Ginger Onwusibe, chairman, House of Representatives Committee on Financial Crimes, on Wednesday disclosed that Nigeria loses about $500 million annually to the activities of cyber criminals.

Onwusibe, represented by Austen Adesoro, clerk to the Committee, made this assertion in his opening remarks during a national workshop on cyber and financial crimes organised by the committee in collaboration with the Economic and Financial Crimes commission (EFCC), in Abuja.

With a theme: “Cyber and Financial Crimes Control for Effective Economic Social and Security Growth of the Nation” participants drawn from the public and private sector, were also told that the EFCC has established a Cybercrime Centre, aimed at combating the criminal menace.

The House panel chair praised the efforts of the anti-graft agency in establishing the centre which is geared towards combating cyber crimes, pointing out that the gesture will among others, safeguard Nigeria’s economic stability and protect individuals and businesses.

He said the workshop would assist the participants in identifying internet crimes, create a secured and stable environment for businesses to operate and foster innovation and entrepreneurship.

He added that participants will also be availed with the knowledge on how to identify crimes associated with digital technologies among others.

He emphasised the dangers of several internet assisted crimes (Cyber crimes) which are increasingly posing a threat to Nigerians, its institutions, people and the general economy.

He cautioned that the menace must not be overlooked, given its impact on the reputation of the people and the dent and international odium it has brought on the country in the comity of nations

“Cybercrime is a threat against various institutions and people who are connected to the internet, either through their computers or mobile technologies,” he said, adding that ‘the exponential increase of the crime in society has become a strong issue that should not be overlooked.

The Committee chair warned of the dire consequences and impact of the crime on the lives, economy and reputation of a nation

He acknowledged the benefits from the collaboration of both parliament and the anti-graft commission resulting in robust legislative frameworks in checkmating cyber and financial crimes, in addition to cooperation of both institutions in training participants from across the sectors that are in charge of public and private finances.

He said the beneficiaries would in turn leverage prudent fiscal policies and effective financial management that will benefit the country.

He disclosed that the House was also looking at legislative interventions to safeguard cryptocurrency transactions in the country with a governance and regulatory system in line with global best practices.

The participants numbering over a hundred were drawn from both the public and private sectors of the economy.

Central Bank of Nigeria (CBN) has kicked off the development of a new strategic framework for the country’s payments ecosystem with the launch of the Nigeria Payments System Vision 2028 (PSV 2028), setting the stage for a more inclusive, innovative, and globally competitive digital financial system.

Olayemi Cardoso, CBN Gov

At the recent inaugural meeting of the PSV 2028 Project Committee held in Lagos,  Musa Jimoh, director of the Payments System Policy Department (PSPD), described the initiative as a “national assignment” with the potential to transform how individuals, businesses, and governments interact within the financial ecosystem.

Reflecting on the journey from the early reforms of 2006 through the milestones of PSV 2020 and PSV 2025, Jimoh highlighted that the new vision will build on past achievements to deepen financial inclusion.

This, he noted, will improve infrastructure interoperability and promote innovation across Nigeria’s financial services sector.

He observed that while Nigeria’s payment system has made significant progress over the past two decades, the speed of technological advancement and innovation continues to grow.

PSV 2028, he explained, presents the country with a unique chance to develop a future-ready framework that is secure, efficient, and globally competitive.

He further explained that the framework would be developed through an inclusive, stakeholder-led process that unites regulators, banks, fintechs, payment service providers, consumer advocacy groups, and other key players.

He highlighted that this collaborative approach will ensure the strategy reflects real-world needs, fosters policy acceptance, and promotes innovation through shared responsibility.

To facilitate its implementation, five thematic working groups were established, concentrating on: Infrastructure & Interoperability; Digital Financial Inclusion, Consumer Protection & Financial Literacy; Innovation, Digital Identity & Emerging Technologies; Cross-Border Payments & CBDC Integration; and Regulation, Risk Management & Cybersecurity.

A sixth group on Strategic Communications and Stakeholder Engagement was also proposed.

Participants at the event welcomed the initiative, praising the CBN’s inclusive approach and highlighting the pivotal role of PSV 2028 in promoting digital innovation, financial inclusion, and economic resilience.

By sharing expertise and resources, they committed to creating a forward-looking document that would strengthen Nigeria’s position in Africa’s payments landscape while making progress globally.

Also, speaking at the event, Mr. Ajao Niyi, former chief executive of the Nigeria Inter-Bank Settlement System (NIBSS), praised the CBN for establishing a new standard for stakeholder engagement and urged all parties to unite in support of the initiative.

The PSV 2028, which succeeds the soon-to-expire PSV 2025, is expected to serve as the guiding blueprint for Nigeria’s digital payments ecosystem over the next three years, aligning the country’s financial system with global best practices and ensuring sustainable growth.

It marks a bold step forward in Nigeria’s digital financial transformation, setting the stage for a more connected, innovative, and inclusive economy

The Central Securities Clearing System (CSCS) Plc has received strong backing from capital market regulators and operators for its transition to a T+2 settlement cycle, scheduled to commence on November 28.

The T+2 settlement cycle represents a significant stride towards modernising Nigeria’s capital market infrastructure and creating a more efficient, transparent, and globally-aligned financial ecosystem.

This move marks a significant milestone in advancing efficiency, risk mitigation, and global competitiveness within the Nigerian capital market.

The market currently operates under a T+3 settlement cycle, which presents several challenges including elevated counterparty risk, lower liquidity, operational inefficiencies, and exposure to market volatility.

Transitioning to T+2 is expected to address these limitations and align the Nigerian capital market with international best practices.

At a stakeholder webinar hosted by CSCS on the theme “Advancing Market Efficiency through T+2 Settlement”, key regulators and operators reaffirmed their readiness for this transition.

Speaking at the event, Bola Ajomale, Executive Commissioner (Operations), Securities and Exchange Commission (SEC), emphasized the Commission’s commitment to modernizing the Nigerian capital market.

“The Commission’s plan is to move to a T+1 cycle next year, in alignment with trends in developed markets, and ultimately target T+0. We urge all market participants to prepare for this shift and adequately engage their clients. This initiative is a critical component of our broader capital market reforms aimed at enhancing global competitiveness,” Ajomale stated.

Representing the Managing Director/CEO of CSCS, Adeyinka Shonekan, Executive Director, highlighted the extensive groundwork laid by CSCS to ensure a seamless transition. This includes the establishment of a stakeholder-driven Committee to perform gap analysis and benchmark CSCS processes against global standards across key performance metrics.

Jude Chiemeka, Managing Director/CEO, Nigerian Exchange Limited (NGX), expressed the Exchange’s full readiness in terms of infrastructure and product offerings. He noted that NGX had undertaken market-wide simulation exercises, proactive communication strategies, and set up dedicated support systems to facilitate the changeover.

On his part, Akin Akeredolu-Ale, Managing Director/CEO, Lagos Commodities and Futures Exchange (LCFE), who made some comparative analysis of settlement cycles in some global markets. stressed the efforts of LCFE on regulatory alignment, onboarding facilitation, and stakeholder education to leverage the opportunities presented by the T+2 framework.

Similarly, Chinwe, Ekeh, Head of Operations & IT at NASD Plc, reiterated the organisation’s preparedness through system testing, capacity building, and a sound funding strategy to support the clearing of unlisted securities under the new regime.

Onome Komolafe, Divisional Head, CSCS Depository said the clearing house had carried out comprehensive infrastructure upgrade and review of operational process to ensure the transition which will move the nation’s capital system to the league of advanced markets.

She also addressed the participants on the processes for implementation of the new settlement system, technical gap analysis, risk management, compliance framework and implications as well as the timelines and milestones.