The Central Bank of Nigeria and the Nigerian Communications Commission have been urged to enable deeper data-sharing between banks and telecommunications operators as part of a coordinated push to curb rising digital fraud.

The intersection with financial services is amplifying risks for telecom operators, which now underpin digital payments and banking partnerships. In Nigeria, where about 59 per cent of e-banking customers have fallen victim to scams, telecom providers face mounting pressure as critical infrastructure in the financial system.

A 2026 report by PwC, titled “AI’s Dual Role in Telecom Fraud”, said closer collaboration between banks and telecoms companies could significantly improve the detection of threats such as SIM swap attacks and unauthorised account access, which increasingly cut across both sectors.

The report argued that while telecom operators already deploy sophisticated systems to monitor call data and network activity, these capabilities remain underutilised in supporting financial institutions’ fraud controls. Likewise, banks’ advanced anti-fraud algorithms could help telecom providers better identify suspicious behaviour across mobile networks.

“To make this collaboration effective, there must also be stronger engagement with regulators such as the NCC and the CBN. Improved communication between industry players and government bodies can accelerate the development of clear, responsive regulations that support innovation while safeguarding consumers,” the document stated.

By sharing insights and real-time threat intelligence, both sectors can strengthen their individual and collective defences, PwC noted, pointing to coordinated frameworks in markets such as the UK, Singapore, and Australia.

Global telecom fraud losses were estimated at $38.95bn in 2023, while data from the NCC shows Nigerians lost about N12.5bn to telecom-related financial crimes between 2019 and January 2023.

The push for collaboration comes as fraud schemes grow more complex, driven in part by the rapid adoption of digital banking and mobile-based services such as USSD, which have expanded access but also widened the attack surface for criminals.

Telecom infrastructure has become a critical layer in financial security, particularly as fraudsters exploit weaknesses in identity verification processes. SIM swap fraud, where attackers take control of a victim’s phone number to access banking services, remains a key concern.

Without such alignment, institutions remain cautious about sharing sensitive data, citing compliance risks and uncertainty over privacy obligations, a constraint that continues to limit the effectiveness of joint fraud detection efforts.

Beyond institutional collaboration, the report emphasised the role of consumers, noting that many fraud incidents rely on social engineering tactics. It urged telecom operators to expand customer awareness campaigns, including alerts on emerging scam patterns and guidance on identifying phishing attempts.

At the same time, the growing use of artificial intelligence in fraud detection is introducing new risks. While AI systems can improve monitoring and response times, the report warned they could also be manipulated by attackers through techniques such as prompt injection, potentially exposing sensitive data or bypassing security controls.

To mitigate these risks, telecom companies were advised to adopt responsible AI practices, including regular audits of algorithms, transparent decision-making processes, and the use of representative training data to limit bias.

The report also highlighted the potential for regulators to deploy AI tools to automate compliance checks, enabling more efficient oversight and allowing authorities to focus on high-risk areas.

The Federal Government’s capital spending dropped by N1tn in 2025 as rising recurrent expenditure squeezed fiscal space, the World Bank has said.

The bank disclosed this in its April 2026 Nigeria Development Update titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development.” It stated, “Capital spending declined from 1.3 per cent of GDP (N5.5tn) in 2024 to 1.0 per cent (N4.5tn) in 2025, serving as the primary adjustment margin.”

The decline came amid a sharp increase in overall government spending, which rose to about 6.7 per cent of GDP, equivalent to N29.7tn, driven largely by higher personnel costs, rising debt service obligations, and increased intervention spending.

According to the report, a significant portion of revenue was also absorbed by deductions at source from Federation Account inflows, including N1.1tn for military-related special interventions and N900bn for the Renewed Hope Development Programme.

These pressures left limited fiscal space for capital projects, forcing the government to cut back on infrastructure and other growth-enhancing investments. The World Bank further noted that beyond the decline in allocations, the execution of capital projects remained weak, reducing the overall impact of public spending.

“Capital execution was particularly weak, with only 24 per cent of the prorated 2025 capital budget of MDAs implemented, leaving a significant portion of approved investment unspent and limiting the growth impact of public spending,” it added.

The report explained that recurrent expenditure continued to absorb most available fiscal resources, making capital spending the main adjustment tool for managing fiscal pressures. Despite improvements in revenue, Nigeria’s fiscal position weakened slightly during the period.

The bank stated that the consolidated fiscal deficit widened to about 3.1 per cent of GDP in 2025 from 2.8 per cent in 2024, as increased spending outpaced revenue gains. It attributed the rise in revenue to stronger non-oil tax collections, including Company Income Tax and Value Added Tax, driven by improved tax administration and compliance.

However, the gains were insufficient to offset the surge in recurrent expenditure at the federal level. While state governments expanded capital spending during the period, supported by improved revenues, the Federal Government faced tighter fiscal constraints due to rising wage bills and interest payments.

The report also highlighted structural weaknesses in Nigeria’s budget process, which it said contributed to poor capital spending outcomes. It noted that delays in budget approval and weak coordination between the executive and legislative arms reduced predictability for programme implementation.

For instance, the 2025 budget was approved six weeks after the end of the fiscal year, while the 2026 budget had yet to be approved as of March 25, 2026. The World Bank added that frequent and untracked changes to budget proposals, often not anchored in macro-fiscal analysis, have further weakened budget credibility and capital expenditure planning.

Overall, it warned that Nigeria’s fiscal structure remains heavily tilted toward recurrent spending, limiting the government’s ability to invest in infrastructure and drive long-term economic growth. The bank stressed the need to strengthen fiscal discipline, improve budget processes, and prioritise capital investment to enhance the growth impact of public spending.

The PUNCH earlier reported that ministers in charge of key infrastructure and service-delivery agencies are grappling with a severe funding squeeze, as MDAs received less than N1tn for capital projects in the first seven months of 2025.

The data used for this report were the most up-to-date available from the Budget Office of the Federation, as the agency had not yet released comprehensive full-year implementation figures, despite the fiscal year being well advanced.

The Senate recently extended the implementation of the capital component of the 2025 budget from March 31 to June 30, 2026. The extension followed the passage of a bill to amend the 2025 Appropriation Act after a clause-by-clause consideration.

The bill was sponsored by the Senate Leader, Senator Opeyemi Bamidele (APC, Ekiti Central). Leading the debate, Bamidele said the amendment became necessary as the execution of capital projects had not reached optimal levels despite the release of about 30 per cent of funds to Ministries, Departments, and Agencies.

“This situation, if not urgently addressed, risks exacerbating the already troubling incidents of abandoned or partially executed projects across the country,” he said.

He added that many of the projects remained relevant, noting that only about 70 per cent were captured in the 2026 budget. Bamidele warned that without the extension, key infrastructure projects of President Bola Tinubu could be disrupted.

The Nigerian Electricity Regulatory Commission has ordered the Transmission Company of Nigeria to reduce transmission losses across the national grid to 6.5 per cent by December 31, 2026, as part of measures aimed at improving efficiency and transparency in the electricity transmission network.

In an order dated April 8, 2026, the commission said the directive formed part of a new framework for regional transmission loss factor reporting designed to strengthen grid oversight and accountability.

The order stated, “TCN shall ensure that TLF across all transmission regions in NESI shall not exceed 6.5 per cent by 31 December 2026, in compliance with MTYO 2024 for TCN.”

The regulator explained that transmission network losses represent energy dissipated during the conveyance of electricity due to resistance in lines, transformer losses, and operational inefficiencies, noting that although some losses are unavoidable, improved planning and optimisation can minimise them.

“Transmission network losses represent the portion of electrical energy that is dissipated during conveyance of electricity through the transmission network due to inherent physical characteristics of the grid, including resistance in transmission lines, transformer losses, and other operational inefficiencies. While a certain level of loss is technically unavoidable, effective network planning, maintenance, and operational optimisation can minimise these losses,” NERC said.

The commission said the Transmission Loss Factor remained a key metric for assessing grid performance, explaining that it measures the difference between total energy injected into the transmission system and energy delivered at exit points.

“TLF therefore serves as a critical performance indicator for assessing grid efficiency, operational integrity of the transmission network, and the effectiveness of energy accounting within the grid. Elevated transmission losses may arise from a number of factors, including ageing or inefficient network equipment, degraded infrastructure, and suboptimal operational practices,” it stated.

The regulator cited data from the Nigerian Independent System Operator indicating that national average transmission losses exceeded approved benchmarks in recent years.

“Data from the Nigerian Independent System Operator’s report indicates that the national average TLF stood at 8.71 per cent in 2024 and 7.24 per cent in 2025, both of which exceed the Multi-Year Tariff Order benchmark of 7 per cent approved by the commission,” the order said.

The commission noted that increasing grid complexity and geographic spread necessitated stronger monitoring mechanisms, adding that regional reporting would help identify high-loss corridors. To support the loss reduction target, the commission directed the system operator to install smart meters at regional boundaries.

The regulator also instructed the system operator to measure energy flows in transformers across transmission substations. “NISO shall install smart meters at all boundary regional interconnection points by 31 December 2026 to accurately measure energy inflows and outflows for each region of the transmission network.”

“NISO shall measure and document energy flow in and out of power transformers at all transmission substations to evaluate the compliance of the allowable loss value of the transformers in compliance with section 2.3.4.1 (b) of the Nigerian Electricity Supply and Installation Standards Regulations 2015,” it stated.

Furthermore, the commission mandated quarterly regional reporting of transmission losses. The order stated that NISO shall file quarterly reports on TLF to the commission on a regional basis no later than 30 June 2026 using a template provided in the order.

It also required TCN to submit a corrective plan for regions exceeding allowable limits. “TCN shall file a comprehensive action plan by 31 July 2026 on the reduction of TLF to a value within the approved benchmarks in regions where the TLF exceeds the allowable limits for approval,” it added.

The commission warned that failure to comply with the order would attract sanctions, saying, “Non-compliance with the provisions of this order shall attract appropriate regulatory measures as prescribed in the Terms and Conditions of the defaulting Licensee’s Licence and other applicable regulations or orders of the commission.”

The Managing Director/Chief Executive Officer of the Nigerian Independent System Operator, Abdu Bello, said Nigeria’s power sector was losing between N5bn and N8bn monthly to transmission inefficiencies, even as he revealed that targeted interventions by the operator have begun to cut losses and improve grid stability.

Bello made this known on Wednesday during the organisation’s first anniversary celebration held at its headquarters in Utako, Abuja, where he presented a detailed scorecard of reforms and operational milestones recorded since its establishment.

Polaris Bank has announced its partnership with the Central Bank of Nigeria for the 2026 Global Money Week under the theme ‘Smart Money Talks’. The initiative, which runs from 7 April to 30 April 2026, aims to bridge the financial literacy gap by providing secondary school students with the tools to navigate an increasingly complex digital economy.

“Building a financially smart future starts with equipping young people with the right knowledge today. As conversations around money become more complex in a fast-evolving digital world, our participation in Global Money Week reflects our commitment to empowering the next generation with practical skills that shape long-term economic wellbeing,” stated the bank’s leadership during the launch.

The 2026 campaign, according to a statement on Thursday, builds on the success of the previous year, where Polaris Bank directly impacted 3,372 students across 35 secondary schools in 36 states.

This year, the bank is expanding its reach in coordination with the CBN’s Financial Literacy Secretariat to conduct sessions in schools across all states where it maintains a branch presence. These sessions provide students and young adults with useful insights into key areas such as saving, budgeting, the responsible use of financial products, digital financial services, and entrepreneurship.

“At the Central Bank, we believe that early education is critical to helping young people distinguish between impulse and intention. By taking these conversations into schools, we are supporting a national mandate to develop a generation that is more financially aware and capable of making smart choices,” noted a representative from the CBN Financial Literacy Secretariat.

In an era where technology and peer influence heavily dictate spending habits, Polaris Bank is positioning financial literacy as a vital life skill rather than a luxury. The bank believes that early education is critical to helping young people distinguish between trend and truth, or convenience and responsibility.

“For Polaris Bank, this goes beyond a statutory obligation,” the bank added. “It is about fostering a culture where young people are confident in money matters, helping them grow into financially active adults who can contribute meaningfully to the Nigerian economy.”

The programme aligns with broader national goals of human capital development and financial inclusion as key drivers of growth. As Global Money Week activities continue through the end of April, Polaris Bank remains committed to initiatives that create meaningful impact, strengthen communities, and empower individuals through knowledge-driven engagement.

Guinea Insurance Plc has signalled a period of robust financial growth and strategic strengthening as it forecasts a profit after tax of N1.85bn for the second quarter ending 30 June 2026.

In a comprehensive regulatory filing submitted to the Nigerian Exchange on Tuesday, the insurer detailed an ambitious financial roadmap characterised by aggressive revenue targets and a massive capital injection intended to solidify its market position.

The company’s forecast income statement projects insurance revenue to hit N4.41bn by the end of the quarter. This performance is expected to be bolstered by a strong insurance service result of N2.27bn, demonstrating the firm’s ability to effectively manage its core underwriting risks and reinsurance contracts.

Beyond its core operations, the report highlights a diversified income stream with net investment income projected at N1.14bn. This is expected to be driven primarily by investment income and fair value gains on financial assets, reflecting a strategic allocation of capital within the current economic landscape.

Perhaps the most significant highlight in the filing is the N7.5bn new capital injection listed under financing activities. This influx of capital is set to dramatically transform the company’s balance sheet, pushing its cash and cash equivalents to a projected N7.44bn by mid-year, up from N2.98bn at the start of January.

The board of directors, led by Chairman Temitope Borishade and Managing Director Ademola Abidogun, noted in the filing that “these projections reflect a company exceeding expectations with a clear path toward sustainable profitability and a fortified capital base that ensures we remain a dominant player in the industry.”

On the operational side, Guinea Insurance’s cash flow estimates indicate a high level of activity, with premium collections expected to reach N4.9bn. The company has also budgeted N1.13bn for gross claims payments, emphasising its commitment to meeting policyholder obligations promptly.

The report further detailed that “the proposed capital injection of N7.5bn is a testament to investor confidence and a strategic pivot toward high-yield financial assets”, including a planned N2.5bn investment in Treasury bills.

With earnings per share projected at 0.10 kobo, Guinea Insurance is positioning itself as an increasingly attractive prospect for shareholders. The company concluded its submission to the exchange by stating that it is “entering the second half of the year with a liquid, well-capitalised balance sheet designed to withstand macroeconomic pressures while delivering consistent value to stakeholders”

The Nigerian equities market closed on a positive note during Thursday’s trading session as a late-session rally in the banking sector pushed the market capitalisation up by N370bn. The All-Share Index grew by 0.28 per cent, gaining 576.27 points to settle at 203,161.81 points, while the total market value of listed equities rose to N130.774tn.

This upturn was primarily driven by price appreciation in medium and large-cap stocks, most notably Nestle Nigeria, Aradel Holdings, Nigerian Exchange Group, Zenith Bank, and Lafarge Africa.

Despite the gains in the headline index, market breadth remained perfectly balanced with 30 advancers matched by 30 decliners. Trans-Nationwide Express emerged as the top performer of the day with a 9.94 per cent price surge to close at N3.43 per share, followed closely by International Energy Insurance, which gained 9.84 per cent to close at N3.46.

Guinea Insurance, Regency Alliance Insurance, and Wapic Insurance also featured prominently on the gainers’ list with respective appreciations of 9.52 per cent, 9.18 per cent, and 9.09 per cent.

On the flip side, LivingTrust Mortgage Bank led the laggards after shedding 10 per cent to close at N4.32 per share. Other significant decliners included R.T. Briscoe, which dropped by 9.94 per cent, and Tantalizers, which fell 9.55 per cent.

Livestock Feeds and VFD Group rounded out the losers’ chart with depreciations of 9.40 per cent and 8.85 per cent, respectively. Trading activity saw a noticeable pullback as total volume decreased by 35.17 per cent to 652.863 million units, valued at N39.820bn and exchanged in 51,101 deals.

The banking sector continued to dominate the activity chart, led by Access Holdings with a turnover of 121.702 million shares valued at N3.165bn. Guaranty Trust Holding Company followed with 62.274 million shares worth N8.096bn, while Chams Holding Company, Zenith Bank, and United Bank for Africa also recorded high transaction volumes.

Providing a forecast for the next session, analysts at Cowry Assets Management Limited noted that the market is expected to face mild headwinds on Friday as end-of-week profit-taking activities begin to weigh on investor sentiment.

Guinea Insurance Plc has signalled a period of robust financial growth and strategic strengthening as it forecasts a profit after tax of N1.85bn for the second quarter ending 30 June 2026.

In a comprehensive regulatory filing submitted to the Nigerian Exchange on Tuesday, the insurer detailed an ambitious financial roadmap characterised by aggressive revenue targets and a massive capital injection intended to solidify its market position.

The company’s forecast income statement projects insurance revenue to hit N4.41bn by the end of the quarter. This performance is expected to be bolstered by a strong insurance service result of N2.27bn, demonstrating the firm’s ability to effectively manage its core underwriting risks and reinsurance contracts.

Beyond its core operations, the report highlights a diversified income stream with net investment income projected at N1.14b

This is expected to be driven primarily by investment income and fair value gains on financial assets, reflecting a strategic allocation of capital within the current economic landscape.

Perhaps the most significant highlight in the filing is the N7.5bn new capital injection listed under financing activities. This influx of capital is set to dramatically transform the company’s balance sheet, pushing its cash and cash equivalents to a projected N7.44bn by mid-year, up from N2.98bn at the start of January.

The board of directors, led by Chairman Temitope Borishade and Managing Director Ademola Abidogun, noted in the filing that “these projections reflect a company exceeding expectations with a clear path toward sustainable profitability and a fortified capital base that ensures we remain a dominant player in the industry.”

On the operational side, Guinea Insurance’s cash flow estimates indicate a high level of activity, with premium collections expected to reach N4.9bn. The company has also budgeted N1.13bn for gross claims payments, emphasising its commitment to meeting policyholder obligations promptly.

The report further detailed that “the proposed capital injection of N7.5bn is a testament to investor confidence and a strategic pivot toward high-yield financial assets”, including a planned N2.5bn investment in Treasury Bills.

With earnings per share projected at 0.10 kobo, Guinea Insurance is positioning itself as an increasingly attractive prospect for shareholders. The company concluded its submission to the exchange by stating that it is “entering the second half of the year with a liquid, well-capitalised balance sheet designed to withstand macroeconomic pressures while delivering consistent value to stakeholders”.