Business
NCC orders telcos to block SIM cards 5 minutes after they are reported stolen
The Nigerian Communications Commission (NCC) has mandated that all telecommunications companies (telcos) block stolen SIM cards within five minutes of receiving a report from subscribers. The NCC also requires that no charges be incurred by the consumer for any usage of the stolen SIM after the report is made. This directive is part of the NCC’s recent publication, *Quality of Service Business Rules,* released in August 2024, which introduces new standards to enhance customer service in the telecommunications sector.
These guidelines establish minimum service standards, measurements, and key performance indicators (KPIs) for telecom operators. One of the significant requirements is that telcos must ensure subscribers receive assistance within 30 minutes of arriving at service centers. The NCC has also mandated that customers must be able to speak with a live representative within five minutes. The commission stipulated that call attempts to customer care lines should not exceed three, and the number of rings before a call is answered should be limited to five. If a customer opts to speak to a live agent, the maximum waiting time should be five minutes, with an option for a callback within 30 minutes if a live agent is unavailable.
Regarding internet services, the NCC has specified that internet outages should not exceed two hours, except in cases of lawful disconnection. The regulator also issued warnings about the deactivation of subscriber lines, stating that if a line remains inactive for a year without any revenue-generating activity, it is at risk of being blocked. Subscribers are advised to request line parking to prevent losing their numbers if they have valid reasons for not using their lines.
These measures are part of the NCC’s efforts to improve the quality of communication services in Nigeria by setting and monitoring performance standards for telecom operators.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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