Telecom
Ministry of Communications Pushing for ICT Development Bank – Shittu
Barr. Adebayo Shittu, Minister of Communications, has said that the Ministry was pushing for the establishment of an Information Communication Technology (ICT) Development Bank to provide funding for broadband and data infrastructure development.
Shittu disclosed this during a valedictory press conference organised for him in Abuja.
According to the minister, the proposed bank would serve as a special purpose vehicle to propel the growth of ICT sector under Private Public Partnership (PPP).
He added that the bank would support stakeholders and technology start-ups at low interest rates.
While highlighting some achievements of the ministry under his leadership since November 2015, Shittu said that the country had recorded increased deployment of technology through significant investments.
He said “technologies like blockchain, internet of things, artificial intelligence, cloud computing, 3D printing and big data are being adopted by government agencies.
“There are over 50,000 base transmitter stations and over 150,000 kilometers fibre broadband infrastructure.
“Five mobile radio frequency monitoring equipment and national spectrum management systems have been launched for effective monitoring of frequency bands.
“The first mobile radio frequency monitory equipment, a national spectrum system, a Denial of Service (DOS) equipment, and a national control centre in Abuja have also been launched.”
Shittu, however, emphasised the need to expand investments in ICT infrastructure to extend connectivity to unserved and underserved areas.
He also said that the ministry showed great concern for the plight of service providers.
“The national Economic Council has approved a policy to harmonise rights of way charges payable by telecom companies and related public utility infrastructure on local governments, states and federal highways.
“This is a policy to minimise the spaces occupied, the burden on the roads and reduce taxes payable by telecom operators,” Shittu said.
He further called for the review of the 2012 National ICT Policy as well as the Nigerian Communications Act crucial in the development of the sector.
Shittu said that total foreign direct investments to the telecommunications and information technology sector stands at 1.73 billion dollars.
He added that while internet penetration rose from 45 per cent in 2015 to 53 per cent in 2018, telephony subscribers increased from 151 million in 2015 to 173 million in 2018.
“Broadband penetration rate as at March 2019 was 33 per cent, while tele-density grew 123 percent in 2018 and mobile penetration rate increased from 83 percent in 2015 to 84 per cent in 2018,” Shittu said.
Lynda Saint-Nwafor, chief Enterprise business officer, MTN Nigeria, has assured the network subscribers that the new end-user billing system for the use of USSD services will jot affect them.
USSD, otherwise Unstructured Supplementary Service Data codes are commonly used for banking transactions, airtime recharges, and other mobile services.
The telco said that there is no significant impact or change other than the fact that they will now pay the same N6.98 per session (120 seconds) with their airtime instead of direct bank debit.
Saint-Nwafor, said this during a chat with MTN MIP fellows, explaining that the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered telecom operators to ensure that the new billing model resolves trust issues and ensures transparency in the billing process.
“Our regulator insisted that at the end of every month, we are going to be providing history and statistics on the performance of the service across the board”, she explained.
Saint-Nwafor added that the new billing model has standardized messaging across all operators and ensures consistent communication with customers.
“We will take all the error codes and map them into messages that are standardised across the board. So, if you initiate a transaction, you will know if it is failing. And, when the transaction fails, you will know if it is from your bank or the telco,” she explained.
The U.S. government has recovered $225 million in what is now the largest seizure of funds linked to a cryptocurrency investment scam.
In a statement released Wednesday, June 18, the U.S. Attorney’s Office said the recovery followed an extensive investigation by the FBI and the U.S. Secret Service, using blockchain analysis and other forensic tools. The statement did not confirm whether any arrests had been made.
According to the authorities, the stolen funds originated from fraudulent cryptocurrency investment schemes that tricked victims into believing they were making legitimate investments. More than 400 individuals around the world, including dozens in the United States, were reportedly affected.
The operation involved a sophisticated money laundering network that carried out hundreds of thousands of blockchain transactions to obscure the source and ownership of the stolen assets.
“These scams prey on trust, often resulting in extreme financial hardship for the victims,” said Shawn Bradstreet, Special Agent in Charge at the U.S. Secret Service office in San Francisco.
Bradstreet added that U.S. officials hope the recovered funds can eventually be returned to the rightful victims.
Cryptocurrency investment fraud accounted for over $5.8 billion in reported losses in 2024 alone, according to the statement.
In a rousing declaration that is electrifying minds across the continent, Hon. Nnaemeka Ani, Special Adviser on ICT to Enugu State Governor, Dr. Peter Mbah, has called for a homegrown digital revolution under the banner “Africa Will Rise: By Code, By Courage, By Us.”
Hon. Nnaemeka Ani
The message, part challenge, part philosophical—seeks to galvanize African innovators to move beyond buzzwords and build technology with impact and legacy in mind.
“Let’s stop building for hype. Let’s start building for legacy,” Ani urged while speaking to ICT journalists over the weekend. “Let’s stop waiting for someone else. Let’s start creating the future—on our own terms.”
At the heart of Ani’s vision is a shift from tech consumerism to tech authorship. With innovation hubs sprouting across cities like Enugu, Lagos, Kigali, Jo’Burg, and Nairobi, and a growing community of developers, engineers, and entrepreneurs determined to solve Africa’s unique challenges, the movement is already taking shape.
Ani emphasized that Africa’s future lies not in flashy apps or international admiration but in persistent, intentional solutions that uplift communities—solutions that digitize public services, bridge rural-urban divides, empower women and youth, and build resilience in food and climate systems.
“We have the talent,” he said. “Now it’s time to harness it—to stop building for likes and start building for lasting impact.”
With support from leaders like Ani and rising momentum in Africa’s tech corridors, it seems that a new chapter is being written—one line of code at a time.
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