General News
CBN Should Create Incentives for People to go Cashless – Agboola
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.
Guinness Nigeria has officially begun rewarding consumers under its nationwide ‘Open For More’ National Consumer Promotion (NCP), with an impressive ₦17 million in rewards to 107 winners during the campaign’s first live draw held on July 31, 2026.
The inaugural draw instantly transformed the fortunes of consumers across the country, producing seven new millionaires, who each received ₦1 million, alongside 100 additional winners, who each walked away with ₦100,000. The milestone marks the beginning of a series of weekly live draws that will see hundreds more Nigerians rewarded throughout the promotion.
The seven ₦1 million winners are Marcus Barieepie, Ani Valentine Ogochukwu, Okafor Sochima, Taiwo Adebola, Zubair Rukayat, Oluwatobi Femi, and Ebubechukwu Okolo.
The live draw was conducted under the supervision of the Federal Competition and Consumer Protection Commission (FCCPC) to ensure transparency and fairness. Representatives of the commission present included Dr. Olubunmi Otti, Zonal Coordinator, FCCPC Southwest, and Mrs. Abosede Ogundeji, Surveillance and Investigation Officer.
Speaking during the draw, Ramanathan S, representing Guinness, said the promotion reflects the brand’s enduring commitment to celebrating and rewarding the consumers who have supported Guinness over the years.
“For decades, Nigerians have made Guinness a part of their milestones and celebrations. Today, we are proud to give back by putting ₦17 million directly into the hands of 107 consumers in our very first draw. This is only the beginning. Over the coming weeks, many more Nigerians will experience life-changing rewards as we continue to celebrate the loyalty of the people who have made Guinness part of their stories.”
He added that all weekly draws will continue to be streamed live across Guinness Nigeria’s official platforms, enabling consumers to witness the winner-selection process in real time and reinforcing the transparency and credibility of the promotion. He also encouraged eligible consumers nationwide to participate, noting that every valid entry presents another opportunity to win.
The ‘Open For More’ National Consumer Promotion offers consumers the chance to win ₦1 million every day, ₦100,000 cash prizes for 1,000 winners, and a Toyota Land Cruiser Prado as the grand prize. Altogether, the promotion will reward consumers with more than ₦400 million in cash and prizes.
To participate, consumers simply need to purchase specially marked bottles of Guinness Foreign Extra Stout or Guinness Smooth, locate the unique code beneath the crown cork or can lid, and enter the code via the designated campaign platform.
With ₦17 million already won in its opening draw, the campaign is off to a remarkable start, reinforcing Guinness Nigeria’s commitment to rewarding consumer loyalty through transparent processes and unforgettable experiences that go beyond the product. Consumers are encouraged to look out for specially marked promotional packs and follow Guinness Nigeria’s official communication channels for updates, winner announcements, and details of upcoming draws.
National Information Technology Development Agency (NITDA) has expressed readiness to deepen collaboration with Nigerian universities to promote research, innovation and technology-driven solutions to local challenges.
NITDA, UniAbuja
NITDA’s Director-General, Kashifu Inuwa Abdullahi, stated this when the management of Yakubu Gowon University, formerly the University of Abuja (UniAbuja), led by its Vice-Chancellor, Prof. Hakeem Fawehinmi, paid a familiarisation visit to the agency’s headquarters in Abuja.
Abdullahi said stronger collaboration between NITDA and tertiary institutions was essential to building a robust innovation ecosystem, developing practical skills and positioning Nigeria for technology-driven economic growth.
He stressed the need for increased investment in research, particularly in emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT), blockchain, cybersecurity and cloud computing.
“We need to invest more in in-depth research with universities to build a robust research ecosystem that will help us develop solutions.
“Research will focus on harnessing AI, IoT, blockchain, cybersecurity and cloud technology, among other emerging technologies, to improve our lives and grow our digital economy,” he said.
The DG described universities as critical talent factories required to achieve Nigeria’s digital transformation aspirations.
“NITDA has a vision to make Nigeria a digitally empowered nation. You (UniAbuja) are the talent factory, and we cannot achieve our vision without talented Nigerians.
“The only way to achieve that is by working with institutions like yours. So, we need to build talent,” he said.
Abdullahi also advocated the integration of AI education across disciplines in tertiary institutions, saying students needed practical digital skills to remain relevant in the evolving world of work.
“We can work together to explore ways of introducing AI across the board as a general study course in tertiary institutions.
“Elements of AI should be included in every field of study to equip our students with the hands-on skills for navigating the real world,” he said.
According to him, NITDA is already collaborating with key education sector stakeholders, including the Federal Ministry of Education, National Universities Commission (NUC), National Board for Technical Education (NBTE) and National Commission for Colleges of Education.
He said the agency was also working to promote digital literacy programmes across all levels of education to ensure that graduates acquire skills relevant to industry requirements.
Earlier, Fawehinmi said the university’s visit was aimed at seeking NITDA’s partnership and support in strengthening digital infrastructure and technology-based training at the institution.
He expressed appreciation for NITDA’s contributions to the Digital Geoscience Centre at the university.
The Vice-Chancellor said the university was willing to collaborate with NITDA on joint research, capacity-building initiatives and innovation programmes capable of contributing to Nigeria’s socio-economic development.
“We could go into partnership with you to provide data, collaborative engagements, staff exchanges and joint research hubs, so that we can produce high-level human resources.
“The university is committed to serving as a strategic academic partner to NITDA by providing academic expertise required to advance your national digital transformation initiatives,” he said.
The proposed collaboration is expected to strengthen the link between academic research and industry needs while creating opportunities for technology innovation, skills development and practical solutions to Nigeria’s socio-economic challenges.
A New Mexico court has ordered Meta, the parent company of Facebook and Instagram, to pay $567 million to address the alleged harms caused to young people by its social media platforms.
Meta
The ruling by Judge Bryan Biedscheid came in the second phase of a landmark trial concerning the impact of Meta’s platforms on children and teenagers.
The judge said $420 million of the amount would be dedicated to treatment services for young people, while the remaining funds would support awareness and prevention programmes, screening services and other related costs over the next five years.
The latest financial order comes on top of $375 million in civil penalties awarded against Meta in March after a jury found that the company knowingly harmed children’s mental health and concealed information about child sexual exploitation on its platforms.
During the second phase of the trial, prosecutors asked the court to order fundamental changes to Meta’s platforms, including measures to reduce addictive features, improve age verification and prevent child sexual exploitation through stronger privacy settings and increased oversight.
The court subsequently ordered Facebook and Instagram to introduce banner notifications and informational screens explaining their safety features, recommended practices and tools for addressing inappropriate comments.
The platforms must also regularly display the information, while an educational campaign in New Mexico will be subject to review by the state.
New Mexico Attorney General Raúl Torrez said the ruling sent a clear message that technology companies could be held accountable when their product designs knowingly exposed children to risks.
“Today’s decision is a victory for every parent who has worried about what social media is doing to their child and every child who deserves to grow up safer online,” Torrez said in a statement.
Meta said it would appeal the ruling.
“We work hard to keep people safe on our platforms and have been transparent about the challenges of identifying and removing bad actors and harmful content,” the company said.
The company said it remained confident in its record of protecting teenagers online and would continue to defend itself against what it described as claims that misrepresented the facts.
On age verification, the court said federal children’s privacy laws restricted Meta’s ability to apply certain verification tools to children under 13.
The court cited the Children’s Online Privacy Protection Act (COPPA), which limits the collection of personal information from children under 13.
Rather than imposing a blanket age-verification requirement exclusively on Meta, the judge ordered the company to continue improving its age-assurance tools in New Mexico.
The tools include the use of artificial intelligence to estimate users’ ages based on signals such as their social connections and the type of content they post and consume.
Meta was also ordered to attempt to develop a dedicated model for predicting whether users are under 13 within the next two years.
Additionally, the company must request proof of age from Facebook and Instagram users in New Mexico whom it estimates to be under 13.
Where Meta determines that a user is under 13, or under 18 but cannot determine a specific age, it must treat the user as being under the applicable age threshold until the user verifies their age.
The court further ordered Meta to partner with schools or a child-safety organisation to establish a reporting portal through which school officials can flag users suspected to be under 13.
Meta must also delete personal information it has collected from users under 13 and submit progress reports twice a year detailing its compliance with the court-ordered measures.
The ruling comes as Meta faces thousands of lawsuits from families alleging that children have been harmed by social media use.
The company is also preparing for another trial in California amid the growing litigation over the impact of social media platforms on young people.
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