General News
NCC Seeks Identification, Elimination of Risks in Telecom Sector
The Nigerian Communications Commission (NCC) has embarked on a regulatory step to sensitize the industry about the need for proper and continuous risk identification with the view to managing such risks before they affect the health of the industry.
To this effect, the Commission has hosted a two-day maiden conference at its headquarters in Abuja, where its Executive Vice Chairman, Prof. Umar Danbatta, said it has become imperative to minimize risks in the industry to ensure that services are not disrupted, and that consumers obtain the best services that are globally available.
The conference with the theme: “Nigerian Telecommunications Industry: Managing the Emerging Risks and Embracing Risk Opportunities,” called for collaboration between the regulator and other stakeholders in the industry, to achieve multi-stakeholder strategies aimed at identifying and addressing emerging risks in the telecommunications sector to ensure sustainable and impacting growth.
Director of Policy, Competition and Economic Analysis, Yetunde Akinloye, who stood for the EVC, said the essence of the forum was to examine myriads of issues that challenge the implementation of the National Digital Economy Policy & Strategy (NDEPS) 2020-2030, and to enhance the development of a sustainable ICT sector in Nigeria.
“The focus of this conference is to bring to the fore the ever-rising uncertainties in the global economy and the attendant regulatory/operational risks in the areas of increased data security regulations, new partnerships and transforming business models, fast-changing mix of mounting capital expenditure (CAPEX) burdens, shifting market structures, newly emerging disruption scenarios, regulatory and policy challenges amongst others,” Danbatta said.
The EVC told participants at the event, which also featured virtual participation, that the Commission has been at the forefront of ensuring that the telecoms industry is not adversely impacted by these uncertainties/risks. He stated that one of our Strategic Visions is to ensure a competitive market for the communications services that foster fair inclusion of all players, promote local content and innovative services in ways that facilitate new investment, job creation and consumer satisfaction.
Danbatta said the NDEPS is the guiding document for the Federal Government’s activities to maximise the immense opportunities that are inherent in digital technologies to nudge the diversification of Nigeria’s economy and attain the key national objectives of improving security, reducing corruption, and expanding the economy.
“While risk management has been critical in our regulatory service delivery, we acknowledge that all stakeholders must be concerned about the varied uncertainties that confront the Industry. There is no gainsaying the fact that the Information and Communication Technologies Sector is inherently filled with several business and technology risks,” Danbatta said.
“It is, therefore, important that regulatory risks be minimised to ensure that services are not disrupted, and consumers obtain the best and latest services that are globally available. The Commission in a bid to ensure that operators in the industry enjoy a conducive operating environment has had cause to seek government interventions and collaborate with other Agencies of Government in addressing major sectoral risks.
“These risks include cybersecurity and online fraud, regulatory burden, multiple taxation, vandalism of telecommunication infrastructure, right of way challenges, access to foreign exchange, inter-industry indebtedness, among others,” he said.
In his paper presentation titled ‘X-raying Telecommunications Risk Radar: The Operators’ Perspective’, a facilitator at the event, who spoke to issues of concern to operators, Eniola Olugboyega, said that risk-taking can have positive or negative impact on businesses. He also stated that most common losses from improper management of risk in the sector include customer dissatisfaction, fines and litigation, product failure, and loss of business opportunities, among others.
According to him, effective risk management aids effective decision making, prevents financial and reputational loss and addresses potential threats. Thus, telecommunication risk from the operators’ perspective includes regulatory risk, insecurity, data breach risk, foreign exchange risk, rising CAPEX risk, human resource risk, and the inability to take advantage of new business models.
Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.
According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.
“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.
“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.
“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.
“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.
NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.
“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.
General News
First Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy
First Trustees Limited, a subsidiary of FirstHoldCo Plc., and a leading provider of fiduciary and trusteeship services in Nigeria, is encouraging individuals, professionals, entrepreneurs, and investors to view Estate Planning not as an end-of-life exercise, but as a strategic investment tool for protecting, preserving, and transferring wealth across generations.
As more Nigerians focus on wealth creation through businesses, real estate investments, and other income-generating assets, experts are emphasizing that building wealth is only one part of the equation.
Equally important is creating structures that ensure those assets remain protected, properly managed, and seamlessly transferred to succeeding generations in accordance with the asset owner’s wishes. Importantly, Estate Planning is not solely for the wealthy, it is a prudent step for anyone with assets, dependants, or a business to protect, regardless of age, profession, or net worth.
Speaking on the importance of Estate Planning, Ereifemi Akeredolu, Managing Director/CEO, First Trustees Limited, noted that Estate Planning should be considered a core pillar of every long-term financial strategy.
“Many people focus on creating wealth but give litle thought to preserving it. Estate Planning is a wealth protection strategy that helps individuals safeguard their assets, secure their family’s future, and ensure that the value they build today continues to benefit future generations.”
Using tools such as Trusts, Wills, and advanced succession plans, individuals can build structures that support wealth preservation, business continuity, asset protection, and intergenerational wealth transfer.
For entrepreneurs and business owners, Estate Planning serves as a powerful tool for ensuring business sustainability, helping organizations remain stable and operational regardless of unforeseen circumstances.
First Trustees continues to emphasize and educate on the importance of Estate Planning as a comprehensive strategy for proactive planning. It remains one of the most important financial decisions an individual can make: it provides clarity, minimizes uncertainty, and protects assets from unnecessary erosion and disputes. It also creates financial security for loved ones, supports business succession and continuity, and facilitates long-term investment and legacy planning.
General News
Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory
Nearpays, Nigerian fintech, has won the AI for Good Innovation Factory grand finale — the first African startup ever to take the global title in the competition, which runs as part of the United Nations’ AI for Good Global Summit.
The competition drew more than 500 startups worldwide, each pitching AI solutions aimed at social and economic challenges.
The summit itself is organised by the UN through the International Telecommunication Union (ITU) in partnership with several UN agencies, convening governments, researchers, startups, and technology companies around AI’s role in development.
Nearpays’ route to the title ran through Johannesburg, where it won the African regional competition, before advancing to the global finals in Geneva.
There, the company progressed through the semi-finals and claimed the grand finale — a first for the continent.
The company describes the win as bigger than a corporate milestone, calling it a victory for African innovation and proof that technology built to solve local problems can compete, and win, on the world stage.
Nearpays was founded to close a stubborn gap in African payments: small and medium-sized businesses that can’t afford or access traditional point-of-sale terminals.
Cost, availability, and deployment hurdles have kept many merchants — particularly in rural and underserved communities — locked out of digital payments.
Its answer is SoftPOS: an AI-powered platform that turns compatible Android smartphones into payment acceptance devices, letting merchants take contactless card payments with nothing more than their phones. AI is embedded across the platform, supporting payment processing, compliance, fraud detection, and business operations.
Crucially, the platform was built for African infrastructure realities — it works both online and offline, so merchants can keep accepting payments even without internet connectivity.
The company credited its team’s years of product development and customer engagement for the result, and thanked the UN, the ITU, and the AI for Good initiative for building a platform where innovators can apply AI to real-world problems.
It also said it hopes the win encourages more African founders to build technology that answers local needs while competing internationally.
For Nearpays, the title closes one chapter and opens another, as the company pushes on with expanding digital financial infrastructure across Afric
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