General News
Nigeria is Ripe for ICT Valley-Olufade
Toyin Olufade is president, Association of Nigeria Courier Operators (Anco). He is also the managing director and chief executive officer of Swift Couriers Limited and has been in the courier industry for over 25 years.
Olufade worked for DHL for 12 years and before establishing Swift Couriers in 1997. In this interview with nkechi david-iwuchukwu, he spoke on industry issues and how to move the association forward.
Growth in the Courier Industry
The industry is relatively new in Nigeria, when I say new it is not an old industry, courier industry even in the world, is not as old as post, courier is door-to-door, hand-to-hand delivery of packages and documents. In Nigeria here, a child is still young at 25 and is still a young baby at 30 and that is basically how old the industry has been. The industry started in 1979 and I joined in 1984, so it is relatively very young in this country, if you do the mathematics from 1979 to 2010 is about 31 years old. However, the industry has grown from may be two to three players over time to about 240 players right now. The industry is still evolving because even at 240, it is still a very low number, to what a growing economy should have. What I mean by that is that you find out that a lot of courier companies are concentrated in Lagos, with a few in other parts of the country. In fact what I am saying is that we are limited, in that we could have a courier company concentrating just in deliveries of document in Enugu and effective in Enugu township, not to talk of Enugu state. So, if we are to expand this business, as the economy is expanding, we should have over 1,000 courier companies in Nigeria right now. So the growth of the industry is determined by the state of the economy and the response of consumers to post. Right now, we are still selling and sensitizing our people on the need, for instance, when you talk about mail shots, couriers are still not playing in that field, even the post is not playing. Our people are not playing in that field yet, but that is where you generate a lot of document, for instance, lets say Shoprite has coupons to give out to customers, they do mail shots and the courier drops it at their customers houses, for example 10 per cent discount on coca cola today and the customers picks the coupons and goes back to the shop to redeem it, but those things are not there, we are not doing that. The industry, is so wide that we are still limited by what we do right now, but we are hoping that as we grow and as the economy itself grows, the industry will continue to expand and there will be so much to do for each player.
Challenges Faced
The challenges are still enormous. The start-up cost is there and you know that Nigeria is still cash based, to do anything you need to put cash down upfront, you want to buy a car, you want to buy a truck, you pay full. That means you need a lot of money upfront in your pocket to start-up, but it shouldn’t be that because a business is supposed to start-up with just the working capital to run the equipments that you have. We also have the problem of electricity and road. The roads are bad. The problem of personnel is also there, because they are not adequately educated, so you spend a lot of time training and re-training. The challenge of taxes is there too and that is killing. When I say taxes we have various levels of taxes, which amount to double taxation. For example, if there is a withholding tax, to get your document, even from the people you work for, is a challenge, it’s either they are not paying the withholding tax or you can not file for your tax purposes. Even in the local government where you operate your business, instead of being happy that at least your presence in the area will create employment, they visit you in the first month of operation demanding for one levy or the other. We are still having discussion with the local governments as a body, to explain to them that they need to welcome our people in their various areas and when they see Anco stickers, it should serve as a licence to move ahead, because we carry very urgent, time sensitive, and critical document that may have to do with live, business progress and promotion but we are surprise that the local government officials sit on Anco bikes and cause delays that may even indirectly affect them. Because they are not aware that we are of a critical nature to the development of the economy and information if not passed at the right time could cause serious problems. I am using this opportunity to let the local government know that we are in a critical sector, information dissemination which is required in the business economy, helps the economy to grow. For instance, if a major manufacturer has a slight problem and I have that little bolt or nut for the machine to be put back to work, the industry can be grounded for weeks if that bolt or nut does not get to them as at when due. So the longer you delay in getting the item to the industry, the longer people will stay out of work, so that means it will affect the economy. So since we operate in a sensitive sector, we want every player including the police to ensure that they correct that.
Banks Interest in Courier
We have seen of late that there is more to it than meets the eye, but of course it’s a free market we are operating and every body can get into any business. The truth of the matter is this, I think we should specialize in our area of competence, so I expect the banks to focus on their core competence and provide money to companies that are specialist in this field. By setting up a business and being a competitor to your customer does not speak well. I think the regulatory body of the banks should look into it, because there are limitation to the volume of document you can handle yourself, so if bank xyz opens a courier company and thinks it can move more than a percentage of their item then they are kidding, they need to look at it other wise they are doing something wrong. I would rather suggest that the banks should help grow businesses because you cannot make blocks and at the same time build the house yourself.
Skilled Manpower in the Sector
Skilled manpower is an area that needs a serious attention, unfortunate for us right now there is no courier school, no university where one can study courier, but of course we have courses in logistics which is not enough, so right now Anco is working on becoming chartered in the near future, where people will begin to be taught on how to handle courier and what courier is all about. Courier is a profession that needs to be properly attended to, so that we can effectively discharge the duties that we need to do. Anco is already looking at it, we are planning to set up a training school, to train and also have a recruitment centre for various departments, from courier to clericals, customer service, marketers, and things like that, that is in the focus and it is in the pipe line. I am hoping that in the next one year, things will materialize and in our movement with government, the ministry of education and others, we will be able to become certified as soon as possible. Right now, individually we are trying to train and re-train our people in new developments in the courier industry and it takes a longer time but if we have a body that can train them like ICAN, you go to school to study accountancy but you also take a professional course to become a chartered accountant or a chartered marketer for instance, so that is the area we are looking at now, so that we can become more professional than we currently are.
The Regulatory Body
Courier Regulatory Department (CRD) of the Nipost is our regulatory body, within their scope they have been able to do well and within the limit of their operating guidelines they have been able to do the best they can. Of course you will notice of late that we have been saying that a player too cannot be a regulator, it is not right and there is some level of injustice there but that is what we have now. But there is still cry that there should be a body, an independent and autonomous body, like a commission that will regulate all of us including post, as long as you deal with mails. We believe that it will come on stage quickly, because we are so desirous of it. There can be transformation, CRD could transform to become the commission but I am not in the position to say that but we are hoping that we can have an independent commission, so that there can be more effectiveness as it happened in the telecommunication industry. The development that has taken place in the telecommunication Industry in the last few years is enormous and I believe that same thing can happen in the postal sector but you will notice that it could not happen until there was a separate regulatory body known as the National Communication Commission, so if we have a National Postal Commission, you will imagine the wonders that will happen.
Future of ICT Development in Nigeria
That is the way it is, ICT development not just in Nigeria but in the world, I was in India last year and ICT is breaking them open to the world. As a matter of fact most of the companies have their customer service based in India, so after office hours and you want to talk to someone, someone is talking to you from India. Nigeria also has the potential, because I can run a customer service from my one room, since I have all the equipments, I have the computer and I have the information that is the benefit of ICT. India purposed to develop that sector and today they are a super power in it, they call it ‘silicon valley’ and I think Nigeria is ripe for its own.
A covert intelligence operation coordinated by the Army Headquarters and the State Security Service (SSS) helped thwart a deadly plot to overthrow President Bola Tinubu’s government and assassinate key political figures, PREMIUM TIMES can authoritatively report.
Multiple senior administration insiders said the plot began to unravel in late September 2025 after an unnamed military officer with direct knowledge of the coup contacted the Olufemi Oluyede, then Chief of Army Staff.
The officer reportedly disclosed the scheme, saying he feared being implicated as an accessory to treason if he failed to alert authorities.
Our sources said around the same time, the SSS independently gathered intelligence indicating that some serving army officers were plotting to “destabilise the government and undermine Nigeria’s democracy.” An official familiar with the matter said Oluwatosin Ajayi, director-general of the SSS, personally briefed Mr Oluyede on the findings.
Faced with converging intelligence from multiple sources, the two security chiefs agreed to act swiftly. A wide-ranging but discreet joint operation was launched by the army and the SSS, with coordinated arrests planned across different parts of the country to neutralise the coup’s masterminds and other collaborators.
On 30 September 2025, as President Tinubu travelled to Imo State for an official visit, unaware of the plot to depose and possibly assassinate him, the joint operation went into effect. The sweep led to the arrest of the alleged principal architects of the coup, alongside other military and civilian suspects.
Emmanuel Undiandeye, chief of Defence Intelligence (CDI), and the then Chief of Defence Staff, General Christopher Musa, were subsequently briefed.
Mr Undiandeye was then requested to detain the suspects in the underground holding facility of the Defence Intelligence Agency.
Following the initial arrests, President Tinubu was formally informed of the foiled plot. A visibly shaken president immediately ordered the cancellation of the 1 October National Independence Day parade. He also approved the constitution of a special investigative panel, which later led to additional arrests. The investigative panel was led by General Undiandeye.
One of the detained soldiers later escaped custody but was rearrested by SSS operatives in Bauchi, a military insider said.
Meanwhile, a retired officer identified as General Adamu and a former governor, Timipre Sylva, accused of bankrolling the coup plotters, remained at large.
Tinubu later fired and retired General Musa, then Chief of Defence Staff, as well as the chiefs of the navy and air force. My Oluyede was appointed CDS and promoted to the rank of General. Weeks later, Mr Musa returned to government as Minister of Defence.
In a statement issued on 4 October, the Defence Headquarters said the arrested officers were being investigated for “indiscipline and breach of service regulations.”
It added that preliminary findings suggested the officers’ grievances were linked to “career stagnation and failure in promotion examinations.”
Despite mounting evidence and a series of detailed reports by PREMIUM TIMES and other media outlets, the military repeatedly denied that a coup plot existed.
In an 18 October statement, the Defence Headquarters described the probe involving the 16 arrested officers as a routine internal investigation aimed at maintaining discipline and professionalism within the armed forces.
However, on 26 January, the military publicly acknowledged for the first time that officers had indeed plotted to illegally overthrow President Tinubu’s administration. It announced that those indicted would be arraigned before a military judicial panel.
According to the Defence Headquarters, the investigation was “comprehensive” and conducted in line with established procedures, examining “all circumstances surrounding the conduct of the affected personnel.”
It said the findings revealed “a number of officers with allegations of ‘plotting to overthrow the government,” describing such conduct as ‘inconsistent with the ethics, values and professional standards required of members of the Armed Forces of Nigeria.”
“Accordingly, those with cases to answer will be formally arraigned before an appropriate military judicial panel to face trial in accordance with the Armed Forces Act and other applicable service regulations,” the statement added.
In an earlier report, PREMIUM TIMES quoted sources with direct knowledge of the investigation as identifying top officials allegedly marked for assassination. They include President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas.
“There are other people targeted,” one source said. “But those are the key targets.”
The plotters also planned to detain senior military officers, including the service chiefs. “They did not want to kill them,” the source added.
According to the sources, the conspirators intended to assassinate the political leaders simultaneously. “They were waiting for a day when all of them would be in the country,” one official said. “Wherever they were, they would be assassinated.”
The sources said the plotters relied on informants within the Presidential Villa and around the officials slated for elimination.
“They have people inside the Villa who monitor the movements of these officials,” the source said. “The plan was to kill them at the same time and install a military government.” (PREMIUM TIMES)
Moniepoint Inc., Nigeria’s definitive platform for small businesses and Africa’s all-in-one financial ecosystem, today released its 2025 Year in Review, marking a decade of “financial happiness” and a transformative year of growth.
Moniepoint
Highlighting its role as the backbone of Nigeria’s entrepreneurial economy with over 6 million active businesses, the company revealed that its microfinance bank has now disbursed over ₦1 trillion in credit to thousands of businesses from provision stores and supermarkets to building materials sellers.
It is worthy to note that on average these businesses experienced growth by more than 36% after accessing credit, signposting its primacy as a transformational growth level and instrument of deepening shared prosperity.
Moniepoint uses alternative data points that include transaction histories, business patterns and payment behaviours in a bid to accommodate what traditional credit scoring misses to drive financial inclusion and access to credit.
The company’s 2025 performance reinforces its role as a critical financial infrastructure which not only supports the Nigerian economy, but also impacts everyday lives, creating immense value.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc) has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, business bank accounts, credit, foreign exchange (FX), and management tools.
During the year, as Nigeria’s largest merchant acquirer, now powering 8 out of every 10 in-person payments made across the country, Moniepoint MFB, the banking and payments subsidiary, processed ₦412 trillion in transaction value handling more than 14 billion transactions. This clearly suggests that Moniepoint is well-positioned to play a greater role in Nigeria’s steady march towards a trillion dollar economy by 2030.
“Our journey has been one of intentional evolution,” said Tosin Eniolorunda, Group CEO and Founder of Moniepoint Inc. “What started as a passion to solve overlooked problems has evolved into a platform powering the dreams of millions.
“As 83% of employment in Africa exists in the informal economy, our mission to create financial happiness is an operational mandate that guides our product development, our market expansion, and our capital allocation decisions.”
Beaming with enthusiasm, Eniolorunda continues, “Yet for all we have accomplished, we approach our second decade with the clarity that our work remains unfinished.
“As we enter this next chapter, we do so with strengthened conviction in our strategy, deepened partnerships with world-class institutional investors, and an organisation scaled to deliver on Africa’s entrepreneurial potential.
“The infrastructure we have built over the past decade provides the foundation. The journey is far from over, but our resolve has never been stronger. To our partners, our customers, and our team: thank you for a decade of impact. We are just getting started.”
In 2025, Moniepoint Inc. reached a series of critical inflexion points, highlighted by the successful completion of its Series C funding round, which raised over $200 million in equity financing from leading institutional investors, including Development Partners International, Google’s Africa Investment Fund, Visa, the International Finance Corporation, and Verod Capital.
The year also marked the launch of MonieWorld in the United Kingdom, extending Moniepoint’s platform to serve the African diaspora by strengthening key remittance corridors and laying the foundation for the delivery of comprehensive cross-border financial services.
Moniepoint MFB re-launched its savings product in a firm demonstration of the company’s commitment toward its’ oft stated mantra of providing financial happiness. Data reveals in terms of savings behavioral patterns, the majority of users choose to save on a daily basis, with focus across business operations (24%), rent (16.5%), and education (10%) representing top savings priorities.
The launch of Moniebook and the acquisition of a national Microfinance Bank license for Moniepoint MFB further expand the company’s regulated capabilities and product depth.
TeamApt Ltd, the switching and processing subsidiary of Moniepoint Inc., also achieved major regulatory and operational milestones in 2025 that have solidified its position in the global payments landscape. After a rigorous certification process, the company successfully secured licenses from Mastercard and Visa to act as a processor and acquirer for these global card schemes..
This strategic move allows TeamApt to support international card payments directly and offer these critical switching services to other businesses across the continent.
Monnify, the web payment gateway processed N25 trillion in the period under review, demonstrating remarkable resilience and industry confidence firmly positioning it for more business-to-business transactions.
Moniepoint’s impact extended beyond banking into critical social interventions even as the company partnered with the Federal Government to support the Rice Intervention Programme, reaching nearly 850,000 beneficiaries, and worked with the Kaduna State Government in grants disbursement to vulnerable citizens.
Through these initiatives, Moniepoint continues to build the infrastructure required to unlock Africa’s entrepreneurial potential, positioning itself as a trusted partner for the delivery of large-scale economic empowerment programmes.
As Moniepoint Inc. enters its second decade, its well chronicled decade-long evolution from a backend technology provider to a household name, directly complements the Nigerian government’s vision of a more inclusive, data-driven, and productive financial landscape. To read more about the 2025 Year in Review Report:, visit http://2025.moniepoint.com
As the world observes Data Privacy Week under the theme “Take Control of Your Data,” Paradigm Initiative (PIN) has commended countries that enacted or strengthened data protection laws in the past year to protect citizens’ privacy rights.
PIN
The week marks the January 28, 1981, signing of Convention 108, the first international treaty on data privacy and protection.
PIN spotlighted Djibouti, The Gambia, and Burundi for passing data protection laws in June, September 2025, and January 2026, respectively. It also recognised Botswana, whose law took effect in January 2025, and Algeria, which amended its legislation in July 2025 to mandate Data Protection Officers.
“We applaud these strides,” PIN said, urging data protection authorities across Africa to prioritise implementation and enforcement to uphold data subjects’ rights.
In Nigeria, PIN’s advocacy has yielded key wins. In 2024, it challenged unauthorised websites selling sensitive personal and financial data of Nigerians for as low as N100. Strategic litigation forced United Bank for Africa (UBA) PLC to pay N8 million to customer Miss Folashade Molehin for unlawfully opening a domiciliary account without her consent.
In 2025, the Federal High Court in Abuja ruled against Domino’s Pizza (operated by Eat’n’Go), awarding Chukwunweike Araka Akosa N3 million for unsolicited direct marketing via his phone. The court deemed it a violation of Section 37 of the 1999 Constitution and Sections 25 and 26 of the Nigeria Data Protection Act, 2023. The case originated via PIN’s Ripoti platform, which documents and redresses digital rights abuses across Africa, offering pro-bono legal aid.
Yet challenges persist. PIN warned that countries like the Democratic Republic of Congo, Mozambique, South Sudan, Sudan, Guinea-Bissau, Eritrea, and Western Sahara lack robust laws, exposing citizens to grave privacy risks.
It called on Liberia, Namibia, Sierra Leone, Mozambique, and Libya to urgently enact data protection frameworks.
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