The Nigerian Communications Commission, NCC, on Monday waded into the acquisition of Visafone by South African mobile giant MTN, saying the acquisition cannot be done without a public inquiry to enable stakeholders determine the future of Visafone in the overall interest of the industry.
The decision of the NCC to halt the acquisition followed a heated debate on the matter by representatives of major telecommunications companies in the country who made presentations during the stakeholders meeting at the NCC headquarters in Abuja.
The major industrial players present at the meeting were MTN Nigeria, Airtel Nigeria Limited, Glo Mobile Nigeria, 9Mobile Nigeria Limited and other telecommunication outfits.
The Executive Vice Chairman of the NCC, Professor Umar Garba Danbatta, said the NCC as a regulatory body for the industry considered it imperative to hold the public inquiry to give room for active participation and deliberations that would facilitate informed decision on the issue.
He drew the attention of stakeholders to the enabling law which empowers NCC to take decision on the transfer of license and resources, including the 800MHz Spectrum from Visafone Communications Limited to MTN Nigeria Communications Limited. Prof. Danbatta said : “ The Commission seeks your active participation in the deliberations that would lead to an informed decision consistent with our mandate to create an enabling environment for effective competition in the industry as well as to ensure the provision of qualitative and efficient telecommunications services throughout the country.
“As you may all be aware, the demand for Spectrum has increased due to emergence of disruptive innovations such as Mobile Broadband, Web Applications, Cloud Computing, Internet of Things (IOT) and the proliferation of smart devices among others. “Consequently, in order to reap the benefits of effective utilization of Spectrum as well as improve operational efficiency and regulatory excellence, the commission in accordance with its mandate as enshrined in the Nigerian Communications Acts NCA 2003 embarked on re-planning of some of its Frequency bands “Specifically in 2013 the commission re-planned the use of 800MTz band to accommodate technology development in the telecom industry and new Frequency Assignments were conveyed to the Operators according to their frequency holdings in the 800MHz band.
“Visafone is one of such incumbents on the Spectrum that got 10MHz FDD Assignments. Subsequent to the re-planning of the band Visafone wrote to the Commission requesting for transfer of its license including the 800MHz Spectrum to MTN” However, during their presentations the representatives of Airtel and 9Mobile opposed the plan to transfer the License of Visafone to MTN , insisting that MTN already had over 38 percent of Spectrum holding in the industry.
They argued that should the NCC concede to the transfer, the development would not only create a monopoly for MTN, but make competition difficult among industrial players while a lot of telecommunications companies would be permanently disadvantaged.
But the representatives of MTN argued that the acquisition would promote more investment in the sector in line with government policy for the deployment of broadband infrastructures especially to the rural areas more so when the enabling laws were not contravened.
Tier one bank, Fidelity Bank PLC, has been named “Nigeria’s Best Private Bank” at the prestigious Euromoney Awards 2025. The recognition was formally unveiled at the awards ceremony held recently at The Savoy in London. 
Access Holdings PLC (“the Group”) (Bloomberg: ACCESSCO), a leading African financial services group, today, announced its audited financial results for the full year ended December 31, 2024. The Group delivered 88% year-on-year growth in gross earnings, rising from N2.594 trillion in 2023 to N4.878 trillion in 2024. The strong performance was driven by diversified income streams, with interest income growing by 110% to N3.480 trillion and non-interest income increasing by 47.8% to N1.397 trillion, supported by robust retail banking activities, digital expansion, and a dynamic trading strategy.Profit before tax (PBT) increased by 19% to N867.0 billion, while profit after tax (PAT) rose to N642.2 billion, despite inflationary and macroeconomic challenges. Total assets grew by 55.5% to N41.498 trillion, and customer deposits rose by 47% to N22.525 trillion. Shareholders’ funds also increased by 72%, reaching N3.760 trillion.In 2024, the Group made significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades. Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, the Group reached over 21 million individuals across Africa. Its employee wellness programmes also covered 28,000 staff across operating entities. Access Bank, the flagship subsidiary, through its W-Initiative, disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.The Group’s efforts attracted prestigious recognition and awards, including three Euromoney Awards for Excellence (notably ‘Best Bank for ESG’); International Finance Award for ‘Most Innovative Bank for Community Development and Community Engagement’; and World Economic Magazine Award for ‘Most Sustainable Bank’.In terms of economic sustainability, Access Bank recorded strong strides through its Economic, Social and Governance (ESG) programmes. It facilitated $437.42 million in DFI inflows to support MSMEs across Africa, disbursed 1.6 million digital loans to low-income individuals, and booked its first N1.4 billion diaspora mortgage loan.The Group also achieved a 13.4% reduction in operational emissions, planted 57,302 trees, and enabled solar power adoption for 226 homes and businesses. Its headquarters was awarded the IFC EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for sustainable design and construction
L-R: Chairman, Access Holdings Plc, Aigboje Aig-Imoukhuede, CFR; His Eminence John Cardinal Onaiyekan; President of Dangote Group, Alhaji Aliko Dangote, GCON; Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR; Governor of Lagos State, Mr. Babajide Sanwo-Olu; and Governor of Delta State, Rt.Hon. (Elder) Sherrif Oborevwori, during the admission of Jim Ovia to the Freedom of the City of London in the United Kingdom, on Monday.
