MTN Nigeria has announced the temporary suspension of its airtime and data credit service, Xtratime, in compliance with new regulatory requirements governing digital lending in the country.

The company disclosed this in a corporate notice filed with the Nigerian Exchange Group, NGX, on Thursday.

Xtratime allows subscribers to borrow airtime or data and repay on their next recharge, a service widely used by millions of Nigerians, particularly during periods of financial constraints.

In the notice signed by the Company Secretary, Uto Ukpanah, MTN said the suspension is necessary to align with the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025.

Despite the suspension, MTN assured subscribers that alternative channels for purchasing airtime and data remain available, including banking applications and USSD platforms.

The Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of concluding the liquidation of 89 microfinance banks (MFBs) and primary mortgage banks (PMBs) whose licences were revoked.

The affected institutions are largely microfinance banks operating across multiple states, including Lagos, Anambra, Ogun, Osun, Ondo, Akwa Ibom, Oyo, FCT, Kaduna, Delta, Edo and Kano, reflecting the spread of small-scale lenders within the financial system.‎

‎The development follows the revocation of licences of 179 MFBs and four PMBs by the Central Bank of Nigeria (CBN) in May 2023, after which selected institutions acquired the assets and liabilities of 89 of the defunct banks under a purchase and assumption arrangement.

‎Under the arrangement, new operators were issued licences to take over the operations of the affected institutions, which have since resumed business under different names across several states.‎

The NDIC said it would, in its capacity as liquidator, approach the Federal High Court to obtain orders for the dissolution of the defunct banks and its discharge as liquidator, in line with its enabling law and other relevant provisions.‎‎

The move signals the conclusion of a resolution process initiated after the regulatory action taken in 2023, with the transfer of assets and liabilities already completed and successor institutions in operation.

• Dangote Petroleum Refinery / Credit: Instagram

The Dangote Petroleum Refinery exported about 434 million litres of Premium Motor Spirit (petrol) in March 2026.

Data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)’s March 2026 fact sheet on the state of the downstream sector on Wednesday revealed that the refinery produced a total of 1.49 billion litres of petrol during the month, while only 1.06 billion litres were supplied to the domestic market, leaving a substantial export surplus.

A breakdown of the figures showed that the refinery produced an average of 48.2 million litres of petrol per day, translating to 1.49 billion litres for the 31-day period. Of this volume, 34.2 million litres per day, totalling 1.06 billion litres, was supplied locally.

This implies that about 434 million litres of petrol were exported within the period.

The export of excess petrol reflects a major shift in Nigeria’s downstream sector, which has historically depended on imports to meet local demand. This development was further confirmed in a statement issued by the refinery earlier this week.It stated that, “Nigeria recorded a historic shift in its downstream petroleum trade in March, emerging as a net exporter of gasoline for the first time, driven largely by rising output from the Dangote Petroleum Refinery & Petrochemicals.