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CBN Decries Under-Funding, Inefficiency of Cash Handing Services

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The Central Bank of Nigeria (CBN) has berated some cash handling services companies for being underfunded, inefficient and uncoordinated in the provision of cash-in-transit and currency sorting services in Nigeria.
The apex bank and the Nigerian Police force also warned banks against the use of substandard armoured vehicles to carry money within the country.
Speaking at the launch of the Association of Cash Managers of Nigeria (ACMAN) in Lagos last week, Alhaji Mohammad Nda, director, Currency Operations Department of the CBN said, “It is regrettable to note that the cash-in-transit and currency sorting services in Nigeria are limited in scope and restricted to few cities in Nigeria, under funded, inefficient, unregulated and uncoordinated. The challenge is to how to harness the potentials of the companies, as well as admit new entrants into the sub-sector to provide cash handling support services to the CBN and deposit money banks.”
He disclosed that banks have been instructed to use standard armoured vehicle to move their money. “For currency distribution, the deployment of inappropriate bullion vehicles is prevalent. The importance of the deployment of the appropriate armoured vehicles for cash- in transit operations cannot be over-emphasized, especially in view of the increase in the rate of robbery attacks on specie currency movements and the sophistication of the criminals.”
Nda, noted that investment in cash handling services all over the world is capital intensive and urged the members of ACMAN to look at various sources of funding to be able to meet the minimum requirements of paid up capital for various operations of currency management systems.
Adebayo Adeoye, retired Deputy Inspector General (DIG) of Police encouraged banks to use sophisticated armoured vehicle that will help protect Nigerian citizens, and ward off armed robbers and would be rebels.
He advised banks not to use substandard armoured vehicle in carrying cash but to use sophisticated armoured vehicle that can stop AK 47, M-16 and even armoured piercing rounds at close range.
According to him, “Armoured vehicle is the main thing all over the world and Nigeria should embrace it. I am happy that the CBN has come out with the order asking banks to use armoured vehicles in carrying cash as it is the best international practice.”
In his speech at the occasion, Charles Nwodo Jnr. Group Managing Director/Chief Executive Officer, XL Management Services Group, encouraged ACMAN members to support the CBN’s policy to license and appropriately regulate the operations of Cash in Transit (CIT) and cash processing companies and outsourcing CBN’s distribution and processing of currency.
Tunde Dabiri and Chief (Mrs.) Henrietta Vannni, chairman and president of ACMAN stated that the cash industry was no longer on the defensive mind set that it was in before now, stressing the need to go on the offensive and recover lost grounds. “Nigeria is a economy cash driven. Members of ACMAN operate within the Nigerian cash supply chain, unfortunately, these are also trying times for the banks and each and every one of them must now go back to see how best to address the twin issues of costs and risks inherent in carrying out the business of banking, Dabiri said.”

 


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Guinness Rewards Consumers with ₦17 Million in First Week of ‘Open for More’ Promo Draw

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Guinness Nigeria has officially begun rewarding consumers under its nationwide ‘Open For More’ National Consumer Promotion (NCP), with an impressive ₦17 million in rewards to 107 winners during the campaign’s first live draw held on July 31, 2026.

The inaugural draw instantly transformed the fortunes of consumers across the country, producing seven new millionaires, who each received ₦1 million, alongside 100 additional winners, who each walked away with ₦100,000. The milestone marks the beginning of a series of weekly live draws that will see hundreds more Nigerians rewarded throughout the promotion.

The seven ₦1 million winners are Marcus Barieepie, Ani Valentine Ogochukwu, Okafor Sochima, Taiwo Adebola, Zubair Rukayat, Oluwatobi Femi, and Ebubechukwu Okolo.

The live draw was conducted under the supervision of the Federal Competition and Consumer Protection Commission (FCCPC) to ensure transparency and fairness. Representatives of the commission present included Dr. Olubunmi Otti, Zonal Coordinator, FCCPC Southwest, and Mrs. Abosede Ogundeji, Surveillance and Investigation Officer.

Speaking during the draw, Ramanathan S, representing Guinness, said the promotion reflects the brand’s enduring commitment to celebrating and rewarding the consumers who have supported Guinness over the years.

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“For decades, Nigerians have made Guinness a part of their milestones and celebrations. Today, we are proud to give back by putting ₦17 million directly into the hands of 107 consumers in our very first draw. This is only the beginning. Over the coming weeks, many more Nigerians will experience life-changing rewards as we continue to celebrate the loyalty of the people who have made Guinness part of their stories.”

He added that all weekly draws will continue to be streamed live across Guinness Nigeria’s official platforms, enabling consumers to witness the winner-selection process in real time and reinforcing the transparency and credibility of the promotion. He also encouraged eligible consumers nationwide to participate, noting that every valid entry presents another opportunity to win.

The ‘Open For More’ National Consumer Promotion offers consumers the chance to win ₦1 million every day, ₦100,000 cash prizes for 1,000 winners, and a Toyota Land Cruiser Prado as the grand prize. Altogether, the promotion will reward consumers with more than ₦400 million in cash and prizes.

To participate, consumers simply need to purchase specially marked bottles of Guinness Foreign Extra Stout or Guinness Smooth, locate the unique code beneath the crown cork or can lid, and enter the code via the designated campaign platform.

With ₦17 million already won in its opening draw, the campaign is off to a remarkable start, reinforcing Guinness Nigeria’s commitment to rewarding consumer loyalty through transparent processes and unforgettable experiences that go beyond the product. Consumers are encouraged to look out for specially marked promotional packs and follow Guinness Nigeria’s official communication channels for updates, winner announcements, and details of upcoming draws.

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NITDA, UniAbuja Partner to Drive Tech Innovation, Research

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National Information Technology Development Agency (NITDA) has expressed readiness to deepen collaboration with Nigerian universities to promote research, innovation and technology-driven solutions to local challenges.

NITDA, UniAbuja Partner to Drive Tech Innovation, Research

NITDA, UniAbuja

NITDA’s Director-General, Kashifu Inuwa Abdullahi, stated this when the management of Yakubu Gowon University, formerly the University of Abuja (UniAbuja), led by its Vice-Chancellor, Prof. Hakeem Fawehinmi, paid a familiarisation visit to the agency’s headquarters in Abuja.

Abdullahi said stronger collaboration between NITDA and tertiary institutions was essential to building a robust innovation ecosystem, developing practical skills and positioning Nigeria for technology-driven economic growth.

He stressed the need for increased investment in research, particularly in emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT), blockchain, cybersecurity and cloud computing.

“We need to invest more in in-depth research with universities to build a robust research ecosystem that will help us develop solutions.

“Research will focus on harnessing AI, IoT, blockchain, cybersecurity and cloud technology, among other emerging technologies, to improve our lives and grow our digital economy,” he said.

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The DG described universities as critical talent factories required to achieve Nigeria’s digital transformation aspirations.

“NITDA has a vision to make Nigeria a digitally empowered nation. You (UniAbuja) are the talent factory, and we cannot achieve our vision without talented Nigerians.

“The only way to achieve that is by working with institutions like yours. So, we need to build talent,” he said.

Abdullahi also advocated the integration of AI education across disciplines in tertiary institutions, saying students needed practical digital skills to remain relevant in the evolving world of work.

“We can work together to explore ways of introducing AI across the board as a general study course in tertiary institutions.

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“Elements of AI should be included in every field of study to equip our students with the hands-on skills for navigating the real world,” he said.

According to him, NITDA is already collaborating with key education sector stakeholders, including the Federal Ministry of Education, National Universities Commission (NUC), National Board for Technical Education (NBTE) and National Commission for Colleges of Education.

He said the agency was also working to promote digital literacy programmes across all levels of education to ensure that graduates acquire skills relevant to industry requirements.

Earlier, Fawehinmi said the university’s visit was aimed at seeking NITDA’s partnership and support in strengthening digital infrastructure and technology-based training at the institution.

He expressed appreciation for NITDA’s contributions to the Digital Geoscience Centre at the university.

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The Vice-Chancellor said the university was willing to collaborate with NITDA on joint research, capacity-building initiatives and innovation programmes capable of contributing to Nigeria’s socio-economic development.

“We could go into partnership with you to provide data, collaborative engagements, staff exchanges and joint research hubs, so that we can produce high-level human resources.

“The university is committed to serving as a strategic academic partner to NITDA by providing academic expertise required to advance your national digital transformation initiatives,” he said.

The proposed collaboration is expected to strengthen the link between academic research and industry needs while creating opportunities for technology innovation, skills development and practical solutions to Nigeria’s socio-economic challenges.

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Meta Hit With $567m US Court Order Over Alleged Harm to Children

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A New Mexico court has ordered Meta, the parent company of Facebook and Instagram, to pay $567 million to address the alleged harms caused to young people by its social media platforms.

Meta Hit With $567m US Court Order Over Alleged Harm to Children

Meta

The ruling by Judge Bryan Biedscheid came in the second phase of a landmark trial concerning the impact of Meta’s platforms on children and teenagers.

The judge said $420 million of the amount would be dedicated to treatment services for young people, while the remaining funds would support awareness and prevention programmes, screening services and other related costs over the next five years.

The latest financial order comes on top of $375 million in civil penalties awarded against Meta in March after a jury found that the company knowingly harmed children’s mental health and concealed information about child sexual exploitation on its platforms.

During the second phase of the trial, prosecutors asked the court to order fundamental changes to Meta’s platforms, including measures to reduce addictive features, improve age verification and prevent child sexual exploitation through stronger privacy settings and increased oversight.

The court subsequently ordered Facebook and Instagram to introduce banner notifications and informational screens explaining their safety features, recommended practices and tools for addressing inappropriate comments.

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The platforms must also regularly display the information, while an educational campaign in New Mexico will be subject to review by the state.

New Mexico Attorney General Raúl Torrez said the ruling sent a clear message that technology companies could be held accountable when their product designs knowingly exposed children to risks.

“Today’s decision is a victory for every parent who has worried about what social media is doing to their child and every child who deserves to grow up safer online,” Torrez said in a statement.

Meta said it would appeal the ruling.

“We work hard to keep people safe on our platforms and have been transparent about the challenges of identifying and removing bad actors and harmful content,” the company said.

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The company said it remained confident in its record of protecting teenagers online and would continue to defend itself against what it described as claims that misrepresented the facts.

On age verification, the court said federal children’s privacy laws restricted Meta’s ability to apply certain verification tools to children under 13.

The court cited the Children’s Online Privacy Protection Act (COPPA), which limits the collection of personal information from children under 13.

Rather than imposing a blanket age-verification requirement exclusively on Meta, the judge ordered the company to continue improving its age-assurance tools in New Mexico.

The tools include the use of artificial intelligence to estimate users’ ages based on signals such as their social connections and the type of content they post and consume.

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Meta was also ordered to attempt to develop a dedicated model for predicting whether users are under 13 within the next two years.

Additionally, the company must request proof of age from Facebook and Instagram users in New Mexico whom it estimates to be under 13.

Where Meta determines that a user is under 13, or under 18 but cannot determine a specific age, it must treat the user as being under the applicable age threshold until the user verifies their age.

The court further ordered Meta to partner with schools or a child-safety organisation to establish a reporting portal through which school officials can flag users suspected to be under 13.

Meta must also delete personal information it has collected from users under 13 and submit progress reports twice a year detailing its compliance with the court-ordered measures.

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The ruling comes as Meta faces thousands of lawsuits from families alleging that children have been harmed by social media use.

The company is also preparing for another trial in California amid the growing litigation over the impact of social media platforms on young people.

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