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EBS: Experts Decry Country’s Careless Data Enrolment Process
Technology experts at eNNovators Breakfast Series (EBS) unanimously called for leveraging of identity brokers to contain the careless manners with which identity enrolment in the country is carried out by several government agencies and telcos.
To them, the manner in which data are capture in the country pose serious threat that can compromise identities of millions of Nigerians.
And smart organizations in the country are now paying less attention to certificates. They pay more attention to potential employees’ social media identity footprint. It is believed that a person’s true identity/personality is better glimpsed through his online identity.
Also, companies around the world have evolved necessary legal framework and regulations to unleash the potential of the data processing market, while Nigeria is arguably the country with largest number of silos identity enrolment schemes and yet it cannot identify its citizens.
eNNovators Breakfast Series (EBS) is a quarterly breakfast event. It is specially packaged for the Dreamers, Drivers and Doers (3Ds) of technology business in financial services industry across Africa.
EBS offers opportunities to network, learn and plan strategically. The theme of this series is “Identity Is The New Money. Quarterly, leading industry Thought Leaders meet in an intimate and relaxed environment to create new relationships and promote their organisations.
According to Sola Fanawopo – event director (EBS), “When you go into Shoprite at Lekki Shopping Mall and pay with your MasterCard, Visa or Verve Card, it’s an identity transaction. The terminal in Shoprite establishes that you have access to a line of credit that means that Shoprite will be paid.
“No actual money moves between your debit card and the Shoprite till. On the other hand, when you buy an apple from a market stall and pay for it with a N100 note, the stallholder doesn’t need to waste any time or money trying to establish who you are, because he doesn’t need to trust you. He just needs to trust the Naira note, which he self-assays.
“As a thought experiment, then, imagine that cash vanishes and we interact through identity. In that case, identity becomes the key to transactions and a crucial individual resource that needs to be looked after by responsible organizations.
“This is the idea behind the Digital Asset Grid put forward by the Innotribe team at SWIFT, the worldwide interbank messaging service, at last year’s SIBOS. Whether you think DAG is the right specific approach or not, there’s something to be said for begin strategic planning around the transition to identity-based transactions.
“What does all this mean at a macro level? It means that the action in the payments world will shift further toward identity over the coming years. What is Nigerian bank approach to the global thinking? -Is the national e-ID and Bank Verification Number (BVN) configured and comprehensive enough to meet the evolving requirements? -Is there any opportunity for e-Signatures and related online trust services in Nigeria? -Are there opportunities for private and public players (such as mobile operators, insurers, banks, Lagos State government, the Immigration service, FRSC) to encash the identity information they store? -Can they become identity brokers?”
To this end, the experts said that Nigeria firms have the capacities and capabilities to exploit the business if ID management if the right regulations is put in place.
The constitution empowers several government agencies to do identity enrolments and these have led to duplications of identity databases across the MDAs.
The participants resolved that “The telcos should take a cue from banks and digitized their SIM card enrolment processes such that subscribers would not need to fill papers that could fall into the hands of unscrupulous elements that could use the identity for criminal purposes.
“Government should encourage the establishment of identity brokerage services, “banker for data” or “ISP for identity services“ I-Brokers is trusted third party that helps individuals and organizations share private data the same way banks help exchange funds and ISPs help exchange e-mail and files.
“I-Brokers, when licensed will help bridge the gap between relying (RP) party and identity service provider (IDP) by providing public infrastructure for digital identity, security, and privacy using the open standard data interchange protocol. Besides, I-Brokers will alleviate the number of integrations required between RPs and IDPs.
“Government should make life easy for consumers of ID services by promoting the concept of “Connect to One, Connect to All”
“Stakeholders in ID management industry in collaboration with government should allow evolution of standards for interoperability, security, dispute resolution, and un-traceability or un-deniability of ID.
“Government should enact data privacy law to protect consumers’ personal information and ensure that they have the confidence to take advantage of benefits of the ever-changing marketplace.
“IT firms should exploit the opportunities of absence of ID management platforms to invest in identity management services so that local competence can be developed in the industry.
Some of the speakers are Adebisi Shonubi, MD/CEO, NIBSS; Femi Williams, MD/CEO Chams Plc; James Agada, MD/CEO CWG and Chinenye Mba-Uzokwu, MD/CEO, Infographics, who moderated the discussions that followed.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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