Telecom
SIM Swap Fraud Threatens Mobile Money Plan

The rising incidence of Subscribers Identification Module swap fraud in the country has become a major concern for stakeholders in the financial and telecommunication industry.
Telecoms subscribers are also concerned that the same manner in which airtime is lost on the mobile devices will play out when mobile financial services are handled by network operators.
Others who have experienced the fraudulent act alleged that insiders working with telecommunication companies are culpable in the act as network signal suddenly disappears before the victim’s bank account is wiped out.
Economic Confidential reported that Omoniyi Johnson, an engineer based in Lagos, who was once a victim of SIM swap fraud in which his personal information was used in requesting for a new SIM card by a fraudster.
He said over N200,000 was stolen from his bank account before he realised what happened.
According to him, network signal disappeared from his phone which persisted despite rebooting his mobile device.
“Initially, I thought my phone had developed some fault, but after taking it to technician the following day, it was discovered that my SIM card was faulty. On getting to the operators’ customer care centre, I found out that someone else requested for a new SIM with my number and had stolen my savings,” he explained.
Due to the many complaints of financial fraud from SIM swap, the NCC, in 2017, had introduced new requirements for replacing a lost or damaged SIM card.
The commission asked telecoms operators to request for court affidavit, national identification card, SIM pack among others as new requirements for replacing a lost SIM card.
Despite this intervention, the challenge persists.
Mrs. Felicia Onwuegbuchulam, director, Consumer Affairs Bureau, NCC, at the inauguration of newly elected executives of Industry Consumer Advisory Forum in December said the commission had received lots of complaints on how fraudsters were using mobile numbers to steal from bank accounts.
She was quoted as saying, “Though the money is not in their custody, we are not exonerating the telecom operators until we conclude our investigations. We believe there may be a connivance of telecom staff in all these crimes. Why should a subscriber’s line go off at the time fraud is about to be committed on their accounts?”
Speaking on the issue, Segun Akano, managing director, Upperlink Limited advised Nigerians not to entertain any fear that the involvement of telecommunication companies in mobile financial services would increase SIM swap fraud.
According to him, biometrics is an effective way of reducing exposure of customers’ information and curbing financial fraud.
He said, “If mobile money is working elsewhere and we are able to surmount the safety fear, we can as well do it better in Nigeria. I don’t think we should be scared that the fraudsters will take advantage of this. It is just a wakeup call to all the telcos to have their security intact on all their platforms.
“Not only do we have the benefit of Biometrics Verification Number, it is an added advantage for Nigeria when other countries running mobile money right now don’t have the facility that we call BVN.
“It can do a lot to reduce the vulnerability level of our platforms, knowing full well that if anybody does anything and you are caught, the system is closed against you.
“The agency banking is meant to reach the unbanked and all the agencies banking under the SANEF project have access to verify identity through BVN if they want or have a way to verify the identity of customers.”
Already, he said there were measures in place to ensure that transactions on a newly obtained SIM card did not exceed N20,000 on the first day.
He said, “If you transfer N20,000 and by the second day, the owner does not lodge a complaint, you will be allowed to do more, with that the perpetrators will not gain much and they can also be caught.
The motivation is not there because they are all being encumbered by the policies.”
Speaking at a stakeholders’ forum on financial fraud in Abuja, the Adebayo Shittu, minister of Communications, said the incidence of financial fraud using telecom platforms had become pervasive.
He added that the act had led to direct financial loss in the financial services sector, e-commerce, and telecommunications.
He said, “As a fall out of technological advancement, knowledge has increased and control has become even more complex, creating gaps which are being exploited by miscreants and nefarious individuals always looking to beat the system.”
Meanwhile, Gbenga Adebayo, chairman, Association of Licensed Telecommunication Operators of Nigeria, said discussions were ongoing with the telecoms operators, the Central Bank of Nigeria and other stakeholders to ensure adequate safety measures to protect customers were in place.
Telecom
MTN Says New N6.98 USSD Charge Won’t Affect Airtime Recharge

Lynda Saint-Nwafor, chief Enterprise business officer, MTN Nigeria, has assured the network subscribers that the new end-user billing system for the use of USSD services will jot affect them.
USSD, otherwise Unstructured Supplementary Service Data codes are commonly used for banking transactions, airtime recharges, and other mobile services.
The telco said that there is no significant impact or change other than the fact that they will now pay the same N6.98 per session (120 seconds) with their airtime instead of direct bank debit.
Saint-Nwafor, said this during a chat with MTN MIP fellows, explaining that the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered telecom operators to ensure that the new billing model resolves trust issues and ensures transparency in the billing process.
“Our regulator insisted that at the end of every month, we are going to be providing history and statistics on the performance of the service across the board”, she explained.
Saint-Nwafor added that the new billing model has standardized messaging across all operators and ensures consistent communication with customers.
“We will take all the error codes and map them into messages that are standardised across the board. So, if you initiate a transaction, you will know if it is failing. And, when the transaction fails, you will know if it is from your bank or the telco,” she explained.
Telecom
Crypto Scam Unmasked: U.S. Recovers Record $225m in Global Fraud Bust

The U.S. government has recovered $225 million in what is now the largest seizure of funds linked to a cryptocurrency investment scam.
In a statement released Wednesday, June 18, the U.S. Attorney’s Office said the recovery followed an extensive investigation by the FBI and the U.S. Secret Service, using blockchain analysis and other forensic tools. The statement did not confirm whether any arrests had been made.
According to the authorities, the stolen funds originated from fraudulent cryptocurrency investment schemes that tricked victims into believing they were making legitimate investments. More than 400 individuals around the world, including dozens in the United States, were reportedly affected.
The operation involved a sophisticated money laundering network that carried out hundreds of thousands of blockchain transactions to obscure the source and ownership of the stolen assets.
“These scams prey on trust, often resulting in extreme financial hardship for the victims,” said Shawn Bradstreet, Special Agent in Charge at the U.S. Secret Service office in San Francisco.
Bradstreet added that U.S. officials hope the recovered funds can eventually be returned to the rightful victims.
Cryptocurrency investment fraud accounted for over $5.8 billion in reported losses in 2024 alone, according to the statement.
Telecom
Nnaemeka Ani Calls on African Techies to Rewrite the Narrative

In a rousing declaration that is electrifying minds across the continent, Hon. Nnaemeka Ani, Special Adviser on ICT to Enugu State Governor, Dr. Peter Mbah, has called for a homegrown digital revolution under the banner “Africa Will Rise: By Code, By Courage, By Us.”

Hon. Nnaemeka Ani
The message, part challenge, part philosophical—seeks to galvanize African innovators to move beyond buzzwords and build technology with impact and legacy in mind.
“Let’s stop building for hype. Let’s start building for legacy,” Ani urged while speaking to ICT journalists over the weekend. “Let’s stop waiting for someone else. Let’s start creating the future—on our own terms.”
At the heart of Ani’s vision is a shift from tech consumerism to tech authorship. With innovation hubs sprouting across cities like Enugu, Lagos, Kigali, Jo’Burg, and Nairobi, and a growing community of developers, engineers, and entrepreneurs determined to solve Africa’s unique challenges, the movement is already taking shape.
Ani emphasized that Africa’s future lies not in flashy apps or international admiration but in persistent, intentional solutions that uplift communities—solutions that digitize public services, bridge rural-urban divides, empower women and youth, and build resilience in food and climate systems.
“We have the talent,” he said. “Now it’s time to harness it—to stop building for likes and start building for lasting impact.”
With support from leaders like Ani and rising momentum in Africa’s tech corridors, it seems that a new chapter is being written—one line of code at a time.
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