Category: Business

MTN: We’ve no reason to steal your data

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The Chief Executive Officer of MTN Ghana, Stephen Blewett, has dismissed accusations that the telecom operator steals customer data, a persistent complaint he says he’s faced in every market during his career, MyJoyOnline, Ghanaian online news portal, reported on Wednesday. His comments come as a wave of similar concerns sweeps through Nigeria, where subscribers are also pointing fingers at the country’s largest telco, with over 80 million users, and other operators for what they claim is the unfair depletion of their data. It was reported Tuesday that customers have flooded…

W’Bank lends Nigeria $1.08bn for education, nutrition, economic boost

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The World Bank has approved three financing operations totalling $1.08bn to support education, nutrition, and economic resilience in Nigeria. According to a statement on the bank’s website on Wednesday, the concessional loans are aimed at improving the quality of education, building household and community resilience, and enhancing nutrition for underserved groups. The statement read, “The World Bank has approved three operations in Nigeria, totalling $1.08bn in concessional financing, to enhance education quality, build household and community resilience, and improve nutrition for underserved groups.” The approved operations include $500m in additional…

Sterling Bank stops transfer fees on online transactions

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Sterling Bank has announced the removal of transfer fees on all local online transactions, becoming the first major Nigerian bank to eliminate the contentious charges for digital banking. The move was confirmed by the bank on Tuesday in a press release. The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately. The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.…

Subscribers petition NCC, FCCPC over rapid data depletion

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Telecom subscribers are sending emails and direct messages to the Nigerian Communications Commission and the Federal Competition and Consumer Protection Commission, demanding an investigation into what they describe as unexplained data consumption. Operators insist that there is no mechanism for reducing customers’ data, arguing instead that rising consumption is due to user behaviour, particularly the shift from 3G and 4G to 5G and increased video streaming habits. The controversy comes as the Nigerian Senate, last Wednesday, urged the Federal Ministry of Communications, Innovation, and Digital Economy to engage operators on…

Naira-for-crude: FG, Dangote set for talks as refinery imports 12.6m barrels

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There are indications that the naira-for-crude policy of the Federal Government may continue, as impeccable insider sources familiar with the development insisted on Monday that all parties involved in the deal would reconvene soon. The first phase of the six-month deal involving the Federal Government, Nigerian National Petroleum Company Limited, and Dangote Petroleum Refinery ended March 31, 2025. It has not been renewed, and the Dangote refinery has since stopped selling refined petroleum products in naira due to the non-renewal of the naira-for-crude deal. This came as a report by…

Air Peace reduces airfare on London-Lagos route

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Air Peace has said travelers will enjoy up to N600,000 reduction in airfares when they connect from cities across Nigeria to London with one additional luggage. The airline said this in a statement on Wednesday, adding that the promo runs until March 31, 2025, with an extended travel period until April 15, 2025. Air Peace in its statement signed by the Head of Corporate Communications, Dr Ejike Ndiulo, said the airline continues to redefine international travel with its London route, offering seamless connectivity from major domestic destinations. It said, “As…

Economic Uncertainty Drives Bitcoin Below $77K

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Bitcoin and other major cryptocurrencies tumbled on Tuesday as concerns over the US economy and trade tensions grew. Bitcoin dropped 3.2% to $79,937 after hitting a low of $76,624. Ethereum fell sharply by 7.5% to $1,911. The global crypto market cap declined 4.3% to $2.6 trillion, The Economist reports. Solana, XRP, Cardano and Dogecoin also suffered losses, with Dogecoin plunging 8.5%. Investor confidence weakened after former US President Donald Trump, in a Fox News interview, mentioned a “period of transition” but did not clarify if his tariff policies might lead…

Naira Devaluation Cripples MTN Earnings, Resulting in N400bn Loss

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MTN Nigeria reported a N400.44bn loss after tax for the year ended December 31, 2024, as the devaluation of the naira drove up foreign exchange losses and weighed on the company’s earnings. The loss, disclosed in the company’s audited financial statements released on Thursday, represents a 192 per cent increase from the N137.02bn loss recorded in 2023. The operator with over 80 million customers said the sharp depreciation of the naira significantly impacted its foreign exchange exposure, with forex losses surging to N925bn from N740bn in the previous year. The…

CBN’s Strategy: Stabilizing the Naira and Combating Inflation

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The Central Bank of Nigeria (CBN) and its Monetary Policy Committee (MPC) have implemented strategic measures to stabilize the naira and control inflation, marking a significant shift in the nation’s macroeconomic direction. At the 299th MPC meeting, held on February 19 and 20, 2025, the committee decided to maintain the Monetary Policy Rate (MPR) at 27.5 percent, demonstrating a commitment to balancing inflation control with exchange rate stability. CBN Governor Olayemi Cardoso announced this decision, emphasizing the unanimous agreement to retain all parameters, including the asymmetric corridor, cash reserve ratio,…

BREAKING: CBN retains interest rate at 27.50%, maintains other parameters

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The Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) has unanimously decided to hold all the parameters. This was announced by the CBN Governor, Mr Olayemi Cardoso, on Thursday during a press briefing in Abuja. In this regard, that keeps the Monetary Policy Rate (MPR) at 27.50 percent, and retains the asymmetric corridor around the MPR at +500/-100 basis points. The MPC also retained the Cash Reserve Ratio of Deposit Money Banks at 50.00 per cent, Merchant Banks at 16 percent, and Liquidity Ratio at 30.00 percent.