News
MTN CEO Says Telecoms Sector Sustainability Difficult, Price Increases Inevitable
By Kayode Sanni-Arewa
Karl Toriola, the Chief Executive Officer of MTN Nigeria has said the telecommunications sector in the country is in a “deep crisis”
According to him, there are serious sustainability challenges being faced by the sector throughout the country.
Toriola shared his view during the telecom investment forum organised by Financial Derivatives Company (FDC) in Lagos.
He noted that the sector is now threatened by rising costs and unsustainable pricing.
Toriola said a price increase has become unavoidable, stressing that it is now an “absolute necessity.”
According to him, there is a need to save the sector from imminent collapse as it is “in an intensive care unit”.
“Nobody is going to put in $1 with the expected return of 60 cents on the dollar,” he said.
Toriola, stressing the need for the sector’s revival, said without apt changes, the flow of new investment into the sector could dry up entirely.
He claimed that static pricing is no longer tenable.
“There’s no way under the surface of the earth, in the kind of inflationary environment and forex devaluation that we’ve seen, that an industry can maintain prices the same for 11 years,” he said.
He opined that some of the basic issues facing the sector are those of the cost of capital, to increment in infrastructures such as base stations and diesel generators.
“Without adjustments to pricing, the industry’s ability to function and attract investment is in jeopardy.”
Although he acknowledged recent progress in discussions with regulatory authorities, Toriola said the challenges faced remain critical.
He said stakeholders are beginning to understand the depth of the crisis and are considering necessary interventions, including price increases and concessions.
Toriola said “qualitative action needs to be swift and decisive to prevent the collapse of the industry”.
News
Just in: Tinubu exposes those behind deadly stampedes
President Bola Tinubu has accused organisers for the deadly stampedes that occurred during the distribution of relief materials in three states.
Recall in the past week, chaotic scenes in Ibadan, Anambra and Abuja led to the deaths of over 60 people, including children, as crowds scrambled for food items.
During a Presidential Media Chat on Monday, Tinubu described the events as a critical failure in planning and execution.
Condolences to those who lost a family member, but it is good to give. I have been giving out food stuff, commodities, etc. in Bourdillon.
“I am an organized person and that’s why I have been giving people food for the past 25 years and no incident has happened.
“Let this tragedy not affect us”, the Nigerian leader said.
The president also said he has no plans to reduce his cabinet or sack more ministers.
For the controversial tax reform bills, he said it has come to stay.
He also revealed he has no regrets removing fuel subsidy.
He declared utmost confidence in his security chiefs saying over the past decades, wanton killings has reduced drastically.
News
Tinubu To Hold Maiden Presidential Media Chat Tonight
President Bola Tinubu will hold first presidential chat since assuming office on Monday night.
Accoding to a statement released by presidential spokesperson, Bayo Onanuga, the chat will be broadcast at 9 p.m. on the stations of Nigerian Television Authority (NTA) and Federal Radio Corporation of Nigeria (FRCN).
All television and radio stations are requested to hook up to the broadcast.
“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria.
“All television and radio stations are requested to hook up to the broadcast,” the statement.
News
‘Putin waiting to meet me as soon as possible’ to end Ukraine war – Trump
The US President-elect took to the stage AmFest in Phoenix to talk about his contact with the Russian leader.
He told the crowd: “President Putin has said he want to meet with me as soon as possible.”
Trump went on to brand the war “horrible” and stated it needed to end. It is not known whether or not this meeting will take place in person. His comments at the event in the US come as Putin met with another world leader.
Putin held talks in the Kremlin today (December 22) with Slovakia’s prime minister, Robert Fico, in a rare visit to Moscow by an EU leader since Russia’s all-out invasion of Ukraine in February 2022.
Fico arrived in Russia on a “working visit” and met with Putin one-on-one. Kremlin spokesman Dmitry Peskov told Russia’s RIA agency that the talks would focus on “the international situation” and Russian natural gas deliveries.
Visits and phone calls from European leaders to Putin have been rare since Moscow sent troops into Ukraine, although Hungary’s PM Viktor Orban visited Russia in July. Orban’s visit drew condemnation from Kyiv and European leaders.Fico’s views on Russia’s war on Ukraine differ sharply from most other European leaders. The Slovakian PM returned to power last year after his leftist party Smer (Direction) won parliamentary elections on a pro-Russia and anti-American platform. Since then, he has ended his country’s military aid for Ukraine, hit out at EU sanctions on Russia, and vowed to block Ukraine from joining NATO.
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