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Reps Decry Rising Fraudulent Activities Linked to POS

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The House of Representatives has raised concern over a surge in fraud linked to Point-of-Sale (POS) operators nationwide. POS terminals are now a popular cash source for businesses and individuals seeking alternatives to ATMs, even though ATM fees are lower.

Speaking at a resumed investigative hearing with fintech stakeholders at the National Assembly Complex on Monday, the Chairman of the House Ad-hoc Committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and POS Operations in Nigeria, Hon. Olufemi Bamisile, lamented what he described as the infiltration of unlicensed crypto-related activities in the sector.

According to him, the Committee has received multiple reports of unprofiled agents, cloned terminals, anonymous transactions, and weak Know-Your-Customer practices, which he said are putting Nigerians at serious risk of financial loss, cybercrime, and security breaches.

“We are concerned about the growing rise in fraud associated with POS operations. Unprofiled agents, cloned terminals, and weak KYC practices continue to expose citizens to preventable dangers.

“There are allegations and credible information that some POS operators now engage in crypto-related services for which they are not licensed. This raises serious red flags around anti-money laundering, terrorism financing, data integrity, and the misuse of instruments originally designed for basic payment services,” he said.

Bamisile added that the Committee had been alerted to the registration of phony companies at the Corporate Affairs Commission, some of which allegedly use the National Identification Number and Bank Verification Number of unsuspecting citizens to open accounts and launder illicit funds through unverified POS channels.

“This highlight weak verification mechanisms and underscores the urgent need for a coordinated oversight framework,” he said.

He also disclosed that the Committee will investigate the storage of sensitive customer data on foreign servers by major fintech companies operating in Nigeria, warning that keeping data outside the country’s jurisdiction undermines regulators’ and security agencies’ ability to conduct audits, trace suspicious transactions, or enforce compliance.

“This has direct national security implications, especially in a sector connected to terrorism financing risks and cyber-enabled crimes,” he said.

Despite the concerns, Bamisile assured operators that the engagement was not a witch-hunt but an effort to rid the sector of practices harmful to the fintech industry.

“Our mandate is clear: to recommend legislation that will deliver a harmonised regulatory framework, stronger security safeguards, improved consumer protection, and an environment where innovation and investment can flourish responsibly,” he said.

The National President of the Association of Digital Payment and POS Operators of Nigeria, Paul Okafor, warned that the POS ecosystem has reached a critical emergency point, with fraud rising to a level that now poses a direct national security threat.

He told lawmakers that while POS operators had increased from 50,000 in 2017 to more than 2.3 million in 2025, regulatory capacity had grown by “less than 10 per cent”.

“This imbalance is what has produced the crisis we are facing today. The regulators, especially the CBN, are not incompetent; they are overwhelmed by the sheer speed and scale of growth.”

Quoting data from the Nigeria Inter-Bank Settlement System, Okafor said POS, banking, and digital-payment channels suffered N17.67bn in fraud losses in 2023, affecting more than 80,000 customers. The situation worsened sharply in 2024, with losses rising to N52.26bn—an increase of N34.59bn in one year.

“More than 38,000 POS fraud cases were officially reported in one year. Unofficially, we estimate that over 70,000 cases go unreported because victims simply give up.

“In some states, security agencies report that nearly 40 per cent of kidnap ransom payments pass through informal POS cash-out channels. This is no longer a fintech issue; this is a national security threat,” he warned.

Okafor urged the Committee to issue a directive compelling the CBN to introduce urgent reforms to stabilise the system.

“If we fail to act, fraud will escalate, kidnappers will continue to exploit the system, Nigerians will lose more money, financial inclusion will collapse, and trust in the financial system will be destroyed. And when trust dies, the financial system dies,” he said.

To restore order, he outlined three measures ADPPON wants implemented immediately: mandatory Nigeria Police Force–NCCC Cybercrime Clearance Certificates for all POS operators; mandatory CAC registration for every POS business; and mandatory membership of recognised trade associations to enforce training, discipline, and self-regulation.

“These are practical, lawful solutions aligned with existing laws and international standards. They can be implemented without creating new legislation,” he told lawmakers.

He cited examples from other countries, noting that India, Kenya, Brazil, South Africa, and the United Kingdom enforce strict oversight to protect their POS ecosystems.

“In Brazil, agent fraud dropped by over 60 per cent after the government mandated police vetting. India, with over five million agents, maintains low fraud rates because verification is non-negotiable. No country leaves its financial system open to millions of operators or puts it in the hands of foreigners without strict controls. Nigeria must not be the exception,” he stressed.


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LG Electronics Celebrates Women Who Power Progress @ 2026 Women’s Month Event

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LG Electronics has reinforced its commitment to gender inclusion and women’s empowerment with the successful hosting of its 2026 Women’s Month event, themed “Women Who Power Progress,” at its Lagos office.

The event brought together accomplished women from diverse industries for a thought‑provoking panel discussion that explored their personal journeys, career-defining moments, and the inspiration behind their success in traditionally male-dominated and highly competitive fields.

The distinguished panel featured award‑winning filmmaker Mrs. Biodun Stephen, Mechanical Engineer Engr. Adeola A. Adeleke, Interior Design Leader Dr. Jennifer Chukwujekwe, and MEP Engineer Engr. Moyosore Onabolu. The session was expertly moderated by actress and entrepreneur Blessing Obasi‑Nze, who guided candid conversations around ambition, resilience, and purpose.

Throughout the discussion, panelists shared compelling stories of perseverance, the challenges they overcame, and the values that shaped their professional paths. They also offered practical advice to women navigating their careers, emphasizing the importance of resilience, continuous learning, self-belief, and mentorship as key drivers of long-term success.

A major highlight of the event was the keynote address delivered by Engr. Dr. Funmilade Akingbagbohun, the first female National Chairman of the Nigerian Institution of Mechanical Engineers (NIMechE), Mechanical Engineer, and STEM Advocate. Her keynote address tagged “Women Building, Fixing, Innovating, and Powering the Future of Technology,” delivered a compelling call to action for women, organisations, and society at large.

“Women are building, fixing, innovating, and powering the future of technology. As we mark International Women’s Day, my call to action is simple but urgent: rise, build, break barriers, and lift others along the way,” she said.

“To organisations like LG Electronics, continue to foster inclusive environments where women can thrive, lead, and innovate. To every woman here, be bold, pursue excellence, and never underestimate your potential. To the next generation, embrace STEM careers with confidence and courage. And to all of us, support one another because success is more meaningful when it is shared.”

“While we celebrate progress, we must acknowledge the challenges that still exist, from gender stereotypes and underrepresentation in leadership to the pressure of balancing multiple roles. Yet today’s woman is competent, resilient, and visionary. We are no longer waiting for opportunities; we are creating them, claiming them, and excelling in them. When women rise, organisations grow, and society progresses. There is no limit to what we, as women, can accomplish.”

Speaking at the event, the Managing Director of LG Electronics, Mr. Hyoung Sub Ji, underscored the company’s belief in the transformative power of inclusion.

“At LG Electronics, we believe that empowering women is not just a social responsibility, it is a catalyst for innovation, growth, and sustainable progress. Creating platforms where women’s voices and experiences are celebrated is essential to building a more inclusive future,” he said.

Held in a vibrant and engaging atmosphere, the event also provided a valuable networking platform for attendees to connect, celebrate achievements, and exchange ideas in a relaxed and inspiring environment.

In line with the broader International Women’s Day theme, “Give to Gain,” LG Electronics used the occasion to reaffirm its belief that investing in women strengthens communities, organisations, and society at large.

Through initiatives like “Women Who Power Progress,” LG Electronics continues to champion diversity and inclusion, celebrating women who are not only breaking barriers but actively shaping the future and powering progress across industries.


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EFCC Waxes Worriedly over $160Bn Crypto Crime Losses

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Economic and Financial Crimes Commission (EFCC) has warned of rising cryptocurrency-related crimes, revealing that illicit digital currency transactions exceeded $160 billion globally in 2025.

EFCC Waxes Worriedly over $160Bn Crypto Crime Losses

Ola Olukoyede, chairman, raised the concern during the inauguration of the United Nations Office on Drugs and Crime Country Programme for Nigeria (2026–2030) in Abuja.

Olukoyede, warned that digital currencies such as Bitcoin are increasingly being exploited by criminal networks to move funds across borders undetected.

According to him, advances in technology, weak regulatory frameworks, and gaps in global financial systems have created fertile ground for cyber-enabled financial crimes.

The anti-graft agency boss stressed that tackling cryptocurrency crime required coordinated national strategies, stronger institutions, and intelligence-driven enforcement.

According to him, the new UNODC programme comes at a critical time when Nigeria and the global community are facing growing threats from organised crime, cybercrime, and illicit financial flows.

Olukoyede described the initiative as a strategic platform to strengthen the rule of law, improve the criminal justice system, and protect citizens from financial and violent crimes.

Musa Aliyu, chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), in his comments, called for stronger inter-agency cooperation.

Aliyu said Nigeria faced interconnected threats, including violent extremism, smuggling, organised crime, and illicit financial flows, warning that no single agency could address them alone.

 

 


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FG Awards N50m Each to 45 Students under S-VCG

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Federal government has awarded N50 million each to 45 students selected from 65 finalists drawn from public and private tertiary institutions nationwide under the Student Venture Capital Grant (S-VCG).

FG Awards N50m Each to 45 Students under S-VCG

Tunji Alausa, minister of Education, unveiled the initiative at the weekend at the United Nations Development Programme Innovation Hub in Ikoyi, Lagos, describing it as a bold step toward positioning Nigerian youth as drivers of global innovation.

Alausa said the programme marked a significant shift in education policy, aimed at empowering students through innovation, entrepreneurship, and skills development. He noted that the grant offers equity-free funding, mentorship, incubation, and access to digital tools.

He explained that the beneficiaries emerged after a rigorous selection process involving over 30,000 applicants from more than 400 tertiary institutions across the country, culminating in a three-day bootcamp and pitch session before industry experts.

According to the minister, the initiative is designed to transform tertiary institutions into hubs of innovation and economic development, enabling students to move from ideation to commercialisation and become job creators.

“Today is not just another programme event. We are activating a new future for Nigerian students where great ideas are nurtured into impactful solutions,” he said.

Also speaking, Suwaiba Ahmad, minister of State for Education, described student entrepreneurship as a critical national strategy for job creation and economic growth. She emphasised the need for institutions to move beyond theory and support students in translating ideas into viable enterprises.

Similarly, Bosun Tijani, minister of Communications and Digital Economy, commended the initiative, urging beneficiaries to focus on building sustainable and impactful solutions rather than pursuing short-term gains.

He advised students to adopt consistency and long-term thinking, noting that small, sustained efforts could lead to meaningful innovation and societal impact.

In her goodwill message, Elsie Attafuah reaffirmed the commitment of the United Nations to supporting Nigeria’s innovation ecosystem.

She encouraged beneficiaries to refine their ideas, respond to market needs, and contribute meaningfully to national development through innovative solutions.

The minister acknowledged key partners, including the UNDP, Google, and the Bank of Industry, for their support in implementing the initiative and expanding opportunities for young innovators across Nigeria.


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