Telecom
CBN, MTN Reach Agreement over $8.1Bn Repatriation Order

Central Bank of Nigeria (CBN) has reversed the $8.1 billion repatriation order on MTN Nigeria Communications Limited, following the amicable resolution of issues relating to foreign exchange remittances by the telecom giant.
The CBN in a release on Monday communicated the resolution of the apex bank bringing to an end, 5 months of uncertainty over the issue.
Isaac Okoroafor, Director of Corporate Communications at the CBN, said: “MTNN, led by its Nigerian shareholders, held intensive engagements with the CBN in the course of which it supplied additional material information, not previously offered to the Bank, satisfactorily clarifying its remittances.
“Having now reviewed the additional documentation provided by the company, the CBN has concluded that MTNN is no longer required to reverse the historical dividend payments made to MTN Nigeria shareholders. ”
However, the CBN identified that the proceeds from the preference shares in MTNN’s private placement remittances of 2008 were irregular having been based on CCIs that were issued without the final approval of CBN.
“The CBN and MTNN have mutually agreed that the aforementioned transaction be reversed notionally to bring it into full compliance with foreign exchange laws and regulations,” the statement further added.
The parties have resolved that execution of the terms of the agreement will lead to amicable disposal of the pending legal suit between the parties and final resolution of the matter.
The CBN assures foreign investors that the integrity of the CCIs issued by authorized dealers remain sacrosanct. Potential investors are encouraged to take advantage of the enormous investment opportunities that abound within Nigeria.
Meanwhile, a statement on MTN’s website today confirmed the resolution reached with the CBN.
The statement further read: “The CBN instructed MTN Nigeria to implement a notional reversal of the 2008 private placement of shares in MTN Nigeria at a net cost of circa N19.2 billion – equivalent to US$52.6m (the notional reversal amount).
“This is on the basis that certain certificates of capital importation (CCIs) utilised in the private placement were not properly issued.
“MTN Nigeria and the CBN have agreed that they will resolve the matter on the basis that MTN Nigeria will pay the notional reversal amount without admission of liability.
“In terms of the resolution agreement, the CBN will regularise all the CCIs issued on the investment by shareholders of MTN Nigeria of circa $402,625,419 without regard to any historical disputes relating to those CCIs, thereby bringing to a final resolution all incidental disputes arising from this matter.
“MTN Nigeria relied on certain commercial banks to ensure all approvals had been obtained prior to the CCIs being issued and to ensure the CCIs were properly utilised in the private placement.
“MTN Nigeria will be engaging with the banks in relation to the issues dealt with in the resolution agreement.
“Shareholders are advised that the legal process initiated by MTN Nigeria for injunctive relief restraining the AGF from taking further action in respect of its orders for back taxes is continuing.
“The AGF matter came up for initial mention before the Federal High Court of Nigeria Lagos Judicial Division on 8 November 2018 and has been adjourned to 7 February 2019.
“MTN Nigeria continues to maintain that its tax matters are up to date and no additional payment, as claimed by the AGF, is due, and consequently no provisions or contingent liabilities are being raised in the accounts of MTN Nigeria for the AGF back taxes claim.
“As a result of the above, shareholders are no longer required to exercise caution in dealing with the Company securities.”
Recall that the CBN had directed MTN Nigeria Communications Limited (MTN Nigeria) to reverse repatriations valued at $8.1 billion done on its behalf by four commercial banks between 2007 and 2015 on the basis of Certificates of Capital Importation (CCIs) irregularly issued to MTN.
The CBN stated that following the keen interest shown by various stakeholders sequel to the regulatory action, the CBN committed to engage further with MTN with a view to achieving an equitable resolution.
Telecom
Chamber Raises Alarm over Increasing Telecoms Infrastructure Vandalism

Lagos Chamber of Commerce and Industry (LCCI) has raised an alarm that members of the business community have drawn it’s attention to the rising incidents of vandalism of telecommunications infrastructure across Nigeria.

Dr. Chinyere Almona, director general of LCCI,
Dr. Chinyere Almona, director general of LCCI, who stated this in Lagos recently, said that the increasing infrastructure vandalism was posing a serious threat to economic productivity, national security, digital inclusion, and investor confidence.
According to her, “our members have drawn our attention to the rising incidents of vandalism of telecommunications infrastructure across Nigeria. This trend is a serious threat to economic productivity, national security, digital inclusion, and investor confidence.
“Telecommunications infrastructure remains critical to modern economic activity, supporting banking services, e-commerce, education, healthcare, logistics, public administration, and millions of small businesses.
Persistent attacks on fiber-optic cables, base stations, power systems, and related assets disrupt essential services, increase service providers’ operating costs, and reduce service quality for consumers and businesses.”
Speaking further, Dr. Almona explained that “to address this challenge, the chamber urges governments at all levels to treat telecommunications infrastructure as critical national assets that require stronger protection.
“This should include enhanced security surveillance, stricter enforcement of laws against vandalism, faster prosecution of offenders, and closer collaboration between security agencies, regulators, communities, and network operators.”
She added: “The Chamber also calls for improved rightof-way management, better coordination during road construction and urban works, and stronger public awareness campaigns on the economic damage caused by vandalism.”
Telecom
Firm Shares 5-step Safety Action Plan on What to Do When You Discover Your Phone is Missing

Misplacing a device, or having one stolen, is a stressful occurrence. Along with the inconvenience of no longer having a smartphone or tablet, comes the risk of unauthorised access to banking accounts and the potential for identity theft. With this in mind, Kaspersky experts have released a practical, minute-by-minute action plan for the moment you realise your phone is missing.

Step 1: Try to locate it via another device
The first step that could help to find your phone is to activate the Find My Device feature for Android or Find My for iOS to locate it. You can enter your Google or Apple ID account from the other device and see the list of devices linked to the account. Kaspersky for Android users can locate their device using the “Where Is My Device” feature via the My Kaspersky web portal. It is important that in order to use any functionality related to the device location, all those features must be activated in advance.
Step 2: Block your phone and watch for scammers
After logging into the account and finding the missing device in the device list, set it to “Lost” mode. After that click the “Вlock” button. You can set a new password, as well as add a message or a contact number that the person who found the phone will see. If the device is not connected to the Internet, the lock will take effect as soon as it connects.
Along with locating the device, Kaspersky for Android users can go beyond simple locking:
- Turn on a loud alarm, even if the phone is on silent. Perfect for finding it under a couch or forcing a thief to abandon it.
- Take a Mugshot. On devices with a front camera, Kaspersky captures a photo of the person currently using your phone. This evidence can be shared with authorities. Kaspersky’s Mugshot feature works even if the thief ignores native lock commands.
Stay cautious, if the phone falls into the hands of intruders, they may try to contact you and extort personal data to access the phone. It’s highly recommended to warn your friends and relatives about the device loss whilst your mobile phone can be used for calls or messages from your number with requests for money or questions, all of which should be ignored.
Step 3: Block access – SIM, bank cards, passwords
Promptly contact the mobile operator and block your SIM card, so you will eliminate the risk of using it for unscrupulous purposes. Also contact your bank to block any cards linked to the device or unlink those accounts.
After that, think about resetting passwords for all important services and log out of your accounts wherever possible. If you use a password manager, change its master password to protect all saved credentials.
If you’ve enabled SIM Watch in Kaspersky’s app in advance, the solution automatically blocks the device the moment someone inserts a new SIM card. This stops thieves from using their own SIM to bypass your locks.
Additionally, it’s recommended to protect the Kaspersky app itself from being uninstalled. Thieves often try to remove security apps first. Kaspersky’s anti-uninstall protection (one of the features of Where Is My Device) prevents the app from being removed and blocks changes to system settings – without your screen lock password.
Step 4: Check for the backups
As for other data such as photos, notes or messages stored on the phone, unfortunately, it will be only possible to restore it if you have backups or syncing with the cloud configured. If you had enabled device backups before the loss, you can restore almost everything, from contacts and photos to text messages.
Step 5: Remotely erase your device, if there is no hope of finding it
In parallel with how you perform all the actions described above, it is highly recommended to report the loss to local authorities and follow their guidance. However, if you are certain that the phone cannot be recovered, the final recourse is to completely erase all data from the device. This can be performed via Find My Device feature for Android, Find My for iOS or from the My Kaspersky web portal (for Android).
“In the routine of daily operations, it is easy to overlook how many critical aspects of our digital lives are tied to our mobile devices, and how seldom we consider that losing a phone may lead not only to inconvenience, but also to data loss, compromised access to essential accounts, or even identity theft.
At Kaspersky, we think in advance for your safety, going beyond just an antivirus solution. We fully understand the risks and disruptions that a lost or stolen phone can cause. That is why our solutions are designed to mitigate those risks,” comments Dmitry Kalinin, Senior Malware Analyst at Kaspersky.
Step 0: Protect yourself in advance
Here are some additional steps that, if taken in advance, may significantly reduce the negative effects of losing the phone:
- Enable location tracking. Both Android and iOS have special functionality to track a phone’s location and remotely erase data from it. Kaspersky for Android provides this functionality with the Where Is My Device feature activated.
- Allow automatic backups. Due to the regular backups all photos, videos, documents, contacts, and other important data can be recovered if the phone goes missing.
- Store all sensitive data in the protected format. Use a dedicated security solution like Kaspersky password manager, which apart from securely keeping passwords, logins and bank cards, has a special secret vault functionality aimed at storing important documents, for example, scanned Passports/IDs and PDF files, addresses and notes.
- Set immediate auto-locks. This ensures the phone is always locked when not actively being used, helping to prevent thieves or cybercriminals from accessing stored information.
- Keep the phone physically secure. While being in a public place, avoid leaving a device unattended or easily accessible such as on tables or in back pockets.
Telecom
MTN Foundation Expands Digital Access as Iwerekun Junior High School Records Stronger Academic Results

The recent access to digital tools and facilities in Lakowe’s Iwerekun Junior Secondary School has become a thing of pride. The school is one of the beneficiaries of the MTN Foundation’s What Can We Do Together (WCWDT) initiative. With a student population of over 2,000 (including more than 400 in technical classes), the school needed a suitable ICT Lab last year. A call that WCWDT answered, renovating the ICT laboratory into a world class facility to support the students.

MTN Foundation
According to the Universal Basic Education Commission (UBEC), over 8 million students are enrolled in junior secondary schools across Nigeria, yet only 416,291 teachers. This creates a rising need for better facilities and tools that would support and amplify teaching efforts. With efforts from initiatives like WCWDT communities across the country are getting access to the facilities that will drive educational efforts.
Today, the ICT laboratory has changed the learning experience for many students in the school. What used to be limited access to digital learning tools has gradually become a more engaging and practical learning environment, giving students room to learn, explore and build confidence with technology.
For the school’s Principal, Mr. Azeez Olatunji Fatai, the difference became noticeable almost immediately. “Since the installation of the ICT lab, we have seen significant improvements amongst students,” he said. “Our students now have access to digital tools and learning resources that were previously unavailable, and their confidence in using technology has improved greatly.”
That renewed confidence is beginning to reflect in how students engage both inside and outside the classroom. Recently, the school emerged first in an inter-school competition, a milestone many within the school community see as evidence of the growing exposure and encouragement students now receive. Teachers say students are showing greater enthusiasm during lessons and are becoming more willing to participate in practical and extracurricular activities.
The ICT lab has also strengthened the school’s focus on practical learning. Since November, students have participated in more structured digital learning sessions, while some have also gained additional exposure through extracurricular and skill-based programmes designed to strengthen their digital and technical capabilities.
For the MTN Foundation, this outcome reflects the broader goal of the What Can We Do Together initiative, which continues to address critical gaps in education and community infrastructure.
As nominations open for Phase 6 of the initiative, the Foundation is calling on Nigerians to nominate deserving schools and communities for the opportunity to benefit from upgraded science laboratories and primary healthcare centres, helping to create more success stories like Iwerekun Junior Secondary School and expand access to quality learning and development opportunities across the country.
General News2 days agoPalmPay, LASUBEB Deepen Efforts to Keep More Children in School
News2 days agoNational Assembly to Review National Data Protection Act
E-Financial2 days agoCBN Warns Non-Interest Banks against Governance, Compliance Risks
E-Business2 days agoFirm Shares Insights into Ransomware Trends and Tactics @ International Anti-Ransomware Day-2026
E-Financial2 days agoFG Seeks Fresh $1.25Bn Loan from World Bank to Create Jobs, Others
E-Financial2 days agoFidelity Bank Hits N1trn Milestone as Earnings Surge 45%
Telecom2 days agoATCON Says Telecom Network Under Threat, Urges Stronger Efforts to Protect Infrastructure
E-Financial2 days agoEcobank Group Announces $3b Trade Finance Commitment to Boost Intra African Trade














