30 results
- 7 Jul 2026
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
National Reading Culture (NRC), an online investment platform targeting Nigerians has collapsed, resulting in the loss of billions of Naira for investors. The website unexpectedly shut down, blocking…
- 5 Aug 2016
MTN Reports $357m Loss, Slashes Dividend
MTN Group Ltd, Africa’s biggest mobile phone operator reported a $357 million half-year loss on Friday and cut dividend payouts, following regulatory fine in imposed on the operators by the Nigerian…
- 9 May 2024
Airtel Africa Records Loss as Revenue Falls on Naira Devaluation
Airtel Africa Plc released its full-year financial statement for the year ending March 31, 2024. The company posted a loss after tax of $89 million during the fiscal year, a significant decline from…
- 25 Apr 2024
MTN and its FY2023 Financial Results Abracadabra
By Abdullahi Taminu Bida MTN Nigeria Communications Plc (MTN Nigeria), the leading telecommunication service provider in the country, on Thursday, 29 February, 2024, submitted its full-year audited…
- 25 Aug 2020
Siemens Moves to End Electricity Theft with New Technology
The new power supply deal between Nigeria and Siemens AG, will see the German company deploy modern technology that will end the incessant problem of meter bypass leading to loss of billions of naira…
- 5 Nov 2024
MTN Nigeria Posts N514.9Bn Loss as Subscribers Drop in Q3
MTN Nigeria Communications Plc has reported a loss after tax of N514.9 billion for the nine months ending September 30, 2024, driven largely by the naira’s devaluation. Despite recording a Q3 profit…
- 23 Jun 2016
Reps Probe 2.6GHz Spectrum Auction By NCC
The House of Representatives on Thursday, mandated its Committee on Telecommunications to investigate the proposed auctioning of 2.6GHz spectrum by the Nigeria Communication Commission (NCC). The…
- 27 Jul 2017
MTN to Swing Back into Profit
MTN expects to swing back into profit in the first half of its financial year after a 330 billion naira ($1.1 billion) fine paid in the previous reporting period weighed on margins, the company said…
- 17 Nov 2019
Court Stops Mastercard from Issuing Cards as Chams and CCL Seek N114Bn Damages
Mastercard and her agents have been told to stop issuing the National Identity card by Justice R.M. Aikawa of the Federal High Court in Lagos. This order was made following an exparte motion…
- 17 Dec 2023
Banks’ Customers Lose N51Bn to Fraud- Report
Recent reports have surfaced, revealing Nigerian banking customers’ staggering loss of N51 billion in savings due to fraudulent activities, according to Leadership findings The findings also exposed…
- 15 Jul 2025
SEC Probes Ponzi Scheme Linked to FF Tiffany
The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that…
- 15 Jul 2025
SEC Flags FF Tiffany as Ponzi Scheme
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…
- 1 May 2025
MTN Nigeria’s AGM Highlights Strong Q1 2025 Performance and Future Growth
MTN Nigeria Communications Plc held its 2025 Annual General Meeting (AGM) in Lagos today, where shareholders reviewed the company’s full-year financial performance and endorsed its strategic…
- 25 Jul 2018
Customer Demands N4.1Bn from Union Bank Taken as ‘Illegal Charges’
Coronation Real Estate Development Limited, a real estate development company has renewed its battle with Union Bank over excess bank charges, according to the Lagos Times. The firm is asking…
- 3 Mar 2017
MTN Keeps Dividend Flowing after First Loss in 20 Years
Africa's biggest mobile phone operator MTN Group promised to pay a dividend in 2017 on Thursday, sending its shares surging as investors shrugged off a loss that underscored its risks in investing in…
- 8 Feb 2017
MTN to Declare Loss over N330Bn Nigeria Fine
MTN Group expects to report a full-year loss due to a $1bn regulatory fine in Nigeria and for under-performance both in Nigeria and South Africa, the company said on Wednesday. MTN had agreed in June…
- 18 Apr 2017
Arik’s Past Management Gambled with Peoples’ Lives- AMCON
Asset Management Corporation of Nigeria (AMCON), has said that the former management of Arik Airlines was basically gambling with the lives of millions of people that patronized it. Mr. Oluseye…
- 6 Nov 2024
Telcos Scale Down on Network Investments to Reduce Forex Losses
MTN Nigeria Communications Plc and Airtel Africa Plc have reduced investments in network infrastructure to focus on minimising foreign exchange (FX) exposure and managing rising operational costs.…
- 6 Feb 2024
CBN Uncovers $2.4Bn False Forex Claim Pressuring Naira - Cardoso
Central Bank of Nigeria (CBN) uncovered invalid foreign overdue claims totalling $2.4 billion, which have pressured the naira for long and spooked the currency market, Olayemi Cardoso, governor,…
- 27 Jul 2016
Nigerian Losses Drag Bharti Airtel Profit
Bharti Airtel reported a 30.8 percent fall in first-quarter net profit on Wednesday, blaming an adverse foreign exchange impact in Nigeria, although it beat analysts' estimates. Consolidated net…
- 8 Nov 2019
Pantami Urges Nigerian ICT Players to Embrace New Technologies
Dr. Isa Ibrahim Panatami, Minister of Communications and Digital Economy, has challenged all stakeholders in the Nigerian ICT sector to transform their businesses by embracing new technologies and…
- 7 Apr 2026
How Unethical Deals Triggered CBN Takeover of Union Bank -Forensic Report
A forensic audit report has detailed the multi-trillion naira financial mismanagement that led to the January 2024 sack of former directors and owners of Union Bank of Nigeria (UBN) and the…
- 19 Jul 2016
MTN Posts First Loss in 20 years as NCC Fine Cuts Profit
Africa's biggest mobile phone operator MTN Group flagged lower first-half profit on Tuesday, blaming a hefty fine in Nigeria and sending its shares sliding nearly 4 percent. After months of talks,…
- 8 Mar 2018
MTN Returns to Profitability in 2017 Annual Report
MTN's earnings swung back to profit for the year ended 31 December 2017, although the strong rand dented revenue growth and new subscriber definitions saw active customer numbers tumble. The telco…
- 1 Aug 2025
History as MTN Nigeria Becomes First to Hit ₦10 Trillion Market Cap @ NGX
MTN Nigeria Communications Plc has achieved a historic milestone, becoming the first listed company on the Nigerian Exchange Limited (NGX) to reach a market capitalization of ₦10 trillion, as its…
- 9 Jun 2020
FG Okays PBR Cowpea, Nigeria’s First GMO Food Crop
Federal government has approved the commercial release of the nation’s first GMO food crop- pod-borer resistant (PBR) cowpea. According to Genetic Literacy Project (GLP), an organization dedicated to…
- 31 Jul 2025
MTN Nigeria Bounces Back with 414.9Bn Profit in H1 2025, Targets Full Recovery by Q3
MTN Nigeria Communications Plc has reported robust financial and operational results for the first half of 2025, signaling a promising turnaround for the telecom giant amid improving economic…
- 30 Jun 2016
Falling Sales, Naira Devaluation Hobble Rocket Internet’s Growth
When German e-commerce investor Rocket Internet launched Jumia in 2012 as a would-be African Amazon, it was optimistic that a rapidly expanding middle class would quickly shift from street markets to…
- 18 Sept 2017
Illegal Dollar Evacuation to Dubai Threatens Naira
Alhaji Aminu Gwadabe, the President of Association of Bureaux De Change Operators of Nigeria (ABCON), has said that consistent evacuation of dollars illegally from Nigeria to Dubai is a threat to…
- 9 Feb 2024
MultiChoice Agrees to Pay N35.4Bn as Part of FIRS Tax Claim
MultiChoice Group has agreed to pay N35.4 billion as part of its tax obligations to the Federal Inland Revenue Service (FIRS). This is about 10per cent of the initial claim filed by the Nigerian tax…