News
Identity Thieves Raid Banks, Inflict Losses
Nigerian financial system has been jolted by a lethal development, the increasing theft of identities by some criminals who work in and outside the system, CommunicationsWeek investigations can now reveal.
Identity fraud and Automated Teller Machine (ATM) scams are now so rampant that banks, switching companies, the police and users are having sleepless nights.
In simple term, identity theft otherwise known as identity fraud is the misappropriation of another person’s identifying information (birth date, address and maybe phone number , pin numbers and so on) for financial gains.
The banking system was thrown into panic after cyber criminals cloned the website of the major switching and processing company, which owns the switching platforms in 23 out of 25 banks in Nigeria and stole money from unsuspecting banks customers.
CommunicationsWeek investigations also revealed that using what is known as phishing, the criminals sent fraudulent SMS and email to victims directing them fake Web sites where they are asked to input sensitive data.
In the emails, the criminals had attachments that, when clicked, secretly install "spyware" that can capture personal information and send it to third parties over the Internet.
With the information supplied by victims, the criminals successfully broke into the victims’ bank accounts leaving tales of woes and losses.
Worried by the growing crime, Interswitch Nigeria Limited, an electronic transaction switching and payment processing company, has taken the wrapper off "Maxi-Secure" a security plan designed to secure ATM cards whenever holder by any mistake discloses his card details to fraudsters.
According to Interswitch "This means that if you by any mistake; disclose your Interswitch ATM card detail you use for cash withdrawal to fraudsters that payment will not authorize from your account via the internet unless the fraudsters have knowledge of your maxi-secure security ipin"
"This will be effective starting from June 29, 2008. Please note that starting from June 29, 2008 is only registered Interswitch ATM card to this security plan can only withdraw money from any of the ATM machines of Interswitch bank nationwide or make transaction via the internet using their Interswitch ATM card(s)" the company added.
A source at the Economic and Financial Crime Commission (EFCC) said that the development was being monitored and that the Commission is inviting useful information that would help burst the ring.
News
UK Appoints Peter Vowles as British High Commissioner to Nigeria

The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.
Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.
He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.
Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.
Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”
News
Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.
The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.
According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.
The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.
He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.
The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.
It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.
The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.
Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.
It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.
The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.
News
PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.
These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”
PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.
Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.
“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”
The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.
For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.
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