Business
NCC to Strengthen AOL Administration
…Set to deploy Revenue Assurance Solutions
AJAGBE ADEYEMI TESLIM
Sponsored by: H&H
This subject matter was the focus of an industry stakeholder consultative engagement organized by the Commission at its Head Office in Abuja on Friday, February 25, 2022, which is in congruence with the NCC’s renowned commitment to inclusive participation and consultative stakeholder engagement as part of its regulatory practice.
The RAS application is designed to ensure a linkage with licensed telecommunications operators’ systems and will have the capability of capturing and reporting in near real-time, billing activities by the operators for the purposes, amongst others, of computing and assuring with minimal margin of error, the accruable AOL to NCC from the licensees.
When deployed, the NCC RAS will bring significant solutions to the industry’s challenges, including a more effective and enhanced monitoring and regulation of the licensed telecommunications operators.
Speaking at the event, which was well attended by representatives of Mobile Network Operators (MNOs), Licensees of the Value Added Service chain, officials of the Commission and other industry stakeholders, the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of NCC, Prof. Umar Garba Danbatta, said AOL remains the bedrock of an efficient and effective telecommunications regulatory environment.
Danbatta said the event was organized to sensitize industry stakeholders through a conversation on the Commission’s plan to deploy RAS that will instill greater transparency and increased accuracy in the administration of AOL in the sector, as stipulated by the Nigerian Communications Act (NCA), 2003.
According to the EVC, since the NCA 2003 came into force and pursuant to Section 72 of the Act, various efforts have been made by the Commission towards achieving an effective AOL administration, including the development of AOL Regulations 2014, which is being reviewed.
He said the Commission believes that the deployment of appropriate RAS would enhance monitoring and regulatory activities around AOL administration and confer higher levels of integrity and fidelity on the AOL figures obtainable in the industry.
In a contextual recall, Danbatta stated that the need to deploy the most appropriate Revenue Assurance Systems in the Nigerian telecommunications industry began since 2015 when Commission published an invitation to bid for the services, in which 3R Company Nigeria Limited emerged the preferred bidder. The EVC informed that during the bid process, the Bureau of Public Procurement (BPP), indicated a ‘no objection’ to the process.
“However, it was reasoned thereafter, that due to the scope of the project, the solution would be more appropriately procured under a Public Private Partnership (PPP) arrangement. This led to the invitation of the Infrastructure Concession Regulatory Commission (ICRC) to guide the process, as mandated by its regulations. Following this, the Commission set up a Project Delivery Team (PDT), which worked with a consortium of legal advisers, financial modelers and PPP experts under the guidance of ICRC, and took the appropriate steps required under the ICRC Regulations 2005,” he said.
He said part of the process included a proper due diligence of the preferred partner, which received a clean bill of health from the Office of the National Security Adviser (ONSA) while the Commission also subjected the software and hardware components of the proposed RAS to the certification of the National Information Technology Development Agency (NITDA).
The EVC stated further that the Commission recorded a major feat in December 17, 2021, as the transaction received the Certificate of Compliance from the ICRC in line with the Provisions of the ICRC Act 2005. “Thus, the Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami) graciously presented the NCC RAS project to the Federal Executive Council (FEC) Meeting on January 26, 2022, where the final approval was given for the implementation of the solution,” he said.
Underscoring the EVC’s position, the Head, Special Duties, Reuben Muoka, stated that the industry has been waiting for the RAS from the Commission. He also signaled that this current regulatory intervention will bring about a multiplier effect on the economy, local content and several other sectors in the Nigerian economy.
Speaking in the same vein, Deputy Director, Technical Standards and Network Integrity, NCC, Edoyemi Ogoh, stated that the approval of the RAS project by the FEC is a major success in finding a transparent process for an independent assessment, validation and completeness of the Annual Operating Levy (AOL).
Ogoh said the solution has the capability to limit the loss of revenue due to faulty billings, inaccurate or incomplete data and information from service providers, redundantly provided services and frauds. “It will enable the resolution of inconsistencies in billings for services provided by licensed service providers to their subscribers as well as AOL bills from NCC to service providers, resulting in optimum efficiency and accuracy. The RAS would enable the Commission to validate the information, records and data that are supplied to the Commission by the licensees,” Ogoh emphasised.
Business
Analyst Predict Fidelity Bank to meet Recaptalization Threshold ahead of Regulatory Deadline
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Fidelity Bank Plc is making impressive strides on its path to fulfilling the recapitalization targets set by the Central Bank of Nigeria (CBN). With the successful completion of the first phase of its capital-raising initiative that was oversubscribed by 238% and its share price growth of over 100%, investor confidence in the bank is at an all time high.
Following the successful completion of phase 1 of its capital raise, the bank is exceptionally well-positioned to not only meet the regulatory threshold but to also fuel its growth trajectory in the long-term.
With the conclusion of its equity capital raise, the response has been nothing short of extraordinary, with the Public Offer oversubscribed by an astounding 237.92%. This translates to 107,588 valid applications for a total of 23,768,724,000 ordinary shares, amounting to ₦231.7 billion. The Rights Issue also shone brightly, achieving a remarkable 137.73% subscription rate with 6,903 valid applications for 4,407,252,795 ordinary shares, totaling ₦40.7 billion.
Dr. Nneka Onyeali-Ikpe, the Managing Director and CEO of Fidelity Bank, expressed heartfelt gratitude for the overwhelming support from investors, stating, “The positive results recorded in our Combined Offer are a testament to the strength of the Fidelity Bank franchise in the capital market.” Such a robust response not only underscores investor confidence but also reaffirms the bank’s unwavering commitment to delivering innovative financial solutions and sustainable returns to its stakeholders.
Following this remarkable success, Fidelity Bank has secured shareholder approval to launch the second phase of its capital-raising initiatives. This includes a significant increase in the bank’s issued share capital from ₦26.7 billion to ₦36.7 billion. Shareholders endorsed this expansion during an Extraordinary General Meeting on February 6, 2025, approving the creation of an additional 20 billion ordinary shares of ₦0.50 each.
This strategic capital boost positions Fidelity Bank to meet the CBN’s new minimum regulatory capital requirement of ₦500 billion for banks with international authorization before March 31, 2026. This ambitious goal aligns seamlessly with the bank’s vision for sustainable growth and exceptional service delivery, setting the stage for a dynamic future.
Fidelity Bank’s stock performance has further solidified its status as a top contender in the financial sector. From an initial offer price of ₦9.75 per share during the Public Offer, shares soared to a high of ₦21.15 on February 7, 2025, representing an impressive growth rate of over 116%. This positions Fidelity Bank as one of the best-performing financial institutions in the market, with analysts from Apel Asset Limited noting an impressive 80% return on investment for shareholders who have held shares since 2023.
Market analysts project a considerable upside potential of 28.88%, establishing a fair value of Fidelity Bank at ₦23.15 against a reference price of ₦19.50. Such promising indicators not only enhance investor confidence but also position Fidelity Bank as a compelling investment opportunity within the Nigerian banking landscape.
The funds raised from the initial phases of the capital-raising exercises are earmarked for several key initiatives. Fidelity Bank plans to utilize these resources for local and international business expansion, enhancing technology infrastructure, and improving customer service initiatives. This proactive approach showcases the bank’s commitment to innovation and operational excellence.
As the bank gears up for the next phase of its capital-raising initiative, the primary focus remains on achieving its recapitalization targets while consistently delivering value to stakeholders. The bank’s leadership is confident that, with sustained investor support and a robust financial strategy, it will adeptly navigate the evolving landscape of the Nigerian banking sector.
Fidelity Bank’s recent achievements in capital raising signal a pivotal moment in its journey toward strengthening its financial foundation. With robust investor backing, strategic capital allocation, and a clear vision for growth, Fidelity Bank is not just on track to meet its recapitalization target—it is poised to exceed it.
The road ahead promises to be one of sustained growth and innovation, reinforcing Fidelity Bank’s position as a leader in the Nigerian financial sector. As the bank looks toward the future, it remains steadfast in its commitment to fostering strong relationships with investors and delivering on its promise of financial excellence and exceptional customer satisfaction.
Fidelity Bank’s proactive measures and impressive market performance pave the way for a brighter, more prosperous future—one where it continues to lead with integrity and vision in the ever-evolving financial landscape.
Business
GTCO Plc Launches Initiative to Improve Quality of Life for Households and Empower Women
AJAGBE ADEYEMI TESLIM
Guaranty Trust Holding Company Plc (GTCO), a leading financial services institution renowned for its innovative approach to corporate social responsibility (CSR) and stakeholder engagement, today announced the launch of its “Waste for Gas” project to improve quality of life for households and empower women in underserved communities.
This transformative initiative aims to distribute 3,000 3kg gas cylinders with burners to low-income households in Obafemi Owode Local Government, Mowe, Ogun State.
The Waste for Gas project underscores GTCO’s unwavering commitment to improving outcomes for people and communities. By providing households with gas-powered cooking, the initiative simplifies daily routines, freeing up time for essential activities that support financial resilience.
The initiative also introduces a structured “waste for gas” exchange programme that promotes responsible waste management, fostering a culture of sustainability.
The project will unfold in two key phases, ensuring that it reaches those most in need.
In the first phase, teams from GTCO, in collaboration with local government representatives, will conduct door-to-door visits across 12 wards in Obafemi Owode Local Government from Monday to Friday, February 18th – 21st, 2025.
These visits will help identify beneficiaries who currently rely on firewood and charcoal for cooking. Participating households will collect and return plastic waste in exchange for gas cylinders and burners.
In the second phase, scheduled for Saturday and Sunday, February 22nd and 23rd, 2025, efforts will be shifted to monitoring and increasing adoption of the new cooking method among the beneficiaries.
Speaking on the initiative, Mr. Segun Agbaje, Group Chief Executive Officer of GTCO Plc, stated: “At GTCO, we are committed to driving progress, not just through innovative financial solutions but by creating real impact in the communities where we operate.
Waste for Gas is about making life easier for families, giving them more time for what truly matters—whether it’s education, meaningful work, or personal development.
Beyond this initiative, our goal is to continually evolve sustainable platforms that empower people, strengthen communities, and contribute to socioeconomic progress.”
As GTCO continues to expand its CSR footprint, the Waste for Gas project serves as a blueprint for future interventions that drive meaningful, long-lasting impact in underserved communities.
Business
Dr. Owen Omogiafo Transcorp Group President to Deliver Keynote at Women in Energy Forum, NIES 2025
Dr. Owen Omogiafo Transcorp Group President to Deliver Keynote at Women in Energy Forum, NIES 2025
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Dr. Owen D. Omogiafo, OON the President and Group Chief Executive Officer of Transcorp Plc, is set to deliver a keynote address at the Women in Energy Forum during the Nigeria International Energy Summit (NIES) 2025. The summit is scheduled from February 24th to 27th, 2025 in Abuja.
The Women in Energy Forum, themed “Advancing Africa’s Energy Transformation and Inclusion,” aims to highlight the pivotal role of women in Africa’s evolving energy landscape. Dr. Omogiafo’s keynote, titled “Leadership, Innovation, and the Future of Women in Energy,” will delve into the significance of innovative leadership and the increasing contributions of women in the sector.
Dr. Omogiafo has been a prominent advocate for equitable energy access and gender-inclusive leadership. Her participation underscores the importance of diversity and innovation in driving Africa’s energy transformation.
The NIES 2025 serves as a premier platform for international energy discourse, uniting stakeholders to foster innovation and unlock value across the continent. The inclusion of forums like the Women in Energy Forum highlights the summit’s commitment to comprehensive and inclusive discussions on Africa’s energy future.
Dr. Omogiafo’s insights are expected to inspire and influence strategies for leadership and innovation, emphasizing the critical role of women in shaping the future of energy in Africa.
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