The Nation Newspaper

Category: e-Business

  • Telcos lose N20b yearly to opex, arbitrary fees

    Telcos in Nigeria lose about N20 billion annually to punitive operating expenditure (opex) and multiple taxation and arbitrary charges, the Chief Executive Officer, Airtel Nigeria, Segun Ogunsanya has said.

    He has therefore urged the Federal Government to come up with a unified tax system to enable businesses and investors know what taxes are supposed to be paid to the government.

    Ogunsanya who spoke in Lagos at CEO Forum organised by Business Day said it is estimated that increased operating costs and lost revenue costs around N9billion each year to the telecoms industry or about N20billion if most of the arbitrary fees/charges in some key states are upheld.

    He said the government should unify taxes under one code and also bring to book vandals who deliberately destroy telecoms infrastructure.

    With Nigerian Telecoms Industry: Five Years Ahead, as the theme of discussion at the forum, he noted that strong growth is expected from the mobile financial services over the forecasting period and operators should ensure they are able to offer products to the large unbanked population of Nigeria, while growing demand for mobile apps and e-commerce will have a positive knock-on effect on mobile operators.

    According to the Airtel CEO, Nigeria offers exciting opportunities for telecoms investors as a large population with rising incomes position the country as one of the most attractive destinations for investment on the African continent.‘

    He said the country has massive bandwidth capacity from the four undersea cables that is yet untapped, arguing that the capacity from these undersea cables will provide opportunities to domestic and international investors to take advantage of the growing broadband and data industry.

    But for the industry to attain its full potentials, he said key bottlenecks must urgently be removed telecoms industry to reach its full market potential. He listed these issues to include spectrum availability and adequacy, government commitment to the National Broadband Plan (NBP), tackling multiple-taxation, reliable and cost-effective power supply, protection of telecoms infrastructure from vandalism and resolving restrictions on telcos’ activity in mobile money.

    He said due to explosive growth in mobile data traffic, operators require more spectrum to support this growth, adding that there is an urgent need to expedite the release / award of frequency to operators as this will facilitate industry development.

    Ogunsanya also decried the incident of multiple-taxation, lamenting that revenue loss from idle or shut down base stations represents the main source of negative impact of multiple taxation and network vandalism for the industry. Between two and three per cent of Nigeria’s sites are affected by arbitrary shutdown and vandalism at any given point in time, he lamented.

  • ‘How to achieve gender parity in ICT’

    Phase 3 Telecom has urged parents/guardians, private and public institutions to expose girls to information communication technology (ICT) tools in their early stages to enable them appreciate and pursue careers in the industry. It said it is only by doing so that the current gap between male and female ICT professionals could be bridged and gender parity achieved.

    Its Chief Executive Officer, Mr. Stanley Jegede who spoke during this year’s Girls in ICT Day, argued that early education, digitalised training as well as developing technology skills for women and harnessing those skills promptly is critical to Africa’s rapid socio-economic development and sustainability.

    He said: “One of the key elements in addressing poverty is the empowerment of women. There is no better way to do this than ensuring the sustained representation of women in the world of technology to aid rapid socio-economic development of the African continent.”

    He maintains that this and building a crop of young African girls to actively participate and compete in the evolving digital world as well as innovative global ICT space; is the basis for Phase3 Telecom’s commitment to continue to support the International Girls in ICT Day initiative.

    Jegede expressed optimism that the global ICT evolution will gain greater momentum in Africa as more and more institutions and agencies advocate ICT skills for women on the continent. He believes that “young African girls must be encouraged early to see the advantages and dividends of the dynamic and fast-evolving ICT sector”.

    Phase 3 Telecom collaborated with e-Business Life Communications to mark this year’s edition of the globally celebrated International Girls in ICT Day which is an initiative of the International Telecommunication Union (ITU).

    With Expanding Horizons and Changing Attitudes as its theme, the initiative is a global effort to raise awareness on empowering and encouraging girls and young women to consider studies and careers in ICTs. To date, over 111,000 girls and young women have taken  part in more than 3,500 events held in 140 countries around the world.

    Jegede praised the commitment of eBusiness Life to ensuring the programme holds year-on-year to mentor and support girls who have keen interest in walking the ICT career path whether in engineering, design, operations or research. It is notable that in West Africa, women are significantly under-represented across the board in ICT sector – from education and training programmes right through to high level careers both in the academia or industry.

    Managing Director of eBusiness Life Communication Mrs. Ufuoma Emuophedaro said the need to sensitise young girls is premised on the fact that society has unconsciously promoted the stereotypical ideals that technical discipline, especially ICT-based careers, are best suited for the male gender.

    She said efforts should be made to introduce young girls to career opportunities in technical fields in both the public and private sectors to help them have a wider range of options and contribute their quota to the industry and in the development of the economy. She added that the ICT Girls’ Day workshop and attending campaign will further open up opportunities for girls in the sector.

  • ‘Local capacity devt vital for industry growth’

    ‘Local capacity devt vital for industry growth’

    Etisalat has said the development of indigenous capacity in the telecoms sector is important if the gains made so far would be sustained.

    The telco said it realised this early enough and had since taken steps in that direction, promisng that it will continue do more to help train the requisite man power to grow the sector.

    Its Public Relations Manager, Chineze Amanfo, who spoke in Lagos during the quarterly seminar organised by the Nigeria Information and Communications Technology Reporters’ Association (NITRA) which the telco supported, said no nation develops without first developing its manpower requirements.

    She said it was in the realisation of this that the telco in May 16, 2013, introduced the Masters in Telecommunications Engineering Programme at the Ahmadu Bello University, Zaria.

    According to her, the Etisalat Telecoms Engineering Programme, a Master’s Degree course in Telecommunications Engineering run at the Ahmadu Bello University (ABU), Zaria, provides training and exposure to about 20 students annually.

    To provide the  needed local expertise to sustain the initiative, Etisalat also sponsors four lecturers to study for a PhD in Telecommunications Engineering at Plymouth University, United Kingdom (UK).

    As a demonstration of its commitment to celebrate excellence, she said the telco  also takes the top three students of the programme on an all-expense paid trip to Dubai for training at the Etisalat Academy to allow the students to have practical experience of what they have learned in the classroom.

    According to her, other initiatives directed at developing local man power through education include the Adopt-a-School programme in collaboration with the Lagos State government. Under the initiative, Etisalat adopted three schools namely, Akande Dahunsi Memorial Secondary School Ikoyi, Edward Blyden Primary School Okesuna and Rabiatu Thompson Primary School, Surulere in Lagos State.

    According to Amanfo, Etisalat has also been at the forefront of promoting local innovation in the telecoms industry, and promised that the company would do more in engendering participation in local innovation, especially now that the subscriber number across all networks is increasing daily, with its current figure put at 142 million active subscribers. She emphasised the need to further grow the telecoms sector through capacity building and local innovation solutions.

    Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Eugene Juwah, who was represented at the seminar by NCC Commissioner, Dr. Mike Onyia, said: “From a regulatory point of view, innovation is key to the telecom industry. After the initial discoveries and development in the telecom sector, it is innovation that has catapulted growth in the sector to the height that it is achieved today. Innovation in the industry is also an attribute that is not exclusive to nations or states. The ready examples of uncountable number of apps developed in different parts of the world, riding on all available networks or platforms, shows that innovation is driving the industry.”

    According to Juwah, the Commission has adopted technology neutrality in its licensing process. The reason for this is to provide opportunity for creativity and innovation in the provision of services. Restriction of service to specific technologies may not allow for innovation.

    Provision of choice with the entry of multiple providers, and encouraging competition using regulatory tools is also designed to encourage

  • Technology, integrity gave Buhari victory, says Zinox chief

    The deployment of the tools of information communication technology (ICT) to the last general elections and the integrity of the chairman of the electoral umpire, the Independent Electoral Commission (INEC), have been identified as the two factors that aided the transparent victory of Gen Muhammadu Buhari (rtd) at the polls.

    Chairman, Zinox Group, Chief Leo Stan Ekeh said the adoption of card readers which reduced very significantly incidences of rigging, impersonation, multiple voting and other electoral vices paved the way for the peaceful conduct of the election.

    He added that the personal integrity of the INEC chair, Prof. Attahiru Jega went a long way in lending credibility to the process while helping the nation to avert a needless electoral crisis.

    Ekeh, who is chairman of the biggest ICT group in sub-Saharan Africa and who has been at the vanguard of the campaign of digital technology adoption in Africa, spoke in Lagos.

    Ekeh urged improvement on the card reader technology to graduate to a more innovative level such as electronic voting as a means of eliminating fraud in the electoral process.

    He said: “Innovation is very important; we must embrace technology in every facet of our nation-hood to make this a reality. The just concluded elections went a long way in improving voters’ confidence in the process and this was due to the adoption of card readers and the personal integrity of Prof. Jega which saved the nation from crisis which could have resulted from an otherwise flawed process.

    “However, we must keep our fingers on the handle of innovation to build more credibility in the system. In future elections, the option of electronic voting could be considered as this will definitely put paid to various forms of rigging. This will help create a situation where over 95 per cent of the electorate will begin to accept the outcome of an election as representing the will of the majority.”

    Ekeh, whose Zinox Technologies demystified electoral registration for the 2007 and 2011 polls with the supply of computers and card readers which aided the building of a voter database for INEC, also urged government to give the youths freedom to succeed through technology.

    He said: “Technology helps unleash skill and style to the world and anyone who fails to embrace it runs the risk of being left behind. We must encourage the younger generation to achieve global success through technology.

    “With the enabling environment and right policies by government, we can create many more billionaires of the calibre of Aliko Dangote and Mike Adenuga from our youths and the multiplier effects on our economy will go a long way in creating wealth and more jobs for a lot more people.”

  • Smartphone users and battery headache

    Smartphone users and battery headache

    Since the liberalisation of the telecoms sector over a decade ago, subscriber figures have risen to nearly 150 million over the period. Feature phones have given way to smartphones. Social media platforms too have grown with huge data generation. In all these, battery life of smartphones has become a big headache as a result of  power challenges. LUCAS AJANAKU writes on how subscribers are coping. 

    Praise Kokumo was stranded at Oshodi Bus Stop a few weeks ago. She had an important meeting to attend at Obalende on Lagos Island and was pressed for time. Desperate to leave the bus stop notorious for harbouring all manners of characters, ranging from pick-pockets to petty thieves, she flagged down a private car. The driver, a reporter, offered her a ride.

    No sooner had she settled in the car that she reached for her bag,  unzipped it and brought out a mobile phone car charger. “Sir, if you don’t mind, I’d like to charge one of my phones. I use three mobile phones and all the batteries have gone down. I couldn’t get fuel to run my generator and charge them. That is the condition we find ourselves now,” she told the reporter.

    The reporter was bewildered because for one, she does not own a car. Even if she owns one, since she was not driving, she was supposed to leave the charger in the car.

    Kokumo is not alone.  Ask smartphone users in the country to list three things they do not like about their phones, there are chances that one will be battery running down far too quickly.

    A friend recently narrated the story about his Nokia 3310, which he misplaced somewhere in his home in 2001. He later discovered it two weeks later and was shocked that its battery still had two bars left on it.

    In Nigeria, many people seem to have resigned to charging their smartphones every day, plugging it overnight for it to be ready the following morning. People have even identified this and have taken advantage of it to come up with power bank. So, while the phone is being charged, the power bank too is charged along so that when the phone runs out of battery, they resort to the power bank. To those, who like going out light, power bank is certainly an additional burden.

    In time past, BlackBerry phones battery often lasted for between three and four days between charges. The situation has since changed, no thanks to its a failed attempt to ape Apple and Android.

    Phone users will certainly never get back to that “last-all-week” stamina of pre-smart handsets. Battery life has become quite miserable nowadays for users.

    According to PC Pro, an online ICT industry platform, when choosing a new phone, there are a few things one should consider in order to get as much runtime as possible.

    The first, pretty obviously, is to pick the phone with the biggest battery.

    Most manufacturers seem to be in a race to produce the slimmest units possible. For example, each new iPhone is always a little slimmer than the previous one – but as the phone becomes slimmer, so does the battery inside.

    A few manufacturers have tried to buck this trend, such as Motorola with its various Maxx handsets, which avoids svelteness for stamina; for example, the recent Droid Maxx has a 3,500mAh battery beneath its back cover. Unlike some of the earlier Maxx phones, the Droid Maxx isn’t particularly porky at 8.5mm thicker than the ever-popular Samsung Galaxy S4 (7.9mm).

    This ability to fit bigger batteries into more recent phones is also partly due to larger screens – as they become bigger, there’s more space behind them for a battery. HTC’s One max, which has a whopping 5.9in screen width, packs a 3,300mAh battery.

    Of course, there’s a trade-off for having a bigger screen. More pixels require more battery juice to switch on and off, and the bigger graphic processing unit (GPU) is needed to keep those pixels updated also uses more power.  A GPU is a single-chip processor that creates lighting effects and transforms objects every time a 3D scene is redrawn. A bigger screen will also need a bigger backlight, making it tricky for handset manufacturers to achieve the right balance.

    Extended battery

    According to PC Pro, if there’s a particular phone you’re after that doesn’t have a huge battery, all is not yet lost. So long as that phone battery is replaceable, there’s always a chance that an enterprising manufacturer will have produced an extended replacement.

    If there’s a particular phone you’re after that doesn’t have a huge battery, all is not yet lost

    Usually these will be physically larger than the original, so they’ll ship with a replacement back cover for the phone housing a bulge to accommodate the extra bulk.

    It is reported that such a battery has been successfully fitted to the Samsung Galaxy S4 with excellent result.

    An alternative solution, however, is to carry a rechargeable battery pack, which is though burdensome along so that one can top up the mobile phone if it gets low and there is neither the charger nor the electricity supply from the national grid.

    Another alternative is the use of solar-powered chargers. This would have been most appropriate for Nigeria being in a tropical climate, it is however not popular as the manufacture of solar-powered chargers have not been manufactured on an industrial scale in the country. The few available are mostly corporate gifts.

  • Mobile money remittances to Nigeria, others to hit $33b

    Mobile money remittances to Nigeria, others to hit $33b

    Global remittances will grow slowly this year, but accelerate again between next year and the year after. However, remittances are projected to reach $586 billion, at a slower growth rate of 0.4 per cent due to economic conditions.

    In  sub-Saharan Africa, Kenya has  shown strongest growth. Remittances to the continent are projected to grow by 0.9 per cent to reach $33 billion this year while the stagnation in remittances to Nigeria was offset by strong growth in Kenya (10.7 per cent), South Africa (7.1 per cent), and Uganda (6.8 per cent). Last year, Kenya received $1.5 billion in remittances.

    According to a World Bank data on the state of global remittances (Migration & Development Brief) analysed by online money transfer service WorldRemit, remittances are however, expected to accelerate again to reach an estimated $636 billion in 2017.

    Fees remain far too high: the average cost of sending $200 to sub-Saharan Africa remains at 12 per cent (far off the G20’s target of five per cent); largely due to the cost of bricks-and-mortar agent  networks of traditional firms.  There is a huge potential for mobile technology to reduce costs on both the send and receive sides, the global lender report indicated.

    Reading these findings in conjunction with a recent report by the Global Service for Mobile (Communication) Association (GSMA) 2014 State of the Industry Report on Mobile Financial Services, Mobile Money will grow to play a huge role in remittances and help to bring down fees:

    Global Mobile Money usage is exploding: 261 mobile money  services are now live across 89 countries with 103 million active users as of December last year. More than half of these services currently in operation are in sub-Saharan Africa. 90 per cent of money transfers to Kenya on WorldRemit go to MPesa mobile wallets.

    Mobile Money helps to reduce remittance fees: the GSMA reports that the median cost of sending $100 via Mobile Money is $4.0, less than half the average cost to send money globally via traditional money transfer channels.

    Mobile Money remittances are growing fast with last year witnessing a steep increase in the number of international remittances via mobile money. The value of Mobile Money remittances represents a tiny fraction of total flows, but was the fastest growing of all Mobile Money services last year.

    One in five international remittance transfers to mobile money accounts in December last year went via WorldRemit. Mobile Money is WorldRemit’s fastest growing receive method.

  • Broadband is next ICT industry revolution, says NCC

    The Nigerian  Communications Commission (NCC) has said the next revolution in the information communication technology (ICT) sector is broadband, adding that its availability and affordability will have multiplier effect on the economy.

    Its Deputy Director, Projects, Bashir Idris, who spoke on the sideline after receiving Government Agency of the Year Awards on behalf of the Executive Vice Chairman/Chief Executive Officer of the Commission, Dr Eugen Juwah in Lagos, said with the level of support the regulator has received from stakeholders, the broadband revolution will be fruitful in the coming years.

    He said the revolution will benefit the entire Nigerian populace as it will open up new vista of opportunities such as job creation, health, agriculture and so many others.

    He said the NCC will not relent in its efforts at ensuring that subscribers get the full value for their money through improved quality of services. “Subscribers should expect quality service provision, improved service quality, pursuit of broadband development, which is the next phase of our development,” Idris said, adding that companies are already keying into the broadband revolution.

    “In the next couple of years, there will be pervasive broadband and the consumers will be the best for it because they will be able to do whatever they want to do easily and affordably,” he said.

    He said it is a thing of joy to be recognised as it is a sign that efforts of the NCC at providing level playing field for all the operators and encouraging innovations are being acknowledged, adding however that the regulator will not be carried away by the awards but would remain focused to ensure that it delivers on its core mandates.

    He said: “It is gladdening to be recognised. It is however not going to be our limit as we will continue to do more. We will continue to strive to beat what we have achieved so far. I must add that the achievement of the industry is a function of the cooperation of all the stakeholders in the industry. This has made the agency to be of foremost recognition both in the country and outside the country. We thank the operators and service providers for cooperating with the NCC by ensuring that the rules are obeyed so that we have less friction in the industry.”

    The event was largely attended by telecommunication experts including Chairman of Teledom International, Emmanuel Ekuwem; Managing Director of VDT Communication, Biodun Omoniyi; Chairman of Association of Licensed Telecom Operators of Nigeria (ALTON) Gbenga Adebayo; while CEO of Zinox Technologies, Leo-Stan Ekeh chaired the event.

    DHL, Unified Payments, Jumia, GTBank, Vodacom  Business also won in different categories at the award.

  • Reasons Nigerians ‘prefer’ Paypal

    Reasons Nigerians ‘prefer’ Paypal

    Since mid-2014 when PayPal, an online payments system was launched in Nigeria, online money transfer service has undeniably improved – a study proves.

    The study has it that the launch of PayPal introduced a more secured way of transacting businesses in a simpler and more flexible manner across borders; opening up a world of shopping possibilities for Nigerian consumers.

    According to the study, PayPal gives people better ways to connect to their money and to each other, helping them pay online bills without sharing financial information with sellers.

    The study conducted in Nigeria by Ipsos – a global market research company, shows an expectation by Nigerian consumers to conduct more shopping online.

    “Out of the approximately 50 million internet users in Nigeria, 65% of users already shop online and another 24% of users expect to do so in the nearest future.

    These numbers clearly demonstrate that Nigerians have a big and growing appetite for E-commerce,” the study observed.

    It further highlighted 5 reasons Nigerian consumers choose PayPal and use it for online shopping to include:

    1. It is a more secured way to pay online

    When you make a payment with PayPal your financial details are not shared with the seller. This gives you more control over your financial information and provides you with an extra layer of security.

    2. The benefit of PayPal Buyer protection

    The online payment platform also protects eligible purchases with PayPal Buyer Protection. If an eligible item doesn’t show up, or turns out to be different from what was described, PayPal can help sort things out with the seller. It is included in its Terms and Conditions.

    3. Shop on thousands of website around the globe

    PayPal, established in 1998 in California has proven to be a truly global payment platform that is available in about 203 countries and markets.

    You no longer need to book a flight ticket to shop worldwide as PayPal is an accepted form of payment on thousands of websites around the globe and countries you do not necessarily need to go.

    4. Online shopping made easier

    Online payments using PayPal makes your life easier because when checking out with your PayPal account, you do not need to type in all your credit card details and shipping information for each transaction- everything is already stored in your PayPal account and kept secured.

    All that is needed is a PayPal account’s email address and password and the shopper will get through the checkout in no time.

    5. Free to sign up

    Interestingly, signing up for PayPal is free and it is a breeze. All that a shopper needs to do is follow the steps on the website which are to sign-up, choose country, enter identification details, enter card details then click continue. Lastly, go your email to confirm the mail from PayPal.

    The online payment system serves as electronic alternatives to traditional paper methods like checks and money orders, which is currently one of the world’s largest internet payment companies.

    The company operates as an acquirer, performing payment processing for online vendors, auction sites and other commercial users, for which it charges a fee.

  • Infrastructure, others stalling payments’ digitalisation

    Global lender, the World Bank, has identified dearth of infrastructure, low awareness and security concerns as factors stalling a paradigm shift to digitising payments and shifting cash payments into accounts in Nigeria and other parts of the world.

    It said moving from cash-based to digital payments has many potential benefits, for both senders and receivers, stressing that it will not only  improve the efficiency of making payments by increasing the speed of payments and by lowering the cost of disbursing and receiving them, but it could enhance the security of payments and thus reduce the incidence of crime associated with them.

    Digital payments, it is argued, can increase the transparency of payments and thus reduce the likelihood of leakage between the sender and receiver

    In its latest report titled: The Global Inclusion (Global Findex), which was carried out in partnership with the Gallup World Poll, with funding from the Bill & Melinda Gates Foundation, the global lender said: “Shifting to digital payments can also provide an important first entry point into the formal financial system, which can lead to significant increases in savings and the substitution of formal or informal saving.”

    It lamented that there were still obstacles to payment digitisation. It identified challenges to digitising payments to include making up-front investments in payments infrastructure, ensuring that recipients understand how accounts work and can be accessed, and taking steps to guarantee a reliable and consistent digital payments experience.

    “Also important is to educate new account owners on the basic interactions involved in a digital payments system—using and remembering personal identification numbers (PINs), understanding how to deposit and withdraw money, and knowing what to do when something goes wrong. Moreover, the benefits of moving cash payments into accounts are realised only if sending or receiving payments electronically is at least as easy, affordable, convenient, proximate, and secure as doing so in cash,” it said.

    The report, however, showed that the adoption of mobile money in Nigeria and other parts of the world has tremendously reduced the number of unbanked adults and promoted Financial Inclusion, stressing that between 2011 and last year, 700 million adults globally became account holders. The number of adults without an account—the unbanked—dropped by 20 per cent to two billion. Globally, 62 per cent of adults have an account, up from 51 per cent it was in 2011.

    The global lender said this is a good development as it is a manifestation of growth in Financial Inclusion, which it said has been broadly recognised as critical in reducing poverty and achieving inclusive economic growth. “Financial inclusion is not an end in itself, but a means to an end—there is growing evidence that it has substantial benefits for individuals. Studies show that when people participate in the financial system, they are better able to start and expand businesses, invest in education, manage risk, and absorb financial shocks,” the report read in part.

    It said access to accounts and to savings and payment mechanisms increases savings, empowers women, and boosts productive investment and consumption, adding that access to credit also has positive effects on consumption—as well as on employment status and income and on some aspects of mental health and outlook.

    “The benefits go beyond individuals. Greater access to financial services for both individuals and firms may help reduce income inequality and accelerate economic growth. Informed by a fast-growing body of knowledge and experience, policy makers and regulators are beginning to make expanding financial inclusion a priority in financial sector development.

    “An increasing number of national governments are introducing comprehensive measures to improve access to and use of financial services. Among bank  regulators in 143 jurisdictions, a recent survey  found, 67 per cent have a mandate to promote financial inclusion,” the global lender said.

    It said international organisations, including the G-20 and the World Bank, are also beginning to formulate strategies to promote financial inclusion. In recent years more than 50 countries have set formal targets and ambitious goals for financial inclusion.

  • NCC eyes N30.4b from levy, licensing

    Regulator of the telecoms sector, the Nigerian Communications Commission (NCC) is targeting N30.4 billion from telcos and other investors that will be interested in investing in the economy this year.

    This is contained in this year’s N60.2billion budget of the regulator, approved last week by the lower legislative chamber, the House of Representatives.

    According to a breakdown of the budget, the revenue component showed that the regulator is expected to make N2.4 billion as licensing fees while it is looking at making another N28.9 billion from the annual operating levy (AOL) paid by incumbent carriers in the country.

    But the continued postponement of the licensing round for the 2.6Gigahertz (GHz) spectrum and hanging fate of the country in meeting the International Telecommunications Union (ITU’s) deadline for analogue switch-off, may make this a wishful thinking. This is because the spectrum that would be freed as a result of the migration would be handed over to the telecoms sector, which NCC will hopefully auction to meet the revenue target.

    The NCC is also targeting N5.2 billion from spectrum fees while another N5 billion will come from Numbering Plan. It also expects to raise N2.5 billion from Sundry Income just as it looks forward to making N5 billion from what it described as Investment Income.

    In the projected N51.2 billion revenue, N9 billion was brought forward from last year to put the regulator’s available total revenue at N60.2 billion for this year.

    On the recurrent expenditure side, from N16.2billion, N80 million is for establishment costs; N10.677 billion goes for staff and other costs while N823.927 million is for Travel costs. Operational costs gulps N3.151 billion; N1.508 billion for Administrative Costs and N1 million for bank charges.  N10 million is also meant for development/acquisition of document management system; N10 million is for e-documents and archiving, while another N10 million was provided for same project. N10 million is for implementation of automated e-filing and electronic document management system; N20 million is for procurement of new ICT tools and accessories

    N3.2 million has been earmarked for cash counting machine, N20 million for CCTV and installation of photocopy machines, which is N8million higher than the approved estimate of N12 million in 2014.

    Document digitalisation and archiving system will swallow N10 million while N40 million is for project management system (consultancy and software applications) including training.