Business

NCC Warns Nigerians Against Davido Airtime, Data Giveaway

Published

4 years ago

November 23, 2021

The Nigerian Communications Commission (NCC) says it has discovered that an ostensibly syndicated group is on the prowl to swindle unsuspecting members of the public, particularly millions of Nigerian telecom consumers by capitalising on the generosity of David Adedeji Adeleke, widely known as Davido.

The Nigerian-American music star, songwriter and producer recently announced he would donate 250 million naira to various orphanage homes across Nigeria.

Exploiting Davido’s benevolence, a group of scammers rolled out an advertorial titled “Davido Airtime and Data Giveaway”, which went viral, claiming that Davido is “giving out free 5K Airtime and 10GB Internet data of All Networks” to celebrate his birthday.

In the advertorial, the general public is urged to hurry and get the gift by clicking on the links that supposedly redirects them to network sites, where they will be credited with airtime and data.

”This is a scam, the NCC warned.

”The NCC wishes to advise our teeming telecom consumers to have nothing to do with the advert or any similar bogus enticements. The adverts are what they are – social engineering rip-offs designed to get people’s MSISDN and other information that fraudsters can use later to defraud unsuspecting telecom consumers and members of the public.

”For clarity, the MSISDN is simply the full phone number of a cellphone, in addition to other protocol information. This number is unique and identifies subscribers/owners in a GSM or other mobile networks. Therefore, it suffices to state that any unscrupulous person or unethical hacker can use the number and attendant protocol to undermine the privacy of the real owners of the number through identity theft and other scams.

”The NCC, therefore, reiterates its earlier warning to telecom consumers to be cautious and not to let their guards down. If a promo or an offer seems too good to be true, then it is likely untrue.

”The Commission will not rest on its oars in empowering telecom consumers with the requisite information and education in order to protect them from cybercriminals determined to use the telecom platforms to perpetrate frauds.”

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

2 days ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

2 days ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

2 days ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.