Business
FG Strengthens NCC Oversight of Telecom Sector
BY NKECHI NAECHE-ESEZOBOR—The Federal Government has reaffirmed its full backing for the Nigerian Communications Commission (NCC) to effectively supervise telecommunications operations, enforce service standards, and ensure compliance across the industry.
Minister of Communications, Innovation and Digital Economy, Bosun Tijani, said the Tinubu administration has granted the NCC full autonomy to regulate mobile network operators without interference.
He stressed that operators such as MTN Nigeria, Airtel Nigeria, Globacom, and T2 are expected to address persistent network issues and improve service delivery.
According to him, the necessary conditions for improved telecom performance have been established, and government will rely on NCC reports, public feedback, and user complaints to assess progress.
Tijani said the government expects clear improvements in call quality, internet speed, and network coverage, while operators that meet expectations will be recognised and those that fail will face sanctions.
He expressed optimism that Nigerians will begin to experience better service quality and improved value for money as reforms take effect.
He explained that when he assumed office in 2023, it was clear that the sector’s challenges were largely due to long-term underinvestment in infrastructure and operational constraints.
To address this, he said the government has secured funding support, including from the World Bank, and launched Project BRIDGE to expand nationwide fibre-optic infrastructure.
He added that additional initiatives such as NUCAP tower deployment and satellite expansion will begin soon, with the goal of significantly improving digital connectivity across Nigeria over the next few years.
The post FG Strengthens NCC Oversight of Telecom Sector appeared first on Business Today NG.
Fidelity Bank Plc has redeemed its 5-year $400 million Senior Unsecured Notes at maturity, reaffirming its commitment to meeting investor obligations and reinforcing its track record in the international debt capital markets.
Issued on 28 October 2021, the 5-year Eurobond matured on 28 October 2026 and carried an annual coupon of 7.625 per cent, payable semi-annually. Fidelity Bank met all scheduled coupon payments throughout the life of the instrument and has now fulfilled its final repayment obligation in full, covering both principal and accrued interest.
The redemption was funded from internally generated liquidity as part of the bank’s forward-looking liquidity management strategy. Through a dedicated sinking fund, Fidelity Bank progressively provided for the maturing obligation, enabling the bank to meet its commitment while maintaining business-as-usual operations and compliance with applicable regulatory liquidity requirements.
Commenting on the development, Fidelity Bank Plc’s Managing Director and Chief Executive Officer, Nneka Onyeali-Ikpe, said the successful redemption reflected the bank’s disciplined approach to financial management and its commitment to delivering on its obligations.
“This successful redemption demonstrates the strength of our franchise, the discipline of our balance sheet management and our commitment to honouring our obligations to investors and other stakeholders. We anticipated this maturity from the outset and planned accordingly, which reflects our commitment to responsible financial management,” Mrs Onyeali-Ikpe said.
The redemption further strengthens Fidelity Bank’s record in the international debt capital markets. The 2021 issuance marked the bank’s third Eurobond transaction, following earlier issuances in 2013 and 2017, in which the bank raised $300 million and $400 million, respectively. The 2021 offer attracted investor orders exceeding US$700 million, reflecting strong demand for the bank’s international debt offering.
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The successful Eurobond redemption follows the completion of Fidelity Bank’s recapitalisation programme ahead of the regulatory deadline. The bank’s capital-raising efforts increased its eligible regulatory capital to approximately N533 billion, exceeding the N500 billion minimum capital requirement for banks with international authorisation.
The completion of these milestones underscores Fidelity Bank’s strong capital position, prudent liquidity management and disciplined approach to financial execution. It also reinforces the Bank’s capacity to meet its financial obligations while pursuing its strategic growth objectives across domestic and international markets.
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