How Financial Institutions are Handling the #TwitterBan in Nigeria: Of Foghorns and Anxiety


Friday, June 11, 2021 / 02:00PM / Proshare Business / Header Image Credit: Proshare Ecographics



Exactly a week ago, the Federal Government of Nigeria through the Minister of Information and Culture, Alhaji Lai Mohammed, suspended the use of Twitter in Nigeria indefinitely.


The reactions to government's action have been different shades of grey as several organisations have chosen to "do nothing", while some media and international bodies continue to lend their voices in support of ordinary citizens calling for the lifting of the suspension on Twitter, companies like Proshare in a posted editorial on June 8, 2021 titled "Twitter and the Nigerian State: Matters Arising" have sought to enlighten and offer solutions to dealing with the unintended consequence of the ban.


While the #TwitterBan continues to gain international attention, as the National Broadcasting Commission (NBC) by way of an advertorial in national  newspapers on June 10, 2021 directed every online broadcast service provider and social media platforms to obtain service licences, financial institutions have been stumped as they try to understand the digital broadcast licensing rules. As happened during the COVID-19 pandemic and the #EndSars protest, brands are again in a dilemma as they try to defend their brand equity.

Sign up to the Proshare Daily Newsletter


Throughout the week, Proshare monitored various institutions to study how key financial organisations were responding to the #TwitterBan.


Out of the 52 institutions scanned which included Commercial Banks, Merchant Banks, Microfinance Banks, Insurance Companies, Capital Market Operators, Securities Exchanges, Fintechs and Audit Firms operating in Nigeria, TajBank, Zedcrest, and Unity Bank Plc were seen to have communicated alternative channels on June 06, June 07, and June 10, 2021 respectively, through which their customers could stay connected with them; while Heritage Bank, Linkage Assurance and NEM Insurance all tweeted on June 05, 2021, just as Sovereign Trust Insurance and Jaiz Bank Plc tweeted on June 06 and June 10, 2021, respectively despite the ban (see table & screenshots below).


 Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

 Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Corporate communication specialists have noted that in a time societal values and culture are threatened, it becomes necessary to communicate, collaborate and connect with audiences. Companies caught in the snare of unexpected events like the recent #TwitterBan need to have contingency plans to deal with the likelihood of a newly spun regulation or directive that could throw a spanner in the corporate works.


A public relations firm seen to have produced a guide on how corporations, public relations firms, and professional bodies should respond to the #TwitterBan is Mosron Communications (see infographics below).


 Proshare Nigeria Pvt. Ltd.


In coming weeks, it is expected that more engagements would be made to overcome the "fear of missing out".


For feedback & enquiries, kindly contact the Proshare Business & Market team via email or Call 0700PROSHARE or send a Whatsapp message to +2349024075284




Proshare Nigeria Pvt. Ltd.



Related to Twitter's Suspension

1.   Lessons from India: How Modi Govt's New Rules Will Regulate Digital Media and OTT Content

2.   SERAP Takes Buhari Govt to ECOWAS Court Over Unlawful Suspension of Twitter

3.   Odujinrin and Adefulu Issue Statement on the Indefinite Suspension of Twitter Operations in Nigeria

4.   OPAN Seeks Immediate Lifting of Twitter Ban in Nigeria

5.   Twitter and the Nigerian State: Matters Arising

6.  Twitter Ban: The Need to Embrace and Support the Digital Economy

7.  Twitter Ban and the Giant Leap in the Dark: Our Response and Measures in Place to Keep Serving You

8.   NBC Directs Broadcasting Stations to Stop Using Twitter

9.   NCC Instructs ALTON to Suspend Access to Twitter

10.NBA Finds No Legal Authority to Support FG's Action on Twitter Ban

11. FG Suspends Twitter Operations in Nigeria

12. President Buhari Reacts to INEC Chairman's Briefing on National Security

Proshare Nigeria Pvt. Ltd.



Related News on Tech Regulations and Govt

1.     Lessons from India: How Modi Govt's New Rules Will Regulate Digital Media and OTT Content

2.     Bank of Ghana Issues Policy on Crowdfunding

3.     FG Renews Commitment to Intellectual Property Development in Nigeria

4.     An Appraisal of The CBN's Frameworks for Sandbox Operations and Quick Response Code Payments

5.     SEC Crowdfunding or Venture Capital Financing. Which One Works?

6.     Crowdfunding Rules and Regulations in Nigeria Released by SEC

7.     Ghana Launches World's First Digital Finance Policy Amid COVID-19

8.     IOSCO Publishes Report on Education of Retail Investors Regarding Risks of Crypto-Assets

9.     Chaka Technologies Assures Investors of Funds Security following SEC IST's Restraint

10.  The Investments and Securities Tribunal Restrains Unregistered Fintech Company From Stock Trading

11.  CMA Teams up With Global Financial Innovation Network Members to Test Innovations Across Borders

Proshare Nigeria Pvt. Ltd.

Related News on Digital Economy

1.     Driving Financial Inclusion, Credit and Poverty in the Digital Economy

2.     The Nigerian Digital Economy

3.     Taxing Nigeria's Digital Economy, The Issues

4.     COVID-19: Opportunities For The Nigerian Digital Economy - Dr. (Mrs) Omobola Johnson

5.     World Bank Releases Nigeria Digital Economy Diagnostic Report

6.     The Role of Fintechs in Africa Digital Economy - Aina

7.     Why Financial Services Can Kickstart Africa's Digital Economy

8.     G20 Ministerial Statement on Trade and Digital Economy

 Proshare Nigeria Pvt. Ltd.

Related News on Politics

1.     Nigeria Ranks 102 Out of 104 Countries in the Chandler Good Governance Index

2.     2021:President Buhari Reaffirms Commitment To A United And Progressive Nigeria

3.     Nigeria and the Nation-State: Rethinking Diplomacy With the Post-Colonial World

4.     #EndSARS: Federal Government Condemns CNN, DJ Switch and Local Media Houses

5.     Lagos Coordinated Attacks: An Attempt To Weaken Southwest Economy

6.     The #ENDSARS Protests: A Fundamental Lesson in Democratic Governance

7.     President Buhari Calls for Peace, but Insists on Decisive Action Against Carnage

8.     #EndSARS: Understanding Nigeria's Emerging Active Citizens

9.     Building on Our Shared Destiny, Together - Buhari

Proshare Nigeria Pvt. Ltd.


Related News on Regulations on Communications and Social Media

1.     Constitution of the Federal Republic of Nigeria 1999

2.     Nigeria Communication Act 2003

3.     UK Communications Act 2003

4.     Freedom of Information Act 2000

5.     Social Media Bill 2019

6.     Anti-terrorism Act 2007

7.     National Broadcasting Communications Act

8.     National Security Strategy of Nigeria 2019



Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News