Business
ALTON Commends FCCPC on DEON Suspension as Airtime Credit Returns to Airtel, Others
” It is economic infrastructure that approximately 40 million people use regularly, with the vast majority of them at the base of the economy. Removing that infrastructure, even temporarily, had consequences that went far beyond the telecom sector.”
•Gbenga Adebayo, ALTON Chairman
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has commended the Federal Competition and Consumer Protection Commission for suspending enforcement of the Digital, Electronic, Online, or Non-traditional Consumer Lending (DEON) regulations against telecommunications operators.
ALTON described the decision as a critical step towards restoring confidence in Nigeria’s regulatory environment.This comes as airtime and data credit services resume across several of Nigeria’s mobile networks.
Airtel Nigeria has fully restored airtime credit to its subscribers, and Glo has also brought its services back online in recent days.
The restoration follows weeks of disruption that left approximately 40 million active users, overwhelmingly prepaid subscribers in the lower-income bracket, without access to the small airtime and data advances they rely on daily.
Gbenga Adebayo, ALTON Chairman, said that the FCCPC’s decision reflects the kind of institutional discipline that the sector and the broader investment community had been looking for.
“We commend the FCCPC for taking this decision in the interests of Nigerian consumers and the telecommunications industry,” Adebayo said.
“Suspending the DEON regulations as they apply to telecom services recognises that the established regulatory architecture, with the NCC as the sector’s primary regulator, is the appropriate framework for governing these products.
That recognition matters enormously for industry stability and investor confidence.”
Adebayo noted that the disruption had exposed how deeply embedded airtime credit is in the daily economic activity of millions of Nigerians.“
What this episode demonstrated is that airtime credit is not a financial product in the way regulators initially characterised it.
It is economic infrastructure that approximately 40 million people use regularly, with the vast majority of them at the base of the economy. Removing that infrastructure, even temporarily, had consequences that went far beyond the telecom sector.”
The airtime credit market, estimated at N300 to N400 billion annually, was effectively frozen in early April when MTN, Airtel, Glo, and T2mobile suspended their offerings after an FCCPC enforcement directive required immediate compliance with the DEON framework.
The FCCPC had classified airtime credit as consumer lending, bringing it within the scope of regulations originally designed to curb predatory practices by digital loan applications.
The classification triggered a jurisdictional dispute with the Nigerian Communications Commission, which regulates telecommunications services under the Nigerian Communications Act 2003.
Two Federal High Court orders followed: an interim injunction in Lagos on 15 April, restraining the FCCPC from enforcing DEON against WASPAN members, and a separate order in Abuja on 24 April, restraining MTN and Airtel from interfering with licensed VAS providers’ access to the platform.
The FCCPC’s application to discharge the Lagos injunction was refused on 28 April. Airtel’s decision to move first on restoration has drawn particular attention within the industry.
The operator restored services shortly after the regulatory path cleared, a move several analysts have described as a signal of confidence in the legal and commercial environment. Nigeria’s largest local telco, Globacom, followed within days.
MTN Nigeria, the country’s largest operator by subscriber count with over 95 million subscribers, had not restored its airtime credit services at the time of this report.
Industry sources familiar with the situation say there are no regulatory or legal impediments to restoration, and that MTN’s subscribers, who represent the largest bloc of airtime credit users in the country, are now the most significant group still waiting for service to resume.
Adebayo said ALTON expects full restoration across all networks to follow swiftly.
“The regulatory environment is now clear, and we are confident that full restoration is imminent.
The courts have spoken, the FCCPC has acted responsibly, and two of the four major operators have already restored services. There is no ambiguity left, and we expect every operator to act with the urgency their subscribers deserve.
”Looking ahead, Adebayo called for a structured dialogue between the FCCPC and the NCC to prevent a recurrence.“
The lesson is that Nigeria’s regulatory agencies need formal coordination protocols for services at the intersection of telecommunications and financial products.
The FCCPC’s consumer protection mandate and the NCC’s telecom regulatory mandate can coexist without either displacing the other. We are ready to participate in that conversation and urge both agencies to begin it without delay.”
Business
NAICOM Hands Over African Alliance Insurance to New Board, Management team
The Commissioner charged the newly constituted Board OF Directors to work collaboratively with shareholders while upholding the highest standards of corporate governance, regulatory compliance, and operational transparency.
The National Insurance Commission (NAICOM), has handed over the operations of African Alliance Insurance plc to a new Board of Directors and a new management team.
The new board is chaired by Rear Admiral Anthony Odogba Isa while the management team is led by Mr. Abayomi Olakunle Ogunkeye as the Managing Director.
The new board was nominated by the company’s shareholders, following the successful conclusion of a regulatory intervention commenced by NAICOM in the company in October 2024.
The handover marks a significant milestone in restoring the company’s financial stability, safeguarding the interests of policyholders and annuitants, and repositioning the organisation for sustainable growth.
NAICOM had in October 2024, intervened in African Alliance Insurance after it faced severe liquidity challenges, a backlog of unsettled claims particularly annuity obligations regulatory breaches, and reputational damage that threatened its continued existence and undermined policyholders confidence.
To address these challenges, NAICOM appointed an Interim Management Board (IMB) and an interim management team, with a clear mandate to stabilise the company, unlock liquidity, settle outstanding liabilities, conduct forensic and actuarial reviews, and restore stakeholder confidence.
Speaking during the handover ceremony, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, highlighted the transformative impact of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He noted that the legislation strengthens regulatory oversight, enhances public confidence, and supports deeper insurance penetration in Nigeria.
According to him, a major milestone under the Act is the establishment of the Insurance Policyholders Protection Fund (IPPF) a landmark mechanism designed to provide financial relief to policyholders in the event of insurer distress, insolvency, or liquidation.
The Fund represents a significant advance in consumer protection and aligns Nigeria’s regulatory framework with global best practices.
The Commissioner charged the newly constituted Board OF Directors to work collaboratively with shareholders while upholding the highest standards of corporate governance, regulatory compliance, and operational transparency.
He emphasised the importance of sustaining policyholder confidence through prompt claims settlement, sound solvency management, and prudent business practices.
He further directed the board to strengthen corporate governance structures, restructure portfolios, update and reconcile policyholder records as well as reinforce transparency and accountability.
Source : ThisDay
Business
Naira Exchange Rates To Foreign currencies Tuesday June 16
CBN Official Rates
US DOLLAR (USD) ₦1,356.27
GREAT BRITISH POUND (GBP) ₦1,808.86
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,356.27
GREAT BRITISH POUND (GBP) ₦1,808.86
EURO (EUR) ₦1,575. 85
SWISS FRANC (CHF) ₦1,790. 46
JAPANESE YEN (JPN) ₦8.47
CHINESE YUAN (CNY) ₦200.72
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,861. 95
SAUDI RIYAL (SAR) ₦361.42
SOUTH AFRICAN RAND (ZAR) ₦83.90
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,393 Sell ₦1,400
GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865
EURO (EUR) Buy ₦1,185 Sell ₦1, 605
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell ₦22,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Business
Dangote unveils plans for largest free trade zone in Ondo
On his part, Ondo State Governor, Lucky Aiyedatiwa, views development as a major milestone in Ondo State’s industrialisation agenda.. .
President of Dangote Group, Aliko Dangote, has disclosed plans to develop a large-scale industrial and free trade zone at Olokola in Ondo State.
According to him, the proposed Olokola project would go beyond a conventional free trade zone, emphasising that the move, as a power-driven investment hub, will be designed to attract manufacturers.
Dangote disclosed this during a courtesy visit to Governor Lucky Aiyedatiwa in his office in Akure, yesterday.
Dangote stressed that the free trade zone would be equipped with power, water and logistics infrastructure to enable investors to operate without delays associated with basic utilities.
The initiative, according to Dangote, will address Nigeria’s long-standing power deficit, which he described as the country’s biggest industrial constraint for over 30 years, noting that most manufacturers currently rely on self-generated electricity.
He said that the absence of reliable power had slowed industrial expansion across the country, adding that the new model would integrate a dedicated energy supply into the industrial zone.
Dangote said the group had previously attempted to develop investments in Olokola but was constrained by operational challenges at the time, leading to the concentration of projects in Lagos.
He said the renewed engagement reflects improved conditions and stronger collaboration prospects with the state government.
On his part, Ondo State Governor, Lucky Aiyedatiwa, views development as a major milestone in Ondo State’s industrialisation agenda, stating that the project aligns with his administration’s efforts to position the state as a leading industrial destination in South-West, noting its strategic location along the Lagos-Calabar Coastal Highway corridor.
Aiyedatiwa also highlighted the state’s deep seaport licence, describing it as a key logistics advantage capable of handling large vessels without transshipment.
He disclosed that limestone deposits in the state had been tested and found suitable for industrial use, signalling potential for cement production expansion.
Source: The Guardian
Federal Government Denies Plans to Introduce New Telecoms or Fuel Taxes
Appeal Court Overrides Justice Lifu’s judgment against ADC, 4 others
Police confirms NIPSS Kuru Jos killings
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Sports2 days agoWorld Cup: Sweden beats Tunisia 5-1
-
International2 days agoUS and Iran to sign historic peace deal June 19 in Switzerland
-
News2 days agoPolice begins enforcement on vehicles with covered number plates
-
Business1 day agoManufacturers Association Call for Suspension of NESREA’s Proposed Ban on Single-Use Plastics Below 80 Microns Pending Regulatory Impact Assessment
-
Business1 day agoAFC Backs Dangote Fertiliser With $600m Loan for Expansion
-
Sports2 days agoWorld Cup: Japan Holds Netherlands To 2-2 Draw
-
Sports19 hours agoBelgium, Egypt draw 1-1 in Group G
-
Politics1 day agoFHC Abuja Okays Deregistration of ADC , four other parties • The Judgement Can’t Stand—David Mark