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JUST IN: MTN Announces Nationwide Closure Shops

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MTN Nigeria on Tuesday announced the closure of its shops across Nigeria, asking its customers to use its digital channels for any support they may need. 

Although the company did not give any reason for the closure, this may not be unconnected with the eruption of violence at some of its shops on Monday as customers besieged its support centres to unbar their lines that have been blocked over NIN-SIM linkage issues.  

Recall that millions of lines were barred by all telecom operators including Airtel, Globacom, and 9mobile over the weekend in line with the directive of the Nigerian Communications Commission (NCC).

In a short notice to its subscribers posted on its Customer Care handle on X, MTN said: 

“Please, be informed that our shops nationwide will be closed today, 30th July. We are available 24/7 to support you via our digital channels.” 

The company, however, did not state if the shops would be reopened after today. 

At MTN’s shop in Festac Lagos, subscribers seeking to unbar their lines became violent and destroyed the fence of the building.  

Also at its shop in Maitama, Abuja, angry subscribers were reportedly banging and hitting the gate of the facility, and threatening that the planned nationwide protest would start from MTN’s premises.  

In Oyo State, reports show that thousands of MTN users besieged the company’s Idi-Ape office in Ibadan, the State’s Capital, protesting the sudden blockage of their SIMs. Trending videos circulating online show crowds of frustrated customers sending MTN staff members home in response to the disruption. 

Meanwhile, to avert a nationwide crisis, the NCC on Monday afternoon ordered all telecommunication companies in the country to reactivate all lines they have barred over issues surrounding the linking and verification of NIN linked with their SIMs. 

While noting that the objectives of the NIN-SIM linkage exercise by the Federal Government of Nigeria are to enhance national security and ensure the national SIM ownership database is accurate, the Commission said it is giving the affected subscribers more time to properly link their SIMs. 

The consumer is our priority, therefore, considering the challenges the blockages have caused, the Commission has directed all operators to reactivate all lines that were disconnected over the weekend in view of the short time available for consumers to undertake the verification of their NINs with their SIMs,” the telecom regulator said in a statement issued by its Director of Public Affairs, Reuben Muoka. 

Although all telecom operators implemented the SIM blockages, more MTN customers were affected since the company has the largest active customers in Nigeria. As of March this year, MTN’s active subscriptions stood at 81.7 million, while the closest operator, Airtel, had 63.3 million subscriptions, according to NCC’s data. 

 

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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