News
Sim Registration: FG Barks, Telcos Revs Activity
Suddenly last week, it appeared there is a general consensus to rev up the registration of Subscriber Identity Module (Sim) cards in Nigeria but approaches have been disconcerted with many roadblocks, Nigeria CommunicationsWeek can now reveal.
Though Sim card registration exercises around the world have not been without controversies, Nigeria’s attempt has been with even trivial resistance including regulation, date and procedure of registration.
But government bent on curbing incidences of fraud, threats, intimidation, and kidnapping and crimes all linked to the mobile phone barked out with paternalism last week and demanded total compliance while threatening sanctions on recalcitrant telecom operator.
Prof. Dora Akunyili, minister of Information and Communications at session with operators and customers in the sector, said that government will not change its mind on the Sim card registration.
She said that “if you (telcos) do not want to register Sim card in Nigeria, please close down before we close you down because Sim card must be registered”
"Very soon we will start seizing Sim card in the streets if such are not in line with our regulation. We have started and will follow it up to a logical conclusion and enforcement will start in earnest very soon. Government demands compliance. Nigeria Communications Commission (NCC) must ensure that these issues are addressed in good time."
Nodding in agreement, Dr. Bashir Gwandu, acting executive vice chairman, NCC, promised to look into all the problems associated with operators within six months assuring that the NCC will do it best to enforce all the laws for the benefits of the people.
Nigeria CommunicationsWeek however gathered that some operators have begun the mobilization of their dealers and sub-dealer for the purpose of registering existing subscribers on their network.
The operators resorted to use dealers and sub-dealers to capture data of their subscribers living in suburbs where its recruited agents will not reach to reduce high cost associated with recruiting staff for the purpose.
It was gathered that dealers commissioned to register subscribers by network operators purchased biometric machines which they are using to capture subscribers particulars.
Before now, operators were using their customer care centre to register existing subscribers on their network.
They have also recruited adhoc staff for that purpose and attached them to their customer care centres located in major cities across the country.
Nigeria CommunicationsWeek visited some dealers who expressed optimism that the exercise would be successful.
Some of the dealers had signs that read, “Register your Sim Card Here before it is blocked”, “Register Your Sim Here” and so on.
Bola Olubodun, a subscriber who has registered her Sim however decried the time wasting at the registration centres.
“It took me up more than four hours to register my Sim, I left home since 7 am and am just finishing now (about 3pm), it is a whole day job” Olubodun said.
A dealer who pleaded anonymity said it was teething problem which would be overcome as the process progresses.
It would be recalled that NCC had mandated all telecom operators to start registration of new Sim card in May this year to improve security in the country.
It said valid identification documents like E- Passports, corporate/company or work place identity cards that contain Pension Identification /Tax Numbers, student ID cards from recognized institutions as well drivers’ license issued by the Federal Road Safety Commission, (FRSC) and E-Tax cards, would be required for those seeking registration of their Sim cards.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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