According to data released on the official website of the Central Bank of Nigeria, CBN, on Friday, the Naira lost N1.33.

This represents a 0.09 per cent loss against what it recorded on Thursday when it stood at N1,342.30 to the dollar.

The Naira, which had sustained a two weeks appreciation before crashing on Friday, traded at N1,356.18 on Monday.

On Tuesday the local currency traded at N1,343.76 and closed at N1,343.74 on Wednesday.

Source: NAN

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Strong buying interest in NAHCO, Trans-Nationwide Express, Ecobank Transnational, Access Corporation, Daar Communications, and 39 other equities drove the rally.

Market capitalisation rose from N136.435 trillion to N139.826 trillion, a gain of N3.391 trillion or 2.49 per cent.

The All-Share Index climbed 5,266.55 points, or 2.49 per cent, to close at 217,167.57.

Year-to-date return rose to 39.56 per cent, while market breadth stayed positive with 44 gainers against 27 losers.

NAHCO and Trans-Nationwide Express led gainers, rising 10 per cent each to N220 and N6.05, respectively.

Ecobank Transnational gained 9.97 per cent to N67.30, Access Corporation rose 9.93 per cent to N29.90, while Daar Communications advanced 9.64 per cent to N1.82.

A Lagos-based market analyst said sustained buying momentum reflected improved investor sentiment and anticipation of stronger corporate earnings across the banking and industrial sectors.

Mecure led losers, falling 9.96 per cent to N60.60, followed by Honeywell Flour, down 9.52 per cent to N19, and Abbey Mortgage Bank at N8.10.

E-Tranzact dropped 9.27 per cent to N18.60, while Caverton Offshore Support Group fell 9.02 per cent to N5.55.

Total traded volume surged 115.08 per cent to 1.26 billion shares worth N54.35 billion across 56,923 deals.

Sterling Bank led volume chart with 383.85 million shares, accounting for 30.51 per cent of total trades.

Aradel topped value chart at N9.75 billion, representing 17.94 per cent of the day’s turnover.

Source: NAN

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The centre which was inaugurated on Friday, April 17, is an impressive five-level structure equipped with state-of-the-art learning and research facilities.

It includes facilities for research in hydrogeology, mineralogy and environmental geology, a seismic laboratory and seismic interpretation room as well as a library and digital museum.

The facilities are designed to support undergraduate and postgraduate studies and help to reduce the reliance of the Nigerian oil and gas industry on international markets for testing, training and research.

“This Centre represents a long-term investment in Nigeria’s greatest asset — its people,” said SNEPCo Managing Director Ronald Adams at the ceremony. Lagos State Governor Babajide Sanwo-Olu who was represented by Commissioner for Tertiary Education, Tola Sule, said “the building will create an environment where students don’t just learn by textbooks but by doing.”

Chief Upstream Investment Officer of the NNPC Upstream Investment Management Services Olanrewaju Igandan described the handover of the Centre of Excellence as “a testament to what can be achieved when industry, regulators and the academia work together with a shared vision for national development.”

Executive Secretary, NCDMB, Felix Ogbe, was represented at the handover ceremony by Director, Capacity Building Abayomi Bamidele.

He said: “The success of this centre will not be measured by its structure, but by its impact. The number of skilled graduates produced. The quality of research it generates. The solutions it provides to industry challenges.”

Vice Chancellor, University of Lagos, Prof. Folasade Ogunsola, highlighted expectations from the facility.

“It will provide advanced analytical, interpretative, and research services that meet international standards as well as offer degree programmes, customised short courses, professional certifications, and executive training programmes tailored towards the needs of industry, government agencies, and international partners.”

The project which was originally conceived in 2010 was executed by an indigenous company, 225MM Construct Limited.

Students from the University of Lagos, Obafemi Awolowo University, Ile Ife, University of Ilorin and Yaba College of Technology served on internship during construction thereby gaining technical experience and exposure to project execution.

The establishment of the Centre of Excellence is the latest milestone in a wide-ranging support for education by SNEPCo and its partners which involves award of scholarships, donation of science laboratories to secondary schools across Nigeria and the construction of E-learning centres at universities in Delta, Enugu, Edo and Bayelsa states.

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The fund is a groundbreaking initiative designed to empower startups, scale tech-enabled businesses, and accelerate innovation-driven economic growth across the state.

The programme provides funding, mentorship, and market access to high-potential enterprises, with a focus on strengthening Ekiti’s innovation ecosystem, creating jobs, and supporting youth, women, and underserved communities.

Notably, at least 40 per cent of the fund has been reserved for female-led enterprises.

The Innovation Enterprise Support Fund Initiative is structured as a three-phase programme covering ideation, pre-acceleration, and acceleration for about 60 startups.

Each enterprise will receive financial support ranging from ₦150,000 to ₦1,200,000, enabling job creation, revenue generation, and market-ready product launches.

Speaking on the partnership, the Managing Director/Chief Executive Officer, FirstBank Group, Olusegun Alebiosu, said “Entrepreneurship and Innovation are two of our core values at FirstBank. We believe MSMEs are enablers of economic growth and for 132 years, we have stood beside Nigerian businesses through every phase of growth, transition and transformation. We have remained committed to building stronger business through improved access to finance and capacity building; we created the SME Connect Platform to serve as a digital hub where Nigerian entrepreneurs find the resources to move from vision to value. We are excited about this partnership, and we see more than startups. We see future industry leaders, employers of labour, and perhaps our next big partners.”

The partnership aligns with FirstBank’s longstanding commitment to financial inclusion, SME development, and youth empowerment, with an emphasis on supporting women entrepreneurs, who represent 35% of Nigeria’s startup cohort.

FirstBank has been a consistent promoter and supporter of the innovation ecosystem and SMEs in Nigeria, providing notable interventions to help them scale their platforms and businesses.

The bank has designed multiple digital platforms for its SME customers to leverage for business growth and expansion.

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He has also signed the bill extending the implementation period for the 2025 budget from March 31, 2026, to June 30, 2026.

The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, made these known in a statement issued on Friday.

The N68.32 trillion budget for this year earmarks N4.799 trillion for statutory transfers and N15.8 trillion for debt service.

It allocates N15.4 trillion to recurrent expenditure and N32.2 trillion to the Development Fund for Capital Expenditure.

With capital expenditure accounting for about 50 per cent, the 2026 budget underscores the administration’s continued commitment to economic stability, national security, infrastructure development, and inclusive growth.

The allocations reflect a strategic balance between statutory obligations, debt servicing, recurrent expenditure, and capital investments critical to driving productivity and improving the quality of life for Nigerians.

Additionally, the president has assented to the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, which extends the implementation period of the capital component of the 2025 Appropriation Act from March 31, 2026, to June 30, 2026.

The extension will ensure the full and effective utilisation of appropriated funds, particularly for critical infrastructure and development projects that are at advanced stages of implementation across the country.

It will enable Ministries, Departments, and Agencies, MDAs, to consolidate ongoing works, enhance project completion rates, and maximise value for public expenditure.

With the 2026 Appropriation Act coming into force on April 1, the federal government will commence full implementation in line with the Renewed Hope Agenda.

President Tinubu directed MDAs to ensure disciplined, transparent, and efficient utilisation of allocated resources, with a strong emphasis on value for money and timely project delivery.

He commended the leadership and members of the National Assembly for their diligence, cooperation, and patriotism in expeditiously considering and passing the budget.

The president reaffirmed the importance of sustained collaboration between the Executive and Legislative arms of government in advancing national development objectives.

He further assured Nigerians of his administration’s resolve to deepen fiscal reforms, enhance revenue generation, and prioritise investments that will stimulate economic growth, create jobs, and strengthen social protection mechanisms.

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The association’s president, Eze Patrick Anyanwu, made the announcement while addressing newsmen during a parley of its national executive and state chairmen in Owerri, on Thursday.

The traditional ruler, who spoke on the first day of the two-day meeting, said that the unruly activities of criminals who lodged in unregistered hotels was a major contributor to insecurity in the country.

He called on all hotel owners to identify with the NHA or risk shutdown through the use of legal force, describing the hospitality industry as “one of the most important drivers of economic growth in Nigeria.”

“In the near future, hotels that refuse to register with the NHA will face penalties and may risk being shut down as part of efforts to sanitize the industry.

“We cannot continue to allow any hotel that is not registered to operate and damage the reputation of our association because they use such facilities to commit crime that affects the nation in general,” he said.

He further urged the government at all levels to provide  interventions such as grants or bailout funds to support the association and its members nationwide.

He commended the federal government and the Imo State government for their efforts at promoting tourism and creating an enabling environment for the growth of the hospitality sector.

He however, decried the multiple taxation of hoteliers across Nigeria and called for caution, while urging various state governments to work cooperatively with hoteliers in their domains.

“In consideration of our huge contribution to employment, revenue generation, accommodation of government visitors from all over the world and national development, it is only fair that the government supports us.

“The recent action of the National Institute of Hospitality and Tourism (NIHOTOUR) has been seriously affecting the hospitality industry, especially hotels over implementation of NIHOTOUR Act 2022, and this is not in line with the Renewed Hope Agenda of the Federal Government.

“This is against the constitution of the Federal Republic of Nigeria that put tourism services under a residual list and has to stop, as we will not allow any agency or group to harass or intimidate our members,” he said.

Source: NAN

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The company disclosed this in a corporate filing to the Nigerian Exchange Limited, NGX, on Thursday.

MTN said the suspension was necessitated by the FCCPC’s Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025, which established a new compliance and licensing framework for providers of digital credit services.

In the disclosure signed by its Company Secretary, Uto Ukpanah, the telecom operator explained that Xtratime enabled eligible prepaid subscribers to borrow airtime or data and repay on their next recharge.

“MTN Nigeria Communications Plc hereby notifies the Nigerian Exchange Limited and the investing public that the Company has temporarily suspended its airtime and data credit advance service (‘Xtratime’).

“This relates to the implementation of processes under the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025.

”The implementation introduced a new compliance and licensing framework for entities providing digital or non-traditional consumer credit services,” the company said.

The firm assured customers that other digital channels for purchasing airtime and data would remain available during the suspension.

MTN also noted that the temporary halt was not expected to significantly impact its earnings.

“Given the scale within the revenue mix, we do not expect the temporary suspension to have a material impact,” it stated.

The company added that it would continue to monitor customer behaviour and provide updates on any measurable impact in its first quarter 2026 results.

The FCCPC regulation builds on earlier guidelines issued in 2022 to strengthen oversight of digital lending in Nigeria.

Under the new framework, all digital lenders, including telecom operators offering airtime or data credit services, are required to register with the commission.

The FCCPC had earlier set October 31, 2025, as the deadline for registration, with a penalty of N100 million for non-compliance before extending it to January 5, 2026, and subsequently to April 2026 to allow full compliance.

The Commission’s Chief Executive Officer, Tunji Bello, had said operators that failed to regularise their status within the stipulated period could face further regulatory actions.

Source: NAN

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The post FCCPC regulation: MTN suspends airtime, data lending services appeared first on Frontpageng.

The NBS disclosed this in its Consumer Price Index, CPI, and Inflation Report for March 2026, released in Abuja on Wednesday.

The report stated that the March headline inflation rate showed an increase of 0.32 per cent compared to the February 2026 headline inflation rate of 15.06 per cent.

“On a year-on-year basis, the headline inflation rate for March 2026 stood at 15.38 per cent, when compared to the 15.06 per cent and 27.35 per cent recorded in February 2026 and March 2025, respectively.”

Furthermore, the report said on a month-on-month basis, the headline inflation rate in March  2026 was 4.18  per cent, which was 2.17  per cent higher than the rate recorded in February 2026  at 2.01 per cent.

“This means that in March  2026,  the rate of increase in the average price level was higher than the rate of increase in the average price level in February 2026.”

It said that the three major contributors to the headline inflation year- on- year were food and non-alcoholic beverages at 5. 55 per cent, restaurants and accommodation services at 3.26 per cent, and transport at 1.80 per cent.

The report said that the least contributors were recreation, sports, and culture at 0.00per cent, alcoholic beverages, tobacco, and narcotics at  0.02 per cent, and insurance and financial services at 0.02 per cent.

It said that the CPI increased to 135.4 in March 2026, and reflected a 5.4-point increase from the 130.0 recorded in February.

The report said the food inflation rate in March 2026  was 14.31 per cent on a year-on-year basis, compared to the rate recorded in March 2025 at 25.22 per cent.

It said that on a month-on-month basis, the food inflation rate in March  2026 was 4.17  per cent, which decreased by 0.52 per cent compared to the 4.69  per cent recorded in February.

The NBS attributed the decrease in food inflation on a month-on-month basis to the rate of change in the average prices of yams, ginger (fresh), cassava tuber, and groundnuts (shelled).

“Others are Irish potato, and ogbono/apon (dried ungrinded), tomatoes,(fresh), cassava flour sold loose, among others.”

The report said, “All items less farm produces and energy” or core inflation, which excludes the prices of volatile agricultural produce and energy,  stood at 16.21  per cent in March, on a year-on-year basis.

This shows a decline of 10.91 percentage points when compared to the 25.12  per cent recorded in March  2025.

“On a month-on-month basis, the core inflation rate was 4.03 per cent in March, which increased  by 3.14 per cent compared to the 0.89  per cent recorded in February.”

The report said that the inflation rate of the sub-indices for March 2026 on a month-on-month basis showed that energy stood at 6.6  per cent, farm produce at 4.6 per cent,  services at 2.6 per cent, goods at 5.5 per cent and imported food at 1.1 per cent.

It said that on a year-on-year basis in March 2026, the urban inflation rate was 14.64 per cent.

“On a month-on-month basis, the urban inflation rate was 3.16  per cent, which increased by 0.61  per cent compared to February at 2.55  per cent.”

The report said that in March 2026, rural inflation rate was 17.22 per cent on a year-on-year basis.

“On a month-on-month basis, the rural inflation rate was 6.73   per cent, which increased by 6.02 per cent compared to February at 0.71 per cent.”

On states’ profile analysis, the report showed that in March, the all-items index inflation rate on a year-on-year basis was highest in Bayelsa at 27.37  per cent, followed by Sokoto at 26.03  and Bauchi at 23.67 per cent.

It said that the lowest rise in headline inflation on a year-on-year basis was recorded in Osun at 5.25 per cent, followed by Kano at 9.85 per cent and Kaduna at 10.38 per cent.

However, the report said that in March  2026, the inflation rate on a month-on-month basis was highest in Zamfara at 10.77 per cent, followed by Bauchi at 9.37  per cent and Sokoto at 9.05 per cent.

“Lagos at 1.54  per cent, followed by Akwa Ibom  at 1.80  per cent and Rivers  at 1.89 per cent recorded a decline  in month-on-month inflation.”

The report said that on a year-on-year basis, food inflation was highest in Bayelsa at 33.35  per cent, followed by Sokoto at 28.02 per cent, and Adamawa at 21.67 per cent.

“Kano at 4.29 per cent, followed by Oyo  at 4.86 per cent and Katsina at 7.48  per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

However, it said that on a month-on-month basis, food inflation was highest in Sokoto at 11.78  per cent, followed by Niger at 8.59  per cent, and Gombe at 8.10 per cent.

“Katsina at 0.09  per cent, followed by Ogun  at 0.77  per cent and Adamawa  at 1.30   per cent, recorded a decline in food inflation on a month-on-month basis.”

Source: NAN

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President Tinubu emphasised that the new tax system is designed to be people-centred and investment-friendly, thereby advancing the nation’s development goals.

The president made these remarks at the inauguration of the 16-storey Nigeria Revenue Service, NRS, Headquarters.

Senate President Godswill Akpabio and the Speaker of the House of Representatives, Tajudeen Abbas, were in attendance, along with ministers, senators, members of the House of Representatives, private-sector leaders, and the governors of Kwara, Imo, Borno, Kogi, Plateau, and Anambra states.

President Tinubu explained that the new tax laws, which became fully operational in January, were intended to liberate the economy from the constraints of archaic laws and make it more globally competitive.

“On my inauguration day, I made a solemn pledge that we will move Nigerians from the dimness of uncertainty into the clear light of renewed hope. I committed to confronting structural weaknesses, restoring financial stability, and building an economy anchored in discipline, equity, and opportunity. Today, I stand before you to reaffirm that these words were not rhetoric; they were a covenant with the Nigerian people.”

The president commended the Executive Chairman of the NRS, Dr. Zacch Adedeji, for his exceptional performance and the successful completion of the edifice, which provides a conducive working environment for 3,000 staff, along with a data processing centre, clinic, auditorium, training facilities, a gym, and a library.

He expressed delight that the NRS headquarters was completed in 30 months, after more than two decades since the foundation was laid.

“We are not gathered here merely to commission an edifice. We are here to mark a milestone in a larger national journey: the deliberate strengthening of our fiscal foundation and rebuilding of confidence in public institutions. No serious nation can achieve lasting prosperity on a weak and fragmented revenue system. No government can demand trust from its citizens when taxation is opaque, inefficient or unjust.

“That is why this administration took the bold decision to embark on far-reaching tax and fiscal reforms,’’ he said.

President Tinubu also thanked the Minister of State for Finance, Taiwo Oyedele, for his leadership in modernising colonial-era tax laws into “manageable, realisable, and understandable levels.”

Addressing concerns about the new tax reforms, President Tinubu assured that the NRS had repositioned itself as a revenue hub, equipped with capacity and technology, backed by research and data-driven policies, and sensitive to the needs of the people, particularly the vulnerable.

“The reforms are designed to simplify our system, eliminate distortions and create a fair, transparent and investment-friendly environment. Our direction is clear: to have a revenue system that rewards enterprise, supports growth, and ensures that every contribution to the national cause is matched by feasible value for the people.

“The early results are encouraging and fantastic. Mr Adedeji, thank you very much. We are witnessing improved fiscal stability, strength, stronger foreign reserves, a more efficient trade ecosystem and increased investor confidence in Nigeria’s economic direction,’’ the president added.

“These gains are not incidental. They are the products of deliberate policy, sustained effort, and a commitment to doing what is right for the long-term prosperity of our nation. It is within this context that we commission the headquarters of the Nigerian Revenue Service.

“The building is more than concrete and steel. It is a symbol of a new standard of professionalism, transparency, efficiency and service. It reflects our resolve that institutions must rise to meet the demand of reforms and the expectations of the Nigerian people. We must thank all Nigerian people for enduring and persevering,’’ he stated.

The president urged the Executive Chairman of the NRS to ensure that the institution upheld the highest standards.

“It must not only collect revenue, but it must also build trust, ensure fairness, and demonstrate that government can be accountable, efficient, and responsible.

“It must become a model institution that earns confidence at home and respect abroad.  Let the future be better than the past. Let’s make and keep that promise sincerely for the future. Let those who will come after us, politics apart, be ready to build on history that is greater than the achievements of their forbears,’’ the president said.

Senate President Godswill Akpabio urged Nigerians to be patient with the Tinubu administration, noting that the economic reforms were already yielding results.

“Nobody has noticed that since we came on board, we have not had 3-5 km of vehicles lined up at fuel stations to buy petrol. There was a time that we were prepared to pay even N10,000 per litre for fuel, but they could not see the fuel. But today, there is no single fuel queue in Nigeria.

“Nobody is saying that because we encouraged and partnered with the private sector for the first time, we are now producing what we consume and consuming what we produce. We even go to the extent of sending it to other countries,’’ the Senate President noted.

The Speaker of the House of Representatives, Tajudeen Abbas, commended the president for strengthening the economy with new reforms.

“For many years, our revenue system struggled less from a lack of effort than from a lack of coherence. We operated multiple regimes, overlapping mandates and fragmented legal frameworks. The result was predictable—high effort, low yields, limited public confidence.

“What has come under your administration is not only the policy directive, but also the underlying logic of the system. The reforms have sought to align rules, institutions and incentives within a single framework,” Abbas said.

In his welcome address, the Executive Chairman of the NRS, Dr Zacch Adedeji, described the inauguration of the headquarters building as “the culmination of a defining institutional journey.”

“When this administration assumed office, Nigeria faced a critical inflexion point marked by fiscal constraints, weakened investor confidence and structural distortion across key sectors. What followed was not an incremental adjustment but a comprehensive concept of the nation’s economic and financial architecture.

“Through your decisive actions, you restored microeconomic credibility, unified foreign exchange markets, cleared long-standing backlogs and re-established confidence in Nigeria’s ability to operate a transparent and market-driven system,” he added.

Adedeji thanked the president for providing visionary leadership and support to the NRS.

“These were not easy decisions, but they were necessary. History will recognise and be kind to you for them. Building on this foundation, your administration undertook one of the most significant revenue reforms in Nigeria’s history.

“To put this in perspective, the first tax laws in this country were enacted in 1903, 133 years ago. We changed that. Over 60 fragmented tax laws were streamlined into a simplified and more coherent framework, strengthening compliance, improving predictability, and enabling efficient administration,” Adedeji noted.

He emphasised that the new tax laws were not “driven by a higher tax burden, but by a better system with broadened coverage and improved structural governance.”

According to Adedeji, “Five years ago, the total collection for Nigeria’s revenue was N6.8 trillion, and by 2025, we ended the year with N28.7 trillion.”

He added that, beyond taxation, fiscal governance had been strengthened to improve remittances, enhance transparency, and tighten control over public finance flows.

“To put this in perspective, Mr President, in May 2023, when you assumed office, the total money available for the federation was N711 billion. By September 2025, it was N3.6 trillion, which is 400% above what we inherited, and you can see that from the commissioning you’ve done in the states. They allude to the fact that you’ve given them what no government in the history of Nigeria has given to them.

“Trade has been modernised through the recently launched National Single Window (NSW), reducing inefficiency and boosting revenue. Ten years ago, we tried to implement the National Single Window six times. In less than three years under your leadership, in collaboration with the Nigeria Customs Service, we launched the National Single Window on March 27th,” Adedeji stated.

Guan Shuai, the Managing Director of China Civil Engineering and Construction Company, CECC, which completed the edifice, delivered a goodwill message.

He stated that President Tinubu had demonstrated visionary leadership within less than three years in office, by taking tough decisions that would benefit the nation and posterity.

Shuai noted that the Renewed Hope Agenda had repositioned the economy for foreign direct investment, with the President consistently commissioning infrastructure projects across states.

“When I was a young man, I saw him use his leadership and visionary planning to achieve so much in Lagos, and now he has established a party and united many people,’’ he stated.

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Internet fraudsters fleece Nigerians of millions of naira every day.

The dead resurrected and spoke in Kenya’s financial sector theatre. When Alfred Basweti’s signature appeared on Kenya Union of Savings & Credit Co-operatives (KUSCCO)’s 2022 financial statements, it was not merely an administrative oversight. It was the perfect metaphor for a financial system haunted by phantom profits and ghostly accountability. There was one problem, though: Basweti died before the document went public.

A November 2024 PwC forensic audit exposed how the executives inflated assets by Sh14 billion: They paid fictitious dividends from member savings. They funnelled Sh1.6 billion in untraceable commission. This macabre detail emerges from the heart of Kenya’s most devastating financial scandal. It threatens the stability of a financial sub-sector that forms the backbone of middle-class aspirations in Kenya.

On the other hand

Nigerian banking fraud has trippled. A report released by Nigeria Inter-Bank Settlement System (NIBSS) revealed that funds lost to fraud in Nigeria’s banking system have nearly trippled over the past five years. Analysis by the NIBSS estimated that 52.3 billion naira ($34.8 million) was lost to fraud in 2024.

On the one hand

In 2020, 11.6 billion naira went missing. This happened in Nigeria with a thriving technology and finance sector, the finance sector that is confronting a rival industry: Yahooze. That is another name for the industry populated by the internet-savvy Yahoo boys. Do you remember Yahooze? It was a successful song released by Afrobeats star Olu Maintain in 2007. The song celebrated the internet fraudsters.

Internet fraud is now an industry. It is thriving. It is jostling for attention with the finance sector. The fraudulent acts listed above came via the internet. Many Nigerians have lost billions of naira to these rats. What have we done to arrest the situation? We turned the act into a song and a dance. Yahooze.

In the long term

According to the report, fraudsters attempted to steal 86.4 billion naira in 2024. The numbers came after the latest GDP figures showed fourth-quarter growth of 3.8 per cent. This increase got a boost through the services sector: Finance and insurance. “The amount lost to fraud has increased over the past five years along with the growth of financial transactions in the digital payments sector,” the report stated.

Nigeria’s digital payment system is one of the most robust in Africa. We have a thriving technology startup ecosystem that raised an estimated 400 million dollars in 2024. According to media reports, such services are important as a cash shortage and currency reforms pushed users away from physical banknotes.

Because of the learned e-payment habit by Nigerians, fraudsters are using various methods to defraud unsuspecting Nigerians. Gift cards. Accounts opening. They are using stolen identities of senior citizens, minors, and foreigners to perpetrate the act. Due to this, an estimated 400 million naira was received in accounts opened with the stolen identities. Aside from this, many Nigerians were complicit in the act. Some were ‘’employed’ to find victims online through phishing. They targeted mostly Americans. Canadians. Mexicans. Etc.

Why do these matter?

The law recovered the stolen funds and arrested some bank employees. However, the international fraud monitors have categorised Nigeria under the “grey list.’’ Do you know the co-travellers? South Sudan. Bulgaria. Monaco. Croatia. These countries were deficient in preventing money laundering and terrorism financing. Meanwhile, the Economic and Financial Crimes Commission had arrested several foreigners in connection with the internet fraud.

In the short term

While we danced to Yahooze, the fraudsters are fleecing Nigerians of millions of naira. Every day.

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The post Fintech, fraud, and Yahooze, who wins? appeared first on Frontpageng.