The Corporate Affairs Commission has disclosed that only about 20% of Point of Sale (POS) operators in Nigeria are registered with the commission.

Senator Ibrahim Ida, chairman of the CAC Board, disclosed this during a courtesy visit to Mr Olanipekun Olukoyede, the executive chairman of the Economic and Financial Crimes Commission (EFCC), at the commission’s headquarters in Abuja.

Ida said the growing number of unregistered POS operators creates serious risks for businesses and national security.

According to him, the low level of registration violates the Companies and Allied Matters Act (CAMA) 2020 as well as the Central Bank of Nigeria’s Agent Banking Regulations, which require businesses operating under registered business names to comply with the law.

He called for stronger collaboration between the CAC and the EFCC to improve compliance and develop a reliable database of POS operators for law enforcement purposes.

Ida further noted that emerging evidence reveals proceeds of crime, including ransom payments from kidnapping, are sometimes channelled through POS terminals.

“We seek closer cooperation in developing a reliable database of POS operators for use by the EFCC and other law enforcement agencies,” he said.

He added that the visit spotlighted the CAC’s commitment to strengthening partnerships with institutions whose mandates intersect with its own, particularly in the fight against financial crimes.

Ida said both agencies must work together to tackle economic and financial crimes involving corporate entities.

“When companies are misused for fraud or money laundering, the mandates of both institutions are directly affected. Neither of the two agencies can therefore fight and win the war against economic and financial offences if we work alone,” he said.

He identified data and intelligence sharing, public awareness on financial risks and staff capacity building as key areas for deeper collaboration, reaffirming the CAC’s commitment to protecting the integrity of Nigeria’s financial system.

Responding, EFCC Chairman Olukoyede described the activities of unregulated POS operators as a major challenge to the country’s financial ecosystem.

“If you do not regulate the activities of such key players, you will be having major problems and challenges within your financial ecosystem,” he said.

Olukoyede assured the CAC of the commission’s readiness to strengthen cooperation in tackling economic crimes and promoting regulatory compliance.

He described the CAC as the gateway to economic growth in Nigeria, noting that many foreign investors have their first engagement with the country through the commission.

The EFCC chairman also disclosed that the commission had established a dedicated desk to handle CAC-related matters and was currently investigating about 200 companies referred to it by the corporate regulator.

“As a matter of fact, I think we have about 200 companies that you forwarded to us that we are currently investigating, and we have made reasonable progress. We have made very interesting discoveries, which will help you when you lay your hands on the report,” he said.

Olukoyede added that many public sector corruption cases investigated by the EFCC involve procurement and contract fraud carried out through companies registered by the CAC. He urged both agencies to strengthen collaboration in addressing insider-related abuses and improving internal accountability.

He also directed officials of both organisations to review and update their existing Memorandum of Understanding to reflect current realities, particularly in the areas of beneficial ownership information and data protection.

Both agencies said the partnership is aimed at improving corporate compliance, enhancing transparency and safeguarding the integrity of Nigeria’s financial system.

The post Only 20% of POS Operators Registered with CAC appeared first on Tech | Business | Economy.

The call was made at a two-day capacity-building workshop for journalists in Abuja aimed at strengthening media participation in exposing financial crimes, promoting accountability and supporting efforts to curb illicit financial flows in the country.

Speaking at the event, SecFin Africa Representative, Prof. Abdullahi Shehu, said the scale of illicit financial flows from Nigeria and the wider African continent remains a major threat to economic development, governance and public welfare.

“The fight against illicit financial flows is not abstract. When public resources are stolen,  laundered or illegally transferred, citizens pay the price. Communities are denied basic amenities. Young people lose opportunities. Public institutions become weaker,” he stated.

According to him, estimates by the United Nations Economic Commission for Africa (UNECA) and the African Union (AU) indicate that Africa loses about $50 billion annually through illicit financial flows, with Nigeria accounting for roughly 20 per cent of that amount.

“According to the UNECA and AU (Mbeki Panel), Africa loses about $50 billion annually through illicit financial flows. Nigeria accounts for 20 per cent of this amount, which is about $10 billion annually, while some research puts the figure at $17.8 billion annually.

“Other estimates suggest that Africa loses $88 billion through IFFs 70 (with) per cent from commercial activities. It means that IFF has both domestic and international dimensions,” he said.

Shehu explained that illicit financial flows involve money that is illegally earned, transferred, concealed or utilised across borders, noting that the phenomenon is driven by corruption, tax evasion, trade misinvoicing, money laundering, cybercrime, smuggling and other criminal activities.

He stressed that the losses have severe consequences for developing economies such as Nigeria, depriving governments of resources required for infrastructure, healthcare, education and social services.

“IFFs transfer wealth from productive and lawful uses, weaken governance, fuel criminal activities and reduce a country’s ability to improve the welfare and well-being of the population,” he stated.

Shehu identified crude oil theft, profit shifting by multinational corporations, under-invoicing of exports, over-invoicing of imports and public sector corruption among the major channels through which illicit funds leave Nigeria.

He urged governments, civil society organisations and the media to work together to strengthen anti-money laundering measures, improve transparency and enhance accountability in public resource management.

In his remarks, Deputy Executive Director of ANEEJ, Mr. Leo Atakpu, said the workshop was organised to equip journalists with the skills and knowledge needed to investigate and report illicit financial flows more effectively.

According to him, resources lost through corruption, tax evasion, money laundering, procurement fraud and illicit asset transfers should ordinarily be deployed to improve the living conditions of Nigerians.

“These are resources that should have been used to build schools, equip hospitals, provide jobs, improve infrastructure, strengthen security and reduce poverty,” he said.

Atakpu noted that journalists occupy a strategic position in the fight against illicit financial flows because of their ability to uncover hidden financial crimes, expose procurement abuses and track suspicious financial transactions.

“Through investigative journalism, data-driven reporting, public interest storytelling and sustained editorial attention, journalists can uncover hidden financial crimes, expose procurement abuses, follow suspicious money trails, interrogate official claims, amplify citizens’ concerns and demand accountability from public and private actors,” he added.

He argued that while institutions such as the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigeria Financial Intelligence Unit (NFIU) and the Nigeria Customs Service have critical roles to play, their efforts must be reinforced by responsible journalism and informed citizen engagement.

Also speaking, representatives of the NFIU and the EFCC’s Special Control Unit Against Money Laundering (SCUML) underscored the importance of collaboration among anti-corruption agencies, civil society groups and media organisations in tackling illicit financial flows.

The NFIU, represented by Ibrahim Muhammed, noted that media reports have become increasingly useful in supporting investigations into financial crimes, disclosing that reports published by journalists have in some instances helped trigger inquiries that later resulted in prosecutions.

He encouraged participants at the workshop to deepen investigative reporting on financial crimes and sustain public scrutiny of how public resources are generated, managed and utilised.

“The NFIU remains committed to supporting national efforts against money laundering, terrorism financing, proliferation financing, corruption, and other illicit financial activities by producing and disseminating actionable financial intelligence to competent authority in accordance with the NFIU Act,” he said.

Also, the SCUML office, represented by Muhammed Isa, noted that collaborative efforts among the stakeholders and law enforcement agencies was necessary for effective intelligence sharing and the achievement of key results.

The post Nigeria Loses $17.8 billion Annually to Illicit Movement of Funds appeared first on Tech | Business | Economy.

This agreement was reached on Thursday May 7, 2026, when John Odior, chairman of Edo State Internal Revenue Service, paid a courtesy visit to the Benin Zonal Directorate of the Commission.

The EIRS boss disclosed that he was at the EFCC to explore areas of collaboration and deepen the relationship between the two organisations.

He noted that collaboration with the EFCC has become imperative in order to bring in those who evade taxes, pay little and those who are not captured into the tax net.

“When you arrest a suspect, ask for evidence of their tax payment or tax clearance. You can write to us to find out whether the person has been paying tax or not, and we shall provide you with the information,” he said.

He noted that through such information sharing more people will be captured into the tax net and improve the revenue drive of the state government.

Responding, Sa’ad Hanafi Sa’ad, the acting zonal director, Benin Zonal Directorate, Deputy Commander of the EFCC, said the Commission has been collaborating with the EIRS and was willing to continue noting that the Commission has a section that deals with tax matters.

“We have a Tax Fraud Section which deals with issues of taxes. The Commission recognises its importance as a source of revenue for the government and we ensure that those who try to evade tax payment face the consequence of their action!,” he said.

He assured the EIRS boss that the Commission’s door will always be open to them:

“You can call on us anytime you have anything to share with us and we shall respond accordingly.”

The post EIRS Receives EFCC Backing to Tackle Tax Fraud in Edo State appeared first on Tech | Business | Economy.

From the shadow bans in the banking sector to the skepticism of national security agencies, the wild west of crypto has often been viewed more as a threat to be contained than an opportunity to be harnessed.

That narrative shifted today.

The Virtual Asset Service Providers Association (VASPA), a Pan-African industry association, has officially unveiled Project Green-White-Green, a comprehensive whitepaper that aims to do the unthinkable: bridge the gap between the chaotic liquidity of global digital assets and the structured requirements of the Nigerian state.

This isn’t just a policy paper; it is a multi-billion dollar roadmap designed to integrate an estimated $92.1 billion in annual virtual asset volume into the formal economy.

Protecting the Naira: From Restrictions to Dynamic Alignment

Perhaps the most topical issue for Nigerians today is the volatility of the Naira. In a bold move, VASPA’s Market Integrity pillar proposes a dynamic FX alignment  standard. Instead of trying to shut down markets, an effort that often only drives them deeper underground, the framework suggests linking trading spreads to official NAFEM rates.

This coordinated superhighway aims to end the fragmented oversight that sees operators bouncing between the SEC, CBN, and CAC.

By resolving the chicken-and-egg paradox, where the CAC won’t incorporate a business without a SEC license, and the SEC won’t license without incorporation, the project clears the path for indigenous “Web3” startups to flourish legally.

A National Security Asset, Not a Threat

For the security conscious, the whitepaper flips the script on anonymity. Through mandatory integration with the National Identity Management Commission (NIMC), the framework seeks to ensure every participant is a verified, accountable citizen.

“We are no longer waiting for the future of finance to happen to Nigeria; we are architecting it,” said Franklin Peters, executive chair of VASPA and CEO/founder of Boundlesspay. “One of our country-specific, practitioner-led projects for the constructive realignment of the virtual asset sector, Project Green-White-Green is the definitive roadmap for any serious operator or investor who wants a stake in the next decade of our digital economy. While Project Green-White-Green is designed for Nigeria, similar projects will be designed for other key African markets as well. This is because the regulatory landscape is fundamentally shifting. Those who align with this framework will lead in what we consider Nigeria’s most massive growth phase.”

The $1 Trillion Ambition and the Fiscal Opportunity

As the Federal Government pursues an ambitious goal of a $1 trillion economy by 2030, the question of “where will the revenue come from?” looms large. Project Green-White-Green answers this with Pillar III: Fiscal Sovereignty.

The whitepaper reveals that between July 2024 and June 2025 alone, Nigerians conducted over $92 billion in transactions, most of which generated zero tax revenue due to a lack of infrastructure. VASPA’s solution? zero-friction automated taxation.

By proposing an API-driven interface that automates VAT and Capital Gains Tax (CGT) at the point of transaction, the project promises to turn a “grey market” into a sustainable revenue engine for the Federation.

To encourage this shift, the project advocates for a “Clean Slate” regularization, removing the fear of retroactive liability for those who operated during previous periods of regulatory ambiguity.

The Architect’s View

The development of this framework was not just an industry wish-list, but an exercise in deep technical and legal alignment.

“This whitepaper is the culmination of meticulous legal, technical, and economic engineering,” stated Favour Uche, project manager for Project Green-White-Green and Star Associate at Infusion Lawyers. “We didn’t just compile industry feedback, but articulated and aggregated them into the frameworks proposed, ensuring alignment with national interest. We are now fully prepared to take this blueprint to the highest levels of government. The groundwork is officially laid, and the execution phase begins now.”

The Safe Harbor: A Bridge to the Future

Recognizing that you cannot change an entire industry overnight, VASPA has proposed a Safe Harbor Pilot. This acts as a non-punitive protected window where operators can transition into full compliance under the watchful eye of regulators without the threat of immediate penalties.

This pilot includes a 24-Month Sovereign Integration Roadmap, specifically designed to bring global offshore exchanges into the fold as Digital Residents, eventually requiring them to localize operations, pay taxes, and partner with indigenous firms to upskill Nigerian talent.

With the successful exit from the FATF Grey List in October 2025, Nigeria has already proven its commitment to global financial standards.

Project Green-White-Green is the next logical step, a sophisticated, made-in-Nigeria response to the global crypto phenomenon.

As the document moves toward high-level engagements with the CBN, SEC, NFIU, NRS, EFCC, ONSA, the Presidency in Abuja, the message to the industry and the government is clear: The digital economy is no longer a peripheral experiment. It is a sovereign priority.

*Project Green-White-Green is the primary instrument for VASPA’s upcoming engagements with Nigeria’s top financial and security authorities. The public version is currently available here.

The post VASPA Launches Project Green-White-Green to Mainstream Nigeria’s $92bn Crypto Economy appeared first on Tech | Business | Economy.

But it wasn’t the usual debit or salary credit. This one said a transfer of more than ₦1 billion had been completed.

For most people, an unexpected alert like that might spark confusion or disbelief. For banks, it raises alarm bells. And for regulators, it becomes a matter of national financial security.

That sequence of events set off a chain that would land the case squarely in the hands of Nigeria’s premier anti-graft agency: the Economic and Financial Crimes Commission (EFCC).

The Puzzle Begins: A Glitch With Big Money

First Bank Nigeria Plc noticed something was very wrong. A system error had, apparently, erroneously credited Kingsley’s account with more than ₦1.3 billion, funds that did not belong to him.

But while banking systems are supposed to be robust, this one had opened a door some would exploit.

Rather than alert the bank immediately, the investigation later showed, Kingsley began moving chunks of the money, a large portion to the accounts of his mother, Itohan Ojo, and his sister, Edith Okoro Osaretin.

Other parts of the money helped fund a building project, and what authorities described as a markedly flamboyant lifestyle.

To regulators and bankers alike, this wasn’t just a software error. It was a test case in how quickly opportunity can turn into alleged criminality, and how fast institutions need to act.

From Complaint to Recovery

When First Bank raised the alarm with the EFCC, it triggered an investigation by the commission’s Benin Zonal Directorate.

What began as a report of a system glitch quickly unfolded into a deeper story of alleged abuse and unlawful possession of funds belonging to the bank.

In the weeks that followed, the EFCC traced and recovered ₦802.42 million from the various accounts linked to the suspect and his family, a significant portion of the original amount erroneously credited.

On January 12, 2026, the recovered funds were formally handed back to FirstBank, not in digital transfers this time, but in bank drafts presented by the EFCC, marking a symbolic restitution of resources to the institution that raised the alarm.

A Reflection on Systems and Safeguards

At the handover, Deputy Commander Sa’ad Hanafi Sa’ad, acting director of the EFCC’s Benin Zonal Directorate, underscored what he described as the core of the agency’s mandate: trace, recover and restitute proceeds of crime to victims. “In this case, First Bank was the victim,” he said, emphasising the legal and constitutional backing for the EFCC’s role.

His words point to a broader pattern in Nigeria’s fight against financial fraud: systems can fail, but institutions must ensure failures do not open the door to impunity.

For Olalere Sunday Ajayi, FirstBank’s business manager in Benin, the handover was a moment of professional validation.

He commended the EFCC for swift and professional action, describing the commission as “one of Nigeria’s most effective and reliable institutions” in tackling economic crimes.

From Error to Enforcement

Behind today’s headlines lies a reminder of the complex interplay between technology, risk, and oversight. A simple banking error, a glitch, could have remained just that if the bank had not acted, if oversight systems were weaker, or if regulatory follow-through had faltered.

Instead, it became a case study in detection, investigation, and restitution. The recovered N802.4 million speaks not only to money traced and returned, but to the systems and institutions that pursue accountability in Nigeria’s financial sector.

As Kingsley and associates now face charges in court related to the incident, the episode leaves a broader question: how can digital banking systems be strengthened so that tomorrow’s glitches don’t become today’s headlines?

For now, regulators and banks alike say the answer lies in vigilance, responsiveness, and enforcement, a trio of safeguards that turned one man’s error into a victory for institutional integrity.

The post How Nigeria’s Anti-Graft Watchdog Returned ₦802m After a Banking Error Spiralled into Fraud appeared first on Tech | Business | Economy.

In his testimony, Kaltungo testified that this arrangement entails the Receiver Manager’s nominee having a shareholding arrangement of NG Eagle of “one unit within a billion-share structure,” as part of the findings that emerged during the Economic and Financial Crimes Commission’s investigation.

The development surfaced as Bawa Usman Kaltungo, EFCC Investigative Officer, continued his examination-in-chief led by prosecution counsel, Dr. Wahab Shittu, SAN. Kaltungo told the court that the financial trail uncovered by investigators showed how funds allegedly belonging to Arik Air Limited were unaccounted for while NG Eagle was being established.

Kaltungo also, in the course of his testimony, sought to mislead the Court to believe that the 1st Defendant sold NG Eagle shares solely and unilaterally as a Receiver holding majority shares in NG Eagle, when in fact he is just a nominee with a single unit of share, as AMCON, the corporation that appointed him, holds majority shares in NG Eagle.

Even though his testimonies were made with the support of a few documents admitted in evidence, Kaltungo still was not able to establish a nexus of any act of omission on the part of the accused persons to establish fraud or crime in the management of Arik’s loan.

Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited before Justice Mojisola Dada.

According to the witness, the statement of Arik’s former Chief Financial Officer, Mr. Jonathan Sani, detailed how the defendants allegedly moved N4.5 billion from Arik to fund NG Eagle, an airline he said was controlled by the defendants.

He further testified that Omokide and Ilegbodu allegedly worked with Kuru to funnel a total of N4.9 billion from Arik’s coffers to manage and fund operations of the new airline.

Kaltungo added that beyond the cash transfers, Arik staff were also moved to NG Eagle even though the new airline was set up while Kuru was still AMCON MD, and Omokide served as AMCON’s Receiver Manager. He said salary payments and operational expenses for the newly formed NG Eagle were borne by Arik Air Limited.

During proceedings, the court admitted a CTC of an ex parte order, which the prosecution termed as the only document authorizing the appointment of the RM over Arik and marked the same as P17, along with other exhibits – P18, P25, P26, P44, and P45 – including. photographs and videos in a flash drive containing footage of alleged vandalised aircraft were played in court, but the Prosecution again failed to establish a nexus as to whether those aircraft indeed belonged to Arik.

Meanwhile, counsel for the second and third defendants applied for the release of their clients’ passports for renewal and medical purposes. Justice Dada granted the requests on the condition that the documents be returned to the court registry no later than January 2, 2026.

The matter was thereafter adjourned to February 25 and 26, 2026, for continuation of the trial and Examination-in-Chief of PW4.

The post EFCC Arik Case: Witness Details How NG Eagle Was Structured as Trial of Former AMCON Boss Continues appeared first on Tech | Business | Economy.

According to the Commission, these crimes have left a deep mark on Nigeria’s reputation, forcing countries such as the United States, United Kingdom, Canada, and the United Arab Emirates to tighten their visa procedures for Nigerian applicants. 

Innocent travellers now face longer processing times, higher rejection rates, and heightened scrutiny simply because of the global perception of Nigeria as a fraud hotspot.

EFCC Chairman, Ola Olukoyede, speaking through the Head of the Advance Fee Fraud Section in Port Harcourt, CSE Coker Oyegunle, warned young people against embracing internet fraud. 

“Fraud is not a success; it is a trap. Easy come, easy go. Many who follow the path of ‘yahoo-yahoo’ always end up losing their freedom, reputation, and future. The law is catching up with them, and digital footprints never disappear. Don’t destroy your tomorrow with shortcuts today.”

He further stressed that cybercrime is not only damaging the country’s image but also draining the economy. “Internet fraud, money laundering, and economic sabotage cost Nigeria billions of naira annually, undermining national growth and depriving citizens of infrastructure, jobs, and opportunities,” he said.

The EFCC pointed to recent operations that emphasize the scale of the problem. In August 2025, its operatives in Lagos arrested 38 suspected internet fraudsters following surveillance at Mambillah Hotel, Ikorodu. The Benin Zonal Directorate also secured convictions of 12 individuals, including two brothers, for advance fee fraud and possession of fake documents. 

Beyond domestic arrests, Nigeria has deported foreign nationals convicted of cybercrime, including 50 Chinese citizens and one Tunisian, as part of a wider crackdown.

Olukoyede’s comments came at a youth sensitisation event organised by the Coalition of Nigerian Youth on Security and Safety Affairs (CONYSSA). Other agencies echoed his concerns. The National Drug Law Enforcement Agency (NDLEA), represented by Assistant Commander General of Narcotics, Mathew Ewah, drew attention to drug abuse among young people, calling it one of the country’s most dangerous social problems. 

“Drug abuse is a social problem. Sadly, youths are the majority abusing drugs in Nigeria, and this is worrisome. It turns many into social misfits, affecting their families, communities, and ultimately the country,” he warned.

Also addressing the gathering, the Nigeria Security and Civil Defence Corps (NSCDC) highlighted the environmental and health dangers of oil pipeline vandalism in the South-South. Assistant Superintendent of Corps, Kabiru Zakari, cautioned: “Youths must stop being tools of vandalism and instead serve as community surveillance officers who protect, not destroy, our resources.”

To combat fraud more directly, the EFCC last year set up an Immigration Fraud Section with offices in Lagos, Abuja, Port Harcourt, and Kano. The unit, which works closely with the Nigerian Immigration Service and foreign embassies, is tasked with breaking visa rackets, fake travel document syndicates, and other transnational fraud networks.

The Commission maintains that prevention is just as important as prosecution. Young Nigerians, Olukoyede advised, should channel their energy into productive fields such as digital innovation, agriculture, and creative industries rather than chasing quick, destructive gains.

The post EFCC Links Cybercrime to Stricter Visa Rules Against Nigerians appeared first on Tech | Business | Economy.

One company that has often found itself unfairly entangled in public confusion is QNET, a global direct-selling company providing lifestyle and wellness products.

Despite QNET’s clearly defined product-based business model and regulatory presence in many countries, it continues to be misrepresented, particularly in parts of Africa and Asia, as a scam.

This mislabeling is not only unjust but dangerous. It undermines the credibility of genuine businesses and hinders opportunities for thousands who earn a livelihood through legal, structured network marketing.

Across Nigeria, scam syndicates continue to exploit the dreams of countless job seekers, tarnishing the reputation of QNET in the process.

Now, the company is fighting back with unrelenting determination to protect its name, its legitimate entrepreneurs, and vulnerable Nigerians from the clutches of fraudsters.

A National Crisis that requires a multi-pronged approach

The scale of the problem is staggering. According to the Nigeria Inter-Bank Settlement System (NIBSS) landscape report, in Nigeria, the annual fraud count increased by 112% from 44,947 in 2019 to 95,620 in 2023, while the amount lost to fraud grew by 496% from N2.9 Billion to N17 billion. 

Furthermore, the CBN Financial Stability Report 2024 highlights a 45% increase in financial fraud cases, with 70% of losses attributed to digital channels, including unregulated virtual asset platforms.

Additionally, the SEC and other agencies have flagged over 30 Ponzi-style investment schemes exploiting digital currency narratives. These numbers paint a grim picture: scam syndicates are not just a nuisance; they’re a national crisis preying on economic desperation.

In a recent interview, Mr. Biram Fall, Regional General Manager for QNET for Sub-Saharan Africa, indicated that the company is ramping up its national crackdown on impersonation scams, fake job offers, and fraudulent investment schemes that exploit its brand name and target vulnerable Nigerians.

Working closely with the Economic and Financial Crimes Commission (EFCC), Federal Competition and Consumer Protection Commission (FCCPC), and various police commands, the company continues to demonstrate a zero-tolerance policy towards misinformation, exploitation, and criminal deception.

In March 2023, QNET  launched a nationwide Social Awareness campaign that reached over 50 million Nigerians, reinforcing the message that QNET does not offer jobs or investment opportunities, only legitimate, ethical business built on the sale of real products.

As part of its grassroots efforts, QNET launched billboard and radio campaigns across Lagos, Ogun, and Rivers States, distributing over 3,000 public awareness pamphlets on fraud sensitization.

“We won’t stand by while fraudsters exploit trust and economic hardship,” said Biram Fall, QNET’s Regional General Manager for Sub-Saharan Africa. “Our business is built on transparency and real product value, not recruitment or investment promises. That’s why we work with regulators to expose bad actors and ensure Nigerians know the truth about who we are.”

QNET operates on a product-based direct selling model, where Independent Distributors earn commissions from product sales—not from recruitment or investments.

Despite QNET’s proven product-based business model, confusion persists in regions affected by Ponzi schemes and financial scams. Mr. Fall addressed this concern by citing the March 2025 EFCC report, which listed 58 Ponzi-related companies; QNET was not among them.

Between 2022 and 2023, QNET investigated and terminated 81 Independent Distributor accounts in Sub-Saharan Africa that had breached its Code of Ethics. 

In November 2023, the company also launched its flagship Say NO! campaign in Nigeria, Burkina Faso, and Senegal to raise awareness and dismantle fraud networks posing as legitimate businesses.

Reaching millions through grassroots activities—local-language radio jingles, comic-style pamphlets, billboards, WhatsApp hotlines, and public-sector partnerships—the campaign empowers at-risk communities to spot red flags such as unsolicited job offers or demands for upfront payments, protecting countless individuals from scams.

Beyond awareness, QNET’s alliances with Nigeria’s top regulatory bodies have fueled joint investigations, leading to the shutdown of over 50 fake recruitment websites and the arrest of 30 impostors in 2024 alone. 

In March 2024, QNET partnered with the Lagos State Consumer Protection Agency (LASCOPA) to mark World Consumer Rights Day under the theme “Fair and Responsible AI for Consumers.”

LASCOPA’s General Manager, Afolabi Solebo, praised the collaboration, saying: “Our partnership with QNET strengthens our resolve to combat unfair practices and uphold transparency and justice in the marketplace. Together, we are setting a new standard for consumer protection, ensuring the rights of Lagosians are safeguarded in this digital age.”

Building on this success, QNET and LASCOPA reunited for World Consumer Rights Day 2025, reinforcing QNET’s long-term commitment to protecting consumers, promoting ethical business practices, and fostering trust in Nigeria’s marketplace.

QNET also collaborated with the Federal Ministry of Labour and Employment (FMLE) in July 2024 to train 50 unemployed youths in identifying fraudulent job schemes. As part of its proactive strategies, the company is also tackling financial vulnerability through education.

Its signature financial literacy programme, FinGreen, launched in 2022 in partnership with Transblue Limited, has trained over 1,500 young people and women across Nigeria in budgeting, saving, responsible spending, and digital financial literacy. 

Rebuilding Trust, Restoring Dreams

For QNET, this fight transcends corporate reputation. It’s about safeguarding the aspirations of honest entrepreneurs and consumers who believe in ethical direct selling.

The company has overhauled its internal compliance systems, introduced rigorous agent training, and launched clearer brand messaging to separate fact from fiction. 

These coordinated efforts across consumer protection, policy engagement, internal enforcement, and public education reaffirm QNET’s long-term commitment to ethical entrepreneurship and community safety. 

The company remains steadfast in its mission to empower individuals, combat misinformation, and build a more transparent, opportunity-driven Africa.

The post Fighting Back: How QNET Is Collaborating with Nigerian Authorities to Combat Job Scam Syndicates appeared first on Tech | Business | Economy.

Beside him stood his co-defendants, Felix Igboanuga, TStv’s executive director, their company, and Briechberg Investment Ltd, as the Economic and Financial Crimes Commission (EFCC) unfolded a 12-count amended charge accusing them of money laundering, tax evasion, and alleged investment fraud totaling about ₦1 billion and $1.3 million, plus a ₦66 million tax default.

At the heart of the allegations is the claim that Echefu and company duped former Minister Tanimu Turaki, then MD of Kalsiyam Global, alongside BYI General Ltd, through a web of misleading investment promises.

The charges detailed suspicious financial maneuvers: unpaid VAT, corporate taxes, and PAYE from employee payroll, alongside a litany of purported false pretence loan advances, from ₦150 million for farming tech to a hefty $1.35 million in foreign currency loans.

Yet, amid the gravity of the charges, a new chapter began to unfold. Before the court could even hear their plea, Echefu’s lead counsel, Senior Advocate Eyitayo Fatogun, surprised observers by announcing that partial payments had already been made to the complainants, an olive branch aimed at settling the dispute out of court.

But EFCC’s prosecutor A.S. Tomwell cautioned that regardless of payments, a formal plea was mandatory before any trial could be adjourned, a judicial formality that painted a vivid courtroom moment.

Ultimately, Justice Mohammed Umar entered a nuanced ruling: the charges would be formally read, all defendants would enter a not-guilty plea, and the case would be adjourned to October 15, 2025 for trial.

What Lies Ahead

• All defendants have pleaded not guilty, with the court’s next date set in October.
• The partial settlement payments could influence how the trial proceeds—or even lead to an unexpected resolution.
• Until the court hears all evidence, the presumption of innocence stands firm.

Beyond TStv

This case is part of a larger narrative surrounding TStv’s rocky journey. Launched in October 2017 as Nigeria’s first indigenous Pay-TV alternative, the service struggled to maintain relevance. Despite relaunching in 2020, it again faltered in March 2023, leaving many investors and subscribers stranded.

In the interim, Echefu introduced a new Pay-TV brand, LUFT TV, even as legal shadows linger over the tumultuous TStv saga.

As the October trial approaches, legal observers and industry watchers will be closely tracking whether the settlement overture holds—or if the courtroom drama resumes in full force. For now, the story remains one of high finance, high stakes, and high drama.

The post Courtroom Drama: EFCC Re‑Arraigns TStv CEO Bright Echefu in High‑Stakes Fraud Case appeared first on Tech | Business | Economy.

Obigwe is one of the witnesses of the Economic and Financial Crimes Commission (EFCC) on the matter.

Recall that when he was first interrogated before the matter was adjourned, the same Obigwe claimed that Arik was a healthy company that had no financial challenges up to the time he left the service of Union Bank in 2009.

But pressed further today, he accepted that Arik was an irresponsible, badly run, immoral company, which also owed him a whopping 2.3 million dollars, which he had to write off because of his business relationship with the promoter of Arik Air Limited.

Obigwe appeared as a prosecution witness in the ongoing trial of the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, and four others, who are standing trial over alleged financial misappropriation amounting to alleged N76 billion and $31.5m., etc.

The EFCC arraigned the defendants on a six-count charge bordering on conspiracy, stealing, and abuse of office.

The defendants include Kuru, the former Receiver Manager of Arik Air Limited, Mr. Kamilu Omokide; Arik Air’s Chief Executive Officer, Captain Roy Ilegbodu; Union Bank of Nigeria PLC; and Super Bravo Limited.

They all pleaded not guilty to the charges, and Justice Mojisola Dada subsequently granted them bail in the sum of N20million each, with one surety in like sum.

Under cross examination, Mr. Obigwe informed the court that, in 2011, two years after he exited Union Bank, Arik Air was indebted to his private company, Staal, in the sum of $2.3 million. He stated that the amount was never repaid but that he had written it off due to the operational difficulties faced by the airline at the time.

“I am not interested in collecting it. I wrote it off when I discovered that Arik Air started having challenges,” Obigwe told the court. The witness also confirmed that following his exit from Union Bank, he formally became a consultant to Arik Air and other companies.

When asked whether the founder of Arik Air, Sir Johnson Arumemi-Ikhide, was a personal acquaintance, he responded in the affirmative, noting that although he currently has no formal relationship with the airline, he maintains a relationship with Arumemi-Ikhide, who is also his church member.

During cross-examination by defence counsel, including Olasupo Shasore, SAN (for the second defendant); Olalekan Ojo, SAN (for the fourth defendant); and Tayo Oyedepo, SAN (for the fifth defendant), Mr. Obigwe stated that in 2009, he participated in an inspection of 26 aircraft belonging to Arik Air.

According to him, the aircraft were found to be airworthy and in good condition, based on assessments provided by Lufthansa. “I had no reason to doubt Lufthansa’s evaluation,” he said, adding that the purpose of the inspection was to ensure that the airline’s fleet had not been depleted.

When asked about the airline’s compliance with its loan obligations, Obigwe testified that during his tenure at Union Bank, there were no complaints from other financial institutions suggesting that Arik Air was defaulting on its loan obligations.

He also confirmed that, to the best of his knowledge, Arik Air was servicing its loan with Union Bank during his tenure.

Responding to a letter dated April 23, 2009, allegedly written by AMCON to Union Bank concerning a N46.11 billion debt owed by Arik Air, the witness denied knowledge of the letter, even though he was still in the service of Union Bank at the time, and was the Group Executive Director whose directorate supervised the Arik transaction.

On the character and management of Arik Air, the witness said: “I can only speak for the period I was there. When I was at Union Bank, Arik Air was one of the best companies.”

When questioned on the options available to lenders when a loan becomes non-performing, Obigwe responded that the lender may choose to transfer the loan to another bank, reassign it, or enforce the security tied to the loan.

He also acknowledged that a lender is legally empowered to dispose of the security in the event of default by the borrower in other wards justifying the decision of AMCON to have intervened in Arik to recover the Arik Air debt, which Union Bank sold to AMCON on the directive of Union Bank when AMCON was established by the Federal Government to mop-up all non-performing loans in the banks.

The matter was adjourned till June 4, 2025, for the continuation of the trial. On the last adjourned date, Obigwe, who is the second prosecution witness, and was led in evidence by Dr Wahab Shittu (SAN), told the court that he was a Group Executive Director in Corporate and International Banking at Union Bank.

The court was also able to establish that the witness, while in the service of Union Bank as Group Executive Director, Corporate and International Banking, Union Bank had a business relationship with the promoter of Arik, which was regularised and formalised into a full-fledged consultancy arrangement shortly after he exited Union Bank, which implied that even as ED, Union Bank, he may not have operated in the overall interest of the bank due to his relationship with the Arik owner.

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