Telecom
Debt Crisis: Breather for Etisalat as CBN Halts Takeover

Central Bank of Nigeria (CBN) yesterday directed the consortium of 13 banks involved in Etisalat Nigeria’s $1.2 billion loan to suspend further action on the indebtedness, including taking over ownership or management of the company.
Also yesterday, the management of the telco blamed its inability to offset its $1.2b loan to the economic downturn witnessed in the country in 2015 and the sharp devaluations of the Naira.
Mr. Godwin Emefiele, CBN Governor, handed the directive when reportedly spoke chief executive officers of the banks that raised the loan for Etisalat
The CBN boss also asked the lenders to seek the apex bank on any move or measure they intend to take with respect to the Etisalat indebtedness.
Investigation also revealed that prior to the Governor’s intervention and directive to the banks’ CEOs had agreed to issue a joint statement to explain their position and objectives with respect to the $1.2 billion loan.
Elsewhere, the management of the embattled telecom company has blamed its inability to offset its $1.2b loan to the economic downturn witnessed in the country in 2015 and the sharp devaluations of the Naira.
In a statement issued on Thursday, Etisalat Nigeria said the sharp devaluations of the Naira negatively impacted on the dollar-denominated loan by driving up the value of the loan.
”The economic downturn of 2015 and sharp devaluations of the naira negatively impacted on the dollar-denominated loan by driving up the loan value, thus prompting Etisalat to request a loan restructuring from the consortium of banks,” the company stated.
Moreover, the company said it had paid almost half of the $1.2b loan before discussions with the banks regarding the repayment restructuring hit the rocks.
The company also disclosed that it was not being investigated by the Economic and Financial Crimes Commission (EFCC) as widely reported in the media.
It described the reports as patently false and most unfortunate.
Read the full statement below:
The attention of Etisalat Nigeria has been drawn to media reports that the management of Etisalat Nigeria is being investigated by the Economic and Financial Crimes Commission (EFCC), following a petition to “the Federal Government asking that Etisalat be investigated” on how the funds from the syndicated loans were utilized.
Etisalat wishes to categorically affirm for the avoidance of doubt that the reports are patently false and most unfortunate considering the damage such misleading information can have not only on our business, but indeed on the telecommunications industry and the country as a whole. A simple interrogation of the rigorous process for securing a syndicated loan from a consortium of reputable banks would have exposed the truth to the original writer of this story and other media channels who have subsequently re-circulated the falsehood without interrogation or verification.
Concerned parties have access to our books and do not require an investigation into how the loan sum was utilized. All of the infrastructure investment and services for which the loan was secured, were paid through our banks and these are verifiable.
It is indeed crucial for the media to correctly inform the general public by providing the needful macro-economic context around which the challenges we encountered with meeting up with the loan obligation occurred.
It would be recalled that the $1.2bn loan, a medium-term seven-year facility, was obtained by Etisalat Nigeria for the purpose of expanding its network and improving the quality of service on its network.
The economic downturn of 2015 and sharp devaluations of the naira negatively impacted on the dollar-denominated loan by driving up the loan value, thus prompting Etisalat to request a loan restructuring from the consortium of banks.
Contrary to the widely reported misrepresentations about Etisalat Nigeria’s debt obligation to the consortium of 13 banks, it has become pertinent to set the records straight. Prior to this time, Etisalat had in fact consistently and conscientiously met up with its payment obligations.
As at today, we can categorically state that the outstanding loan sum to the consortium stands at $227m and N113bn, a total of about $574m if the naira portion is converted to US Dollars. This in essence means almost half of the original loan of $1.2bn, has been repaid.
Etisalat continued to service the loan up until February 2017, when discussions with the banks regarding the repayment restructuring commenced.
We hereby appeal to our media partners to continue to uphold the ethics of the profession by exercising some restraint particularly in the publication of such misleading and damaging information. We have been accessible and remain available to the media to clarify or verify information when required.
Telecom
Why Nigeria Must Embrace .ng Now – NiRA Reveals Five Critical Steps

Nigeria Internet Registration Association (NiRA) has outlined five strategic pathways to accelerate the adoption of the .ng domain and position it as a critical driver of Nigeria’s digital economy.

NiRA
Oluwaseyi Onasanya, Chief Operating Officer of NiRA, presented the framework at a Media Advocacy and Capacity Building Workshop held on April 16.
Onasanya described the .ng domain as a key component of Nigeria’s digital sovereignty, noting that the country has about 65 per cent internet penetration and over 35.6 million Micro, Small and Medium Enterprises (MSMEs) contributing nearly 48 per cent to the Gross Domestic Product (GDP).
She said the first pathway involves mandating the use of .ng domains across all Ministries, Departments and Agencies (MDAs), as well as subnational entities, government vendors and tax remitters.
According to her, this would ensure that all official digital communications with government institutions are conducted through .ng platforms, while also linking domain usage to Corporate Affairs Commission (CAC) registration and procurement processes.
The second strategy focuses on a nationwide awareness campaign tagged “Own Your .ng, Own Your Future,” aimed at promoting the domain as a symbol of national identity, trust and economic value.
Onasanya said the third pathway calls for leadership from the private sector, urging banks, telecommunications companies, startups and SMEs to adopt .ng domains and integrate them into onboarding processes.
She added that the fourth strategy seeks to position .ng as a secure and regulated alternative to foreign domains, enhancing consumer confidence, improving local search visibility and strengthening jurisdictional control.
The fifth pathway centres on expanding the digital ecosystem by strengthening registrar networks, simplifying user experience and integrating .ng domains into internet service providers, digital platforms and national performance metrics.
Onasanya warned that Nigeria’s domain adoption rate remains low compared to global peers, noting that the country has approximately one domain per 855 citizens, far behind countries like Germany, the United Kingdom and China.
She cautioned that low adoption could lead to capital flight, as businesses continue to rely on foreign domain platforms in an increasingly digital global economy.
She also called on the media to drive awareness, shape public perception and promote adoption by highlighting the economic value of .ng domains across sectors.
“Without media, .ng stays technical. With media, it becomes economic,” he said.
NiRA said that over 240,000 .ng domains have been registered so far, with projections indicating continued growth as Nigeria targets a $1 trillion economy by 2030.
Telecom
Tech Shake-Up: Snap Cuts Hundreds as AI Drives Efficiency Push

Snap Inc., the parent company of Snapchat, has announced the layoff of about 1,000 employees as part of efforts to improve efficiency through artificial intelligence.

Evan Spiegel, chief executive officer, disclosed this in a memo on Wednesday, noting that the cuts represent about 16 per cent of the company’s full-time workforce and include the elimination of more than 300 unfilled roles.
Spiegel said advancements in artificial intelligence were enabling teams to reduce repetitive tasks, increase productivity and accelerate project execution.
“We believe that rapid advancements in artificial intelligence enable our teams to reduce repetitive work, increase velocity and better support our community, partners and advertisers,” he said.
He added that smaller teams using AI tools had already delivered meaningful progress across key initiatives.
The California-based firm said the restructuring would help cut over $500 million in annual costs by the second half of the year, providing a clearer path to profitability.
Spiegel described the decision as difficult, expressing regret over the impact on affected employees.
“This is an incredibly difficult decision, and I am deeply sorry to the colleagues who will be leaving us,” he said.
Snap joins a growing number of technology companies downsizing their workforce while citing productivity gains from artificial intelligence.
The company has undergone multiple rounds of layoffs in recent years amid stiff competition from rivals such as Instagram, TikTok and YouTube.
Meanwhile, activist investor Irenic Capital Management recently disclosed a 2.5 per cent stake in Snap, calling for cost-cutting measures, including a review of its Spectacles smart glasses unit.
Shares of Snap rose by more than 7.5 per cent following the announcement, although the stock remains down compared to earlier in the year.
Data from Layoffs.fyi shows that more than 72,000 employees have been laid off by nearly 90 tech companies globally so far in 2026.
Telecom
NBC Warns Broadcasters Against Bullying Guests, Passing Opinions as Facts

National Broadcasting Commission (NBC) has cautioned broadcast presenters against bullying guests during live interviews or presenting personal opinions as facts, warning that such actions will attract sanctions.

NBC
In a statement issued on Friday, the commission said it had observed a rise in violations of the sixth edition of the Nigeria Broadcasting Code across news, current affairs and political programmes.
“Broadcast platforms are increasingly being deployed in ways that depart from their core obligation to inform the public with accuracy, balance and professionalism,” the NBC said.
The commission noted that some anchors and presenters were deviating from professional standards by denying fair hearing to opposing views and compromising neutrality during broadcasts.
It stressed that such conduct violates provisions of the broadcasting code, which require impartiality and fair representation of all sides on issues of public interest.
“Henceforth, any anchor or presenter found to have expressed personal opinion as fact, bullied or intimidated a guest, denied fair hearing to opposing views, or otherwise compromised neutrality, shall be deemed to have committed a Class B breach,” the statement added.
The NBC also raised concerns over the growing use of broadcast platforms by political actors to promote divisive, inflammatory and unverified content.
It emphasised that broadcasters bear full editorial responsibility for all material aired, including live programmes, and cannot transfer that responsibility to guests.
The commission reiterated its commitment to enforcing strict compliance with the broadcasting code, warning that violations involving hate speech, incitement and imbalance would attract appropriate sanctions.
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