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EFCC, Flutterwave to Establish Cybercrime Centre for Security of Transactions

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l-r: Mohammadu Hammajoda, EFCC Secretary, hands over a signed copy of MoU to establish Cybercrime Research Centre to Olugbenga Agboola, Flutterwave boss.
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Economic and Financial Crimes Commission (EFCC) and Flutterwave, unicorn payments technology company have signed a Memorandum of Understanding (MoU), to establish and a state-of-the-art Cybercrime Research Centre.

EFCC, Flutterwave to Establish Cybercrime Centre for Security of Transactions

Areas of focus of the centre include advanced fraud detection and prevention, policy development, as well as youth empowerment.

The fintech company with fortunes worth over $1bn headquartered in San Francisco with footprints in Nigeria and other African countries said the centre would also provide a “sustainable lifeline to youths across the country”.

To this effect, the Silicon Valley-based company signed a Memorandum of Understanding with the anti-graft agency in Abuja.

Ola Olukoyede, chairman, EFCC; Olugbenga Agboola, founder, Flutterwave; Christopher Gray, director of Federal Bureau of Investigations (FBI); and other senior officials from both the EFCC and the FBI witnessed the signing of the MoU

Specifically, the MoU was signed by Mohammadu Hammajoda, secretary, EFCC and Agboolaof Flutterwave.

Olukoyede said, “This partnership marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians. The Cybercrime Research Centre will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”

On his part, Agboola said, “This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa.

“We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”

The Cybercrime Research Centre, to be established at the new EFCC Academy in Abuja, would serve as a hub for advanced research, training, and capacity building in the fight against financial crimes.

Areas of focus of the centre include advanced fraud detection and prevention, collaborative research and policy development, youth empowerment and capacity building, technological advancement and resource enablement, among other key areas.

“Advanced Fraud Detection and Prevention: Developing and implementing cutting-edge technologies to detect and prevent financial fraud. The centre will offer comprehensive training for law enforcement and industry professionals to combat modern financial crimes effectively.

“Collaborative Research and Policy Development: Engaging in joint research initiatives and policy formulation to enhance the understanding and regulation of financial crime. The centre will provide a platform for the exchange of ideas and best practices between the public and private sectors.

“Youth Empowerment and Capacity Building: Providing high-end training and research opportunities for 500 youths, equipping them with the skills needed to navigate and excel in the digital economy.

“Technological Advancement and Resource Enablement: Creating a repository of advanced tools, technologies, and resources to support financial crime investigations, including protocols for addressing emerging threats such as cryptocurrency-related crimes,” the statement concluded.

Birthed in 2016 by Agboola, fondly referred to as GB, Flutterwave, with its corporate headquarters in San Francisco and operational head office in Lagos State, grew within a short time, penetrating the African market with customisable payments applications through its unique Application Programming Interface.

 

 


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Stakeholders Say AgriTech, Open Data, Critical to Nigeria’s Digital Economy

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Stakeholders in the Information and Communication Technology (ICT) sector have identified agricultural technology (AgriTech) and open data platforms as essential tools for advancing Nigeria’s digital economy, particularly in promoting inclusion and improving rural development.

Speaking at the session titled “Design Workshops Building Productive Sectors: Investing in the Digital Economy” during the 31st Nigerian Economic Summit (NESG) in Abuja,

Toluwaleke Adenmosun, senior partner at Verraki, said agriculture offers an opportunity for digital transformation.

“Some groups proposed open data platforms to improve the sourcing of agricultural commodities, while others emphasized the use of AgriTech to simplify and formalize the agricultural value chain,” she said.

Adenmosun also raised concerns about the lack of transparency in tax and levy structures affecting businesses. She called for digital tools to streamline compliance.

“Industry players face challenges not only with formal taxes but also with various levies and charges. A simple platform that outlines required payments and confirms when they are made can be implemented quickly and would address this,” she said.

She added that successful implementation requires clear leadership, whether from the public or private sector.

“It’s not solely a government responsibility. Someone must take ownership, drive execution, and raise awareness among farmers and stakeholders,” she said.

Participants also noted the need for awareness campaigns, as many farmers remain unaware of digital tools that can boost productivity and improve market access.

Olabode Ojo, vice president of Global Independent Connect Limited (GICL), a subsidiary of IHS Towers Nigeria, reaffirmed the company’s commitment to expanding digital infrastructure in underserved areas.

“At GICL and IHS, our goal is to provide the infrastructure to support Nigeria’s digital economy,” said Ojo.

He noted that the company has deployed over 600 rural connectivity sites across 26 states and installed more than 16,000 kilometers of fiber optic cables, supporting mobile technologies such as 2G, 3G, and 4G.

“People in these areas now have access to education, healthcare, and digital financial services,” he said. “This supports broader development.”

Ojo also referenced government plans led by the Federal Ministry of Communications, Innovation and Digital Economy to deploy 90,000 kilometers of fiber optic infrastructure and establish 7,000 rural telephony sites.

“These plans are ambitious but achievable,” he said. “We are ready to collaborate with the government to help make them a reality.”

While agriculture is not GICL’s core focus, Ojo acknowledged its role in the digital economy and the importance of infrastructure in enabling farmers’ access to data.

“These goals are within reach with collaboration from all stakeholders,” he said. “We must stay focused and work together to achieve them.”

With continued investment from both public and private sectors, stakeholders agreed that AgriTech, open data, and rural connectivity are vital to building a more inclusive digital economy in Nigeria.


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Yakubu Steps Down, Agbamuche-Mbu Takes Over INEC Leadership

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May Agbamuche-Mbu, a National Commissioner at the Independent National Electoral Commission (INEC), has assumed office as the acting Chairman of the Commission following the formal handover by Professor Mahmood Yakubu, who is proceeding on terminal leave.

The transition was announced during a stakeholders’ meeting with Resident Electoral Commissioners held on Tuesday at the INEC headquarters in Abuja.

Speaking at the meeting, Yakubu explained that he was stepping down in accordance with Section 306, Subsections 1 and 2 of the 1999 Constitution (as amended), having served the Commission for nearly a decade.

“In recognition of the significant challenges ahead, and having had the honour of serving the Commission for the past 10 years, with only a few weeks remaining in my tenure, I have made a decision,” Yakubu said.

“In the interim, I am handing over to one of the most senior national commissioners by date of appointment. Following consultation with other national commissioners, May Agbamuche-Mbu will serve in an acting capacity pending the appointment of a substantive chairman of the Commission.”

He expressed hope that the transition would afford the appointing authorities adequate time to name a new chairman and allow the incoming leadership to settle quickly into the task of conducting elections and electoral activities in what he described as Africa’s most demographically and logistically complex environment.

Reflecting on his tenure, Yakubu noted that since 2015, he had worked with 24 national commissioners and 67 resident electoral commissioners, as well as thousands of staff across the country.

He expressed deep appreciation for their support and acknowledged the contributions of civil society groups, development partners, and Nigerians at large.

He also praised members of the National Youth Service Corps, calling them “among the most educated, most patriotic, and most knowledgeable election officials I have worked with.”

“Above all, I thank Nigerians for their comments as well as criticisms, which encouraged rather than discouraged us to persevere,” he added.

As part of his farewell, Yakubu presented two publications documenting the Commission’s work during his tenure: Election Management in Nigeria 2015–2025 and Innovations in Electoral Technology 2015–2025.

He concluded his remarks with a prayer for the continued progress of Nigeria’s democracy.

“It is now my pleasure to sign my official handing over notes and present the same to Agbamuche-Mbu. And from that point, I will take my exit,” he said.

Before stepping down, Yakubu outlined INEC’s preparations for several upcoming elections, including the Anambra State governorship election next month, the Area Council election in the Federal Capital Territory in February 2026, the Ekiti State governorship election in June 2026, and the Osun governorship election in August 2026.

He also confirmed that INEC had already begun preparations for the 2027 general elections, while awaiting the passage of a new Electoral Act currently before the National Assembly.

Yakubu highlighted the need to further clean up the voters’ register, review polling unit locations, and manage party primaries effectively.

He acknowledged the logistical challenges of election management in Nigeria, citing insecurity, natural disasters such as floods, and the need to update frameworks for internally displaced persons’ voting.

He also listed several innovations introduced under his leadership, including the consolidation of the biometric register of voters, the digitization of manual processes, technologies for locating election facilities, virtual training platforms, systems for managing political party finances, and the Election Monitoring and Support Centre.

“Indeed, we have made tremendous progress, but a lot more needs to be done,” he said.

Born in May 1962, Yakubu previously served as Executive Secretary of the Education Trust Fund before his appointment as INEC Chairman by former President Muhammadu Buhari on October 21, 2015.

He assumed office on November 9, 2015, succeeding Professor Attahiru Jega. In 2020, he was reappointed for a second five-year term, becoming the first INEC chairman in Nigeria’s democratic history to be reappointed and confirmed by the Senate.


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PalmPay Honoured as Consumer-Friendly Business of the Year 2025 @ Lagos State Consumer Protection Agency Awards

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L-r: Mrs Wemimo Jayeoba, Director of Finance and Accounts, LASCOPA; Opara Onyinyechi, Senior Regulatory Compliance Specialist at PalmPay; Adenopo Ridwan Adekunle, Regulatory Liaison Officer, PalmPay; Ezeigbo Ugochi Boniface, Public Relations Officer, PalmPay, at Consumer Service Week and Awards Ceremony on Tuesday, 30th September.
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PalmPay, Nigeria’s leading digital banking platform, has been recognised with the prestigious Consumer-Friendly Business of the Year 2025 Award at the Lagos State Consumer Protection Agency’s (LASCOPA) annual Consumer Service Week and Awards Ceremony, held on Tuesday, September 30, 2025, at Adeyemi Bero Hall, The Secretariat, Alausa, Ikeja, Lagos.

The event, organised by the Lagos State Consumer Protection Agency (LASCOPA), celebrated businesses and organisations that demonstrate exceptional commitment to consumer rights, service excellence, and customer satisfaction.

PalmPay’s recognition underscores its dedication to delivering secure, reliable, and inclusive financial services to millions of Nigerians. With a focus on transparency, innovation, and customer-centricity, PalmPay continues to empower consumers by offering secure transactions, fraud protection, convenient payment solutions, and exceptional customer support.

Commenting on the award, Opara Onyinyechi, Senior Regulatory Compliance Specialist, PalmPay, said: “We are deeply honoured to receive the Consumer-Friendly Business of the Year Award from LASCOPA.

This recognition reaffirms our commitment to putting our customers at the heart of everything we do. At PalmPay, we will continue to champion trust, accessibility, and innovation in financial services, ensuring that every user experiences safe and seamless banking.”

The Consumer Service Week and Awards are part of a global initiative that highlights the importance of consumer protection and celebrates organisations that prioritise consumer welfare. By honouring PalmPay, LASCOPA have reinforced PalmPay’s role as a trusted partner in Nigeria’s financial ecosystem.

PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.

PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.

Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and processes up to 15 million transactions daily. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.


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