In a move that has sent ripples through Nigeria’s telecommunications landscape, MTN Nigeria has increased the price of its data offerings and one data bundle prominent among Nigerians is the 15GB weekly data plan which has now been jacked up from ₦2,000 to ₦6,000. This 200% hike has ignited widespread reactions, with many expressing shock and frustration over the sudden surge in data costs.

This price adjustment aligns with the 50% tariff increase approved by the Nigerian Communications Commission (NCC) in January 2025. But while the NCC’s directive was for a 50% increase, MTN’s implementation has resulted in a 200% increase for the 15GB plan, leading to public outcry.

What are Nigerians saying?

Nigerians have taken to social media platforms to voice their displeasure. Many users have expressed concerns about the affordability of data, especially for students and small businesses that rely heavily on internet access.

On X,one user by the name Chidinma Felix remarked, “Internet access has become a luxury for many”.

Another user named Khan on X remarked, “ I think it’s high time we boycotted MTN. Their network is terrible, and their data plans are a rip-off. The 15GB package doesn’t even last three days”.

Ayothezillian took to his Instagram to say “Living in Nigeria now is getting tougher, some crazy inflation”

Kadibeautycraft on Facebook said “The annoying thing is that ,they make Internet expensive in Africa but very cheap in some countries like Italy and Cambodia. Can our leaders wakeup for goodness sake”.

Adakunwachineme on Instagram remarked “Why blame MTN when all cost of production went up astronomically”.

Mukhtar Usman on X said “There is no way for the average Nigerian to grow in this country, tell me how do one save in all of these”.

A t about 11.50am on Wednesday 12th of February, LN247 did a scan of the available data plan on MTN and discovered that the 15GB bundle is now no longer available on its platform. But what’s the justification, and where does this leave small businesses and students who rely on affordable data?

Impact on other network providers

The significant increase in MTN’s data prices raises questions about the pricing strategies of other network providers in Nigeria. Although they are yet to adjust their prices, Airtel, Glo, and 9mobile may face pressure to adjust their tariffs in response to MTN’s move. However, such decisions will depend on various factors, including their operational costs, market competition, and regulatory guidelines.

Regulatory and Government Response

Meanwhile, the House of Representatives has called for the suspension of the tariff hike until service quality improves. They have urged the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, and the NCC to halt the impending hike in telecommunications tariffs arguing that it places an undue burden on Nigerians, especially students and small businesses.

Lawmakers are urging the Nigerian Communications Commission (NCC) and the Ministry of Communications and Digital Economy to reconsider the increase. Mounting pressure from consumer rights groups and labor unions, protests are expected unless the government steps in to address the concerns.

As the situation unfolds, subscribers are closely monitoring the actions of other network providers. It is expected that competition will lead to more affordable data plans, ensuring that internet access remains accessible to all Nigerians.

In the meantime, users are exploring alternative options and expressing their concerns through various channels, advocating for more reasonable pricing in the telecommunications sector.

Keystone Bank Limited officially announced on Tuesday that it is now entirely owned by the Federal Government of Nigeria, following the dissolution of its previous shareholder, Sigma Golf Nigeria Limited, by the court. This decision comes after the Lagos State Special Offences Court, sitting in Ikeja, Lagos, delivered a judgment on February 11, 2025, in a case brought by the Economic and Financial Crimes Commission (EFCC).

The court convicted Sigma Golf and ordered the winding up of the company due to its involvement in an alleged N20 billion fraudulent diversion case. The case also involved the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, and Sigma Golf. The EFCC accused Sigma Golf of illegally using AMCON funds through Heritage Bank to acquire shares in Keystone Bank.

Court Proceedings and Judgment

During the proceedings, Kuru pleaded not guilty to the charges, while Sigma Golf’s Chairman, Umaru Modibbo, admitted guilt. A plea bargain was reached between Sigma Golf and the EFCC, which resulted the trial judge, Justice Rahman Oshodi to order the ownership transfer and the forfeiture of 6.3 billion units of ordinary shares held by Sigma Golf in Keystone Bank to the Federal Government at a nominal rate of one naira per share.

The plea bargain agreement states that, following Sigma Golf’s conviction, all of its rights and interests in the bank’s shares would be transferred to the Federal Government. In exchange, Modibbo and Sigma Golf agreed to cooperate fully with the EFCC in future investigations related to the case.

On February 11, 2025, the court confirmed the forfeiture, marking the end of Sigma Golf’s ownership in Keystone Bank. This decision has significant implications for the bank’s future, as it is now under full control of the Federal Government.

Keystone Bank’s Response

Keystone Bank expressed its confidence in the new development, acknowledging that it represents a major milestone in its journey. The bank emphasized that this change will contribute to its stability and create a foundation for a successful recapitalization process.

The Central Bank of Nigeria (CBN) had previously dissolved the bank’s Board and Management in January 2024 due to corporate governance breaches and appointed new leadership. With this court ruling, Keystone Bank is now fully positioned for sustained growth and strengthened partnerships, reinforcing its resilience and commitment to fulfilling all regulatory requirements.

Keystone Bank assured its customers that the institution remains financially strong, healthy, and secure, continuing to provide exceptional value and ensuring a smooth transition into its next phase of development.

Dangote Petroleum Refinery & Petrochemicals has reduced the price of its diesel by 5%, lowering the gantry price to N1,020 per litre from N1,075 per litre, with the goal of positively impacting Nigerian consumers.

Since beginning diesel production in January 2024, the refinery has decreased the price more than three times, dropping from an initial N1,700 per litre to the current rate. This price reduction has provided much-needed relief to both manufacturers and consumers.

The latest N55 per litre reduction comes after Development Economist and Public Policy Analyst, Prof. Ken Ife, revealed that Dangote Petroleum Refinery absorbed over N10 billion in losses to maintain a uniform petrol price during the holiday season. He also praised the refinery for setting a new standard in Nigeria’s energy sector, which has created significant opportunities for export revenue.

In a discussion on Arise TV, Prof. Ife explained that for many years, the equalisation fund was responsible for handling price differentials and transportation costs across the country. However, he pointed out that the fund currently owes over N80 billion to marketers.

“What has actually happened is that the president has shifted the subsidy burden away from the public purse and onto the private sector. The equalisation fund, which was meant to cover the price differential and transportation costs, plays a crucial role. If petroleum is to be sold across the country at a set price, then transportation costs must be accounted for to ensure this is possible. That’s the purpose of equalisation. However, the equalisation fund is reported to owe around N80 billion to the marketers, and this issue is still under discussion.

“During the Christmas season, which is traditionally the most challenging period, we often face shortages of petroleum, petrol hoarding, and arbitrary price hikes, all of which impact the cost of food. In response, during this last yuletide, the Dangote Group made the decision to absorb the costs. They equalised the price themselves, at a cost of over N10 billion. In doing so, they effectively absorbed the subsidy,” he stated.

Prof. Ife also highlighted that the Dangote Refinery is helping Nigeria transition away from its reliance on Premium Motor Spirit (PMS) towards a more diversified range of petroleum-based exports.

With international companies like BP and Saudi Aramco purchasing refined products from Nigeria, he believes the country is quickly becoming a significant player in the global petroleum market. Prof. Ife expressed optimism about Nigeria’s progress toward petroleum self-sufficiency, while also positioning itself as an energy export powerhouse

The recent directives from the Central Bank of Nigeria (CBN) regarding ATM withdrawals have once again sparked debates among Nigerians, many of whom are already burdened by multiple banking policies that seem to tighten access to their own money.

While the CBN has maintained that these policies are aimed at financial stability and digital adoption, the everyday Nigerian sees them as yet another inconvenience in a system that is becoming increasingly expensive to navigate.

Nigerians Reactions to CBN’s New ATM Withdrawal Charges

The Central Bank of Nigeria’s (CBN) recent directive to eliminate the three free monthly ATM withdrawals from other banks’ machines has ignited a wave of reactions across social media platforms. Under this new policy, effective from March 1, 2025, customers will incur a ₦100 fee for every ₦20,000 withdrawn from another bank’s ATM.

On X (formerly Twitter), users have expressed their dissatisfaction and concern over the additional financial burden. One user lamented, “Nigerians are getting poorer, yet APC politicians are desperate to enrich themselves. Welcome to ‘change.’ ATM withdrawal fees are now ₦100.”

Another user highlighted the inconvenience of existing withdrawal limits, stating, “They should also increase/remove the limit they placed on ATM withdrawals. Nobody is going to spend hours in a queue just to withdraw only 5k.”

On Facebook, discussions have been equally fervent. A post by Daily Times Nigeria detailed the new charges, noting that while withdrawals from a customer’s own bank’s ATM will remain free, using another bank’s ATM will now attract a ₦100 fee per ₦20,000 withdrawn.

The CBN has justified this policy change by citing rising operational costs and the need to enhance ATM efficiency. However, many Nigerians feel that this move further restricts their access to cash and imposes additional financial strain, especially in a challenging economic climate.

But this is not the first time the CBN has introduced such controversial policies. A quick look at recent history shows a pattern of monetary decisions that, rather than offering relief, have only added to the financial strain of individuals and businesses.

A Brief History of ATM Charges in Nigeria

Nigerians have long had a complicated relationship with ATM charges. Before 2017, banks were allowed to charge N65 after the third withdrawal from another bank’s ATM within a month. However, due to public backlash, this charge was reduced to N35 in December 2019. Despite this minor relief, the burden of transaction fees has only increased over time.

Then came the cashless policy drive, which introduced additional costs such as:

• Cash deposit and withdrawal limits: Transactions above a certain threshold attracted extra charges.
• Stamp duty fees: A N50 charge on transactions of N10,000 and above.
• Transfer fees: Charges for moving funds between accounts, even within the same bank.

Each of these policies has sparked frustration, especially as electronic banking alternatives—though encouraged—often come with their own hidden costs, such as network failures and increased service charges.

Current CBN Directives: A Step Forward or Backward?

The latest directive on ATM withdrawals appears to be another push toward limiting cash transactions and promoting digital banking. However, rather than embrace the move, many Nigerians see it as another way to restrict access to physical cash while banks continue to charge various fees for digital transactions.

For example, with unreliable POS transactions, failed transfers, and frequent system downtimes, cash remains a safer option for many. This is particularly true for small businesses and rural dwellers, where digital adoption is slow and financial inclusion remains a work in progress.

Are Nigerians Suffering from Policy Fatigue?

Over time, policies like these have left citizens questioning whether the financial system is designed for their benefit or simply as a revenue-generating machine for banks and regulators. The constant introduction of new charges, coupled with economic pressures like inflation and high fuel prices, has fueled what can best be described as policy fatigue.

Many Nigerians now feel that they are being taxed at every turn—whether through fuel subsidies removal, electricity tariff hikes, or endless banking deductions. As one Lagos-based trader put it:

“Even to collect my own money, they want to charge me. What kind of system is this?”

The government and CBN argue that these policies are necessary for economic stability, but public perception is quite different. For many, it feels like a constant cycle of paying more for less access.

At the end of the day, trust in the banking system can only grow when people feel that policies serve their interests, not just those of financial institutions. Until then, the frustration surrounding each new CBN directive will only deepen, as Nigerians continue to ask: At what cost are these policies truly serving us?