News
Identity Thieves Raid Banks, Inflict Losses
Nigerian financial system has been jolted by a lethal development, the increasing theft of identities by some criminals who work in and outside the system, CommunicationsWeek investigations can now reveal. Identity fraud and Automated Teller Machine (ATM) scams are now so rampant that banks, switching companies, the police and users are having sleepless nights. In simple term, identity theft otherwise known as identity fraud is the misappropriation of another person’s identifying information (birth date, address and maybe phone number , pin numbers and so on) for financial gains. The banking system was thrown into panic after cyber criminals cloned the website of the major switching and processing company, which owns the switching platforms in 23 out of 25 banks in Nigeria and stole money from unsuspecting banks customers. CommunicationsWeek investigations also revealed that using what is known as phishing, the criminals sent fraudulent SMS and email to victims directing them fake Web sites where they are asked to input sensitive data. In the emails, the criminals had attachments that, when clicked, secretly install "spyware" that can capture personal information and send it to third parties over the Internet. With the information supplied by victims, the criminals successfully broke into the victims’ bank accounts leaving tales of woes and losses. Worried by the growing crime, Interswitch Nigeria Limited, an electronic transaction switching and payment processing company, has taken the wrapper off "Maxi-Secure" a security plan designed to secure ATM cards whenever holder by any mistake discloses his card details to fraudsters. According to Interswitch "This means that if you by any mistake; disclose your Interswitch ATM card detail you use for cash withdrawal to fraudsters that payment will not authorize from your account via the internet unless the fraudsters have knowledge of your maxi-secure security ipin" "This will be effective starting from June 29, 2008. Please note that starting from June 29, 2008 is only registered Interswitch ATM card to this security plan can only withdraw money from any of the ATM machines of Interswitch bank nationwide or make transaction via the internet using their Interswitch ATM card(s)" the company added. A source at the Economic and Financial Crime Commission (EFCC) said that the development was being monitored and that the Commission is inviting useful information that would help burst the ring.
News
Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte Ayodeji
Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.
Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.
His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.
Sunday Dare, special adviser on Media and Public Communication to President Tinubu, celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.
“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”
Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”
News
FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

Mr. Joseph Tegbe, minister of Power
The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.
He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.
According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.
News
AfCFTA Urges Africa to Stop Exporting Raw Materials

Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.
According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.
She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.
Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.
“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.
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