Business
CBN and NCC Join Forces to Tackle SIM Fraud
CBN NCC SIM fraud partnership Nigeria launched to curb electronic fraud, improve consumer protection, and strengthen digital payment security in the country
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have signed a new agreement aimed at curbing SIM-related fraud and strengthening consumer protection across Nigeria’s expanding digital economy.
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CBN–NCC Partnership on SIM Fraud in Nigeria initiative was formalised in Abuja on Monday and is designed to improve coordination between financial and telecommunications regulators in tackling electronic fraud linked to mobile numbers.
CBN Governor Olayemi Cardoso described the agreement as a strategic move to enhance the stability and integrity of the country’s payment systems while supporting innovation and consumer safety.
He said the framework would improve collaboration on approvals, technical standards, and innovation testing, including regulatory sandbox exercises for digital financial services.
A key feature of the partnership is the planned Telecom Identity Risk Management Portal, which will allow real-time verification of mobile numbers to detect fraud involving recycled, swapped, or blacklisted SIM cards.
NCC Executive Vice Chairman Aminu Maida said the initiative marks a major milestone in regulating Nigeria’s digital economy, stressing that closer collaboration between both institutions is essential in combating evolving fraud threats.
He added that the system would enhance visibility for banks and fintech companies while improving consumer experience by addressing issues such as failed transactions and delayed refunds.
The agreement also establishes joint committees to oversee implementation, focusing on payment systems oversight, consumer protection, and telecom risk management.
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Regulators say the partnership will deepen financial inclusion, reduce fraud risks, and strengthen public confidence in Nigeria’s growing digital financial ecosystem.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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