Business
Telecom Strike Looms as Nigerian Union Demands Major Reforms
Nigeria’s telecommunications industry faces a potential shutdown as the Private Telecommunications and Communications Senior Staff Association (PTCASS) has initiated a strike.
This move could severely disrupt telecommunications services across the country.
On Monday, PTCASS announced the strike, with Secretary-General Okonu Abdullahi explaining the reasons behind the action.
Abdullahi revealed that over 800 members, employed across various telecom facilities, network centers, and critical telecommunications companies like IHS and Huawei, are participating in the strike.
The union’s demands include the reinstatement of dismissed workers, formal recognition of the union, better working conditions, and the proper remittance of membership dues.
Abdullahi highlighted that the strike was unavoidable due to worsening working conditions and the employers’ refusal to acknowledge workers’ rights to unionize.
He stressed that the strike’s impact could be significant, as the lack of response to service outages from engineers would directly affect subscribers in the affected areas.
In response, Gbenga Adebayo, Chairman of the Association of Licensed Telecom Operators of Nigeria (ALTON), has dismissed the union’s claims, stating that the group in question is not affiliated with ALTON.
He clarified that the telecom companies mentioned—MTN, Globacom, Airtel, and 9-mobile—are not members of ALTON and thus not involved in the dispute.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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