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Lawmakers Endorse Pay-As-You-Go, Price Reduction For DSTV, Others

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Lawmakers Endorse Pay-As-You-Go, Price Reduction For DSTV, Others

The House of Representatives has adopted the pay-per-view, pay-as-you-go and price reduction for DSTV and other cable satellite operators in the country, Peoples Gazette reports.

This followed the approval of the recommendations of the ad–hoc Committee on Non–Implementation of Pay–As–You–Go and sudden Increment of Tariffs plan by Broadcast Digital Satellite Service Providers.

The chairman of the committee, Unyime Idem, had earlier laid the report before the House, before it was considered by the House in Abuja.

The House called on the federal government to expedite action on the implementation of the National Broadcasting Code and the Nigeria Information Policy of 2014.This the House noted, would trigger healthy competition in the industry, adding that the entertainment industry had a wider spectrum with limitless opportunities for the teeming youths.

The House stated that the visible absence of competitors in the industry was tacit approval of monopoly of the industry by the present operators.

Thus, the lawmakers suggested that timely application of government regulatory intervention measures already articulated would revolutionise the industry and meet the people’s yearnings for Pay-as-you-go, Pay-Per-View and price reduction.

According to the recommendation, Nigeria’s extant laws that moderate operations in the industry should be fine-tuned to meet the 21st- century regulatory laws of the industry that is dynamic as the entertainment industry.

The House noted that the commission that had the power to license and regulate the activities of service providers must also have the power to moderate in the protection of consumers.

It was stated that there was little or nothing a regulator could do if he was handicapped by laws that were not properly tailored to the needs of the society.

According to the report, price increase and reduction have always been contentious issues for producers and consumers in the business world.

The House also listed the factors responsible for hike in subscription fee as the recent increment of VAT by 2.5 per cent by Financial Amendment Act of January 13 2020, and the fluctuating foreign exchange rate in the country that affects the cost of content.

Others are broadcast equipment, experienced hire and technical infrastructure, increase in bouquets for a wider choice, inflation on the cost of production and need to maintain workforce.

They identified the need not to throw many young Nigerians who are gainfully employed by pay-tv into the labour market.

The report noted that the use of Nigerian NigComSat or Nigerian Satellite that is still under-utilised was advocated by the committee.

The House urged the Management of NigComSat to embark on the creation of awareness to companies and Organisations that made use of satellite facilities.

The House advised satellite infrastructure users to look inwards and patronise the country’s satellite, reduce the cost of production and services and generate income for the government.

All obstacles that make use of NigComSat less attractive to the end-users must be looked into as utilisation of the satellite was key to resolving the issue, the House directed.

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Sterling Bank Set To Change Name, Read Why

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Sterling Bank To Change Name, Read Why

Nigeria commercial bank, Sterling Bank Plc has moved to change its name after getting stakeholders’ consent of converting to a holding company.

This was disclosed by the board, as it will create a chance for the bank to have a controlling stake in companies where it currently holds a substantial interest.

Recall, a few days back, the bank convened a meeting of shareholders at the order of a court as part of the last key stages of the corporate reformation.

READ ALSO: CBN Increases Interest Rate For 3rd Time This Year

According to a report seen on the Nigerian Exchange Limited’s website, the bank will become known as Sterling Financial Holdings Company when the transition is delivered.

Becoming a Holding Company will see the bank have the leverage to make inroads into other sectors within financial services apart from commercial banking which its current license and those of many lenders in Nigeria do not allow.

Such sectors, comprising pension; asset management; payments, and fintech, are gaining appeal among banks and provide chances for diversification as competition for interest income, which accounts for the bulk of the revenue of the banking industry turns increasingly fierce.

Stanbic IBTC Holdings, one of the early birds that adopted the Holdco structure, is a testament that the Holdco structure is a model that works. Its pension unit controls around one-third of the N14.2 trillion assets under management as the market leader in the Nigerian pension industry.

With the key resolutions for the scheme of arrangement now approved, the transition will proceed to its final phase where regulators including the Central Bank of Nigeria are to sanction the new entity into existence.

“The bank will transfer all the assets, liabilities, and undertakings related to the non-interest banking business to The Alternative Bank Limited,” the statement said in reference to its newest subsidiary that received in approval-in-principle in December.

Sterling Bank’s issued and paid-up share capital valued at 28.8 billion outstanding shares will passé to the holding company in exchange for the allotment of those same units to shareholders on completion.

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Victor Ikpeba Endorses Moores Energy

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Victor Ikpeba Endorses Moores Energy

Super Eagles legend, Victor Ikpeba has endorsed Moores Energy, as he encouraged residents of the Ikorodu area of Lagos State, and its environs to patronise the brand at its retailing station.

At a media launch where Ikpeba was unveiled as Moores Energy brand ambassador, the Nigerian football legend expressed confidence in the newly-established company floated by Bola Tom-Jones.

Referring to the Chief Executive Officer (CEO) of Moores Energy, Ikpeba stated: “I have no Bola now for over a decade and I have strong confidence in her offerings. She’s someone very passionate about people, especially as it relates to their well-being. With her establishing this energy company, I believe it’s her way of contributing to Nigeria’s green energy drive.

Victor Ikpeba Endorses Moores Energy
Victor Ikpeba joins Bola Tom-Jones to unveil the newly-purchased bobtail truck of Moores Energy

The gas retailing facility of Moores Energy is fully-automated, and it is a proven solution to reduce exposure to household air pollution and disease.”

On her part, Tom-Jones expressed gratitude to Ikpeba, saying she couldn’t think of any other celebrity that carries the dignity her brand represents.

Tom-Jones further explained the unique selling proposition of her brand, as she unveiled her newly-purchased bobtail truck.

What we are doing differently at Moores Energy, is that we give our customers the assurance of getting the right quantity, and quality. So, if you are coming for your 12.5kg, you are sure to get the exact thing, and that can take you several weeks. We have as well subsidised our rates for senior citizens to encourage them to make use of cooking gas in their homes. Our products are affordable and accessible to everyone,” she added.

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Fidelity Partners SMEDAN to Empower SMEs

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Fidelity Bank

In what has been termed a major move to bridge the gap in helping small businesses access much needed funding and capacity development initiatives, leading financial institution -Fidelity Bank Plc – has announced a strategic partnership with the Small and Medium Enterprises Development Agency (SMEDAN).

At a Memorandum of Understanding (MOU) signing ceremony held in Lagos recently, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe said the partnership reinforces the fact that the bank is a leading supporter of SMEs in Nigeria.

“For us at Fidelity Bank, supporting SMEs is in our DNA and for more than two decades we have been creating multiple platforms to help them thrive. These include the numerous products we have pioneered for the sector, our collaboration with the Lagos Business School to host the Export Management Programme, the Fidelity SME Academy and our weekly SME Forum radio programme where we have had successful business owners and even SMEDAN share tips on running thriving ventures with listeners.”

“This partnership is therefore another step in our journey of helping entrepreneurs grow and compete favorably in any market they operate and we are very happy to have SMEDAN join us”, commented Onyeali-Ikpe who was represented by the Executive Director, Lagos and South-West, Fidelity Bank, Dr Ken Opara.

On his part, Director-General/Chief Executive Officer, SMEDAN, Olawale Fasanya thanked Fidelity Bank for facilitating the partnership emphasizing that the MOU was particularly significant not just to the Agency but to the MSMEs ecosystem.

“Fidelity Bank is one of the few commercial banks in Nigeria that have shown immense interest in providing support to the large MSME community. I am very aware of some of your products purposely designed to serve the MSMEs. This explains why the Agency is very excited entering into this relationship that we believe will help change the narratives of the sub-sector”, commented Fasanya.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 7 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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