Skip to main content

NCC Begins Financial Checks Of Telcos; Directors To Serve Only 15 Years

The Nigerian telecom regulator, Nigerian Communications Commission (NCC) has begun a regime of checks on operators in the telecom sector to ensure strict compliance of best practices through a Code of Corporate Governance which became active in November 2016.

This is one of the measures by the commission to engender consumer satisfaction, industry resilience, accountability and sustainability of businesses in the sector which now contributes a huge chunk to the nation’s GDP.

As part of the new push, NCC has sent out a team of chartered accountants to check the financial status of telcos as well as their technical well-being including network integrity. Using four key performance indicators (KPIs), the commission said it was all in line with the dictates of the new Code made public Tuesday to stakeholders.

After the financial meltdown which hit Etisalat (now 9Mobile) in which syndicated loans from a  consortium were not serviced as at when due, the commission said it would be indirectly minding how funds are managed by the operators especially since some of the funds were funds from the subscribers through recharge.

Principle 11.9 of the Code states: “To ensure continuity and injection of fresh ideas, a Director may serve on a Board for a period of three3) terms of five(5) years each. No Director shall on any Board for a period exceeding a total number of 15 years.

“Subject to satisfactory performance and the provisions of CAMA, all Directors shall be submitted for re-election at regular intervals of five years. In order to guide decision of shareholders, names and sufficient biographical details of Directors nominated shall be accompanied by performance evaluation statement and any other relevant information”.

The Executive Vice Chairman of the NCC, Professor Umar Danbatta, said the Code was not to stifle innovation and growth among operators but to ensure sustainability and conformity to best practices by operators. He explained that the regulator was not interested in sanctions but that sanctions only apply as a last option when other advisory roles of the commission were not adhered to by any operator.

“We want to ensure that things are done the right way; that the books are transparent and that new ideas are injected by new and younger Board members at all times to complement the experience of the older Board members”, Professor Danbatta said.

The Nigerian telecom sector has attracted foreign direct investment in excess of $68 billion since 2001 and participants at the workshop in Lagos said there was the need to protect such investments and even grow it through adherence to global best practices.


SOURCE: https://brandspurng.com/aftermath-of-etisalat-fiasco-ncc-begins-financial-checks-of-telcos-directors-to-serve-only-15-years/
Post a Comment

Popular posts from this blog

FG and labor leaders to meet today over planned strike action against increased pump price

The Federal government, leaders of the Nigeria Labor Congress NLC ‎and Trade Union allies will be meeting today May 16th to discuss on the planned strike action by the Labor congress. The labor leaders on Saturday May 14th gave FG till midnight of Tuesday May 17th to revert to the old pup price of petrol of N86.50 or face a total strike that may begin on Wednesday May 18th.

The Federal government and Labor leaders' meeting will hold at the office of the Secretary to the Government of the Federation in Abuja by 10am..

Those expected at the meeting include Minister of Labor Chris Ngige, leaders of NLC, TUC, Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, and their Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN counterpart.

TRAGEDY IN GHANA-Police officer, pregnant wife, daughter perish in gory accident,new born baby survives

A Police officer, his pregnant wife, their 3-year-old daughter and their nephew died in a horrible accident on the Adabraka road Sunday dawn.

The Police officer identified as Sergeant Francis Essuman 42, with his nephew Kobby 21, and their daughter Wilhelmina 3, were accompanying his pregnant wife, Elizabeth Essuman, 36, to the hospital to deliver when the accident occurred.

According to Chief Inspector Lilly Rockson in an interview with Adom News said, the pregnant woman delivered a bouncing baby boy in the taxi half way to the hospital prompting them to panic.

In a bid to quickly get her to the hospital to avert any complications, the taxi driver was compelled to speed but ended up crushing into a Sprinter bus which was on top speed from Tudu in Accra.

Title-crazy civil servants to go

Title-crazy civil servants are scared of being sacked, The Nation learnt at the weekend. Officials, who violated the Public Service Rule banning titles until after retirement, may be retired in the coming civil service reforms.
Only those whose titles were traditionally inherited may be spared but their postings and conduct will be put under watch.
According to sources, the government is disturbed that most of the top civil servants with honorary awards actually bought them at high fees.
The affected civil servants violated the rules which grants them the right to such honors only after retirement.
Besides committing the resources of Ministries, Departments and Agencies (MDAS) to such awards, most of the civil servants used the window to “grant favour to groups, persons, and communities in violation of their oath of office.”