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Banks Rush to Beat April 1 Deadline on EMV

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Nigerian banks are making last minute efforts to avoid Central Bank of Nigeria’s big stick for non compliance to the directive to upgrade their electronic payment channel to European MasterCard and Visa (EMV) by April 1, 2009, Nigeria CommunicationsWeek has learnt.
Only eight banks – Zenith, UBA, First Bank, Diamond, Skye, Access, Standard Chartered and Intercontinental Bank Plc have met with the directive as their Automated Teller Machines (ATMs) now accept chip and pin EMV standard.
Central Bank of Nigeria had last year directed banks and switching companies to upgrade their technology to accept European MasterCard and Visa compliant chip cards by December last year, basically because of its security features.
The deadline was extended to April 1 2009, as the process required for the upgrade involves huge investment by both the banks and merchants, which are required to upgrade their ATMs to accept chip cards as well as point of sale terminals to accept the chip based cards.
EMV smartcards offer improved security and anticopy protection and avoid a great deal of fraud which is being faced by magnetic stripe based cards.
Nigeria CommunicationsWeek gathered that some of the banks yet to comply have besieged switching companies and technology vendors to either upgrade the software that drives their ATMs or sign on to the platform that is EMV complaint.
Staffs of the banks now also work longer hours in order to beat the deadline.
Nigeria CommunicationsWeek investigations revealed that most of the banks which ATMs are not EMV complaint are driving them with ‘Postilen Front End Processor’ (PFEP) software supplied to them by a technology vendor based in Lagos.
All ATMs deployed by banks can accept chip and pin cards; it is the software that drives them that is important for them to accept chip and pin based cards.
According to the directive, banks will from April 1 this year stop issuing magnetic stripe cards and replaced them with chip and pin cards with stronger security features.
Cardholders in the country lately have become targets of scammers who send them e-mails requesting them to compromise their card pin numbers for their them to work as their switching company is upgrading its system.

 


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Atte, Nigerian Develops AI Algorithm for Hair Transplants

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Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji

Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.

Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.

His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.

Sunday Dare, special adviser on Media and Public Communication to President Tinubu,  celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.

“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”

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Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”

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FG to Abolish Subsidies in Power Sector in 2027 – Minister

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Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power

The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.

He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.

According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.


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AfCFTA Urges Africa to Stop Exporting Raw Materials

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Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.

According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.

“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.

Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.

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“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.

She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.

Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.

“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.

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