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Ping Express Dispels Money Laundering Claims, Says Nigerians Are Treated Harshly for having Ineffective Anti-Money Laundering Policy

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Ping Express, a financial technology company that was alleged to have laundered $160 million to Nigeria has debunked claims.

The company denied the claims in a statement released on Tuesday and made available to Nigeria CommunicationsWeeks.

According to the statement, “Ping express debunked claims that the company or its past directors were involved in money laundering or fraud. In the last two and a half years, Ping Express, a financial technology company has been dragged through the US court system on unsubstantiated allegations, including money laundering.

“We deny any allegations that we participated in money laundering activities via our platform; and the court records are available and very clear.

“It is deeply saddening that a technology that was designed to help immigrants stay connected to their families could have been grossly misused by a few of the platform’s over 80 thousand customers.”

The Company did not steal from anyone and did not know or conspired with anyone to steal a dollar from anyone. The court documents and rulings are clear. No losses and no restitution were imposed on the company nor its founders and this validates that the US court recognized that no fraud was perpetrated within the company’s platform nor was fraud aided or abetted by its founders.

Ping Express served more than 80,000 hardworking and honest Nigerians in the US and more in other parts of the world. Ping Express operated in more than 28 countries including UK, Canada and several European countries and served immigrants from 27 African countries with consistent Standard Operating Procedure (SOP) that were reviewed and approved by regulators. It is of importance to note that some of the Ping’s users that were queried by the DOJ were customers of the top 2 competition.

These users paid Ping directly from their personal bank accounts in the US. All its customers were verified and went through extensive screening before their transactions were processed. Internal limits, which were subject to review per the Company’s policy, are the basis for which we were non-compliant. In essence, customers have no hard limits per the Company’s policies (not external limits). Ping operated strict compliance standards, and ensured users paid from their personal bank accounts.

Unfortunately. the US government insisted that Ping didn’t consider and file enough suspicious reports on all its customers despite them paying from their personal bank accounts with monies already housed by American banks who in the dynamics that Ping know are the ones responsible for the flagging of the source of the monies in their customers’ accounts.

It was apparently expected that its owners will know every single Nigerian by name, creed, behavior and track record, as amusing as this sounds, it’s concerning and a pointer to many other things that has crystallized in this matter.

It is depressing to view the malicious and baseless claims being reported in the Nigerian media. It is shocking with malicious relish at which several Nigerian-based media have picked up on the story, seemingly driven by their worst sensationalist instincts, as they have embroidered the tale with outlandish plot elements that have a tenuous grip on reality.

They have maliciously reported so-called facts without taking some time to investigate or verify information read on other platforms; this is not in consonance with the time-tested norm in journalism practice, which is should still be relevant in today’s journalism.

This becomes a sample case for us all to find Company founders being held liable for internal control failures of their Company, especially when they had no personal relationship with its users. However, this is what the Ping former owners are faced with.

“We focused on making the simple task of helping a family much easier. We worked very hard with integrity to develop a system that disrupted the marketplace. Rather than join other companies in creating customer service and relations team outside Nigeria, we were passionate about Nigeria and built one of the first outsourcing unit in Nigeria, employing over 40 Nigerians. History is the best judge” Said Anslem Oshionebo

“Having led an extremely expensive and painful legal battle with the US regulators over the last 3 years, with the full support of my wife, it was simply time to make decision that was only in the best interest of my family. I stand proud of what we have achieved for the Nigerian and African community in US and other part of the world.” said Opeyemi Odeyale, former COO and co-founder of Ping Express.

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

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Socio-Economic Rights and Accountability Project (SERAP) has dragged the Independent National Electoral Commission (INEC) to court over the alleged failure to account for ₦55.9 billion reportedly meant for the procurement of election materials for the 2019 general elections.

SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.

In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel INEC to account for the missing or diverted N55.9 billion meant to buy smart card readers, ballot papers, and other election materials for the 2019 general elections.”

SERAP is also seeking: “an order of mandamus to direct and compel INEC to disclose the names of all contractors paid the N55.9 billion for the procurement of smart card readers, ballot papers, result sheets, and other election materials for the 2019 general elections, including the names of their directors and shareholders.”

In the suit, SERAP is arguing that: “INEC must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”

SERAP is also arguing that, “INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered.”

According to SERAP, “INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.”

SERAP is also arguing that, “These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law.”

SERAP also said, “Allegations of corruption in the supply of smart card readers, ballot papers, result sheets and other election materials directly undermine Nigerians’ right to participate in elections that are free, fair, transparent, and credible.”

The lawsuit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”

“According to the recently published 2022 audited report by the Auditor General of the Federation (AGF), the Independent National Electoral Commission (INEC) ‘irregularly paid’ over N5.3 billion [N5,312,238,499.39] ‘to a contractor for the supply of Smart Card Readers for the 2019 general elections’.

“The contract was awarded without prior approval from the Bureau of Public Procurement (BPP) and the Federal Executive Council. The payment was also ‘made without any document. There was no evidence of supplies to the commission.’”


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FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

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Federal government has inaugurated a ₦40 billion closed-circuit television (CCTV) control centre for the Third Mainland Bridge in Lagos.

FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

Speaking at the inauguration on Sunday, David Umahi, minister of Works, said the project followed extensive rehabilitation works carried out on the bridge after the current administration took office in 2023.

“When we came on board in 2023, we met a very terrible Third Mainland Bridge,” Umahi said, adding that the structure, along with Carter and Iddo bridges, required comprehensive re-evaluation and repairs both above and below water level.

He said President Bola Tinubu approved the total rehabilitation of the bridge, including replacement of expansion joints, noting that the completed work had improved driving conditions and extended the bridge’s lifespan.

Umahi said the CCTV system, first announced in 2025, was designed to curb dangerous driving, prevent suicide attempts and strengthen security.

He added that security personnel would monitor live footage from the control centre and enforce speed limits on the bridge.

The minister commended the China Civil Engineering Construction Corporation (CCECC), which executed the project, for what he described as high-quality delivery. He said the contract also included a surveillance boat and two Hilux vans, which would be handed over to the police to support monitoring and rapid response.

“The idea is that we can see everything that is happening on the bridge,” Umahi said, expressing concern over excessive speeding and urging motorists to comply with traffic regulations.

Earlier, Olufemi Dare, federal controller of works in Lagos, said the facility was the first of its kind on any bridge in Nigeria.

He said the system allows real-time monitoring of activities on the bridge and surrounding waters.

Dare said the project includes 240 solar panels, 10 inverters, a 300 KVA transformer, a standby generator, multiple monitoring screens and full air-conditioning for the control centre.

He added that the contract also covers 1,268 solar-powered street lights and a borehole facility.

According to Dare, the project was awarded at a cost of ₦40.17 billion, with about ₦36 billion paid so far to the contractor. He said the current inauguration marked the first phase, with additional commissioning planned once work on the bridge’s extension is completed.

He thanked the president for approving the project and praised Umahi for ensuring due process during its execution.


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AI Founders and Developers to Converge in Lagos for AI in Action 2026 conference

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Debola Ibiyode, Convener of AI in Action 2026 and CEO of Carbon AI,
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As Africa stands at the threshold of a digital revolution, Carbon AI has officially announced the AI in Action 2026 conference, scheduled for January 22, 2026, at the Lagos Oriental Hotel.

In a statement in Lagos, Debola Ibiyode, Convener of AI in Action 2026 and CEO of Carbon AI, disclosed that the AI in Action 2026 conference aims to move beyond the typical industry hype to focus on practical, homegrown innovation under the theme: “Driving Productivity, Innovation, and Sustainability—Building the Future in AI Together.”

“AI in Action 2026 is designed as a high-impact platform where deep-tech innovation meets real-world application. The conference will specifically explore how Large Language Models (LLMs), Agentic AI Frameworks, and Generative AI can be harnessed to power Africa’s transformation,” she noted in the statement.

Debola also emphasizes that the time for mere discussion has passed, stressing that AI in Action 2026 is for people who want to do more than just talk about AI; it’s for those ready to build, apply, and lead.

“We aren’t chasing hype or funding; we are chasing real impact. Our mission is to empower budding founders to turn ideas into deployable solutions while championing responsible AI adoption that creates measurable social and economic change across the continent,” she added.

The statement explains that the conference features a curated experience designed to foster genuine collaboration. It includes keynote speeches and panels that offer deep dives into Generative AI, Agentic Frameworks, and their intersection with global sustainability.

Attendees can participate in practical workshops with hands-on sessions focused on building, deploying, and scaling AI tools. The event also features a startup and product showcase that highlights cutting-edge, African-built AI solutions.

Additionally, dedicated mentorship and networking sessions will connect early-stage founders with seasoned practitioners and industry leaders.

The event is a call to action for a diverse cross-section of the ecosystem, including Software and AI Engineers, Data Scientists, Business Leaders, Educators, Policymakers, Students, and ICT Infrastructure companies, enabling AI deployment, including datacenter providers. By bringing these groups together, the conference seeks to ensure the AI revolution is inclusive, ethical, and sustainable.

AI in Action 2026 Now offers tiered sponsorship packages for organizations looking to position themselves at the forefront of Africa’s technological future. Sponsors will gain direct access to a unique demographic of decision-makers and the next generation of AI talent.

“Africa’s digital revolution must be homegrown. Whether you’re building solutions, shaping policy, or mentoring young innovators, this is your platform. Together, we’re not just discussing the future, we’re building it,” she concluded.


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