Naira slides to N1,650/$ in parallel market

The Naira yesterday depreciated to N1,650 per dollar in the parallel market from N1,648 per dollar on Monday.

Airtel Nigeria calls for urgent actions as fibre cuts hit 43 daily

Telecommunication company, Airtel Nigeria, has called for urgent actions to protect telecom infrastructure as vandalism continues to surge leading to a record of an average of 43 fibre cuts daily on the Airtel network alone.

The company’s Director of Corporate Communications and CSR, Femi Adeniran, who made the call, said the telco had suffered a total of 7,742 fibre cuts in the last six months.

According to him, fibre cuts—primarily caused by construction activities, vandalism, and a lack of coordination between stakeholders—have become an epidemic in the Nigerian telecom industry.

“These interruptions not only inconvenience consumers but also hinder businesses, delay government operations, and compromise public safety, particularly in emergencies,” he said.

Emphasizing the critical roles of telecommunications in the economy, Adeniran said telecommunications infrastructure is not just about phone calls or browsing the internet; it powers vital sectors like education, healthcare, banking, and public safety.

In a world increasingly defined by digital transformation, the integrity of our telecom networks is as critical as our roads, bridges, and airports.

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“Imagine waking up one morning to find no internet, no mobile network, and no access to emergency services—all because a single fibre cable was carelessly severed during routine construction.  

“This is not just a hypothetical scenario; it’s a reality that plays out daily across Nigeria, threatening the backbone of our digital economy and undermining national security. 

“On average, operators report multiple incidents daily, disrupting services to millions of Nigerians.  Airtel Nigeria alone records a daily average of 43 fibre cuts and in the last six months, a total of 7742,” he shared.

Adeniran called on all stakeholders including government agencies, security agencies, construction companies, telecom operators, the media and civil society, to collaborate urgently in safeguarding Nigeria’s telecommunications infrastructure.

While the federal government had recently designated telecommunications assets as critical national infrastructure, the Airtel Director noted that beyond policy declaration, there is a need to urgently move to practical actionable steps some of which include:

• Stronger Enforcement and Coordination: Security Agencies and Regulatory bodies, must enforce stricter penalties for fibre damage while creating platforms for seamless coordination between construction companies and telecom operators.
• Regulating and Monitoring the Operations of Construction Companies: Construction companies to be regulated and monitored to ensure they accord similar status to telecom assets as they do to assets of other utility companies.
• Right-of-Way (RoW) Simplification: Streamlining the RoW process will ensure operators can bury cables securely and proactively plan for infrastructure protection in partnership with local governments.
• Adoption of Technology: Leveraging geospatial mapping and real-time monitoring tools will enable better identification of high-risk zones and faster response to incidents.
• Increased interest and Support from the Nigerian Media: Media stakeholders should support Public and private sector actors to drive targeted campaigns and public enlightenment on the importance of telecom infrastructure and the dire consequences of fibre cuts.

Airtel Nigeria calls for urgent actions as fibre cuts hit 43 daily

Some crypto applicants may be disqualified – Nigeria’s SEC

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emotimi Agama, has hinted that some crypto companies, that have applied to be registered by the Commission may not meet the requirements to get its approval.

Agama stated this at a meeting with applicants under its Regulatory Incubation (RI) and Accelerated Regulatory Incubation Programme (ARIP) its two regulatory windows for crypto players in Nigeria.

Nairametrics recalls that two crypto exchanges, Quidax and Busha were recently granted an approval-in-principle by the SEC to operate as legally recognised exchanges in Nigeria under its ARIP program.

At the time, the Commission also noted that there were several other applications under consideration.

While admitting that it would be difficult to assure that all the applicants would be registered, Agama at the meeting said:

“Certainly, not all of them will meet the requirements. The commission will keep providing clarity to some knotty areas to assist in the process.” 

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SEC committed to transparency 

Agama at the meeting assured stakeholders in the crypto space of the SEC’s commitment to ensure transparency and integrity in crypto regulation, adding that the commission had provided a level playing field to all applicants.

• Agama noted that SEC understood the anxiety and the need to be regulated, but being careful, even in its desire to be inclusive.
• He said that the process of registration was very technical because registration was the hallmark of regulation.

“Registration goes beyond onboarding and registering, it requires monitoring, education, and surveillance, and all of these are continuous,” he said.

Agama stressed the importance of stakeholders’ input, adding that rules would be amended to include all valid points to make it an all-inclusive document.

Nigeria’s role in the crypto space 

Emphasizing that the country is ready to lead crypto regulation, the SEC DG said:

“We are trying to ensure that at the end of the day, as a country we will stand out in the regulation of this space. 

“Beyond any doubt, this space is the future and for us as Nigerians, we have embraced it.” 

The SEC DG noted that the commission was not slow in its processes, but must be sure everything was in order to enable fairness in any pronouncements made.

“In the coming year, we will move faster in delivery and announcements, having learnt from this process. A new law has been passed and it is in the process of obtaining Presidential assent,” he said.

According to him, the law is replete with all of the ingredients legally required to properly regulate this space and give guidance to operators.

“All of these are efforts by the SEC to be as friendly as possible, protect the interest of the ecosystem and the interest of investors,” he said.

Some crypto applicants may be disqualified – Nigeria’s SEC