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Expert Calls for Risks Mitigation on Mobile Payment

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Emmanuel  Okoegwale, principal consultant at MobileMoneyAfrica, has said that there need proper understanding of the risk involved in providing financial services through the mobile phone to banked and unbanked populations using the agent networks.

Okoegwale’s call came on the heels of the expected licensing of applicants from financial institutions and independent providers forming consortia eagerly to provide mobile payment in the country.

He told Nigeria CommunicationsWeek that the mobile payment industry will change the way consumers interact with financial services and make payments.

According to him, mobile financial services will include consumer accounts information, updates, alerts, bill payments, person to person transactions and remittances.

Okoegwale said to achieve this that there are several risks to be dealt with and mitigated with workable and proven approaches in a new entrant country like Nigeria.

He said, the outcomes of not putting mitigants in place might be severe and will determine the success of the outcomes.

According to him, there are numerous risks like systemic, reputation, liquidity, legal and operational.

The consumer is to be protected and potential effects of risks mitigated so as to establish service level that can protect them. In situation where there are shortcomings, the consumer will be faced with some situations that might have significant negative effect on service delivery.
Scenario One
Customer is charged illegal side fees that are not authorized by the mobile money provider?
Agents are signed on to serve the provider as the last mile to the customer and most customer facing transactions will take place at the agent point. Agents can take advantage of customers’ illiteracy or limited pricing information to charge extra charges. This presents operational and reputational risk for the providers.
The mitigation for the above will include, providers using picture based simple diagrams to explain fees charges for different service levels and must be conspicuously displayed at all agent locations. This should also be translated into different local languages and mandatory pricing disclosures must be strictly managed at agent locations.
In case of customers attempt to seek pricing clarification from provider aside the agents, providers support centres should be accessible and able to provide such information in a clear and easily understood format.
Scenario  Two
Provider’s Agent collected cash from client but fails to provide e-money or transfers the amount to recipient bank account or desired third party.
Agent receives funds from a service user but misdirects funds to the agent’s own benefit. This situation could arise in one of two ways:
The consumer could be an existing customer without their phone with them, so they would not receive the transaction confirmation while with the agent.
The consumer may not be a customer but requests that the agent sends money to an existing customer, so does not receive independent phone confirmation of the transaction.
Mitigation:
Require that service users receive, and know they have a right to receive, clear confirmation that funds have been received and where they have been directed. This may include a paper receipt, if the customer does not have a phone. Service providers should also enforce transaction log books to be signed off by the agent and end users. This can be the only evidence that will be available for a future audit trail.
End user education and awareness that users should have their cell phone available to ensure receipt of transaction Confirmations. Cell battery level should be checked before transactions and sms inbox availability is key.
The above scenario is a Reputational risk which could also lead to legal risk.
Scenario Three
Individual poses as agent to collect deposits or payments from unsuspecting customers. Some criminal elements will take advantage of the new systems to defraud end users by posing as agents especially in the rural outpost or busy commercial centres to pose as agents.
First steps is to rely on the end users education to transact only at recognized and registered agent location with consistent and verifiable Agent ID which is clearly displayed at the agent location and in some cases where rogue agents are on the increase, providers may adopt a colour code same method used by Mobile network operators at airtime vendors outlets.
Ability for any user to check status of agents anytime should be build into the system. Some agents might had been decommission or deactivated but are still actively trading. Simple sms solutions like sending agent ID to a short code should be provided. Example,send LAG 027  to short code  3030 ( where Lag means Lagos, 027 – Agent Number).
The regulator will also update agent list on a periodic basis and make such information available to the public.
Above represents an operation, reputational and legal risk for the provider.


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JAMB Waxes Worriedly over Rising Digital Exam Fraud

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Joint Admissions and Matriculation Board (JAMB) has called for radical and urgent interventions to curb the rising wave of sophisticated digital examination fraud in Nigeria.

JAMB Waxes Worriedly over Rising Digital Exam Fraud

JAMB warned that the trend can cause long-term damage to the country’s education system.

Prof. Is-haq Oloyede, JAMB Registrar, made this call during a recent event in Abuja, as reported in the JAMB Bulletin published Monday.

Oloyede described the evolving tactics employed by fraudsters during the 2025 Unified Tertiary Matriculation Examination (UTME) as “worrisome, highly sophisticated, and capable of jeopardising national development.”

“Malpractice is not only compromising learning and research, it is endangering our collective future,” Oloyede warned.

“There is an urgent need for decisive action on these new and disturbing developments. The public must not treat this menace with levity.”

He lamented that instead of addressing the growing problem, “some people are dissipating their energies on spreading unhelpful conspiracy theories and hatred, while our future is being jeopardised by a new crop of sophisticated digital fraudsters.”

 

The registrar detailed how high-level examination malpractices were uncovered during the 2025 UTME, leading to the withdrawal of some results and the arrest of several culprits nationwide.

According to him, JAMB discovered that certain Computer-Based Test (CBT) centres and school proprietors had colluded with hackers to gain remote access to candidates’ systems and submit pre-programmed answers to local servers at compromised centres.

Oloyede also highlighted the use of AI-enabled photo blending to impersonate candidates, noting that many of the impersonators were current undergraduates. Other fraudulent tactics included:

He said they also include registration with combined fingerprints through the combination of fingerprints from multiple persons for a single candidate’s registration.

He cited the extension of local area networks from some dubious centres to remote “strong rooms” as well as the pairing of candidates with professional mercenaries to gain access to the examination hall.

He revealed that over 3,000 candidates have been identified as either accomplices or beneficiaries of these crimes, stressing that many of them are university students already enrolled in institutions.

 

 

 

 

 


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SERAP Sues NNPC over Alleged Missing ₦500Bn, Seeks Accountability

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Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over its failure to account for the alleged missing ₦500 billion, which the company reportedly failed to remit to the Federation Account between October and December 2024.

SERAP Sues NNPC over Alleged Missing ₦500Bn, Seeks Accountability

SERAP’s legal action comes after allegations made by the World Bank, which revealed that out of the ₦1.1 trillion generated from crude sales and other income sources in 2024, NNPC only remitted ₦600 billion.

This left a deficit of ₦500 billion, which remains unaccounted for.

According to the lawsuit filed at the Federal High Court in Lagos on Friday, the organisation is demanding that NNPC explain the whereabouts of this missing amount.

The suit, number FHC/L/MSC/553/2025, seeks to compel NNPC to account for the missing funds.

In the legal documents, SERAP is asking for an order of mandamus to direct NNPC to account for the alleged missing ₦500 billion.

The organisation also wants the court to instruct NNPC to invite appropriate anti-corruption agencies to investigate the spending and whereabouts of the funds.

Furthermore, SERAP requests that those responsible for the missing money be identified, held accountable, and handed to relevant authorities for investigation and prosecution.

The lawsuit follows NNPC’s response to SERAP’s Freedom of Information (FoI) request, where the company argued that the FoI Act does not apply to it.

NNPC’s lawyers, Afe Babalola and Co, claimed that the company is exempt from the FoI Act.

SERAP, however, argues that the NNPC must comply with the Nigerian Constitution and the Freedom of Information Act, along with international human rights and anti-corruption standards, in exercising its statutory functions.

In the suit, SERAP emphasizes that the missing funds have significantly contributed to Nigeria’s economic instability, including the country’s high deficit spending and crippling debt crisis.

The organisation argues that the NNPC’s failure to remit these funds has worsened an already precarious economic situation.

SERAP also stresses that the missing oil revenues reflect a broader failure in NNPC’s accountability and transparency. The organisation highlights that the company’s continuing disregard for these principles damages the country’s economic well-being and governance systems.

The lawsuit also references a recent Supreme Court ruling, which declared that the Freedom of Information Act applies to public records in the Federation, including those kept by NNPC. SERAP calls on the court to enforce the application of this ruling in the case at hand.

The suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Ms Oluwakemi Oni, and Ms Valentina Adegoke, read in part, “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country.”

“There is a legitimate public interest in providing the details sought. The NNPC has a legal responsibility to account for and explain the whereabouts of the missing oil money.”

“The country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.”

“Without the full recovery and remittance of the missing ₦500 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”

“Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution.”

“The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anticorruption laws, and the country’s anticorruption obligations.”

“Despite the country’s enormous oil wealth, ordinary Nigerians have derived minimal benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.”

“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”

“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding the spending of their commonwealth.”

 

“The Auditor-General of the Federation and Nigeria Extractive Industries Transparency Initiative (NEITI) have for many years documented reports of disappearance of oil money from the NNPCL.”

“The World Bank recently disclosed that out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of ₦500bn unaccounted for.”

“The revenue and other income were expected to be paid into the Federation Account and shared by all levels of government but the NNPCL reportedly failed to do so.”

“SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.”

“Section 13 of the Nigerian Constitution imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the Constitution.”

“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds.”

“These commitments ought to be fully upheld and respected.”

“The missing oil revenue has also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of the cost of living crisis in the country.”

“Had the NNPCL accounted for and remitted the alleged missing ₦500 billion to the Federation Account, it is likely that more funds would have been allocated to the fulfilment of economic and social rights, such as increased spending on public goods and services.”

“The Freedom of Information Act, Section 39 of the Nigerian Constitution, article 9 of the African Charter on Human and Peoples’ Rights and article 19 of the International Covenant on Civil and Political Rights guarantee to everyone the right to information on the whereabouts of the missing ₦500 billion of oil revenue.”

No date has been fixed for the hearing of the suit.


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Ikeja Computer Village Begins Biometrics Registration to Tackle Crime

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The leadership of Computer Village, Ikeja, has begun a biometric registration and enumeration exercise to sanitise the market, curb criminal activity, and restore investor confidence.

Ikeja Computer Village Begins Biometrics Registration to Tackle Crime

In a statement, Abisola Azeez,  Iyaloja, described the initiative as part of a broader rebranding effort to address issues like phone snatching, fraudulent technicians, and substandard goods.

It stated, “The market’s leadership announced the move after a recent security incident led the Lagos State Task Force to consider a complete shutdown. However, market representatives intervened to safeguard legitimate traders. Under the new rules, only registered vendors with ID cards displayed at their stalls will be allowed to operate.

Approved street setups will be limited to plastic chairs, show glasses, and umbrellas, while wooden structures and open flames are banned to reduce fire hazards.”

Adeniyi Olasoji, baba Oja, noted the market’s damaged image, emphasising new security measures like CCTV, emergency alert systems, and increased collaboration with law enforcement.

“Other leaders, including Prince Tony Nwakeze, Ralph Chibuzor, Ben Onuorah, Nofiu Akinsanya, and Ikani Tony, affirmed the move as essential for transforming Computer Village into a structured, globally competitive digital hub.

The registration will be completed within two months, after which only verified traders will be allowed to operate.

Meanwhile, Fidelix Ezeugwu, executive secretary of the Ikeja Market Board,  emphasised the market’s unified leadership, comprising representatives from four major ethnic groups, and the importance of updated data to align with global standards.

He said, “Additional upgrades include installation of walkie-talkies for improved communication, enhanced street lighting, and CCTV cameras to monitor activity.

“These improvements aim to position Computer Village as a world-class market, comparable to international hubs like Dubai and Singapore.”

 

 

 


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