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SERAP Fights  FG over Plans to Take over Dormant Account Balances, Unclaimed Dividends

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The Socio-Economic Rights and Accountability Project (SERAP)  has sent an open letter to President Muhammadu Buhari urging him to use his leadership position “to promptly drop the plan by the Federal Government to borrow about N895bn of unclaimed dividends and funds in dormant accounts using the patently unconstitutional and illegal Finance Act, 2020, and to ensure full respect for Nigerians’ right to property.”

SERAP Fights  FG over Plans to Take over Dormant Account Balances, Unclaimed Dividends

The Finance Act, signed into law by Buhari last December, would allow the government to borrow unclaimed dividends and dormant account balances owned by Nigerians in any bank in the country.

But SERAP in a letter dated January 9, 2021, signed by its Deputy Director, Kolawole Oluwadare, said: “The right to property is a sacred and fundamental right. Borrowing unclaimed dividends and funds in dormant accounts amounts to an illegal expropriation, and would hurt poor and vulnerable Nigerians who continue to suffer under reduced public services, and ultimately lead to unsustainable levels of public debt.”

SERAP said: “The right to property extends to all forms of property, including unclaimed dividends and funds in dormant accounts. Borrowing these dividends and funds without due process of law, and the explicit consent of the owners is arbitrary, and as such, legally and morally unjustifiable.”

According to SERAP: “The borrowing is neither proportionate nor necessary, especially given the unwillingness or inability of the government to stop systemic corruption in ministries, departments and agencies [MDAs], cut waste, and stop all leakages in public expenditures. The borrowing is also clearly not in pursuit of a public or social interest.”

The letter, read in part: “The security of property, next to personal security against the exertions of government, is of the essence of liberty. It is next in degree to the protection of personal liberty and freedom from undue interference or molestation. Our constitutional jurisprudence rests largely upon its sanctity.

“Rather than pushing to borrow unclaimed dividends and funds in dormant accounts, your government ought to move swiftly to cut the cost of governance, ensure review of jumbo salaries and allowances of all high-ranking political office holders, and address the systemic corruption in MDAs, as well as improve transparency and accountability in public spending.

“The borrowing also seems to be discriminatory, as it excludes government’s owned official bank accounts, and may exclude the bank accounts of high-ranking government officials and politicians, thereby violating constitutional and international prohibition of discrimination against vulnerable groups, to allow everyone to fully enjoy their right to property and associated rights on equal terms.

“SERAP is concerned that the government has also repeatedly failed and/or refused to ensure transparency and accountability in the spending of recovered stolen assets, and the loans so far obtained, which according to the Debt Management Office, currently stands at $31.98 billion.

“SERAP notes growing allegations of corruption and mismanagement in the spending of these loans and recovered stolen assets.

“We would be grateful if your government would drop the decision to borrow unclaimed dividends and funds in dormant accounts, and to indicate the measures being taken to send back the Finance Act to the National Assembly to repeal the legislation and remove its unconstitutional and unlawful provisions, including Sections 60 and 77, within 14 days of the receipt and/or publication of this letter.

“If we have not heard from you by then as to the steps being taken in this direction, the Registered Trustees of SERAP shall take all appropriate legal actions to compel your government to implement these recommendations in the public interest, and to promote transparency and accountability in public spending.

“The government cannot lawfully enforce the provisions on Crisis Intervention Fund and Unclaimed Funds Trust Fund under the guise of a trust arrangement, as Section 44(2)[h] of the Nigerian Constitution 1999 [as amended] is inapplicable, and cannot justify the establishment of these funds.

“SERAP notes that while targeting the accounts of ordinary Nigerians, the Finance Act exempts official bank accounts owned by the federal government, state government or local governments or any of their ministries, departments or agencies.

“Our requests are brought in the public interest, and in keeping with the requirements of the Nigerian Constitution, the country’s international human rights obligations including under the African Charter on Human and Peoples’ Rights to which Nigeria is a state party, and which has been domesticated as part of the country’s domestic legislation.

“According to our information, your government has reportedly completed plans to borrow an estimated N895bn of unclaimed dividends and funds in dormant accounts using the Finance Act 2020 you recently signed into law.

“Under the law, the government will be able to access and take without consent unclaimed dividends and funds in dormant accounts in any bank, on the basis of the vague and undefined ‘Crisis Intervention Fund,’ and patently unlawful ‘Unclaimed Funds Trust Fund’.

“The government is justifying the borrowing on the ground that it would improve access of the Federal Government to much needed funds, and remove the burdens of foreign exchange and punitive loan conditions imposed by multilateral lenders.

“According to the Finance Act, the operation of the trust fund is to be supervised by the Debt Management Office (DMO) and governed by a governing council chaired by the finance minister and a co-chairperson from the private sector appointed by you.

“The Nigerian Constitution in Section 44(1) provides that, ‘no moveable property or any interest in an immovable property shall be taken possession of compulsorily and no right over or interest in any such property shall be acquired compulsorily in any part of Nigeria except in the manner and for the purposes prescribed by a law.’

“Similarly, Article 14 of the African Charter on Human and Peoples’ Rights, and Article 17 of the Universal Declaration of Human Rights guarantee the right to property, and prohibit the arbitrary deprivation of the right. Thus, everyone is entitled to own property alone as well as in association with others.

“Respect for the right to property is important to improve the enjoyment of other basic human rights, and to lift Nigerians out of poverty. The Nigerian Constitution and international human rights law limit the ability of any government to interfere with private property without any legal justifications.”

The letter was copied to Abubakar Malami (SAN), Attorney General of the Federation and Minister of Justice, and Zainab Ahmed, Minister of Finance, Budget and National Planning.


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Army Says Terrorists Now Recruiting, Raising Funds Online

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Nigerian Army has warned that terrorist and criminal groups were increasingly exploiting cyberspace to recruit members, raise funds, coordinate attacks and spread propaganda, describing the trend as a growing threat to Nigeria’s national security.

Army Says Terrorists Now Recruiting, Raising Funds Online

Lt.-Gen. Waidi Shaibu, chief of Army Staff (COAS), raised the alarm on Tuesday at the 2026 Nigerian Army Cyber Warfare School Seminar in Abuja.

Represented by Maj.-Gen. Jeremiah Manjang, deputy chief of Special Services and Programmes, the Army Chief said cyberspace has evolved into a strategic battlefield where both state and non-state actors operate with unprecedented speed, making security threats more complex and difficult to counter.

He noted that hostile actors no longer require physical presence to disrupt critical infrastructure, compromise sensitive information, manipulate public opinion or undermine national security through anonymous cyber attacks.

According to him, terrorism, insurgency, banditry, kidnapping, separatist agitations, organised crime, misinformation and disinformation are increasingly being enabled, coordinated and amplified through digital platforms and cyber networks.

“The reality is that terrorist and criminal groups now exploit cyberspace for recruitment, propaganda, fundraising, intelligence gathering, attack coordination and concealment of illicit financial transactions. This demands a proactive and coordinated national response,” he said.

Shaibu said the changing nature of security threats had compelled the Nigerian Army to strengthen its cyber capabilities to effectively address complex, asymmetric and technology-driven challenges.

He called for stronger cyber intelligence capabilities driven by artificial intelligence (AI), machine learning and advanced data analytics to improve early warning systems, threat detection and predictive security analysis.

The COAS also advocated deeper collaboration among government institutions, the military, law enforcement agencies, academia and the private sector, stressing that cybersecurity can no longer be handled by a single institution.

He emphasised the need for sustained investment in indigenous cyber capabilities, research, technological innovation and human capacity development to protect Nigeria’s digital sovereignty and enhance national resilience against emerging threats.

Shaibu further stated that integrating cyber capabilities into conventional military operations would strengthen surveillance, intelligence gathering, geospatial analysis, command-and-control systems, situational awareness and overall operational effectiveness.

Earlier, Brig.-Gen. Jacob Bawa, commandant of the Nigerian Army Cyber Warfare School, said the seminar was organised to deepen cybersecurity awareness, strengthen cyber resilience and promote collaboration among security stakeholders.

Bawa noted that Nigeria’s increasing reliance on digital technologies has exposed critical infrastructure, including telecommunications, power systems, financial institutions and government databases, to cybercriminals, terrorists and hostile state actors.

He said the Cyber Warfare School was established as a centre of excellence for cyber warfare training, education and research.

According to him, participants at the seminar would examine cyber resilience, threat intelligence, incident response, cyber warfare and emerging technologies with a view to developing practical recommendations for strengthening Nigeria’s cybersecurity architecture.

Also speaking, Abdulhakeem Ajijola, cybersecurity expert, warned that national security now depends significantly on the protection of digital systems, noting that artificial intelligence is transforming military operations, command structures and the protection of critical infrastructure.

Ajijola urged Nigeria to develop sovereign cyber capabilities, warning that excessive dependence on foreign-controlled software, platforms and artificial intelligence systems could undermine national resilience, operational continuity and independent decision-making during periods of crisis.

He stressed that while technology should be deployed to strengthen national sovereignty, responsibility for operational decisions must remain with human commanders.


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Verve Strengthens Global Acceptance Across Leading Digital Platforms

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Verve International, Africa’s payment cards and digital solutions brand, is strengthening its global acceptance footprint through strategic partnerships with leading digital platforms, reinforcing its role as a key enabler of digital payments and financial inclusion across the continent.

Verve has established a strong presence in more than 13 African countries, including Kenya, Uganda, The Gambia, Senegal, Sierra Leone, Benin Republic, the Democratic Republic of Congo, Rwanda, and several other markets across the continent.

This growing reach reflects Verve’s commitment to delivering secure, convenient and innovative payment solutions that empower consumers, businesses and financial institutions while advancing financial inclusion and economic participation across Africa.

As digital payments continue to transform economies across Africa, Verve remains focused on developing solutions that address local payment needs while supporting broader participation in the digital economy.

Through collaborations with banks, fintechs, merchants and payment service providers, Verve continues to drive financial inclusion and enable seamless payment experiences for millions of consumers across the continent.

Speaking on Verve’s growth trajectory and expanding reach, Vincent Ogbunude, Managing Director, Verve International, said: “Verve’s continued expansion across Africa reflects our commitment to building payment solutions that empower individuals, businesses and economies to thrive.

“Today, our presence across more than 13 African countries demonstrates the strength of our partnerships, innovation and ambition to be the preferred payment brand for Africans wherever they are.

“As digital commerce continues to evolve, we are expanding access to global opportunities through strategic partnerships with leading technology and digital platforms, while introducing innovations such as contactless payments and enhanced digital payment capabilities. Together, these efforts are enabling more seamless, secure and convenient payment experiences for consumers across Africa and beyond.”

Complementing its growing reach across Africa, Verve continues to expand its global acceptance footprint through partnerships with some of the world’s most recognised technology, e-commerce and digital service brands.

Today, Verve cardholders can conveniently make payments for products, services and subscriptions on platforms including Google, Spotify, Netflix, Facebook, YouTube Premium, Adobe, AliExpress, Temu and Flywire, among others.

These partnerships are helping bridge the gap between African consumers and the global digital marketplace by providing secure and convenient access to education, entertainment, travel, e-commerce, productivity tools and business solutions from virtually anywhere in the world.

Verve’s growth strategy is underpinned by continued investment in payment innovation. Through capabilities such as contactless payments, tokenisation and digital wallet integrations, Verve isenhancing convenience, security and user experience across physical and digital channels.

As Verve strengthens its position across existing markets and explores new growth opportunities, the company remains committed to driving financial inclusion, accelerating digital commerce and delivering innovative payment solutions that enable consumers and businesses to participate confidently in an increasingly connected world.

With an expanding presence across Africa, growing acceptance on global digital platforms and continued investment in innovation, Verve is helping connect millions of consumers to opportunities within and beyond the continent while shaping the future of Africa’s digital payments landscape.


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FG Captures 32m Students DNEMIS ahead July 1 Rollout

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Federal government has said that more than 32 million students have been captured on the Federal Government’s Digital National Education Information Management System (DNEMIS), ahead of the official launch of the platform on Wednesday, July 1.

FG Captures 32m Students DNEMIS ahead July 1 Rollout

The DNEMIS, is part of efforts to replace paper-based and fragmented education records with a single digital database.

Mr. Adebayo Onigbanjo, national project coordinator of the Special Programmes Operations and Implementation Unit in the Office of the Minister of Education, disclosed this on Monday in Abuja at a press conference.

Onibanjo said that the digital platform would transform education administration through technology and data-driven decision-making.

He said DNEMIS is the core platform of the Nigerian Education Data Infrastructure (NEDI), an initiative under the Nigeria Education Sector Renewal Initiative (NESRI), established to provide accurate, integrated and timely education data for planning, budgeting, policymaking and service delivery.

According to Onigbanjo, the platform replaces the fragmented data systems that have long constrained effective planning in the education sector.

“For many years, education planning relied on fragmented systems, inconsistent reporting structures and limited access to reliable data. DNEMIS changes that by ensuring that every learner, every school, every teacher and every investment in education is captured within a system that supports evidence-based decision-making,” he said.

He described education data as a strategic national asset, noting that the platform would strengthen transparency, accountability and governance across the sector.

Onigbanjo said the availability of reliable data would also support government efforts to tackle Nigeria’s out-of-school children challenge by enabling authorities to monitor enrolment, identify dropout patterns and target interventions where they are most needed.

“If you don’t measure, you can’t get a good sense of what the data is. Today, we already have 32 million students on the platform, and that gives us an indication of where learners are.

“We are also understanding their journey from when they start school and when they drop out. That gives us insight into their challenges and where investments need to go. Every school becomes visible, every student gets counted, every teacher is known, and every government expenditure in education becomes trackable. To a greater extent, this will stop wastage,” he said.

He added that the ultimate goal is to provide government with complete visibility into every learner’s educational journey, from enrolment through graduation, to improve learning outcomes and policy decisions.

Addressing concerns over data privacy, Onigbanjo said the platform was developed using globally recognised digital architecture with robust safeguards to protect personal information.

He explained that sensitive data would be masked while secure digital identity profiles would allow authorised users to access relevant information without exposing personal details.

Also speaking, Abubakar Isah, national coordinator,  Nigerian Education Data Infrastructure (NEDI), said the system fully complies with Nigeria’s data protection regulations and international data security standards.

“We recognise the importance of data protection. We are complying with the country’s data protection rules and taking every necessary precaution to ensure that this data is secure,” he said.

Isah noted that while schools and state governments would have access to their respective data, communities, alumni associations and development partners would be able to access selected non-sensitive information to support school improvement and strengthen public accountability.

Earlier, Miss Mojoyin Adebajo, special adviser to the Minister of Education on Digital Communications and E-Learning, described DNEMIS as a major milestone in Nigeria’s digital education transformation.

She said the platform, developed on the globally recognised DHIS2 infrastructure, would digitise the Annual School Census and provide reliable information on schools, teachers, learners and education infrastructure across the country.

Adebajo added that Wednesday’s event would also witness the unveiling of the Public DNEMIS Portal, which will provide researchers, journalists, civil society organisations, development partners and members of the public with access to selected official education data through an interactive online platform.

She said the initiative underscores the Federal Ministry of Education’s commitment to promoting transparency, strengthening evidence-based planning and leveraging technology to improve educational outcomes nationwide.

 


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