General News
Reps Decry Rising Fraudulent Activities Linked to POS

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.
General News
Senate Gives Tinubu Nod to Borrow Fresh $6Bn

Senate on Tuesday approved the fresh $6 billion loan request forwarded to the lawmakers by President Bola Tinubu.

Lawmakers approved the fresh loan on the same date the request letter was read by Godswill Akpabio, senate president.
The Senate approved the loans following the presentation and consideration of the report by Senator Aliyu Wamakko, chairman, Senate Committee on Local and Foreign Debts.
President Tinubu had written to the Senate seeking approval to borrow a total of $6 billion to finance key government projects and address budgetary gaps.
The requests were contained in two separate letters addressed to Godswill Akpabio, president of the Senate, and read during Tuesday’s plenary.
In the first letter, the President requested approval to obtain a $5 billion loan from Abu Dhabi Bank.
According to the President, the facility will be used to cover the nation’s budget deficit and support debt financing, among other fiscal obligations.
The request forms part of the Federal Government’s efforts to stabilise public finances and sustain ongoing government programmes.
In a separate communication, Tinubu also sought approval to secure a $1 billion UK Export Finance loan facility from London Citi Bank.
The loan is intended for the rehabilitation of key port infrastructure, including the Lagos Port Complex and Tin Can Island Port.
The President said the project aims to address critical infrastructure deficiencies in the country’s maritime sector
According to him, the rehabilitation will help improve efficiency, enhance safety standards, and support Nigeria’s efforts to diversify its economy beyond oil.
He added that the initiative would also strengthen Nigeria’s position as a regional trade hub.
Both requests have now been considered and approved by the Upper Legislative Chamber.
General News
FG Earmarks $2Bn to Launch 2 Satellites in 2028, 2029

Federal government has fixed 2028 and 2029 for the launch of two communication satellites, NIGCOMSAT-2A and NIGCOMSAT-2B, as part of efforts to strengthen security and expand digital connectivity.

The government will be committing over $22 billion on the ambitious space-led growth agenda focused on new satellite launches, increased industry revenue and expanded broadband access in underserved communities.
At the opening of the 2026 Nigerian Satellite Week in Abuja, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, confirmed the government’s approval for the acquisition of two new satellites—NigComSat 2A and 2B, describing the move as a “defining commitment” to national development, digital sovereignty and economic competitiveness.
Also, Mrs Jane Nkechi Egerton-Idehen, managing director of Nigerian Communications Satellite Limited (NigComSat), noted that the projects have moved beyond procurement to the execution stage.
She said the satellites are designed to enhance intelligence gathering, surveillance, and connectivity across Nigeria and neighbouring countries, particularly in support of security operations.
“For 2A and 2B, we have started the process. We have closed the tender and are now back into the financing and implementation stage. 2A is built to come up in 2028, and 2B for 2029.
“When they are up and running, they are expected to provide security within the borders and neighbouring countries. They will support the security agencies because data collection and intelligence in real time is important. Satellites like communication satellites allow that, irrespective of where they are,” she said.
On his part, Tijani, said the satellite programme forms part of a broader government strategy to deepen digital infrastructure nationwide.
According to him, the initiative complements ongoing investments in fibre-optic expansion and telecommunications infrastructure, while extending connectivity beyond Nigeria’s borders.
“The President’s approval of NIGCOMSAT-2A and 2B demonstrates a clear commitment to building the future. These satellites will enhance security, connect remote communities, and extend our fibre-optic network into neighbouring countries.
“Some of these neighbouring countries pay up to ten times more for internet capacity than Lagos. Extending our fibre network will not only improve connectivity but also enhance border security and regional collaboration.
“Satellite technology affects everything, from how a child in a rural community accesses the internet to how farmers make critical decisions and how businesses operate across distance,” he said.
General News
FG Launches CLHEEAN to Streamline Access to Government Services

Federal government has announced the launch of CLHEEAN, an artificial intelligence-powered mobile application designed to improve interactions between citizens and public institutions.

It is also a civic education and community engagement app.
Developed under the National Orientation Agency (NOA), the platform functions as a virtual assistant accessible via mobile devices.
It allows users to access information on public policies, ask questions, and interact directly with government services.
The app includes features such as instant messaging, voice recognition, and multilingual support, including several local languages, to reach a wider audience.
With CLHEEAN, users can also submit feedback, report concerns, and take part in discussions on public policies. The approach is intended to strengthen citizen participation and improve communication between the government and the public.
Lanre Issa-Onilu, director general of the NOA, said the initiative addresses a long-standing gap between citizens seeking to be heard and systems that do not always respond effectively, adding that the platform marks a step toward closing that gap.
The launch comes as Nigeria continues to face challenges in citizen engagement and the dissemination of public information.
By leveraging artificial intelligence, authorities aim to make public services more accessible while improving transparency and responsiveness.
The initiative also reflects a broader trend across Africa, where governments are increasingly exploring the use of AI to modernize public services and strengthen ties with citizens.
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