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E-Financial

Obulo Sent to Jail for Hacking, Stealing $70,000 from Polaris Bank

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Eric Nnamdi Obulo, the man who hacked into Polaris Bank Computer and stole $70,000, has been jailed for one year in Port Harcourt.

Obulo Sent to Jail for Hacking, Stealing $70,000 from Polaris Bank

Justice I.M. Sani of the Federal High Court sitting in Port Harcourt, convicted and sentenced Obulo.

He was re-arraigned by the Port Harcourt Zonal Office of the Economic And Financial Crimes Commission (EFCC), on one- count charge bordering on unlawful interception by technical means, into Polaris Bank’s data base and taking possession of $70,000.

The one-count charge read: “That you Eric Nnamdi Obulo, on or about July, 2019 in Port Harcourt, Rivers state, within the jurisdiction of this Honourable Court did intercept by technical means the data base of Polaris Bank and in the process took possession of the sum of Seventy Thousand Dollars {$70, 000.00} into your Polaris Bank Account no. 2130049253 and thereby committed an Offense contrary to Section 12 (1) of the Cybercrime (Prohibition Prevention etc.) Act 2015 and punishable under the same section of the Act”.

He pleaded guilty to the charge, when it was read to him.

In view of his plea, K. W Chukwuma-Eneh prosecuting counsel, prayed the court to convict and sentence him accordingly.

D.E. Nowo, defence counsel, pleaded for leniency in view of the convict’s ” remorse and being a first- time offender who did not waste the precious time of the court”

Justice Sani consequently convicted and sentenced Eric Nnamdi Obulo to one year imprisonment with an option of fine of Five Million Naira only.

Obulo ran into trouble when Polaris Bank filed a petition against him, with the Port Harcourt Zonal Office of the EFCC on October 14, 2019.

The petitioner stated that, sometime in October, 2019, the bank’s database and core banking applications were manipulated by unknown fraudsters, resulting in the crediting of six accounts belonging to the convict with a total sum of Seventy Thousand United States Dollars.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Financial

SEC Working on Stablecoin Regulation Framework

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Securities and Exchange Commission (SEC) is working with developers to establish a regulatory framework for stablecoins, according to Dr. Emomotimi Agama, director-general, SEC.

SEC Working on Stablecoin Regulation Framework

Agama made this announcement during his keynote speech at the 2025 Decentralized Finance (DeFi) Conference.

Agama said the SEC’s commitment is to foster a responsible decentralized finance environment.

“The commission believes responsible DeFi can thrive in a regulated environment,” he said, highlighting the SEC’s efforts to enhance investor education through its “Crypto Smart, Nigeria Strong” initiative.

The program aims to educate young investors across schools, universities, and social media on blockchain basics, scam detection, and long-term investing benefits.

The SEC is also focusing on regulatory evolution, with plans to streamline its licensing regime.

“We are enhancing our licensing architecture to make it more efficient, more transparent, and more risk-based,” Agama noted.

The commission is exploring a framework for naira-pegged stablecoins, backed by verifiable reserves and audited by independent custodians, to facilitate cross-border trade and programmable finance.

It is also reviewing pathways for digital asset Exchange Traded Funds (ETFs), custodial wallets for pension funds, and tokenized securities for institutional investors.

 

 


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E-Financial

CBN Issues Transitional Guidance, Says Banks are Healthy

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Central Bank of Nigeria (CBN) has introduced time-bound measures for a small number of banks still completing their transition from the temporary regulatory support provided.

CBN Issues Transitional Guidance, Says Banks are Healthy

The CBN stated yesterday that this step is a response to the economic impact of the COVID-19 pandemic.

This step, the CBN said, is part of its broader, sequenced strategy to implement the recapitalisation programme announced in 2023.

CBN disclosed that the programme, which aligns with Nigeria’s long-term growth ambitions, has already led to significant capital inflows and balance sheet strengthening across the sector.

It said most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.

It added that the measures announced apply only to a limited number of banks saying that these include temporary restrictions on capital distributions, such as dividends and bonuses, to support the retention of internally generated funds and bolster capital adequacy.

A statement by Mrs Hakama Sidi Ali, acting director, Corporate Communication of the apex bank,  explained that all the affected banks have been formally notified and remain under close supervisory engagement.

“To support a smooth transition, the CBN has allowed limited, time-bound flexibility within the capital framework, consistent with international regulatory norms. Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums.

“These adjustments reflect a well-established supervisory process consistent with global norms. Regulators in the U.S., Europe, and other major markets have implemented similar transitional measures as part of post-crisis reform efforts,” the bank stated.

It further added that it remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums.

The goal is to ensure a transparent, predictable, and collaborative regulatory environment.

It assured that Nigeria’s banking sector remains fundamentally strong, explaining that the new measures are neither unusual nor cause for concern; they are a continuation of the orderly and deliberate implementation of reforms already underway.


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E-Financial

Loan Defaulters Risk Denial of Passport Renewal, Others-  CREDICORP

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Uzoma Nwagba, managing director, Nigeria Consumer Credit Corporation (CREDICORP), has announced that failure to repay loans may soon affect citizens’ access to essential services such as passport renewal, driver’s licence issuance, and even renting a home.

Loan Defaulters Risk Denial of Passport Renewal, Others-  CREDICORP

Nwagba disclosed this on Tuesday during a ‘Meet the Press’ session organised by the Presidential Media Team at the State House in Abuja.

According to the CREDICORP boss, the Federal Government was working to link individual credit scores directly to the National Identification Number (NIN), as part of efforts to build a centralised and reliable credit system across the country.

He said all loan providers, whether commercial banks, FinTechs, or microfinance institutions, will be mandated to report loan performance, ensuring every Nigerian has an accurate and traceable credit score.

“Maybe you want to renew your passport, but if something shows that you owe money somewhere, you may not be able to proceed,” he said.

“The same applies to renewing your driver’s license or renting a house. There is no hiding place.”

He clarified that the new policy will not be predatory but will impose subtle and structured consequences on defaulters.

“Whether your money is in a commercial bank, FinTech, or microfinance institution, loans taken and not repaid will be tracked and recoverable,” he added.

Nwagba explained that the goal was to ensure that every Nigerian is scored, using a structural algorithm that considers both financial and non-financial data.

CREDICORP’s mandate, he said, includes improving quality of life, reducing corruption driven by financial desperation, and strengthening local industries by enabling Nigerians to access consumer credit to buy locally made goods.

“The President has made it clear that improving lives is a top priority. If people can access credit responsibly, it reduces the pressure that pushes them into corruption or financial missteps. At the same time, it drives demand for Nigerian products and helps create jobs,” he stated.

The CREDICORP boss also revealed plans to roll out a nationwide consumer credit programme targeting 400,000 young Nigerians, beginning with National Youth Service Corps (NYSC) members under the YouthCred scheme.

According to him, the programme’s systems and platforms are fully set up, for imminent official launch.


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