The court’s decision followed an ex parte application from Nairtime Holdings Limited and Nairtime Nigeria Limited. The plaintiffs argued that the telecom operators intended to suspend their access to telecommunications platforms based on new regulatory directives. The court emphasized that telecom operators could not disregard agreed contractual notice periods during compliance with new regulations.

Key facts:

• The injunction was granted after a legal challenge against the suspension of services.
• Airtime credit services were suspended in mid-April 2026 due to compliance obligations under new digital lending regulations.
• The Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations were introduced by the FCCPC in July 2025.
• The FCCPC stated it did not ban airtime credit services, claiming the suspensions were commercial decisions made by the telecom operators.
• The airtime lending market is estimated to be worth between N300 billion and N400 billion annually according to industry estimates.

The court’s ruling also applies to a separate case involving the Wireless Application Service Providers Association of Nigeria in Lagos. This situation highlights ongoing tensions between regulatory compliance and commercial decisions in Nigeria’s telecommunications sector.

No timeline has been shared for further developments regarding this case. The next steps will depend on the determination of the substantive suit as ordered by the court.

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OPay Digital Services Limited has been a significant player in Nigeria’s digital economy, providing various financial services and solutions. Prior to recent reports, the company enjoyed a reputation for compliance and transparency, operating its offices in major cities such as Lagos and Abuja without disruption.

Recent Developments

On March 12, 2026, reports surfaced claiming that the Nigeria Revenue Service (NRS) had sealed OPay’s offices due to alleged non-compliance with tax obligations. Specifically, these reports suggested that OPay was failing to adhere to the Value Added Tax and Company Income Tax requirements under the Nigeria Tax Act 2025. This narrative raised concerns about the company’s operational status and compliance with regulatory frameworks.

OPay’s Response

In response to these claims, OPay management issued a statement clarifying that their offices in Lagos and Abuja remain open and fully operational. They emphasized, “Our offices across Nigeria, including Lagos and Abuja, remain open and fully operational, and we continue to serve our customers, partners, and merchants without disruption.” This assertion directly contradicts the reports suggesting a shutdown.

Clarifying the Misunderstanding

OPay further explained that the notice referenced in the reports was a result of an industry-wide directive from the NRS, which requested payment platforms to display certain statutory charges separately. The company stated, “The suggestion that the notice indicates non-payment of taxes is therefore factually incorrect and misleading.” This clarification aims to address the misconceptions surrounding their tax compliance status.

Impact on Stakeholders

The implications of these reports extend beyond OPay itself, potentially affecting its customers, partners, and the broader digital economy in Nigeria. OPay criticized the selective nature of the reporting, which they believe distorts the facts and undermines the reputation of a company that has consistently demonstrated strong compliance and cooperation with regulators. They noted, “Such reporting not only distorts the facts but also appears calculated to undermine the reputation of a company that has consistently demonstrated strong compliance, transparency, and cooperation with regulators.”

Looking Ahead

As OPay continues to operate and serve its clients, the company remains committed to supporting Nigeria’s digital economy through secure and inclusive financial services. They have urged stakeholders to disregard the misleading reports about their operational status, emphasizing their ongoing compliance with all applicable tax obligations and regulatory requirements. OPay’s management reiterated, “For the avoidance of doubt, the information currently circulating online suggesting that OPay is shutting down or our offices have been shut down should be disregarded, as it does not reflect the true situation.”

While the reports regarding OPay’s office closures have created uncertainty, the company’s proactive communication and commitment to compliance highlight its resilience in the face of misinformation. Details remain unconfirmed, but OPay’s operational status and dedication to the digital economy remain steadfast.

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“Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations,” stated Hakama Sidi Ali, a key official at the Central Bank of Nigeria (CBN). This announcement, made on March 6, 2026, marks a significant milestone in the ongoing recapitalisation programme aimed at strengthening Nigeria’s banking sector.

The recapitalisation initiative, introduced in 2024, is part of broader efforts by the CBN to enhance the resilience of the banking system. As of this date, three banks are still undergoing regulatory verification for compliance, while a total of 33 banks have successfully raised additional capital through various means, including rights issues, initial public offerings (IPOs), and private placements.

Olayemi Cardoso, the CBN governor, previously noted that as of February 24, 2026, 20 banks had already met the capital requirements. The deadline for all banks to comply is set for March 31, 2026, underscoring the urgency of the recapitalisation efforts.

According to the CBN, the recapitalisation programme is progressing steadily and is expected to reinforce the banking sector’s capacity to support households, businesses, and sustainable economic growth. “The ongoing recapitalisation programme will further reinforce the sector’s capacity to support households, businesses, and long-term economic expansion,” added Sidi Ali.

The CBN has also reassured stakeholders that the Nigerian banking system remains stable and sound, despite the challenges posed by the recapitalisation process. The regulator plans to maintain close supervisory engagement with all regulated institutions throughout this period.

Since the last major regulatory reform in 2004, this recapitalisation push is seen as a crucial step in ensuring the stability and growth of Nigeria’s financial landscape. Banks have been actively restructuring their balance sheets to meet the new regulatory requirements, reflecting a proactive approach to compliance.

As the deadline approaches, the CBN continues to monitor the situation closely, with expectations that the remaining banks will complete their compliance processes in a timely manner. The financial community is keenly observing these developments, as they will have significant implications for the overall economic environment in Nigeria.

Details remain unconfirmed regarding the specific measures taken by the three banks still under verification, but the CBN’s commitment to a stable banking system remains clear.

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“Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations,” stated Hakama Sidi Ali, a key official at the Central Bank of Nigeria (CBN). This announcement, made on March 6, 2026, highlights a significant achievement in the ongoing recapitalisation programme aimed at strengthening Nigeria’s banking sector.

The recapitalisation initiative, introduced in 2024, has been a pivotal regulatory reform in Nigeria’s banking landscape, comparable to the 2004 consolidation exercise. As part of this programme, 33 banks have successfully raised additional capital through various means, including rights issues, initial public offerings (IPOs), and private placements.

As of the latest update, three banks are still undergoing regulatory verification to confirm their compliance with the new capital requirements. The deadline for all banks to meet these requirements is set for March 31, 2026, creating a sense of urgency within the sector.

Hakama Sidi Ali further emphasized, “The recapitalisation programme remains firmly on track and will further strengthen the capacity of the banking sector to support households, businesses, and sustainable economic growth.” This statement reflects the CBN’s commitment to ensuring a robust banking environment that can withstand economic challenges.

In addition to the compliance updates, the CBN has reassured stakeholders that the Nigerian banking system remains stable and sound. This assertion is crucial as it instills confidence among investors and the public regarding the health of the financial system.

The CBN plans to maintain close supervisory engagement with regulated institutions throughout the recapitalisation process, ensuring that all banks adhere to the new standards. This proactive approach aims to mitigate risks and enhance the overall resilience of the banking sector.

As the deadline approaches, the focus will remain on the remaining banks undergoing verification and their efforts to comply with the CBN’s requirements. The outcomes of this regulatory push are expected to shape the future landscape of Nigeria’s banking industry.

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