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Shareholders Allege N5.2Bn Fraud @ MTI, Telecom Infrastructure Builder

Shareholders of MTI Plc, a diversified infrastructure offering company, have petitioned the Securities and Exchange Commission, (SEC) over the alleged involvement of some of its former directors in the fraudulent appropriation, distribution and utilisation of the company’s funds raised from the capital market.
According to the written petition from the shareholders, “between March and April 2008, after obtaining the consent of the SEC, MTI had a private placement to raise funds for the purpose of implementing its business development and expansion programme, improvement in information technology infrastructure, staff development and working capital as stated in the offer document.
“The sum of N5,200,000,000 was raised by way of private placement and the company was converted to a public limited liability company and its shares were listed on the floor of the Nigerian Stock Exchange, NSE, after a successful private placement.”
The shareholders said as soon as the funds were released to the board and management, the first event was the payment of what the directors called “severance pay.”
Each of the five directors, the shareholders said took the sum of N55 million amounting to N275 million adding that all the directors, including the non-executive directors remained on the board after collecting the severance pay.
The foundation of MTI Plc was laid with its incorporation in December 2001.
It commenced operations in the year 2002 as an Information Communication and Technology (ICT) company to provide a broad spectrum of world-class telecommunication products and services.
It became a publicly quoted company in March 2008 with four distinct subsidiaries.
Headquartered in Lagos, MTI has offices in Ghana and Nigeria, and employs approximately 192 employees.
The prime objective of this uniquely positioned company is to implement infrastructure projects on a commercial format.
MTI’s business is to build quality, independently owned and operated infrastructure to service Sub-Saharan African needs in telecommunication, energy, transport and sanitation on an open-access, open-book and common-user basis.
News
Army Says Terrorists Now Recruiting, Raising Funds Online

Nigerian Army has warned that terrorist and criminal groups were increasingly exploiting cyberspace to recruit members, raise funds, coordinate attacks and spread propaganda, describing the trend as a growing threat to Nigeria’s national security.

Lt.-Gen. Waidi Shaibu, chief of Army Staff (COAS), raised the alarm on Tuesday at the 2026 Nigerian Army Cyber Warfare School Seminar in Abuja.
Represented by Maj.-Gen. Jeremiah Manjang, deputy chief of Special Services and Programmes, the Army Chief said cyberspace has evolved into a strategic battlefield where both state and non-state actors operate with unprecedented speed, making security threats more complex and difficult to counter.
He noted that hostile actors no longer require physical presence to disrupt critical infrastructure, compromise sensitive information, manipulate public opinion or undermine national security through anonymous cyber attacks.
According to him, terrorism, insurgency, banditry, kidnapping, separatist agitations, organised crime, misinformation and disinformation are increasingly being enabled, coordinated and amplified through digital platforms and cyber networks.
“The reality is that terrorist and criminal groups now exploit cyberspace for recruitment, propaganda, fundraising, intelligence gathering, attack coordination and concealment of illicit financial transactions. This demands a proactive and coordinated national response,” he said.
Shaibu said the changing nature of security threats had compelled the Nigerian Army to strengthen its cyber capabilities to effectively address complex, asymmetric and technology-driven challenges.
He called for stronger cyber intelligence capabilities driven by artificial intelligence (AI), machine learning and advanced data analytics to improve early warning systems, threat detection and predictive security analysis.
The COAS also advocated deeper collaboration among government institutions, the military, law enforcement agencies, academia and the private sector, stressing that cybersecurity can no longer be handled by a single institution.
He emphasised the need for sustained investment in indigenous cyber capabilities, research, technological innovation and human capacity development to protect Nigeria’s digital sovereignty and enhance national resilience against emerging threats.
Shaibu further stated that integrating cyber capabilities into conventional military operations would strengthen surveillance, intelligence gathering, geospatial analysis, command-and-control systems, situational awareness and overall operational effectiveness.
Earlier, Brig.-Gen. Jacob Bawa, commandant of the Nigerian Army Cyber Warfare School, said the seminar was organised to deepen cybersecurity awareness, strengthen cyber resilience and promote collaboration among security stakeholders.
Bawa noted that Nigeria’s increasing reliance on digital technologies has exposed critical infrastructure, including telecommunications, power systems, financial institutions and government databases, to cybercriminals, terrorists and hostile state actors.
He said the Cyber Warfare School was established as a centre of excellence for cyber warfare training, education and research.
According to him, participants at the seminar would examine cyber resilience, threat intelligence, incident response, cyber warfare and emerging technologies with a view to developing practical recommendations for strengthening Nigeria’s cybersecurity architecture.
Also speaking, Abdulhakeem Ajijola, cybersecurity expert, warned that national security now depends significantly on the protection of digital systems, noting that artificial intelligence is transforming military operations, command structures and the protection of critical infrastructure.
Ajijola urged Nigeria to develop sovereign cyber capabilities, warning that excessive dependence on foreign-controlled software, platforms and artificial intelligence systems could undermine national resilience, operational continuity and independent decision-making during periods of crisis.
He stressed that while technology should be deployed to strengthen national sovereignty, responsibility for operational decisions must remain with human commanders.
News
Verve Strengthens Global Acceptance Across Leading Digital Platforms

Verve International, Africa’s payment cards and digital solutions brand, is strengthening its global acceptance footprint through strategic partnerships with leading digital platforms, reinforcing its role as a key enabler of digital payments and financial inclusion across the continent.

Verve has established a strong presence in more than 13 African countries, including Kenya, Uganda, The Gambia, Senegal, Sierra Leone, Benin Republic, the Democratic Republic of Congo, Rwanda, and several other markets across the continent.
This growing reach reflects Verve’s commitment to delivering secure, convenient and innovative payment solutions that empower consumers, businesses and financial institutions while advancing financial inclusion and economic participation across Africa.
As digital payments continue to transform economies across Africa, Verve remains focused on developing solutions that address local payment needs while supporting broader participation in the digital economy.
Through collaborations with banks, fintechs, merchants and payment service providers, Verve continues to drive financial inclusion and enable seamless payment experiences for millions of consumers across the continent.
Speaking on Verve’s growth trajectory and expanding reach, Vincent Ogbunude, Managing Director, Verve International, said: “Verve’s continued expansion across Africa reflects our commitment to building payment solutions that empower individuals, businesses and economies to thrive.
“Today, our presence across more than 13 African countries demonstrates the strength of our partnerships, innovation and ambition to be the preferred payment brand for Africans wherever they are.
“As digital commerce continues to evolve, we are expanding access to global opportunities through strategic partnerships with leading technology and digital platforms, while introducing innovations such as contactless payments and enhanced digital payment capabilities. Together, these efforts are enabling more seamless, secure and convenient payment experiences for consumers across Africa and beyond.”
Complementing its growing reach across Africa, Verve continues to expand its global acceptance footprint through partnerships with some of the world’s most recognised technology, e-commerce and digital service brands.
Today, Verve cardholders can conveniently make payments for products, services and subscriptions on platforms including Google, Spotify, Netflix, Facebook, YouTube Premium, Adobe, AliExpress, Temu and Flywire, among others.
These partnerships are helping bridge the gap between African consumers and the global digital marketplace by providing secure and convenient access to education, entertainment, travel, e-commerce, productivity tools and business solutions from virtually anywhere in the world.
Verve’s growth strategy is underpinned by continued investment in payment innovation. Through capabilities such as contactless payments, tokenisation and digital wallet integrations, Verve isenhancing convenience, security and user experience across physical and digital channels.
As Verve strengthens its position across existing markets and explores new growth opportunities, the company remains committed to driving financial inclusion, accelerating digital commerce and delivering innovative payment solutions that enable consumers and businesses to participate confidently in an increasingly connected world.
With an expanding presence across Africa, growing acceptance on global digital platforms and continued investment in innovation, Verve is helping connect millions of consumers to opportunities within and beyond the continent while shaping the future of Africa’s digital payments landscape.
News
FG Captures 32m Students DNEMIS ahead July 1 Rollout

Federal government has said that more than 32 million students have been captured on the Federal Government’s Digital National Education Information Management System (DNEMIS), ahead of the official launch of the platform on Wednesday, July 1.

The DNEMIS, is part of efforts to replace paper-based and fragmented education records with a single digital database.
Mr. Adebayo Onigbanjo, national project coordinator of the Special Programmes Operations and Implementation Unit in the Office of the Minister of Education, disclosed this on Monday in Abuja at a press conference.
Onibanjo said that the digital platform would transform education administration through technology and data-driven decision-making.
He said DNEMIS is the core platform of the Nigerian Education Data Infrastructure (NEDI), an initiative under the Nigeria Education Sector Renewal Initiative (NESRI), established to provide accurate, integrated and timely education data for planning, budgeting, policymaking and service delivery.
According to Onigbanjo, the platform replaces the fragmented data systems that have long constrained effective planning in the education sector.
“For many years, education planning relied on fragmented systems, inconsistent reporting structures and limited access to reliable data. DNEMIS changes that by ensuring that every learner, every school, every teacher and every investment in education is captured within a system that supports evidence-based decision-making,” he said.
He described education data as a strategic national asset, noting that the platform would strengthen transparency, accountability and governance across the sector.
Onigbanjo said the availability of reliable data would also support government efforts to tackle Nigeria’s out-of-school children challenge by enabling authorities to monitor enrolment, identify dropout patterns and target interventions where they are most needed.
“If you don’t measure, you can’t get a good sense of what the data is. Today, we already have 32 million students on the platform, and that gives us an indication of where learners are.
“We are also understanding their journey from when they start school and when they drop out. That gives us insight into their challenges and where investments need to go. Every school becomes visible, every student gets counted, every teacher is known, and every government expenditure in education becomes trackable. To a greater extent, this will stop wastage,” he said.
He added that the ultimate goal is to provide government with complete visibility into every learner’s educational journey, from enrolment through graduation, to improve learning outcomes and policy decisions.
Addressing concerns over data privacy, Onigbanjo said the platform was developed using globally recognised digital architecture with robust safeguards to protect personal information.
He explained that sensitive data would be masked while secure digital identity profiles would allow authorised users to access relevant information without exposing personal details.
Also speaking, Abubakar Isah, national coordinator, Nigerian Education Data Infrastructure (NEDI), said the system fully complies with Nigeria’s data protection regulations and international data security standards.
“We recognise the importance of data protection. We are complying with the country’s data protection rules and taking every necessary precaution to ensure that this data is secure,” he said.
Isah noted that while schools and state governments would have access to their respective data, communities, alumni associations and development partners would be able to access selected non-sensitive information to support school improvement and strengthen public accountability.
Earlier, Miss Mojoyin Adebajo, special adviser to the Minister of Education on Digital Communications and E-Learning, described DNEMIS as a major milestone in Nigeria’s digital education transformation.
She said the platform, developed on the globally recognised DHIS2 infrastructure, would digitise the Annual School Census and provide reliable information on schools, teachers, learners and education infrastructure across the country.
Adebajo added that Wednesday’s event would also witness the unveiling of the Public DNEMIS Portal, which will provide researchers, journalists, civil society organisations, development partners and members of the public with access to selected official education data through an interactive online platform.
She said the initiative underscores the Federal Ministry of Education’s commitment to promoting transparency, strengthening evidence-based planning and leveraging technology to improve educational outcomes nationwide.
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