Weekly Digest · Issue #20
From the CAC cyber incident and Nigeria’s record-breaking data consumption to MTN restructuring its fintech arm and a global Black Axe crackdown — this week packed in significant developments across local and global tech.
Even the internet’s first failure sparked a revolution, proving that innovation doesn’t require perfection, just persistence. Sometimes, a small “LO” can lead to something globally transformative.
CAC denies data compromise after April cyber incident
Nigeria’s Corporate Affairs Commission confirmed on April 29 that all company records remain intact following a cybersecurity incident first identified on April 15. The CAC denied claims that shareholding records of DAAR Communications PLC were altered, clarifying the dispute predates the breach and is in arbitration. Two-factor authentication has since been enabled on the portal and NITDA is assisting with infrastructure hardening.
What CAC is asking all users to do now:
Update login credentials and passwords immediately
Enable the new 2FA feature on the CAC portal
Monitor company records for any unauthorised changes
Stay alert to phishing attempts and unsolicited communications
Nigeria hits 4 million terabytes of data in a single quarter
For the first time, Nigerians consumed over 4 billion gigabytes of data in a single quarter — 4.06 million terabytes in Q1 2026, per the NCC. March set a new all-time monthly record at 1.42 million TB. The surge is driven by 4G now powering 53.6% of all mobile connections, broadband penetration hitting 53.86%, and average per-user data nearly doubling over two years to 8.15 GB per month. MTN leads the market with 95.31 million subscribers; Airtel holds second with 63 million. Operators are targeting 12,000 site upgrades in 2026 to manage the rising load.
MTN Nigeria hands MoMo to parent company in ₦95.5B deal
MTN Nigeria shareholders approved the structural separation of its fintech arm on April 30. MTN Group acquires a 60% stake in MoMo Payment Service Bank and Y’ello Digital Financial Services for ₦95.5 billion — a 2.1× premium over the December 2025 carrying value — while MTN Nigeria retains 40%. A new CBN-regulated entity, Fintech HoldCo, will hold both parties’ stakes, with MTN Group injecting ₦152 billion to fund growth. The move helps MTN Nigeria shed a ₦62.56 billion loss-making fintech burden, redirecting capital toward 4G/5G expansion under its Ambition 2030 strategy. Completion is expected by December 31, 2026.
Meta faces New Mexico trial that could reshape its platforms
Meta is heading into a high-stakes remedies trial in Santa Fe following a March verdict that ordered $375 million in penalties for failing to protect children on its platforms. New Mexico is seeking an injunction mandating 28 platform changes — including near-perfect age verification, restrictions on addictive features for minors, and $3.7 billion toward a 15-year youth mental health programme. Meta has called the demands impossible and threatened to withdraw Facebook, Instagram, and WhatsApp from the state entirely. The outcome is being watched globally as dozens of other US states have similar suits pending.
Black Axe crackdown: 10 arrested — and how to protect yourself
On April 28, Europol-backed raids across six Swiss cantons netted 10 alleged Black Axe members, including the group’s alleged Regional Head for Southern Europe. Accused of orchestrating romance scams and money laundering totalling millions of Swiss francs, the network now integrates generative AI into its operations: scammers deploy AI-generated profile photos, deepfake video calls, and hyper-personalised social media grooming. A growing tactic is “pig butchering” — luring victims into fake cryptocurrency investment platforms. To stay safe, always verify profile photos with a reverse image search, never send money to someone unmet in person, enable 2FA on all accounts, and insist on live video calls before trusting anyone online.
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