National Information Technology Development Agency (NITDA) has raised the alarm over a fraudulent online marketing and earning platform known as “CPM,” which is currently extorting scammed subscribers under the false pretense of collaborating with the government agency.

The platform operators, after allegedly freezing or stealing investments from users, claimed their systems were “hacked” and are now demanding additional payments from desperate subscribers to “recover” their lost funds, using NITDA’s name as a regulatory shield.

In an official public disclaimer released on Monday and signed by Mrs. Hadiza Umar, director of Corporate Communications and Media Relations Department, NITDA categorically dissociated itself from the scheme, labeling the operation a dangerous social engineering trap.

After the platform crashed or restricted withdrawals, the administrators designed a secondary extortion scheme.

They informed panicked subscribers that NITDA had stepped in to help resolve the technical glitch and hack, but mandated that users must pay extra fees to facilitate the emergency recovery process.

Disowning the claims, the regulatory body maintained that it has no hand in the operations of the platform, nor does it charge citizens for security interventions.

“NITDA wishes to categorically state that these claims are false and misleading,” the statement read. “As a government agency and Nigeria’s Information Technology regulator, NITDA does not request or collect money from citizens to provide incident response support, recover funds, or assist private entities in resolving cybersecurity incidents.”

Members of the public are therefore strongly advised to exercise caution and avoid making any additional payments to any individual, group, or platform claiming that such payments are required by or connected to NITDA.

The agency warned that the entire incident follows a classic double-extortion pattern often deployed by internet fraudsters to further exploit vulnerable victims who are already desperate to recoup their trapped investments.

To prevent further financial damage to unsuspecting Nigerians, NITDA urged the public to immediately cease all financial engagements with the platform’s handlers. The agency outlined several critical cybersecurity safety measures, advising citizens to:

“Exercise extreme caution when dealing with high-yield online investment and trading applications,” it said.

“Completely avoid sending additional funds or ‘activation fees’ in an attempt to recover previous losses.

“Verify any claims of government involvement directly through verified official channels rather than third-party statements.

“Refrain from sharing sensitive personal identifier numbers, bank details, or financial information with unverified entities.

“Immediately report suspicious cyber-related operations and fraudulent financial schemes to law enforcement authorities.”

Mrs. Umar reiterated that NITDA remains heavily committed to promoting cybersecurity awareness across the country and will continue to track and expose cyber-enabled fraud and deceptive online cartels targeting Nigerian citizens.

Moniepoint Inc, has signed a landmark ₦3 billion commitment to establish three Innovation Hubs across some of Nigeria’s most prestigious federal universities over the next three years. The initiative represents one of the most significant private-sector investments in Nigerian higher education in recent memory.

The Moniepoint Innovations Hubs will be built at Obafemi Awolowo University (OAU), the University of Nigeria, Nsukka (UNN), and Ahmadu Bello University (ABU). The three institutions were strategically selected to scale the impact of the interventions across Nigeria’s geographic regions and to reflect a commitment to ensuring that opportunity is not concentrated in a single city or region but is proportionally distributed across the country, in line with Nigeria’s diversity and potential.

Each hub will serve as a permanent centre for hands-on training in software engineering, data science, and artificial intelligence; design; robotics; product development; and entrepreneurship.

Open to students across all faculties, the programme will guide participants from curiosity to career readiness through structured, cohort-based learning, mentorship, and real-world project execution.

The initiative was formally announced today at Obafemi Awolowo University, Ile-ife in a ceremony attended by the Vice-Chancellors of all three universities, senior leaders from academia and industry, student representatives, alumni, and members of Nigeria’s broader innovation ecosystem.

Speaking on the initiative, co-founder and Chief Executive Officer, Moniepoint Group, Tosin Eniolorunda said, “When you look at the success of companies like Moniepoint, it’s easy to forget that it all started with the foundational training we received right here in Nigerian universities.

This initiative is about paying that trust forward. Nigeria’s digital economy cannot run on potential alone; it requires immense, localized talent density. By launching these Innovation Hubs beginning with OAU, UNN, and ABU Zaria, we are intentionally anchoring world-class technical skills across the country.

And this is just the first step as we look across other tertiary institutions. Before we built anything, universities like UNILAG and OAU built people like Felix and I, giving us our first formal training in the disciplines that became our careers.”

Furthermore, Eniolorunda continued, “Nigeria’s future will to a very large extent be built by Nigerians trained in Nigerian institutions. These three Hubs are my contribution to making that future credible by creating a solid pipeline for the emergence of great products and ideas.

“To truly scale our digital economy, we need high-density, industry-ready tech talent as a bulwark. We are investing these billions of Naira to ensure our tech ecosystem is powered by sustainable, homegrown excellence.”

Also speaking at the announcement ceremony, the Vice Chancellor, Obafemi Awolowo University, Professor Adebayo Simeon Bamire, stated, “Obafemi Awolowo University has always stood for excellence, and for the belief that knowledge must serve society. This partnership with Moniepoint Group is a powerful affirmation of that conviction.

“The Moniepoint Innovation Hub will not only expand what our students can learn but also transform what they believe is possible. We are grateful to Moniepoint for choosing to root this investment in our institutions, and we are committed to ensuring that every naira translates into opportunity for our students and for Nigeria.”

Beyond financial support, Moniepoint Inc will contribute deep industry expertise through curriculum development, mentorship, internship pathways, and expert-led learning experiences. The company’s engineering, product, and business teams will collaborate directly with each hub to ensure that training is not only globally relevant but also firmly grounded in the realities and demands of the modern African technology ecosystem.

The hubs are designed to be living institutions, not lecture halls, but launchpads of Nigerian excellence. Students will complete structured cohort programmes, work on live projects, and benefit from direct connections to Moniepoint’s network of engineers, investors, and industry leaders. The goal is not simply to teach skills, but to produce the builders and problem-solvers who will shape the next chapter of Africa’s digital economy.

The ceremony which attracted dignitaries from within and outside the University included Deputy Vice Chancellor, Academics, Professor G.A Aderounmu, Dean, Faculty of Technology, OAU, Professor L. E. Umoru, Dean of the Faculty of Science, OAU, Professor O.A Adesina, DVC Academic of UNN, Professor Kamoru O Usman, DVC, Advancement, Research & Innovation”, ABU, Professor Aliyu Sanusi, Former Head of Department, Mechanical Engineering, Prof. Obayopo, VP, People Operations, Moniepoint, Chinaza Nduka-Dike, SVP, Enterprise Network Sales, Ifeanyi Duru amongst others.

It will be recalled that Moniepoint Innovation Hubs builds on earlier investments by the Tosin Eniolorunda STEM Foundation in building a CAD/CAM laboratory at the Department of Mechanical Engineering, OAU valued at over 100m naira and the HatchDev Program at the University of Lagos championed by Moniepoint’s co-founder & Chief Technology Officer, Felix Ike in partnership with NiITHub innovation centre where about 500 young developers are trained annually.

The initiative reinforces Moniepoint’s broader mission to create financial happiness for every African, everywhere, a mission that, the company believes, requires investing not only in financial infrastructure, but in the institutions and talent pipelines that will drive Africa’s future prosperity.

Legend Internet Plc has announced the full and timely repayment of its Series 1 Commercial Paper under its N10bn multi-layered issuance programme, marking a key milestone in the company’s engagement with Nigeria’s debt capital market.

Aisha Abdulaziz, chief executive officer, Legend Internet Plc,

The repayment, completed on schedule and in full, underscores the company’s financial discipline and its continued commitment to maintaining strong investor relations in a tightening funding environment.

The Series 1 issuance had earlier attracted significant demand, recording a 119.7 per cent oversubscription at launch, reflecting strong investor appetite and confidence in the company’s credit profile, operational performance, and long-term expansion strategy.

Speaking on the repayment, Aisha Abdulaziz, chief executive officer, Legend Internet Plc, said the outcome reinforces the company’s credibility and operational strength.

“The successful repayment of our Series 1 Commercial Paper demonstrates Legend Internet’s unwavering commitment to meeting its financial obligations and maintaining the trust of the investment community.

This milestone further reinforces the strength of our business model, operational discipline, and long-term vision for building resilient digital infrastructure across Nigeria,” she said.

She added that investor confidence has remained central to the company’s funding strategy, saying, “We remain deeply appreciative of the confidence shown by our investors, advisers, issuing houses, and market partners during the issuance and throughout the tenor of the programme. Their support continues to position Legend Internet for sustainable growth and expansion.”

The Commercial Paper programme forms part of Legend Internet Plc’s broader capital strategy aimed at supporting broadband infrastructure expansion, strengthening working capital efficiency, and accelerating investment in Nigeria’s digital connectivity.

Legend Internet Plc operates as a digital infrastructure and broadband services provider, with a focus on fibre connectivity, enterprise solutions, and next-generation digital services designed to expand access and support economic inclusion across Nigeria