News
Harsh Environment: Experts Ring Worry, NCC Assures
Telecommunications operators have painted a gloomy outlook for the sector over the next 18 months urging for urgent underpins to ensure the survival of the only thriving sector of Nigeria’s economy hobbled by years of mismanagement and neglect, Nigeria CommunicationsWeek can report. With so many issues hanging in the balance including; poor quality of service (QoS); multiple taxation; vandalisation of telecom equipment; and the notoriously unreliable public power supply, the operators warned of uncertain future. But as the operators bemoan the operating environment, the Nigerian Communications Commission (NCC) indicated that a number of licenses would be auctioned this year, painting a reversed viewpoint of the sweet sour nature of the industry. Titi Omo-Ettu, president of association of telecom companies of Nigeria (ATCON) submitted at a one-day stakeholders’ submit convened by the NCC, in Lagos at the weekend that mobile operators expend an incredible N45.9 billion (approximately $2.9B) annual bill on diesels in running power supply to their infrastructure. Omo-Ettu, whose “Critical Issues of Quality of Service & Tariff in immediate future of Nigeria’s Telephone Services’ presentation received wide acceptance from the participating audience waxed worriedly. His words: “Telephone Operators use 25 million litres of diesel monthly to fuel 20,000 generators located at over 15,000 cell sites in the country. At a current pump price of N153 per litre of diesel, operators will spend N3.82bn to fuel their generators monthly”. Elsewhere, Ms. Funke Opeke, CEO of MainOne Cable Company, pioneer open access undersea fibre optic cable system in West Africa noted that the NCC needs more regulatory authority to ensure a framework for shared infrastructure in the country. She noted that some operators were unwilling to share critical telecom infrastructure with other operators, hence the cost of carrying bandwidth from Lagos to Abuja in the North of the country was more expensive that same ratio from London to Lagos. Opeke said that Nigeria cannot attain the envisaged rank of a top 20 economy by the year 2020 without attaining the right infrastructural goals to attract critical investment to the economy. Also, Gbenga Adebayo, president of association of licensed telecommunication operators of Nigeria (ALTON), said one way of resolving the challenge pose by the poor QoS was to regig the NCC to a ‘one-stop-shop’ for telecom investment. “This new framework need be transparent in operation, set approval time-limit for application. There also needs be extensive public education; and more importantly, the passage of a critical national infrastructure law – protection of telecom infrastructure and investment is needed to drive the next phase of development,” said Adebayo. Despite the litany of complaints, the NCC reeled out some cheering news aimed at reinvigorating the sector. Dr. Eugene Juwah, executive vice chairman and CEO of NCC, stated that inspite of poor QoS issues making the top headlines in the country, “definite measures,” are being taken to bring down the situation. “One of such measures is the recent approval and gazetting of the QoS regulations by the Federal Ministry of Justice. This will strengthen the NCC to take some severe measures when services providers are found wanting,” said Juwah. Juwah stated that Broadband development will be vigorously pursued to enhance competitiveness in the telecom sector and bring down pressure on mobile operators. The more cheering gist was intended resuscitation of the moribund fixed line segment of the telephony industry. “We are also looking at resuscitating the fixed line sector by giving out new licenses and in doing this, increase telephony penetration. The choice of this twine action, we expect, will enhance choice of products and services, reduce over reliance on mobile services and encourage internet usage, which is the future of ICT,” said Juwah.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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