News
Gwandu Chairs Another ITU Group
Dr Bashir Gwandu, executive commissioner in charge of technical services at the Nigerian Communications Commission (NCC) has been elected the new chairman of the Commonwealth International Telecommunication Union Group (CIG). Gwandu was unanimously elected as chairman by the meeting of CIG, at Marlborough House -the Headquarters of the Commonwealth in London following his nomination to the Membership by the outgoing Chairman of the group, Dr Bruce Gracie. Dr Gracie is the Canadian Special Advisor, International Organizations, Industry Canada and Regulator, who has been chairman of group for the last five years. He took over the Chairmanship of CIG from Mr Malcolm Johnson, formerly of Ofcom – the UK Regulator, and currently the Director of the Standardization Bureau of the ITU (the ITU-T). Gwandu now doubles as Chairman of the Commonwealth ITU Group leading the representatives of the 54-Member Commonwealth Countries at the ITU, and also, the Chairman of Radio-communications Advisory group of the ITU (the RAG). The NCC executive commissioner was formally announced as the Chairman of the group at a get-together, organized by the Commonwealth Telecom Organization in Geneva which was attended by ITU member countries. The take-over was to come into effect immediately after the World Radio-communications Conference (WRC-12) which was concluded on the 17th February 2012. Gwandu, one Nigeria’s most celebrated engineer received his BSc in Physics from Usman Dan Fodio University, Sokoto and an MSc in Applied Physics from the University of Jos, in addition to a brief Engineering service at the Tactical Air-command, Makurdi and lecturing at Usman Dan Fodio University, Sokoto, he proceeded to the United Kingdom where he attended MSc Courses in Power Electronics and Drives and MSc courses in Communications Engineering. Hhe further obtained an MPhil degree in Electrical/Electronic Engineering, all from the University of Birmingham. Gwandu, returned briefly to Usman Danfodiyo University, Sokoto to lecture before going back to the UK to study for a PhD in Electronic/Electrical Engineering at Aston University and subsequently undertook an MBA in Finance at the Birmingham Business School. He has designed many devices that are used in the telecom industry some of which have been patented in Europe and United States. He is a Chartered Electrical Engineer and a Fellow of the Institution of Engineering and Technology (IET) UK. He is also a full member of the International Electrical Engineering Institutes, i.e. the IEEE USA, and IEICE Japan. Gwandu has published over 40 Electronic and Electrical Engineering Research papers in world-class Electrical Engineering journals and conference proceedings. He is an acknowledged expert in his field, which made him selected as one of the reviewers who vet research papers for publication in two of the most prestigious IEEE (USA) Journals dealing with Optical Communications. In addition to lecturing in Engineering, Gwandu also worked as Finance Analyst/Forensic Accountant at ABR Associates and Hays Finance, and has also worked in advisory capacity for a number of engineering companies in the UK. He was a General Manager for a telecom company in the West-Midlands, UK until July 2005. Since 2002, Gwandu has been involved in research work on Regulation of Utilities. He was also one of the engineers invited as part of the Institution of Electrical Engineers (IEE) team to outline policy issues for the UK Energy White-paper. He was also a regular contributor to IEE/Ofcom consultation on spectrum management issues. In particular, Dr Bashir Gwandu’s MBA research work was on Utility market design for Nigeria, with focus on Restructuring, Regulatory and Tariff Setting Challenges. Gwandu has also attended many courses on Telecoms/Utility Regulation in many countries around the World. His major Engineering research focus and publications are in the areas of UHF/VHF transceivers, Optical communications, DWDM filters, add-and-drop filters, Radio-on-fibre filters, Fibre lasers, Microwave and RF systems, Dispersion management in long-haul optical fibre links, Erbium-doped Fibre Amplifiers (EDFAs), Optical fibre sensors, Underwater transducers, Digital modem design, Methods for requirements capture and analysis, etc. Gwandu served as the Acting CEO of the Nigerian Communications Commission from June to July 2010 and is currently the Executive Commissioner for Engineering and Technical Standards at the Commission; supervising Spectrum Planning and Management, Quality of Service Monitoring and Network Optimization, Equipment Type-approval, Numbering Plan, Allocation and Management. He was the Executive Commissioner in Charge of Licensing and Consumer Affairs of the NCC until June 2007. At Licensing, Gwandu supervised the Interconnect rate determination of Sept 2006 that led to improved competition thereby leading to significant reduction in telecom Tariff in Nigeria, the re-classification of Sales and Installation Licenses to Class-Category which has encouraged SMEs Entry into the Market, the Issuance of all the 17 Unified- and hundreds of other Licenses in Nigeria that led to increased competition, the Liberalization of International Gateway for GSM operators that allows for carrying of 3rd Party Traffic thereby reducing tariff for International Calls, the elongation of Access Validity period beyond 90days for all networks on execution of every Revenue Generating Event which has cut down consumer loses and inconveniences, the introduction of Anti- Mobile Phone Theft Scheme in Nigeria to curtail phone theft, the introduction of Tariff Comparison Platform for Consumers so as to aid choice, the abolishing charges to Customer Care Lines, the Limiting of waiting times for answer on Customer Care Lines, the Management of the Nigerian Internet Exchange project for the ICT Industry, the Improvement of Credit Control system of the NCC to ensure prompt payment of statutory fees by operators, the first ever in-depth NCC investigation into the State of the Quality of Service (QoS) of the Nigerian Telecom Networks. He also led the development of the first ever detailed QoS Regulations, and many other regulatory frameworks of the NCC. Gwandu was part of the Launch Committee of the recently Launched Nigerian Communications Satellite (NigComsat-1), he represents Nigeria, and sometimes ATU, at the ITU Conferences (such as WRC, WTSA, WSIS and WTDC and their preparatory meetings), he is a regular speaker at many International Telecom and Telecon Investment Conferences, and has represented Nigeria in many Forums on Telecoms Regulations, and was until recently on the Board of the NigComSat Ltd, and the Board of Digital Bridge Institute. Gwandu having skills in diverse areas of Engineering, Accounting, Finance, the Art of Regulation and Administration; the key competences required of a utility regulator, is currently on the Board of NCC.
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.
PalmPay Group (“PalmPay”), a multinational fintech company providing digital financial services across high-growth emerging markets, is pleased to appoint Samuel Oluyemi as Chief Operating Officer (“COO”) of its Nigeria practice, effective immediately.
The appointment comes at a pivotal moment for PalmPay as it looks to reach more underserved communities and continuously strengthen the reliability and security of its services. It also comes as Nigeria’s broader financial services sector continues to modernize, bring millions more Nigerians into the formal financial system, and strengthen the cybersecurity and fraud-prevention standards that underpin public confidence in digital payments.
As COO of PalmPay Nigeria, Mr. Oluyemi will oversee PalmPay’s Nigerian operations — where the company provides a full suite of digital financial services to individuals and businesses — and communicate with regulators to ensure the company’s growth happens harmoniously with the country’s financial, digital, and social inclusion goals.
Mr. Oluyemi brings more than two decades of experience at the Nigeria Inter-Bank Settlement System (“NIBSS”). During his tenure as the Business Development Lead, he championed the development of key national payment services — including the Digital Validation of Nigerian International Passport (e-Passport Validation), Electronic Dividend Mandate Management System (“e-DMMS”), and the Electronic Pensions Contribution Collection System (“EPCCOS”) — and played a pivotal role in introducing and driving early adoption of NIBSS Instant Payment (“NIP”), Nigeria’s first online, real-time, inter-bank transfer system in 2011 and its subsequent extension to the Other Financial Institutions (“OFI”) segment of the Nigeria Payments System.
He holds an MSc in Monetary Economics from the University of Ibadan with extensive local and international professional training.
“Samuel joins PalmPay at an important stage in our journey to strengthen the foundations that will support our long-term goal of driving financial inclusion,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “His extensive experience makes him well positioned to help us scale sustainably while maintaining the operational discipline, governance and customer-first culture that define PalmPay.”
“PalmPay has established itself as one of the most impactful fintech companies in emerging markets by making financial services more accessible and affordable for millions of people,” said Mr. Oluyemi.
“I am excited to join the company and look forward to working alongside an exceptional team to strengthen operational excellence and support PalmPay’s vision of building a leading digital financial services platform. Together, we will continue delivering secure, reliable, and customer-focused financial solutions while contributing to the continued evolution of Nigeria’s digital financial ecosystem.”
As Nigeria’s digital financial services sector continues to mature, this appointment reflects a broader commitment guiding PalmPay across all markets it serves: building financial services that are secure, reliable, and effective enough to earn a permanent place in people’s everyday lives.
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