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General News

Nigeria’s Kudimoney.com Makes Global Top 50 Digital Banks 2017 List

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Babs Ogundeyi, founder and CEO of Kudimoney.com
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By peter oluka

Kudimoney.com, a leading Nigerian FinTech company has been selected in the 2017 Financial IT Top 50 Digital Banks list.

The list is compiled by Financial IT magazine, a leading voice in global FinTech, AI, Digital Banking and Blockchain.

Financial IT recognizes the top 50 global pioneers at the intersection of technology and digital banking services by publishing a report highlighting the who is who in the global digital banking industry with a brief introduction of all the companies on the list.

Kudimoney is the only Nigerian company, and one of two African companies to make the list.

FinTech companies are non-traditional financial institutions that are using technology to disrupt the financial sector. They are actively developing new technologies to push for the transformation of the financial services industry and are proactively exploring and adopting advanced technologies (blockchain, machine learning) to increase efficiency in financial services. The selection criteria included an assessment of the overall impact of the digital bank.

Babs Ogundeyi, founder and CEO said: “We are delighted to be recognized as a leading pioneer in digital banking”.

“At Kudimoney we are committed to developing a digital platform that ultimately makes banking easier and more affordable for Nigerians and Africans. By running a more efficient system, we are able to offer customers more value for their money, via higher interest rates on savings and deposits and lower interest rates on loans, all with an effortless banking experience,” Ogundeyi added.

Kudimoney, recently launched its online only automatic savings product –  a savings account that allows you to automatically save little (or large) amounts of money on a periodic basis.

“By Mid 2018, Kudimoney will be a full service online only bank, offering spending accounts, savings accounts, transfers and bill payments, as well as loans, all at a significantly better value than traditional players”. Ogundeyi added.

Link to the list financialit.net/sites/default/files/top50_digital_banks..pdf


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

Court Orders Lawyer to Produce “Bail-Jumping” Client in MTN Cyber Fraud Case

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Justice Ambrose Allagoa of the Federal High Court sitting in Lagos has ordered Mr Nnamdi Kalu, a legal practitioner, to appear before the court on July 9, 2025, to provide explanations regarding the whereabouts of Richard Ironbar Edemadem, his client,  who is accused of cyber-related fraud and has allegedly jumped bail.

Court Orders Lawyer to Produce “Bail-Jumping” Client in MTN Cyber Fraud Case

The judge issued the directive during the ongoing trial of Edemadem and four others, namely: Samuel Okpapi, Nelson Ojovbo, Bamigbade Olushola, and ISD Technology Limited, who are standing trial on charges of tampering with the critical mobile telecommunications infrastructure of MTN Nigeria and illegally profiting from unsolicited messages sent to subscribers.

The prosecution, led by Mr Nnemeka Omewa of the Economic and Financial Crimes Commission (EFCC), informed the court that Edemadem, the first defendant, had jumped bail and ceased communication with both his counsel and the court.

He further revealed that Mr Kalu, who represented the defendant at the early stage of the trial, had stopped appearing in court and was unreachable.

During the trial proceedings, Justice Alagoa queried the continued absence of the first defendant, especially as his name had come up repeatedly during the testimony of the EFCC’s witness.

Upon receiving the explanation from the prosecutor, the judge expressed concern that no attempt had been made to bring the sureties to account, as required when a defendant absconds.

Responding to the judge’s query, Omewa said the prosecution had made efforts to trace the sureties and review the bail bond documents.

However, they discovered that no valid documentation about the sureties or their contact addresses could be found in the court file.

Disturbed by the absence of such critical records, Justice Alagoa directed the absentee defendant’s counsel, Mr Kalu, to appear before the court on the next adjourned date to provide clarity on his client’s disappearance and explain his failure to participate further in the trial.

In the meantime, the trial resumed with the testimony of Mr Olamide Sadiq, the fourth prosecution witness and an investigating officer with the EFCC.

Sadiq detailed how the defendants fraudulently manipulated MTN’s telecom systems to send unsolicited messages to thousands of unsuspecting subscribers.

According to his testimony, the defendants, who were employed as IT professionals for various telecom value-added service providers, compromised MTN’s Critical Mobile Telecommunications Network System between 2017 and 2018, adding that by exploiting the system’s vulnerabilities, they deployed mass unsolicited messages that led to unauthorised deductions from subscribers’ airtime balances.

Sadiq explained that these illegal deductions were routed into multiple accounts linked to the defendants and their affiliated entities, notably ISD Technology Limited.

The stolen proceeds, totalling N36,837,438.20, were subsequently distributed among the conspirators, he said.

Following the witness’s testimony, the court adjourned the matter to July 9, 2025, for the continuation of the trial and to enable Mr Kalu to appear and address the court on the issue of his absconding client.

The EFCC had filed a three-count charge against the defendants, detailing their alleged roles in the multimillion-naira fraud.

On count one of the charges, the defendants, Richard Ironbar Edemadem, Samuel Okpapi, Nelson Ojovbo, Bamigbade Olushola, ISD Technology Limited, and a fugitive known only as “Sola”, were accused of conspiring to tamper with a critical mobile telecommunications network system.

This, the EFCC said, is contrary to Sections 27(6)(b) and 10 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, and punishable under the same law.

The second charge stated that the defendants were charged with unauthorised tampering with MTN’s network infrastructure, an offence also contrary to Section 10 of the Cybercrimes Act, punishable under the same provision.

Counts three of the charges posited that the defendants allegedly took possession of N36,837,438.20, which they reasonably ought to have known were proceeds of an unlawful act, namely, stealing, contrary to Sections 15(2)(d) and (6) of the Money Laundering (Prohibition) Act, 2011 (as amended), and punishable under the same.

 

Source: Tribune

 


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Airtel Concludes Nationwide Environment Week with Market Clean-Up by Employees

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L-r): Regional Operations Director, Airtel Nigeria, Peter Francis; Treasurer, Elegushi Model Market, Cynthia Oranya; Secretary, Elegushi Model Market, Elizabeth Afolabi (representing the Iyaloja); Director, Corporate Communications & CSR, Airtel Nigeria, Femi Adeniran; and Director, Sales and Distribution, Airtel Nigeria, Ifeoma Okafor-Obi; during the market Airtel’s clean-up exercise at Elegushi Model Market in commemoration of World Environment Day in Lagos State last week.
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Telecommunications provider, Airtel Nigeria, has wrapped up its 2025 World Environment Week campaign, themed ‘Ending Plastic Pollution’, with an employee-driven market clean-up exercise at Elegushi Model Market, Jakande, Lekki, Lagos.

The activity was supported by the Ecobarter Company, a social enterprise focused on the promotion of a circular economy. Branded #UnPlasticAfrica, the events spanned six states and mobilised Airtel employees, community leaders, government partners, and market communities in a united effort to combat plastic pollution.

With the Lagos Market Cleanup, Airtel staff and community members joined forces to remove plastic waste and sensitize the locals on individual contributions towards a plastic-free environment.

To support sustainability and align with Lagos State’s ban on single-use plastic, large bins for refuse sorting as well as parasols, and reusable tote with #UnPlasticAfrica messaging were distributed to traders and their customers in the market to encourage behavioural change.

Speaking on behalf of Airtel Nigeria CEO Dinesh Balsingh at the clean-up exercise, Director, Corporate Communications & CSR, Airtel Nigeria, Femi Adeniran, highlighted the critical importance of community participation in safeguarding the environment and commended the market leadership for their openness and commitment to such impactful initiatives.

“True environmental care starts with action: keeping our gutters and surroundings clean and ensuring that plastic waste never finds its way into our canals and waterways.

The Elegushi market community has shown remarkable leadership by welcoming this initiative, and we are proud to have partnered with them to make a tangible difference as we commemorate World Environment Day 2025. We believe that this effort will spark a ripple effect, inspiring communities across the nation to take bold steps towards a cleaner, healthier Nigeria,” he said.

In her response on behalf of the President of the Elegushi Model Market traders’ association Iyaloja Simbiat Ronke Lawal, the Secretary of the trade association Elizabeth Afolabi, conveyed the group’s appreciation to the volunteers and Airtel Nigeria as an organisation. She commended the company for the clean-up initiative which she noted would leave a positive impact on the market.

“We want to thank Airtel Nigeria and all the volunteers for coming to our market to help clean and support us. This has really helped us and made our market a better place. We are incredibly happy and promise to sustain what you have started here today,” she said.

Recall that the Airtel Nigeria World Environment Week campaign began on June 4 with an employee seminar led by Mr Balsingh, followed by market clean-up exercises at Bodija Market, Oyo State; Oba Market, Benin City, Edo State; Wuse Market, Abuja; Artisan Market, Enugu State; Yankaba Market, Kano State; and finally, Elegushi Model Market, Jakande, Lagos.


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Verraki to Host Groundbreaking Webinar on Scaling AI for African Enterprises

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As Artificial Intelligence (AI) redefines competitive advantage across industries, African businesses are being challenged to evolve from passive observers to active implementers. Verraki, a leading African business and technology solutions firm and member of Andersen Consulting, is answering this call with a virtual event aimed at demystifying the AI journey for African enterprises.

Verraki will host a free webinar titled “From Idea to Action: How African Businesses Can Start and Scale AI Initiatives.” On Thursday, June 19, 2025, at 3:30 PM WAT, the session is designed to give business leaders a clear, executable path for embedding AI into their strategy and operations.

“We’ve moved past the point where AI is a buzzword; it is now a boardroom priority,” said Niyi Yusuf, Managing Partner at Verraki. “This webinar brings together African and global experts to provide actionable insight for businesses seeking to make that transition deliberately and profitably.”

Elevating Africa’s AI Readiness

Despite growing interest in AI, many African organizations struggle with where to begin, lacking both the technical know-how and the internal strategy to move forward. This webinar bridges that gap with both global case studies and local context, tailored to Africa’s unique business realities.

Featured Speakers include, keynote address by Randy McGraw, Chief Commercial Officer at Sertis, a Bangkok-based AI consultancy also a member of Andersen Consulting. Randy will unveil a playbook for implementing Private LLMs.

Fireside Chat with Kehinde Banasko, CEO of Skilladder AI, on how AI is revolutionizing workforce transformation and skills verification across Africa. The conversation will be moderated by Verraki’s Maanging Partner, Niyi Yusuf.

This event is ideal for CEOs, founders, product managers, innovation leads, and C-suite executives looking to implement AI tools that align with their business goals and drive sustainable results.

 


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