House of Representatives has urged the closure of illegal loan platforms used by “one chance” operatives to extort money from unsuspecting victims.

This decision followed a motion of urgent public importance presented by Billy Osawaru during Wednesday’s plenary session.

Osawaru highlighted the activities of these operatives as “heinous,” explaining how their actions leave victims in dire conditions.

He noted that victims are often subjected to severe torture and forced to hand over personal information, which is then exploited.

“In many cases, the phone numbers and bank accounts of victims are used to borrow money from illegal and unauthorised loan apps, thereby incurring huge debts that the victims are forced to repay,” Osawaru said.

The lawmaker also expressed concern over the reluctance of banks to assist complainants without a Police report.

He called on the Nigeria Police, banks, and FinTech operators such as Opay and MoniePoint to prioritize cases of “one chance” operations and kidnappings reported to them.

The motion was adopted unanimously by the House without further debate.

Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has appealed to the Central Bank of Nigeria (CBN) and the Office of the Vice President, Kashim Shettima, to review the five per cent charge on Point of Sale (PoS) transactions imposed on its members.

The association stated that the recent introduction of the five per cent electronic fee on agents has added to the burdens faced by PoS operators nationwide. It emphasized that the fee is onerous, considering that agents already shoulder numerous costs to deliver their services

The appeal was made in a statement issued on Tuesday in Ibadan. The association lamented that PoS operators are not treated as priority agents for cash accessibility, which has made it difficult for them to access cash while providing essential financial services to the public.

The statement explained that even when agents visit banks or their principals to obtain cash, they often fail to receive it. This situation is unsustainable, as agents are expected to provide financial services without adequate support or funding.

The statement further criticized the introduction of the five per cent electronic fee, describing it as a significant burden on PoS operators who are already dealing with numerous financial constraints.

In light of the current inflation rate, the association proposed raising the electronic fee threshold to N50,000, noting that this adjustment would not affect low-income individuals, who are exempt from the fee.

The association also expressed concern that the current arrangement could hinder the government’s efforts to drive financial inclusion. It called on the CBN and the Office of the Vice President to review the policy and ensure that principals provide adequate support and funding to their agents.

The statement was signed by several key officials, including Mr. Badiru Asimiyu Olawale, Osun State chairman; Mr. Ogungbayi Ganiyu, national Public Relations officer, and other representatives from Bauchi, Edo, and Abia States.

National Information Technology Development Agency (NITDA) has warned Nigerians about a dangerous banking malware that targets users worldwide through complex phishing schemes.

The warning was issued by NITDA’s Computer Emergency Readiness and Response Team (CERT) on Monday via social media.

The agency described the new version of Grandoreiro as a serious threat that uses sophisticated methods to steal sensitive information.

Malware, short for malicious software, refers to any intrusive software developed by cybercriminals (often called hackers) to steal data and damage or destroy computers and computer systems.

According to the agency, the malware employs “advanced techniques, including screen overlay attacks and remote device control, to steal sensitive information such as banking credentials and personal data.”

NITDA explained that the malware primarily spreads through phishing emails and fraudulent websites.

These deceptive platforms trick victims into downloading malicious software by disguising it as legitimate updates or documents.

Once installed, the malware can bypass security protections, giving attackers unauthorized access to users’ devices.

The agency warned that this could result in significant financial losses and potential identity theft.

The agency urged the public to exercise caution and adopt recommended security measures to mitigate the risk.

“Cyber threats like Grandoreiro are evolving, and users need to stay vigilant and adopt robust security practices to protect their information,” the agency advised.

NITDA recommended avoiding links and attachments from unknown emails, downloading software only from trusted sources, and enabling multifactor authentication for online banking and financial accounts.

The agency also emphasized the importance of keeping antivirus software updated, avoiding public Wi-Fi for financial transactions, and regularly monitoring bank accounts for unauthorized activities.