News
Cashless: Experts Warn Against Corporate Greed

Financial experts have warned against the possible hijack of cashless policy of the Central Bank of Nigeria (CBN) by a few individuals or corporations and urged the apex bank to move against limits of transaction cost which could inhibit competitiveness and efficiency in the system, Nigeria CommunicationsWeek can report.
They however, reported a bit of cheering news for consumers and operators of the cashless regime indicating that Nigeria now accounts for the greater number of ATM machine deployments in Africa.
The growth in the ratio of automated teller machine debit card (ATM) customers, according to the experts, would increase from 10 million (in circulation) to about 100 million in the next five years due to ongoing policy drive to move the economy from cash transaction to e-channels.
Prof. Pat. Utomi, director of Lagos Business School, (LBS) at the one-day cashless conference: Payment thought leadership breakfast series1 held in Lagos at the weekend, urged the apex financial house to move against limits of transaction cost which could inhibit competitiveness and efficiency in the system.
“The transactional costs will limit the competitions. The use of transactional costs to roll out cash coupled with lack of trust in the system affect the process. The operators are yet to get it right in services; hence people encounter bottlenecks during transactions,” said Utomi.
Prof. Utomi warned against “first movers’ apparition; if not tamed the process would be hijacked by few individuals and corporations. A transparent and incorporation of interested players, technological enhancement, and massive education will boost public confidence.”
Chuma Ezirim, Group Head, eBusiness at First Bank stated that the introduction of cashless policy will propel the nation’s economic drive towards attainment of Vision 20 20-20 goal.
He opined that mobile money payment and other echannel transaction platforms are all technology driven and would open up Nigeria for global competitiveness. Ezirim noted that already Nigeria has become the leading economy in Africa with greater number of ATM deployments.
“Statistics available indicate that Nigeria tops the ATM market in Africa and that means fortune for the players in the industry. Going by the payment system, customers could do their normal basic financial transactions on a daily basis by making payments for goods and services or by engaging in person-to-person transfer directly on their GSM phones,” said Ezirim.
He advocated for a “changed management” system with the aim of educating the public, transactional costs reductions, and closing the gap between the middle class traders and the operators for understanding of the policy.
Tunde Lemo, deputy governor (operations) at the CBN admitted that it was not yet uhuru in implementation of the cashless economy policy. He stated that the CBN has established a performance monitoring office for effective surveillance of operators in the system. The aim is to monitor “efficiency, availability and sustainability of the e-payment scheme.”
Lemo also said the CBN was networking with other government agencies like NIPOST to link up rural dwellers where Point of Sale (PoS) machines are yet to be deployed.
Adeyinka Adeyemi, managing director, Intermarc Consulting ask that the CBN be magnanimous in providing incentives to encourage market players and consumers. Incentives should include internet facilities for the effective implementation of the scheme.
Nigeria CommunicationsWeek’s research indicated that despite the optimism by market operators, Nigeria still lags behind South Africa and other emerging economies on ATM deployment ratio-per-population density.
Comparatively, Nigeria has 10 ATM cards per 100 persons against South Africa’s 55 per 100.
News
Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.
Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.
Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.
To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.
Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.
“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”
The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.
“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
News
Beware of Fake Cerelac Products – NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.
It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.
NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).
Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.
NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.
It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.
According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.
“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.
“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.
The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.
It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.
NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.
It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.
The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.
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