Business
FG Says “No to 100% Tariffs Hike by Telcos”
“I know that Nigerians are agitated to hear the exact percentage approved. There are still some stakeholder engagements that we are going through, but you will hear from us within a week or two.
The Federal Government has approved the planned hikes in telecom tariffs by MTN, Airtel, Globacom, and 9mobile, but it will not be the 100 percent that telecom operators are pushing for at the moment.
This was the outcome of a stakeholders’ meeting with Mobile Network Operators (MNOs) with the Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, on Wednesday in Abuja.
The Minister disclosed during the consultations and engagements meeting that the Nigerian Communications Commission (NCC), would soon approve the new tariffs and make it public to Nigerians.
He said: “You have seen over the past weeks that there has been agitation from some of these companies to increase tariff. They are requesting for 100 percent tariff increase.
“But it will not be by 100 percent. We are still looking at that study and NCC will come up with a clear directive on how we will go about it.
“We want to strike the balance as a government to protect our people, but also protect and ensure that these companies can continue to invest significantly.
“We need to ensure that as a sector, we get our acts together, ensure that from the regulation side, we put the right regulations in place that can ensure the growth of this sector.”
The Minister also noted that the Federal Government would no longer leave investments in infrastructure in the sector to private companies alone.
As a country, over time, we have left these investments in the hands of the private sector. They typically invest where they can see returns in the short to medium term.
“We will not want this conversation to just be about tariff increase. I think what the world is talking about today is meaningful connectivity.
The Executive Vice-Chairman (EVC) of the NCC, Dr Aminu Maida, said that the meeting with stakeholders was about the sustainability of the industry.
“We have looked at all of these factors, and that is why, as the Minister said, it is not likely that we are going to approve a 100 percent tariff increase.
“I know that Nigerians are agitated to hear the exact percentage approved. There are still some stakeholder engagements that we are going through, but you will hear from us within a week or two.
” He said that the NCC had put some tools and instruments into place by revising its quality of service regulations for compliance service quality. He said that the MNOs must comply with simplified templates to show Nigerians charges per minute for voice calls, SMS, and a megabyte of data.
We are moving away from the regime where you will have a main rate, then you will now have a bonus which is at a different rate.
“It makes it often complicated for Nigerians to understand what they are being charged for.
“This is one of the things when we took a lot of time over the past year looking at data there is this agitation that the MNOs are stealing our data,” he said
The CEO of Airtel Nigeria, Dinesh Balsingh, represented by Femi Adeniran, Airtel media spokesperson, noted that for the telecoms commitment to delivering superior connectivity and fostering digital inclusion, there is need for tariff increments.
“The economic realities of rising operational and capital costs necessitated the proposed tariff adjustments.
This is aimed to ensure the long-term sustainability of the sector while unlocking significant benefits for Nigerian consumers,” he said.
Business
Naira Exchange Rates Thursday, 5 Nov 2026
BLACK/ PARALLEL MARKET RATES
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₦1830POUND (GBP)
₦1515 EURO (EUR)
₦950 CANADIAN DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED
₦190 Chinese YUAN (CNY)
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West African CFA ₦2240 (XOF)
Central African CFA ₦2180 (XAF)
₦820 Australian Dollar AUSSIE (AUD)
Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
Business
Naira Exchange Rates Wednesday, 4 Nov 2026
BLACK/PARALLEL MARKET RATES
1390DOLLAR (US
₦1835POUND (GBP)
₦1510EURO (EUR
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 West African CFA F.(XOF)
₦2200 Central African CFA F.(XAF)
₦850 Australian Dollar AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
DOLLAR (USD)₦1346.93
POUND (GBP)₦1807.72
EURO (EUR)₦1512.26
SWISS FRANC (CHF)₦1644.21
JAPANESE YEN (JPN)₦8.52
West African CFA FRANC (XOF)₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03
CHINESE YUAN (CNY)₦201.92
SAUDI RIYAL (SAR)₦359.15
SOUTH AFRICAN RAND (ZAR)₦81.37
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