Telecom
Revocation of SSPA: Death Call for Nitel
Government claimed that that Transcorp had breached the condition precedent on which the investment deal in Nitel/M-Tel was consummated, the implication being that Transcorp had walked away from the deal on its own.
Christopher Anyanwu, director general, Bureau of Public Enterprise (BPE) and member National Council on Privatization (NCP) said that the NCP is of the opinion that Transcorp has opted out of the Nitel/M-Tel because it has failed to meet the condition precedent, and that it has been withdrawn. He noted that it is void because it never existed in the first place due to their failure to keep with the terms of the transaction agreement.
He said Transcorp is aware of this fact and that they have already given us the power of attorney (waves the paper) for their equity in the investment.
"Accordingly, the Federal Government has stopped the further sale of all assets of the two companies, whether core or non-core. In the same vein, all sold assets are to be reviewed and any found to have been arbitrarily and unjustifiably sold are to be recovered.
He added that the government was desirous of having the two companies and other privatized non-performing enterprises back on stream and would not leave any stone unturned in this direction.
The BPE boss explained that Transcorp might have sourced their investment funds from banks and other entities, government may open up discussions with the affected institutions to assist them claim their investments.
Before the recent action of government, Transcorp had left Nitel with a debt overhang of $500 million owed a consortium of banks.
By a Shares Sales and Purchase Agreement (SSPA) signed between the Bureau of Public Enterprises (BPE) and Transcorp on November 14, 2006, 51 per cent equity of Nitel was transferred to Transcorp while the government retained 49 per cent.
Under the Post-Acquisition Plan (PAP), Transcorp agreed to inject a minimum of N8 billion new funds into Nitel to prepare it for competition within 30 days and 100 days after the take-over. The PAP was to start the transition of Nitel and its mobile subsidiary, M-Tel, to a profitable and strategic telecommunications operator.
But 30 months after, Nitel’s fortunes have nose-dived with its workforce reduced from 13,000 at take-over to less than 1,000 and telephone exchanges and other immovable assets such as switches in comatose.
NCP under the chairmanship of Vice President Goodluck Jonathan approved the constitution of a technical board to manage the affairs of Nitel/M-Tel until a new core investor emerges.
Alhaji Ikra Bilbis, Minister of State for Information and Communications, who read the resolution of the NCP meeting, said the revocation was arrived at after discussing "the outstanding issues in Transcorp’s management of Nitel/M-Tel and other issues contained in the Shares Sales Purchase Agreement (SSPA)."
According to him, the decision was based on "serious breaches of the terms and conditions of the SSPA, particularly: exiting of British Telecommunications (BT) as the technical operator, which is condition precedent in the SSPA; failure of Transcorp to inject N8.9 billion cash into Nitel within 100 days of its take-over to address the immediate liquidity problem facing Nitel.
Others include, failure to pay interconnectivity debt totaling about N17 billion; inability to pay workers’ salaries in the past 11 months; and failure of Transcorp to maintain Nitel/M-Tel as a going concern, resulting in complete loss of market share from 15 per cent to 0.03 per cent.
Bilbis said it is clear that "Transcorp has deviated and voided the contract in its entirety."
This decision of government sounded good as an effort to revive the ailing used to be telecommunications giant in the country, but there still remain issues that demands explanation which put this effort in doubt. Why is it that whenever serious effort is made to get a technical partner or core investor to revive Nitel that government will come up with revocation of its agreement with Transcorp on Nitel sale? It would be recalled that in 2008 Transcorp had concluded arrangement to sign an agreement with a new investors who were already in the country for the signing ceremony when government suddenly revoked the sale to Transcorp on a Saturday, a non working day. Again in line with federal government and Transcorp the two owners of Nitel agreement to relinquish some percentage of their share holding to a would be core investor, BPE commenced process towards finding a core investor which has been schedule to be completed in September this year, another revocation of agreement was announced.
Transcorp also initiated effort that would have gone a long way in putting Nitel back on its feet with the signing of a project agreement Cisco which was truncated. Under the project deal, Cisco, a leading global information technology firm, agreed to raise $10million to rehabilitate and transform Nitel’s fibre optic cable that is lay waste to ensure that Nigerians get speedy and reliable connection to the super highway. The project would also expand Nitel’s capacity by six times and create huge volumes of bandwidth in commercial quantity for corporate organizations in telecoms, oil and gas and other multinational firms in the country.
The first phase of the project would have generated between $100milliom and $150million to Nitel every year once it is completed. Government as well directed Transcorp in a letter to stop the contract for no stated reason.
Industry watchers are of the view that, with all these revocation and interference by government it will be very difficult to get foreign core investor for Nitel aside skepticism shown by some foreign investors in investing in a country with poor infrastructure and other business challenges.
The fact that Transcorp has not shown enough seriousness in bringing Nitel to life once again in terms of technical and financial ability is not in doubt. The Federal government of Nigeria’s attitude to the whole arrangement also left much to be desired. Although it claimed to have 49 percent of Nitel, investigations show that since the coming on board of Transcorp, it has not invested a dime in its operations. This is definitely contrary to the dictates of the industry which demands constant investment to be able to catch up with the competition. Nigeria CommunicationsWeek investigations show that the politics and interest of some people in government had contributed immensely to frustrate all effort to revive the company by Transcorp. Government said that Transcorp did not inject N8 billion into Nitel within 100 days of its take over, but it was gathered that Transcorp took firm control of Nitel in 2008 two year after it acquired 51 percent share of the company.
It is important to note that the Federal Government which owes 49 percent equity has not made any investment since 2006. The last time an investment was committed to Nitel by government was in 2005 when it disbursed about N60billion into Nitel’s operation, the fund which was said to have disappeared into private pockets immediately Nitel’s account was credited.
According to Tom Iseghohi, group managing director, Transcorp, Transcorp invested over N5 billion in Nitel within the first year of its take over. This means that going by the share structure, government supposed to have brought in a commensurate investment of over N4 billion.
Mr. Bayo Banjo, vice president, Association of Telecommunications Company of Nigeria (Atcon), said Transcorp has found itself in this sorry state because it is ignorant of the fact that any dealing with government is very difficult because of inherent political interests.
An industry analyst said the entire scenario is a reflection of the fact that government has no business in business. He questioned how government is going to reconcile invest made by Transcorp in the payment of staff salaries when the company is not generating near what is use in running it.
Engr. Gbenga Adebayo, chairman, Association of Licensed Telecommunications Operators of Nigeria (Alton) agreed that enough has not been by both parties in Nitel deal which is responsible for Nitel that controls about 25 percent of market share five years now controls 0.003 percent.
He urged for a complete re-engineering of Nitel before any other effort at reviving the company, especially maintenance of its network facilities that have not been maintained for the past five years.
He noted that, there is not going to be a smooth sale of Nitel going by the events that have happened, and that position of government in respite of the percentage of share to be sold will determine the direction and willingness of any core investor to invest in Nitel.
Adebayo suggested a 100 percent sale of Nitel as government does not have what it take to run business, adding that the current state of affairs in Nitel be made public.
Industry watchers have argued that the position of government to guide the revival process in Nitel is a mere effort to cover up huge debt owe Nitel by people in government as well as their interest.
Telecom
Digital Encode Sponsors PAFON 3.0 as CVO Prof. Adewale Set to Deliver Keynote on Cybersecurity and Trust
Digital Encode Limited has emerged the lead sponsor of the upcoming third edition of the forum (PAFON 3.0), the organisers have announced.
PAFON 3.0
PAFON 3.0 is scheduled to take place on Friday, April 24, 2026, at the Oriental Hotel, Lekki Road, Lagos, from 9:00 AM to 1:00 PM.
Themed “Fair Digital Payments as a Catalyst for Deepening Financial Inclusion in Nigeria,” PAFON 3.0 serves as a strategic platform for senior executives from banks, fintechs, regulatory agencies, and technology innovators to address the evolving digital payment landscape.
As Nigeria transitions toward a cash-light economy, the forum will focus on critical pillars of sustainability, including transparency, pricing integrity, and system resilience.
Bridging Cybersecurity and Financial Inclusion
Professor Adewale Peter Obadare, the Founder/chief visionary officer of Digital Encode will deliver a cybersecurity-focused keynote address that connects trust, resilience, fraud prevention, and consumer protection to financial inclusion.
His session will provide a specialized perspective on how information security serves as the bedrock of financial inclusion; exploring the vital links between building infrastructure that consumers can rely on, protecting the ecosystem to allow inclusion to scale, and ensuring equitable and secure access for all Nigerians.
Prof. Obadare is arguably the most Credentialed PAN-African Digital Trust Leader, CyberSecurity Strategist, GRC Thought Leader & Global Technopreneur.
He is a seasoned Multi-Award Cybersecurity & GRC expert with over 58 (Fifty-Eight) international professional certifications to his credit, Master of Science in Cybersecurity, Liverpool Unversity, UK, was awarded Honorarary Doctorate Degree in Cybersecurity from Trinity International University of Ambassadors Atlanta Georgia, United State of America and First Professor of Practice – Cybersecurity at Miva Open University, Abuja, Nigeria.
Prof. Obadare is a well-recognized subject matter expert with numerous successful engagements to his credit in Africa and the world. His skills and experience spans Data Privacy, Data Protection, CyberSecurity, Information Security, Vulnerability Management, Penetration Testing, Computer Forensics, Business Continuity, I T Governance, Risk Management and Compliance.
He is a Cybersecurity Advisory Board Member for Lagos State Government, a Platinum Team Member of Open-Source Security Testing Methodology Manual (OSSTMM), as well as a lifetime member of the Open Worldwide Application Security Project (OWASP). He is an alumnus of FATE Foundation and US Department of State Exchange program.
He is also a distinguished alumnus of executive education at Harvard Business School, Harvard School of Government, MIT Sloan School of Management, MIT Professional Education and Oxford University – Said Business School.
“Without trust in the security of digital payments, inclusion cannot scale. And we are happy to welcome Digital Encode as our Lead Sponsor this year. With what the company stands for and the personality of the CVO on a global scale, we have no doubt that attendees at this year’s PAFON will go home with lots of insights.”
“The theme for PAFON 3.0 was carefully selected because if digital payments are affordable, transparent, accessible, and trustworthy, more Nigerians, especially the underserved, will participate in the financial system”, Mr. Chike Onwuegbuchi, the co-convener of Payments Forum Nigeria, noted, highlighting Digital Encode distinguished leadership in Nigeria’s cybersecurity ecosystem.
Other Confirmed speakers: Dr. Jameelah Sharrieff-Ayedun, Vice President, Fintech Association of Nigeria (FintechNGR) & CEO, Credit Registry; Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities (SANEF Limited): Special Guest of Honour; Mojeed Abayomi Agboola, National President, Financial Inclusion Agents Multipurpose Cooperative Society (FIAMCS); Dr. Obioha Otti, National President, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN); Chukwuemeka Enoch, Founder, Lagos Blockchain Week, and Sarafadeen Fasasi, National President, Association of Financial Inclusion Agents of Nigeria (AFiAN), amongst others.
The forum will feature speakers from across the financial spectrum, including mobile money operators, payment processors, and development institutions, to shape policy dialogue and industry standards.
PAFON is a premier industry gathering that aligns brand positioning with trust and innovation in Nigeria’s digital payments ecosystem. It provides a unique space for thought leadership, regulatory engagement, and market expansion within the payment infrastructure sector.
The era of treating cybersecurity as a mere IT problem is over. As AI-powered digital threats become more elusive and destructive, Nigeria is shifting its strategy toward “Total Resilience”—a multi-dimensional defense involving every level of society.
NITDA
At the 2026 GITEX Africa summit, NITDA DG, Kashifu Inuwa sounded the alarm on the changing nature of digital warfare, asserting that technology alone is no longer enough. Instead, Nigeria’s survival in the digital age now hinges on a strategic blend of policy, people, and proactive defense.
Speaking during a panel session on Cyber Resilience, Inuwa described the current global digital environment as being at a “critical turning point.”
He warned that emerging technologies are not only transforming industries and economies but are also reshaping the nature of cyber threats, demanding a proactive and multi-dimensional response from governments, institutions, and citizens alike.
“Cybersecurity is no longer just a technical issue. It is a strategic imperative for national development,” Inuwa stated. “We must think beyond technology alone and build resilience through people, processes, regulations, and infrastructure.”
Inuwa revealed that the focus of Nigeria’s cyber strategy is shifting from high-tech software to the people behind the screens. Pointing to data showing that 95% of all digital breaches stem from simple human mistakes, Inuwa argued that the world’s most advanced encryption is useless if the user is compromised.
“The most sophisticated technology cannot protect us if the human element is overlooked,” he noted. By prioritising human capacity and digital literacy, NITDA aims to turn every citizen into a “human firewall”, the first and most critical line of defense in a world where AI-driven attacks are the new normal.
In response, the Nigerian government has launched a comprehensive National Digital Literacy Programme aimed at achieving 95 percent digital literacy by 2030, with an interim target of 70 percent by 2027.
The programme emphasizes digital safety and cybersecurity awareness, equipping citizens with the knowledge to navigate an increasingly online world responsibly.
Inuwa highlighted initiatives such as the “3 Million Tech Talent” programme, designed to develop Nigerian expertise across key technology domains, including cybersecurity, data science, and AI.
The programme also leverages hackathons, innovation challenges, and mentorship schemes to channel young people’s skills into productive, lawful, and globally competitive ventures.
He argued that nurturing local talent is essential not just for national security but also for economic growth. “We want to create an environment where young Nigerians are innovators, not just consumers of technology,” he said.
Addressing concerns about Nigeria’s ranking in global cybercrime indices, Inuwa urged contextual understanding. “Countries with the most advanced digital economies also rank high in cybercrime because of the scale of their online activity,” he explained.
“Our focus is on redirecting talent towards innovation and solutions that protect our citizens while contributing to global digital advancement.”
On the legal and regulatory front, Nigeria continues to review and enhance the Cybercrime Act of 2015 to keep pace with the rapidly evolving threat landscape. The law underpins a structured National Cybersecurity Architecture coordinated by the Office of the National Security Adviser.
In addition, the country operates a 24-hour cybersecurity operations centre tasked with monitoring threats, issuing advisories, and providing real-time support to government institutions, businesses, and citizens. Advanced technologies, including dark web monitoring and AI-enabled threat detection, are being deployed to enhance situational awareness and improve response times.
Inuwa emphasized that effective cyber resilience requires collaboration between public and private sectors. NITDA is working closely with ministries, departments, agencies, and private sector stakeholders to secure critical infrastructure and strengthen national resilience.
“Cyber resilience is not a solo effort; it is a collective responsibility. By integrating people, technology, and regulation, we can build a secure, globally competitive digital economy,” he added.
As Nigeria navigates a digital-first future, initiatives such as the National Digital Literacy Programme, 3 Million Tech Talent, and strengthened legal frameworks underscore a commitment to turning cybersecurity challenges into opportunities for innovation and growth.
The country’s strategy reflects a broader understanding that in an era of AI-driven threats, preparedness is as much about people and processes as it is about technology.
Truecaller, the leading global communications platform, today announced the expansion of its Business Chat platform, making it accessible to global channel partners and enterprise solution providers. By “opening up” market access to its platform, Truecaller is empowering partners to transition their enterprise clients from legacy, low-trust SMS to a verified, smart, media-rich, and conversational communication experience.
Truecaller
Through this partner-led expansion, Truecaller empowers businesses to reclaim customer attention and establish immediate trust and credibility.
“The definition of success for modern enterprises has fundamentally evolved. It’s no longer just about delivery – it’s about earning attention, establishing credibility, and driving meaningful conversion,” said Priyam Bose, Global Head, GTM at Truecaller.
“By opening up market access to our global partners, we’ve created a powerful gateway for brands to engage with over 500 million active users where they already interact daily through communication that is contextual, trusted, free from clutter, and designed to initiate actions. For existing customers, the outreach opportunity extends to an additional high-impact channel, strengthening the overall customer experience journey.”
Truecaller Business Chat enables a clutter-free, high-trust conversational experience between businesses and consumers. The Business Chat platform equips partners with actionable insights, including real-time data and rich engagement metrics. This facilitates a more sophisticated, data-driven communication strategy that adapts at every stage of the customer journey.
Partners, including Gupshup and OneXtel, are already live in India along with Globe Teleservices, Cloudcom, and Sling Africa in other global markets, rapidly scaling the product in their respective regions. Global partners can now leverage Truecaller’s massive footprint to offer their clients a trustworthy engagement channel in an increasingly crowded digital world.
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