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CBN Should Create Incentives for People to go Cashless – Agboola

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Hamza Saleem, IDC
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Bolade Agboola is an executive director at CashCraft Asset Management Limited. He is an Associate of the Chartered Institute of Bankers and Chartered Institute of Stockbrokers. He is a registered Issuing House Operator and has worked for about 20 years in various banks before joining CashcraftAsset Management Limited.He spoke to funmi ilesanmi on issues bothering on the capital market and other economic issues. Confidence of Nigerians in the Stock Market Confidence in the stock market has to be built over a period of time because a lot of people lost money and a lot of people came in and the economy went down. It will take quite a while for full confidence in the stock market to be restored and that confidence will be restored when we start to see the full corporate result and also when the bank that were recently merged start coming out with their results. What they took from those banks are the good while the bad is with the Amcon. The good aspect of the bank is now with them so those are the things that will drive the market and I believe that before the end of the year we will see a lot of improvement. That confidence also, has to do with the way debt issues with Amcon is resolved. Those are some of the things that will determine how early the confidence can be resolved. I think this will be a positive turn around this year in the market. The signs from the global economy especially US and China are not discouraging and we also believe that this year too, the Euro zone crisis would also be resolved. Those are the positive result we are expecting and of course what is still dampening Nigeria’s outlook is the local problem-the terrorist issue; which I also believed would be resolved before the end of the year. Role of Euro Crisis in Fall of Nigeria Capital Market Yes, the Euro crisis has a role to play in this because when you look at it from the background that 70 per cent of the stock market is owned by foreign investors so whatever happens globally will also have an impact on the market in terms of new investments coming in because what drives the market is the investments so the capacity of fresh investments coming from Europe will be limited because of the crisis. Divestment of Insurance Companies The divestment of banks from insurance companies is part of the pursuit of the CBN towards monoline specialized banking. What we are having generally is a type of management buy-out. Officially, these banks are not supposed to have shares in those companies but what they are doing is to empower their management to buy the companies. It would not really have any effects, it is just unfortunate that the line of banking we have chosen does not allow the kind of thinking that follows successful universal banks like Germany and the rest where banks can invest in industries, invest in non-core businesses like insurance. I think it is one of our reactions to the regulatory failures that led to the financial crisis but time would tell whether it is a good decision or bad decision because the school of thought in allowing banks to do all those things is that for certain times in Nigeria the banking industry was able to attract a lot of professionals and coupled with their money through these they encouraged to invest equities in companies but unfortunately, because of regulatory failures and economic crises that came up in 2008, we have now decided to adopt that train. I believe that universal banking is still being done in most part of the world and we have chosen to do specialized banking but time will tell whether we have taken a good decision. I am circumspect about it because I know Nigeria banks are operating international banking outside the shores of Nigeria. I also know that International banks have branches in Nigeria are also operating some elements of universal banking, so how we are going to resolve that in the future, I do not know; but I believe that it is one of those decisions that is neither here nor there. Directive that Registrars Stop Handling Shares of their Parent Companies I do not know how we are going to handle it. Two of the most effective registrars in this country in terms of performance and everything are owned by two of the leading banks, GT Registrars and FirstBank Registrars. In terms of any rating in the market they come first and second whether they are handling shares of their own banks or shares of other banks. It is also due to regulatory failure during the boom era that we are now saying they should not handle shares of their parent companies because for every activity of the registrar, they are supposed to have a timeline which regulators can check and there are rules and all the rest. It is like we do not even trust our capacity to run those institutions because if you say now that those registrars should be sold off which is the decision the CBN has taken, I do not know whether it will also have the capacity to mitigate the disaster we have in 2008, it is debatable. Unauthorized Sale of Shares by Stock Brokers The brokers do make mistakes. I mean you are punching your computer, these are things that would be intentional, which is conversion where the proceed is taken away but definitely these could be operational errors. It is good to be able to distinguish between these and shareholders have different types of arrangements with their brokers. Some of them pledge it as collateral and then when you want to realize it, they will run to the exchange, run to CSS and say they sold my shares illegally. I think the stock exchange is taking adequate measures to combat that and some of the things that has been used to combat that is the fact that almost all investors are on trade alert and whatever they do can easily be determined, so the investor can be aware. If he did not authorize it, he has three days to say I did not authorize it. I believe that as everybody embraces e-banking and all other e-services, all of that complaints would be resolved. Definitely, we will continue to have issues of unauthorized sales due to operational errors and due to some other factors. ICT in Stock Broking Business We cannot do our business without ICT. You will find that during the Fuel Subsidy crisis most people were able to trade from their homes, so that is how far we have gone and there is still a lot to be done in terms of payments. Today you can be in Maiduguri and instruct your broker to buy stock for you, credit your account with any bank, anywhere you are across the country and the stock will be bought and your proceeds can be credited to your account. So you do not need to physically go to your broker to transact any buy or sell transactions and that shows what ICT has done in facilitating that. I believe that as the national ICT platform improves, all these things will improve. ICT has actually helped the business tremendously. CBN’s Cashless Policy The cashless policy is a desirable policy and I will say that virtually all the banks started around 1997, 1998 with the use of Visa and Valucard and I think we have come a long way. It is a desirable policy but the only thing some of us do not agree with is the limit because if I can take $5,000 in Nigeria and then enter Britain or any country and I can carry $5,000 as my BTA, I see no reason why we should limit the maximum you can take from the bank to N150,000 which is less than $1,000. Knowing that there are still a lot of challenges outside Lagos; if I want to have a ceremony in my village and I know I can go there with the intent that I can take some money, if that is the period armed robbers visit the village like they did in Ogun state and the banks were shut down for one week, how do I go about it when I need to buy cow and other things? To me, we need to do it right to help the banking system. We need to create incentives for people to do their transactions via ATMs, PoS but allowing banks to make money out of necessity is what I do not like or creating a situation where it becomes fraudulent by issuing several N149,000 cheques and walking to the banks everyday. To me that is an area I think the CBN should look into. We do not need to put penalties on it but we can create sufficient incentives for people not to take cash. Tackling Fraud in e-Payment Services I think with the technology adopted, incidences of fraud will be limited. I believe that it is a real challenge because electronic fraud is something that should be worked on. I believe the banks have done a lot in curtailing and making the system full proof through the operation know your customer (KYC), identity cards and the rest. I believe that we will get used to it. Attaining Single Digit Inflation Rate Inflation in Nigeria and other emerging countries is determined by so many factors. It will be very difficult to bring down inflation one of the reasons being pressure on the foreign exchange and the fact that fuel prices are adjusted in arrears. One of the things the removal of subsidy would have done was to first of all create a pipe in inflation and because things are changing daily based on the movement of exchange rates based on price of crude oil in the international market, then it would have been moderated. We have had this devaluation and price of petroleum products induced exchange rates. Of course we have not seen the government doing a lot of borrowing and then a lot of money coming into the system through the way the federation account is handled. Really, it is going to bring inflationary rate to a single digit. It is desirable, we can plan but because of the structure of our economy, it will still take us a while to attain single digit inflationary rate.


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Leo Stan Ekeh at 70; thanks Tinubu, Obasanjo, Nigerians, Global Tech Community

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Leo Stan Ekeh, Chairman of Zinox Group and Africa’s foremost digital disruptor, has expressed gratitude to President Bola Ahmed Tinubu, and former President and African statesman, Chief Olusegun Obasanjo, for their goodwill messages and prayers on his birthday.

Leo Stan Ekeh at 70; thanks Tinubu, Obasanjo, Nigerians, Global Tech Community

Ekeh, who turned 70 on Sunday, February 22, also extended gratitude to governors; former governors, including Babatunde Raji Fashola, former governor of Lagos state; National Assembly members; captains of industries, members of the global tech community, some of whom sent delegations to his house aside virtual goodwill messages sent from across the globe; royal fathers and the media.

In a post-birthday prayer and thanksgiving meeting with some members of the ICT media in his Ikoyi residence at the weekend, Ekeh said he was overwhelmed by the deluge of good wishes from Nigerians of all tribes and tongues.

Ekeh reflected on his relationship with President Tinubu over the past decades, describing Tinubu as a trustworthy and loyal friend who does not hesitate to make sacrifices for the good of the people he leads.

“President Tinubu has been my supporter long before I launched Zinox. He has always shown brotherly love,” he recalled.

He mentioned Mr. Sam Amuka, publisher of Vanguard newspapers; Lt. General T.Y Danjuma (retd), Founder, South Atlantic Petroleum; and Pa Obafemi Awolowo’s family as some of the many Nigerians with established companies who “experienced me and trusted me in the early days of my business life, and I didn’t disappoint”.

Recounting how Nigerians celebrated him on his birthday, he said: “In all my years, I have never seen such a show of love from Nigerians via different communications channels, from calls to social media. I was deeply touched by the kindred spirit of Nigerians. It tells me one thing: Nigerians are caring and loving people, and they appreciate quality and value-driven impact.

“I want to use this medium to say ‘thank you’ to those who sent me messages of goodwill, prayers through different communication platforms that I could not immediately acknowledge. I appreciate you all,” he said.

It will be recalled that President Tinubu while celebrating Ekeh on his birthday described him as one of “Nigeria’s pioneering innovators in the information technology sector.”

The President also commended Ekeh for his “commitment to promoting the Nigerian brand and creating opportunities for young Nigerians,” amongst his other achievements in the tech sector.

President Obasanjo, accompanied by his wife, Chief (Mrs.) Bola Obasanjo, who visited Ekeh to pray for him, described Ekeh as a “very kind man and an achiever who inspired many youths at a critical point in Nigeria’s information technology history.” He also prayed for the Zinox Group boss to live for 100 years and beyond.

As a sitting President, Obasanjo honoured Ekeh as an Icon of Hope and a role model for Nigerian youths on October 1st, 2001, and subsequently with the national honour of the Officer of the Federal Republic (OFR).

Others who joined Obasanjo in honouring Ekeh were former Lagos state governor, Babatunde Raji Fashola and his wife, former INEC Chairman, Professor Maurice Iwu and his wife, Chairman of MTN, Dr. Ernest Ndukwe and his wife; Mr. Atedo Peterside, Founder of Stanbic IBTC Bank and his wife; Chairman of Fidelity Bank, Mrs. Amaka Onwughalu and her husband; Managing Director Fidelity Bank, Dr. Nneka Onyeali-Ikpe; Mr. Udoma Udo-Udoma, Chairman Seplat Energy and his wife; Mr. Sam Amuka; Prof Anya O. Anya; Mr. Chris Uwaje, tech policy expert and his wife; Mr. John Momoh, Chairman of Channels Media Group and his wife; Mr and Mrs Walter, CEO of Providus bank, Mr. Roosevelt Ogbonna, group CEO of Access bank, Mrs. Victoria Ajayi, CEO of TVC  Communications and her husband; Mrs. Nkeiru Anumudu, CEO of Globe Motors, secondary school mates of Ekeh including Charles Oputa (Charly Boy) who came with his wife; Leo Stan’s elder brother HRM Eze George Ekeh (aka Saint George), the traditional ruler Ishi Ubomiri Autonomous Community in Imo state;  representatives of multinationals with whom  he has partnered all through the years;  among


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JAMB Uncovers AI-Driven Fraud Targeting UTME Candidates, Warns Parents

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Joint Admissions and Matriculation Board (JAMB) has said it has uncovered criminal syndicates that are deploying artificial intelligence tools to impersonate its officials and defraud candidates preparing for the Unified Tertiary Matriculation Examination (UTME).

JAMB Uncovers AI-Driven Fraud Targeting UTME Candidates, Warns Parents

Is-haq Oloyede, registrar of the board, disclosed this on Saturday in Abuja, warning that candidates and parents involved in the scheme would face severe consequences.

Mr Oloyede also said three top officials of the board have been found to have collaborated in sabotaging the system and have been recommended for dismissal.

He added that two other officials and a member of staff of Ahmadu Bello University, Zaria, are currently undergoing criminal prosecution for involvement in activities inimical to the integrity of the examination body.

Mr Oloyede said investigations revealed that more than 100 candidates were linked to the scheme, with 83 confirmed to have made payments to the syndicates.

He added that those involved cut across 25 states with three school proprietors in custody for aiding and abetting examination malpractice.

He further said the board had made recommendations to the Minister of Education for the cancellation of the affected registrations.

“What is important for us to emphasise here is that the students themselves and their parents are willing collaborators and cannot be regarded as innocent,” he said.

Mr Oloyede also expressed concern about the involvement of underage candidates, noting that about 38,000 underage candidates have registered for the 2026 UTME.

He said many of the candidates who patronised the syndicate are underaged, who have been pushed by their parents beyond their academic capacity.

While noting that JAMB’s mandate is limited to conducting examinations, he urged parents to refrain from encouraging malpractice.

“Parents must understand that paying for fraud does not secure a child’s future. It destroys it. You are teaching them that cheating is a strategy, that deception is acceptable, and that merit is optional,” he said.

Mr Oloyede rejected suggestions that the board should negotiate with suspects, including some who allegedly fled the country after last year’s examination.

He added that some computer-based test (CBT) centres had already been sanctioned.

He warned that paying for examination fraud or belonging to online groups offering such services would attract sanctions.

“Let it be clearly understood by all Nigerians that paying for examination fraud is a crime. Receiving illegal assistance is a punishable offence. Being a willing member of a WhatsApp group where these fake services are offered will no longer be condoned. Ignorance will not be accepted as a defence,” he said.

Mr Oloyede said the board is working with security agencies to tackle the fraud schemes.

He thanked the Office of the National Security Adviser, the Directorate of State Services, the Nigerian Police Force and the Nigeria Security and Civil Defence Corps for their support.

“As for capacity, we have the capacity to deal with all these issues. If we did not have the capacity, we would not be able to stay ahead of them. As they are planning, we are planning,” he said.

He added that JAMB has strengthened its technical systems, including the ability to detect prohibited devices during examinations.


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SERAP Asks FCCPC to Investigate Google, Meta, Others over Alleged Rights Abuses

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Socio-Economic Rights and Accountability Project (SERAP) has urged the Federal Competition and Consumer Protection Commission (FCCPC) “to urgently investigate allegations that Google, Meta (Facebook), Apple, Microsoft (Bing), X (formerly Twitter), TikTok, Amazon, and YouTube are using opaque algorithms and market dominance to undermine Nigerian media, businesses, and citizens’ rights.”

SERAP Asks FCCPC to Investigate Google, Meta, Others over Alleged Rights Abuses

In a complaint dated February 28, 2026, and addressed to Mr Tunji Bello, executive vice chairman and CEO, FCCPC; SERAP accused companies including Google, Meta (Facebook), Apple, Microsoft (Bing), X, TikTok, Amazon and YouTube of deploying opaque algorithms and leveraging market dominance in ways that allegedly undermine Nigerian media organisations, businesses, and citizens’ rights.

The complaint which was signed by Kolawole Oluwadare,  deputy director, SERAP,  said, “Big technology companies operate with enormous influence over Nigeria’s digital economy and information ecosystem, yet they often escape accountability for the harms they cause.”

SERAP urged the FCCPC “to take measures necessary to urgently prevent further unfair market practices, algorithmic influence, consumer harm and abuses of media freedom, freedom of expression, privacy, and access to information and ensure compliance with Nigerian laws and international standards.”

SERAP also urged the FCCPC “to convene a public hearing into the allegations of algorithmic discrimination, market dominance, data exploitation, and consumer harm involving Google, Meta, Apple, Microsoft (Bing), X, TikTok, Amazon and YouTube.”

SERAP also asked the FCCPC to convene a public hearing to investigate allegations of algorithmic discrimination, data exploitation, revenue diversion, and anti-competitive conduct involving the tech giants.

According to the organisation, dominant digital platforms now act as private gatekeepers of Nigeria’s information and business ecosystem, wielding enormous influence over public discourse and market competition without sufficient transparency or regulatory oversight.

“Millions of Nigerians rely on these platforms for news, information and business opportunities,” SERAP stated, warning that opaque algorithms and offshore revenue extraction models pose both economic and human rights concerns.

The group argued that the alleged practices threaten media plurality, consumer protection, privacy rights, and the integrity of Nigeria’s forthcoming elections.

SERAP pointed to actions taken by the South African Competition Commission, which investigated Google over alleged bias against local media content.

The South African probe reportedly resulted in measures including algorithmic transparency requirements, compliance monitoring and financial remedies.

SERAP urged the FCCPC to take similar steps to safeguard Nigerian media and businesses.

The organisation maintained that if established, the allegations could amount to violations of Sections 17 and 18 of the Federal Competition and Consumer Protection Act (FCCPA), which prohibit abuse of market dominance and anti-competitive conduct.

SERAP stressed that the FCCPC has statutory authority to investigate and sanction conduct that substantially prevents, restricts or distorts competition in Nigeria.

It also warned that failure by the Commission to act promptly could prompt the organisation to pursue legal action to compel regulatory intervention.

Citing concerns reportedly raised by the Nigerian Press Organisation (NPO), SERAP said big tech companies have fundamentally altered Nigeria’s information environment, creating what it described as a structural imbalance of power that threatens the sustainability of professional journalism.

Among the allegations listed are: Algorithms controlled outside Nigeria determining content visibility, monetisation of Nigerian news content without proportionate reinvestment, offshore extraction of advertising revenues, limited discoverability of Nigerian websites and platforms, and lack of transparency in ranking and recommendation systems.

SERAP argued that declining revenues in the Nigerian media industry have led to shrinking newsrooms, closure of bureaus, and the emergence of news deserts, weakening journalism’s constitutional role in democratic accountability.

The organisation further warned that algorithmic opacity and data-driven micro-targeting could influence voter exposure to information ahead of Nigeria’s forthcoming elections, raising concerns about electoral fairness and transparency.

SERAP emphasised that media freedom is guaranteed under Sections 22 and 39 of the 1999 Constitution (as amended), as well as international human rights instruments including the International Covenant on Civil and Political Rights and the African Charter on Human and Peoples’ Rights.

The group urged the FCCPC to: Initiate a full-scale investigation into the alleged conduct, convene a public hearing involving journalists, media organisations, SMEs, content creators and civil society groups, mandate transparency in ranking, recommendation and advertising algorithms, establish remedial measures, including a compensation fund for affected media organisations, summon relevant persons and demand production of documents, and impose sanctions where violations are established.

SERAP said urgent regulatory action is necessary to prevent ongoing consumer harm, protect competition, and safeguard constitutional rights in Nigeria’s digital space.

 


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