The emergence of mobile phone telecommunication in the last thirteen years in Nigeria has greatly revolutionized the dynamics of information exchange and usage by group of individuals in the country. Unlike the past years before 2001 whereby physical contacts and/or letter writing were the major means of interaction between individuals that are farther apart on geospatial dimension, spatial interaction is now the order of the day as a result of institutionalisation of the mobile telephony services in the country. By virtue of the telecom sector deregulation in 2001 and competition for dominance by the four major mobile phone network providers in the country, namely Airtel, MTN, Globacom and Etisalat, as much as 162, 719, 517 lines were actively connected in the country with a teledensity of 94.4 as at July 2014. Based on this, exploitation of the communication tools by Nigerian has effected a transformed social and economic condition of the country in terms of attraction of investors into the telecom sector, generation of income for the Nigerian Government, creation of employment opportunities, ease of business and financial transactions as economic impacts. The social impacts of the mobile phone revolution in the country include facilitation of prompt interactive linkages and exchange of information, entertainment and social networking. Other forms of impacts include its influence on educational and health services in the country. Despite the transformation impact of the mobile phone revolution in the country, exploitation of the communication tool for social vices by unscrupulous individuals was too obvious to be underplayed. The negative impacts arising from nefarious acts-mediated mobile phone usage include loss of hard earned income by unsuspecting individuals to swindlers, road accidents as a result of usage of phone while on the wheel and provision of deceptive information by one person to the other while on phone. This notwithstanding, the telecom sector has proven to be of great value to most Nigerian's as it enabled them to readily interact with one another, facilitate business and financial transactions thereby enhancing their social and economic wellbeing.