News
Nigeria Requires $3Bn to Rejig Broadband
Nigeria’s ambitious broadband plan would require an investment of as much as $3 billion by governments and private sector as well as strong political will to ensure every citizen has access to broadband, Nigeria CommunicationsWeek can report.
Broadband is the general term used to describe high-speed Internet service and it is becoming what electricity was to the industry and for economic development to take place.
Unfortunately, despite nearly $3 billion investment in submarine cables and broadband initiatives in the last five years, Nigeria’s broadband is still pedestal because of a catalogue of problems.
Some of the problems include; absence of broadband policy; dearth of principal requirements for providing reliable communication services; lack of effective distribution platform; unreliable electricity supply; and vandalization of equipment.
Lack of policy means there is no clear roadmap for spectrum planning, particularly with the harvesting of the digital dividend spectrum.
For instance, broadband-related initiatives such as the Wire Nigeria Project and the State Accelerated Broadband Initiative, being handled by the Government through the Nigerian Communications Commission ( NCC) have not been well-coordinated due to lack of a broadband policy to give a direction on their execution.
Akinwale Goodluck, Corporate Services Executive, MTN, said: “It is critical to develop a national broadband policy which articulates a roadmap and strategy for broadband penetration and service delivery.”
Nodding in agreement, Funke Opeke, CEO MainOne Cable Company, at ATCON’s Broadband Investment Summit called for a multifaceted national broadband policy in Nigeria because it is critical to development.
Nigeria CommunicationsWeek gathered that the absence of direction policy on broadband has resulted in organized chaos in the deployment of broadband with little to show for massive efforts.
Goodluck added that broadband penetration is meaningless without appropriate regulatory environment which enables delivery of converged serbics.
He said government needed to articulate policies and strategies for driving broadband usage through eGovernment, eCommerce and eEconomy services.
Elsewhere, Chima Onyekwere, chairman, Linkserve, blamed faulty spectrum design which gave choice spectrum for broadband services delivery to the military.
Also the absence of last mile infrastructure to take broadband services to homes and offices across the country has served to exacerbate the situation.
While there are avalanche of broadband brought in with the arrival of MainOne cable, Glo 1 cable and West African Cable System (WACS), transporting them to parts of the country has been difficult.
The equipment are also becoming relics and hardly reliable and where they are available, the owners charge premium for their usage.
Onyekwere said most of the base transceiver stations and backhaul infrastructure in use were deployed in 2001 and 2002 for voice services.
According to the Linkserve boss, the infrastructure must be upgraded to new technology that can deliver broadband.
Mohammed Rudman, managing director, Internet Exchange Point of Nigeria, said “without moving internet capacity from Lagos to other parts of the country, we may witness a lopsided broadband revolution, only in Lagos and its environs.”
Lanre Ajayi, President, Association of Telecommunications Companies of Nigeria (Atcon) stressed the need to stimulate demand for broadband through local content that addresses the need of the people of different endeavours
He noted that harsh operating environment faced by operators such as vandalization, multiple taxes among others discourages them from investing in broadband provisioning.
Nigeria CommunicationsWeek gathered that the country’s notoriously unreliable power supply has not helped matters as operators depend largely on alternative sources of power to provide services.
“It is only natural for the operators to pass the burden on the final consumers, there is no way, they will source money for everything and still provide services at cost every Nigerians are clamouring for, ” Peter Ibe, an ICT consultant enthused.
As if the problems are not enough, the growing targeted attacks on telecom equipment, infrastructure and telecom workers have led to service disruptions.
For the industry, the way forward is a comprehensive broadband policy that articulates investment, interconnection, transmission and rights of the citizens.
In the medium term, experts said that Nigeria would have to spend some $3 billion to overhaul the now derelict national infrastructure, rejig the various state sponsored broadband projects while the private sector will on their own continue to develop broadband facilities.
Onyekwere said that a robust broadband infrastructure is critical for Nigeria in the 21st century.
Goodluck also explained that the situation where operators build and manage power, diesel distribution and security networks in addition to core telecom networks, dissipates energy and resources. He noted that Nigeria’s widely acclaimed intellectual capacity is yet to be applied to content development. “Terabytes of data capacity is useless without content.”
Chima Onyekwere, chairman, Linkserve, blamed faulty spectrum desisign which has not given rise to optimization of broadband services for poor penetration.
He said that choice spectrum for broadband services delivery is being held by the military, he advocated for spectrum harmonization by the two regulatory bodies, Nigerian Communications Commission and National Broadcasting Commission.
Other barriers to broadband penetration he said include, lack of financial capacity for operators to invest in deploying cell sites and backhaul infrastructure for delivery of broadband services.
He also identified buying power of Nigerians as a major challenge, according to him, because of the harsh operating environment operators find it difficult to deliver broadband at small margin to cost bandwidth from international capacity operators, especially when such operator does not have an encouraging market share.
News
NGX Unveils Net-Zero Plan for Greener Capital Market

Nigerian Exchange Limited (NGX) has launched the NGX Net-Zero Programme to guide listed companies toward clear carbon reduction pathways and enhanced climate disclosures aligned with global investor standards.

NGX
The high-level launch engaged chief executives of quoted firms alongside development partners including German Investment Corporation KfW, DEG, and African Foresight Group (AFG), NGX’s implementation partner. Issuers and investors discussed financing decarbonisation, sustainability practices, and attracting climate-aligned capital.
NGX Group Chairman Dr Umaru Kwairanga described the initiative as concrete climate action, commending partners for two years of groundwork. “Today marks leadership and decisive action. Climate change has become a core business imperative, with capital markets mobilising capital and setting standards,” Kwairanga said.
He positioned NGX Net-Zero to support emissions measurement, disclosure, capacity building, and sustainable finance access, urging CEOs to embrace it strategically rather than as compliance. Kwairanga reaffirmed NGX’s goal to make Nigeria’s capital market Africa’s green finance hub.
Group CEO Temi Popoola called climate action a business imperative, noting sustainability-embedded firms attract capital, manage risks, and stay competitive. DEG Management Board Member Monika Beck highlighted partnerships scaling impactful, commercially viable climate solutions.
The event closed with a ceremonial gong marking the programme launch and send-off for outgoing DEG Regional Director Bernd Telemann.
News
Nigeria Off EU High-Risk Money Laundering List in Major Financial Win

Nigerian Financial Intelligence Unit (NFIU) has hailed Nigeria’s removal from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) as a landmark achievement endorsing the nation’s reform efforts.

Nigerian Financial Intelligence Unit (NFIU)
NFIU CEO Hafsat Abubakar Bakari said the delisting, contained in European Commission Delegated Regulation (EU) C (2025) 8460 adopted December 4, 2025 and effective January 29, 2026, affirms sustained AML/CFT and Counter Proliferation Financing (CPF) reforms.
The move follows Nigeria’s exit from the FATF Jurisdictions under Increased Monitoring after addressing strategic deficiencies, alongside Burkina Faso, Mali, Mozambique, South Africa and Tanzania.
Bakari noted the European Commission recognised Nigeria’s strengthened AML/CFT effectiveness, closed technical gaps, and fulfilled FATF Action Plan commitments leading to grey list removal in June and October 2025.
The delisting eliminates enhanced due diligence requirements for EU financial transactions, easing compliance, boosting cross-border flows, and enhancing Nigeria’s appeal for European trade, investment and partnerships.
The NFIU attributed success to President Bola Ahmed Tinubu’s political will and collaboration among National Assembly, law enforcement, regulators, judiciary, private sector and development partners.
The agency reaffirmed commitment to ongoing FATF, GIABA, EU engagement and domestic framework resilience to maintain international confidence in Nigeria’s financial system.
News
FG Directs Banks, Fintechs to Remit VAT on Service Fees

The Federal Government has directed all banks and fintechs to collect and remit 7.5 per cent value-added tax on certain electronic banking services, effective Monday, January 19, 2026, according to an email notice issued by payment platforms.

The VAT will apply to electronic banking charges, including mobile money transfers, USSD transaction fees, and card issuance fees, according to an email notice on Wednesday shared with customers by Moniepoint.
For example, if a bank charges N100 to make a transfer, the 7.5 per cent VAT will be applied to that service fee, not the money being sent.
“From Monday, January 19, 2026, we are required to collect a 7.5 per cent VAT, to be remitted to the Nigerian Revenue Service (formerly known as the Federal Inland Revenue Service).
“VAT will apply to certain banking services that include electronic banking charges such as mobile banking fees (transfers), USSD transaction fees, and card issuance fees,” the email read.
Other operators are expected to issue similar notices to their customers in the coming days. Services that will remain exempt include interest earned on deposits and savings, meaning customers will not pay tax on the returns from their accounts.
The NRS, formerly known as the Federal Inland Revenue Service, has set the deadline to ensure that all commercial banks, microfinance banks, and electronic money operators comply with the collection and remittance requirement.
Moniepoint stressed that this is not a price increase but a statutory obligation. “Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service,” the company said in a statement.
The move is part of the government’s broader efforts to standardise VAT collection on digital financial services and expand revenue generation amid Nigeria’s growing digital economy. VAT on banking transactions is not entirely new; the NRS is now enforcing uniform collection rules across all platforms, ensuring compliance across the sector.
Customers have been assured that the new tax will be clearly itemised, with the VAT shown separately on transaction statements and reports.
In December, several commercial banks informed customers that the N50 stamp duty would be deducted on electronic transfers of N10,000 and above, following the commencement of provisions of the new Tax Act.
The charge, previously known as the EMTL, has now been formally reclassified as stamp duty and will be applied as a one-off fee on qualifying electronic transfers.
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