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General News

Are inflationary pressures in Nigeria returning with a vengeance?

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By Lukman Otunuga, Research Analyst at FXTM

The Naira has weakened against the Dollar in recent days on the parallel markets due to a combination of domestic and external factors.

 

An appreciating Dollar continues to weigh on the Naira while falling Oil prices are compounding downside pressures. Investors will be keeping a very close eye on Nigeria’s inflation figures today which may confirm whether inflationary pressures are making a return. Although the inflation figures are unlikely to impact the Central Bank of Nigeria’s (CBN) monetary policy decision this week, it could play a role in what steps are taken by the CBN during Q1 of 2019.

 

Dollar buoyed by safe-haven flows

 

Market caution has sent investors rushing to the Dollar which remains the go-to currency in times of uncertainty.

 

The Dollar Index is rebounding towards the 96.85 level as of writing and is likely to extend gains on expectations of a rate hike in December. While the short- to medium-term outlook for the Greenback remains heavily bullish, the longer-term view remains open to questions. Cautious comments from Fed officials last Friday have prompted investors to re-evaluate the central bank’s hiking path beyond 2019. A scenario where trade tensions negatively impact global growth and emerging markets crumble to an appreciating Dollar could force the Fed to slow down its monetary tightening cycle.

 

In regards to the technical perspective, a daily close above 96.68 may inspire a move higher towards 97.00 and 97.18.

 

Commodity spotlight – WTI Oil

 

The past two trading months have been unquestionably bearish for Oil markets due to ongoing supply and demand side concerns.

 

Rising global supply and worrying signs of slowing demand have been the key players behind Oil’s steep decline. Although Oil prices recently received a slight boost on speculation over OPEC cutting production by roughly 1 million to 1.4 million barrels per day in December, gains were capped by rising US Shale production and fears of global growth plateauing. With global inventories back on the rise and global supply outstripping demand, the underlying fundamentals point to further downside for Oil prices.

 

Currency spotlight – GBPUSD

 

Where the Pound concludes this year will be heavily dictated by how markets react to ongoing Brexit developments. The persistent uncertainty over Brexit talks and political instability in Westminster has clearly haunted investor attraction towards the Pound. The technical picture points in favour of the bears with weakness below 1.2910 opening a path back towards 1.2750.

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

Wema Bank Workers, Others Arraigned over Alleged N8.9Bn Cybercrime

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The trial of three employees of Wema Bank Plc and four others accused of orchestrating N8.9 billion cyber heist has been stalled due to the Eid-el-Kabir public holiday.

Wema Bank Workers, Others Arraigned over Alleged N8.9Bn Cybercrime

Economic and Financial Crimes Commission (EFCC) had arraigned the bank staff—Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim—alongside four alleged accomplices: Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe, before Justice Chukwujekwu Aneke of the Federal High Court in Lagos on May 25, 2025.

The seven defendants face an eight-count charge bordering on conspiracy, cybercrime, and obtaining money under false pretences. They were accused of hacking into Wema Bank’s computer systems in January 2025 and unlawfully transferring N8,568,090,500 to various accounts.

According  S.O. Larry Peters,  counsel, EFCC, the defendants acted in concert with two other suspects—Nurudeen Ibrahim and Alhaji Sulaiman—who are currently at large. The syndicate allegedly manipulated the bank’s data using sophisticated digital tools to cause financial loss and confer illegal economic gains on themselves.

Peters further revealed that two of the defendants—Hannah Okunlola and Sunday Osademe—provided personal bank accounts for the illicit proceeds. Investigators traced N199 million to Okunlola’s UBA account registered under Search Light Media Concept, and N2.25 million to Osademe’s Union Bank account.

The offences, according to the charge sheet, violate Sections 6(2), 8, 14(1), 14(5), and 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as well as Sections 17(a)(b) of the EFCC Establishment Act, 2004.

All seven defendants pleaded not guilty. Following their plea, the court remanded five of the accused in the custody of the Nigerian Correctional Services, while Kingsley Kejim continued on existing bail terms.

The court granted a special request by defence counsel to remand Hannah Okunlola in EFCC custody due to medical concerns.

Justice Aneke had adjourned the matter to June 6, 2025, for commencement of trial. However, due to the nationwide Sallah holiday declared by the federal government, the proceedings could not go ahead as scheduled.

A charge reads: “That you, Samuel Ihechukwu Asiegbu, Ejim Kingsley Kelechi, and others now at large, in January 2025, conspired to alter Wema Bank data to cause the loss of N8.568 billion in order to benefit economically, thereby committing an offence under Section 27(1)(a) of the Cybercrimes Act, 2015.”

The case has drawn significant attention as one of the most audacious cybercrime cases involving bank insiders in Nigeria’s recent history.


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Music Stars, Comedians Light Up “Evening with Glo” in Ijebu Ode

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The 2025 Ojude Oba celebrations kicked off on Friday evening with “Evening with Glo,” a special event organized by Globacom and headlined by Juju music legend Evangelist Ebenezer Obey Fabiyi and Fuji maestro Wasiu Ayinde Marshall (KWAM 1)

This year marks a significant milestone: Globacom’s 20th anniversary as sponsors of the Ojude Oba festival, an event it has helped transform into a globally recognized cultural spectacle.

The “Evening with Glo” was a vibrant mix of live music, delicious food, and captivating comedy from Gbenga Adeyinka, Bash, and Kiekie. The Conference Hall venue was packed as guests enjoyed more than two hours of Ebenezer Obey Fabiyi’s timeless hits, with the audience singing along and dancing.

Globacom organized the event as a gesture of appreciation to the Ijebu community for their unwavering support over the past two decades of the Ojude Oba festival. “We decided to bring together great sons and daughters of Ijebuland to celebrate our shared heritage, and indulge in the melodious rhythms that resonate deeply throughout Yorubaland,” the company stated.

The company explained their choice of musical icons, noting that the “ageless icon and Juju music maestro, Chief Commander Ebenezer Obey, has contributed decades of good, sonorous and philosophical songs to our society. His songs are still as fresh and full of inspirational messages as they were yesterday.”

Regarding KWAM 1, the company highlighted that “For decades, King of Fuji, K1 De Ultimate, the Fuji master, has been a great part of the music firmament in Nigeria, with his unique brand of Fuji that has elicited huge interest.”

The event saw a strong turnout of prominent Ijebu figures, including the Olori of Oba Awujale, Chief Mrs. Olukemi Adetona; the Coordinator of Ojude Oba Festival Planning Committee, Professor Fassy Yusuff; and a committee member and Iyalode of Ijebuland, Chief Mrs. Bisi Osibogun.


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NITDA Makes Case for Inclusive Tech for Special Needs

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National Information Technology Development Agency (NITDA) has emphasized the importance of developing policies that intentionally include approximately 35 million persons with special needs in digital literacy and technology empowerment initiatives.

NITDA Makes Case for Inclusive Tech for Special Needs

Ms. Grace Jerry, executive director,  Inclusive Friends Association (IFA) and  Malam Kashifu Inuwa, director-general, NITDA.

This was stated by Malam Kashifu Inuwa, director-general, NITDA, in Abuja during a meeting with a delegation from the Inclusive Friends Association (IFA), a disability advocacy organization led by Ms. Grace Jerry, its executive director.

Inuwa noted that integrating persons with special needs into these programmes supports President Bola Tinubu’s agenda of economic reform and inclusive growth.

“This has brought to my attention the need to be more intentional in the way we design our programmes because there is no way we can achieve 95 per cent digital inclusion if we exclude 35 million Nigerians.”

“The agency has always been conducting targeted training for people with special needs in various parts of the country in the past.

“We will ensure that we expand our initiatives to all parts of country and our office facility have that in consideration but our programmes going forward will reflect this inclusion,” he said.

The Director General recommended including representatives from the disability community in national ICT committees tasked with setting standards, designing training curricula, and shaping policy frameworks.

He emphasized that their participation would ensure adequate representation and facilitate implementation beyond bureaucratic constraints.

He further advocated for the integration of disability-focused initiatives into national programmes such as the National Youth Service Corps (NYSC) tech schemes, women’s training cohorts, and other major technology-driven activities. According to him, these platforms offer vital opportunities for networking, skills development, and enterprise support.

“For us, it’s beyond just training. The real goal is empowerment, how we can train people to use IT to expand their businesses and improve their lives,” Inuwa said.

He reaffirmed the agency’s commitment to strategic collaboration and invited disability-focused organisations to partner with NITDA in shaping an inclusive digital economy.

Earlier, Jerry expressed appreciation to the agency for the engagement and highlighted the digital gap within the disability community.

She said the government’s goal of achieving 95 per cent digital literacy by 2030 would only be realistic if it was truly inclusive.

“Digital literacy is fast becoming a foundational skill for employment, and without deliberate inclusion, millions will be left behind,” Jerry said.

The meeting highlighted NITDA’s growing commitment to inclusive policy development, aligned with the nation’s economic reform agenda.

 

 


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