Association of Telecommunications Companies of Nigeria (ATCON), umbrella organization for all telecommunications and ICT companies operating in Nigeria, has warned that telecom networks in the country are under threat from infrastructure attacks and vandalism.

Tony Emoekpere, president, ATCON, who stated this during an interview with Channels Television, has called for stronger protection of communication infrastructure nationwide.

He also urged  Nigerians to treat telecom assets as critical to national development.

Emoekpere said operators in the telecommunications sector are not indifferent to the quality of service delivered to consumers, noting that industry stakeholders are already working closely with regulators, including the Nigerian Communications Commission (NCC), to tackle persistent challenges affecting network performance.

Emoekpere stressed that many of these challenges are beyond the direct control of operators and require stronger public cooperation in protecting telecom infrastructure.

He added that infrastructure destruction remains one of the biggest threats to service quality and network stability in Nigeria.

According to him, telecom assets should be regarded as essential national infrastructure that must be safeguarded by all citizens.

He said, “We’re here complaining about poor service, but when we see people vandalising infrastructure, we don’t complain; when we see people cutting cables, we don’t report.”

He further urged Nigerians to be more proactive in reporting acts of vandalism to the appropriate authorities.

Emoekpere warned that continued damage to telecom facilities will only worsen the quality of service experienced by consumers across the country.

He called for stronger awareness campaigns to educate the public on the importance of protecting communication infrastructure.

He also emphasized that improving service delivery requires shared responsibility between operators, regulators, and citizens.

He appealed for collective action to safeguard telecom infrastructure, noting that its protection is key to improving connectivity and driving national development

Central Bank of Nigeria (CBN) has warned non-interest financial institutions against governance and compliance risks capable of undermining public confidence and financial stability in the country’s growing Islamic finance sector.

Interest-free banks, often known as non-interest or Islamic banks, operate without charging or paying traditional interest (Riba).

The warning was contained in a press statement issued by the apex bank following the 2nd Annual Interactive Session between the CBN Financial Regulation Advisory Council of Experts and the Advisory Committees of Experts of Non-Interest Financial Institutions held at the CBN Auditorium in Abuja.

Speaking through Dr Rita Sike, director of the Financial Policy and Regulation Department,  Philip Ikeazor, deputy governor, Financial System Stability, said the rapid expansion of the industry had increased exposure to operational and regulatory vulnerabilities.

The statement read, “The Deputy Governor, however, observed that as the industry grows in size, sophistication, and interconnectedness, it faces unique risks, particularly non-compliance risk, governance challenges, operational vulnerabilities, and emerging technological risks.

“He warned that such risks, if not properly managed, could undermine public confidence, financial stability, and the overall credibility of the non-interest finance ecosystem.”

According to the CBN, the engagement was part of ongoing efforts to strengthen Shariah governance, improve regulatory clarity, and reinforce risk management standards within the non-interest financial services industry.

The apex bank noted that non-interest financial institutions continued to play an increasingly important role in Nigeria’s financial system by providing ethical and Shariah-compliant alternatives to conventional banking.

It stated that the institutions were also contributing to financial inclusion, real sector financing, micro, small, and medium enterprises development, and shared prosperity.

The CBN further explained that the establishment of FRACE and the mandatory constitution of ACEs across all non-interest financial institutions were designed to institutionalise a harmonised governance framework for the sector.

According to the statement, sustained interaction between FRACE and ACEs remained critical to ensuring that regulatory expectations were properly understood and consistently implemented across the industry.

“The objectives of today’s session include fostering the institutionalisation and effective operation of a robust Shariah governance system within Non-Interest Financial Institutions, and providing a structured platform for dialogue, knowledge-sharing, and collaboration,” Ikeazor was quoted in the statement.

In his remarks, Prof Bashir Umar, deputy chairman of FRACE,  said the interactive session was aimed at strengthening governance within the non-interest finance sub-sector and promoting constructive engagement between regulators and industry advisory committees.

He also commended the management of the CBN for reviving the session, which was first introduced in 2014.

Earlier in her welcome remarks, Sike reaffirmed the apex bank’s commitment to building a strong and well-governed non-interest financial services industry.

She noted that the growing diversity of products and delivery channels, particularly the emergence of Islamic fintech, had increased the need for stronger regulatory oversight and continuous engagement among industry stakeholders.

“The growing diversity of products, institutions, and delivery channels, particularly with the emergence of Islamic fintech, underscores the need for continuous dialogue, sound regulatory oversight, and robust advisory input from scholars and practitioners,” she said.

The session featured technical presentations on Shariah non-compliance risks in non-interest banks and the role of Islamic fintech in driving financial inclusion.

Participants at the event included members of FRACE, chairmen and members of various ACEs, managing directors of non-interest banks, senior CBN officials, and representatives of the Bank of Industry and the Securities and Exchange Commission.

Federal government is in discussions with the World Bank over a proposed $1.25 billion loan facility aimed at supporting economic reforms, job creation, and competitiveness programmes across Nigeria.

A World Bank document titled Nigeria Actions for Investment and Jobs Acceleration showed the facility has moved beyond the concept and appraisal stages and is now scheduled for a decision meeting ahead of a planned Board presentation on June 26, 2026.

If approved, the loan would become Nigeria’s second-largest World Bank financing package after the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.

The document listed the Federal Republic of Nigeria as the borrower, while the Federal Ministry of Finance will serve as the implementing agency.

It explained that the project is currently at the decision-meeting stage of the World Bank’s project cycle, where final appraisal documents undergo internal review before submission to the Board of Executive Directors for approval.

At this stage, the institution confirms policy actions, financing terms, and reform commitments already agreed in principle between Nigeria and World Bank teams.

It also said the proposed facility will support government efforts to expand access to finance, digital services, and electricity, while strengthening competitiveness through reforms in taxation, trade, and agriculture.

World Bank says loan will support finance, digital access, and electricity reforms

Between June 2023 and May 2026, the World Bank approved about $9.35 billion in loans and credits for Nigeria across key sectors including power, education, healthcare, agriculture, renewable energy, social protection, and MSME financing.

Major approvals during the period include the $2.25 billion RESET and ARMOR reform financing in June 2024, $1.57 billion for HOPE and SPIN programmes in September 2024, and $1.08 billion for education and resilience projects approved in March 2025.