Mobile network operators in Nigeria have deployed 8,526 of 12,179 committed coverage and capacity sites across the country, as fibre cuts continue to disrupt telecommunications services, the Nigerian Communications Commission said.

The deployment represents about 70 per cent of the commitments made by operators and marks a significant increase from the approximately 5,000 sites reported at the previous meeting of the commission’s board.

In a statement signed by its Director of Public Affairs, Nnenna Ukoha, on Sunday, the telecom regulator said the progress was recorded at the 110th board meeting held on September 9.

“The board further noted that 8,526 out of the 12,179 committed coverage and capacity sites have now been deployed across the country, representing approximately 70 per cent of the communicated commitments

“This reflects accelerated progress from the approximately 5,000 sites reported at the last meeting”, the commission said.

The increase comes as operators continue to expand network capacity to improve coverage and service quality, although damage to fibre infrastructure has emerged as a growing threat to network reliability.

The NCC said fibre cuts contributed to a sharp rise in network disruptions in June, highlighting the need to protect existing infrastructure alongside efforts to expand the network.

“Despite this progress, the board noted that fibre cuts contributed to a sharp rise in network disruptions in June, underscoring the need for infrastructure expansion to be matched by stronger protection of critical communications infrastructure,” it stated.

Fibre optic networks carry large volumes of telecommunications traffic and damage to the infrastructure can disrupt voice and data services across affected areas.

The NCC had previously raised concerns over thousands of fibre cuts linked to road construction and excavation activities. More than 5,000 fibre cuts were recorded in the first half of 2026, according to earlier warnings from the regulator.

At its previous board meeting, the NCC reported that operators had deployed more than 5,000 of the over 12,000 sites committed for network expansion, putting implementation at more than 40 per cent. The latest figure indicates that about 3,500 additional sites have been deployed since then.

The regulator said the latest discussions also focused on network resilience, digital trust, inclusive connectivity, consumer protection, fair competition and the sustainable growth of Nigeria’s digital economy.

The NCC’s latest position suggests that while operators are making progress with network expansion, protecting fibre and other critical telecommunications infrastructure remains essential to translating new capacity into more reliable services for consumers.

Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, reducing their physical footprint by 8.8 per cent in three years, according to data from the Central Bank of Nigeria.

Figures contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector showed that the number of bank branches and cash centres across the country declined from 5,410 in 2022 to 4,934 in 2025.

The decline occurred despite an increase in the number of banks operating in the country over the period, pointing to a gradual contraction in physical banking locations.

An analysis by The PUNCH showed that the number of branches fell by 37 from 5,410 in 2022 to 5,373 in 2023. The pace of contraction accelerated in the following year, with 229 locations disappearing as the total dropped to 5,144 in 2024. Banks closed another net 210 locations in 2025, bringing the number down to 4,934.

Consequently, about 92 per cent of the 476 net reduction recorded over the three-year period occurred in 2024 and 2025. The CBN explained that the figures cover branches and cash centres operated by commercial, merchant and non-interest banks. The data were sourced from the apex bank and the Nigeria Deposit Insurance Corporation.

The reduction in physical banking locations came even as the number of banks increased from 32 in 2022 to 33 in 2023 and 35 in 2024, before declining slightly to 34 in 2025. The number of branches operated abroad remained unchanged at two throughout the period.

A state-by-state analysis showed that Lagos recorded the largest decline in absolute terms. The country’s commercial hub had 1,602 branches and cash centres in 2022, but the figure fell to 1,532 in 2023 and 1,521 in 2024 before dropping further to 1,444 in 2025.

This meant banks closed a net 158 locations in Lagos within three years, representing a 9.9 per cent reduction. The state alone accounted for about one-third of the net decline recorded nationwide.

Despite the reduction, Lagos remained the dominant location for physical banking operations, accounting for about 29 per cent of the country’s 4,934 branches and cash centres in 2025.

The Federal Capital Territory also recorded a decline. The number of locations in Abuja stood at 400 in both 2022 and 2023 before falling to 391 in 2024 and 362 in 2025. This represented a net reduction of 38 branches and cash centres, or 9.5 per cent, over the three-year period.

Ekiti suffered one of the steepest contractions, with its branch network almost halving from 107 locations in 2022 to 57 in 2025, representing a decline of 50 locations or 46.7 per cent.

Enugu followed with a reduction of 44 locations from 162 to 118, while Oyo lost 41, declining from 237 to 196. Other states that recorded sizeable declines included Ondo, where the number fell from 127 to 105; Plateau, from 80 to 61; Osun, from 113 to 96; Cross River, from 83 to 67; and Rivers, from 290 to 275.

The decline was also evident in some of the major commercial centres in northern Nigeria. Kano increased its physical banking locations from 164 in 2022 to 175 in 2023 and 183 in 2024. However, the number fell sharply to 157 in 2025, leaving the state with seven fewer locations than it had three years earlier.

Kaduna followed a similar pattern, rising from 148 locations in 2022 to 156 in 2023 and 164 in 2024 before dropping to 146 in 2025.

Some states, however, recorded an expansion in their banking networks. Delta added 23 locations, with its total increasing from 173 in 2022 to 196 in 2025. Edo also rose from 155 to 165, while Jigawa increased from 31 to 37 and Kogi from 63 to 68.

The data further showed wide disparities in the distribution of physical banking infrastructure across the country. While Lagos alone had 1,444 locations in 2025, Yobe had 23, Taraba 26 and Zamfara 28. Bayelsa and Gombe had 31 each, while Ebonyi recorded 32.

For instance, Lagos alone accounted for more than 29 per cent of all branches and cash centres nationwide in 2025, highlighting the concentration of physical banking infrastructure in the country’s major economic centre.

The latest figures indicate that the contraction in the industry’s physical footprint has accelerated in recent years, underscoring how rapidly banking is migrating from brick-and-mortar to electronic platforms.

The PUNCH recently reported that the Central Bank of Nigeria called for greater adoption of alternative payment channels to expand access to financial services and stimulate economic activity.

Acting Director, Corporate Communications and Investor Relations Department of the CBN, Hakama Sidi-Ali, made the call at the 2026 CBN Fair in Lokoja, Kogi State.

Represented by Zubairu Salihu, Branch Controller of the CBN Lokoja Branch, she said alternative payment channels were particularly important for farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.

Nigeria’s active telecom subscriptions increased by 44.8 million over the past decade, rising from 150.3 million in July 2016 to 195.1 million in July 2026, according to analyses of data from the Nigerian Communications Commission.

The 29.8 per cent increase highlights the long-term expansion of Nigeria’s telecommunications market despite periods of sharp contraction, including a steep decline in 2024 linked to the enforcement of the National Identification Number-SIM linkage requirements.

The decade-long growth was marked by periods of rapid expansion, temporary declines and a major contraction in 2024, when the industry lost more than 54 million active subscriptions following the enforcement of the National Identification Number-SIM linkage requirements.

The regulator’s data showed that subscriptions fell from 220.72 million in July 2023 to 166.66 million a year later, representing a decline of 54.06 million, or 24.5 per cent.

The 2023 figure was the highest July subscription level recorded in the 10-year series. The decline came after the telecom regulator intensified enforcement of the NIN-SIM linkage policy, leading to the disconnection of lines that had not met the required verification conditions.

The market subsequently began to recover, although growth was initially modest. Active subscriptions increased by 2.67 million, or 1.6 per cent, between July 2024 and July 2025, reaching 169.33 million.

The recovery accelerated in the following year. By July 2026, active subscriptions had risen by 25.78 million from a year earlier, representing a 15.2 per cent increase to 195.11 million.

The latest increase means the industry has recovered 28.45 million subscriptions, or 17.1 per cent, from the July 2024 low. However, the market remains 25.61 million subscriptions below the July 2023 peak, indicating that the recovery has not yet restored the industry to its pre-NIN-SIM enforcement level.

Subscriptions fell from 150.26 million in July 2016 to 139.14 million in July 2017, a reduction of 11.12 million, or 7.4 per cent. Growth then resumed strongly, with subscriptions rising to 161.79 million in July 2018, an increase of 16.3 per cent, the largest year-on-year increase in the 10-year series.

The industry added another 17.38 million subscriptions in the year to July 2019, taking the total to 179.18 million. By July 2020, subscriptions had climbed to 199.31 million, an increase of 20.13 million, or 11.2 per cent, from the previous year.

The market again recorded a temporary decline in 2021, when subscriptions fell by 11.5 million, or 5.8 per cent, to 187.81 million. Growth returned in 2022, with subscriptions increasing by 21.16 million, or 11.3 per cent, to 208.97 million.

A further 11.75 million lines were added in the year to July 2023, pushing the total to 220.72 million before the sharp contraction the following year.

Despite the disruption caused by the 2024 decline, the long-term trajectory remains positive. July 2026’s 195.11 million active subscriptions are 44.85 million higher than the 150.26 million recorded in July 2016.

The Federal Government has commenced the payment of additional exit benefits to retiring civil servants, disbursing about N1.1bn to 175 retirees who left the Federal Public Service between January 1 and August 31, 2026.

The payment is being made under the Federal Government Exit Benefit Scheme, which was approved by the Federal Executive Council and took effect from January 1, 2026.

The National Pension Commission disclosed this in a statement issued on Friday. According to the commission, the scheme provides an additional financial benefit to eligible Federal Government employees upon retirement, separate from their pension benefits under the Contributory Pension Scheme.

Under the arrangement, federal civil servants who have served for at least 10 years are entitled to an exit benefit equivalent to 100 per cent of their total annual emolument.

“The Federal Government has commenced the payment of Additional Exit Benefits to retirees of Treasury-funded Ministries, Departments and Agencies, with approximately N1.1bn already paid to 175 retirees who exited the Federal Public Service between 1 January and 31 August 2026,” the statement said.

PenCom said the commencement of payment marked another development under the Contributory Pension Scheme, as the government sought to provide retirees with benefits beyond the funds accumulated in their Retirement Savings Accounts during active service.

It added that the Federal Government had taken the lead in providing additional retirement benefits and urged other employers to consider similar arrangements. The commission disclosed that N32.90bn was provided in the 2026 Appropriation for the implementation of the Exit Benefit Scheme.

Of the amount, the Federal Government has so far released N12.3bn into a dedicated Exit Benefit Scheme Account maintained with the Central Bank of Nigeria.

“In ensuring the smooth implementation of the Additional Exit Benefits Scheme, the 2026 Appropriation provided the sum of N32.90bn. So far, the Federal Government has released N12.3bn into the dedicated Exit Benefit Scheme Account maintained with the Central Bank of Nigeria,” the statement said.

The N12.3bn released represents about 37.4 per cent of the N32.90bn provided for the scheme in the 2026 budget.

PenCom said it was working with the Office of the Head of the Civil Service of the Federation, the Office of the Accountant-General of the Federation, Pension Fund Administrators and other stakeholders to process and pay the benefits.

Explaining the payment procedure, the commission said retiring workers are required to submit relevant documents, including their clearance letters and recent payslips, to their PFAs.

The PFA is expected to verify the retiree’s records before forwarding the information to PenCom for further validation and approval.

Once approved, the exit benefit is credited to the beneficiary’s Retirement Savings Account through the PFA. The administrator subsequently transfers the entire amount to the retiree’s designated salary bank account.

PenCom stressed that the payment does not replace the existing pension benefits available to retirees under the Contributory Pension Scheme.

“It should be emphasised that this is an additional payment, existing alongside the usual benefits drawn by the retirees from their RSA balances,” the commission stated.

It said the scheme was designed to provide retiring federal civil servants with additional financial support as they leave active service. The commission added that the initial N1.1bn payment to 175 retirees signalled the formal commencement of the scheme.

According to PenCom, subsequent retirees from Treasury-funded Federal Government MDAs who meet the scheme’s requirements will be eligible for an additional exit benefit equivalent to 100 per cent of their total annual emolument at retirement.

It said, “The maiden payment of N1.1bn to 175 retirees demonstrates that the Additional Exit Benefits Scheme for FGN retirees has officially commenced.”

PenCom added that it would continue to work with relevant stakeholders to ensure the implementation of the scheme and prompt payment of benefits to eligible Federal Government retirees.

The African Union Commission and the African Tax Administration Forum have moved to strengthen cooperation among tax authorities across the continent to tackle illicit financial flows, cross-border tax evasion and aggressive tax practices.

The institutions also agreed to deepen collaboration on domestic revenue mobilisation, taxation of extractive industries and other hard-to-tax sectors.

This followed a meeting between an ATAF delegation led by its Council Chair, Dr Johnston Makhubu, and the AUC Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Francisca Belobe, at the African Union headquarters in Addis Ababa, Ethiopia.

ATAF disclosed this in a statement issued on Friday. According to the statement, the discussions focused on African-led measures to help countries raise more revenue, improve tax compliance and finance sustainable development.

A major focus was the implementation of the Agreement on Mutual Assistance in Tax Matters, which is expected to strengthen cooperation among African tax administrations.

The statement said, “The Agreement on Mutual Assistance in Tax Matters was highlighted as an important mechanism for strengthening cooperation among African tax administrations through exchange of information, assistance in tax collection, joint tax examinations and other forms of administrative cooperation.”

It added that such cooperation had become increasingly important in addressing “cross-border tax evasion, illicit financial flows and aggressive tax practices.”

The AUC and ATAF also identified the strengthening of Africa’s tax treaty networks as a priority.

According to the statement, the ATAF Model Double Taxation Agreement provides a policy tool to help countries negotiate treaties that better protect their taxing rights and reflect their development priorities.

Belobe also urged ATAF to strengthen engagement with the private sector as part of efforts to improve tax compliance and expand the tax base.

The statement said the commissioner encouraged ATAF “to intensify coordination and meaningful engagement with the private sector,” noting that involving businesses in tax policy and compliance discussions could improve voluntary compliance and broaden the tax base.

The organisations also agreed to sustain cooperation on revenue challenges in extractive industries and other hard-to-tax sectors.

ATAF said valuation issues, cross-border transactions, specialised contractual arrangements and limited access to relevant information could complicate effective taxation in those sectors.

Belobe welcomed progress made through cooperation around the Specialised Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration and called for further efforts to improve tax revenue collection and strengthen national fiscal systems.

The statement said, “For both institutions, the emphasis is increasingly on translating fiscal instruments into practical benefits for countries.”

The AUC and ATAF will also work towards renewing their Memorandum of Understanding and developing a detailed work plan for the coming years.

According to the statement, the renewed framework will strengthen coordinated action across tax policy and administration, treaty matters, mutual assistance, private-sector engagement and taxation of strategic and hard-to-tax sectors.

Linkage Assurance Plc has forecast a profit after tax of N1.16bn for the fourth quarter ending 31 December, 2026, on projected insurance revenue of N7.58bn.

The insurer’s earnings forecast submitted to the Nigerian Exchange Group shows that the company expects to generate N1.22bn in profit before tax during the quarter, after accounting for insurance service expenses, reinsurance costs and operating expenses.

Linkage Assurance projected insurance revenue of N7.59bn, while insurance service expenses are estimated at N4.98bn. Allocation of reinsurance premium is expected to amount to N1.94bn, while the amount recoverable from reinsurers for incurred claims is projected at N554.1m.

Investment income is forecast at N1.407bn, contributing to a projected net operating income of N2.63bn.

The company expects operating expenses to amount to N1.406bn, leaving profit before tax at N1.220bn.

After a forecast taxation charge of N61m, Linkage Assurance expects to close the fourth quarter with profit after tax of N1.159bn.

On cash flows, the insurer projects N1.29bn in cash from operating activities, while operating cash flow before working capital changes is estimated at N1.062bn billion.

However, net cash generated from operating activities is forecast at N379.2m, while investing activities are expected to consume N1.52bn. Financing activities are also projected to result in a cash outflow of N151.7m.

Consequently, Linkage Assurance expects a net decrease of N1.289bn in cash and cash equivalents during the period.

The company’s cash and bank balance, which stood at N5.15bn at the beginning of the period, is projected to fall to N3.86bn by the end of the fourth quarter.

The Nigerian National Petroleum Company Limited has announced plans to deploy between 50 and 70 smart, self-service filling stations across the country within the next six months.

The company said the initiative was part of a broader plan to transform its conventional retail outlets into modern energy and mobility hubs, offering petrol, electric vehicle charging, liquefied petroleum gas, compressed natural gas and other services.

The Executive Vice President, Downstream, NNPC Limited, Mumuni Dagazau, disclosed this on Thursday in Abuja while speaking at the commissioning of a technology-driven service station with an electric vehicle charging facility. The mega station is located along Bill Clinton Drive, Airport Road.

Dagazau said the newly commissioned station was the first of several smart outlets that would be introduced nationwide, adding that the concept was to move beyond traditional petrol retailing to provide customers with multiple energy and mobility services in one location.

He said, “This is the first of many smart stations that we are going to have around the country. What the whole concept is, we are trying to turn from a filling station to an energy hub, and we are rolling out a lot of stations.

I think even in Abuja, for this type of station, we have about four or five. We have another two that we’re launching out in Kano. This sort of smart stations that we’re doing.

“We are hoping to roll out a significant number, probably about 50 to 70 of these types of stations within the next six months. So this is what you’ll be seeing going forward from NNPC.

“So what you see here is that we are using all sorts of energy available to us, including EV, electric energy. We are going to be using gas; we are going to be using petrol. So it’s a centre where you can come, and we are going to be calling it our energy hub.”

The new model will also allow customers to dispense petrol themselves, including at night, through a digital payment system, although attendants will remain at the stations to assist customers.

Dagazau dismissed concerns that the introduction of self-service pumps would result in job losses, arguing that the expanded services would require more workers to operate and support the technology.

“Well, you saw all of the pumps have attendants. So I really don’t know what they’re talking about when it comes to jobs. What NNPC does is create jobs. What this does is create a job.

“You have an energy hub today. If you look at the average filling station and you look at the energy hub, you’ll find more people in the energy hub than you would find in the filling stations, right? So what we are doing is creating jobs for that. Somebody has to support the integration.

“Somebody has to support the automation. The EVs, we have to be here to support people. So nothing really changes for us. What we’re doing is just what the delivery to the customer is. The guarantee, the comfort of the customer, that’s really what we’re after. That’s what the smart delivery is all about.”

The Executive Director, Retail Operations and Mobility, NNPC Limited, Shettima Baba-Kukawa, said the Abuja station had a storage capacity of 180,000 litres of Premium Motor Spirit and 45,000 litres of Automotive Gas Oil.

The facility has 16 PMS pumps, two AGO pumps and six electric vehicle charging points installed in partnership with African Motor Works. It is powered entirely by solar energy through a system with a capacity of more than 200 kilowatts.

Baba-Kukawa said the outlet would also feature a quick-service restaurant, coffee shop, automated car wash, modern service bay and LPG dispensing facilities, while CNG and a vehicle conversion centre were planned.

He said, “The station is going to run 24 hours. And it is fully self-service. So for customers that want to trust themselves and dispense themselves, they can actually do that. Transactions are done on their phone app and concluded by dispensing the exact amount of fuel they purchased into their tanks.”

Despite the digital system, he said customers unable to use the application would not be excluded, as staff would be available to assist them.

Dagazau also disclosed that NNPC had begun plans to modernise its existing stations, stressing that the company was responding to changing customer expectations.

He said, “We’re going to modernise our station. That’s the word that we’re going to say. You don’t want to be going into the same station every day, every day, every day. You are demanding, so our modernisation is a demand from what the customer wants. The customer deserves a better quality of service, and we are delivering that quality of service.”

He said the company hoped that most of its stations would eventually adopt the new model, although the pace would depend on customer demand and the investment required.

The Managing Director, NNPC Retail, Huub Stokman, said the transformation was necessary as the downstream petroleum market evolved following deregulation and the commencement of operations at the Dangote Refinery.

He said consumers were increasingly demanding quality products, competitive prices, faster services, digital payments and alternative energy options such as EV charging and CNG.

“Above all, especially the younger generation, they want us to deliver it sustainably, hence the fact that you also see that this station is completely solar-powered,” Stokman said.

On her part, the Comptroller-General, Nigeria Immigration Service, KN Nandap, in a goodwill message at the commissioning, commended NNPC for combining conventional fuel retailing with electric vehicle charging and other modern services.

Nandap said the facility reflected Nigeria’s growing adoption of technology, cleaner energy and smart mobility, adding that such investments could create opportunities for employment, skills development and industrial growth.

The development comes as Nigeria’s downstream sector undergoes significant changes, with deregulation, increased domestic refining capacity and the emergence of alternative fuels reshaping how petroleum products are sold and consumed.

NNPC said its smart-station programme was intended to position its retail network for the changing market by combining conventional fuel sales with cleaner energy, digital services and other consumer-focused offerings.

The Bank of Industry has raised N274.18bn through its inaugural domestic naira-denominated five-year fixed-rate bond due 2031, making it the largest debt capital markets issuance by a Development Finance Institution in Nigeria, based on publicly available market data.

Rand Merchant Bank Nigeria acted as Joint Issuing House for the transaction, which was initially targeted at N250bn. The bond was oversubscribed, with strong investor demand enabling the Bank of Industry to increase the issuance to N274.18bn.

The transaction attracted a broad range of institutional investors, including pension fund administrators, banks, insurance companies, asset managers, development finance institutions and other institutional investors.

“This transaction demonstrates the ability of Nigeria’s capital markets to mobilise long-term capital at scale,” said the Executive Director and Head of Investment Banking, Broader Africa, RMB Nigeria, Chidi Iwuchukwu, in a statement on Thursday.

“BOI plays an important role in advancing industrialisation, enterprise growth, and job creation. We are pleased to have partnered with the Bank on this issuance and remain focused on delivering financing solutions that support sustainable economic growth in Nigeria and across the broader African continent.”

The transaction also builds on RMB’s relationship with BOI, having previously acted as Financial Adviser on the bank’s inaugural Eurobond issuance and supported the establishment of its domestic bond programme.

Head of Debt Capital Markets, RMB Nigeria, Laju Atake, said the transaction reflected the continued development of Nigeria’s capital markets and the importance of access to long-term capital.

“Supporting inaugural issuers and significant capital markets transactions is a core strength of RMB’s debt capital markets franchise,” Atake said.

“Over the past nine months, we have advised five distinct issuers on their debut debt capital markets transactions in Nigeria. BOI’s domestic bond issuance reflects the continued development of Nigeria’s capital markets and the importance of efficient access to long-term capital for leading institutions.”

RMB said the transaction demonstrated the depth of liquidity in Nigeria’s domestic capital markets and the capacity of local investors to support large-scale, long-term financing transactions.

The bank extended its appreciation to the Securities and Exchange Commission, the Central Bank of Nigeria, professional advisers, transaction parties, investors and other market participants who supported the execution of the issuance.

RMB also congratulated the Board, Management and staff of the Bank of Industry on the transaction and thanked BOI for its continued trust.

The transaction adds to RMB’s work with BOI across international and domestic capital markets and supports the mobilisation of long-term capital for sustainable economic development.