News
‘Wonder Bank’ Operator Defrauds Victims of N9.8Bn

Justice Ibrahim Buba of the Federal High Court Lagos was told by prosecution witness, Matthew Chukwu, how an alleged, “Wonder Bank” Operator, Fortune Etaba, defrauded his victims of N9.8 billion.
Fortune is accused by the police to have fraudulently obtained the sums from several individuals, particularly businessmen at the Alaba International Market, Ojo, Lagos.
According to the Leadership, the accused person was to said to have told the businessmen that they will get back their deposits after 21 days in addition to 50 per cent profit.
At the resumed hearing of the matter yesterday, Chukwu, who is also a complainant, told the court that one Amos had approached him in his place of business at the Alaba International Market, on Nov. 28, 2009, with an offer of business promotion.
The witness, who was being led in evidence by the police prosecutor, Effiong Auquo, also said that the agent had told him that he was from a bank, Establishment House Ltd, adding that they were out to help facilitate the growth of businesses in Nigeria.
The Leadership reported that Chukwu further information the court that the agent informed him that the company had branches in Denmark, Germany, Japan and Qatar, and that they had come to better the lives of businessmen in Nigeria.
He said, “The agent, told me that I will get back an additional 50 percent of any deposit I made with the bank, within 21 days.
“On Nov. 30 2009, I followed him to his office for confirmation, and I met the accused, Etaba, who confirmed to me that the offer was real.
“Immediately I went back and got the sum of N1.5 million which I paid into the bank, and subsequently, brought an additional N828,000.
“I even invited my friends to come and enjoy the offer with me”
The witness also told the court that several businessmen also invested their monies in the deal, with the hope of getting a double payment within 21 days.
Chukwu further stated that on Dec. 12, 2009, the accused hosted an end-of-year party for their clients, in which he reiterated the benefits of the offer, and assured them that they would get back their rewards.
According to the witness, “That was the last they heard from the accused and his bank”
He said that upon maturation of his deposit, he went back to the bank, but was told that due to the ongoing bank audit at that time, they were unable to pay customers.
The witness also testified that the court that he made repeated visits to the bank alongside other complainants, but they were never paid their entitlements up till date.
He said a complaint was then lodged at the Ajangbadi Police Station, who eventually transferred the case to the State C.I.D Panti.
Justice Buba adjourned the case till May 22 for continuation of trial.
The accused was re-arraigned on January 21 on the amended charge, and had pleaded not guilty.
According to the police the offence contravened the provisions of sections 1 (1) (a), 8, and 2 of the Advanced Fee Fraud and other Fraud Related Offences Act, 2004.
News
ALX Broadens AI Training in Africa

Pan-African talent accelerator ALX is expanding its footprint and shifting to a fully self-paced learning model to train and integrate young Africans into the workforce, as the global economy reorganises around artificial intelligence (AI).

Partnering with the MasterCard Foundation, the technology training provider and career accelerator designed to equip African talent, says it enables learners to access tech training for $5 a month.
It emphasises a shift in demographics saying that by 2035, more young Africans will enter the workforce annually.
ALX notes that its model has graduated 347,100 learners, with 63% finding employment within six months. Women represent over half of all graduates. To increase flexibility, the organisation emphasises that learning is now entirely self-paced.
“Learners progress through modular blocks, earning credentials as they go, ensuring that the training fits around their existing responsibilities,” says Shana-Michelle Rabonda, Chief Operating Officer of ALX.
Rabonda adds that global employers are taking notice: “We are building a direct pipeline to the global digital economy. When companies look for elite tech talent, they are looking at Africa.”
Due to this demand, firms such as Absa, Stanbic Bank, MTN, and KPMG now employ between 50 and 180 ALX graduates each. Meanwhile, community entrepreneurs have created over 60,100 jobs through AI startups like Signvrse and Edulga.
With Africa’s AI market projected to grow to $16.5 billion by 2030, ALX operates alongside competitors like Moringa School and GoMyCode to secure mindshare.
“With the right skills and networks, young Africans can seize these opportunities,” Rabonda emphasises. “Africa’s youth should not just be consumers of AI; they should be creators shaping innovations that will define the global economy.”
News
Swift Network Faces Winding-up Battle over Alleged N115m Debt

A Federal High Court sitting in Lagos has ordered the advertisement of a winding-up petition filed against telecommunications service provider, Swift Network Plc, over its alleged inability to settle a debt exceeding N115 million.

The order followed an application filed by Optics and Wireless Limited through its counsel, Bimbo Adebayo-Ogunlaja, urging the court to permit the publication of the winding-up petition instituted against the company.
In the petition, Optics and Wireless Limited alleged that Swift Network Plc is indebted to it in the sum of N115,482,302.88, being the outstanding payment for network devices supplied to the telecommunications firm since April 2024.
The petitioner is also seeking the payment of N70,530,062 as accrued interest arising from a loan facility allegedly obtained to finance the transaction between both parties, as well as general damages for breach of contract.
According to court documents, the dispute arose from a series of transactions carried out between April 2024 and February 2025, during which Swift Network Plc, through its procurement officer, allegedly requested the petitioner to manufacture and supply various network devices based on purchase orders issued by the company.
The petitioner stated that payment for the supplied items was expected either immediately after delivery or within 30 days of supply, but alleged that Swift Network repeatedly failed to honour the agreement despite receiving the products.
Optics and Wireless Limited further claimed that it became apparent after the final order for servers in April 2025 that the respondent was either unwilling or unable to settle the accumulated debt.
The petitioner also informed the court that its solicitors, Messrs Zionla Legal Practitioners & Solicitors, subsequently issued a statutory notice of demand dated December 11, 2025, demanding payment of the outstanding sum and accrued interest.
According to the petitioner, all efforts to recover the debt proved unsuccessful, adding that the situation has exposed the company to serious financial challenges and possible legal action from the bank that allegedly granted it the loan facility used to execute the supply contracts.
Optics and Wireless Limited argued that Swift Network Plc is insolvent and unable to meet its financial obligations, urging the court to wind up the company in line with the provisions of the Companies and Allied Matters Act and the Winding-Up Rules.
Among the reliefs sought, the petitioner asked the court to order that Swift Network Plc be wound up by the court and that any voluntary winding-up process involving the company should continue under the supervision of the court.
Justice Lewis Allagoa subsequently adjourned the matter till July 10 for further hearing.
News
Simba Infrastructure, Galaxy Backbone Partner to Deliver Hosted Unified Communications and Call Centre Solutions Across Nigeria

Simba Infrastructure Limited, a leading provider of customer experience and communications technology, has entered into a strategic partnership with Galaxy Backbone Limited (GBB), the Federal Government of Nigeria’s ICT infrastructure and shared services provider, to deliver Hosted Unified Communications (UC) and Hosted Call Centre Solutions to organisations across both the public and private sectors.

This collaboration brings together Simba Infrastructure’s deep expertise in converged communication technologies, systems integration, and private-sector engagement with Galaxy Backbone’s trusted government relationships, world-class Tier III and Tier IV data centre infrastructure, and an extensive fibre-optic network spanning 30 states and the Federal Capital Territory.
Together, both organisations will deliver secure, scalable, and cost-effective communication solutions designed to transform how businesses and government institutions engage with customers and citizens.
Under this this partnership, Simba Infrastructure will lead business development efforts within the private sector, delivering tailored Unified Communications and Call Centre solutions aligned with the unique needs of enterprises. Galaxy Backbone, on the other hand, will drive adoption within the public sector, providing secure, locally hosted data centre services that ensure compliance, reliability, and operational efficiency.
Commenting on the partnership, Sanjay Vaswani, Director at Simba Infrastructure said: ”Simba is pleased to mark this first phase of collaboration, with a long-term vision of deploying fully localized, AI-driven technologies that enable developers to build and scale using Naira-based solutions.
“While Aminu Usman, Profit Centre Head at Simba Infrastructure tressed on the fact that partnering with Galaxy Backbone will marks a significant milestone in our mission to deliver innovative, cloud-based communication solutions to Nigerian organizations.
“By combining Galaxy Backbone’s robust infrastructure and strong public sector presence with Simba’s customer-centric approach and technological expertise, we are creating a powerful platform to drive digital transformation and business growth.”
Also speaking, the GM Strategic Partnerships & Regional Business, Galaxy Backbone Limited, Abdul-Malik Suleiman noted; “Galaxy Backbone remains committed to advancing digital inclusion, secure communication, and reliable ICT services across Nigeria. Our partnership with Simba Infrastructure strengthens our ability to deliver innovative, locally hosted Unified Communications and Call Centre solutions that will benefit both public and private sector organisations.”
This partnership underscores a shared commitment to advancing Nigeria’s digital transformation agenda by equipping organisations with the tools to enhance collaboration, streamline communication, and improve customer experience—while ensuring that critical data remains securely hosted within Nigeria.
E-Business2 days agoAnthropic Raises $65 Bn to Expand AI Research, Innovation
Telecom2 days agoTelcos Mull Calculator to Address Data Depletion Complaints
General News2 days agoNCDC Says Lagos, FCT, Others on High Ebola Alert
Telecom3 days agoBharti Airtel Named Fourth Largest Mobile Network Operator in the World
General News3 days agoNCDC Warns against Using Bitter Kola, Salt Water as Ebola Remedies
General News2 days agoHow Enugu State is using GovTech to Fix its Housing and Land Administration
E-Business2 days agoEU Slams Temu With Massive $232m Fine over Dangerous Products
Telecom3 days agoMTN Reportedly Spends N60Bn on Diesel Annually














