran out of dollars. The fact is that the system ran out of dollars, and not that the bank MDs gave the money to Mallams.
The question of “where is your factory?” is a rather old fashioned, almost archaic, way to look at business and wealth in today’s world. In the years leading to the 18th to early 19th centuries, farming was the way to make money for most people and the guy who had the biggest farm and the most number of people on his farm was the wealthiest guy, and that was the main reason behind inter tribal warfare and slavery, the quest for manpower. Later on from around the 1820s, the engine was (re)invented and there resulted the Industrial Revolution. With that came the tractors, etc and the resultant less need for human hands (a tractor would do in thirty minutes what hundred men would do on a farm in a whole day). That was one of the big reasons behind the abolition of slave trade. And with the Industrial Revolution came a new need, the need for large scale raw materials to feed their factories, and that was the big basis for colonialism and the Partition of Africa.
The rich people were then the industrialists, those who owned factories. Those were the days of the Rockefellers (oil), the Carnegies (steel), the Fords (automobiles), the Vanderbilts (rail and shipping), etc. And after the World Wars and with the emergence of economic and political stability, the global population grew tremendously and the products and services to sustain the large populations were then the focus. And that is the background to the question of “where is your factory?” whenever they would investigate how people made money. The industrialists were the champions of those days, just as the plantation owners before them, but the world has evolved and the needs of the ever growing world population have also evolved. Technology (including telephony), banking and logistics have emerged very strongly and have become the dominant businesses in today’s world. As at 1990, the 20 largest global companies were:

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1 General Motors
2 Ford Motor
3 Exxon Mobil
4 Intl. Business Machines (IBM)
5 General Electric (GE)
6 Mobil
7 Altria Group
8 Chrysler
9 DuPont
10 Texaco
11 ChevronTexaco
12 Amoco
13 Shell Oil
14 Procter & Gamble
15 Boeing
16 Occidental Petroleum
17 United Technologies
18 Eastman Kodak
19 Marathon Oil
20 Dow Chemical
Source: S&P 500.

But the tech companies have taken over in the past decade. Today, the tech companies are the global giants. The top ten largest companies in the world in 2020 are:

  1. Apple Inc
  2. Microsoft Corp
  3. Alphabet Inc
  4. Amazon
  5. Berkshire Hathaway Inc
  6. Facebook
  7. Ali Baba Group
  8. JP Morgan Chase
  9. Tancent Holdings Limited
  10. Visa Inc.

These are mostly new/young companies which came in and took centre stage way beyond the global players of the past.
In most countries of the world today, the largest companies are the tech companies, the phone companies, the banks and the oil companies, not the factories.
In all of history, an economic crisis always leads to mass anger, resentment and frustration with the government, the wealthy and even with many in the middle class. Baba is only expressing similar frustration but those of us who know should not join in those claims which have no foundation at all. How can anyone claim to miss the obvious and unusual entrepreneurial passion, courage and the can-do spirit bristling in and driving Herbert and Aig? How can one imagine it’s CBN’s FX that would be behind a Nigerian bank being one of the largest banks in Africa and building sizable subsidiary businesses in the UK, US and China aside its tentacles in the African continent?? Even if all of Nigeria’s meagre FX was given to Access Bank alone, how much would that amount to?? If that was how easily CBN dollars were available for banks to corner and make huge profits upon, why have we had so many bank failures in Nigerian history? Are you aware that many more banks have failed in Nigeria than survived?? Or dollars just became available in the banks when Herbert and Aig set up their bank?
Now please note, young folks are also operating and making waves in the Fintech world today, the Flutterwaves of this world. They’re filling a gap and rendering much needed payment services and are making good money, legitimately. We better get used to them and pray that our children be like them and the successful clean bankers.
I pass no judgment on the Access-Intercontinental Banks acquisition issue which has also been beaten to death in the social media since Herbert died. I have not the full details to make a fair judgement, but on this claim that it’s banks not allowing you to get dollars, I say fa…fa…fa…foul, in the voice of Pa Zebrudayah Nwogbo, alias 430. 😀😂

And if you care to know what led us to where we are, they’re three or four main things. Let me quickly summarize them:

  1. The last government borrowed huge sums of money domestically and internationally. We mostly don’t know what the loans were spent upon. Nigeria is currently spending over 50% of dollars accruing to us on servicing the debts that we cannot account for.
  2. Unprecedentedly large volumes of Nigeria’s oil was stolen between 2021 and 2023. At a point, we were losing up to 1m barrels of oil DAILY with the government not raising any alarm and with no one arrested so far. Dollars were not coming in to Nigeria bcs the remaining oil that was not stolen, NNPC took the proceeds as “petrol subsidy” recovery.
  3. From the above, the government started printing/taking illegal empty money from the CBN, money that merely expanded the monetary base and was not backed by any production. At the last count, over N25 Trillion was so printed. Our leaders apparently did not watch “The Rise and Fall of Idi Amin” in the 1970s. How can we repeat this error in today’s world??
    3a. This primarily is the source of the serious inflation that we’re experiencing in Nigeria apart from food shortages arising from weather and insecurity.
    3b. In a staggering error that begs for explanation, the CBN kept trying to tackle the inflation by raising the interest rate rather than cut the source of the problem, the illegal money being printed for the government. This raised interest rates for the productive sectors of the economy and crowded them out of the loans market.
    3c. The illegal money so printed and which expanded the monetary base (money supply) of the economy is also joining other (existing) monies to chase for fx (some even allege the politicians are using the empty money to buy FX).
  4. In continuation of the reckless borrowing and spending which defined the last government, they had also taken loans and pledged future oil production as payment source. So, much of the oil we’re producing today, the money is not coming in as it is being used to service those debts.

Numbers 1,2 and 4 above contributed to deplete our foreign reserves while number 3 led to/aggravated inflationary and fx pressures. For the first time in history, oil prices have been high in the past two years since Putin attacked Ukraine but Nigeria is broke in the period of oil boom. Unprecedented but it is what it is.
From the above, do you still think it’s the banks taking your dollars and selling them to Mallams?? Why is CBN not arresting them and flooding the market with dollars?
Please ‘hep’ me ‘on’ television make I watch Pa Zebrudayah. 😂

-Segun Sanni is an ex-banker and trouble maker in the Ibadan-Lagos axis of political and economic conversations. 😂

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NCC, Starlink tariff feud rattles telecom industry

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By Sonny Aragba-Akpore

An imminent feud is underway between telecommunications regulator, Nigerian Communications Commission (NCC) on one hand and Starlink and Mobile Network Operators ( MNOS) on the other.

On October 1, 2024 ,Starlink, an internet service provider (ISP) via satellite owned by Elon Musk, the world’s richest man, announced an increase in its monthly subscription prices in Nigeria.

The company, blaming inflation, increased its standard package for residential housing, monthly subscription to N75,000, from N38,000 per month — an increase of 97.37 percent.

The price for the mobile-regional roaming unlimited is now N167,000 while that of the mobile-global roaming service is N717,000.

The cost of the Starlink hardware was also increased from N440,000 to N590,000.

Sensing industry backlash, the Nigerian Communications Commission (NCC) came out with a statement on Tuesday, October 8,2024 saying Starlink had contravened sections 108 and 111 of the Nigerian Communications Act 2003 by unilaterally increasing tariffs without approval.

“The decision by Starlink to unilaterally review its subscription packages upwards did not receive the approval of the Nigerian Communications Commission (NCC),” NCC,s said in an initial original statement adding that “We were surprised that the company jumped the gun by announcing price changes after filing a request to the Commission seeking approval for price adjustment for which the Commission was yet to communicate a decision.”

“The action of the company appears to be a contravention of Sections 108 and 111 of the Nigerian Communications Act (NCA) 2003, and Starlink’s Licence Conditions regarding tariffs.

“The Commission will, therefore, take appropriate enforcement measures against any action by a licensee that is capable of eroding the regulatory stability of the telecommunications industry.”

NCC statement said it was “surprised” when the company announced the price changes.

It said Starlink had filed a request with the commission for a price adjustment, but the regulator was yet to give approval adding that the commission would take enforcement measures against the satellite company.

The NCC said Starlink contravened section 108 of the NCA 2003 which gives the NCC authority to regulate telecom tariffs, stating that no licensee can impose charges for services without obtaining tariff approval from the commission.

Section 111 of the Act empowers the telecoms regulator to impose financial penalties on any licensee that exceeds approved tariffs, regardless of other legal provisions.

“Notwithstanding any other provision of this Act, the commission shall prescribe and enforce appropriate financial penalties upon any holder of an individual licence who exceeds the tariff rates duly approved by the commission for the provision of any of its services,” the Act reads.

Mobile Network Operators (MNOS) in Nigeria have been agitating for tariff hikes based on rising inflation and several economic headwinds including high cost of diesel, rising cost of doing business, high foreign exchange rates among others saying their services were overdue for price increments as they have not raised rates in the last 11 years.

Strangely, a few hours after the NCC statement on Starlink, and in what appeared to be a face-saving move, the NCC came out with another statement to withdraw the earlier one saying “it was sent in error “.

It is however not clear if the regulator has capitulated on its laws and guidelines because industry players who have clamored for tariff raise for so long citing economic headwinds and high foreign exchange including spiraling cost of doing business are worried that should the NCC keep mum over the Starlink unilateral tariff hike, then Mobile Network Operators (MNOs) May resort to self help.

Although no reason was given for the withdrawal of that statement, analysts think the commission may have been complacent as a result of regulatory inactivities especially now that there is a lull in the industry due to dwindling fortunes of operators some of whom have declared losses due to the economic downturn.

Industry players frown at what is happening and have begun to criticize the NCC against the backdrop of the regulator’s unyielding stance on the clamor for an increase in tariffs by local telecom operators, especially in the last two years whereas, Starlink, an internet service provider that entered the market officially in January 2023,has been allegedly allowed to increase its tariffs by almost 100%.

An analyst quoted a major industry player as saying “Starlink only beams its satellite in Nigeria and acquired an ISP licence from the NCC to offer its service in the country. It currently has zero investment in the country.

“Many of us started since the liberalization of the telecom sector, putting in all our resources to deploy more infrastructure to get more Nigerians connected despite the various challenges in the operating environment.

“We have been appealing to the Commission to allow us to implement a tariff review for years now, but it said it had to carry out a cost-based study before any decision could be made. We are still waiting for the result of that study. Now, allowing Starlink to implement price increase in the same market shows the regulator’s double standard.”

The NCC may have lost steam over its regulatory oversight and demonstrate lack of capacity especially in addressing the issue of tariff increases by local players.

The operators believe the Commission simply woke up from its slumbers by announcing a statement it could not sustain let alone justify.

“This is certainly not the NCC of our founding fathers “ one veteran player who would rather be addressed as one of the “ancestors “ of the industry lamented.

Starlink came with disruptive technologies that are already making a world of difference for consumers and we looked on as if nothing was happening. The company came prepared.

It obtained six licenses from the NCC and got various permits and approvals to flag off the business of internet services via satellite and equally signed Memorandum of Understanding (MoU) and distribution agreements with Nigerian companies including, Technology Distribution Africa (TD),a big distributor of major technology brands and promoted by a restless technology czar ,Leo Stan Ekeh.

Starlink didn’t stop there ,it has decided to take services to even the unserved and under served communities in Nigeria and parts of Africa for which TD boasts it’s ready for the long haul partnership.

Space Exploration Technology Corporation (Space X ) owners of Starlink got six licenses in a roll from the NCC and is expected to deploy nearly $30b over time for the Nigerian operations alone.

The government is excited that with the entry of Starlink,it may achieve 70% broadband connectivity by 2025 as enshrined in the National Broadband Plan (NBP) 2020–2025.

But is the government just desperate to achieve this at the expense of low purchasing powers of subscribers? Time will tell.

Starlink,s six licenses include that for ISP, Gateway Service Provider, international Data Access (IDA),Sales and Installation Major, Gateway Earth Station and Very Small Aperture Terminal (VSAT) thus making it a mega player and a big threat to other players in the industry.

Starlink officially announced its presence in Nigeria in January 2023. The company, which initially quoted its prices in dollars at $600 for the hardware and $43 for the subscription, changed to naira upon its official announcement.

SpaceX’s Starlink satellite internet service has more than four million global subscribers, achieving rapid growth despite mounting competition.

SpaceX confirmed the news recently after company President Gwynne Shotwell hinted earlier that the service would reach the mark within days. This represents a remarkable achievement for Starlink, which only crossed three million subscribers in May, highlighting the company’s accelerating growth in the satellite internet market.

Since its beta launch in October 2020, Starlink has rapidly scaled, growing from one million subscribers by December 2022, to two million by September 2023, and now four million just months later. The service operates through a vast constellation of nearly 6,000 satellites, providing satellite internet to users in almost 100 countries, including expanding into previously underserved regions like Africa and the Pacific islands. Starlink’s rapid growth reflects both its market dominance and the rising demand for satellite internet services, which offer coverage in areas lacking traditional broadband infrastructure.

While cable cuts remain a nightmare,Starlink’s boasts of bridging the gap, with its potential impact extending far beyond addressing temporary outages. These include reaching Underserved Areas where Traditional ISPs often struggle to reach remote regions due to the high cost of infrastructure deployment.

Starlink’s satellite-based approach can effectively bridge this gap, offering high-speed internet access to previously underserved communities by unlocking educational and economic opportunities for millions of Nigerians currently excluded from the digital world.

Starlink boosts Business Continuity by avoiding Frequent internet disruptions that can be detrimental to businesses, especially those reliant on online operations.

Starlink claims to be reliable with independent internet access that can provide much-needed resilience, ensuring business continuity even during cable outages.

The recent cable cuts hampered online learning and remote work arrangements. Starlink’s stable internet connection may have facilitated smoother online learning experiences for students and enable seamless remote work for professionals across the country.

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Botched 5G services and the Wi-Fi 6 gamble

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By Sonny Aragba-Akpore

When fully implemented,Fifth Generation (5G) technology and services will transform the telecommunications landscape in Nigeria like nothing else before it,Isa Pantami,the immediate past Communications and Digital Economy Minister boasted on the eve of the 5G auction three years ago.He spoke with certainty and confidence.
And like in a relay race,the Chief Executive of the Nigerian Communications Commission (NCC),Umar Garba Danbatta took the baton and began the spirited advocacy building frenzied hypes around the auction.
Pantami had allegedly misled President Mohammadu Buhari, the Federal Executive Council (FEC) and everyone else in the country to believe that 5G will provide life abundance with unbelievable internet speed like lightening.
The first auction saw MTN and Mafab Communications limited (a Special Purpose Vehicle) winning two available lots at a bid price of $273.6m each.
A little over a year later,Airtel Africa got a third lot thus completing the experimental triumvirate.
But that is where the story of 5G ends so much that even the people at NCC cannot in all sincerity beat their chests to say 5G exists and will gladly list it as part of their achievements.
If it exists at all,it is better imagined because nothing is being said about it either on earth or elsewhere.
5G networks are not visible.Perhaps it is available and in use by an insignificant fraction of the population.
Even the licence beneficiaries speak about it in subdued tones and perhaps see the investment like it’s often said in local parlance as “bad market “.
Elsewhere in Africa,some countries are in the race and even though they are yet to fully achieve meaningful milestones,there are strong indications that they are coasting home to victory in this race.Not yet in Nigeria.
The India example is exemplary.Perhaps,many countries should visit India and ask them how they were able to achieve the milestones especially in a country of over 1.428 billion population.
The Indian regulator created a workable template introducing a business model that allows beneficiaries of the bid to stagger license fees payments over a period of 10 years to enable them deploy services sensing that equipment and infrastructure for 5G is not a walk in the park.
And the operators appreciate that move.
But in Nigeria,the people who midwifed 5G did it to raise money for government and allegedly made some consultants smile to the bank after collecting their well appointed commissions.
And now neither the license beneficiaries nor the people they are supposed to serve have anything to show for all the troubles.
But while consumers are in a dilemma waiting for when the services will ever come,the NCC on September 19,2024 announced in Lagos another experiment if not a gamble.
It is introducing Wireless Fidelity (Wi-Fi 6) which they claim will bridge the digital divide whereby the speed of internet will be “amazing.”
Globally,Wi-Fi 6 is not new.It has taken root in parts of the world including the United States,(USA),South Korea,Canada,U.K and many others.
The International Telecommunications Union (ITU) created workable templates for it some of which the Federal Communications Commission (FCC) of the USA had adopted with a home grown modification.
So if Nigeria adopts it,the question is how prepared is the regulator in Abuja to manage it for the benefit of consumers.?Will it be another hype like we saw in 5G?
Speeches and more speeches were made on September 19,2024 in Lagos on the subject with a number of participants having their reservations if not misgivings.
When the NCC conducted the 5G
auction of two lots of 100 MHz slots of 3.5 GHz band for the deployment of 5G networks in
Nigeria it was done with funfare likened to bazaar of sorts.
Three companies participated in the auction process and the bidding commenced at $199.37m, as against the reserve price of $197.4m (75 billion naira) set by the NCC
After 11 rounds of bidding, the auction ended at $273.6m for each available lot with MTN Nigeria Communications Plc (MTN) and Mafab Communications Limited (Mafab) emerging as preferred bidders.
And the preferred bidders were
expected to pay the winning bid price, less the Intention-to-Bid Deposit, no later than February 24,2022.
MTN was to pay an additional sum of $15.9m to be assigned the preferred Lot One (3500-3600
MHz), while Mafab was assigned Lot Two (3700-3800 MHz), at no extra cost.
In addition, Mafab was required to acquire a Unified Access Service License, which is the operational license for the frequency spectrum at an additional fee of N374.6m (approximately $905,000 then).
The Information Memorandum (IM) provided for a validity period of 10 years for the awarded
spectrum and further requires licensees to roll out service in at least one state in each geo-political zone within the first two years from the effective date of the license. Further roll out was expected in six additional states in the 3rd and 5th years.
The technology is expected to have been fully deployed nationwide between the 6th and 10th year of the award of the license. Roll out in each state was expected to be a minimum of five sites per state.
The Federal Government earned $820.8 million from the auctioning of the 5G licence processes.
Pantami who said it was a game changer told President Muhammadu Buhari administration then that 5G will make a world of difference.
According to Pantami , in addition to the revenue generated from the 5G spectrum, revenue is being generated from other spectrum fees. “For example, in 2020, N26,428,642,451.61 was generated as spectrum fees.”
“MTN, Mafab and Airtel all have participated in the auction process and each obtained a lot of 100 MHz from the 3.5GHz spectrum after successfully participating in the auction process.The story has not gone beyond that.
Now another experiment,the Wi fi 6 which ITU says could be accessed on the 5925–7125 Megahertz (MHZ) band, and is designed to deliver optimized performance for next-generation use cases.
As with any wireless technology, Wi‑Fi depends on access to radio frequency spectrum. But a lack of spectrum threatens future Wi‑Fi performance and functionality.
“ Policymakers, recognizing this, are expanding Wi‑Fi spectrum access with a focus on the 5925–7125 megahertz (MHz), or 6 gigahertz (GHz), frequency band. Opening this band to Wi‑Fi will enable a wide range of new use cases,”ITU submits.

These — combined with expanded broadband access via fibre or satellite — promise to deliver versatile and extremely affordable connectivity. This makes Wi‑Fi an ideal force multiplier for connectivity.
ITU explains that the case for allowing Wi‑Fi services in the 5925–7125 MHz band is clear and compelling, with 6 GHz Wi‑Fi already delivering real socio-economic benefits in many countries.

“The diverse and growing product ecosystem for 6 GHz Wi‑Fi fits perfectly with broadband objectives in developed and developing countries — and without disrupting incumbent operations.”
Granting Wi‑Fi access to the 5925–7125 MHz band would be the best way to maximize the socio-economic value of this spectrum. Conversely, 6 GHz IMT “vaporware” looks far from achieving commercial feasibility, particularly given a total absence of equipment at this stage.”

The ITU says in Real-World Speed and practical real-world scenarios, WiFi 5 typically provides speeds ranging from 300 Megabit per second (Mbps) to 1.7 Gbps. “On the other hand, WiFi 6 can provide speeds ranging from 600 Mbps to 4.8 Gbps or more in real-world usage.”
According to ITU,”Wi-Fi 6 is the latest standard from the Wi-Fi Alliance based on the 802.11ax protocol, and provides critical capabilities needed for next generation enterprise requirements. “

Wi-Fi 6, also known as 802.11ax, is the latest generation and standard for wireless networking that replaces the 802.11ac, or Wi-Fi 5, standard. Prior to the release of Wi-Fi 6, Wi-Fi standards were identified by version numbers ranging from 802.11b to 802.11ac.
Wifi 6 is capable of connecting no fewer than eight devices simultaneously and creates a seamless connection to these devices at minimal costs.

Despite the beauty and robustness of Wi-Fi 6,there are drawbacks .
“If iPhone is older than the iPhone 11, it can’t use Wi-Fi 6. But there are other ways to make your phone’s internet run as fast as possible.

An older laptop won’t be able to take advantage of Wi-Fi 6 either. A Wi-Fi 6 router will still work with older devices, you just won’t enjoy all the benefits listed above.”ITU submits.
When he spoke at the NCC Yearly Stakeholders Consultative Forum on Emerging Technologies in Lagos last week,Executive Commissioner (Technical Services) Abraham Oshadami told his audience that “Wi-Fi-6 represents a significant leap in wireless technology. It offers an opportunity to support more devices with faster speed and greater reliability.” adding that “this is particularly strategic in a world increasingly dominated by the Internet of Things (IoT), where everything from smart homes to advanced industrial systems depends on robust wireless connectivity.”

Oshadami said that the deployment in the lower 6GHz band is not just about faster internet; “it’s about enabling the next generation of technological innovation and economic growth.”
Oshadami,with a measure of confidence went memory lane saying “throughout the last ITU Radiocommunications (ITU-R) Sector study cycle, experts discussed, amongst many other things, the use of Wi-Fi in the lower 6GHz Spectrum Band and made recommendations that were subsequently finalized at the 2023 World Radiocommunications Conference (WRC-23) where the 6GHz Spectrum Band was allocated for Wi-Fi and IMT applications.”
He said prior to the 2023 World Radiocommunications Conference, African Telecommunications Union (ATU) had already concluded its decision on the 6GHz Spectrum Band and recommended that administrations in Africa adopt the lower 6GHz for Wi-Fi-6 applications. “This decision was taken to WRC-23 and at the end of the day, Africa came out victorious. Having played a vital role in securing this spectrum for Wi-Fi deployment, it has become imperative to open the frequency for deployment of Wi-Fi Application.

However, as a world class organisation and in the spirit of participatory regulation, we cannot sit down in our offices and make unilateral decisions without the input of our stakeholders” hence the consultative forum on emerging technologies.
Although it is not clear when services on Wi-Fi 6 will flag off and modalities for licences to be issued or whether it will be an open market for all comers,there are strong indications that licensing may be very flexible especially with regards to assignment of the frequency to power the system.
But the question that is on the lips of service providers and the enthusiastic consumers is whether this will not go the way of 5G?
Time will tell.

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Opinion

Nigeria at 64: The Case for Purposeful Leadership

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By Franklyn Ginger-Eke

As Nigeria marks her 64th Independence Anniversary in October 2024, the celebratory mood across the nation is juxtaposed with an undeniable reality: the country is in the throes of a profound economic crisis. Under the leadership of President Bola Tinubu, inflation has skyrocketed to 25.8%, unemployment remains intractably high at 33%, and the value of the naira continues to plummet. In households across Nigeria, many citizens grapple with rising food prices, increased taxes, and a shortage of opportunities that has led to a growing sense of desperation and disillusionment.
The deepening hardship signals one clear truth: the need for purposeful, responsive, and selfless leadership has never been greater.
For decades, leadership in Nigeria has been synonymous with patronage, corruption, and a disconnect from the everyday struggles of the average citizen. This leadership deficit has compounded economic challenges, resulting in sluggish reforms and inadequate public infrastructure. Today, the nation sits precariously at the crossroads of immense potential and escalating hardship.
But economic failure is not just about policies or markets; it is a reflection of governance. It mirrors the quality of decisions made by leaders who either lack the courage or the will to tackle deep-rooted problems. It is, at its core, a crisis of leadership.
In these challenging times, it is imperative to call for a renaissance of leadership across all sectors—politics, business, and civil society. Nigeria does not need leaders who merely occupy offices; it needs leaders who will.
True leadership is service, not dominance. Our leaders must shift from the “big man” syndrome to a model where serving the people is paramount. In times of hardship, leaders must be the first to make sacrifices, showing empathy and prioritizing the needs of the populace above personal gain.
Engage in Data-Driven Decision Making: Leadership in the 21st century must be informed by data, not sentiment. The ongoing economic challenges demand evidence-based solutions, not populism. Leaders must rigorously analyze socio-economic indicators—like unemployment rates, inflation, and poverty levels—before rolling out policies that impact millions of lives.
Nigerian leaders must rise above the corruption scandals and nepotism that have marred governance for decades. Leadership with integrity—free from self-serving agendas—is the bedrock of national transformation.

The economic landscape is rapidly evolving, requiring leaders who are not only responsive to the immediate needs of the people but are also agile enough to adapt their policies to changing realities. As poverty deepens, citizens expect leaders who understand their plight and can provide immediate relief through targeted interventions such as social safety nets, subsidies for essential goods, and job creation initiatives.
Countries that have successfully navigated economic crises are often those that had leaders who led with purpose and clarity. In Singapore, Lee Kuan Yew’s transformative leadership demonstrated how a focus on pragmatic governance, zero tolerance for corruption, and a clear vision for development can catapult a struggling nation to prosperity. Similarly, post-apartheid South Africa saw Nelson Mandela exemplify sacrificial leadership, uniting a deeply divided country while laying the foundation for inclusive governance.
Nigeria, with its vast resources and entrepreneurial population, can similarly chart a new path—if only it adopts a leadership paradigm that is purposeful, pragmatic, and people-centred.
The Role of Leaders Across All Strata
While the government bears the bulk of the responsibility, leadership is required across every facet of Nigerian society. Business leaders must lead ethically, rejecting exploitative practices that burden the consumer. Civil society leaders must act as watchdogs, holding those in power accountable while proposing viable solutions to national challenges. Community leaders must serve as pillars of integrity, fostering unity and a shared sense of purpose.
A Call to Action: Time to Reinvent Leadership
It is time for Nigeria’s leaders, at all levels, to re-invent themselves. They must rise to the occasion and provide the transformative leadership that this moment demands.

For Nigeria to realize her potential, leaders must:
Listen to the People.

Policy must align with the reality on the ground. The rise in fuel prices, taxes, and unemployment means leaders must prioritize the voice of the citizens, especially the most vulnerable.

Leaders must work to build trust, a commodity that has been lost due to years of unfulfilled promises and opaque governance practices. In the digital age, transparency and accountability are non-negotiable.

No single institution can solve Nigeria’s problems. Political, business, and civil society leaders must work in concert to forge solutions to the complex challenges we face, from economic recovery to social cohesion.

As Nigeria steps into her 64th year of independence, the case for purposeful leadership cannot be overemphasized. The economic challenges are daunting, and the road to recovery will be long and difficult. But with a leadership class that is willing to sacrifice, to serve with dignity, and to put the people first, there is hope for a better tomorrow.
The time for excuses is over. Now is the time for leaders who can rise above narrow interests and lead Nigeria into an era of prosperity, unity, and purpose.
The Nigerian people are watching. History will judge our leaders not by their intentions but by their actions. Let this anniversary be the moment we look back on as the turning point—when Nigeria’s leaders finally rose to the challenge and led with purpose.
At The Rainbow Strategy, we stand as partners in shaping a better narrative for Nigeria. Through strategic communication, stakeholder engagement, and public affairs, we are committed to working with leaders across sectors to forge a path that reflects the true potential of our great nation. Together, we can chart a course for a Nigeria where leadership is defined by service, and where every citizen is empowered to thrive.
Happy Independence, Nigeria! May the road ahead be one of renewal, transformation, and lasting change.

* Franklyn Ginger-Eke, a public affairs and strategic communication expert. writes from Abuja.

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