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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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LAWMA Showers Encomium on Dangote Sinotruk

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LAWMA Showers Encomium on Dangote Sinotruk

Lagos Waste Management Authority (LAWMA), heaped praises on world Dangote Sinotruk, a company owned by Dangote Industries Limited and Sinotruk of China.

 

In an exclusive interview with NEWSRAND during a visit to the company’s plant factory at the Ikeja area of Lagos, Engineer Ajayi Abimbola, Assistant General Manager, (AGM) Engineering Services, LAWMA, said the automobile company is customer-friendly, adding that the trucks and other products from the company are world-class.

 

In the course of the conversation, Abimbola disclosed that the agency has procured waste management trucks, numbering 102, from the company.

 

“For over a year now, we’ve been working with Dangote Sinotruk to achieve a cleaner Lagos. So far, we were able to patronise 102 trucks to ensure that Lagos environments are clean and wastes are properly managed. The trucks are ready, and we hope to commission them any moment from now,” he stated.

READ ALSO: Dangote Cement Acquires 2,000 Trucks for Distribution of Products

While assuring that the partnership between LAWMA and Dangote Sinotruk will continue, Abimbola explained that the newly-purchased trucks from the company will “ensure that we have a cleaner environment, the health hazard will be totally eliminated.”

 

According to him, amongst the new-purchased trucks are -24cbl and 12cbl, adding that the waste management operations in Lagos will experience a new revamp.

 

“Unlike before, it takes 2-3 days to lift waste, what we are looking forward to doing with the new trucks is a turnaround evacuation of market wastes. The marine waste too, will be taken care of, because the truck is will guarantee us that capacity we need to do it,” he added.

 

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Falekulo Promises New Era For Nigeria Reinsurance Corporation

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Falekulo Promises New Era For Nigeria Reinsurance Corporation

The newly appointed Managing Director of Nigeria Reinsurance Corporation, Mr Olugbenga Falekulo, has declared the readiness of his team to take the company to the next level in the market.

Falekulo, in a statement issued on Wednesday said that he would adopt a new dimension to push the Reinsurance firm into a new era.

He explained that the reorganisation of the board and executive management of the reinsurance company was to ensure that the firm continued in its quest for transparent and accountable management of insurance in the country.

The managing director said he would bring to fore his wealth of experience and professionalism gathered in the insurance sector for over 25 years to transform the firm.

READ ALSO: Reps. Move To Suspend Recapitalization Of Insurance Companies

Recall that the National Insurance Commission (NAICOM) had on Monday approved a new board and management for NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re).

The commission said the changes in the board and management of the two insurance firms was sequel to the takeover of the major investor’s interests in the two organisations by the Asset Management Corporation of Nigeria (AMCON), and the Bureau for Public Enterprises (BPE) .

“BPE is working in partnership with AMCON to bring the much-needed stability in the operation of the organisations , enhance smooth running, efficient and effective management of the two firms”.

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Oando Share Price Jumps by 10% Following Oando’s Settlement with Regulator

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Oando Share Price Jumps by 10% Following Oando’s Settlement with Regulator

Months after a plethora of court cases with counter judgments the investment community was greeted on the evening of Monday July 19, with the news of an amicable settlement to the long-standing dispute between the Securities & Exchange Commission (SEC) and the management of Oando PLC.

 

Unsurprisingly, Oando has since joined the Nigerian Stock Exchange (NSE) top gainers with a 9.87% increase in its share price from N3.97 on Friday, July 23, 2021, to N4.36 on Monday, July 26, 2021. The share price appreciation can be attributed to the recent settlement which saw Adewale Tinubu and his Deputy, Omamofe Boyo remain at the helm of affairs in the organization. Following the settlement news, investors poured into the stock helping it top the gainer’s chart.

 

Speaking on the jump in share price, an Oando shareholder in Lagos said, “We are glad that the dispute is finally over, and we thank the regulator and the management of Oando PLC for resolving the issue in the best interests of the shareholders. For four years, we the shareholders have been the ones on the receiving end. In just one week of settling, our share price has seen a significant increase. I am confident in the management of the company led by Wale Tinubu, other CEOs in his shoes might have caved in but he did not. He held strong to his belief and forged on till the end of the issue. I am hopeful that now that they are able to be fully focused on the business, we the shareholders will soon start to see a return on our investment.”

READ ALSO: Oando Foundation to Promote Environmental Education and Sustainable Action In Schools

A statement by the regulator reads that Oando neither denied nor accepted liability and the settlement will lead to the withdrawal of all pending court cases. Recall that Wale Tinubu and some of the company’s affected Directors had sued the regulator for infringement of their fundamental human rights in 2019. However, with the settlement, Wale Tinubu and all affected Directors will be required to withdraw said court cases while remaining in their respective executive leadership roles managing the company.

 

In addition, there will also be “payment of a monetary sum; and an undertaking by the company to implement corporate governance improvements.”

 

Speaking on the settlement, another shareholder said: “The regulator has done what it ought to have done months ago. I commend them for making this landmark settlement. This is not a time to erode homegrown businesses but to nurture them so they can continue to create value for the capital market and country at large seeing as we are currently in a recession. I especially commend the resilience and perseverance of Wale Tinubu for seeing this dispute through to resolution.”

 

Market players will be watching the impact of the signaling effect of the SEC settlement on Oando’s share price in subsequent days.

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