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Telecom Industry Faces Revenue Drop Amid 41% User Decline

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With the average revenue per user (ARPU) falling 40.87 percent to $1.85 in Q3 2024 from $3.12 in the same period previous year, Nigerian telecom businesses’ financial performance has suffered a seriousu hit.

This drop demonstrates the negative impact of the depreciating naira on the sector, as telco profits are still being squeezed by inflation and growing currency rates.

In Q3 2024, MTN Nigeria’s ARPU dropped to $2.09 from $5.03 in Q1 2023, when it was the highest-performing MTN Group company. A steep decline was also seen by Airtel Nigeria, which saw its ARPU drop from $3 in 2023 to just $1.60 in the third quarter of 2024.

Both firms’ revenue growth has been impacted by these declines; MTN’s service revenue increased by 33.6 percent in naira but had a steep decline when converted to dollars, while Airtel Nigeria had a 46.87 percent drop in revenue to $755 million.
Due to the Central Bank of Nigeria’s unification of the foreign exchange market in 2023, the naira’s decline has resulted in significant foreign exchange losses for telcos, which has raised operating expenses and contributed to Nigeria’s record-high inflation.

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Telecom businesses’ finances are under increasing strain due to the skyrocketing cost of energy, with diesel prices having increased by 90%. The first nine months of 2024 saw an almost 96 percent increase in MTN’s operating expenses, while Airtel has experienced a similar strain.
Both businesses have responded by cutting back on their investments; MTN has done so by about 28%, while Airtel has done so by more than 36%. Telcos are renegotiating contracts with tower providers and exploring renewable energy solutions to lessen their reliance on costly diesel in an attempt to offset rising expenses.

Without significant price increases or a change in operational tactics, telecom companies might still experience financial difficulties, according to industry experts. According to MTN Nigeria CEO Karl Toriola, “pricing is needed for survival,” highlighting how urgent it is that the industry handle the mounting financial strain.

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Ramadan: Speaker Abbas Urges Muslims To Pray For Peace, Prosperity of Nigeria

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By Gloria Ikibah
As the Islamic faithful begin the Ramadan fasting today, Speaker House of Representatives, Rep. Tajudeen Abbas, has urged Nigerian Muslims to pray for the country and its leaders.
Speaker Abbas in a statement signed by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, said Nigeria’s unity is paramount, which is why adherents of all religions must continue to offer sincere prayers for the country.
While noting that Nigeria needs divine intervention, the Speaker stated that the political, religious, and traditional leaders also need divine guidance to lead the people aright.
He specifically called for prayers and support for President Bola Ahmed Tinubu, urging Nigerians to continue to believe in the ‘Renewed Hope Agenda’ of the administration.
The Speaker also urged Nigerians to pray for the 10th National Assembly, especially the leadership, saying the federal parliament has many dividends of democracy to offer the people.
Speaker Abbas prayed to Allah (SWT) for a successful completion of Ramadan and acceptance of the prayers and supplications during the Holy Month.
He said: “I wish our brothers and sisters in Islam a successful Ramadan. I urge Muslims and non-Muslims alike to pray for our country, Nigeria, the leaders at the federal, state, and local government levels, as well as our religious and traditional leaders.
“Let us pray for peace and prosperity of our dear country. The skills and competencies of the leaders are not enough; let us pray for divine wisdom for us to be able to steer the country out of the current socio-economic turbulence. Together, we shall overcome our challenges.”
He urged Muslims to imbibe the virtues that come with the Holy month of Ramadan.
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Just in: Ramadan begins today -Sultan declares

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Fasting in the month of Ramadan, which is the ninth of the 12 Islamic calendar year, begins today, Saturday March 1, 2025, the Sultan of Sokoto and Leader of Muslim Ummah of Nigeria, Alhaji Muhammad Sa’ad Abubakar, declared on Friday.

The Sultan explained that his declaration followed verified and authenticated reports from various Muslim leaders across the country, which he said had been accepted.

The Sultan said: “Today, Friday, 28th February, 2025, brings us to the end of Sha’ban. Reports of positive sighting of the new crescent of Ramadan were brought to us by various leaders across the country. We have verified and have authenticated such reports and have duly accepted such reports.

“Therefore, tomorrow, 1st March, 2025, makes it 1st Ramadan 1446 After Hijrah,” the Sultan said.

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He, therefore, called on Muslims in the country to commence the fasting while also urging them to pray for leaders to enable them to lead the nation and its people well.

He seized the opportunity of the announcement to enjoin well-to-do Muslims to reach out and give to the less privileged or needy during the period.

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NAFDAC paints popular Indian company black over alleged sale of harmful

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The National Agency for Food and Drug Administration and Control (NAFDAC) says it has blacklisted Aveo Pharmaceuticals Pt Limited, an Indian company, over the illegal production and exportation of dangerous opioid combinations into West Africa, including Nigeria.

Opioids are a class of drugs that work in the brain to produce a variety of effects, including pain relief.

Opioid drugs include prescription pain medicine and illegal drugs.

In a statement on Friday, NAFDAC said investigations revealed that the company, managed by Vinod Sharma on the outskirts of Mumbai in India, is responsible for manufacturing and distributing Tafrodol and Royal 225 drugs containing a harmful mix of tapentadol and carisoprodol.

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Tapentadol is a powerful opioid, and carisoprodol is a banned muscle relaxant.

The agency said the substances pose severe health risks such as respiratory failure, seizures, overdose, and death to users.

“A BBC World Service investigation exposed how packets of these drugs, branded with the Aveo Pharmaceuticals logo, have been found on the streets of Nigeria, Ghana, and Côte d’Ivoire,” the statement reads.

“Further evidence confirmed that Aveo Pharmaceuticals is also involved in the illegal exportation of high-dose tramadol above 100 mg, a strength not registered or approved by NAFDAC.

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“Undercover footage captured Vinod Sharma admitting to the mass distribution of these opioids for abuse as street drugs across West Africa.

“Given the severity of these findings, NAFDAC has taken decisive action to blacklist Aveo Pharmaceuticals and block any future registration of its products in Nigeria.”

NAFDAC said it is committed to protecting public health by enforcing international best practices in pharmaceutical regulation, including stringent product registration, good manufacturing practice (GMP) inspections, post-marketing surveillance, and pre-shipment inspections for high-risk imports.

The agency said it has intensified enforcement operations against illicit pharmaceuticals in major drug distribution hubs across the country.

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NAFDAC urged the public to avoid unregistered medicines and only use prescription drugs dispensed by licensed healthcare professionals.

“With continued vigilance and public support, NAFDAC will persist in its fight against the circulation of fake, substandard, and dangerous pharmaceuticals in Nigeria,” the agency said.

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