General News
EMV Chip Card Will Address ATM Fraud-Bukar
Mr. Kyari Bukar, managing director /chief executive officer, ValuCard Nigeria Plc has distinguished himself through creative achievements to the ICT industry. His company is a flagship which Provides high-quality, world-class, e-payment processing infrastructure that is reliable and addresses the needs of the community of Nigerian banks. Bukar has also worked at Hewlett-Packard, a leading Information Technology Company in the United States in various capacities during his 14 years stint including process engineer, manufacturing development engineer, marketing program manager, senior it consultant and technical marketing program manager. He joined ValuCard Nigeria Plc in June 2004 from FSB International Bank where he was the executive director in charge of Electronic Banking, IT. Bukar spoke to chike onwuegbuchi 
ValuCard and Visa International
Visa and ValuCard entered into a partnership in 2004, the partnership agreement was actually signed by both companies the same year and we launched our Visa certified EMV platform on March, 30, 2006.
Visa is the global leader in e-payments. What do I mean by that? For all the transactions that take place worldwide, Visa controls 64% of the global e-payment and that translates to around 4 trillion dollars. The next competitor does less than half of that, so in whatever measure, Visa is the global leader in electronic payments globally. By bringing Visa to Nigeria, we believe Nigerians would over time come to appreciate what we have done to link them up with the global financial system in online real time manner.
ValuCard is a principal member of Visa and Visa has invested in ValuCard. Visa has minority shareholding in ValuCard while Nigerian banks own the rest of the shares. Like Visa, ValuCard itself is owned entirely by banks. By its shareholding, Visa is represented on the Board of ValuCard. In fact, the person who is the non-executive director on the board of ValuCard from Visa is Mr. Jim Devlin. He is also the managing director of Visa Risk Limited – a subsidiary of Visa that is concerned with risk and risk-related issues in the e-payment side of the business.
By virtue of the investment relationship, Visa has granted ValuCard Nigeria Plc exclusive acquiring rights for Nigeria. The following analogy would help to explain what I mean by acquiring rights: The e-payment business is a four-party business i.e. the Issuer of the Visa card (in Nigeria,, more likely a bank), the Cardholder (the person to whom the Issuer issues the Visa card for use as means of making payments), the Acquirer and the Merchant (the retailer who accepts Visa cards for payment for their goods or services).
The four party system is essentially different from the two-party system, which is the system that started since history. For instance, where you have yam and I have corn; if you need corn and I need yam, we then exchange. That is the two-party system of payment. Four-party system is where the bank gets involved and becomes the intermediary in payment transactions. They issue Visa cards to you and the acquiring bank or institution – in this case ValuCard – deploys a POS terminal at the merchant location. The cardholder goes to the merchant using that card to make purchase and Visa is in the middle of the entire chain, as the brand and franchise owner; that is what we mean by four-party system.
Visa has been in this business since 1973 and we (ValuCard Nigeria Plc) basically decided to go with the best of breed, the global leader. In fact, when we started, we actually reached out to both Visa and MasterCard and the discussions got to a stage where the board of directors of ValuCard requested for both entities to make a decision on whether they would want to invest in the company and Visa said yes, and that is why the board decided to go along with Visa. So, that is essentially the relationship.
By virtue of the relationship, Visa also certified us to be processors for their domestic and international card transactions. This is a back office technology driven service that we render to Card Issuers and Acquirers in Nigeria and which we are positioning to do for similar Institutions outside Nigeria.
Benefits
First, through the relationship we successfully set up an EMV platform, which was certified by Visa in April 2006; this means we have been running an EMV platform before anybody else in this country. So if anybody tells you something else, you need to challenge the claim.
The other thing that is of interest is the fact that before we started, Visa came in and took all of our people and put them through various kinds of trainings; acquiring, processing, risk management, security, threat prevention, and e-payment technologies, among others. And that is basically imbibing the global best practices from Visa.
So the partnership cannot be measured only in Naira and Kobo because in essence it is not the Dollar that was invested in the company – whatever N100 million that they put into the company – but the additional value they added to us by coming in and partnering with us, working with us step by step until we reached this level. In my estimation it is priceless because that is the reason why we can confidently say we have a global e-payment processor in Nigeria today called ValuCard Nigeria Plc.
CBN on EMV compliant
It gives me great pleasure that the entire country has now decided to migrate to EMV and the reason is that the entire industry will benefit from EMV migration. An EMV platform is simply more secure than a magnetic stripe platform. I will give you an analogy – your company uses computers in printing out "CommunicationsWeek". If I force your company to be using the computer technology of the early 70s to produce the paper, I think it would be something that would not be taken with pleasure by employees of the company. Magnetic stripe is a 1970s invention and today in 2008, that technology is still in use in the country when there is a better technology available that the entire country should adopt and that is why right from the onset when we entered into this partnership with Visa, we said that we would only deploy EMV technology. Our platform is EMV and our products that have been introduced in the domestic market are EMV, even the international Visa cards that Nigerian banks have issued are EMV because they are all Chip cards. I wonder if you have seen the Zenith, Skye Bank, Access Bank or UBA Visa cards – they all have Chip on them – they are all EMV. The reason is very simple; it protects the cardholder and also the bank. It is more expensive but a lot more secure. In fact, not only have we got a safe way of minimizing fraud with our EMV platform, we actually are also assisting banks from outside of Nigeria to protect their customers’ accounts by virtue of being EMV because we know that a U.K Visa card is supposed to have chip so if somebody inserted a magnetic stripe only U.K Visa card in any ATM in Nigeria that is controlled or processed by ValuCard for Visa, we will automatically hold that card and not let it go and then get in touch with the bank and verify if it was a stolen or duplicated card. So, essentially the safety and security that EMV brings to card business is worth it for the banks to invest in the EMV migration and I am glad that the date has been fixed for December. I hope it is sooner than that – I hope it is next month. But then, if that is what the regulators decide so be it. Security is the basic consideration for EMV migration all over the world. All Visa acceptance devices in Nigeria are all EMV enabled, that way we will have as minimal fraud as possible.
Fraud on Chip Cards
Of course, the investment that is required is so high that it may not be worthwhile to invest hundreds of millions of dollars just to have access to N10, 000 in my account. Even if you read the data, it is still encrypted so it is still going to come out gibberish – some of those funny looking characters on computer screens.
EMV and Interoperability
I believe that at a higher level, the bank community as well as CBN as a regulator, has indicated vision for interoperability in the payment space. Interconnectivity is very easy to achieve; it is where you connect. Just because you connect does not mean anything because data has to flow for it to be interoperable and to interoperate means that, you have to know my scheme’s electronic language and I have to know yours and then we agree. For instance, if ‘A’ in my language means ‘C’ in yours whenever you see ‘A’ you have to translate it into ‘C’. That is what interoperability is all about. Usually what happens is that this scenario evolves in a step-by-step manner; the first thing will be on ATM and then the payment space (PoS terminals.) Now, there is also an initiative going on with CBN about the central switch, NIBSS (National Interbank Settlement System) has been appointed as the central switch and that means that all players would have to connect to the central switch. I have seen documents here that indicate that we have connected or may have connected by now and begun testing the flow of data between the central switch and us. The thing that is laudable about interoperability is that ideally, a merchant should have just one terminal. Even if you go to Europe or wherever, you do not see a single terminal, you see multiple terminals at the merchant location. It might be that ‘Bank A’ is doing 1, 2, 3 schemes and another is doing 4, 5, 6 schemes. In the ideal world, it is okay to have a single PoS terminal that accepts many cards. The areas that are still subject to the players are the commercial discussions and commercial agreements because the regulators can say you can use all cards on a terminal owned by ‘Institution X’, the Institution could then demand certain considerations every time a non-member uses that terminal. So, because of that investment, there would have to be a commercial agreement between the parties. Once those are concluded, interoperability becomes a matter of fact and then takes effect but I am not saying it is going to happen overnight; it will take some time. However, we may end up having a slightly fragmented market whereby you may have more than one terminal at a merchant location and that is a possibility. You may not see ten terminals because there are ten schemes; you may see that some schemes will align with other schemes.
Improving Efficiency of ATMs
It would be presumptuous of me to proffer solutions to somebody else’s infrastructure. Having said that, ATMs globally do have downtimes; most of those downtimes are scheduled. When they realize the lowest period for the usage of that particular device, they can introduce downtime. Occasionally, they do have unscheduled downtimes and when that happens, because of the nature of management of those devices, they respond very quickly and I believe that is what is lacking in this market. So, there has to be a certain degree of diligence paid to the ATMs because if you say that the ATM is a branch replacement or it offers the kind of services a branch offers, even though it is limited, you must pay attention to it. Now would you walk into a bank and they tell you the branch is down? You would say yes, some banks have told you our system is down and you would have to wait so much longer than you would and that is what happens on the ATMs.
Breathe Life Foundation partnered with Teach Nigeria Fellow, Ms Bunmi Rotimi, to deliver a respiratory health awareness session for over 200 senior students of Cleggs Girls High School, Surulere, Lagos.
The session equipped students aged 15–19 years with practical knowledge about the risks associated with smoking, vaping, and shisha, while challenging the misconception that shisha is a safer alternative to cigarettes or other substances.
Through an engaging and interactive discussion, students explored the influence of peer pressure and learned practical strategies for making healthier, more informed lifestyle choices.
They also gained a better understanding of common environmental triggers of asthma and other respiratory conditions, including cigarette smoke, generator fumes, bush burning, mosquito coil smoke, candles, charcoal, and firewood.
The session highlighted an important reality: young people may not always recognise how seemingly routine lifestyle choices and environmental exposures can gradually affect their respiratory health, quality of life, and long-term wellbeing.
For Breathe Life Foundation, this reinforces the importance of shifting the conversation from treatment to prevention through awareness and education. By equipping young people with the knowledge to identify risks and make healthier choices early, the Foundation is helping to build a generation that is more conscious of – and better prepared to protect – its respiratory health.
Breathe Life Foundation is dedicated to advancing respiratory health, an often-neglected public health priority. Healthy lungs are essential to life, yet respiratory diseases remain among the world’s leading causes of death and disability, even though many are preventable and treatable.
Nigeria’s technology retail landscape reached another significant milestone on Monday, August 3, 2026, as global technology giant ASUS, in partnership with Konga, officially commissioned its first flagship experience store in West Africa.
Strategically located at 16 Otigba Street, Computer Village, Ikeja, Lagos; the heartbeat of Nigeria’s technology ecosystem, the state-of-the-art facility represents a major investment in customer experience, product accessibility, and digital innovation.
The launch also reinforces Konga’s growing reputation as a preferred gateway for leading global technology brands into the Nigerian market.
The landmark event attracted Dr Kingsley Tochukwu Udeh, SAN, minister of Innovation, Science and Technology, who officially commissioned the store.
Also in attendance were the Chairman of Zinox Group, Leo Stan Ekeh; Chief Operating Officer of Konga, Dave Omoregie; VP Omni-channel & Commercial Planning, Melvin Onochie; and Head of Marketing and Communications at Konga Group, Victor Oluwaleye.
The ASUS team was led by E.EMEA General Manager, Aaron Tsai, alongside Business Development Manager, Sunnie Chen; Sales Manager, Mohammed Kazim; Gaming Product Manager, Joy Chen; Marketing Manager, Adeola Odeleye; and Sales Specialist, Williams Okenna.
The Honourable Minister described the facility as a defining achievement for Nigeria’s digital economy, noting that it is far more than the opening of a retail outlet.
He called it a strong vote of confidence by a global technology brand in Nigeria’s innovation, science, and technology ecosystem and the immense potential of its market.
He noted that his presence underscored the Federal Government’s commitment to fostering stronger collaboration between the public and private sectors, describing such partnerships as essential to achieving Nigeria’s ambition of building a one-trillion-dollar economy driven by private enterprise and enabled by government.
The Minister paid tribute to Leo Stan Ekeh, describing him as one of the foremost architects of Nigeria’s digital transformation.
He announced that Ekeh had recently agreed to champion the Federal Government’s Youth and Students in Innovation initiative, a flagship programme aimed at equipping young Nigerians with entrepreneurial and technology skills.
According to him, Ekeh’s decades of visionary entrepreneurship have played a pivotal role in shaping the country’s technology ecosystem and attracting prominent technology companies into the Nigerian market.
Using the occasion to address the international business community, the Minister encouraged global investors and brands to look beyond establishing commercial operations in Nigeria and actively partner with the government in driving national development.
He assured investors of the Federal Government’s commitment to creating an enabling environment that safeguards investments and delivers sustainable returns.
Speaking at the event, ASUS E.EMEA General Manager, Aaron Tsai, expressed appreciation to partners, government representatives, and customers for their support.
He explained that the flagship store was conceived to provide consumers with direct access to authentic ASUS products, and expressed confidence that the partnership with Konga will further accelerate the brand’s growth and strengthen customer engagement in the region.
The experience centre features dedicated sections showcasing ASUS’ complete portfolio of premium laptops, gaming devices, AI-powered PCs, and cutting-edge innovations. A standout attraction is an interactive digital display that allows visitors to explore ASUS’ latest technologies virtually before making purchase decisions, creating a more engaging and informed customer journey. Plus, every ASUS device purchased through the flagship store or online on Konga comes with a special one-year replacement warranty at no extra cost.
In his remark, Chief Operating Officer of Konga Group, Dave Omoregie, said the flagship store reflects Konga’s deliberate strategy to give Nigerian consumers a seamless blend of online and offline retail.
He noted that Konga’s logistics network, payment infrastructure, and nationwide retail footprint uniquely position the company to support global brands like ASUS at scale, while ensuring customers enjoy authentic products backed by reliable after-sales service.
According to him, the partnership demonstrates what becomes possible when world-class technology brands trust Nigerian platforms to deliver exceptional experiences, adding that Konga remains committed to setting the operational standard for authentic technology retail across the country.
The launch further reinforces the enduring partnership between ASUS and Konga, built on shared values of innovation, authenticity, and customer satisfaction.
It also highlights Konga’s continued evolution beyond traditional e-commerce into a comprehensive omnichannel technology ecosystem that combines online convenience with physical retail experiences.
For Nigerian consumers and businesses, the new ASUS Flagship Experience Store represents more than a retail outlet; it is a symbol of confidence in Nigeria’s technology market. It highlights Konga’s commitment to bridging the gap between global technology brands and Nigerian consumers. With its robust logistics infrastructure, digital payment solutions, and nationwide physical retail presence, Konga continues to set the standard for authentic, accessible, and reliable technology retail across Africa.
The flagship store opening featured guided product demonstrations, immersive technology experiences, exclusive launch-day offers and customer engagement activities celebrating this historic milestone.
Customers can begin shopping immediately at the ASUS Flagship Experience Store, located at 16 Otigba Street, Computer Village, Ikeja, Lagos. Visitors can explore authentic ASUS products, experience live product demonstrations, receive expert guidance, and access dedicated Starlink customer-support services.
Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct, Lateef Fagbemi (SAN), attorney general of the federation and minister of Justice; Olatunji Rilwan Disu, inspector-general of Police, and relevant anti-corruption agencies to investigate allegations that more than ₦6.79 billion in public funds were missing, diverted or misapplied within the Nigeria Police Force and the Federal Ministry of Police Affairs.
The allegations are contained in the Auditor-General of the Federation’s 2022 Annual Report, published on September 9, 2025.
In a letter dated August 1, 2026, and signed by Kolawole Oluwadare, deputy director, SERAP, the organisation urged the government to ensure that anyone implicated in the report is prosecuted and that all missing public funds, firearms and ammunition are recovered.
“Anyone suspected to be responsible—including contractors, companies and public officials implicated in the report—should be promptly prosecuted, while all missing public funds, firearms and ammunition should be fully recovered, secured and properly accounted for.”
SERAP described the Auditor-General’s findings as a serious breach of public trust.
“The Auditor-General’s findings suggest a grave betrayal of the public trust and raise serious concerns about corruption and the management of public funds, police exhibits, firearms and ammunition.”
The organisation also expressed concern over allegations involving missing firearms, unauthorised use and release of police exhibits, and poor storage of weapons.
“The report also raises serious concerns over missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for exhibits, and the insecure storage of firearms, creating significant risks to public safety and national security.”
According to SERAP, the alleged diversion of funds meant for policing and the reported irregularities have weakened the operational effectiveness of the Nigeria Police Force.
“The diversion of funds meant for policing, abandoned security projects, missing firearms and ammunition, and the misuse of police exhibits undermine the operational effectiveness of the Nigeria Police Force, weaken public confidence and may contribute to Nigeria’s worsening insecurity.”
The organisation said the Auditor-General’s report documented several alleged financial irregularities, including payments for projects that were never executed, abandoned contracts, inflated contract costs, irregular procurement, unretired cash advances, unsettled insurance claims and payments for services allegedly not rendered.
“The report documented numerous alleged financial irregularities within the Nigeria Police Force and the Federal Ministry of Police Affairs, including payments for projects that were never executed, abandoned contracts, inflated contract costs, and irregular procurement.”
“The report also documented unretired cash advances, unsettled insurance claims, payments for services allegedly not rendered, and other suspected diversion and misapplication of public funds amounting to over ₦6.79 billion.”SERAP further cited allegations of missing firearms and ammunition, failures to properly account for recovered weapons and exhibits, and insecure storage of firearms.
“The allegations also include missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for recovered firearms and other exhibits, and the insecure storage of firearms, posing serious risks to public safety and national security.”
The organisation gave the Federal Government seven days to act on its demands, warning that it would pursue legal action if no response is received.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government to comply with our request in the public interest.”
SERAP also argued that the allegations, if left unaddressed, would violate constitutional provisions requiring the government to combat corruption and safeguard the welfare and security of Nigerians.
Among the specific findings cited from the Auditor-General’s report were allegations of payments for abandoned and unexecuted police projects worth hundreds of millions of naira, inflated contract values, unretired cash advances, irregular procurement processes, unsettled insurance claims exceeding ₦681 million, over ₦1 billion in uncleared insurance policy liabilities, missing firearms and ammunition, unauthorised release of police exhibits, and contracts allegedly awarded without due diligence by the Federal Ministry of Police Affairs.
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