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MTN CEO Says Telecoms Sector Sustainability Difficult, Price Increases Inevitable

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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.”

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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.

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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”.

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NNPC Carries Out Leadership Shakeup, Appoints Adedapo Segun As New CFO

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The Board of Directors at the Nigerian National Petroleum Company Limited (NNPC) has announced a leadership shakeup, appointing key executives to strengthen corporate governance and operational efficiency.

This was made known in a press statement issued on Wednesday by the NNPC’s Chief Corporate Communications Officer, Olufemi Soneye.

In the series of new appointments, Mr. Adedapo A. Segun has been named as Chief Financial Officer (CFO), succeeding his prior role as Executive Vice President of the Downstream sector, where he contributed significantly to NNPC’s downstream operations.

Segun replaced the outgoing CFO, Umar Ajiya.

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Joining him in newly appointed roles, Mr. Isiyaku Abdullahi has been promoted to Executive Vice President (EVP), Downstream.

Udobong Ntia has also been appointed as the Executive Vice President (EVP), Upstream, replacing the outgoing EVP Oritsemeyiwa Eyesan.

The statement read, “These appointments align with NNPC Limited’s commitment to building a unified and competent leadership team to drive operational excellence and support the organisation’s strategic objectives.

“The Board and Management also extend their deepest appreciation to Mr. Umar Ajiya and Mrs. Oritsemeyiwa A. Eyesan for their outstanding dedication and service to NNPC Limited.

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NNPC Limited remains committed to achieving operational excellence, enhancing global competitiveness, and ensuring financial sustainability, while prioritising the interests of the Nigerian public in the petroleum industry.”

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1,172 Nigerians Killed, Over 1,000 Kidnapped In Nine Months – NHRC

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The National Human Rights Commission (NHRC) says a total of 1,463 people were killed by non-state actors while 1,172 Nigerians were kidnapped between January to September 2024.

According to the data from the commission, the month of May recorded the highest number of persons killed with 298 while March recorded the highest number of abductions with 499 kidnappings.

These figures were presented on Wednesday at a workshop on the state of human rights in Nigeria by the commission and the European Union, in Abuja.

In his remarks, NHRC Senior Human Rights Adviser, Hillary Ogbonna, gave a breakdown of the alarming rise in human rights abuses, including kidnappings, killings and child abandonment.

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“By January 2024, we already had 150 kidnappings and 55 killings associated mainly with non-state actors. What has become the norm is the killing of law enforcement officers,” he said.

“We started with seven policemen killed in January. From victims’ perspectives, we had quite a number of victims for human rights violations for January.”

The NHRC attributed the rise in kidnappings, killings and child abandonment to the negligence of the state tom protect its citizens.

“In recent years, we have witnessed alarming trends and threats against those who dare to speak the truth to power.

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“It serves as a stark reminder that the protection of human rights is an ongoing struggle that requires continuous vigilance, action and cooperation from all sectors of the society,” Tony Ojukwu, NHRC Executive Secretary said.

The delegation from the EU reiterates its commitment to support Nigeria to overcome these challenges. It also urged the Federal Government to work with the armed forces to end this trend.

“The European Union will continue to work around the world through diplomacy,” the Head of EU Delegation, Zissimos Vergos, said.

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Trump picks ex-Democrat Tulsi Gabbard as US Intel Chief

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Donald Trump on Wednesday named former Democrat Tulsi Gabbard, who has opposed US support for Ukraine and met Syria’s president Bashar al-Assad, as his incoming Director of National Intelligence.

The Republican president-elect said Gabbard, a veteran and one-time Democratic White House contender, would “bring the fearless spirit that has defined her illustrious career to our intelligence community.”

Gabbard thanked Trump “for the opportunity to serve as a member of your cabinet to defend the safety, security and freedom of the American people. I look forward to getting to work.”

The former Hawaii congresswoman switched sides from the Democrats and backed Trump earlier this year, helping him during his debate preparations against Kamala Harris, and had been expecting a reward for lining up behind the former president.

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She has long held isolationist foreign policy views and embraced a number of conspiracy theories.

Gabbard made false claims in 2022 about there being US-sponsored biolabs in Ukraine — a key trope of Russian propaganda justifying Moscow’s invasion that year.

She demanded US military withdrawal from Iraq and Syria during her 2020 presidential run.

In 2019, Hillary Clinton said that Russia was grooming a US Democratic candidate for a third-party run, in comments that were apparently directed at Gabbard — and strongly rejected by her.

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Gabbard also had a controversial 2017 meeting with Syria’s Assad at the height of the country’s bloody civil war.

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