Business
NCC Approves Disconnection of Exchange Telecommunications from MTN Network Over Unpaid Interconnect Charges
Published
2 months agoon

NCC Approves Disconnection of Exchange Telecommunications from MTN Network Over Unpaid Interconnect Charges
The Nigerian Communications Commission (NCC) has approved the disconnection of Exchange Telecommunications Ltd. from MTN Nigeria’s network due to the company’s failure to settle outstanding interconnect charges.
In a public notice issued on Friday, Reuben Muoka, the NCC’s Director of Public Affairs, announced that the disconnection would take effect within five days and remain in place until further notice.
“The Nigerian Communications Commission hereby notifies the public that approval has been granted for the disconnection of Exchange Telecommunications Ltd. (Exchange) from MTN Nigeria Communications Ltd. (MTN) as a result of non-settlement of interconnect charges,” the statement read.
Exchange Telecommunications Faces Regulatory Action
Exchange Telecommunications, which serves as a local and international interconnect carrier, had been notified of MTN’s application to disconnect its services and was given an opportunity to respond. However, the NCC concluded that the company’s explanation for its inability to pay the charges was inadequate.
The regulatory action is in line with Section 100 of the Nigerian Communications Act, 2003, and the Guidelines on Procedure for Granting Approval to Disconnect Telecommunications Operators, 2012.
Timeline and Implications
The NCC directed MTN Nigeria to cease routing voice and data traffic through Exchange Telecommunications five days from the date of the notice. The notice also stipulated that MTN would use alternative channels to ensure seamless interconnectivity with other network service providers after the disconnection.
“At the expiration of five days from the date of this notice, MTN will discontinue passing voice and data traffic through Exchange and will, thereafter, utilise alternative channels in interconnecting with other network service providers,” the NCC clarified.
Ensuring Regulatory Compliance
The disconnection underscores the NCC’s commitment to enforcing financial and operational obligations in Nigeria’s telecommunications industry. The commission reiterated the importance of interconnectivity standards to maintain uninterrupted services for consumers.
This move reflects the NCC’s role in upholding regulatory standards and ensuring that operators meet their obligations within the competitive and highly interconnected telecom sector in Nigeria.
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Sahara weekly online is published by First Sahara weekly international. contact [email protected]
Business
Why You Should Visit EMERALD GARDEN 🍃 SANCTUARY in Pretoria
Published
1 day agoon
March 5, 2025Why You Should Visit EMERALD GARDEN 🍃 SANCTUARY in Pretoria
Looking for the ultimate relaxation experience? Emerald Garden 🍃 Sanctuary offers a peaceful escape in the heart of Pretoria, where your body, mind, and soul can be rejuvenated. With a serene garden setting and a massage studio, you can enjoy treatments that soothe aches, relieve stress, and promote overall wellness.
🌿 A Massage for Every Need
From gentle Swedish massages (starting at R280 for 30 minutes) to intense Deep Tissue therapy (add R100 to Swedish rates), Emerald Garden ensures you get the pressure you need. Prefer something even more indulgent? Try a Hot Stone Massage (R500 for 60 mins) or the deeply relaxing Indian Head Massage (R300 for 30 mins).
👣 Holistic Healing for Body & Soul
Reflexology: Treat your feet and improve circulation with sessions starting at R200.
Reiki Healing: Balance your energy and reduce stress (R380 for 60 mins).
Crystal & Gemstone Energy Bodywork: A powerful 90-minute session (R700), with an optional Reiki add-on.
💦 Detox & Refresh in the Steam Room
Enhance your massage with a steam session (starting at R250 for 30 mins). Perfect for detoxing and relaxing muscles before or after a treatment. Just remember—book in advance, as it takes an hour to heat up!
🕯️ Unique Experiences for Deep Relaxation
Tantric Massage (120 mins @ R1450) for deep connection and healing.
Nurturing Touch Massage in a tranquil garden setting with a water feature (R300–R700, depending on duration).
Pedicure with foot spa & massage (R400 for 60 mins).
🦜 Flexible Hours for Your Convenience
Open daily from 9:00 to 20:00.
Early bird sessions available—just arrange in advance!
Book your session now with Daniëla 🙌🪶 at 078 317 2539 and let Emerald Garden 🍃 Sanctuary transport you to a world of relaxation and healing!
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Business
NNPC Reduces Petrol Pump Price to Match Dangote Refinery Amidst Market Competition
Published
2 days agoon
March 4, 2025NNPC Reduces Petrol Pump Price to Match Dangote Refinery Amidst Market Competition
The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump prices of Premium Motor Spirit (PMS) at its retail outlets to align with the rates set by the Dangote Petroleum Refinery, signaling a new wave of competition in the downstream sector.
Our correspondents confirmed that NNPC-owned retail stations in Lagos adjusted their petrol price to N860 per litre on Monday, a significant reduction from the N945 per litre charged the previous day. This price adjustment follows Dangote Refinery’s decision to reduce its ex-depot price from N890 to N825 per litre, which in turn brought the pump price at MRS filling stations to N860 per litre.
Although NNPC Retail has yet to issue an official statement regarding the price reduction, stations in Lagos confirmed the adjustment. NNPC spokesperson Olufemi Soneye neither responded to calls nor messages regarding the development.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Hammed Fashola, confirmed the price change, stating, “It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not been reflected on the portal, they told me they are working on updating it.”
Similarly, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), affirmed the development but mentioned that he was yet to receive full details.
Since December 2024, the Dangote refinery has led price adjustments in the Nigerian fuel market, frequently revising its rates based on market dynamics. Observers note that NNPC has been reactive to these changes, lowering its own prices whenever Dangote introduces a reduction.
Shift in Consumer Preferences
It has been observed that fuel queues, once common at NNPC stations, have now shifted to private retail stations such as MRS. This trend is attributed to the perception that Dangote-refined petrol lasts longer in fuel tanks compared to others.
A recent report by Energy Intelligence highlighted how the 650,000 barrels per day Dangote refinery has transformed Nigeria’s petroleum market. The report stated, “The refinery has broken state-owned NNPC’s tight monopoly on refining and products marketing in Nigeria and has structurally shifted Atlantic Basin gasoline balances, pressuring European margins.”
Currently, the Dangote refinery and the NNPC’s Port Harcourt refinery are the only active petrol producers in Nigeria. However, NNPC has clarified that it still procures petrol from Dangote Refinery for its Lagos stations and has not imported fuel this year but remains open to doing so if necessary.
Concerns Over Market Competition
While stakeholders have welcomed the price competition between Dangote and NNPC, concerns remain about the long-term implications. The IPMAN Vice President, Hammed Fashola, described the ongoing price war as beneficial to consumers but warned against monopolistic tactics.
“It’s a good development. I just hope they can sustain it. I pray it will not be a strategy to eliminate competitors. If sustained, it will ease the hardship in the country and benefit everyone,” Fashola remarked.
In a surprising move, Dangote Refinery also announced a refund of N65 per litre for marketers who had purchased PMS at higher rates before the latest reduction. This is aimed at addressing complaints from marketers affected by the sudden price drop.
Fashola acknowledged this effort but noted that not all marketers may benefit. “Those who paid but have not lifted their products will be captured and reimbursed. However, some who bought the product earlier and still have it in their tanks may not be covered,” he said.
Abuja and Other Cities See Price Adjustments
In Abuja, NNPC stations reduced petrol prices to N880 per litre, a drop from the N965 per litre recorded last week. At an NNPC retail outlet in Federal Housing, Kubwa, a pump attendant confirmed the price change, stating that the adjustment took effect on Monday afternoon.
However, independent marketers have struggled to implement price reductions. Many stations along Airport Road, Jabi, and Wuse have either maintained their former prices or made only slight adjustments.
- A.A Rano (Airport Road) reduced its price to N945 per litre from N970 per litre.
- Shema (opposite Dunamis Church) continued selling at N960 per litre.
- Bovas (Airport Road) remained at N970 per litre.
- Mobil (Jabi) adjusted to N960 per litre.
- Conoil (Jabi) sold at N950 per litre.
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Bank
Citigroup’s $81 Trillion Blunder: The Banking Error of the Century!
Published
5 days agoon
March 1, 2025Citigroup’s $81 Trillion Blunder: The Banking Error of the Century!
In a jaw-dropping financial mishap, Citigroup mistakenly credited a mind-blowing $81 trillion—yes, TRILLION—to a customer’s account instead of the intended $280, in what could be one of the largest transaction errors in banking history.
According to a report by the Financial Times, the stunning blunder occurred in April 2024 and shockingly slipped past two separate employees before getting the green light for processing. It wasn’t until an hour and a half after the transaction was approved that a third worker caught the error—setting off a frantic reversal operation that took several hours to complete.
A Near-Miss of Epic Proportions
Though no actual funds left Citigroup’s vaults, the error was serious enough to be flagged to U.S. financial regulators, including the Federal Reserve and the Office of the Comptroller of the Currency.
“Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger accounts, and we reversed the entry,” a Citi spokesperson explained in an emailed statement.
The blunder did not financially impact the customer or the bank, but it sheds light on Citi’s ongoing struggles with internal controls. The FT report revealed that the bank recorded 10 ‘near-miss’ transactions of $1 billion or more in 2024 alone, a slight improvement from 13 major errors in 2023.
A Costly Pattern?
Citigroup is no stranger to high-profile transaction errors. In 2020, the bank infamously wired $900 million by mistake to creditors of Revlon, sparking a lengthy legal battle. While the $81 trillion error was caught before any funds could be moved, it underscores the potentially catastrophic risks lurking in the world of high-speed digital banking.
With regulators closely watching, the pressure is on for Citi to tighten its financial controls—before the next error turns into an irreversible disaster.
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