MTN faces backlash over rapid data depletion

…Unveils solution
By Chinenye Anuforo
Amid growing public frustration over the rapid depletion of mobile data bundles, MTN Nigeria has sought to address one of the telecommunications sector’s most contentious issues by opening its data billing processes to public scrutiny in a first-of-its-kind initiative tagged “Data on Trial.”
The event, held in Lagos, brought together consumers, media professionals, content creators, technology experts, independent auditors and indust

By Chinwendu Obienyi
When President Bola Ahmed Tinubu marks three years in office on June 12, 2026, investors may find reasons to celebrate while many households continue to struggle.
The administration’s bold reforms, from scrapping fuel subsidies to liberalising the foreign-exchange market, have reshaped Nigeria’s economic landscape, restored investor interest and strengthened government finances.
Yet, those same measures have fueled inflation, eroded incomes and intensified a cost

By Chinwendu Obienyi
Nigeria’s banking sector opened 2026 with a robust liquidity position, as the country’s top 10 banks collectively mobilised N137 trillion in customer deposits in the first quarter of the year.
The figures, drawn from industry disclosures, reinforce the continued dominance of Tier-One lenders in deposit mobilisation, even as competition from fintechs and alternative savings platforms intensifies.
Access Holdings maintained its lead as the largest deposit custodian

By Chinenye Anuforo
As Nigeria intensifies efforts to modernise tax administration and improve revenue collection, fintech firm Afri Invoice has secured accreditation from the Nigeria Revenue Service (NRS) as an official Access Point Provider (APP), positioning the company to support businesses in complying with the country’s mandatory electronic invoicing regime.
The accreditation comes ahead of the July implementation deadline for the next phase of Nigeria’s e-invoicing programme a

From Isaac Anumihe, AbujaThe National Bureau of Statistics (NBS), yesterday, disclosed that Nigeria’s import bill recorded a notable decline in the first quarter 2026, easing to N13,619.33 trillion from N16,644.42 trillion in the corresponding period of 2025. The N3.03 trillion (18.2 per cent) drop signals weaker import demand amid FX constraints, policy shifts and changing consumption trends, highlighting ongoing adjustments in the country’s external trade profile and broader econom

Dangote Industries Limited has once again been named Africa’s Most Admired Brand, extending its dominance for the eighth consecutive year in the Brand Africa 100 rankings.
The announcement was made at the 16th edition of the Brand Africa 100: Africa’s Best Brands survey in Addis Ababa, Ethiopia. The study, regarded as the continent’s most comprehensive consumer-led brand assessment, spans 30 countries covering over 85 per cent of Africa’s population and economic activity.

Former staff members of the Nigerian Agip Oil Company ( Oando Energy Resources Nigeria Limited), have staged a peaceful protest demanding payment of their pension salary, which has not been paid in the last 17 years.The senior citizens, who protested under the platform, Agip Oil Company Pensioners Association of Nigeria, accused the management of the company of unilaterally stopping the payment without any reason.  The retirees, who brandished placards with different inscriptions, lamented

ARM-Harith Infrastructure Investments Limited has secured about $76 million as the first close of its Climate Transition Fund, a new investment vehicle aimed at financing climate-friendly infrastructure across Africa.
The fund, which targets a total of $200 million, is designed to channel both local and foreign capital into energy transition and climate-resilient projects in Sub-Saharan Africa. It will allow investments in both U.S. dollars and local African currencies within the same structure&

•Arbitrage, round-tripping may resume, experts warn
By Chinwendu Obienyi
Nigeria’s foreign exchange (FX) market is showing renewed segmentation as unmet demand in the official window continues to drive activity in the informal segment, Daily Sun learnt on Monday. In the parallel market, the naira was quoted at N1,395/$1 for buying and N1,400/$1 for selling at the resumption of business, reflecting sustained demand pressure outside the official FX channel.The pricing indicates continue

By Lukman Olabiyi and Chukwuma Umeorah
Lagos State Governor, Babajide Sanwo-Olu, has intensified efforts to attract local and foreign investments into Lagos, declaring the state as Africa’s foremost investment gateway with vast opportunities for trade, innovation, infrastructure development and economic expansion.
Speaking at the opening of the third edition of the Invest Lagos Summit 3.0 on Monday, Sanwo-Olu said Lagos remained strategically positioned to leverage opportunities presented

By Henry UcheAfrican insurance leaders have called for urgent regulatory reforms and deeper digital innovation to unlock the continent’s estimated $68 billion insurance premium pool and expand financial protection across underserved markets.
Speaking at the 52nd African Insurance Organisation (AIO) Conference, industry stakeholders said Africa’s low insurance penetration should be viewed as a major growth opportunity rather than a structural weakness.
The Commissioner for Insurance a

By Chinelo Obogo
The International Air Transport Association (IATA) has identified Nigeria as one of the most expensive countries in the world in which to operate an airline, citing high operational costs that continue to challenge the viability and growth of local carriers.
Speaking at the IATA Annual General Meeting held in Brazil, IATA’s Regional Vice President for Africa and the Middle East, Kamil Al-Awadhi, said that despite ongoing efforts by Nigeria’s Minister of Aviation and

By Chukwuma Umeorah
United Capital Plc has secured regulatory licences to provide investment banking and related financial services in Rwanda and Ethiopia, expanding its footprint into East Africa and becoming the first foreign institution licensed to offer investment banking services in Ethiopia.
The financial services group said the approvals mark a significant step in its pan-African expansion strategy and position it to participate in the development of capital markets in both countries.
Gro

Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, and Temenos (SIX: TEMN), a global leader in banking technology, have announced a collaboration wherein Interswitch will adopt Temenos’ technology to enhance its digital banking capabilities, supporting its growth and expanding access to modern financial services across the continent.
Interswitch will use Temenos solutions across core banking, digital banking, payments, wealth management and

Telecommunications operators have completed more than 5,000 of the over 12,000 additional coverage and capacity sites planned nationwide, while more than 75 million subscribers have been offered compensation for poor quality of service experiences, the Nigerian Communications Commission (NCC) disclosed.
The decision was reached at the 109th meeting of the NCC Governing Board held on May 25, 2026, and contained in a communiqué dated May 29, 2026, which was made available to Daily Sun.
Acco

…Says Imo now investment haven 
Governor Hope Uzodimma of Imo State has declared that the state is ready for local and foreign investments, citing major improvements in infrastructure, security, power supply and ease of doing business.
Speaking at the third edition of Invest Lagos 3.0, themed “Lagos: The Business Gateway to Africa,” held at Eko Hotel and Suites, Victoria Island, Lagos, on Monday, Uzodimma said that Imo had repositioned itself as one of Nigeria’s em

… Says its resilience in ‘tough market’ is commendable
By Chinelo Obogo
One of Nigeria’s leading carriers, United Nigeria Airlines, has congratulated Ibom Air on its seventh anniversary with the airline’s executive chairman, Prof. Obiora Okonkwo, describing the milestone as a testament to strong leadership and team dedication.‎‎In a goodwill message addressed to Ibom Air’s Managing Director, Mr. George Uriesi, Okonkwo praised the airline for navigatin

By Chinelo Obogo
The International Air Transport Association (IATA) has identified Nigeria as one of the most expensive countries in the world in which to operate an airline, citing high operational costs that continue to challenge the viability and growth of local carriers.‎‎Speaking at the IATA Annual General Meeting held in Brazil, IATA’s Regional Vice President for Africa and the Middle East, Kamil Al-Awadhi, said that despite ongoing efforts by Nigeria’s Minister of Avia

From Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), today, said that the value of total imports stood at ₦13,619.33 billion in the first quarter of 2026, representing a 18.17 per cent decrease from the value recorded in the corresponding quarter of 2025 (₦16,644.42 billion) and a 21.05 per cent decrease compared to the value recorded in Q4 2025 (₦17,250.93 billion).
This is as China remained the leading source of imports in the first quarter of 2026, followed by the

By Peter Egwuatu The Nigerian stock market reversed its upward trajectory last week with investors losing over N4.915 trillion of their investment listed on the Nigerian Exchange Limited, NGX. The development was driven by a sustained profit-taking move across major sectors.Consequently, the NGX market capitalisation, which represents the total value of stocks listed on the Exchange, declined to N155.593 trillion on Friday from N160.508 trillion the previous week.Analysts noted t

By Chukwuma Umeorah
Investors on the Nigerian Exchange Limited (NGX) lost about N4.9 trillion in market capitalisation during the first trading week under Nigeria’s newly adopted T+1 settlement regime, as broad-based profit-taking and portfolio rebalancing triggered a market correction that pushed equities lower despite a significant increase in trading activity.
The losses came as Nigeria became the first capital market in Africa to migrate from a T+2 to a T+1 settlement cycle, a move des

By Chukwuma Umeorah
 
Abbey Mortgage Bank Plc has received regulatory approval from the Central Bank of Nigeria (CBN) to commence operations as a commercial bank, a development that advances the institution’s ongoing transformation strategy and comes weeks after shareholders approved plans to raise up to N164.5 billion in fresh capital to support its expansion.
The bank disclosed that the approval paves the way for its transition from a primary mortgage institution to a commercial ban

…As NGX Invest drives N2.8trn capital raise, 2m retail investors onboarded
By Uche Usim
The Group Managing Director and Chief Executive Officer of Nigerian Exchange Group Plc, Temi Popoola, has called for a shift in Nigeria’s capital market focus from mere wealth generation to inclusive, sustainable and responsible wealth creation driven by strong governance and wider participation.
Speaking at the 2026 Nairametrics Capital Market Awards in Lagos, Popoola said the long-term strength

By Chinwendu ObienyiThe Central Bank of Nigeria (CBN) has directed banks to continue monitoring and documenting the purpose of foreign currency transfers from domiciliary accounts, warning that failure to comply could attract fines of up to N100 million.
The clarification comes despite the apex bank’s decision to waive the requirement for ordinary domiciliary account holders to complete Form A before making foreign currency remittances from their accounts.
In guidelines contained in the fo

Nigeria’s oil and gas industry stakeholders will gather in November for the 15th edition of the Practical Nigerian Content (PNC) Forum, a landmark event expected to chart the next phase of local content development and industrial growth in the country’s energy sector.
The forum, organised by dmg events in partnership with the Nigerian Content Development and Monitoring Board, will hold from November 30 to December 3, 2026.
The organisers said the event comes at a crucial period for t

Founder’s Weight 2.0 at the weekend in Lagos brought together more than 50 founders, entrepreneurs, operators, and business leaders for an afternoon of candid conversations, practical business insights, and high-impact networking.
​The event drew over 150 registrations, underscoring a growing demand for spaces where entrepreneurs can openly discuss the realities of building a business and receive actionable guidance from experienced operators.
​Founded by Dera Ndidigwe, Founder

By Uche Usim
The Central Bank of Nigeria (CBN) withdrew N3.04 trillion from the banking system in a single Open Market Operations (OMO) auction held on June 5, 2026, after investors flooded the exercise with subscriptions far above the amount on offer.
Data reviewed from the auction results showed that the apex bank offered OMO bills worth N600 billion but received subscriptions totaling N3.275 trillion, making the exercise more than five times oversubscribed.
The strong investor demand highligh

From Isaac Anumihe, AbujaAs terrorism worsens in the country intensifies, the federal government has reintroduced security patrols in all the major highways.The patrol team would involve all the departments of police, including other armed paramilitary officers.
Minister of Works, Senator David Umahi, who disclosed this at the weekend, when he inspected Abuja-Keffi Highway, also slammed those fanning the embers of insecurity to desist because the menace was inherited by President Bola Tinubu adm

By Steve Agbota and Idu Jude, Abuja
The Federal Government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Ambassador Gautier Mign

By Chinelo ObogoDespite economic challenges plaguing households and businesses, Nigeria’s domestic air passenger traffic climbed to 13.09 million in 2025, a development that highlighted the growing reliance on air travel for business and leisure across the country.Data released by the Federal Airports Authority of Nigeria (FAAN) in its 2025 passenger traffic analysis report showed that more Nigerians travelled by air within the country last year, showing increased demand on major domestic