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E-Financial

CBN Sets New Conditions for Debt Recovery, Data, Fraud Protection

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Olayemi Cardoso, governor, Central Bank,
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Central Bank of Nigeria (CBN) has ordered the regulated entities to engage and give customers notices of outstanding obligations prior to the commencement of debt collection.

CBN Sets New Conditions for Debt Recovery, Data, Fraud Protection

Olayemi Cardoso, governor, Central Bank,

They are also to initiate foreclosures only when other recovery options have been unsuccessful – and give customers the option of a private sale, to be exercised within 30 days before commencing foreclosure, except where the customer waived the right.

The apex bank said financial services providers must ensure that the net proceeds from foreclosures were immediately applied to the loan account and customers informed of the balance.

Banks are to provide customers with a report of the sale of the collateral, CBN said. At a minimum, the report shall state the process, proceeds, incidental expenses, and net proceeds.

The banks shall also be liable for the actions of their agents engaged for debt collection, according to the central bank.

They are also not to contact friends, employers, relatives, or neighbours of a customer for any information other than information on employment status, telephone numbers or address, except where the person has guaranteed the loan or has consented to be contacted.

The revised document further mandates banks to protect customers’ assets against fraud or misuse at all times and be liable for losses arising from breach of required controls.

They are to test product suitability with consumers and make necessary modifications to reduce the incidence of fraud or transaction errors.

Essentially, they are required to implement measures across transaction channels and enable a multi-variant customer identification and multi-factor authentication mechanisms for transactions consummated. Also, automated transaction monitoring, alert functions, and behavioural monitoring to detect and prevent fraud are to be installed, with customers sensitised on fraud threats or scams.

The FSPs are required to state and periodically communicate procedures for reporting suspicious, unauthorised, fraud, lost or stolen payment instruments and/or authentication information to consumers.

 

They must also provide secure and simple user interfaces for digital financial services that will minimise the risk of mistake or double transactions.

On consumer data protection, the central bank mandated banks to protect the privacy and confidentiality of consumer information and assets against unauthorised access and be accountable for acts or omissions in respect thereof.

They must also embed personal data protection in the design of products or systems, and obtain written consent of consumers to collect and process their personal data for specific purposes and provide them with the option to withdraw the consent at any time.

FSPs are not to share personal data of consumers to a third party without their express consent, and they must provide details of information to be shared – and are requested to design clear and simple “Opt-in” and “Opt-Out” options for data sharing with third parties.

The CBN noted that the financial services industry had undergone significant transformation with evolving market trends, proliferation and widespread adoption of technology in the delivery of a broad range of financial products and services through digital channels.

It said while these changes had provided enhanced consumer choices, convenience, and accessibility, they had also exposed consumers to new challenges and risks.

According to the apex bank, “Safeguarding the interests and ensuring greater protection of consumers in the evolving financial services landscape necessitated the review of the 2019 Consumer Protection Regulations.”

The apex bank noted that the objective was to promote a safe, trustworthy and consumer-friendly financial services environment by promoting transparency and disclosure through the provision of accurate and clear information to consumers in a timely manner.

It also serves to protect consumers from unethical and predatory practices that undermine confidence in the use of financial products and services, CBN said.

 


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E-Financial

Cyber Crime: Hackers to Hold Secret Conference 3.0  July 25

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The third edition of the annual cybercrime exposure and prevention event, The Hackers Secret Conference 2025 (THSC2025) is slated to be held on Friday, July 25, 2025.

Cyber Crime: Hackers to Hold Secret Conference 3.0  July 25

The event, which aims to bring stakeholders together to keep them abreast of prevailing criminal activities in cyberspace and the required preventive measures, will host key industry players and speakers from different ICT platforms to real out intriguing information that will aid crime fighting in this cyber era.

The event, which is organized annually by IIMONEX ICT LTD, a prominent ICT firm in Nigeria, will be held at the Prestigious Sheba Event Centre at number 20, Mobolaji Bank Anthony Way, Ikeja, Lagos, Nigeria at 9 am.

Keynote speaker expected at the event is Dr. Harrison Nnaji (Ph’D), Group CISO, First Bank.

Other guests expected at the event are Obiora Awogu, CISO, MTN PSB, Prayer Ufot, Cybersecurity, Data Protection Expert and AI Generalist; Adesola Oguntimehin, Founder, Cyber Patron Network, Delight Hamilton, Information Security Officer, Piggyvest and

Chief Executive Officer of iiMONEX, Mr. Udoh Michael Essiet describes the event as a cyber defence conference that brings together Cyber Experts, thought leaders, cyber security students, technology companies and technology vendors to discuss the latest cyber threats and how to defend against them.

According to him, “This year’s edition we are focusing on skills acquisition, we want to create opportunities for cyber security beginners, intermediate and advanced level professionals to network with industry leaders and kick start their career as cyber security Analyst and ethical hackers.

“We also want to create a live penetration testing session during THSC2025, Participants will watch ethical hackers break down attacks and provide expert solutions.

“In this year’s edition, we also invite Software Brands to authorize our ethical hackers to test their digital products live to gain users trust and Brand exposure.”

The THSC initiator however urged industry players to braze up for the event and throw their weights behind it for an effective impact on the industry and across the globe.

 


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E-Financial

SEC Flags ‘Punisher Coin’ As High-Risk Scheme

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The Securities and Exchange Commission (SEC) has issued a strong advisory, warning the Nigerian public against participating in the presale or promotion of a new cryptocurrency known as Punisher Coin, or $PUN, citing regulatory breaches and a high risk of investor fraud.

In a public notice released on Sunday, the capital market regulator described the ongoing presale of Punisher Coin as “unauthorized and illegal,” warning that the asset and its promoters are not registered to operate within Nigeria’s capital market ecosystem.

“The attention of the Securities and Exchange Commission has been drawn to several online publications blatantly advertising the unauthorized presale of a cryptocurrency termed Punisher Coin, also known as $PUN,” the SEC stated, citing a report in the Daily Trust e-paper which claimed the coin could rival established tokens like Avalanche and Chainlink.

The Commission categorically disassociated itself from the coin and emphasized that neither it nor its promoters have received regulatory approval.

“Punisher Coin aka $PUN and its promoters are not registered by the Commission to promote, launch, sell, trade, or solicit investments from the Nigerian public,” the statement read.

According to preliminary findings, the SEC said Punisher Coin qualifies as a “meme coin”—a type of digital asset typically lacking intrinsic value, utility, or a defined project roadmap. These coins are often driven by social media hype and influencer promotion, which the Commission warned makes them especially vulnerable to manipulation and sudden collapse.

“Further investigation has revealed that Punisher Coin or $PUN is a meme coin. Meme coins generally have no use case or intrinsic value. Their price movements are usually driven by social media buzz and influencer promotion, which are prone to manipulation and abrupt collapses,” the SEC added.

The Commission cautioned that such tokens are commonly used in “pump-and-dump” schemes, where promoters artificially inflate a coin’s value through hype before selling off their holdings at a profit—leaving unsuspecting investors with worthless tokens.

“In light of these findings, any person who invests in such a scheme does so at his or her own risk,” the SEC warned.

Reaffirming its investor protection mandate, the Commission urged Nigerians to verify the legitimacy of any crypto asset offering, as well as the registration status of promoters and platforms, via its official fintech verification portal: SEC Fintech Verification Portal

This latest warning reflects the SEC’s growing concern over the proliferation of unregistered digital asset schemes targeting Nigerian investors amid a global cryptocurrency boom.


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E-Financial

Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria

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Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria

Tigran Gambaryan, Binance executive,  is leaving the exchange after four years of service, eight months of which were marked by detention in Nigeria for money laundering allegations.

Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria

Tigran Gambaryan, Binance executive Pix created by photogrid

Gambaryan, praises Changpeng Zhao’s commitment to building a stronger compliance framework.

Having been cleared of all charges, Gambaryan’s departure from Binance marks the end of a tumultuous chapter for both him and the company.

Earlier yesterday, Tigran Gambryan shared an X post, announcing his departure from Binance. He wrote, “Today is my last day at Binance, marking the end of a chapter I’m deeply proud of.”

In a heartfelt farewell, Gambaryan reflected on his four-year tenure at Binance, where he built and led the company’s global investigations function.

Addressing founder Changpeng Zhao, he praised his commitment to building a stronger compliance framework. He noted,

“[CZ] was committed to bringing in experienced leadership to help the company engage more constructively with law enforcement. His support for our mission never wavered, and I’ll always be grateful for the trust he placed in me and the team.”

Further, he highlighted the team’s notable achievements during his tenure. Notably, the team handled over 57,000 law enforcement requests and provided critical support in cases involving financial crimes. He has also led the training of thousands of officials worldwide.

To exemplify, he highlighted cases like assisting the Royal Thai Police.

The team helped them in taking down a massive $270 million crypto fraud scheme targeting citizens in Thailand and the US. He also pointed to the collaboration with Nigeria’s EFCC to recover over $400,000 in illicit funds and provide advanced training to their agents.

Notably, his departure comes following Coinbase’s recent data breach.

The incident exposed personal details of prominent figures like Sequoia Capital’s Managing Partner, Roelof Botha.

Tigran Gambaryan was the Head of Financial Crime Compliance at Binance, who served the exchange for four years.

During a business trip to Nigeria, Gambryan was arrested along with another Binance executive over money laundering allegations.

During his nearly eight-month detention, Gambaryan reportedly endured harsh conditions that took a toll on his health.

Though Gambaryan suffered from malaria and pneumonia, he reportedly received inadequate medical care.

In addition, in a September 2, 2024, court hearing, Gambaryan was subjected to ‘inhumane treatment’ by Nigerian authorities, as evidenced by a video.

However, following consistent requests from his family and influential figures, Gambaryan was finally released and cleared of all charges in October 2024.

It is noteworthy that the Nigerian government sued Binance when the exchange was facing a lawsuit from the US SEC.

While Nigeria is still pursuing the case, the SEC recently dismissed its lawsuit against the exchange.


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