Business

Starlink Suspends Internet Price Hike

Published

1 year ago

October 25, 2024

Starlink, the internet service provider owned by Elon Musk has suspended the increase in subscription prices earlier announced at the end of September.

According to Starlink the suspension was done in response to pressure from the Nigerian Communications Commission, which had earlier faulted the decision, Starlink said it had to suspend the increment as it is currently navigating regulatory challenges in Nigeria.

Starlink also stated that any of its customers that had been charged the new rate would be issued credit to cover the difference.

The company, however, echoed the same sentiment of local operators on the need to increase prices to sustain the business.

In the message to its Nigerian customers, some of whom have been contemplating switching to other providers over the hike in subscription price from N38,000 to N75,000, Starlink wrote:

“Last month, we increased the monthly service price for Starlink in Nigeria to account for inflation, helping us maintain operations and continue delivering reliable service.

“Today, we are temporarily suspending this price increase as we navigate regulatory challenges”

“If you’ve already been charged at the higher rate, a one-time credit will be applied to your account to cover the difference. You also have the flexibility to cancel your service at any time”

“We remain committed to providing high-speed internet in Nigeria, but we need regulatory support to make the improvements necessary for a better customer experience.

“Without these approvals, our ability to continue delivering service is at risk.”

Starlink had on the last day of September announced a 97% price increase for its monthly subscription from N38,000 to N75,000.

For new users, the company also increased the Starlink kits (hardware) by 34% from N440,000 to N590,000.

Business

OPEC+ Output Dips as Nigeria, Libya, Venezuela Miss Targets

Published

2 days ago

November 5, 2025

By Onyeanya Ebere Immaculata

Crude oil production in Nigeria, Libya, and Venezuela fell in October, slowing overall OPEC+ output and undermining the group’s monthly targets.

Reuters reported that OPEC+ added only 30,000 barrels per day (bpd), in October, down sharply from September’s 330,000 bpd increase. Nigeria’s output, which briefly reached 1.5 million bpd in July, slipped back to 1.3 million bpd in September.

NNPCL CEO Bayo Ojulari attributed the decline to industrial disputes involving Dangote Refinery and petroleum unions NUPENG and PENGASSAN.

Oil prices fell amid global market weakness and a stronger U.S. dollar. Brent crude dropped 6 cents to $64.38 per barrel, WTI lost 10 cents to $60.46, and the OPEC Basket fell 0.26 cents to $66.72.

Analysts noted that rising U.S. crude inventories and negative risk sentiment pressured the market.

OPEC+ plans to raise output by 137,000 bpd in December but will pause increases in early 2026, a move analysts say is unlikely to boost prices in the near term.

Business

Onafowokan Unveils Africa’s Largest Fibre-Optic Cable Plant in Ogun

Published

3 days ago

November 4, 2025

By Samson Adeyanju

Chairman of Coleman Technical Industries, Asiwaju Solomon Onafowokan, has inaugurated Africa’s largest fibre-optic cable factory in Sagamu, Ogun State, to boost Nigeria’s digital infrastructure and reduce reliance on imports.

The launch, which marked Coleman’s 50th anniversary, drew senior government officials and telecom executives.

The 350,000-square-metre facility can produce 9 million kilometres of fibre-optic cable yearly, alongside smelting units for aluminium and copper.

Onafowokan said the project reinforces Coleman’s commitment to local manufacturing and supports the government’s digital economy agenda, targeting ₦15 trillion in domestic and export revenue.

President Bola Tinubu, represented at the event, lauded the project as a milestone for industrial diversification and broadband expansion.

The Minister of Communications, Dr. Bosun Tijani, also announced a $500 million World Bank-backed partnership to deploy 90,000 kilometres of fibre nationwide.

Business

Private Sector Key to Africa’s Growth Under AfCFTA -Randle

Published

1 week ago

October 29, 2025

By Omoniyi David

Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun J. K. Randle, has emphasized the vital role of the private sector in driving Africa’s economic growth under the African Continental Free Trade Area (AfCFTA).

Randle made the remark ahead of a high-level business forum scheduled for October 30, 2025, at Eko Hotels & Suites, Lagos, themed “Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty.”

He said Africa’s economic transformation depends on the active participation of private enterprises, noting that the forum seeks to develop strategies to boost intra-African trade, industrial competitiveness, and inclusive prosperity.

According to NBGN, the event will promote partnerships and dialogue on policy alignment, trade facilitation, investment promotion, and value-chain development among African economies.

Participants are expected from government agencies, financial institutions, business associations, and regional economic communities across the continent.