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FG Regrets Fine on MTN, Says It Is Damaging to Nigeria

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Central Bank of Nigeria (CBN) fine on MTN Nigeria is very damaging to the country, Zainab Ahmed, finance minister has said.

 

This came as the telco confirmed it was continuing to hold talks with Nigerian officials to find a mutually acceptable solution to a dispute over the alleged transfer of $8.1 billion of funds.

 

Ahmed, speaking at the 24th Nigerian Economic Summit in Abuja on Tuesday, said the CBN and MTN are working together towards resolving the matter.

 

The CBN handed MTN a fine of $10b alongside some banks for allegedly issuing irregular certificates of capital importation (CCIs).

 

“The MTN incident was a very damaging one for us, that was one of the reasons why we have been out trying to engage investors,” Ahmed said.

 

“But you see, there is a tendency for big business to take regulations and governments for granted.

 

“After that incident happened, all the information the CBN has been trying to get in two months actually came. Now, they have almost solved the problem.”

 

According to her, “We are trying to make sure this doesn’t happen again, we are continuously discussing with monetary authorities.

 

“There will be no company next after MTN, nobody is next because we can’t afford for this kind of incidence to keep happening.”

 

Elsewhere, MTN said on Tuesday that it was continuing to hold talks with Nigerian officials to find a mutually acceptable solution to a dispute over the alleged transfer of $8.1 billion of funds.

 

“Shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made,” MTN said in a statement on the Johannesburg Stock Exchange, where its shares are listed.

 


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SHELT Named in Prestigious 2025 MSSP 250 List for Cybersecurity Excellence

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SHELT, a leading cybersecurity-as-a-service provider, has earned inclusion in the 2025 MSSP 250, the annual ranking of the world’s top 250 Managed Security Service Providers (MSSPs) by MSSP Alert, a CyberRisk Alliance publication.

SHELT Named in Prestigious 2025 MSSP 250 List for Cybersecurity Excellence

SHELT

The list evaluates firms on business performance, service breadth, and industry impact, spotlighting those excelling in growth, operational excellence, and advanced managed security amid rising cyber threats. Selection criteria include annual recurring revenue, profitability, workforce expansion, business growth, and the depth of managed security offerings.

SHELT’s recognition underscores its investments in scalable security operations, threat intelligence, and tailored managed services across multiple regions, enabling clients to navigate complex risk landscapes effectively.

“Being recognised in the MSSP 250 is a meaningful milestone for our team,” stated Youssef Abillama, CEO of SHELT. “It validates our focus on building practical, resilient security services that help organisations manage risk and respond effectively to today’s evolving cyber threats.”

The company hailed the honour as testament to its teams’ dedication and expertise worldwide, reaffirming commitment to enhancing capabilities and delivering trusted cybersecurity solutions.


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Meta Names Ex-Trump Adviser Dina Powell McCormick as President

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Meta Platforms, owner of Facebook, has appointed Dina Powell McCormick, a former adviser to President Donald Trump, as its new president and vice chairman, bolstering its leadership amid aggressive AI and infrastructure expansion.

Meta names ex-Trump adviser Dina Powell McCormick as president

Dina Powell McCormick

The announcement, made on Monday, positions Powell McCormick – who recently stepped down from Meta’s board after eight months – to guide overall strategy, including multi-billion-dollar investments in data centres and global partnerships.

A Goldman Sachs veteran with 16 years in senior roles and prior stints as deputy national security adviser under Trump and in the Bush administration, she brings deep finance and international ties to the role.

Meta CEO Mark Zuckerberg hailed her as “uniquely qualified” for the company’s next growth phase, while President Trump praised the move on Truth Social as a “fantastic choice”.

The hire signals Meta’s efforts to strengthen White House relations, following recent dinners with Trump and U.S. investment pledges worth hundreds of billions


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X Suspends Twitter Account for Rules Violation

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X, the social media platform formerly known as Twitter, has suspended the @Twitter account, replacing its profile with a standard notice citing violation of platform rules.

X Suspends Twitter Account for Rules Violation

Musk

The action, which occurred on Sunday, January 11, left users encountering the handle greeted by a bold “Account Suspended” message on a black screen, with no details provided on the specific rules broken or the duration of the suspension.

The development has sparked widespread confusion and nostalgia among users, given that Elon Musk rebranded Twitter to X in July 2023, approximately six months after acquiring the platform for $44 billion in late 2022.

The @Twitter handle had remained dormant since before Musk’s takeover, serving as a legacy remnant of the platform’s original branding, and its suspension appears to mark the final erasure of the Twitter name amid X’s ongoing efforts to combat spam, impersonation, and rule violations.

X’s official statement on the suspended page simply reads: “X suspends accounts that violate our rules,” without offering an appeal process or further explanation, unlike standard user suspensions.

Public reactions on social media ranged from humorous laments of “RIP Twitter” to speculation that the move resulted from automated moderation or a deliberate cleanup of legacy trademarks.

xAI’s Grok AI described it as a purposeful retirement of outdated elements rather than a genuine infraction, while neither Elon Musk nor X spokespeople issued any comment as of Monday morning.

This incident underscores the evolving identity of the platform under Musk’s ownership, which also saw a domain shift to x.com in 2024, further distancing it from its Twitter roots.

Industry observers note that while the suspension aligns with X’s stricter enforcement policies, the lack of transparency has fueled debates on consistency in applying rules to high-profile legacy accounts.


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