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DOCUMENTS: Nigerian Aviation Authority Set To Demolish Globacom Masts Nationwide Over N5.9billion Debts

Permalink - Posted on 2021-10-15 18:08

The Nigerian Civil Aviation Authority (NCAA) has concluded plans to start dismantling some telecommunication masts belonging to Globacom Ltd, a Global Sattelite Mobile (GSM) telecommunications provider, in various locations across the country over failure to pay N5.9billion renewal fees for height clearance to the agency.

The development followed a directive from the Nigerian government to some of its agencies and parastatals to go after debtors and defaulters and recover all the outstanding for the government. 

SaharaReporters learnt that the matter came to a head following exchange of correspondence between Globacom and NCAA and scheduled meetings designed to ensure payment of the said accumulated fees by the telecommunication network which failed.

In a letter dated October 4, 2021, titled: "Re: Illegal Erection of High Structures and Refusal to Renew Expired Aviation Height Clearance Certificates by Globacom Limited" and addressed to the Managing Director, Globacom, obtained by SaharaReporters, it was affirmed that following the failure by Globacom to pay the the required fees amounting to N5.9 billion, the regulatory agency had no choice but to commence the dismantling of the its masts across the country.

"In the circumstance, having exhausted all avenues for a resolution of this matter, we are now left without choice but to apply the relevant sanctions, including the dismantling of all your non-compliant masts nationwide. And this shall be without further notice to you", it said.

The letter signed by Legal Adviser/Head, Compliance and Enforcement, Mr. Emmanuel Chukwuma, recalled that, "The meeting to discuss the above subject-matter, was fixed for September 23, 2021, at your instance.

“You may wish to recall that you had on August, 25, 2021, requested that the meeting, earlier rescheduled, at your instance, from Monday, July 26, 2021 to Thursday, August 26, 2021, be further rescheduled to Thursday, September 23, 2021, to enable your Chief Operating Officer/COO to attend.

"It is unfortunate that despite our concurrence to a further rescheduling of the meeting to the requested date, and so informing you through our letter of 13th September, 2021, you failed to turn up for the meeting", it said.

The letter noted that the Director-General of the NCAA had to abort an official assignment in Europe and return to Nigeria in order to be able to attend the meeting.

"Globacom only wrote the letter under reference three days after, asking that the meeting be rescheduled, without any explanation for the failure of any management staff to show up.

"I am directed to inform you that the NCAA is not disposed to granting this latest (fourth) request to reschedule the meeting, particularly, as no reason was given for your non-attendance on the last date.

"In the circumstance, having exhausted all avenues for a resolution of this matter, we are now left without choice but to apply the relevant sanctions including the dismantling of all your non-compliant masts nationwide. And this shall be without further notice to you", it said.

In an earlier communication with Globacom, NCAA listed the indebtedness of globacom to include application fee for 2006 to 2007 at N100,000 per mast, totalling N689,800,000, annual renewal fee for 2007-2022 (15years), N50,000 per mast amounting to N6,898 and inspection fee covering N6,898 masts across the nation all totalling N6,064,230,000.

SaharaReporters learnt that Globacom paid the sum of N100million on July 31, 2019 and had not made any further payment.

An earlier letter from NCCA to Global said total application fee for the period under review stood at N604,800,000 while cost of inspection amounted to N190,930,000.

The letter also stated the position of NCAA in law with regards to regulation of masts.

"Please be reminded that Section 30(3)() of the Civil Aviation Act 2006 empowers the Nigerian Civil Aviation Authority (NCAA) by law to prohibit and regulate the installation of any structure (including telecommunication mast), which by virtue of its ‘height or position is considered to endanger the safety of air navigation," it said.

This is coming two years after the agency asked Globacom and other Global System for Mobile Communications (GSM) operators to remove their over 7, 000 masts or risk seeing them demolished.

NCAA had claimed the masts, erected at different locations within the country close to the nation’s airports, are obstructing flight safety and could cause accidents if not removed.

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How Nigerian Famous Cleric, Pastor Bakare Sold $1.4million US Mansion Below Market Value In 2017, Losing $370,000

Permalink - Posted on 2021-10-15 10:31

The founder of Citadel Global Community Church (formerly Latter Rain Assembly), Pastor Tunde Bakare (Babatunde Gbolahan Bakare) in 2017 sold one of his properties in the United States of America below market value, SaharaReporters has gathered.

The property which was bought by the lawyer turned pastor in June 2006 for $1,400,000 was sold to one Peter Lu (Peter & Minsu Lu) 11 years later for $1,030,000, at a loss of $370,000.

It was bought in July 2017 by Peter & Minsu Lu, according to documents obtained by SaharaReporters.

Documents say the current owner is Peter Lu.

Built in 2006, the building is located at 2386, Bransley PI, Duluth, GA, 30097.

The 9,796 square feet property was constructed on approximately 1/2 of an acre and it contains 7 bedrooms and 7.5 baths. The walls are covered with bricks.

The property is a one-unit structure with two storeys. Its features include a fireplace and a finished improved basement. The property is also equipped with a garage.

The reason why Bakare sold the property for $1,030,000, losing $370,000 on the $1,400,000 he bought it raised questions of whether the clergyman cum politician was financially down at the time.

“Pastor Bakare must have needed cash badly at the time,” a source noted.

Sources told SaharaReporters that the cleric used part of the property as an office for the Latter Rain Assembly Inc., while Kingdom Expressions Inc. also made use of the building before it was sold off.

According to Redfin Real Estate, the mansion is currently worth $1,673,830, $273,830 more than Bakare bought it and $643,830 more than the cleric sold it.

In 2017, Bakare was criticised by some members of the public for having two Automated Teller Machines (ATM) in front of his church at Ogba, Lagos.

For instance, a man who identified himself as Che Oyinatumba had posted, “ATM on wall of Bakare’s Church inside there are POS for offering. I am inside the main auditorium, seeing him live and not watching projector. Malachi 2:7 is his chant for today. Oya, let me concentrate.”

The cleric contested the 2011 Presidential election as running mate to Muhammadu Buhari. The duo, who ran on the platform of the Congress for Progressive Change (CPC), lost to former President Goodluck Jonathan and Namadi Sambo of the Peoples Democratic Party (PDP).

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Aggrieved Investors In Forex Company Blame Central Bank Of Nigeria For Dragging Investigation On Frozen Funds

Permalink - Posted on 2021-10-14 18:47

The aggrieved investors of MBA Trading and Capital Investment Limited in Rivers State, a forex company, have met with officials of the Central Bank of Nigeria (CBN) to know the outcome of its investigation into their funds.

SaharaReporters had reported last month that the disgruntled MBA forex traders stormed the offices of the Economic and Financial Crimes Commission (EFCC) and Central Bank of Nigeria over the delay to recoup their capital and return on investment (ROI).

They have written several petitions against MBA Trading and Capital Investment Limited, a forex training and capital investment company, and its Executive Officer, Maxwell Odum, who is now at large over their inability to pay capital and ROI to investors.

The amount involved is said to be about one hundred and seventy-one billion naira (N171,128,219,041).

However, the latest of their action was the meeting they had on Tuesday with the CBN representatives.

Some of the MBA investors disclosed this to SaharaReporters on Thursday.

SaharaReporters learnt that the meeting was based on their request for the outcome of 180-day investigation period on MBA trading and capital investment limited accounts which received over N171bilion from Nigeria investors.

The CBN representatives in the meeting with MBA Investors delegation assured investors that the CBN felt their pains and the apex bank would not relent in doing everything in its capacity to make investors get back to their invested capital. See Also Scandal Investment Fraud: Aggrieved Investors In MBA Trading Limited Protest Over Alleged N171billion Fraud

One of the affected investors said the CBN was aware of the order granted by the court to investigate MBA finances for 180-day had elapsed on August 11, 2021, but the case was in court and more Investors had sued the CBN and MBA.

The legal department of the apex bank confirmed that the investigation had not been finalised as a result of the ongoing litigations otherwise the apex bank would have concluded its investigation without these numerous litigations from interested parties stating that the apex bank could not preempt the court.

Speaking on behalf of the aggrieved investors, Mr Henry Senibo said the CBN only approached the Federal High Court for an interim court order to stop all debit transactions from MBA accounts for 180 days pending the outcome of the said investigation.

"CBN did not sue MBA in court and so it cannot say it has not concluded its investigation as a result of numerous litigations from investors. MBA investors are in poor conditions, and some investors have lost their lives as a result of this pending issue," Senibo said.

He further stated that from the information gotten from those who took CBN to court, it was revealed that what was frozen in MBA accounts by the bank was not more than two hundred twenty million naira.

"We wonder why the apex bank cannot conclude its investigation within the stipulated time frame granted by the court," Senibo added.

The MBA investors' spokesperson for the group added that they had decided to carry out a non-stop protest to the CBN offices nationwide until the bank made its investigation known to investors.

He further enjoined the affected investors to cease litigation so as to not compound the already compounded issues on ground as advised by the legal department of the apex bank.

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Chinese Banks Set To Establish Operations In Nigeria

Permalink - Posted on 2021-09-22 07:20

The Chinese Ambassador to Nigeria, Cui Jianchin, has disclosed that his country is working towards the establishment of Chinese-owned bank operations in Nigeria.

Mr Jianchin this known in Abuja while addressing journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week on Tuesday.

File Photo: Nigerian President Muhammadu Buhari and Chinese President, Xi Jinping

Jianchin who said he was in talks with Chinese-owned banks, noted that among the world’s 10 biggest banks, six were in China.

“Before my departure from Beijing to Abuja, I talked to several banks in China. When you list the world’s 10 big banks, six are in China. The banking sector is very important because, without money, we cannot build our industries.

“What I am thinking here is best to talk to the governor of the central bank, and how we can allow the Chinese banks to run office here and now, they are doing the feasibility studies on that."

He explained that it would boost Nigeria’s economy and expand trade relations between the two nations.

Establishing Chinese banks in the country would also be a point of discussion during the China-Nigeria Bi-national Committee meeting, Jianchin said.

“I am working hard that in the bi-national meeting, I hope we can make a big decision and give a big push to let the banking industry and insurance industry because financial integration and institutions are key.

“If you go to China, you will find our banking industry is very powerful, not only for business but a change in the way of life."

Extolling the extant China-Nigeria trade relations, the Chinese ambassador noted that the trade volume between China and Nigeria was nearly $20 billion, increasing from 2020’s $19.2 billion.

Mr Jianchin affirmed that the 2021 celebration is special as it coincides with the 50th anniversary of China-Nigeria’s bilateral relations and that the countries share October 1 national day.

According to News Agency of Nigeria, he disclosed that the Chinese embassy would honour 50 Nigerian employees of Chinese companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic ties.

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Africa's Richest Man, Dangote May Forfeit Refinery Project To Nigerian Debt Recovery Agency Over Rising Debts, Long Delay

Permalink - Posted on 2021-08-10 06:07

Dangote Oil Refinery, which is reputed to be Africa’s biggest oil refinery, may soon run into a deep financial crisis as a result of a $7 billion debt burden – a situation which indicates a possible takeover of the project by the Assets Management Corporation of Nigeria (AMCON).

 

Dangote Refinery is an oil refinery owned by the Dangote Group that is under construction in Lekki, Nigeria. 

Dangote Group is a Nigerian multinational industrial conglomerate, founded by Aliko Dangote, Africa's richest man. 

The Group's interests span a range of sectors in Nigeria and across Africa.

 

According to an analysis by the Money Management Series, Dangote Oil Refinery, a 650,000-barrel per day (BPD) integrated refinery project under construction in the Lekki Free Zone, Lagos, Nigeria, was expected to commence production in 2016 with $3.3 billion financing secured in 2013.

 

With the refinery now projected to commence operations in 2025, Dangote Group’s indebtedness to financial institutions is estimated to hit $8.4 billion by 2025.

 

Presently, this debt burden has risen to $7 billion with debt servicing of almost $700 million per annum.

 

The completion date of the refinery has been moved eight times.

 

Whilst some might say this is not in the character for Dangote Industries and their numerous projects across different sectors, the problem is deeply rooted.

 

A contractor at the delayed refinery project, speaking under the condition of anonymity, said that poor planning, underpayment of contractors, and a lack of proper project management with over 40 contractors on site have led to most of the delays. He also added that of the 40, none is willing to commission as there is no clear delegation of duty and over-decentralisation leading to absolute chaos.

 

With these incessant delays, some financing banks are already calling in their loans amid fears of liquidity crisis, while others are elated by the guarantee of huge interests to be recouped as soon as the refinery comes on stream.

 

Dangote has been able to restructure the facilities from various local and international banks twice so far, but most banks have totally refused to restructure for the third time with principal repayment also falling due as well as the annual interest payments.

 

The Nigerian National Petroleum Corporation (NNPC) has made available $3.8 billion as part of federal government’s 20% equity in the project, providing $1 billion cash, while the remaining $2.8 billion will be in crude supply.

 

However, analysts have pointed out that NNPC’s 20% equity at $3.8 billion makes the Dangote refinery overvalued at $19 billion.

 

When Aliko Dangote unveiled early plans for the refinery in September 2013 and announced that he had secured about $3.3 billion in financing for the project, the refinery was estimated to cost about $9 billion, of which $3 billion would be invested by the Dangote Group and the remainder via commercial loans, and begin production in 2016.

 

However, after a change in location to Lekki, construction of the refinery did not begin until 2016 with excavation and infrastructure preparation, and the planned completion was pushed back to late 2018.

 

In July 2017, major structural construction began, and Dangote estimated that the refinery would be mechanically complete in late 2019 and commissioned in early 2020. Experts, however, posit that the construction would likely take at least twice as long as Dangote publicly stated, with refining capability not likely to be achieved until 2025.

 

Meanwhile, last week the Minister of State for Petroleum Resources, Timipre Sylva, reiterated that Federal Executive Council (FEC) approved the acquisition of 20 per cent minority stakes by the NNPC in the Dangote Petroleum and Petro-Chemical Refinery.

 

Sylva, while briefing State House correspondents after the virtual FEC meeting presided by Vice President Yemi Osinbajo last Wednesday at the Presidential Villa, said the acquisition was in the sum of $2.76 billion.

 

“The Executive Council also approved the acquisition of 20 percent minority stakes by the NNPC in the Dangote Petroleum and Petro-Chemical Refineries in the sum of $2.76 billion,” he said.

 

This development has been described by industry observers as strange because $2.76 billion falls short of 20 percent of the Dangote project valued by the sponsor at $16 billion. Using the $16 billion value, 20 percent should be $3.2 billion and analysts have expressed dissatisfaction at the disparity in the project’s value and NNPC’s funding.

 

Speaking with MMS Plus on the complexities with funding Dangote refinery, the Managing Director of Cowry Assets Management, Mr. Johnson Chukwu, argued that the banks wouldn’t have any challenge from the financing because Dangote would have to pay the interests.

 

“I don’t see the banks being unable to meet their liquidity because of the monies tied down in the Dangote refinery. Ultimately, if the investment is economically viable, when it starts operation it should be able to meet up the arrears. I believe the banks that went into this project understood some of these constraints and didn’t break their balance-sheets in the move to finance Dangote refinery. I don’t envisage any bank having a liquidity challenge as a result of investing in Dangote refinery. If there is any challenge it would come from Dangote, but it should be resolved when the project takes off,” he said.

 

Commenting on the possibility that NNPC over-valued or under-valued the project in its 20% equity, Chukwu opined that NNPC may be looking at an enterprise valuation while the other value could be the net value.

 

“The enterprise value could be higher than the amount Dangote has invested in the project. However, I wasn’t involved in determining that, so anything I say will be purely speculative,” he said.

 

Despite the massive support of the Nigerian government on the refinery project, things have got so bad for the billionaire that even income from his other businesses may not be enough to cover the interest rates, let alone the principal.

 

The $8.4 billion debt represents 75% of Dangote’s net worth at $11.1 billion and Africa’s richest man has to seek innovative ways to prop up his business now as the refinery project continues to be consistently delayed.

 

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Fire Guts Ebeano Supermarket In Abuja

Permalink - Posted on 2021-07-17 23:04

The popular Ebeano Supermarket, in Lokogoma area of Federal Capital Territory (FCT) Abuja, has been gutted by fire.

The inferno has caused confusion in the area as people were seen scampering for safety.

The cause of the fire and extent of damage cannot be ascertained as at the time of filing this report.

An eyewitness said the firefighters had arrived at the scene and making effort to put out the fire.

A group of prayer warriors was sighted praying outside the supermarket.

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Jeff Bezos Resigns As Amazon Boss

Permalink - Posted on 2021-07-05 11:46

Jeff Bezos, American business magnate, who is founder and chief executive officer of one of the world’s largest technological organisations Amazon, steps down from Amazon on Monday - exactly 27 years after he founded it.

However, Bezos will retain a crucial role as the executive chair of the organisation. He will not be a part of the daily management and will spend more time on other projects including his Aerospace company Blue Origin.

Within the period, Bezos was CEO, he developed a series of unusual leadership principles - which some argue are the backbone of his success.

The chief of Amazon Web Services, Andy Jassy, will become the new CEO.

Amazon Web Services, the astoundingly successful cloud computing service, didn't really have much to do with Amazon's core business: e-commerce.

But Bezos supported the idea, giving his trusted employee Andy Jassy the freedom, and capital, to go about creating a company within a company. 

Bezos views Jassy as an entrepreneur, not just a manager - a key part of why he will take over as Bezos' successor.

Amazon employees testify to Bezos' customer obsession. For Bezos, profit was a long-term aspiration. For a company to be successful, it had to have happy customers - at almost any cost.

One of Amazon senior managers, Nadia Shouraboura who started working for Amazon in 2004 told BBC that when she first started, she thought she was going to be immediately fired.

"I made the biggest mistake of my life during our Christmas peak," she said.

Shouraboura said she had ordered key products onto warehouse shelves that were too high. It would take time and money to get the right products off the shelves.

"I came up with a clever way for us to lose as little money as possible, and sort of fix the problem. But when I talked to Jeff about it he looked at me and said, 'you're thinking about this all wrong'.

"You're thinking how to optimise money here. Fix the problem for customers, and then come back to me in a few weeks and tell me the cost."

Bezos, however, has many critics. Last month, an article from ProPublica claimed to have seen Bezos' tax returns alleging he paid no tax in 2007 and 2011. It was a stunning claim about the world's richest man.

There have been other negative stories about Amazon, its ruthlessness, its claims of monopolistic behaviour that have been a dent on Bezos reputation.

However, many people who worked closely with him have described him as a business visionary - a man with a singular focus who has created a legendary work philosophy and a company worth almost $1.8 trillion.

Always fascinated by space travel, later this month he aims to fly into space on the first crewed flight made by his company Blue Origin.

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American Billionaire, Warren Buffet Resigns From The Gates Foundation Amid Divorce Row

Permalink - Posted on 2021-06-23 12:47

Warren Buffett, the chairman and chief executive of Berkshire Hathaway, said on Wednesday that he has resigned as a trustee of the Bill and Melinda Gates Foundation, weeks after the couple announced their divorce.

Mr. Buffett, a longtime friend of Mr. Gates, had been a huge presence at the Gates Foundation: It is one of five nonprofit organisations to which he has pledged the majority of his fortune — estimated at $105.3 billion, according to Forbes — and the only one not run by a member of the Buffett family.

All told, Mr. Buffett, 90, has donated $41 billion worth of Berkshire stock to the five foundations. In Wednesday’s announcement, he said he has donated an additional $4.1 billion, New York Times reports. 

“For years I have been a trustee — an inactive trustee at that — of only one recipient of my funds, the Bill and Melinda Gates Foundation (BMG),” Mr. Buffett said in a statement. “I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s.”

Mr. Buffett did not give a reason for his action. The foundation’s reputation for global philanthropy has lately been overshadowed by reports of Mr. Gates’s questionable conduct in work-related settings. The New York Times has reported that on at least a few occasions, Mr. Gates pursued women who worked for him at Microsoft and at the foundation, according to people with direct knowledge of his overtures.

In 2019, Microsoft’s board, on which Mr. Gates sat, opened an inquiry into one of those cases after being notified that he had “sought to initiate an intimate relationship with a company employee in the year 2000,” a Microsoft spokesman said. The board hired a law firm to investigate. The following year, Mr. Gates stepped down from Microsoft’s board.

Also in Wednesday’s statement, Mr. Buffett acknowledged the recent debate over how little in income tax American billionaires — including himself — pay. Citing leaked Internal Revenue Service data, the news organisation Propublica reported that the Berkshire chief paid just $23.7 million in taxes from 2014 to 2018, a period when his wealth grew $24 billion.

Without referring to the ProPublica article specifically, Mr. Buffett acknowledged that he had “relatively little” income, with his wealth flowing largely from his Berkshire holdings. He also argued that his charitable donations led to only about 40 cents per $1,000 in donations.

A longtime advocate of tightening tax rules for the wealth, Mr. Buffett said Wednesday that although tax deductions were important to some wealthy donors, “it is fitting that Congress periodically revisits the tax policy for charitable contributions, particularly in respect to donors who get imaginative.”

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SPONSORED: Zenith Bank Named Best Corporate Governance ‘Financial Services’ In Africa 202

Permalink - Posted on 2021-06-17 07:01

For the second consecutive year, Zenith Bank Plc has been named as the Best Corporate Governance 'Financial Services' Africa 2021 by the Ethical Boardroom. The award, which was published in the June 2021 edition of The Ethical Boardroom magazine, is in recognition of the bank’s adherence to global best practices and institutionalization of corporate governance, setting an industry-wide example of best practices in that field.

Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank Plc, Mr. Ebenezer Onyeagwu said that: “this recognition is a testament to our commitment to quality, accountability, fairness and transparency in our engagement with all stakeholders. It is also an affirmation of the bank’s professionalism, ethical conduct and sustenance of global best practices and standards which is attributable to the joint collaboration of the management and staff". 

Zenith Bank

This award comes on the heels of several awards and recognitions that have come the way of bank in recent times for its track record of excellent performance and commitment to global best practices. Zenith Bank was voted as Bank of the Year (Nigeria) in The Banker's Bank of the Year Awards 2020, Best Bank in Nigeria in the Global Finance World's Best Banks Awards 2020 and 2021, and Best Corporate Governance 'Financial Services' Africa 2020 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Number One Bank in Nigeria by Tier-1 Capital in the "2020 Top 1000 World Banks" Ranking by The Banker Magazine. Similarly, the bank was recognised as Bank of the Decade (People's Choice) at the ThisDay Awards 2020, Retail Bank of the year at the 2020 BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise and Responsibility (SERAS) Awards 2020.

Zenith Bank has been generally adjudged a Corporate Governance compliant bank by the Nigerian Stock Exchange (NSE) hence its listing on the Premium Board of the Exchange. The bank continues to sustain this reputation and reappraise its processes to ensure that its business conforms to the highest global standards at all times.

The bank places a premium on its core business strategy anchored on People, Technology and Service, to create value for its numerous clientele. With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/digital channels.

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Nigerians Now Charged Compulsory N6.98 For USSD Transactions, Citizens Kick

Permalink - Posted on 2021-06-04 11:41

Many customers of USSD services in Nigeria on Friday have said a pop-up message has notified them of the new N6.98 charges for each transaction.

USSD is a critical channel for delivering financial services, especially for those who do not have access to physical banking infrastructure or internet services.

“Welcome to USSD Banking,” one notice said. “Please note, a N6.98 network charge will be applied to your account for banking services on this channel.”

The decision to charge users was reached in March by the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), Channels reported.

The decision was part of an agreement reached with deposit money banks following a disagreement between banks and telecom firms over USSD and other text message transaction requests.

“Effective March 16, 2021, USSD services for financial transactions conducted at DMBs (Deposit Money Banks) and all CBN-licensed institutions will be charged at a flat fee of N6.98 per transaction,” a March statement signed by the CBN and NCC partly read.

The charge is expected to be withdrawn from users’ bank accounts and remitted to mobile network operators, who provide infrastructure for the service to operate.

“The general public is reminded that the USSD channel is optional, as several alternative channels such as mobile apps, internet banking and ATMs may be used for financial transactions,” the CBN and NCC said in its joint statement in March.

“The CBN and NCC shall continue to engage relevant operators and all stakeholders to promote cheaper, seamless access to mobile and financial services for all Nigerians.”

Many Nigerians took to Twitter early Friday to express their dismay over the charges.

There are concerns about how the new charge will affect financial inclusion, particularly for people who do not have access to internet services.

Below are some of the reactions:








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