E-Business
e-Fraud is Major Risk to Digital Finance- NCC

Nigerian Communications Commission (NCC), has identified e-fraud as the greatest threat to digital finance.
Citing the Central Bank of Nigeria (CBN) report, Efosa Idehen, director, Consumer Affairs Bureau, NCC, said the apex bank had revealed that e-fraud was costing the Nigerian financial sector staggering losses in monetary terms.
Idehen spoke at a secondary schools’ debate organised by the NCC and, ‘Save the Consumer,’ in Abuja with the theme: “Should Secondary School Students Use Mobile Phones to Enhance Education?”
The debate was organised to create awareness and save consumers from e-fraud and to educate the young ones on the proper use of e-channels for financial services.
He said: “As technology evolves, there is a growing concern over the rising trend of fraud perpetuated on telecom platforms across key sectors of the Nigerian economy known as e-fraud.
“This menace which follows wide acceptance of new methods of mobile banking and other payment systems has been discovered to cost the country whopping sums of money. The CBN rates e-fraud as the biggest risk in the sector which has widely affected electronic payment solutions such as Automated Teller Machines (ATMs), Nigeria Inter-Bank Settlement System (NIBBS) Instant Payment and mobile banking.
“Attackers are now targeting telecom networks with the intention to disrupt service delivery and infiltrate their data bank. SIM swaps, Unstructured Supplementary Service Data (USSD) and e-payment fraud.”
To address this menace, he said the NCC actively collaborates with critical stakeholders such as the CBN, the Nigeria Police (NPF), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and other relevant bodies in the fight against e-banking fraudsters.
“ICT has played a central role in young people’s rise to prominence on a global scale and has given them voice where there none before.
“It has brought them together response to social concerns and has connected them across vast geo-political barriers. ICT has also provided youth access to digital financial services.
“For young people, access to information means better access to capital, markets and training needed to pursue career or studies.”
Idehen noted that this year’s World Consumer Right Day with the theme: “Fair Digital Finance,” called for stakeholders to do more in bridging gap in digital finance whilst protecting consumers and keeping them informed on safe financial services.
Aliyu Ilias, country director of Save the Consumer, said consumer have enjoyed six years partnership with the NCC.
He assured that Save the Consumer would continue to work with the Commission to save the consumer. For the past six years that we have been in this partnership the relationship has been very cordial.”
E-Business
CAC to Prosecute Business Owners Operating Without Registration

Corporate Affairs Commission (CAC) has reaffirmed its commitment to enforcing business registration laws in Nigeria, warning that individuals and organizations operating unregistered businesses will face prosecution.
In a statement, the CAC emphasized that conducting business without proper registration violates the Companies and Allied Matters Act (CAMA) 2020, undermining transparency and accountability in the corporate sector.
The commission stressed that registration is not only a legal requirement but also a gateway to formal business opportunities, including access to bank loans, government grants, and partnerships.
The enforcement drive will be nationwide, targeting small and medium-sized enterprises (SMEs), online vendors, and informal traders who have failed to comply despite previous awareness campaigns and registration amnesty windows.
The CAC disclosed that enforcement teams, in collaboration with security agencies, will be deployed to identify and prosecute defaulters.
The commission urged business owners to take advantage of its simplified registration platform to regularize their status, noting that compliance will boost investor confidence and improve Nigeria’s ease of doing business. It warned that ignorance of the law will not be accepted as an excuse.
Business owners are advised to act promptly to avoid legal consequences, as the CAC moves to ensure a more structured and regulated business environment in Nigeria.
E-Business
NCC Vows to Tackle Online Infringement, Block Illegal Music Websites

Nigerian Copyright Commission (NCC) has pledged to enforce its legal obligations to combat online intellectual property infringement and urged commercial music users to obtain proper licences from rights holders or their representatives.
The Commission stated that this ensures creators are fairly compensated, supporting the music industry’s sustainable growth.
In a statement commemorating the 2025 World Intellectual Property Day, themed “IP and Music: Feel the Best of IP,” the NCC announced plans to enforce the Copyright Act 2022, which allows for the takedown of infringing materials and blocking of websites hosting illegal content.
Signed by Mrs Ijeoma Egbunike, director of Public Affairs, the statement outlined an aggressive anti-piracy campaign in collaboration with the private sector, targeting the online environment.
Egbunike affirmed the NCC’s commitment to establishing enforceable standards for transparency, digital audits, and real-time royalty reporting to protect creators’ rights. She stated, “The NCC will continue to champion policies that support the growth of the music industry, improve the livelihoods of Nigerian musicians, and foster a culture of creativity and respect for intellectual property.”
Despite the global success of Afrobeats and other Nigerian genres, the NCC noted that many musicians face low royalty returns due to rampant digital piracy.
To address this, the Commission revised its Collective Management Regulations to enhance transparency and accountability among Collective Management Organisations (CMOs).
The NCC emphasised that proper licensing is a legal obligation and vital for Nigeria’s creative economy, stating, “Music must feel the beat of intellectual property for the full potential of creativity to be realised.”
The Commission highlighted that creators’ livelihoods depend on fair royalty compensation.
Recent enforcement measures include the NCC’s designation by the Attorney-General of the Federation as an authority under the Proceeds of Crime (Recovery and Management) Act 2022.
This, combined with the Copyright Act 2022, empowers the NCC to order takedowns and block illegal music distribution websites.
E-Business
FG Warns Nigerians Against Growing Threat of Cyber Slavery in West Africa

The Federal Government, has warned Nigerians against the growing threat of cyber slavery within the West African sub-region.
The Ministry of Foreign Affairs, in a statement issued in Abuja by Kimiebi Imomotimi Ebienfa, acting spokesperson, noted with grave concern the alarming rise of cyber slavery across parts of West Africa, targeting Nigerian citizens, particularly vulnerable youths.
The government said many young Nigerians, including underage teenagers, were lured out of the country under the false promise of lucrative employment opportunities abroad, particularly in crypto-related operations.
According to the government, “In reality, these individuals are trafficked into sophisticated scam operations and enslaved to work in criminal “call centres” — often referred to as “419 cyber-scam factories.” There, they are forced under coercive and inhumane conditions to send thousands of fraudulent emails, text messages, and calls aimed at defrauding victims worldwide.”
The government also noted with dismay, a recent incident where the Economic and Organised Crimes Office (EOCO) in Accra, Ghana, rescued and detained a group of Nigerians forced to engage in cybercrime activities under inhumane conditions.
“This incident highlights the severe exploitation and abuse associated with cybercrime operations. It also underscores the need for enhanced efforts to combat such multibillion-dollar criminal networks and mitigate the susceptibility of victims.
“The Ministry strongly warns all Nigerians, especially the youths and parents, to exercise the utmost caution when presented with job offers, particularly those promising easy money, overseas travel, or remote work involving cryptocurrencies.
“Nigerians are therefore advised to verify all employment offers through official channels and report suspicious cases to relevant authorities for necessary investigation and action to curtail the activities of the perpetrators.
“The Ministry wishes to assure the general public that, as a precautionary measure to address this unfortunate situation, the Federal Government is working closely with regional partners, law enforcement agencies, and international organizations to tackle this heinous crime, rescue victims, and bring perpetrators to justice.
“The Ministry remains committed to protecting Nigerian citizens at home and abroad and will continue to raise awareness about emerging threats to the welfare and dignity of our people,” the statement read.
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