Business
NCC, LASIMRA, ATCON Launch Statewide Telecom Cleanup in Lagos
BY NECHI NAECHE-ESEZOBOR: The Nigerian Communications Commission (NCC), in partnership with the Lagos State Infrastructure Maintenance and Regulatory Agency (LASIMRA) and the Association of Telecommunications Companies of Nigeria (ATCON), has begun a statewide telecom infrastructure sanitation initiative in Lagos.
The exercise is designed to clean up improperly installed telecommunications facilities and ensure better protection of Critical National Information Infrastructure across the state.
The first phase of the operation took place along Toyin Street in Ikeja and nearby areas, where officials discovered widespread cases of poorly arranged fibre optic cables.
Many of the cables were seen loosely suspended on fences, utility poles, drainage systems, and in some cases left lying directly on the ground.
Some of the exposed lines were still active and dangerously close to pedestrian movement, raising concerns about safety risks and environmental disorder.
The NCC said the initiative is part of a broader national effort to improve telecom infrastructure management and enhance quality of service for consumers.
The Commission also expressed concern over the poor installation practices observed in some parts of Lagos, noting that such conditions make infrastructure vulnerable to damage and service disruption.
LASIMRA, on its part, described the exercise as part of its balanced regulatory approach, which combines enforcement with engagement to ensure compliance.
The agency stressed that improper deployment of telecom infrastructure affects service quality, public safety, and the overall appearance of the urban environment.
Operators have been given a window, through ATCON, to correct identified issues before enforcement measures are fully applied.
ATCON said the exercise reflects the industry’s commitment to improving environmental standards and supporting a more organised and efficient telecom ecosystem in Lagos.
Telecom operators and infrastructure providers, including major industry players, participated in the exercise and expressed support for the initiative.
The cleanup drive is expected to continue across other parts of Lagos as regulators and stakeholders work to improve infrastructure standards, safety, and service reliability.
The post NCC, LASIMRA, ATCON Launch Statewide Telecom Cleanup in Lagos appeared first on Business Today NG.
BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.
The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.
According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.
The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.
Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.
While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.
The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.
Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.
The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.
The Federal Government has dismissed reports suggesting it plans to introduce new taxes on telecommunications services and petroleum products, saying the claims are false and misleading.
The Federal Ministry of Finance disclosed this on Wednesday in a statement signed by Maryann Duke, senior special assistant on communications and press secretary to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
It said the reports, which linked the proposed taxes to the International Monetary Fund (IMF) Article IV Consultation on Nigeria, do not reflect its position.
According to the government, the recommendations contained in the IMF report are advisory and do not constitute policy decisions or binding actions for Nigeria.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement said.
Fuel tax rules remain unchanged.
The government also clarified that existing tax arrangements on petroleum products remain in place.
It said the Value Added Tax (VAT) waiver on fuel has not been removed and is still active.
It also explained that any fuel surcharge can only take effect through a ministerial order published in the Official Gazette, adding that no such action is being considered.
According to the statement, the current arrangements have helped cushion the impact of global fuel price changes on Nigerian households and businesses.
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Telecoms excise duty
On telecommunications, the government said the excise duty introduced before 2023 has already been repealed under the new tax laws.
It added that the tax is, therefore, no longer in force.
The ministry urged Nigerians, media organisations and businesses to disregard claims about new telecoms and fuel taxes.
It said Nigeria’s tax policy remains focused on improving revenue collection, supporting economic growth, and attracting investment, rather than increasing the tax burden on citizens.
The ministry added that any future tax changes would be communicated through official channels and implemented strictly in line with due process.
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