News
Carbon Unveils New iOS App

Carbon, Nigeria’s foremost digital financial services company, has unveiled an iOS app, making it the first digital lender in Africa to be able to initiate and complete an entire loan cycle via an iOS app.
Carbon (formerly Paylater) pioneered instant lending in Nigeria and was the first mobile app that provided access to credit digitally and without requesting individuals to present the documents and collateral traditionally associated with accessing loans. With the new iOS app, as with the existing Android app, individuals can access instant loans in minutes. All you need is a mobile phone, data connection and a means of identification.
A recent Enhancing Financial Innovation and Access (EFInA) report1 suggests that more than one in three Nigerian adults (37 percent/36.6 million) are financially excluded, with 40 percent (14.9 million) of the excluded having no access to financial institution at all.
With smartphone adoption predicted to quadruple (from 36 million to 144 million) by 20252, the addition of an iOS app represents an excellent opportunity to provide financial services to individuals that would otherwise be unbanked or underbanked.
Carbon has built the new iOS app with flexibility in mind, making it easier for customers in different markets to access the financial services they require. In Nigeria, for example, users can perform transactions or get loans at all 3 KYC tiers (low, medium and high value) provided by the Central Bank of Nigeria.
This means more people (both banked and unbanked) at every level of the market can access Carbon’s market leading services. Carbon will also be adding a USSD channel in the coming months.
According to Chijioke Dozie, CEO and co-founder of Carbon, “We are really excited to add consumers on the Apple ecosystem to our network and we have channeled a lot of the learnings and user insights from the last four years on Android into this app. As we establish ourselves as a Pan-African digital bank, we want to go everywhere with our customers and be innovative and versatile enough to fulfil their needs.”
Carbon empowers individuals and businesses across Africa with access to credit, simple payment solutions, high-yield investment opportunities and easy-to-use tools for personal finance management. Since launching in 2016, Carbon has amassed 2.1 million users and disbursed more than $120 million in instant loans.
News
FG May Forfeits $4m from World Bank Loan over Audit Flop

Federal government may lose $4 million from a World Bank loan after failing to get a pass mark on key audit standards in its revenue-generating agencies, such as the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.
This is according to a World Bank restructuring paper dated June 2025.
The amount, which is the equivalent of around N6.2 billion with an exchange rate of N1,568 per dollar, could have helped to address one of Nigeria’s infrastructural deficits.
The fund formed part of the $103 million Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the International Development Association.
Accordingly, the revenue assurance audit covering the FIRS and Customs for the 2018 to 2021 financial years was assessed as not achieved because the reports submitted did not meet international auditing standards.
“Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018–2021, with an allocation of $4m.
“These Intermediate Results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards.”
Also, the unsuccessful audit was one of ten performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. Consequently, the Federal Ministry of Finance formally requested the cancellation of $10.4 million in project funds.
“The FMF has requested cancellation of $0.9m of unused funds for technical assistance and $9.5m, which is the amount allocated to 10 performance-based conditions, which will not be achieved by the close of the project on June 30, 2025,” the document read.
Further analysis shows that $4.5 million was tied to the uncompleted Revenue Assurance and Billing System, while $1 million was allocated to the development of a National Budget Portal.
According to the document, the Budget Office of the Federation, which was responsible for the portal, did not submit any evidence of achievement. In addition, $0.9 million in technical assistance funding was left uncommitted and has also been cancelled.
News
CDCFIB Warns against Recruitment Racketeers

Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has warned job seekers to be wary of fraudsters circulating inappropriate recruitment information.
The warning came against the backdrop of social media publications that President Bola Tinubu has ordered massive recruitments into some government agencies.
The agencies listed in the report were the Nigeria Immigration Service (NIS); the Nigeria Security and Civil Defence Corps (NSCDC); the Nigeria Correctional Service (NCoS) and the Federal Fire Service (FFS)..
The agencies are all under the Ministry of Interior, headed by Dr Olubunmi Tunji-Ojo.
However, while responding to the reports, the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) cautioned Nigerians against falling into the traps of job racketeers.
The Board acknowledged a Presidential approval for the recruitment of personnel in the four (4) Paramilitary Services under its purview, but insisted that due process would be followed on the matter.
Major Gen. Abdulmalik Jibrin (rtd), board secretary, said in a statement that “there are series of processes which leads to the actual recruitment exercise.”
“The Board wishes to reiterate that for all its recruitment processes, appropriate notifications would be done via adverts in the national dailies and it would be carried out in a fair and transparent process devoid of payment of any fee.
“To this effect, members of the public should be weary of the activities of recruitment racketeers who may want to take advantage of unsuspecting job seekers to rob them of their hard-earned resources”, Gen Jibrin said.
News
Concerned Nigerians Ask EFCC to Release Abiodun, CBEX Promoter

Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme, who voluntarily surrendered to the Economic and Financial Crimes Commission (EFCC) in April following a ruling by Justice Emeka Nwite of the Federal High Court in Abuja, is still languishing in the custody of the anti-corruption agency.

Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme,
Concerned Nigerians who have been following the matter have urged the EFCC to release him unconditionally since he honoured their invitation without being arrested.
The court had approved the EFCC’s request to arrest and detain six individuals connected to the scheme, including Abiodun.
Alongside Abiodun, five other individuals—Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—were declared wanted by the EFCC for their involvement in the alleged fraudulent investment scheme, which was valued at over $1 billion.
Fadila Yusuf, EFCC’s legal counsel, had submitted evidence that led to their public declaration as wanted individuals.
After the announcement, Abiodun, who was shocked by the declaration, alongside his legal team, presented himself to the EFCC headquarters in Abuja, expressing his willingness to cooperate with the investigation.
Babatunde Busari, his legal counsel, explained that Abiodun’s decision to submit voluntarily was made in order to clear his name and address the media narratives circulating about the case.
Despite the return of investor funds and CBEX’s assurance that withdrawals would be allowed by June 25, Abiodun has been in detention for over a month, triggering speculation about the EFCC’s high-handedness and rights abuse.
His legal team is now advocating for his release on administrative bail, emphasizing that the ongoing detention is unwarranted under the circumstances since he submitted himself for investigation.
According to one of the family sources, “Keeping him in a cell for over one month would send a negative signal to other Nigerians who would be declared wanted by the EFCC in the future. It would discourage Nigerians who have clear cases from surrendering themselves voluntarily to security agencies if, at the end of the day, they don’t receive mutual respect for surrendering themselves.”
He added that CBEX is not a Ponzi scheme.
Reacting to the agitation by concerned Nigerians, Dele Oyewole , EFCC spokesman hinted that the agency obtained a remand order to keep him beyond 48 hours.
According to him, “Anybody that we are holding beyond 48 hours, be rest assured that we have a lawful remand order from the magistrate court to hold him beyond 48 hours.
“We are a law-abiding commission. Concerning that suspect, we are holding him on the basis of that remand order.”
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