E-Business
Fighting Fraud Related Issues in Financial Ecosystem Requires Collaboration – Moniepoint Boss

Nigeria’s financial system has come under renewed scrutiny against the backdrop of the increase in the value of electronic payment transactions in Q1 2023 and the challenges posed by bad faith actors who exploit gaps in the payment systems even as Nigerian financial institutions have reported ₦159 billion ($201.5 million) lost to fraud since 2020.

L-R Head of Partnerships, Moniepoint Inc., Efemena Ogie; Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe; Group CEO, Moniepoint Inc., Tosin Eniolorunda and Executive Director, Lagos & South West, Fidelity Bank, Ken Opara during a visit by the Moniepoint team to Fidelity Bank HQ in Lagos.
There is a need for all players in the financial services sector to come together in tackling these challenges.
Tosin Eniolorunda, Group CEO, Moniepoint Inc., during a courtesy visit to the Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe in Lagos.
Onyeali-Ikpe, who welcomed the Moniepoint boss, used the opportunity to reaffirm her bank’s appreciation for the patience and understanding demonstrated during its banking channel integration optimization which resulted in service disruptions and the inability of Moniepoint customers to receive financial inflow.
It will be recalled that Fidelity Bank had recently announced to its customers and the general public, the resumption of interbank transfers to all licensed financial institutions in the country.
This was following speculative reports from various media publications that the bank had imposed transaction restrictions on some neo banks operating in the country.
During conversations around the growth of the digital payments segment and contributions of the financial services to Nigeria’s socio-economic development, Eniolorunda used the occasion to stress the point that Moniepoint as a responsible and compliant organization takes customer KYC very seriously. “KYC is not merely an acronym but indeed a cornerstone in establishing trust, ensuring security, and complying with regulatory standards.
All accounts created on our platform have BVN verification and in addition to this we perform a liveliness check at the point of onboarding. This is a comparison of the account holder’s life picture and the BVN image as a way to reduce impersonation,” Eniolorunda maintained.
He continued, “we have zero tolerance for fraud and typically go all out to ensure that we track fraudsters and fraudulent transactions on our platforms.
“We have deployed and utilize robust fraud detection systems and technologies that can analyze patterns, identify anomalies, and detect suspicious activities in the system.
“As such we are better empowered to identify potential fraud incidents and trigger alerts for further investigations and remedial actions.”
As partners in deepening the CBN’s mandate of ensuring provision of adequate and convenient financial services to consumers and guaranteeing their protection as well as the various undercurrents in the financial services industry, Moniepoint and Fidelity agreed to work closely together to develop a tightly knit mechanism to stem the menace of fraudulent transactions and collaboratively push through in addressing payment challenges in the country.
L-R Head of Partnerships, Moniepoint Inc., Efemena Ogie; Chief Executive Officer, Fidelity Bank, Nneka Onyeali-Ikpe; Group CEO, Moniepoint Inc., Tosin Eniolorunda and Executive Director, Lagos & South West, Fidelity Bank, Ken Opara during a visit by the Moniepoint team to Fidelity Bank HQ in Lagos.
E-Business
Offset Communications Slams N50m Suit against Qore Technologies for Alleged Copyright Infringement

Offset Communications Advisory Ltd has dragged Qore Technologies Ltd before a Federal High Court in Lagos, demanding the sum of N50 million as damages for the alleged infringement of its copyright.

Pic credit….https://copyrightalliance.org
Offset, in the suit marked: FHC/L/CS/1994/2025, is claiming that Qore used content from a proposal it submitted in December 2022, without formal engagement, attribution, or a licensing agreement.
“The Defendant’s execution of the content of the proposal submitted to it by the Plaintiff without any formal engagement, attribution or a licensing arrangement… amounts to an infringement of the Plaintiff’s copyright,” Offset stated in its writ of summon.
The suit filed on September 29, 2025, by Jimoh Bamigbola and Omobolaji Idris, on behalf of the plaintiff has Qore as sole defendant.
Plaintiff, a Lagos-based communications firm, in its statement of claim said it a had previously worked with Qore on Public Relations (PR) projects and was later asked to prepare a communications strategy for the company, adding that the said proposal contained ideas on employee engagement, branding, and stakeholder management.
Offset however, alleged that Qore implemented elements of the proposal, including internal communication initiatives and branding concepts, without payment or agreement.
“The Defendant executed and integrated the propositions into its Public Relations and Communication Strategy without any formal engagement… with the Plaintiff,” the statement of claim read.
The plaintiff said it discovered the alleged infringement in April 2025 and subsequently notified the defendant, but efforts to resolve the dispute failed.
It is seeking, among other reliefs, a declaration that the defendant’s actions amount to copyright infringement, N50 million in general damages, N5 million in litigation costs, 29 percent post-judgment interest, and “an order of perpetual injunction, restraining the Defendant… from further infringing on the Plaintiff’s copyright.”
Qore Technologies, however, denied the allegations in its statement of defence, arguing that the plaintiff was only engaged for limited Public Relations support services on a project basis and was paid for those services.
“The Plaintiff merely provided routine and secondary Public Relations support services… for which the Plaintiff was remunerated,” the defendant stated.
Qore further argued that the ideas referenced by the plaintiff are not protected under copyright law.
“The alleged ‘ideas’… consist of generic corporate communication practices widely used by companies… and cannot constitute original copyrightable works under Nigerian law,” it said.
The company also maintained that no binding agreement existed regarding the proposal and that its branding and communication strategies were developed internally and by its consultants.
In addition, Qore challenged the competence of the suit, stating that “the Statement of Claim discloses no reasonable cause of action” and that the court lacks jurisdiction to entertain the matter.
The defendant also filed a counterclaim, seeking N6.35 million as reimbursement for legal fees incurred in defending the suit, as well as N2 million in costs.
At the hearing on March 23, 2026, counsel to the parties identified their processes, and the court adjourned the matter to June 22, 2026, for further proceedings.
The case is expected to test the boundaries of copyright protection in Nigeria’s Communications and Public Relations industry, particularly regarding the ownership of proposals and business ideas.
E-Business
NDPC Investigates Remita, Others over Alleged Data Breaches

Nigeria Data Protection Commission (NDPC) said it is carrying out an investigation into alleged data breaches involving Remita Payment Services Ltd., Sterling Bank and other entities.

A statement on Sunday issued by Babatunde Bamigboye, head, Legal, Enforcement & Regulations, NDPC, said in line with the Commission’s procedure, Notice of Investigation was duly served on the 1st of April, 2026.
Bamigboye said relevant parties and individuals have been providing information for the purpose of addressing the incident.
“The aim of the investigation is to ensure that data subjects are protected with appropriate technical and organisational measures.
“The investigation by NDPC covers, among others, the types of personal data involved, the nature and scope of the alleged breach, the risk to data subjects and the mitigation measures carried out where a breach is confirmed,” he explained.
Vincent Olatunji, Commission’s National Commissioner/CEO, has directed that organisations that employ digital payment systems without putting in place appropriate technical and organisational measures as mandated under the Nigeria Data Protection Act, 2023 (NDP Act), will also be examined as part of a wider effort to ensure the integrity of the ecosystem.
E-Business
Nigeria Mulls National Cybersecurity Council

Federal Government has unveiled plans to establish a National Cybersecurity Coordination Council, signaling a shift toward a more unified, intelligence-driven approach to defending the country’s rapidly expanding digital economy.

Conceived as a non-statutory, multi-stakeholder body, the proposed Council will enhance coordination, enable trusted information sharing, and guide government strategy on cybersecurity, risk management, and national response amid increasingly complex cyber threats.
The initiative, championed by Bosun Tijani, minister of communications, innovation and digital economy, is designed to bring together government institutions, private sector players and technical experts into a single collaborative platform to strengthen the country’s cyber resilience.
Tijani noted that this initiative comes in response to a wave of recent cyber incidents that have disrupted operations across key private institutions and public sector.
In recent times, Nigeria’s financial system has faced mounting cyber pressure, reflecting global trends as cybercrime is projected to cost the world over $10.5 trillion annually, according to Cybersecurity Ventures.
Analysts say these attacks are increasingly coordinated and sophisticated, prompting the government to recognise that fragmented, institution-specific approaches can no longer manage systemic cyber risks effectively.
Under the new framework, the government aims to promote a “collective defence” model, an approach widely adopted in advanced digital economies where threat intelligence is shared in real time across institutions.
The Council is expected to include chief information security officers, cybersecurity associations, the Nigerian Computer Society, global technology providers, researchers, law enforcement agencies and civil society groups, ensuring a broad-based and technically grounded response architecture.
Key priorities will include developing national threat intelligence-sharing systems, harmonised cyber defence protocols, and coordinated incident response, while strengthening capacity to close Nigeria’s cybersecurity talent gap.
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