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Ping Express Dispels Money Laundering Claims, Says Nigerians Are Treated Harshly for having Ineffective Anti-Money Laundering Policy

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Ping Express, a financial technology company that was alleged to have laundered $160 million to Nigeria has debunked claims.

The company denied the claims in a statement released on Tuesday and made available to Nigeria CommunicationsWeeks.

According to the statement, “Ping express debunked claims that the company or its past directors were involved in money laundering or fraud. In the last two and a half years, Ping Express, a financial technology company has been dragged through the US court system on unsubstantiated allegations, including money laundering.

“We deny any allegations that we participated in money laundering activities via our platform; and the court records are available and very clear.

“It is deeply saddening that a technology that was designed to help immigrants stay connected to their families could have been grossly misused by a few of the platform’s over 80 thousand customers.”

The Company did not steal from anyone and did not know or conspired with anyone to steal a dollar from anyone. The court documents and rulings are clear. No losses and no restitution were imposed on the company nor its founders and this validates that the US court recognized that no fraud was perpetrated within the company’s platform nor was fraud aided or abetted by its founders.

Ping Express served more than 80,000 hardworking and honest Nigerians in the US and more in other parts of the world. Ping Express operated in more than 28 countries including UK, Canada and several European countries and served immigrants from 27 African countries with consistent Standard Operating Procedure (SOP) that were reviewed and approved by regulators. It is of importance to note that some of the Ping’s users that were queried by the DOJ were customers of the top 2 competition.

These users paid Ping directly from their personal bank accounts in the US. All its customers were verified and went through extensive screening before their transactions were processed. Internal limits, which were subject to review per the Company’s policy, are the basis for which we were non-compliant. In essence, customers have no hard limits per the Company’s policies (not external limits). Ping operated strict compliance standards, and ensured users paid from their personal bank accounts.

Unfortunately. the US government insisted that Ping didn’t consider and file enough suspicious reports on all its customers despite them paying from their personal bank accounts with monies already housed by American banks who in the dynamics that Ping know are the ones responsible for the flagging of the source of the monies in their customers’ accounts.

It was apparently expected that its owners will know every single Nigerian by name, creed, behavior and track record, as amusing as this sounds, it’s concerning and a pointer to many other things that has crystallized in this matter.

It is depressing to view the malicious and baseless claims being reported in the Nigerian media. It is shocking with malicious relish at which several Nigerian-based media have picked up on the story, seemingly driven by their worst sensationalist instincts, as they have embroidered the tale with outlandish plot elements that have a tenuous grip on reality.

They have maliciously reported so-called facts without taking some time to investigate or verify information read on other platforms; this is not in consonance with the time-tested norm in journalism practice, which is should still be relevant in today’s journalism.

This becomes a sample case for us all to find Company founders being held liable for internal control failures of their Company, especially when they had no personal relationship with its users. However, this is what the Ping former owners are faced with.

“We focused on making the simple task of helping a family much easier. We worked very hard with integrity to develop a system that disrupted the marketplace. Rather than join other companies in creating customer service and relations team outside Nigeria, we were passionate about Nigeria and built one of the first outsourcing unit in Nigeria, employing over 40 Nigerians. History is the best judge” Said Anslem Oshionebo

“Having led an extremely expensive and painful legal battle with the US regulators over the last 3 years, with the full support of my wife, it was simply time to make decision that was only in the best interest of my family. I stand proud of what we have achieved for the Nigerian and African community in US and other part of the world.” said Opeyemi Odeyale, former COO and co-founder of Ping Express.

 


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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

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NITDA, CAC Activate Cybersecurity Measures Amid System Concerns

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The National Information Technology Development Agency (NITDA) and the Corporate Affairs Commission (CAC) have initiated coordinated measures to strengthen cybersecurity following recent concerns affecting aspects of CAC’s digital systems.

Both agencies said they have activated response and assurance mechanisms in line with national cybersecurity frameworks to safeguard critical infrastructure and maintain service integrity.

NITDA reiterated that all Ministries, Departments, and Agencies (MDAs) must adopt proactive cybersecurity measures in compliance with the National Cybersecurity Policy and Strategy (NCPS) 2021.

The agency directed all MDAs to immediately review and reinforce their cybersecurity architecture to address emerging threats targeting government systems and sensitive data.

As part of the directive, MDAs are required to conduct comprehensive security assessments, remediate identified vulnerabilities, and strengthen access controls across critical platforms.

They are also expected to enhance data protection mechanisms, maintain effective backup and disaster recovery systems, and improve monitoring capabilities to detect and respond to suspicious activities.

In addition, there is the need for functional incident response frameworks, including prompt reporting of cybersecurity breaches for coordinated intervention.

Detailed cybersecurity guidelines have already been issued to MDAs for implementation as part of ongoing efforts to strengthen resilience across public sector digital infrastructure.

The measures are aimed at improving the overall security posture of government institutions and ensuring the continued protection of national digital assets.

NITDA reaffirmed its commitment to supporting government agencies in safeguarding digital systems and advancing cybersecurity best practices across the public sector.


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Nigeria Customs Deploys AI to Cover Revenue Leaks

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The Nigeria Customs Service (NCS) has rolled out an artificial intelligence (AI) driven capacity-building programme to improve revenue generation and reconciliation across its operations.

The initiative, unveiled during a three-day training event in Abuja, aims to transition the agency toward data-driven administration as Nigeria seeks to boost non-oil revenue.

The adoption of AI will enable the service to better manage complex trade systems, detect anomalies and reduce revenue leakages, says Bashir Adewale Adeniyi, comptroller-general of the NCS.

AI-powered tools are already being integrated into risk management and cargo scanning systems to allow for real-time analysis of trade patterns.

The technology marks a transition from manual, reactive processes to predictive and automated decision-making, Adeniyi adds.

The programme also reflects a shift in the relationship between the NCS and the National Assembly toward a collaborative framework focused on transparency and efficiency.

The training is a strategic intervention to address persistent gaps in revenue management, says Kikelomo Adeola, deputy comptroller-general of the NCS.

AI applications, ranging from automated data analysis to predictive intelligence, will significantly enhance the integrity of public financial systems, she says.

The initiative aligns with broader efforts to modernise governance and improve compliance across revenue-generating agencies, says Bamidele Salam, chairman of the House Public Accounts Committee.

Lawmakers and fiscal authorities at the event underscored the urgency of adopting advanced technologies amid rising budgetary pressures.

This move comes as the federal government increases scrutiny over revenue leakages and audit discrepancies.

The partnership between the NCS and the legislature is critical to strengthening fiscal discipline and ensuring all revenue due to the federation is accurately captured, Adeniyi concludes.


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Lagos Targets Vulnerable Residents in Expanded Social Register

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Lagos State Government has intensified efforts to strengthen its social protection framework with a fresh push to update the state’s Single Social Register.

Lagos Targets Vulnerable Residents in Expanded Social Register

Babajide Sanwo-Olu, Governor, Lagos

This was contained in a press statement on the government’s Facebook page on Wednesday.

The initiative, led by the Lagos State Ministry of Economic Planning and Budget, formed the focus of a strategic engagement held on Monday with Community-Based Targeting teams, local government coordinators and field enumerators across the state’s 57 Local Government Areas and Local Council Development Areas.

The meeting, themed “Closing the Gap: Accelerating Lagos State Single Social Register Update,” took place at the Radio Lagos Multipurpose Hall in Agidingbi, Ikeja.

Officials said the exercise is aimed at improving the accuracy and reach of the register, which serves as a critical tool for planning and delivering targeted social interventions, including financial support, healthcare and education services.

Speaking at the session, Ope George, commissioner for Economic Planning and Budget, commended field workers for their commitment while urging them to scale up their efforts.

He called on participants to be “more intentional by intensifying their commitment,” reaffirming the government’s resolve to “continuously strengthen and refine the Register to reflect evolving realities.”

Also speaking, Olayinka Ojo, permanent secretary in the ministry, described the register as central to effective governance and service delivery.

She said “it remains a cornerstone for effective planning and delivery of social intervention programmes,” adding that the ongoing update is designed to “further enhance data reliability, coordination, and service delivery outcomes.”

Ojo noted that sensitisation efforts would be expanded across all councils to ensure wider inclusion of residents, stating that “the advocacy and sensitisation will scale throughout the 57 LGAs and LCDA to give more to Lagos residents.”

According to the government, the updated register is expected to expand access to social protection programmes and improve the targeting of interventions for the most vulnerable populations.

The engagement also provided a platform for stakeholders to strengthen collaboration, improve data quality and reinforce transparency in grassroots data collection.

The state government reiterated its commitment to leveraging accurate data and partnerships to drive inclusive development, reduce vulnerability and improve living standards across Lagos.


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