Telecommunication operators have appealed to subscribers to support the recent tariff hike by the Nigerian Communications Commission (NCC) in the interest of the sector, the economy and all stakeholders.

The president of the Association of Licenced Telecommunication Operators of Nigeria (ALTON), Mr Gbenga Adebayo, made this appeal at an event tagged Forum with Telcoms CEOs’ over the weekend in Lagos.

The programme was held as part of stakeholders’ engagement following the recent 50 per cent hike in tariffs by the industry regulator, the first time since 2013.

Mr Adebayo said that the industry’s sustainability was crucial to driving the economic and essential infrastructure, noting that it had been a long journey for all in the sector and that the tariff hike was for the good of the economy.

“You may observe that in all the conversations we have had, and in responding to all the brilliant questions that have been raised here today, we have not spoken about profit.

“So, we have been talking about industry sustainability so that we can continue to be the driver of the economy and the development of infrastructure.

“My appeal is that subscribers are the reasons why we are in business, we would not be having this conversation if we do not have the subscribers interest at heart,” he said.

Mr Adebayo assured subscribers that the new tariff regime would bring about improved services, more understandable pricing and increased support for the economy, saying that the dynamics that led to the recent tariff review were influenced by various factors, including the price of diesel among others.

He said that if those factors were to change rapidly, the industry would also be forced to review its prices again.

On the issue of price control, he said that it would not benefit anyone, citing the example of the electricity sector where price control had not yielded the desired results.

Mr Adebayo also said that leaving tariffs to market forces would ultimately benefit subscribers, as long as there were no interference that could disrupt the market.

Also speaking at the event, the Chief Corporate Relations Officer of the NCC, Mr Tobechukwu Okigbo, attributed the collapse of prices in the telecoms sector to the regulatory efforts of his organisation.

Mr Okigbo said that the prices went down from N14,000 SIM to almost free SIM due to the work NCC had done over time, submitting that the regulator’s role in price control could be minimised if the industry were to reach a point where approvals were no longer required for every single issue.

The ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, has been slashed by the Dangote Petroleum Refinery by N60 per litre to from N950 to N890.

The private oil facility located in Lagos confirmed this development in the statement issued on Saturday night, noting that this crash in price is effective February 1, 2025.

It disclosed that the ex-depot price was crashed in a bold move to drive economic relief for Nigerians, adding that it is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.

Dangote Refinery said the price adjustment, which is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices, reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices, which currently is below $80 per barrel.

In the statement signed by the Chief Branding and Communications Officer of Dangote Group, Mr Anthony Chiejina, it was explained that this latest move follows a similar decision made on January 19, when a modest price increase was implemented due to rising crude oil costs.

However, with recent global market trends indicating a decline, Dangote Refinery has once again adjusted its pricing structure, providing relief to Nigerians.

The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy,” the statement said.

The refinery has also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.

“This collective initiative will contribute to the wider economic recovery plan led by President Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it added.

The last trading session of the week and January 2025 on the Nigerian Exchange (NGX) Limited ended on a negative note on Friday with a 0.24 per cent loss.

Selling pressure from investors taking profit contributed to the downfall of Customs Street during the session the market participants chew on the financial statements of companies on the exchange.

Yesterday, the banking counter depleted by 1.15 per cent, the energy space evaporated by 1.28 per cent, and the insurance sector fell by 0.48 per cent.

However, the consumer goods index appreciated on Friday by 0.78 per cent, and the industrial goods sector went up by 0.08 per cent.

At the close of business, the All-Share Index (ASI) was down by 240.31 points to 104,496.12 points from 104,744.43 points and the market capitalisation declined by N159 billion to N64.709 trillion from N64.868 trillion.

The market ended with 38 price gainers and 28 price losers, indicating a positive market breadth index and strong investor sentiment.

Oando topped the laggards’ group after it shed 10.00 per cent to close at N68.40, Stanbic IBTC depreciated by 9.94 per cent to N64.35, Ikeja Hotel shed 9.84 per cent to trade at N11.00, UPDC fell by 9.66 per cent to N1.87, and Regency Alliance slumped by 9.21 per cent to 69 Kobo.

Conversely, Beta Glass appreciated by 10.00 per cent to N71.50, Vitafoam Nigeria gained 9.98 per cent to trade at N31.95, Northern Nigeria Flour Mills increased by 9.98 per cent to N60.60, Chellaram expanded by 9.93 per cent to N6.53, and The Initiates rose by 9.90 per cent to N3.44.

A total of 1.3 billion shares worth N15.4 billion exchanged hands in 14,540 deals during the session compared with the 497.4 million shares valued at N11.8 billion traded in 13,716 deals on Thursday, representing a rise in the trading volume, value and number of deals by 154.37 per cent, 30.51 per cent and 6.01 per cent, respectively.

Secure Electronic Technology topped the activity chart with 599.5 million units worth N413.8 million, Japaul traded 108.4 million units valued at N237.6 million, FBN Holdings exchanged 85.5 million units for N2.5 billion, Veritas Kapital sold 67.3 million units worth 72.7 million, and GTCO transacted 32.7 million units valued at N2.0 billion.