Business
Blocked Lines Hit 40m Over NIN-SIM Linkage
At least 40 million telephone-lines were barred by telecommunication operators over the weekend following the expiration of the February 28, 2024 deadline issued by the Nigerian Communications Commission (NCC) mandating telecom consumers to link the Subscriber Identity Module (SIM) to their National Identity Numbers (NIMs).
This represents a 28 million increase from the 12 million telephone lines initially planned to be deactivated by telcos, following the NCC directive.
In a December 2023 notice, the NCC had asked telcos to bar SIMs that had not been linked to their owners’ NINs by February 28, 2024.
On Thursday, the NCC Director of Public Affairs, Reuben Mouka, ruled out an extension of the deadline, warning that telcos that failed to enforce the deadline would be sanctioned.
The Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbenga Adebayo, then disclosed to newsmen that telcos would bar 12 million lines as a result of the directive.
However, on Sunday, the ALTON Chairman revealed that the number of barred lines had risen to 40 million, noting that SIMs without NIN were included in the number.
“I can tell you that over 40 million lines have been blocked and the affected customers are those who didn’t submit their NIN at all. Some persons have not presented any NIN to operators.
“They haven’t registered their SIMs or participated in the harmonisation programme. They simply haven’t made any presentation of the NIN number to their operators and those were the persons blocked.
“So, why is the number so alarming despite repeated warnings? It shows many people still communicate but are not registered”, he said.
In the December 2023 notice, the NCC had also asked the Global Satellite Mobile Communications operators to bar SIM holders whose NINs have been submitted but not verified by March 29, 2024, and interdict those who have less than five lines linked to an unverified NIN by April 15, 2024.
The Federal Government had, on December 16, 2020, introduced the SIM-NIN synchronisation initiative meant to enable security agencies to track criminals.
The synchronisation involves validating the NIN with the National Identity Management Commission (NIMC) and matching the subscribers’ NIN records with the SIM registration information (verification) to ensure proper subscriber identification.
However, Nigerians raised questions on why security agencies have not used the SIM-NIN linkage to track criminals, especially bandits and kidnappers, who often use mobile telephone lines to speak with victims’ families during ransom negotiations.
Presently, there are 224.7 million active mobile telephone lines in the country, according to the information released by the NCC on its website.
On Sunday, the ALTON Chairman did not give the breakdown of subscribers or SIMs that were deactivated by telcos over the weekend.
He said, “No, we currently don’t have the breakdown of disconnected lines per network right now, but I know over 40 million lines have been deactivated”.
Adebayo further hinted that another series of disconnections would be implemented by the end of the month and mid April.
“The second tier of disconnections that will happen are those who have provided NIN but have more than five Mobile Subscription Identification Numbers associated with their NIN, and these have not been verified.
“This is because some have differences in the order of their names, and some have differences in their date of birth. The information provided to the operator when they did the SIM registration is different from what they provided (to NIMC) when they did their NIN.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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