Business
NCC to Deploy External Auditors to Verify Operator Compliance on Customer Compensation
BY OR REPORTER —In a move aimed at tightening regulatory oversight and improving service delivery standards, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, has announced plans to deploy independent audit professionals to assess whether telecom operators are adhering to consumer protection directives, particularly on compensation for poor-quality service.
Maida disclosed this during the first media engagement session of 2026 held in Abuja on Friday, explaining that the initiative is designed to ensure full enforcement of recent rules requiring operators to compensate users affected by substandard voice and data performance.
According to him, “We will be bringing in external verification experts to confirm that service providers are complying with the established guidelines.”
He further revealed a significant decline in customer complaints relating to network quality, noting that figures dropped from 351,000 to 75,000 following the 2025 tariff review.
Maida encouraged subscribers to make use of the NCC’s dedicated toll-free channels—300 and 622—to report service challenges, while also directing them to the Commission’s online portal for guidance on common service-related issues.
He emphasized that regulatory actions are grounded in openness and accountability, stating that operators have already been issued clear policy instructions to guide compliance.
On infrastructure protection, Maida noted that cooperation with the Office of the National Security Adviser (ONSA) is yielding positive outcomes, with a noticeable reduction in fiber optic cable damage at construction zones across the country.
He also confirmed ongoing expansion of fifth-generation (5G) network infrastructure in major cities, alongside efforts to optimize unused spectrum resources. In addition, he said a comprehensive review of the National Telecommunications Policy is currently underway.
While acknowledging that sector performance still falls short of expectations, he stressed that steady progress is being made.
Other ongoing initiatives include resolution of outstanding USSD-related debts, implementation of a 24-month compliance timeline for new corporate governance standards for operators, and collaboration with the Central Bank of Nigeria (CBN) to advance digital financial access while curbing electronic fraud.
On handset pricing, Maida stated that regulatory decisions take global market dynamics into account, including coordination with manufacturers to ensure fair consumer pricing.
Addressing concerns over harmful online content, he said the Commission is working with relevant government agencies to develop appropriate intervention mechanisms.
Earlier, the Head of Public Affairs at NCC, Mrs. Nnenna Ukoha, described the forum as part of sustained stakeholder engagement efforts aimed at strengthening resilience and long-term stability in the telecommunications industry, adding that it provides a platform for dialogue, knowledge sharing, and media partnership.
Executive Commissioner for Stakeholder Management, Rimini Makama, also praised media practitioners for accurate reporting and for maintaining oversight of regulatory activities.
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Femi Otedola, the chairman and biggest shareholder of financial services group First HoldCo Plc, hopes to invest $100 million in the proposed private placement of Dangote Petroleum Refinery.
The billionaire tycoon made this known to journalists during a tour by the management team of First HoldCo to the refinery in Lagos on Wednesday.
“On a personal note, I have approved him. I’ve been here with him 25 times, so my compensation is that he’s going to allocate to me shares valued at $100 million in the private placement. That was one of the reasons I sold my shares in Geregu Power Plants — to invest in the IPO of Dangote Refinery,” Mr Otedola said of Aliko Dangote, Africa’s richest man and owner of the refinery.
Dangote Petroleum Refinery, Africa’s largest oil refinery, is raising $2 billion through a private placement targeting institutional investors and high-net-worth individuals.
READ ALSO: Billionaire, Femi Otedola, among writers shortlisted for BCA African Business Book 2026
A similar plan to source $5 billion through an initial public offering, equivalent to 10 per cent of its valuation, is also in the works. According to a Bloomberg report this month, the refinery is targeting a valuation of around $50 billion ahead of the planned share sales.
Mr Otedola noted that he hopes to invest part of the proceeds from the divestment of his shareholding in Geregu Power, an electricity generation company he took public in October 2022, in the private placement.
He sold his stake in the power company last December in a $750 million transaction.
The refinery is looking to list the shares from the planned offers across multiple stock exchanges through cross-border listings, opening them to investors in different markets.
Nigerian Exchange Group has intensified its investor education drive through a digital engagement initiative aimed at improving financial literacy and deepening retail participation in the Nigerian capital market.
The Group recently hosted an X Space session themed “Follow the Fundamentals: A Beginner’s Guide to the Stock Market,” reaching over 5,000 users, largely young Nigerians, first-time investors, and retail market participants seeking to better understand investment opportunities in the capital market.
Featuring social media investment influencer, Omiete Inko-Tariah, alongside representatives from Nigerian Exchange Limited and NGX Regulation Limited, the session demystified key concepts around market operations, investor protection, and safe participation. Beyond education, it served as an open forum where retail investors engaged directly with market stakeholders on issues of confidence, transparency, and accessibility.
Speaking on the initiative, Clifford Akpolo, Head, Group Communications and Partnerships at NGX Group, said: “Deepening retail participation is critical to building a more resilient, inclusive, and sustainable capital market. At NGX Group, we believe financial literacy is not just an educational responsibility, it is a strategic imperative for strengthening investor confidence, improving market accessibility, and expanding long-term wealth creation opportunities for Nigerians. Through digital platforms like this, we are leveraging innovation to connect with the next generation of investors and democratize access to market knowledge.”
The initiative forms part of NGX Group’s broader sustainability agenda under its Community pillar, which focuses on advancing financial literacy, inclusion, and economic empowerment through education-driven and stakeholder-focused programmes.
Following the success of this edition, NGX Group plans to sustain similar engagements as part of its ongoing commitment to strengthening investor confidence, deepening retail participation, and building a more resilient and inclusive investment ecosystem.
The post NGX Advances Investor Education Drive with Digital Retail Engagement Initiative appeared first on Business Today NG.
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