World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.

Nigerians lost about N12.5 billion to telecom-related financial crimes from 2019 to January 2023, underscoring the scale and persistence of this threat to the telecommunications industry, PwC Nigeria has said, citing data from the Nigerian Communications Commission (NCC).

PwC, in its latest report, ‘AI’s Dual Role in Telecom Fraud: Why Artificial Intelligence is Both a Threat and a Shield for Telcos’, said the growing adoption of AI by fraudsters is amplifying the frequency and impact of fraud.

The report said fraud has long been a persistent challenge in the telecoms landscape, leading to substantial financial losses for customers and reputational damages for telecommunication companies (telcos).

PwC’s latest report, ‘AI’s dual role in telecom fraud’, highlights global trends in how AI is reshaping both the threats and defences in telecommunications.

The publication examined what these shifts mean for operators in the local market and how they can stay ahead by adopting proactive, AI driven fraud management strategies.

It offered insights into how AI is enabling more sophisticated fraud schemes, from deepfake social engineering to automated attacks; the emerging role of AI powered detection and monitoring tools in strengthening fraud prevention frameworks.

The report also gave practical steps for telecom operators to balance innovation, resilience, and customer trust in an AI driven fraud ecosystem.

PwC noted that the impact of fraud on telecommunications companies is far-reaching, resulting in financial losses, reputational damage, and compliance issues.

The report said for instance, that in 2023, global telecom fraud was estimated at $38.95 billion.

It, however, stated that in Nigeria, where telecom acts as a key gateway to financial services through Unstructured Supplementary Service Data (USSD) and some are moving into fintech, these evolving risks place added pressure on operators.

The report stated that while operators have developed systems and controls to manage these risks, the sector’s expansion into adjacent domains (such as mobile money and payment service banking) is blurring the traditional boundaries of telecom fraud.

“The result is a more complex and interconnected risk environment, where both the frequency and impact of fraud are escalating. Adding to this complexity is the rapid pace of technological advancement.

For instance, Russian cybersecurity firm F6 reported a rise in SIM swapping incidents, particularly related to the shift to eSIM technology. These fraudsters are hijacking phone numbers and bypassing security measures to access bank accounts,” the report said.

The report, authored by Udochi Muogilim, Partner and Technology, Media and Telecommunications Leader,  PwC Nigeria, and Adeola Adekunle, associate director, Forensic Services,  however, said as AI continues to mature, it is reshaping the fraud landscape—introducing heightened threats and powerful new tools.

“On one hand, AI can be exploited to scale and automate fraud schemes with unprecedented sophistication. On the other, it equips telcos with advanced capabilities for fraud detection, prevention, and response.

“This dual role—AI as both a tool and a target—underscores the urgent need for Nigerian telecom players to adopt AI thoughtfully and strategically.

“Navigating this evolving landscape requires more than just investment in technology; it demands a deep understanding of what’s happening today in the world of technological disruption, and what’s to come,” the experts stated.

The report reiterated that telecom fraud affects a wide range of stakeholders, from individual consumers facing unauthorised charges to large corporations suffering reputation damage.

“The combination of AI and various fraud types significantly increases the success rate of these schemes.

“Furthermore, the global nature of telecommunications networks allows fraud to swiftly cross borders, complicating efforts to investigate and prosecute offenders, thus presenting a pressing concern for telecom companies and their regulators,” PwC said.

The firm, however, emphasised that AI has the potential to revolutionise how telecom companies and regulators combat fraud while enhancing the quality of service, ultimately fostering greater trust among consumers.

To fully harness this potential, PwC said it is crucial for industry players to stay informed about evolving technology trends and anticipate future challenges.

This awareness, it added, will empower them to leverage AI’s capabilities for more effective fraud prevention and the proactive management of emerging fraud types, all while adhering to responsible AI principles.

“A well-coordinated combination of the right resources and strategic alliances will enable the industry to make a significant impact in the fight against telecom fraud and build a safer, more efficient telecommunications ecosystem,” PwC affirmed.

The firm even went a notch higher by offering to help industry players and stakeholders turn fraud-related friction into forward movement, powered by the right technology.

“We bring trust and transparency to the heart of your decision-making, helping you use AI, data and tech to reduce the risk of fraud, respond swiftly to breaches, and emerge stronger—so you can prepare your business for what’s next,” PwC offered.

Jumia has announced strong first-quarter 2026 performance results, with Nigeria emerging as one of the company’s standout growth markets across Africa, reinforcing the country’s position as a critical driver of the company’s long-term expansion strategy.

According to the company’s Q1 2026 financial results released May 7th, 2026, Nigeria recorded a 42% year-on-year increase in physical goods Gross Merchandise Value (GMV), making it one of Jumia’s strongest-performing markets during the period.

Commenting on the performance, Temidayo Ojo, CEO of Jumia Nigeria, said, “Nigeria continues to demonstrate the strength and resilience of its digital commerce ecosystem. The growth we recorded in Q1 reflects increasing consumer confidence, stronger engagement across our platform, and our continued investment in technology, logistics, and customer experience.”

“We are seeing more Nigerians embrace e-commerce not just for convenience, but as a trusted part of everyday life. Our focus remains on building a platform that is more accessible, more reliable, and more relevant to the evolving needs of Nigerian consumers and sellers,” Ojo further mentioned.

The company attributed its broader growth trajectory to disciplined execution, operational efficiency, and increased deployment of technology and AI-driven systems across its operations.

According to the report, Jumia leveraged artificial intelligence and automation across operations, finance, customer support, cybersecurity, seller management, logistics, and technology teams to improve service quality while reducing operational costs company-wide.

The company also noted that technology and content expenses declined year-on-year due to ongoing headcount optimisation and savings from renegotiated technology contracts, while operational leverage continued to improve. They further highlighted increased use of AI tools among its technology teams, alongside automation in call centres and operational systems, as part of efforts to scale sustainably while improving efficiency across African markets.

Across the platform, Jumia reported significant gains in customer retention and marketplace engagement. Quarterly Active Customers reached 2.5 million, while physical goods orders climbed to 5.9 million in Q1 2026.

The company also expanded usage beyond major urban centres, with 62% of total orders now coming from secondary cities and upcountry regions, emphasising the growing reach of digital commerce across Africa.

Despite global economic pressures, including rising memory chip and CPU prices and supply chain disruptions linked to ongoing Middle East conflicts, the company reaffirmed its path toward profitability. Jumia stated that it remains on track to achieve Adjusted EBITDA breakeven and positive cash flow in Q4 2026, with full-year profitability targeted for 2027.