Meta to launch world’s longest undersea Internet cable

Maakyé,

Victoria from Techpoint here,

Here’s what I’ve got for you today:

Meta to launch world’s longest undersea Internet cable
Nigeria to tax crypto transactions
EFCC arrests 4 Chinese for fraud, crypto scams

Meta to launch world’s longest undersea Internet cable

Meta, the parent company of Facebook and Instagram, plans to build the world’s longest undersea Internet cable, and South Africa is on the map. Named Project Waterworth, this massive cable will stretch over 50,000km, longer than the circumference of the Earth, and will connect five continents, including Africa.

The goal? Faster, more reliable Internet across key regions like the US, India, Brazil, and South Africa. Meta says it’s pouring billions into the project to boost economic growth, improve digital access, and open doors for tech innovation.

One of the standout features of Project Waterworth is its sheer capacity — 24 fibre pairs, way more than most undersea cables. Meta also plans to bury the cable deeper in high-risk areas, reducing the chances of damage from ship anchors and other hazards. The company has experience with this, having already co-developed 2Africa, another massive subsea cable that connects Africa, Europe, and Asia.

Meta isn’t the only tech giant making moves in the undersea cable game. Google is also working on Umoja, a first-ever fibre optic cable project to connect Africa and Australia directly. Unlike Meta’s cable, Umoja has a land-based segment running through several African countries, including Kenya, Uganda, Rwanda, and Zambia, before diving into the Indian Ocean.

Google is no stranger to African connectivity projects either. In 2022, it launched Equiano, a cable that runs along Africa’s west coast, linking South Africa to Europe. The project has already improved Internet speeds and lowered costs in several African countries.

With Project Waterworth in the mix, Africa’s Internet infrastructure is sure getting an upgrade. These investments could mean better connectivity, lower latency, and more opportunities for businesses and individuals alike. Now, the big question is: when will we see these cables go live?

Nigeria to tax crypto transactions

Ethereum Coins on Circuit Board Close-Up. Ethereum coins placed on a blue circuit board, representing cryptocurrency technology.

Nigeria is shaking up its crypto regulations again. This time, by bringing cryptocurrency transactions into the tax net.

After banning banks from facilitating crypto transactions in 2021 and reversing that decision in 2023, the government is now focused on regulating and taxing digital assets to boost revenue and tighten oversight.

Despite past restrictions, Nigeria has always been a crypto hotspot, ranking among the top countries in adoption. The 2021 ban was driven by fears of fraud, money laundering, and the lack of transparency in the market. But Nigerians found a way around it, turning to peer-to-peer platforms, which kept the crypto scene alive and thriving.

By late 2023, the government finally accepted that banning crypto wasn’t the answer. Instead, they switched gears to regulation, allowing banks to manage cryptocurrency accounts under new SEC guidelines. The Finance Bill 2022 made it clear that digital assets wouldn’t escape taxation, and soon after, the SEC introduced licensing requirements for crypto startups. Companies like Busha and Quidax have since received provisional licenses.

But while regulation is meant to create a safer trading environment, many in the industry worry that high compliance costs could make it harder for startups to thrive. Overregulation might stifle innovation and push smaller players out of the market.

Meanwhile, South Africa has taken a more structured and business-friendly approach. Their Financial Sector Conduct Authority (FSCA) classifies crypto firms as financial institutions, giving them a clear path to operate legally. This makes South Africa a more attractive spot for crypto entrepreneurs, compared to Nigeria’s still-evolving regulatory landscape.

For now, Nigeria is trying to strike a balance between oversight and growth. Whether this new approach encourages innovation — or pushes crypto activity further underground — remains to be seen.

EFCC arrests 4 Chinese for fraud, crypto scams

The Economic and Financial Crimes Commission (EFCC) has taken four more Chinese nationals to court for alleged involvement in crypto scams, cyber terrorism, and Internet fraud.

They were part of the massive December 2024 raid, where 792 people were arrested for crypto and romance fraud in what EFCC called its biggest operation ever, tagged “Eagle Flush Operation”.

Three of the accused — Xia Guang Can, Li Xu Xin, and Zhang Xue Hui — faced one charge each before Justice Kakaki, while Lu Yubo had two charges before Justice Faji.

The allegations include hacking, identity theft, and financial fraud aimed at destabilising Nigeria’s economy. They all pleaded not guilty, so now the court has scheduled their trial dates for March and April 2025, while they remain in Ikoyi Correctional Centre until then.

Back in December 2024, the EFCC stormed a seven-story building in Victoria Island, Lagos, arresting 148 Chinese, 40 Filipinos, two Kharzartans, a Pakistani, an Indonesian, and several Nigerians. The suspects allegedly ran crypto investment scams and online romance fraud, using fake identities and Nigerian accomplices to pull off their schemes. The building, disguised as a financial institution, was packed with high-end computers, mobile phones, 500 SIM cards, and luxury cars.

One Nigerian job seeker, Jacob Lilian, testified that she unknowingly got involved in the scam while looking for work at Genting International Co. Limited, one of the companies tied to the accused fraudsters. The EFCC is now prosecuting Ling Yang, a key Chinese suspect, along with the company, for fraud and cyber-terrorism.

What’s next? With the ongoing crackdown, the EFCC is showing no signs of slowing down in its fight against online fraud and crypto-related scams. As the trials unfold, the question remains: Will justice be served, or is this just the beginning of a bigger revelation?

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