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NCC Nigeria Warns MNO’s:Stop auto-renewal of data or pay N5m fine

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The Nigerian Communications Commission, NCC has directed all service providers in the country to stop automatic or unwarranted renewal of data packages without the consent of the subscribers or risk N5million fine.

It said the warning became imperative in view of the mounting complaints from subscribers against the service providers for breaching the extant rules.

The Nigerian Communications Commission, NCC, had on May 21, 2018 issued a directive to all network providers to desist from imposing any value added services on the subscribers without their express permission.

Prof. Umar Danbatta, the Executive Vice Chairman of the Commission read the riot act on Thursday during the first episode of NCC Consumer Conversation 2018, held in Karu, Nasarawa State.

The EVC, who was represented at the occasion by the Director of Northern operations, Mrs. Helen Obi, explained that the complaints received by the Commission had risen to an unacceptable level that NCC could no longer delay in issuing the directive against operators engaging in the unlawful act.

Besides the N5million fine that awaits violation of the law, he further explained that for everyday that the commission issues the sanction and the fine was not paid by the service provider, it will attract additional N500,000.

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‘‘The Nigerian Communications Commission, NCC, on the 21 May, 2018 issued a directive to all network providers to desist from carrying out automatic or unwarranted renewal of data packages without their consent. We have also directed that no mobile service providers should impose their services to consumers. It is expected that they should obtain their consent.

‘‘There should be a written text by the network provider to the consumer requesting to know whether the consumer is interested in renewing the package, after that, the network provider must also repeat the process to ensure that the consumer understood the terms and conditions of the service and has given consent before automatic renewal.

“In a situation where the commission receives complaints from the consumer that he or she was short-changed, the Commission will take it up on behalf of the consumer because that will be a violation of directive.

‘‘The penalty for the violation will attract a N5 million for any service provider who defaults. And for everyday that the commission issues the sanction and the fine was not paid by the service provider, it will attract and additional 500, 000 (five hundred thousand.)’’

 

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South Africa Rand stables against embattled pound

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The rand was relatively stable on Friday morning, and headed for its best week against the beleaguered pound in about nine weeks.



The fallout from the failure of the UK’s Brexit plan is on traders’ radars, overshadowing the controversial and divisive land reform debate, which has previously hurt the rand.

“May has seen her plans for ‘Shmexit’ torn apart: that is what one could dub a Brexit that is literally leaving the EU, but which in no way regains sovereignty in key areas, and which might be impossible to ever change further unilaterally,” UK-based Rabobank International analyst Michael Every said in a note.

“Indeed, we have seen a swathe of key ministerial resignations, and suggestions there are enough MPs’ votes in hand to trigger a leadership election as soon as next week.”

The pound tanked against a host of currencies on the news, but has since stabilised at lower levels as markets await further developments.

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The rand has benefited from the ensuing market volatility, settling a hefty 3% stronger against the pound on Thursday night. Local bonds have benefited, too.

The local currency has fared better against the dollar so far this week, strengthening the case for a big cut in fuel prices in December.

According to AA, the petrol price is likely to be cut by R1.54 a litre, diesel by 92c and illuminating paraffin 85c.

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The expected drop in fuel prices comes as oil prices fall: Brent crude is about 10% lower in November, according to Iress data.

At 10.12am, the rand was 0.2% softer against the dollar at R14.2075, 0.32% weaker against the euro at R16.12 and 0.36% softer against the pound at R18.1858. The euro was 0.14% stronger to $1.1346.

The yield on the benchmark R186 bond slipped to 9.145% in early trade, from 9.17% at its last settlement.

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Uganda Shilling Fares Well than past week.

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The Uganda Shilling was relatively stable, trading within range of 3747/57 as market demand was evenly matched by the inflows.




In the interbank money market, overnight funds traded at 6.50% while one week traded at 10%, a report by Alpha Capital Markets indicates.

The Shilling closed the week at around 3,744.88/3,754.88 to the US Dollar, up from 3,748/58 last week buying and selling.

In the fixed income market, a treasury bill auction with sh195bn on offer was held. Yields marginally declined across all the tenors and came out at 10.800%, 12.400% and 13.501%, for the 91, 182 and 364 days. The auction was hugely oversubscribed.

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In the regional currency markets, the report further indicates that the Kenya Shilling was quickly coming under pressure due to increased demand from importers of oil and other commodities as they close out payments for orders ahead of the festive season.

The Kenya and Tanzanian currencies traded at 36.77/36.87 and 1.63/1.64 buying and selling respectively.

Stephen Kaboyo the Alpha Capital Markets CEO, said that in international markets, the US Dollar gained against other major currencies as the Federal Reserve kept interest rates steady but reaffirmed its monetary tightening, setting the stage for a rate hike in December.

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On the other hand, Kaboyo added that the US midterm elections outcome that markets interpreted as a gridlock on Capitol Hill, came in support of the greenback with expectation that chances of further fiscal stimulus and tax cuts will be minimal.

“Outlook for the shilling indicate a range bound unit as mid-month market dynamics set in. It is likely that demand will remain at a low ebb,” he said.

Dealers attributed the performance of the Shilling to liquidity squeeze in the money markets.

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-NewVision

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