General News
Case for Intervention Fund in Telecom
In few years, Nigeria has grown from being one of the most under-served telecommunications market in Africa to one of the fastest growing in the world.
The licensing of digital mobile and fixed wireless operators unleashed a wave of local and international investment for over a decade now with the pace still showing no sign of slowing down.
As a result of this, Nigeria is now the largest mobile telephony market in Africa in terms of subscription figures as the country recently, crossed the milestone of 101million connected phone lines.
However, despite the massive increase in subscribers’ lines, Nigeria’s huge population and land mass has created a situation in which market demand is still running way ahead of supply.
As operators have struggled to meet market demand, one of the most noticeable challenges is the infrastructure deficit that is prevalent in the telecommunications sectors as in many other areas of the economy.
This led the Nigerian Communications Commission to initiate the Wire Nigeria project, (WiN) under its Universal Service Provision Fund, USPF.
USPF is a special fund set up by the Federal Government under the National Communications Act 2003, designed to provide telecommunications and ICT services to unserved, underserved and deprived groups and communities in the country.
The fund comprises one per cent levy of annual profit of telecom operators in Nigeria. The USPF has been involved in promoting ubiquitous connectivity in Nigeria, facilitating community communication centers in underserved and unserved areas of Nigeria, facilitating among other projects.
As a scheme under USPF, WiN is a telecom subsidy project aimed at expanding the transmission network across the length and breadth of the country.
The project is focused at cabling the whole country in the shortest possible time with the objective to ensure that no place in the country should be farther than 30 miles from the backbone infrastructure.
By this, all hinterlands can be connected with the hope of boosting commerce and trade in those places as well as meeting basic communications needs. So far, hundreds of KM’s of new optic fiber cables have been installed under the WiN programme.
This is obviously an unsung story of subsidy success in Nigeria.
Globally, government subsidy has always been a way to aid faltering businesses. During what was called ‘The Great Recession’, the United States government subsidized many vital sectors of the country’s economy.
To aid the development and exploration of the energy sector, the U.S government provided subsidies for businesses in the energy sector.
A broad variety of tax accounting allowances, credits, exemptions, deductions, depreciation and other financially beneficial tax breaks were given by the federal government to energy producers.
Up till now, in order to assure power availability at lower than market price, the U.S government owns certain dams which generate hydroelectric power.
The government also still provides subsidy to the agricultural sector. Some of the agricultural subsidies include direct cash payments, loans with no penalty, and payments from government insurance.
The U.S government subsidizes many elements of the transportation sector to assure the fast, efficient, reliable, and economical movement of people, commercial goods, and mail from one place to another.
Generally, government subsidies of critical business sectors have promoted profitability in many enterprises and assure a general national prosperity and domestic well-being.
Despite these positive benefits, critics have complained that subsidy gives unfair competitive advantages to some businesses.
With the dearth of telecommunication infrastructure in Nigeria and the need to quickly get telecommunication services to the nooks and crannies of Nigeria industry experts have opined that the move decision by NCC to initiate the WiN project is a welcome development.
One of those who identified the need for telecom intervention fund is the immediate past President of the Association of Telecommunication Companies of Nigeria, Mr. Titi Omo-Ettu. According to him, it is a good thing that subsidy already exists in the form of the Universal Service Provision Fund, (USPF).
He noted that this has helped in taking services to places which would ordinarily have taken some time before being reached.
According to research carried out by Streamz Media, a Nigerian telecom research firm, while the sector is currently recording impressive subscriber growth and also the introduction of increasing variety of services, further gains can be made if government can sustain subsidy for capacity expansion into underserved and unserved areas. It is also said that a change of the scope of coverage of current subsidy programmes would facilitate enhance benefits under the fund.
Mr. Lanre Ajayi, the President of ATCON, noted that USPF is already doing a lot in bringing access to many deprived communities, adding that this shows success in government-private sector subsidy programmes.
Omo-Ettu, however, added that there is an urgent need to change the workings of USPF to deliver further benefits to Nigerians. According to him, the definition of some areas as unserved and underserved must be changed to promote increasing service usage in the country.
“The existence of telephone service in an area does not mean that it is not underserved. Under the current definition, we cannot use USPF for certain class of projects in Lagos because the state does not fall under underserved areas. But if you take the University of Lagos where there are over 30,000 students, you see that we can put extensive fibre on the school and promote use of telecommunication in more innovative and cost-effective ways. This can be done under USPF.”
Omo-Ettu noted that the need to provide such a service has been realized by Google, the world’s leading Internet Company, which is currently working at putting fibre in a number of Nigerian universities.
He added that the fact that Google is trying to do it shows that there is some form of value in embarking on such subsidized projects. Omo-Ettu advised that government should see the move by Google as a challenge for it to do more in facilitating similar projects.
Another aspect of subsidy that was identified is in the area of taking services beyond basic voice and facilitating access to the most recent technologies.
Mr. Olusola Teniola, the Chief Operating Officer of Phase3 Telecom, noted that while millions of Nigerians now have mobile phones, the shift in telecommunications development must be towards actual number of citizens that have access to broadband services.
He noted that while the country had achieved a lot in bringing basic services to people, adding that the move now must be towards delivering broadband services.
Teniola called for greater support of USPF in order for the fund to succeed and deliver further gains to Nigerians especially in the backdrop of its potential.
According to him, subsidy in telecommunications is different from what obtains in the power and transportation sectors.
“The Nigerian Communications Commission has done a great job by helping to set up the USPF. In the coming days and years, we must all support the fund to record greater success to Nigerians,” he stated.
Mr. Austin Egbunike, chief executive officer of CANE Digital Services, said while USPF is helping to support in infrastructure sharing, if government had helped in providing facilities right from the onset, operators would just utilize for their base transceiver stations and the distress suffered by CDMA operators could have been averted. He noted that subsidy is a necessity in every liberalised economy
.
He said: “Every economy, almost all over world, has some form of subsidy programme. In the Nigerian aviation industry, we see an obvious need and the recent events have further exposed this need. In the United States, the intervention of government in General Motors is what prevented the firm from going under during the global financial meltdown.
“While the telecommunications industry may be doing well today, we must not be fooled into thinking that all is well in every aspect of the industry. If USPF were not set up with the aim of providing finance for the project expansion, many places that have services today would remain unconnected.”
Egbunike added that it is commendable that in the power sector government had also realized the need for some form of subsidy. He however warned that it should not be looked at in the same way as the fuel subsidy which has been badly managed. He commended the new steps taken by USPF management to facilitate infrastructure sharing and construction of new ones, noting that it showed that the NCC was on top of its game in the sector.
General News
NIS Deploys Advanced Surveillance Masts, other Critical Infrastructure to Boost Border Security
Nigeria Immigration Service (NIS) has said that under the first phase of its e-border solution, surveillance masts equipped with 24-hour thermal and optical monitoring capabilities have been deployed across several border locations, providing surveillance coverage of 10 to 15 kilometres during the day and up to 5 kilometres at night.
The service also assured that it will continue to modernise border security management through the deployment of advanced technology and critical infrastructure.
DCI Akinsola Akinlabi, spokesman for the NIS, who made this known during a news briefing by Spokespersons for security, defence and law enforcement agencies in Abuja, said that the phase two of the e-border solution is expected to expand coverage to additional land border points.
Akinlabi said the Service has also established an Integrated Operating Centre (IOC) to serve as a central hub for real-time intelligence gathering, surveillance, and data harmonisation relating to foreign nationals.
He said the NIS recorded significant operational successes in strengthening border security, combating transnational crime, and enhancing migration management between January and May 2026.
“During the reporting period, the Service intensified enforcement operations against irregular migration and related transnational crimes, resulting in the repatriation of 567 foreign nationals for violations of Nigeria’s immigration laws and regulations.
“In addition, six foreign natio nals were deported, comprising four individuals arrested for their involvement in a visa racketeering syndicate and two others who were deported after completing prison sentences for criminal offences.
“The Service also strengthened efforts to curb identity fraud and abuse of national documentation. Enforcement operations led to the recovery of 47 National Identification Number (NIN) cards from irregular migrants, while 21 stowaways were apprehended at various seaports as they attempted to illegally enter or exit the country through unauthorised means.”
Akinlabi said aside enforcement activities, the Service continued to invest in preventive and community-based initiatives aimed at addressing the root causes of irregular migration and cross-border crime.
“In March 2026, the Seme Border Command conducted sensitisation programmes for drivers’ associations, commercial motorcyclists, and community stakeholders to promote safe, orderly, and regular migration practices.
“Similarly, the Idi-Iroko Border Command carried out public awareness campaigns across markets, motor parks, and schools to educate border communities on the dangers and security implications of trans-border crimes.”
Mr. Emmanuel Ovaga, the Chief Executive Officer (CEO) of PufferPay Limited will deliver the keynote paper at the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 scheduled for Friday, July 31, 2026 at Oriental Hotel, Lekki Road, Victoria Island, Lagos.
The theme of the Roundtable is: Fintech: Driving the Future of Digital Financial Ecosystem in Nigeria. Mr. Emmanuel Ovaga is a graduate of Computer Engineering from the Enugu State University of Science and Technology, Enugu State.
He is a technology entrepreneur and business leader with a strong track record in building and scaling innovative digital and enterprise solutions across Africa.
As the CEO of PufferPay, he drives the company’s vision to deliver seamless, secure and inclusive payment solutions tailored for emerging markets.
He is also the Chief Executive Officer of Pufferfish Technology Limited, a Pan-African IT and consulting firm specialising in software development, data analytics and systems integration for both public and private sector clients.
Under his leadership, the company has established strategic partnerships with globally recognised technology providers, including industry leaders in enterprise computing and analytics.
Pufferfish Technologies Limited has in a few years of its existence, birthed PufferPay, a fintech payment business created to enhance financial inclusion and payments facilitation in Africa.
PufferPay is created with best-in-class technology for transaction speed and security that guarantees top-range service delivery to its growing customers.
Reacting to the development, the Publisher/Editor-in-Chief of Business Journal Media Group, Prince Cookey said:
“Mr. Emmanuel Ovaga represents the next generation of tech leaders in the fintech space in Nigeria and Africa. His laudable accomplishments as the CEO of PufferPay Limited deserve accolades. He has positioned PufferPay as a leading player in the digital financial ecosystem in Nigeria and emerging corporate tentacles across the continent. Accordingly, stakeholders attending the 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 would be looking forward to a robust conversation on the State of the Fintech market today and tomorrow.”
The Special Guests of Honour include Dr. Aminu Maida, Executive Vice-Chairman/CEO, Nigerian Communications Commission (NCC) and Mr. Olusegun Omosehin, Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) while Alhaji (Dr.) Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the event.
The Guest of Honour is Mrs. Ekeoma Ezeibe, President/Chairman of Council, NCRIB.
Distinguished members of the Panel include:
- Dr. Muda Yusuf, CEO, Centre for the Promotion of Private Enterprise (CPPE)
- Mrs. Idu Okeahialam, Group Managing Director/CEO, Royal Exchange Plc
- Mr. Jide Orimolade, Managing Director/CEO, Stanbic IBTC Insurance Limited
- Dr. Obioha Oti, President, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN)
- Mr. Sarafadeen Fasasi, President, Association of Financial Inclusion Agents of Nigeria (AFIAN)
- Chidubem Emelumadu, Ecosystem Lead (Africa), Lisk
The revolutionary success story of Moniepoint, Opay, PalmPay, Flutterwave and others in the digital payment system in Nigeria represents a positive expansion of the financial services sector in the country.
With millions of Nigerians and businesses lacking access to basic financial services, the importance of Fintechs remain sacrosanct in achieving substantial level of Financial Inclusion and expanding the frontiers of the industry.
According to AI Overview, Fintechs in Nigeria have revolutionised the financial landscape by dramatically increasing access to banking services, driving, for example, a 20% increase in financial inclusion and helping to bring the banked population to roughly 63%. These firms have introduced faster, affordable digital payments, lending, and investment services, forcing traditional banks to adopt digital transformation.
On investment, AI Overview stated: “Fintechs in Nigeria dominate the tech landscape, securing 35% of total tech funding ($2 billion total) in 2024, with over 430 companies attracting roughly 36% of all African fintech investment. Despite global challenges, the sector remains highly resilient, driven by high demand, with significant deals including Moniepoint’s $110 million series C.”
In January 2026, the Central Bank of Nigeria (CBN) granted national licences to Moniepoint, Opay etc, giving them the regulatory authority to operate across the 36 States of the Federation. The decision firmly underscores the great strides by Fintechs in driving Financial Inclusion and supporting sustainable economic growth in the country.
The 3rd Business Journal Fintech & Financial Inclusion Roundtable 2026 aims to underscore the positive contribution of Fintechs in deepening Financial Inclusion, expanding access to financial services and contributing to economic growth in the country.
Expected participants at the Roundtable include regulators, operators from key sectors of the economy, media and members of the public.
The Bank of Industry (BoI), Nigeria’s foremost Development Finance Institution (DFI), has signed a landmark Memorandum of Understanding (MoU) with the Nigerian Belgian Chamber of Commerce (NBCC), setting the stage for deeper economic cooperation, expanded investment flows, and stronger industrial partnerships between Nigeria and Belgium.
The agreement was signed during a high-level breakfast meeting jointly hosted by BoI and the NBCC under the theme, “Scaling Operations, Expanding Capacity, and Accessing Competitive Finance.” The event convened senior government officials, diplomats, business leaders, development partners, MSMEs, and private sector stakeholders committed to advancing bilateral trade and industrial development.
Speaking on behalf of the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, the Executive Director, Corporate Finance, Sustainability and Investments, Mr. Rotimi Akinde, described the partnership as a strategic milestone in BoI’s drive to expand global collaborations that accelerate Nigeria’s industrial transformation.
“As Nigeria’s leading Development Finance Institution, the Bank of Industry has consistently recognised that sustainable industrial development is built not only on access to finance but also on enduring strategic partnerships.
“This collaboration with the Nigerian Belgian Chamber of Commerce reflects our commitment to creating stronger international business corridors that unlock investment, facilitate technology transfer, support MSMEs, and strengthen Nigeria’s industrial competitiveness,” he said.
Akinde noted that Belgium remains one of Europe’s most dynamic trading and investment destinations, making the partnership an important platform for promoting co-investment opportunities, export development, enterprise growth, and knowledge exchange between businesses in both countries.
The two-year renewable MoU establishes a framework for joint business forums, investment roadshows, trade missions, business matchmaking, enterprise capacity development, and increased promotion of BoI’s financing solutions to Belgian investors and businesses operating in Nigeria.
The collaboration is also expected to improve access to foreign direct investment, expand export-oriented industrial projects, and create stronger commercial linkages between BoI-supported enterprises and the Belgian business community.
Delivering the welcome address, His Excellency Pieter Leenknegt, Ambassador of the Kingdom of Belgium to Nigeria, commended the growing economic relationship between both countries and expressed optimism that the partnership would create new opportunities for businesses on both sides.
The General Manager of the Nigerian Belgian Chamber of Commerce, Marc Eeckhout, described the agreement as a practical platform for translating business interest into measurable economic outcomes.
“This Memorandum of Understanding represents more than an institutional partnership; it creates a structured bridge between Belgian innovation and Nigerian enterprise. By working closely with the Bank of Industry, we are opening new pathways for investment, technology exchange, and business collaboration that will enable companies from both countries to scale with confidence while contributing to sustainable industrial development,” he said.
The breakfast dialogue featured presentations on business expansion, industrial financing, and competitiveness, with contributions from industry leaders, including Engr. Vincent Adegbotolu, Managing Director/CEO of DWC Engineering, and Mudiaga Okumagba, Managing Director/Chief Executive Officer of Direct Logistics Plus.
The partnership aligns with BoI’s 2025–2027 Corporate Strategy, which prioritises industrialisation, MSME development, youth and skills, women’s economic empowerment, climate finance, digital transformation, infrastructure, and export promotion. With assets valued at over ₦6.8 trillion, the Bank continues to strengthen strategic international partnerships that support the Federal Government’s industrialisation agenda while creating jobs, enhancing productivity, and promoting sustainable economic growth.
Through the collaboration, BoI expects to attract new investment opportunities from the Belgian business ecosystem, increase financing for high-impact industrial projects, strengthen export value chains, and improve the investment readiness of Nigerian enterprises through joint advisory and capacity-building initiatives.
The Bank reaffirmed its commitment to working with global partners to unlock long-term capital, accelerate industrial growth, and position Nigeria as a competitive investment destination within Africa and beyond.
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