Business
NCC Lifts Blocking Of Phone Lines Not Linked To NIN
An order has gone to all telecommunications operators to overlook non-linkage of National Identification Numbers (NIN) to SIM cards and reinstate all phone lines hitherto blocked.
The directive was issued by industry regulatory, the Nigerian Communications Commission (NCC) in a statement in Abuja, on Monday.
Director of Media and Public Affairs, Reuben Muoka, NCC, made it clear that this directive was in response to the widespread disruption caused by the blockages and to prioritise consumer convenience.
Recall that over the weekend, many telecom subscribers experienced difficulties or were unable to access their phone lines after failing to verify their NINs with their SIM cards, resulting in their numbers being blocked in compliance with NIN-SIM linkage regulations.
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It was gathered that the development gave birth to massive outrage on Monday as subscribers stormed MTN offices across the country, demanding the reactivation of their blocked phone lines.
The NCC stated, “The consumer is our priority; therefore, considering the challenges the blockages have caused, the Commission has directed all operators to reactivate all lines that were disconnected over the weekend, in view of the short time available for consumers to undertake the verification of their NINs with their SIMs.”
Recall that the mandatory linkage of NINs with SIMs was initiated in December 2020, with the objective of improving national security and ensuring an accurate SIM ownership database. However, in spite of several deadline extensions, including the latest to July 31, 2024, many lines remain unverified.
Since December 2023, the NCC has reviewed the deadline multiple times.
Initially, April 15, 2024, was set as the deadline for the full network, barring subscribers with four or fewer SIMs that had unverified NIN details.
To give consumers more time to ensure their submitted NIN details are properly verified, this deadline was then extended to July 31, 2024.
The regulator has now decried that despite these extensions, many phone lines are yet to be linked with verified NINs.
According to the NCC, the affected consumers should note that this reactivation is for a limited period to allow them to properly link their NIN to their SIM.
Consequently, the NCC urged all subscribers who have not yet verified their SIMs to do so promptly to maintain access to their services.
In a swift reaction, telecom operators, under the aegis of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), earlier clarified that the disconnection was unconnected to the August 1 protest.
The telecom operators explained that this harmonization process had been underway for several months and aimed to enhance the accuracy and integrity of the National SIM registration database.
“Customers who had their lines blocked recently are those whom their service providers found a mismatch between their records on both databases.
“We advise such customers to contact their service providers through communicated channels for resolution of the issue,” the group explained.
The ALTON emphasised its commitment to supporting government’s efforts and safeguarding communication rights, data privacy, and security.
Business
Nigeria Can Achieve 5.5% GDP Growth – NESG
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
Business
CBN Approves Release Of Nigerian FX Code
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
Business
How Trump Plans To Grow American Economy By $1 Trillion Daily
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
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President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.