Business
Nigerians Lose N150.46bn in Two Months of Twitter Ban
Nigeria businesses may have lost N150.46bn ($366.88m) since the Federal Government’s ban on Twitter took effect in the country on June 5.
This figure was calculated based on the NetBlocks Cost of Shutdown Tool. According to the tool, it costs Nigeria’s economy N102.77m ($250,600) every hour to ban Twitter.
It has been 1,464 hours (61 days) since the ban. In that time period, Nigeria may have lost N150.46bn.
The NetBlocks Cost of Shutdown Tool estimates the economic impact of an internet disruption, mobile data blackout or app restriction in a nation using indicators from the World Bank, International Telecommunication Union, Eurostat and U.S. Census.
The Federal Government had on June 4 announced the suspension of Twitter in Nigeria. Telecommunication companies started blocking access to Twitter on June 5, after they received a directive from the Nigerian Communications Commission to block access to Twitter.
The FG had cited the persistent use of the platform for activities capable of undermining Nigeria’s corporate existence as the reason for the suspension.
Following the ban, groups including the Socio-Economic Rights and Accountability Project, had dragged the Federal Government to the ECOWAS court.
The Federal Government told a Federal High Court in Lagos that it had not stopped Nigerians from using Twitter, adding that many Nigerians still used it every day.
This was in a counter-affidavit the government deposed to in response to an originating motion filed by human rights lawyer, Inibehe Effiong.
The affidavit said, “The applicant (Effiong) and the class he seeks to represent can still operate those Twitter accounts from anywhere in the world and even from Nigeria.
“Nigerians are still tweeting, even at this moment as the ban on Twitter is not aimed at intimidating Nigerians or an infringement on the rights of Nigerians to express their opinion.”
According to a report by Statista, Nigeria has about 33 million active social media users, with about 26 per cent on Twitter.
Since the ban, some Nigerians have migrated to the use of Virtual Private Networks.
ExpressVPN said in June that it recorded an increase of over 200 per cent in web traffic from Nigeria since the Federal Government banned Twitter.
VPN works by changing the location of devices they run on. Small and Medium-sized Enterprises have said this has not been good for their businesses.
In a report in The PUNCH, financial planner, Kalu Aja said, “Social media enables the brand to talk directly to consumers. It’s direct marketing, specific and targeted. There is no organisation on earth, profit or not-for-profit, without some form of advocacy via social media.
“The Twitter ban raises a narrative about doing business in Nigeria, and it’s not a good narrative. Specifically, Twitter and social media allow Small and Medium-scale Enterprises and sole proprietors with zero marketing budgets but a smartphone to build and communicate a brand promise.”
Olanregun Ayodele who sells women’s and men’s clothing on Twitter said, “Twitter was very important to my business. I got a lot of customers from Twitter.
“I can’t put an amount to it. But I have made money to sustain myself and my family from Twitter. Since the ban began, business has been stressful and tiring. Business is dry. Normally the end of the month is always booming but since the ban, it’s been so slow.
“People coming to my DM have reduced a lot; VPN has reduced lots of people and followers on Twitter.”
Another SME entrepreneur, Babatunde Motunrayo, who sells female accessories on Twitter said, “Twitter was very helpful. I got 75 per cent sales here, compared to other apps I sell on. I use Instagram too but make more sales from Twitter.
“It’s not been the same. Sales have been poor. Having to turn on and off your VPN most times makes you reply to clients late and before you know it, you’ve lost the client because some say they’ve got it from another vendor. Sometimes you won’t get messages early. Some people stopped using Twitter outright.”
The Punch
Business
One-Day MD/CEO Children’s Day Initiative: Wema Bank Makes Final Call for Submission of Entries
As the deadline of May 20, 2026, fast approaches, Wema Bank has announced the last call for submissions for children and teens interested in participating in becoming MD/CEO of Wema Bank for one day.
Launched in May 2025 as part of Wema Bank’s 80th anniversary celebration, the One-Day MD/CEO initiative was introduced by Wema Bank to commemorate Children’s Day in a uniquely unprecedented manner. Inspired by the Bank’s 80th anniversary theme “80 Years of Impact, A Future of Possibilities”, the Wema Bank One-Day MD/CEO initiative served as a bridge between past and future, giving children across Nigeria the once-in-a-lifetime opportunity to become the MD/CEO of Wema Bank for one day—Children’s Day.
As 12-year-old Chiderije Mbah emerged winner, the Wema Bank One-Day MD/CEO initiative dominated the conversation on May 27, 2025, with children across Nigeria inspired to put in the work towards a successful future and parents commending the Bank’s consistent commitment to empowering children and helping them build the right future. This year, 2026, the Wema Bank One-Day MD/CEO initiative has returned on a larger scale.
For the 2026 Children’s Day celebration, Wema Bank will give another child or teenager [ages 0-16] a chance to step into the shoes of Managing Director/CEO of Wema Bank, for a day. The child will get to oversee board meetings, make tactical decisions, and experience firsthand the demands and responsibilities that come with the office of MD/CEO, especially for an institution like Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT.
To participate, children/teens are expected to record a 60-second video detailing what their ideal role in banking would be and what they hope to achieve. This video is to be posted on any social media platform using #EvolutionOfPossibilities and tagging @wemabank on the post. The post with the highest number of likes emerges winner and the winner gets to become MD/CEO of Wema Bank on Monday, May 25, 2026, in celebration of Children’s Day.
Both parents and teens are encouraged to hurry and make their submissions now as entry closes in less than two days, specifically on Wednesday, May 20, 2026.
More details on the Bank’s social media platforms @wemabank
First Bank of Nigeria Limited has announced the launch of its Naira Visa Debit Card, in partnership with Visa to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
The launch aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels. The card is intended to serve customers across the country’s diverse economic segments.
Speaking on the launch, Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online. By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem is one that works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa card portfolio at FirstBank that already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
