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Nigeria’s Broadband Internet Penetration Rises to 48% in January 2023



Broadband Penetration - Investors King

A recent report by the Nigeria Communications Commission (NCC) revealed that the country’s broadband penetration rose to 48% in January 2023, with 92,011,259 subscriptions recorded.

Broadband penetration rose by 7% year-on-year from 41% reported in January 2022 to 48% in January 2023. This report is however contrary to the claims made by President Muhammadu Buhari in February this year, that Nigeria has attained 100% broadband internet penetration.

President Buhari disclosed that the federal government performed excellently in terms of achieving wider broadband for Nigerians, from 23 percent coverage in 2019, noting that the administration increased the broadband penetration by 77 percent in 2022 and 100 percent in 2023.

He further added that broadband internet services can currently be accessed everywhere in the country, whether in urban or rural areas.


Meanwhile, analysts predict that Nigeria would need 45 more months to achieve its target of reaching a national broadband penetration of 70% by 2025. It is interesting to note that Nigeria’s active telephone subscribers have risen to 226,226,754 and the tele density figure (active subscribers over the estimated population stands at 118.51%. This signifies a 5% increase in active telephone subscribers, Investors King reports.

According to the NCC, before the ban on new SIM in 2020, the country has been recording a one percent increase each month, as the mobile network operators continued to push for the deployment of 4G service across the country. Experts and NCC predict that the share of the Nigerian population that uses the internet via any device at least once a month is expected to grow up to 60 percent, approximately in 2026.

On the other hand, Nigeria’s minister of communication and Digital Economy, Prof. Isa Pantami has disclosed that broadband is key to reviving the Nigerian economy. Citing reports from the World Bank and the World Economic Forum, he stated that 10 percent of broadband penetration in any country would improve its GDP by at least 4.6 percent.

He stated that Nigeria’s Broadband penetration addresses three of the eight priorities that the federal government assigned to the federal ministry of communications and digital economy, and the parastatals under its purview for implementation.

According to him, the implementation of the plan would lead to the creation of jobs, improved socioeconomic development, and sustained growth amongst others. He believes that digital technology would offer Nigeria to grow and diversify its economy from the over-dependence on oil and gas.

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Meta Shuts Down 63,000 Nigerian Accounts in Sextortion Crackdown



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In a significant move to combat online crime, Meta Platforms Inc., the parent company of Facebook, Instagram, and WhatsApp, has removed 63,000 accounts in Nigeria linked to sextortion scams.

This sweeping action is part of Meta’s ongoing effort to address the growing threat of digital extortion on its platforms.

Unmasking the Scammers

The crackdown, which took place at the end of May, targeted accounts engaged in blackmail schemes.

These scammers posed as young women to coerce individuals into sharing intimate photos, which were then used to extort money from the victims.

The removal follows a Bloomberg Businessweek exposé highlighting the rise of such crimes, particularly affecting teenagers in the United States.

The Global Impact

The U.S. Federal Bureau of Investigation (FBI) has identified sextortion as one of the fastest-growing crimes targeting minors.

The schemes often lead to severe consequences, including the tragic suicides of more than two dozen teens.

In one high-profile case, the death of 17-year-old Jordan DeMay in Michigan led to the arrest of suspects traced back to Lagos, Nigeria.

The Role of the Yahoo Boys

Many of the dismantled accounts were linked to the “Yahoo Boys,” a notorious group known for orchestrating various online scams.

These individuals have been using social media to recruit and train new scammers, sharing blackmail scripts and fake account guides.

Meta’s Response

Meta’s spokesperson emphasized the company’s commitment to user safety, stating, “Financial sextortion is a horrific crime that can have devastating consequences.”

The company is continually improving its defenses and has reported offenders targeting minors to the National Center for Missing & Exploited Children.

To enhance protection, Meta has implemented stricter messaging settings for teen accounts and safety notices regarding sextortion.

They are also employing technology to blur potentially harmful images shared with minors.

Ongoing Efforts

Meta’s actions highlight the complex and evolving nature of online crime. The company has pledged to remain vigilant, adapting its strategies to counter new threats as they emerge.

“This is an adversarial space where criminals evolve to evade our defenses,” Meta noted.

Looking Forward

As digital platforms continue to grapple with issues of privacy and security, Meta’s recent actions demonstrate a proactive stance in safeguarding users.

By dismantling these networks, the company aims to reduce the prevalence of sextortion and foster a safer online environment for all.

The crackdown serves as a reminder of the need for continued vigilance and collaboration between tech companies and law enforcement to protect individuals from the harmful effects of digital exploitation.

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Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs



Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

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Google Leads $250 Million Funding Round for Glance



A logo is pictured at Google's European Engineering Center in Zurich

Google is leading a $250 million funding round for Glance, a mobile content provider.

This infusion of capital aims to expand Glance’s reach and solidify its market position amidst growing competition.

Glance, a subsidiary of InMobi Group, offers a unique service that delivers news, entertainment, and other content directly to users’ mobile screens without unlocking their devices.

With a user base exceeding 300 million across India, the US, Japan, and Indonesia, the startup has gained significant traction since its inception in 2019.

The funding round, expected to close in the coming weeks, marks a continued partnership between Google and Glance.

Google initially invested in the company in 2020, and this latest round will further enhance Glance’s capabilities to innovate and reach new audiences.

This investment reflects Google’s strategic interest in India, the world’s most populous nation, where it competes with tech giants like Microsoft, Meta, and Amazon.

With India’s rapidly growing middle class and increasing smartphone adoption, the market presents vast opportunities for digital expansion.

The support from Google comes on the heels of a previous $200 million investment by Mukesh Ambani, Asia’s wealthiest individual, which valued Glance at over $1 billion.

The startup’s largest stakeholder, InMobi, continues to thrive as a pioneer in mobile advertising, with Glance benefiting from its expertise and resources.

As Glance prepares for this new phase of growth, it stands poised to redefine how content is consumed on mobile devices worldwide.

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