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SIM Swap Fraud Threatens Mobile Money Plan

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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.


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Telecom

NigComSat Eyes $3Bn Annual Revenue – DG

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Jane Idehen, director-general of Nigeria Communication Satellite Limited (NigComSat), has said  that the organisation is projecting an average annual revenue of three billion dollars as it expands its scope of operations.

NigComSat Eyes $3Bn Annual Revenue – DG

disclosed this in Abuja at the July edition of DevsInGovernment MDA workshop series organised by the Ministry of Communications, Innovation and Digital Economy, with a focus on NigComSat.

The programme supported by Galaxy Backbone and World Bank was tagged: “Driving Operational Excellence through Technology at NigComSat.”

DevsInGovernment is a community that aims to create a group of technologists and tech enthusiasts within the civil service who are actively contributing to digital transformation across all government agencies.

The DG said that for NigComSat to grow, it had to explore new ideas and increase product life, which can lead to significant revenue increases.

“Currently we are projecting to average about three billion dollars in revenue year.

“If we can think about ideas, we can do more than that because if you can increase your product life, you can provide more solutions to problems,” she said.

She said that there were other revenue streams beyond broadcasting, which could double or triple the existing broadcasting revenues.

According to her, creating awareness about the programme’s services and solutions was crucial for its success.

Abiodun Attah, executive director of Technical Services at NigComSat, said the agency was charting a new course in its operations with a view to increasing its revenue earnings and serving the country better.

Attah said that one of the things the agency had done with the Mobile Network Operators (MNOs) was to carry 2G, 3G, and 4G traffic in rural areas where there was no connectivity.

“In the past, NigComSat was shying away from going into enterprises; it was shying away from doing business outside the government sector.

“Now we have gone beyond that,” he added.


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Airtel Backs Global Hepatitis Fight with Health Education and Free Employee Vaccination

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As the world commemorates World Hepatitis Day, Airtel Nigeria is taking bold steps to combat the global health challenge by equipping its employees with knowledge and access.

Reinforcing its ongoing commitment to employee wellness and public health advocacy, the leading telecommunications and digital services provider hosted a companywide Health Talk and announced a free hepatitis vaccination rollout across its offices across the country.

This year’s health and wellness theme at Airtel, “Stay Aware, Get Tested, Vaccinated & Seek Treatment,” aligns with global efforts to eliminate hepatitis and underscores the company’s belief that well-informed, healthy employees are the foundation of a thriving organisation.

In collaboration with its healthcare partner, Leadway Health, Airtel Nigeria brought together staff from across the country for an educational session titled: “Healthy Habits, Healthy Liver: Ending Hepatitis Starts with You!” Led by esteemed medical consultant Dr. Obioma Anomneze-Chima, the session offered critical insights into the causes, symptoms, and prevention of hepatitis, along with practical lifestyle habits to safeguard liver health.

In his remarks at the programme, Airtel Nigeria CEO, Dinesh Balsingh, highlighted the company’s holistic wellbeing philosophy.

He said, “Our people are the heart of our organisation, and when they are healthy, they bring their best selves to work. We’re not just investing in employee performance; we’re investing in their complete wellbeing. From mental wellness to preventive healthcare, our programmes are designed to offer real, meaningful support.”

Speaking during the session, Dr. Anomneze-Chima emphasised the importance of proactive prevention and early testing, “Hepatitis doesn’t always announce itself; it creeps in quietly and can cause lifelong complications. Conversations like this help us catch it before it catches us. I applaud Airtel for giving its employees not just facts, but tools and access to protect their health.”

Director, Human Resources and Administration, Airtel Nigeria, Adebimpe Ayo-Elias, noted that events such as the Hepatitis education and vaccination activity are a firm part of the company’s corporate mission. “This hepatitis campaign is a reminder that corporate responsibility goes beyond business metrics; it’s about actively participating in global health conversations and making a difference where it counts: among our people,” she added.

To sustain the impact of the educational talk, Airtel Nigeria is launching a free hepatitis vaccination programme across its premises, allowing employees nationwide to get vaccinated on-site with ease. This initiative reflects the company’s human-first approach to workforce wellness—prioritising both immediate care and long-term health security.

With this initiative, Airtel Nigeria once again demonstrates its leadership in advancing workplace wellness and health advocacy in the corporate sector. From supporting mental health through its Employee Assistance Programme (EAP) to promoting physical wellbeing with preventive screenings and vaccinations, Airtel is setting the standard for what it means to truly care for its workforce.

 


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MTN Nigeria Bounces Back with 414.9Bn Profit in H1 2025, Targets Full Recovery by Q3

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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 conditions and strategic initiatives.

Karl Toriola, ceo MTN Nigeria, said the company’s performance reflected the successful execution of earlier strategies and a more stable business environment. “We are excited by the progress made in the first half of 2025,” he said, highlighting a 54.6 percent growth in service revenue and a remarkable recovery in profits.

MTN’s subscriber base grew to 84.7 million, adding nearly 4 million users despite regulatory changes limiting SIM registrations by third-party agents. Active data users reached 51 million, fueling a surge in data revenue, which rose by an impressive 69.2 percent.

The operator has been investing heavily to meet rising demand and improve service quality. Among its major projects is the $240 million Dabengwa Tier 3 Data Centre—West Africa’s largest—which was launched in July and promises to drive digital transformation for businesses across the region.

On the fintech front, MTN made solid strides by adding over half a million new digital wallets in Q2 alone. Customer deposits grew fivefold since December 2024, pointing to renewed confidence and expanding usage of MTN’s mobile money services.

Economically, Nigeria showed signs of recovery during the period, with the naira exchange rate remaining stable and inflation easing to 22.2 percent. These factors helped strengthen MTN’s financial position and allowed the company to renegotiate tower leases, resulting in significant cost savings.

As a result, MTN swung from a loss after tax of N519 billion in the first half of 2024 to a profit after tax of N415 billion this year. Free cash flow also improved, hitting N409.8 billion, which the company plans to leverage for further network investments.

Looking ahead, MTN Nigeria has raised its full-year guidance, targeting service revenue growth at least in the low 50 percent range and an EBITDA margin above 50 percent. The firm anticipates positive retained earnings and shareholders’ equity returning by the end of Q3.

The company also remains committed to nurturing tech talent and innovation in Nigeria, pledging over N3 billion to support skills development. An accelerator programme offering funding and mentorship aims to empower African startups and drive future digital growth.

Despite some regulatory and macroeconomic uncertainties, MTN Nigeria’s leadership expressed confidence in the company’s ability to adapt and deliver sustained value to shareholders and customers alike.


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