Economic and Financial Crimes Commission (EFCC) has secured the conviction of Janet Theophilus Danjuma, a bank employee, for defrauding an investor of N22,350,000 through a bogus investment scheme in Kano.

Danjuma was convicted on Monday,  by Justice S. M. Shuaibu of the Federal High Court, Kano Division, and sentenced to five years’ imprisonment without the option of a fine.

The defendant, a staff member of Taj Bank Limited, Nai’bawa Branch, was arraigned on a one-count charge bordering on obtaining money by false pretence.

According to the charge, Danjuma, sometime in October 2024 in Kano, dishonestly obtained N22,350,000 from one Wade Bamaiyi under the guise of investing the funds in Taj Bank’s CASA (Current Account Savings Account) programme.

The charge stated: “Janet Theophilus Danjuma, being a staff of Taj Bank Limited, Nai’bawa Branch Kano, sometime in October 2024 in Kano, within the jurisdiction of this Honourable Court, with intent to defraud, did obtain the sum of N22,350,000 from Wade Bamaiyi under the pretext that the money would be invested in CASA Programme of Taj Bank Limited, which pretext you knew to be false and thereby committed an offence contrary to Section 1(1)(b) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.”

She pleaded guilty when the charge was read to her.

Sadiq Huseini, prosecuting counsel, while reviewing the facts of the case, told the court that the defendant exploited the name of a legitimate banking product to gain the confidence of her victim.

“The defendant used her position as a bank staff and the credibility of an existing financial product to deceive the complainant into parting with N22,350,000,” Huseini said. “Investigation traced the entire sum to her personal account.”

He urged the court to convict and sentence her in accordance with the law, arguing that the offence undermined public trust in the financial system.

In his ruling, Justice Shuaibu convicted Danjuma based on her guilty plea and sentenced her to five years’ imprisonment without an option of fine.

The EFCC said the conviction followed investigations which revealed that the so-called investment scheme was non-existent and that the funds were diverted for personal use.

Financial services leaders across Africa are entering 2026 with renewed confidence, placing artificial intelligence (AI), cybersecurity, regulatory resilience and strategic growth at the centre of their transformation agendas.

This is according to insights from KPMG’s 2025 Global CEO Outlook, with a focus on the Banking and Capital Markets, and Insurance sectors.

Despite ongoing geopolitical uncertainty, economic volatility and regulatory complexity, CEOs across both sectors are demonstrating strong appetite for growth and technology-led reinvention.

Insurance: Confidence rising as technology and sustainability reshape the sector

Insurance CEOs are increasingly confident in their organisations’ growth prospects. Globally, 82% of insurance CEOs are confident in their company’s growth, up from 74% in 2024, a significant year-on-year increase. Expansion across health, life and specialty lines, including cyber and business interruption, is contributing to improved earnings and sector momentum.

AI adoption is accelerating across underwriting, onboarding, claims processing and cyber defence. Globally, 67% of CEOs expect returns from AI investments within one to three years, compared to 21% last year, and two thirds plan to allocate 10–20% of their budgets towards AI initiatives.

Workforce transformation is a parallel priority. Seventy-seven percent of global insurance CEOs cite AI workforce readiness and upskilling as a top constraint on growth, while 83% say AI is reshaping training and development, and 79% believe it is changing the skills required for entry-level roles.

Sustainability and ESG compliance remain high on the agenda, particularly as regulatory standards tighten globally. More than half (55%) of global insurance CEOs identify ESG reporting and compliance as their primary ESG priority. Given that many African regulatory frameworks follow European trends, this is a critical area of focus for insurers across the continent.

Cyber risk remains a dominant concern. Eighty-three percent of insurance CEOs identify cybercrime as the biggest barrier to organisational growth, with cybersecurity and digital risk resilience ranking as the leading area for risk mitigation investment.

Mark Danckwerts, Head of Insurance, KPMG One Africa said: “Insurance leaders across Africa are navigating a complex operating environment, but they are doing so from a position of growing confidence. AI presents enormous opportunity to improve efficiency, risk assessment and customer engagement.

“However, sustainable success will depend on responsible adoption, workforce readiness and strong cyber resilience. Insurers that balance innovation with trust will be best placed to outperform.”

The appetite for inorganic growth remains strong, with the insurance sector showing one of the highest levels of high-impact mergers and acquisitions (M&A) activity globally, a trend reflected in several African markets in recent years.

Banking and Capital Markets: AI at the heart of strategic reinvention

For banks across Africa, AI is the predominant theme shaping CEO priorities.

“Technology, in particular AI, presents a huge opportunity, but also a challenge in terms of where to prioritise, how to achieve a measurable return on investment (ROI), and how to ensure responsible and safe adoption to maintain trust,” said Pierre Fourie, KPMG One Africa Head of Financial Services.

“Banks need to modernise legacy IT, cope with rising financial crime risk, made more difficult by sophisticated scams using AI, address new competitive threats from fintechs and nimble, cloud-native banks, and comply with complex and changing regulations.”

AI is seen as both an enabler and a risk amplifier. It can significantly enhance customer engagement and deepen understanding of customer needs, yet banks must guard against depersonalising interactions and losing the human touch. At the same time, AI raises the cyber threat landscape while also strengthening banks’ ability to detect and defend against bad actors.

The scale of planned investment is notable:

-70% of banking CEOs expect to spend 10–20% of their budgets on AI in the next 12 months.

– 69% expect ROI from AI investments within one to three years, up sharply from 13% last year.

– 78% say AI workforce readiness or AI upskilling could negatively impact the organisation if not adequately addressed.

The top five trends negatively impacting organisational prosperity in banking are:

–   86% – Cybercrime and cyber insecurity

–  78% – AI workforce readiness

–  77% – Successful integration of AI into business processes

–  75% – Competition for AI talent

– 75% – Cost of technology infrastructure

Fourie added: “For African banks, AI is not a theoretical discussion — it is a strategic imperative. The ability to integrate AI into core processes, manage cyber risk and build the right talent base will determine competitive advantage.

At the same time, banks must modernise legacy systems and manage infrastructure costs, all while protecting trust in an increasingly digital ecosystem.”

Inorganic growth also remains firmly on the agenda. Appetite for strategic transactions is high, with CEOs seeking differentiation through innovation, customer experience and new business models.

Notably, 25% of banking CEOs identify ‘strategic differentiation’ as the primary driver of AI adoption, signalling that technology investment is increasingly linked to long-term competitive positioning rather than short-term efficiency alone.

A Pan-African moment for financial services transformation

Across both insurance and banking, a common theme emerges: confidence underpinned by disciplined transformation. AI investment is accelerating, cybersecurity is paramount, ESG compliance is rising in importance, and M&A remains a lever for scale and capability.

For African financial institutions, the challenge, and opportunity, lies in balancing innovation with resilience, and growth with governance.

Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, says land, buildings and rent are now fully exempted from Value Added Tax under the Nigeria Tax Act 2025.

He explained that the law, which has commenced, aims to lower housing costs, encourage real estate investment and provide relief for tenants and small businesses nationwide.

According to him, buyers of land or completed buildings will no longer pay VAT on such transactions, while both residential and commercial rent are also exempt.

Oyedele said the measure would reduce property transaction costs and ease financial pressure on Nigerians seeking accommodation.

He added that contractors can now recover VAT paid on certain construction materials and services through input VAT credit, helping developers manage project expenses more efficiently.

Dismissing claims circulating online about new taxes, he wrote on his X platform: “Contrary to the misinformation seeking to create fear, panic and disaffection, the Nigeria Tax Act 2025 has already commenced and does not impose a 25 per cent tax on construction funds, bank balances, or business expenses.”

He said the law does not tax money kept in bank accounts, impose levies on transfers used to buy building materials or introduce any 25 per cent construction or business cost tax, adding that implementation has not been postponed until 2027.

Oyedele stated that the law focuses on making housing affordable and stimulating growth in the property sector.

On construction contracts, he disclosed that Withholding Tax has been reduced to two percent to help developers retain more working capital and reduce reliance on borrowing.

He added: “Mortgage interest is tax-deductible for individuals developing an owner-occupied residential house,” explaining that the provision encourages home ownership.

For landlords, he said rental income earners can deduct expenses such as repairs, insurance and agency fees before tax assessment, which may promote better building maintenance.

He also noted that tenants can claim rent relief of up to N500,000, capped at 20 percent of annual rent, to improve disposable income.

Lease agreements valued below N10 million, or ten times the annual minimum wage, are exempt from stamp duty, reducing the cost of formal tenancy agreements.

Oyedele further said individuals will no longer pay Capital Gains Tax when disposing of a dwelling house or interest in one, while Real Estate Investment Trusts will enjoy Companies Income Tax exemption if they distribute at least 75 percent of dividends or rental income within 12 months.

Companies producing building materials such as iron, steel and domestic appliances may qualify for tax exemptions for up to 10 years under the economic development incentive scheme.

He added that there is also provision to reduce Companies Income Tax for large businesses from 30 percent to 25 percent to improve competitiveness and attract investment.

The chairman said the tax framework protects workers and small businesses, noting that employer-provided accommodation will be taxed only on rental value capped at 20 percent of annual gross income.

Small companies, he added, will benefit from zero percent Companies Income Tax and will not charge VAT or have Withholding Tax deducted from payments.

“Claims suggesting a new tax on building materials or bank funds are false and misrepresent the law,” Oyedele said.

He maintained that the law aims to make housing affordable, support real estate development and strengthen local manufacturing.

Concluding, he said, “Fact not fear, evidence beats emotion. If anyone makes an alarming claim or tries to misinform you, ask them, ‘Where is it in the law?’”

He added that with the reforms in place, housing costs and rent should decline rather than increase.