E-Financial
DMO Stops Banks from Lending to State Govts
Debt Management Office (DMO) has stopped the commercial banks from lending to the state governments as well as local governments across the country.
Timothy Odaah, chairman of Commissioners of Finance Forum, disclosed this while speaking at the October Federation Accounts Allocation Committee meeting in Abuja.
Odaah who spoke on behalf of the states asked Mr. Bashir Yuguda, minister of State for Finance, to intervene and save the states from starvation of funds.
Sources close to the meeting said initially, the minister said he was not aware of the directive from DMO stopping commercial banks from lending to the states.
However, when one of the commissioners read a letter dated August 26 emanating from DMO to commercial banks on guidelines for lending to the three tiers of government, the minister said the purpose of the letter was to ensure conformity to laid-down procedures.
In the letter which had been copied to the Central Bank of Nigeria (CBN) as well as the chief executive officers of the banks operating in the country, the banks were told that they can only lend to any tier of government for long term projects.
The commissioners, however, protested saying that in practical terms; the banks had stopped lending to state and local governments except with the approval from the Federal Ministry of Finance.
They kicked against the need to obtain approval from an agency of one arm of government before a bank can lend to two other arms of government that are in federation with the federal government.
The commissioners accused the Federal Government of ‘trading on the part of illegality’ and wondered when the commercial banks started lending on long term basis.
The commissioners expressed disappointment that at a time when revenues sharable by the three tiers of government were dwindling; they would also be tactically fenced off from the money market without even the opportunity of resorting to the capital market.
To douse the tension that was generated by directive, the minister asked the commissioners to state their position in a letter to the ministry.
Speaking to the press after the meeting, Odaah denied that there was a disagreement between the Federal Government and the states but confirmed that the banks had been given instruction to stop lending to the states and local governments.
Odaah said, “If there were such (disagreement), you would have heard cacophony of voices. When we rose up and clapped our hands, you didn’t hear that one – that we passed vote of confidence on the minister and Chairman of FAAC for the way he had been able to carry us along.
“We looked at certain issues – that the government should look into the matter of borrowing. The states would like to have banks unencumbered. Some of the banks are complaining that they are under some instructions and we have asked the minister to look into that.
“We appealed to the minister to do much in order to ensure that the coast of the capital market is cleared because it is only from the capital market that you can have easy fund and it is much more transparent especially when you look at coupon rate.
“The banks now being money market; they give only short term loans. And if you take short terms loans; you cannot not use it to develop long term projects. We looked at all those areas.”
Odaah who is also Commissioner for Finance in Ebonyi State called for the removal of subsidy from petroleum products, arguing that it was the way to manage dwindling oil revenue and enable the states to develop at their own pace.
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.
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.
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.
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.
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.
Cyber Crime: Hackers to Hold Secret Conference 3.0 July 25
FG Enrolls 59,786 Inmates on NIN Platform
Gaps on Phone Number Recycling Fuel Identity Theft, Data Breaches- ICIR
Wema Bank Workers, Others Arraigned over Alleged N8.9Bn Cybercrime
Music Stars, Comedians Light Up “Evening with Glo” in Ijebu Ode
Telecom2 days agoAirtel Recommits to Fraud Prevention after NCC’s N104m Fine for SIM Registration Breaches
Telecom2 days agoMTN’s Female Leadership Surges to 41.4%, Doubles Industry Average
Broadcasting2 days agoNCC Warns DJs: Playing Music Without License Could Lead to 5-Year Jail Term
News2 days agoIHS Nigeria Reaffirms Commitment to raising Nigeria’s Next Tech Giants from the Ilorin Innovation Hub
Telecom2 days agoTikTok Rolls Out Personalization Tools for Nigerian Users
General News2 days agoInterswitch, Bank of Sierra Leone Champion Financial Inclusion @ Sierra Leone Fintech Forum 2.0
E-Financial2 days agoGambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria
General News2 days agoNITDA Makes Case for Inclusive Tech for Special Needs