The MoU was signed as NCC and CBN inaugurated a Joint Committee on Payment Systems and Consumer Protection and a Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal.

Dr Aminu Maida, the executive vice chairman and chief executive officer of NCC, said the MoU provides a structured framework for cooperation in critical areas including payment system integrity, fraud mitigation, digital inclusion, and the protection of consumers, micro, small and medium-sized enterprises, which he noted will translate into practical outcomes that strengthen trust, deepen inclusion, and support a secure and resilient digital economy.

Dr Maida described the signing of the MoU as an important milestone in “the regulatory stewardship” of Nigeria’s digital economy, which reflects a shared commitment to collaboration in strengthening financial system stability, advancing digital inclusion, and protecting consumers in an increasingly interconnected ecosystem.

He said:

“The Commission places significant importance on collaboration. Indeed, many of the critical milestones we have achieved in addressing some of our industry’s challenges, and even in leapfrogging our sector,have been made possible through strategic partnerships and sustained collaboration. Our collaboration with the Central Bank is not new.

“Over the years, our two institutions have demonstrated the value of close regulatory coordination. A notable and recent example is our collective effort in resolving the long-standing USSD debt impasse, an intervention that restored confidence, preserved service continuity, and safeguarded the interests of consumers, telecom operators, and financial institutions alike. That experience reaffirmed a simple truth: that complex, cross-sector challenges are best addressed through structured collaboration.

 “This MoU provides a clear framework for cooperation in critical areas such as payment system integrity, consumer protection, fraud mitigation, and the responsible use of digital infrastructure. In particular, it supports initiatives that promote secure digital payments, enhance trust in mobile-enabled financial services, and extend safe access to underserved populations and MSMEs.

‘For the NCC, this MoU speaks directly to one of the critical pillars of our strategic focus: leveraging cross-sectoral innovation to deliver a safe, resilient, inclusive and trusted digital ecosystem. As mobile numbers increasingly underpin identity, authentication, and financial access, collaboration with the CBN is essential to ensuring that innovation is matched with strong governance, system stability, and consumer safeguards,” Dr. Maida declared.

The EVC explained that the collaboration is designed “For the prevention of electronic fraud, which has become increasingly pervasive, with significant implications for the integrity of our digital economy.

Through the Telecom Identity Risk Management System (TIRMS) Portal, which aggregates data on churned (recycled) phone numbers, as well as numbers flagged within your sector, the Financial Services Industry will now have enhanced visibility into the status of phone numbers, one of the most widely utilized resources in your sector, although regulated by the NCC.

“This means that the Financial Institutions will be able to determine when a line is active, when it has been swapped, when it has been disconnected due to inactivity and reassigned to a new subscriber, and when it has been flagged for suspicious or fraudulent activity. This ensures that our financial services industry is better equipped with timely and relevant information to effectively combat e-fraud, particularly those perpetuated using phone numbers, in the country.

“The second area I want to highlight is an overarching one that both our institutions have consistently championed: it is the protection of Nigerian consumers. With this handshake, consumers who experience issues such as airtime recharges that do not deliver value can be assured of prompt resolution within the shortest possible time. The establishment of a platform for sustained engagement, coordinated policy responses, and joint action as new risks and opportunities emerge across the digital and financial landscape by this MoU, positions our two institutions to remain proactive, aligned, and effective in fulfilling our respective mandates,” the EVC stated.

Mr Olayemi Cardoso, CBN Governor, described the MoU as one that will strengthen coordination on approvals, technical standards, and innovation trials, including sandbox testing that supports market-led solutions while safeguarding stability.

He said,

“Going forward, the Central Bank of Nigeria remains fully committed to working with the Nigerian Communications Commission to deliver a safer, more resilient, and more inclusive digital financial system, one that supports national productivity, protects consumers, and strengthens trust in Nigeria’s digital economy.”

Mr Cardoso subsequently inaugurated the Joint Committee on Payment Systems and Consumer Protection and the Joint Committee on Telecoms Identity Risk Management System (TIRMS) Portal, which he said would put the protection of consumers of both sectors from fraud at the forefront.

The post NCC, CBN Ink MoU to Protect Nigerians from Digital Fraud appeared first on Tech | Business | Economy.

During a recent tour of the newly refurbished facility, Cardoso stressed that the theatre’s restoration goes beyond an infrastructural upgrade to a strategic investment in the country’s creative economy. 

He noted that the world-class and renovation will serve as a stimulus for job creation, foreign exchange earnings, and the growth of Nigeria’s cultural and entertainment sectors.

“It is estimated that the creative sector can potentially generate about 25 billion US dollars. This [National Arts Theatre], to my mind, would be a great catalyst for that to happen, and as that happens, so will the prosperity of not just the creatives but all Nigerians,” Cardoso stated.

The National Arts Theatre, a known cultural hub, had suffered years of neglect before the Bankers’ Committee stepped in to spearhead its revival. 

The renovation, which began in 2021 following Federal Government approval, involved comprehensive upgrades, including the refurbishment of the main performance hall, banquet halls, cinemas, VIP lounges, and actor dressing rooms. 

Additional improvements included the installation of state-of-the-art lighting, sound systems, modern furniture, and upgraded fire and safety infrastructure.

Cardoso commended the Bankers’ Committee for its vision and investment in the project. “This is highly commendable. One just has to commend the vision and the resources of the Bankers’ Committee for doing this. If it was not for the belief and commitment of those sponsors, this world-class edifice would not have been realised.”

Beyond its modern features, the theatre’s restoration is seen as a statement of Nigeria’s focus on preserving its cultural heritage. “Embedded in what we see here is a lot of the history and culture of the Nigerian people. A lot of our culture is embedded in the structures here, so you will see it’s beyond just an edifice; it is what it represents,” Cardoso added.

The CBN Governor believes the success of the project will ensure further collaborations between the public and private sectors in Nigeria. “When something like this is successful, others will take a cue,” he said, indicating that similar investments in other industries could drive national development.

The theatre’s renovation is expected to have a ripple effect across the creative industry, providing opportunities for young Nigerians in music, film, fashion, and visual arts. 

Nigeria seeks economic diversification, and these initiatives could make this happen, making the country a global hub for creative talent.

The post National Arts Theatre Renovation Will Boost Nigeria’s Creative Industry to $25 Billion – CBN Governor appeared first on Tech | Business | Economy.

The move comes after the officials declined multiple invitations to appear before the committee and address pressing questions regarding their operations.

During the committee’s hearing on Tuesday, a motion to issue the arrest warrant was introduced by lawmaker Fred Agbedi, citing the persistent non-compliance of the invited officials. Agbedi emphasized that the parliament operates with a sense of urgency, having extended invitations four times without any response from the concerned individuals.

The motion received unanimous approval, leading to the issuance of arrest warrants for CBN Governor Olayemi Cardoso, Oluwatoyin Madein, and 17 others. The decision was reinforced by the committee’s chairman, Rep. Micheal Irom, who directed the Inspector General of Police to ensure the appearance of the accused officials before the committee on December 14.

The roots of this controversy stem from a petition anchored on the Nigeria Extractive Industries Transparency Initiative (NEITI) report of 2021. Fidelis Uzowanem, the petitioner, presented evidence that the NEITI report exposed fraudulent activities within the oil and gas industry dating back to 2016.

Uzowanem highlighted the concealment of illegal transactions involving the Nigerian National Petroleum Corporation (NNPCL) and various oil companies. He alleged that funds meant for crude oil production were misappropriated through cash core payments, a method employed for money laundering.

The petitioner disclosed, “The 2024 budget of 27.5 trillion that has been proposed can be confidently funded from the recoverable amount that we identified in the NEITI report.” Uzowanem accused NNPCL of collaborating with oil companies, such as Total Exploration and Production Nigeria Ltd and Chevron, to launder funds through misrepresented payments.

Uzowanem claimed, “In 2021 NEITI reported that Total Exploration and Production Nigeria Ltd was paid 168 million dollars, but examination of submissions by the company shows that it received 292 million dollars.”

This alleged financial malpractice extends to other companies, including Chevron and Nigeria Agip Company, raising concerns about the integrity of financial reporting within the oil and gas sector.

The House of Representatives Committee on Public Petitions remains resolute in its pursuit of accountability. The issuance of arrest warrants is a critical juncture in the investigation, putting high-ranking government officials on notice and emphasizing the gravity of the allegations brought forward by the petitioner.

The nation awaits the developments slated for December 14, when the accused are expected to face the committee and address the serious allegations against them.

The post Why House of Reps Issued Warrant to Arrest CBN Governor, Others appeared first on Tech | Business | Economy.

The accusations were brought to light by Special Investigator Jim Obaze, who has submitted a detailed report on the matter to President Bola Tinubu. Godwin Emefiele, currently detained for a separate N1.2 billion procurement fraud case, is now under scrutiny for unauthorized transactions and potential prosecution related to the CBN’s naira redesign policy.

According to the investigation, Godwin Emefiele is alleged to have operated 593 illegal bank accounts in the U.S., UK, and China, with unauthorized transactions amounting to £543,482,213 in the UK alone.

The report suggests that these transactions were conducted without proper approval, raising concerns about transparency and adherence to legal procedures.

The probe further revealed that the naira redesign initiative, a significant policy undertaken by Emefiele, was carried out without proper authorization.

The former CBN governor reportedly contracted the redesign to a UK-based company, De La Rue, for £205,000, without the necessary approval from the CBN board of directors.

This has led to questions about the transparency of the process and potential legal consequences.

Godwin Emefiele is accused of mismanaging the CBN’s funds, with allegations ranging from illegal foreign account operations to fraudulent cash withdrawals, including a reported fraudulent cash withdrawal of $6.23 million (approximately N2.9 billion).

The investigator also pointed out manipulations of the exchange rate and fraudulent activities related to the e-Naira project.

Currently held in the Kuje Custodial Centre for the N1.2 billion procurement fraud case, Emefiele has been unable to meet the N300 million bail granted to him. Moreover, there are indications that he could face additional charges related to the illegal issuance of currency under section 19 of the CBN Act.

Former President Buhari’s aide, Tunde Sabiu, and 12 CBN directors may also be prosecuted in connection with these charges.

The investigation has uncovered that the naira redesign policy was initiated without proper approval from then-President Buhari. Emefiele allegedly proceeded with the redesign, awarding the contract to the Nigerian Security Printing and Minting Plc without obtaining the necessary approvals.

The revelation raises questions about the legality and transparency of the decision-making process.

The report exposed the abuse of the CBN Ways and Means, including instances where senior CBN and government officials padded approved amounts and engaged in fraudulent activities.

The document alleges that money was taken from the Consolidated Revenue account and charged to Ways and Means, with a total of N124.860 billion involved in these transactions.

(Featured Photo Credit)

The post CBN: Godwin Emefiele Operates 594 Bank Accounts in US, UK and China – Report Alleges appeared first on Tech | Business | Economy.

The chairman of United Bank for Africa, Heirs Holdings, Transcorp and the founder of The Tony Elumelu Foundation, described the tweet as ‘false news’.

The micro blogger has tweeted thus, “According to a Source President Tinubu is also considering Tony O. Elumelu as CBN Governor”.

But Elumelu, through his verified X handle, replied:

“LOL. No, please. This is false news!”

Following the suspension of Godwin Emefiele, the Governor of the Central Bank of Nigeria, Tinubu appointed Folashodun Adebisi Shonubi, as the Acting CBN Governor.

He served as the Deputy in charge of the Operations Directorate.

[Featured Image Credit]

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The Kaduna State Governor, Malam Nasir El-Rufai, has clarified that some officials within the Presidency have proposed that old N200 notes remain legal tender until April 10, 2023, as a step toward an out-of-court settlement in the ongoing Supreme Court case.

The Governor stated in a statement signed by Muyiwa Adekeye, his Special Adviser on Media and Communication, that no official meeting between the FG and governors took place this week.

Remember that a few hours after the Supreme Court adjourned the currency redesign case today, some media outlets went viral with the news that the Federal Government has proposed that all old notes remain legal tender until April 10.

“Malam Nasir El-Rufai would like to clarify that The Cable has been misled by its sources on this issue. There has been no meeting this week between the FG and either the Nigerian Governors’ Forum (NGF) or the Progressive Governors Forum (PGF), not to talk of one lasting till the wee hours of today, Wednesday, 15 February 2023.

“Rather, senior officials of the FG reached some governors, including Malam Nasir El-Rufai, on phone to initiate discussions on a possible out-of-court settlement. The terms they proposed were to allow only the old N200 note to remain legal tender and be circulated by the CBN till 10 April 2023. They claimed that the CBN had already destroyed the old N500 and N1000 notes that had been deposited, but that those persons who still held the old notes could redeem them up to 10 April 2023.

“These were not considered as serious proposals, for obvious reasons. Circulating the old N200 notes alone would not be sufficient to relieve widespread human suffering in Kaduna State, and indeed in Nigeria today. They knew that and that is why they falsely claimed that the CBN had already destroyed the old N500 and N1000 notes. This is contrary to the fact available to the governors to the effect that the old notes were in the custody of commercial bank branches throughout Nigeria until the evening of Monday, February 13, and not a single N500 or N1000 had been destroyed.

“It is also a non-starter to insist on a new cut-off date without first assuring that sufficient new notes would have been printed and circulated. Information available to the governors also indicates that the Mint will need at least 12 months to print the minimum amount of N1 trillion needed to ensure a functioning trade and exchange environment in Nigeria.

“The tabling of false facts, inadequate solutions to the sufferings of our people, and the bad faith that some of the FG negotiators displayed in our phone conversations and chats have now been taken further in leaking a false account and context to a respected medium. The plaintiff governors rejected the draft proposal as insincere and invested our hopes in the Supreme Court of Nigeria.

“Malam Nasir El-Rufai will be addressing the people of Kaduna State on this currency redesign mess, the consequences of the extension of the injunction of the Supreme Court of Nigeria, and related matters tomorrow. But the Kaduna State Government feels it is important tonight not to allow an exclusive falsehood to stand, or even gain the slightest traction.

“This statement is therefore issued to put the records straight”.

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In the third quarter of 2022, Nigeria’s Gross Domestic Product stood at 45.3 trillion Nigerian naira, around 101 billion U.S. dollars. In 2021, the value reached around 173.5 trillion NGN, over 390 billion U.S. dollars.

The decline in GDP growth was attributed by the economist to a decrease in the velocity of money circulation and total man-hours lost in the economy.

“Total monthly man-hours loss will be 120 hours, and total monthly GDP loss will be $18 million,” Rewane said.

“Trade is settled mainly in cash and POS, although 70 percent of trading transactions are settled by cash.

“Therefore, the velocity of circulation in the trading sector (16 times) is approximately four times more than the formal sector.

“A decline in the velocity of circulation could reduce output in the trading sector. Hence its contribution to GDP will fall.”

The post Economist Predicts Naira Crisis Could Result in Monthly Loss of $18M in GDP appeared first on Tech | Business | Economy.

The destructive combination of sub-optimal oil production, poor infrastructure, and fuel subsidies have drained oil revenues that account for roughly 90% of foreign exchange earnings.

Lower oil revenues and falling foreign exchange reserves are forcing Nigeria to ration dollars. The negative impacts continue to be reflected across the economy and local currency.

But now the dollar shortages have attracted the attention of MSCI Inc. which is considering downgrading the MSCI Nigeria indexes to the status of a standalone market from frontier markets.

It is worth keeping in mind that a developed market is the highest ranking, followed by emerging markets, frontier markets, and then finally standalone markets at the bottom.

Given the difficulty in repatriating funds from Nigeria, this has placed the MSCI Nigeria Indexes in the crosshairs. Such a negative development may hit sentiment toward the county’s assets at a crucial period where economic growth remains fragile.

To add insult to injury, the NGX All Share Index has gained roughly 20% this year in local currency terms. A blockbuster performance when compared to the MSCI Emerging market Index which is down roughly -19%.

In other news, the Naira was trading around N419 versus the dollar on the official spot rate and has weakened only 1.3% year-to-date.

However, on the Peer-to-Peer (P2P) segment of the FX, the Naira ended Thursday at N620 versus the dollar and N602 on the black market. Nigeria still faces the issue of multiple exchanges but this will be a discussion for another time.

Have you visited FXTM?

The post Dollar Shortages Strike Again…Nigeria Indexes in Crosshairs appeared first on Tech | Business | Economy.

Mr. Emefiele disclosed this in Abuja at the Bank’s head Office in Abuja, while playing host to a delegation of Executive Directors from the Bank of Uganda, who were on an experience sharing tour of the CBN’s Central Bank Digital Currency (CBDC) project on Monday, May 9, 2022.

He noted that the CBN was committed to accelerating the rate at which those who were financially excluded could come into the formal banking sector.

He expressed satisfaction that the country’s Central Bank Digital Currency, the eNaira, had recorded some level of success judging by the rate of integration and security features, adding that the CBDC will enhance the relationship between mobile banking and e-business and speed up the rate of financial inclusion.

The CBN Governor also noted that the interest the novel eNaira was attracting from other countries and multinational bodies such as the International Monetary Fund (IMF) and the World Bank, underscored the level and quality of work the CBN had put into the project.

Although, he noted that Nigeria, being the first country in Africa to launch its CBDC, was a case study to other climes, he said the country was treading cautiously to ensure it sustains the successes recorded thus far.

While equally stressing that the country had deepened its payment system infrastructure, which he noted was ranked among the best in the world, Mr. Emefiele paid tribute to his predecessor in office, Sanusi Lamido Sanusi, for laying the foundation upon which the country’s current payments system was built.

He recalled that Sanusi, as then CBN Governor, appointment him chairman of the sub-committee of the of the Bankers’ Committee to lead the payments system drive in 2012, adding that the move paved the way for innovative ideas that eventually led to the creation of the eNaira.

He therefore charged the Executive Directors (Deputy Governors equivalent) of the Bank of Uganda to strive to strengthen their country’s payment system, noting that a strong payment system remained the bedrock for the successful take-off of a Central Bank Digital Currency (CBDC).

The delegation from the Bank of Uganda (BoU) comprised; Executive Director and Economic Adviser to the Governor, BoU, Dr. Jacob Opolot; the Executive Director, Information Technology, BoU, Mr. Richard Mayebo; Executive Director, Finance, BoU, Mr. Richard Byarugaba; and the Ag. Director, National Payments Systems Department, Mr. Andrew Kawere.

The post Nigeria Will Hit 85% Financial Inclusion Soon – Emefiele appeared first on Tech | Business | Economy.

The netizens said although Emefiele reserves the right as a Nigerian to seek to become the President, however, the sensitivity of his present office portends danger to the economy and the polity at large.

SERAP, a civil society organization using the handle @SERAPNigeria, tweeted:

“BREAKING: Following reports that the CBN governor Mr Godwin Emefiele has picked the APC N100m presidential nomination form, we urge him to immediately resign his position in line with S. 9 of the CBN Act.

“Engaging in politics will conflict with/detract from his full-time duties”.

@the_davidatta tweets:

“If I didn’t believe there was an AsoRock cabal, the audacity of Emefiele to even consider running for president, something Sanusi himself didn’t attempt, is making me start to believe”.

The Ondo State Governor, Mr Rotimi Akeredolu also tweeted. He called on the President, Muhammadu Buhari, to sack the Governor of the Central Bank, for obtaining of All Progressives Congress presidential nomination form.

Akeredolu, in a statement he personally signed on Friday, said Emefiele’s purported action, “if unchecked timeously portends great danger to the fragile economy of the country.”

The governor said, “It is incontrovertible that Mr Emefiele enjoys a constitutionally protected right to belong to any group or association and participate fully, just as any Nigerian. It is, however, difficult to imagine that a person who occupies the exalted and sensitive office of the governor of the Central Bank of Nigeria will be this brazen in actualising his ambition.

“There is no gain asserting the obvious. The combined effect of the Public Service Rules, CBN Act and the 1999 Constitution, as amended, exposes not only the oddity inherent in this brash exercise of presumed right to associate. It also confirms the illegality of the act should he proceed to submit the forms while occupying the seat as Governor of the Central Bank of Nigeria.

“He cannot combine partisan politics with the very delicate assignment of his office. Should he refuse to quit, it becomes incumbent on the President and Commander-in-Chief of the Armed Forces to remove him forthwith. This is a joke taken too far.”

Another Twitter user using the handle @SulemanSuls tweets:

“I expected him to have been fired immediately he started making the movements and efcc and dss should make life difficult for him.

“He’s gone far below I expected of him

“There’s absolutely non (sic) of these contestants that can rule Nigeria according to what Nigeria needs now”;

Kalu Aja using the handle @FinPlanKaluAja1 also launched a poll on the subject matter:

“Godwin Emefiele has ridiculed the office of the Central Bank Governor.

“He lacks any moral authority to oversee the monetary policy or external reserves of Nigeria.

“He is essentially deploying the Ways and Means privileges to fund his politcal ambition.

“He should resign”.

The genesis of the matter was the news that farmers across the country bought the N100m presidential nomination and expression of interest forms of the All Progressives Congress (APC) for the CBN Governor , Godwin Emefiele.

Operating under the banner of a coalition of commodity associations in Nigeria, the farmers took the decision of purchasing the forms for Emefiele on Wednesday at the end of a two-day intensive meeting in Maitama, Abuja, that drew more than 30 commodity associations from 36 states of the federation and the Federal Capital Territory (FCT).

It is not yet clear if the CBN Governor has accepted to seek for election to become President of Nigeria from may 2023.

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