Business

MTN Nigeria Renew License with N62.91bn, NTEL Spectrum

Published

3 years ago

May 10, 2023

499 Views

MTN Nigeria has fulfilled all conditions precedent to the license, including the payment of a total sum of N62.91bn as license renewal fee to the Nigerian Communications Commission (NCC), the lease of Natcom Development and Investment Limited’s (NTEL) spectrum.

According to MTN, the approval to lease the NTEL spectrum was for a 2 year period, effective from May 1, 2023.

MTN said the deal will enable the telecom company to lease two spectrums from NTEL (5HMz Frequency Division Duplex and 10MHz FDD) which it says covers 19 states in Nigeria, which cost a total of N4.25 billion, including taxes, regulatory fees, and auxiliary charges.

In a statement issued recently by its secretary, Uto Ukpanah, the company noted that it has also renewed its 2100MHz spectrum for a period of 15 years, effective from May 1, 2022, to April 30, 2037.

Ukpanah, who stated that the spectrum enables MTN Nigeria to continue to provide 3G services on its network, disclosed that the telecom company has paid N58.66 billion to the NCC.

Speaking on the development, MTN Nigeria CEO, Karl Toriola, said: “This is a significant milestone in delivering our Ambition 2025 strategy.

“The access to NTEL’S 90OMHz and 1800MHz spectrums broadens our spectrum holdings and improves our 3G and 4G user experience as coverage and capacity will be enhanced by utilising these spectrums.”

Business

BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

14 hours ago

June 30, 2026

Charles Flames

26 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

18 hours ago

June 30, 2026

OCHEFA

25 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”