MTN Nigeria Communications Plc has joined other professionals across media, technology, and business gathered in Lagos for the Swish Fusion Tech and Media Summit.

Themed ‘Africa: Big Wins & New Breaks’, the summit drew thousands of attendees and featured more than 40 speakers exploring the intersection of innovation, regulation, and economic growth across the continent.

Among the sessions, MTN Nigeria presented a detailed look at the company’s ongoing 5G deployment efforts and its role in shaping enterprise infrastructure.

Njideka Jack, senior manager for Partnerships in MTN’s Enterprise Business Division,  shared details of the investments, reiterating the company’s commitment to delivering high-quality 5G-powered services.

The company’s 5G rollout timeline began in 2022 with license acquisition from the Nigerian Communications Commission. In 2023, MTN moved into pilot testing and infrastructure investment.

By 2024, coverage had expanded to key cities and business hubs.

The company now plans to extend access to more underserved areas throughout 2025 while deepening collaboration with OEMs and regulators.

Beyond the rollout itself, Jack also spoke on the potential of private 5G networks for Nigerian enterprises.

With the ability to offer secure, high-speed, low-latency connectivity, these networks are increasingly being adopted in manufacturing, healthcare, education, and logistics sectors.

The summit’s broader agenda reflected a similar sense of urgency around Africa’s digital future.

Panels and breakout sessions tackled topics ranging from mobile-first product design and regulatory frameworks to the rise of AI in content creation and the realities of funding early-stage tech ventures on the continent.

Speakers from companies like Jumia, Stears and local startups provided perspectives on both the barriers and breakthroughs in building scalable African solutions.

The sessions also sparked conversations about how African businesses are adapting to consumer behaviour shifts and infrastructure limitations.

Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.

Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.

The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.

Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.

This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.

Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.

Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.

Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.

Offsetting this were write-offs and reversals that mitigated losses.

First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.

Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.

Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.

Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.

On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.

Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.

FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.

Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.

Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.

Securities and Exchange Commission (SEC) has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.

A statement by SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.

The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.

The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.

According to SEC, those found culpable will be prosecuted in accordance with Investment and Securities Act (ISA) and regulatory provisions.

SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.

”These schemes are not registered with the SEC and do not offer investor protection under the law.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.

The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.

SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.