News
Halliburton: Returned $32.5m Missing from FG Coffers

About $32.5million recovered for the federal government by some senior lawyers in the controversial out-of-court settlement of the Halliburton scam has been declared missing from the government’s coffers.
The Economic and Financial Crimes Commission (EFCC), which raised the alarm over the alleged missing $32.5million yesterday, said that investigation in the matter had reached an advanced stage, and that those indicted would soon be charged to court.
Leadership newspaper reported that it got the information from a competent source within the EFCC.
The federal government had on December 11, 2010, entered into an agreement to settle the Halliburton scam out of court in exchange for ex-gratia payment of the said $32.5million.
The allegedly missing $32.5million was part of the over $180million recovered by five senior lawyers for the federal government, following negotiations and out-of-court settlement on the widely publicised scams – Halliburton, Siemens, Samprogetti and Japan Gasoline issues.
The five senior lawyers were hired by the former attorney-general of the federation (AGF) and minister of justice, Mr Mohammed Adoke (SAN), and were led by the former president of the Nigerian Bar Association (NBA), Mr Joseph Daudu (SAN). Other members of the negotiating team were Mr Damien Dodo (SAN), Mr Emmanuel Ukala (SAN), Mr Godwin Obla (SAN) and Mr Rowland Ewubare.
Leadership learnt that the five senior lawyers had already been invited by the EFCC in order to determine their involvement and they made useful statements to the agency on the matter.
The EFCC source, who sought anonymity because of the sensitive nature of the matter, said, “We are unable to locate the said $32.5million at the CBN and the Office of Accountant General of the Federation even though the said amount was purportedly paid into the federal government’s account.
“We suspect a conspiracy in this matter as so many people were involved. But I can tell you authoritatively that investigation has reached an advanced stage. Once investigation is concluded, the suspects will be charged to court.”
Leadership investigation further gathered that the details of the account provided by the federal government for the ex-gratia payment had issues. The development was said to have prompted Ewubare to furnish Halliburton with an escrow account number to enable the firm pay into it. The details of the account are as follows: JP Morgan Chase, New York. Swift B/C Code, CHASUS 33, Account No 000742501406865 and Account Title, Madison Avenue Escrow/CBN/FGN.
But Ewubare, in his statement before the EFCC, noted that the signatories to the escrow account were undisclosed nominees and himself. He added that the agents of the escrow account deducted 3.5 per cent from the amount.
The lawyer further claimed that he paid N2.8 billion to the federal government from his own share.
LEADERSHIP, however, gathered that the EFCC is yet to confirm Ewubare’s claims. The development might not be unconnected to the lawyer’s claim that the necessary documents on the escrow account, signed between him and the federal government on the matter, are still in the United States.
The anti-graft agency has directed him to furnish it with the documents in due course.
One of the lawyers on the negotiating team, Mr Damien Dodo, has, however, faulted the propriety of the allegation, saying it is unfounded.
In his statement before the EFCC, Dodo said, “I deny the allegation in its entirety. It is totally baseless, false, wicked and malicious.
“I affirm that the legal fees paid to legal team comprising J. B. Daudu (SAN), E. C. Ukala (SAN), Godwin Obla (SAN), Rowland Ewubare and myself were legitimate fees for all the work and negotiations that helped the federal government to recover over $180million.”
News
Cybervergent Expands to Three New Markets

Cybervergent has launched version 3.0 of its artificial intelligence (AI)-native posture management platform and expanded operations into Kenya, Ghana, and SA.

The move, according to the company, introduces automated risk verification for enterprises and aims to position Africa as a force in digital governance technology.
It goes on to say the latest platform upgrade introduces continuous posture management, replacing traditional point-in-time governance, risk, and compliance reporting with real-time verification systems.
An AI engine independently verifies 99.9% of audit and monitoring findings before they appear on enterprise dashboards, according to Cybervergent.
It says risk management, compliance, audit, and data security operations are integrated into a unified system built for cloud and on-premise environments.
According to Cybervergent, the platform maps more than 4 500 controls across frameworks, including the Nigeria Data Protection Act (NDPA), International Organisation for Standardisation (ISO) 27001, and System and Organisation Controls (SOC) 2.
Cybervergent says the rollout of its first South African customer validates the platform’s readiness for highly regulated enterprise markets and strengthens its expansion strategy across Africa’s leading technology and financial hubs.
The company is also adopting a channel-first deployment model, working with local partners and system integrators in Lagos, Accra and Johannesburg to scale verified security infrastructure for enterprises navigating increasingly complex regulatory demands.
“We built verification into the architecture,” said Ayomide Daniels, co-founder and chief scientist at Cybervergent. “If a finding is not traceable back to source documentation, it does not reach the dashboard.”
Cybervergent rebranded from Infoprivacy in late 2023 to reflect its shift towards AI-automated cybersecurity.
The start-up previously focused on data privacy compliance in the West African market before pivoting to its current integrated posture management model.
News
FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

Federal Government has directed recipients of honorary doctorate degrees to stop using the title “Dr.” before their names, as part of efforts to protect the integrity of academic qualifications and curb the misuse of honorary awards.

Minister of Education, Tunji Alausa
Minister of Education, Tunji Alausa, announced the directive after the approval of the new policy by the Federal Executive Council (FEC).
Alausa said the measure was necessary to address the growing abuse, commercialisation and politicisation of honorary degrees in some tertiary institutions across the country.
He explained that honorary doctorates are symbolic recognitions of outstanding contributions to society and do not equate to earned academic qualifications obtained through rigorous study, research and examination.
“Recipients of honorary doctorate degrees are not entitled to use the title ‘Dr.’ as a prefix to their names in official, professional or academic engagements,” he said.
According to the minister, awardees may instead indicate the honorary distinction after their names using formats such as D.Litt (Honoris Causa), LL.D (Honoris Causa) or other approved honorary designations.
Under the revised policy, only universities with active doctoral programmes will be permitted to confer honorary doctorate awards.
The government also restricted recognised honorary awards to four categories: Doctor of Laws (LL.D), Doctor of Letters (D.Litt), Doctor of Science (D.Sc), and Doctor of Humanities (D.Arts).
In addition, all honorary degree certificates must clearly carry inscriptions such as “Honorary” or “Honoris Causa” to distinguish them from earned academic degrees.
The minister warned universities against indiscriminate conferment of honorary degrees, noting that institutions found violating the directive would face sanctions from the National Universities Commission and the Federal Ministry of Education.
He said the policy was part of broader reforms aimed at restoring credibility to Nigeria’s higher education system and ensuring academic titles are not misrepresented for personal, political or financial gains.
Observers say the development could reshape the long-standing culture where public office holders, business executives and celebrities often adopt the “Dr.” title after receiving honorary awards.
News
Africa Fintech Revenues to Hit $65 billion by 2030 – Report

African fintech revenues are projected to expand 13-fold to approximately $65 billion by 2030, marking the continent as the world’s fastest-growing digital finance market.

The “Beyond Payments: Unlocking Africa’s Second FinTech Wave ” report, released by Boston Consulting Group at the Inclusive FinTech Forum in Kigali, indicates the sector is shifting from transactional inclusion to scalable, infrastructure-driven systems.
While Sub-Saharan Africa accounts for 74% of global mobile money volume, more than 50% of lending still occurs through informal channels, representing a massive gap for B2B payments and data-driven underwriting.
The opportunity now is to convert scale into sustained, institutional-grade growth, says the report. Markets offering regulatory clarity and interoperable infrastructure are becoming increasingly attractive to long-term capital.
Rwanda is highlighted as an example of deliberate institutional coordination that lowers the cost to scale for financial institutions.
Forward-looking regulation and the License Passporting Memorandum of Understanding between Rwanda and Kenya are cited as practical steps toward easing regional expansion.
Financial centres like the Kigali International Financial Centre play a critical role in this next phase by reducing uncertainty for banks and investors.
By combining regulatory clarity and Pan-African integration, they reduce uncertainty for banks, fintechs, and investors, and help position markets as credible, long-term investment destinations.
Africa’s next fintech phase will be led by financial institutions, the report notes. It goes on to say banks and regulated entities are becoming the primary customers of digital financial infrastructure, demanding platforms that align with their risk frameworks.
The report identifies five institutional priorities to sustain momentum: interoperable infrastructure, data-driven credit, regulatory coherence, trust, and resilience.
Building seamless wallet-to-bank integration will enable more efficient value movement, while transforming transaction data into AI-enabled underwriting models will help bridge the gap in SME lending.
Proportional licensing frameworks and predictable supervisory practices will lower the cost to scale for innovators. Furthermore, expanding cybersecurity capabilities will ensure the ecosystem remains reliable as digital usage grows.
Africa has demonstrated that fintech scale is achievable, and the next decade will be shaped by those markets that strengthen their institutional foundations, the report concludes.
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