Author: The Nation

  • CBN removes deposit limits, raises withdrawal thresholds

    CBN removes deposit limits, raises withdrawal thresholds

    The Central Bank of Nigeria (CBN) has introduced major changes to Nigeria’s cash management framework, removing all limits on cash deposits and increasing weekly withdrawal thresholds for individuals and corporate bodies.

    The new directives, issued in a circular released by the apex bank, will take effect from January 1, 2026.

    According to the CBN, the decision to overhaul its cash-related policies is driven by the need to reduce the rising cost of managing physical currency, bolster security around cash movements, and curb money laundering by encouraging greater use of electronic payment channels.

    In the circular, the CBN confirmed that “the cumulative limit on cash deposits is entirely removed, and the associated fee for excess deposits will no longer apply.”

    The bank said this change is intended to ease the burden on individuals and businesses who operate cash-heavy activities, while also improving liquidity within the banking system.

    Under the revised framework, weekly withdrawal limits across all channels—Over-the-Counter (OTC), Automated Teller Machines (ATMs), and Point of Sale (PoS) terminals—have been pegged at N500,000 for individuals and N5 million for corporate entities.

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    While banks must adhere to these thresholds, the CBN noted that withdrawals exceeding the limits will attract processing fees of 3 percent for individuals and 5 percent for corporate customers.

    The circular clarified that daily ATM withdrawals remain capped at N100,000 per customer but must still fall within the overall weekly ceiling of N500,000 for individuals. It also announced the end of the special authorization that previously allowed individuals to withdraw N5 million once a month and corporate bodies N10 million once monthly.

    In another adjustment, banks are now permitted to load all denominations of the naira in their ATMs, removing earlier restrictions that limited ATM cassettes to smaller notes.

    The CBN also provided details on the sharing formula for the revenue generated from excess cash withdrawal fees. The circular states that 40 percent of such revenue will accrue to the CBN, while 60 percent will go to the bank or financial institution that processed the transaction.

    Other components of the new cash policy were also clarified. The apex bank maintained the N100,000 over-the-counter limit for third-party cheque encashments, noting that any withdrawal through this channel will count toward the weekly withdrawal limit.

    Deposit Money Banks (DMBs) and other financial institutions are additionally required to submit monthly reports detailing cash withdrawal transactions above the set limits and all cash deposit activities. To ensure transparency, banks must create dedicated internal ledger accounts to warehouse charges collected from excess withdrawals.

    The circular also provided clarity on exemptions. Accounts belonging to the federal, state, and local governments, as well as accounts of microfinance banks and primary mortgage banks maintained with commercial and non-interest banks, will not be bound by the weekly withdrawal limits or the associated excess withdrawal fees.

    However, the CBN confirmed that foreign embassies, diplomatic missions, and donor agencies would no longer enjoy exemptions previously granted under the old cash policy.

    Describing the directive as mandatory, the CBN instructed all deposit-taking financial institutions in Nigeria to immediately begin preparations for full implementation on January 1, 2026.

    The apex bank said the reforms are part of a broader effort to strengthen the efficiency of Nigeria’s financial system and to strike a balance between cash usage and digital payments in the country’s evolving economy.

  • AGF: Public funds must translate to prosperity

    AGF: Public funds must translate to prosperity

    The Accountant-General of the Federation (AGF) and Chairman of the Association of Accountant-Generals of Africa, Dr. Shamsudeen Ogunjimi, has said that every public resource entrusted to financial managers across the continent must translate into real improvements in the lives of citizens.

    He noted that the responsibility carried by accountants is enormous because “every Cedi, Franc, Naira, or Dollar entrusted to public officers must ultimately translate into the prosperity of the people,” adding that the decisions made by accountants “directly affect millions of lives.”

    Speaking at the Africa Accountant-Generals Conference held at the Accra International Conference Centre in Ghana, Ogunjimi said the long-held perception of accountants as simple record keepers no longer reflects the demands of modern public finance.

    His address was contained in a statement issued by the Office of the Accountant-General of the Federation (OAGF) and signed by its Director of Press, Bawa Mokwa.

    According to him, today’s financial landscape—shaped by rapid digital innovation, data-driven policymaking, and sweeping global economic shifts—requires accountants to take on expanded responsibilities. He noted that modern accountants “serve as strategic advisors, champions of transparency, and custodians of integrity.”

    Ogunjimi stressed that the profession is now central to shaping economic outcomes for both institutions and nations. “Accountants are leaders. Our work is not simply to balance books; it is to balance the needs of today with the dreams of tomorrow,” he said.

    He urged accountant-generals and senior financial managers across Africa to remain active participants in strategic decision-making by deploying data to navigate economic shocks, identify growth opportunities, and strengthen accountability systems. He said accountants must see themselves as catalysts for economic growth and national transformation, not administrative figures confined to back-office functions.

    The conference brought together senior government officials and leading accounting professionals from across the continent to discuss the evolving role of accountants in a rapidly changing economic environment. Ogunjimi noted that practitioners now play critical roles in risk management, financial forecasting, strategic planning, and managing complex regulatory obligations that guide public finance.

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    Earlier, economist and entrepreneur, Mr. Tony Elumelu, said he attended not only as a business leader but as someone who strongly believes in Africa’s potential for economic renewal.

    He told participants that the continent’s biggest challenge is not a shortage of resources but shortcomings in trust and credibility. “Africa’s greatest obstacle is not the lack of resources but a deficit of trust, integrity, and credibility,” he said.

    Elumelu added that the foundation for attracting sustainable capital lies in consistent, transparent, and trustworthy public finance management. “Trust is built through predictability, transparency, and partnership. Trust is the currency of capital. Excellence in public finance is not a luxury—it is a necessity,” he stated.

    He called on accountants across Africa to remain vanguards of transformation by advancing digitalization, deepening accountability frameworks, and ensuring that public financial systems support economic progress.

  • Shettima rallies states, MDAs to deepen reforms

    Shettima rallies states, MDAs to deepen reforms

    Vice President Kashim Shettima has called on state governments, federal ministries, departments and agencies (MDAs), the organised private sector, and development partners to intensify efforts toward strengthening Nigeria’s business environment, insisting that national prosperity depends on sustained collaboration across all sectors.

    Speaking in Abuja at the PEBEC Gala and Awards Night, organised by the Presidential Enabling Business Environment Council (PEBEC), the Vice President said the reforms recorded this year reflect “the triumph of collaboration over silos,” and urged stakeholders to build on the gains of 2025.

    In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, the VP said “the end of this night does not signal the end of your pursuit of excellence because excellence is a culture, not an event. It lives only where it is nurtured.

    “In the new year, let us do even more to advance the reform agenda for Nigeria’s business environment.

     Let us build a nation where efficiency is normal, where transparency is routine, and where excellence is the governing creed of public service”.

    He noted that the success of the administration’s reforms, anchored on President Bola Tinubu’s Renewed Hope Agenda, relies heavily on the dedication of public servants, whom he praised for refusing to accept mediocrity in the drive to improve ease of doing business.

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    According to Shettima, excellence is cultivated through discipline and the refusal to settle for the minimum.

    “Public service can and must be synonymous with excellence,” he added, describing the awards night as a celebration of individuals and institutions that have embraced the administration’s reform ethos.

    The Vice President also highlighted interagency coordination as a key driver of progress, citing the Ports and Customs Efficiency Committee (PCEC) as an example of reforms “already bearing significant fruit” through the introduction of joint port inspection procedures designed to reduce delays and improve efficiency.

    Earlier, Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hadejia, declared that PEBEC under Shettima’s leadership has continued to deliver reforms that are “incrementally impacting businesses across different sectors.”

    He, however, cautioned that the work ahead remains substantial, adding that every milestone achieved forms the basis for even deeper reforms.

    Director-General of PEBEC, Princess Zahrah Audu, outlined the agency’s achievements over the past year, attributing the successes to strengthened partnerships with MDAs and state governments.

    She said PEBEC’s reform drive has been deliberately structured into its service delivery framework, ensuring that collaboration remains central to progress.

    The event also featured the unveiling of the 2025 Business Facilitation Act (BFA) Compliance Report and the Subnational Ease of Doing Business Report.

    Awards were presented in several categories, including Access to Justice, Legislative Trailblazer, Leadership of Action, and Business Advocacy and Partnership.

    The ceremony drew top government officials and industry leaders, including the Deputy Governors of Benue and Enugu States, Dr Sam Ode and Mr Ifeanyi Ossai; Chairman of NDLEA, Brig.-Gen. Mohammed Buba Marwa (rtd.); Executive Vice Chairman of the NCC, Dr Aminu Maida; Executive Secretary of the Nigerian Shippers’ Council, Mr Pius Akutah; and Managing Director of the Nigerian Ports Authority, Dr Abubakar Dantsoho.

  • Fed Govt rolls out MOFI awards for public enterprises

    Fed Govt rolls out MOFI awards for public enterprises

    The Federal Government has introduced a new national initiative aimed at promoting accountability, high performance, and strong corporate governance across its portfolio of state-owned enterprises.

    The initiative, known as the MOFI Excellence Awards, is the first event dedicated to recognising outstanding governance practices and institutional performance within Federal Government-owned and linked enterprises.

    Speaking at the launch and the inauguration of the MOFI Excellence Awards Panel, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the new programme represents a major step toward strengthening governance and operational standards in the public sector.

    According to him, the establishment of the awards “signals government’s unwavering commitment to raising the bar of performance and governance in Nigeria’s public sector.”

    Edun said the awards were conceived to serve a critical purpose, noting that “The MOFI Excellence Awards are not about applause for its own sake; they were conceived to promote corporate governance excellence, high institutional performance, and strategic alignment across MOFI’s portfolio of public enterprises.”

    He explained that the programme is designed to “shine a spotlight on those boards and management teams that exemplify transparency, accountability, and strong performance.”

    The minister added that the government intends to commend agencies and leaders who consistently demonstrate sound stewardship in the management of public assets. “We intend to recognise agencies and their leaders who demonstrate high standards of transparency, accountability, and performance in managing public assets,” he said.

    According to him, “by doing so, we send a clear message that good governance and results will be rewarded, and that every entity under MOFI should strive towards the highest ideals of service and stewardship.”

    Edun stated that the credibility of the awards rests heavily on the independence and expertise of the judging panel. He described the panel as central to ensuring a fair and transparent process, noting that “At the heart of this initiative is the independent judging panel supported by an expert advisory consultant. Your role is pivotal – you are entrusted with overseeing a fair, transparent, and rigorous evaluation process for all participating entities.”

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    The panel is composed of experts and institutional leaders from organisations known for advancing good governance, including the Financial Reporting Council, the Society for Corporate Governance Nigeria, the Chartered Institute of Directors, the Nigeria Exchange Group and the Chartered Risk Management Institute.

    Edun said this selection “underlines the independence and professionalism with which the assessments will be conducted,” adding that the panel’s mandate is “to uphold integrity, impartiality and diligence at every step, so that the eventual outcomes command public trust and respect.”

    Addressing the panel members, the Minister of Finance stressed the importance of their work, describing them as pioneers of a process that will shape expectations in the public enterprise sector for many years.

    He said, “I cannot overstate the weight of responsibility that rests on your shoulders. You are pioneers in this endeavour, custodians of a process that will set the benchmark for years to come. The decisions you make, the standards you uphold, will have profound implications for our nation’s public sector. We must get it right. This is an open, independent process, and it must be seen by all to be merit-based and free of favouritism.”

    Earlier, the Managing Director/CEO of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, described the awards as a groundbreaking development in Nigeria’s approach to public asset management. He said, “It is a first-of-its-kind initiative in Nigeria dedicated to recognising excellence in corporate governance and performance across Federal Government-owned and Linked Enterprises.”

    Takang explained that MOFI’s broader reform agenda over the past year is aimed at transforming how Nigeria manages its public investments. “From launching the MOFI Corporate Governance Scorecard to now instituting an awards programme that recognises outstanding performance, we are translating reform ideas into tangible outcomes,” he said. According to him, MOFI’s strategy is anchored on “honest investments and transparent strategies,” which are essential for sustaining growth.

    Reflecting on the launch of the Corporate Governance Scorecard earlier this year, Takang said the tool has initiated a shift in mindset across public enterprises. “When we launched the Scorecard earlier this year and conducted a pilot implementation round with participation from more than half of MOFI portfolio companies, it was more than just unveiling a new tool – it was the start of a culture shift,” he said. He added that the scorecard “fundamentally redefines governance as a strategic asset, driving transparency, accountability, and long-term value creation.”

    Takang also noted that MOFI is applying the same standards internally. He said the organisation has strengthened board effectiveness, ethics policies, and risk management systems within its operations.

    “This approach ties our reputation to the performance of the enterprises we oversee and sends a clear message: MOFI is not just an asset manager; we are a partner and a participant in this collective effort” he said.

    In his remarks, the Chairman of the MOFI Board, Dr Shamsudeen Usman, represented by Hajia Fatima Nana Mede, said the awards are intended to motivate public sector agencies to raise their performance standards. “We want to send a clear message across the public sector that transparency, accountability and performance will be noticed and rewarded,” he said.

    Usman added that MOFI also hopes to foster positive competition among its portfolio companies. “We also want to foster a healthy sense of competition and peer learning among our portfolio companies. When an agency sees a peer celebrated for excellence, I expect it to spark inspiration: ‘If they can do it, so can we.”

    The Chairman of the Awards Panel, Chief JK Randle, said the initiative represents a timely opportunity to elevate governance standards and inspire stronger performance across public enterprises.

    The inaugural MOFI Excellence Awards will be conducted through a fully independent process, with the judging panel expected to begin evaluating qualifying agencies in the coming months.

    The Federal Government says the programme will become an annual benchmark for excellence in Nigeria’s public enterprise ecosystem.

  • NUPRC chief exec emerges African petroleum regulators chair

    NUPRC chief exec emerges African petroleum regulators chair

    The African Petroleum Regulators Forum (AFRIPERF) has unanimously adopted Nigeria as its official headquarters. The body also elected the Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Gbenga Komolafe, an engineer, as chairman of the Forum.

    Prior to the endorsement, Komolafe was interim chairman of AFRIPERF.

     Eyoanwan Ndiyo-Aiyetan also emerged as secretary of AFRIPERF.

    The decision was announced at the inaugural executive committee meeting of the Forum which was held virtually yesterday.

    The development affirms Nigeria’s central role in the African petroleum regulatory space and as Africa’s largest producer of crude oil.

    The meeting which was attended by 16 African countries was convened to pick its leadership, headquarters and logo.

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    In his opening remarks Komolafe said: “We are laying the foundation for a more harmonized and collaborative regulatory environment across Africa. A strong Executive Committee will help drive initiatives that promote investment, streamline regulations and support Africa’s strategic positioning in an evolving global energy space”

    Out of the 16 countries that attended, eight have so far ratified the treaty to become full-fledged members of the Forum who have voting rights.

    In his acceptance speech, Komolafe thanked his African counterparts for the trust and honour, promising to ensure that no member country is left behind.

    AFRIPERF aims to strengthen regional petroleum governance by fostering collaboration, cooperation and coordination among member regulators.

    Its objectives include: Harmonising petroleum regulations and standards, enhancing regulatory capacity through training, promoting dialogue with industry stakeholders and international organisations and addressing regional challenges.

    Additionally, the Forum seeks to facilitate knowledge sharing, promote cross-border energy infrastructure development and present a virile strong unified voice for Africa in global hydrocarbon discourse, encourage technology transfer, and promote best practices.

    It advocates for member interests on international platforms and leverages the collective strengths of regulators to secure sustainable energy resources for development, promote investment in African petroleum exploration, ensure transparency and sound regulation, and advance ethical practices in petroleum exploitation.

  • Cargo accounts settlement system gets new chair

    Cargo accounts settlement system gets new chair

    The Group Managing Director, Finchglow Holdings , Mr Bankole Bernard has been selected as the  new Chairman, Cargo Accounts Settlement Systems (CASS) Nigeria Local Consultative Council (LCC).

    Finchglow Holdings, the parent company of six travel and aviation-focused businesses, will be  responsible for ensuring transparency and strengthening the financial settlement framework between airlines, logistics partners, and cargo operators.

    His selection for the key industry role according to  a confirmation by the  Directorate of CASS, is not only a milestone for the country , but a significant step in the broader move to contribute to the growth of aviation and the cargo  ecosystem in Nigeria.

    As Chairman, he will work closely with airlines, regulators, cargo operators, and financial settlement partners to advance reforms, enhance collaboration, and ensure that CASS Nigeria continues to support a seamless, secure, and accountable operating environment.

    According to a statement by the company, Bernand’s selection into the Council’s leadership will assist to offer direction as the air travel , cargo and allied industry  navigates rising demand for efficiency, data integrity, and system-wide collaboration, which has become even more pivotal.

    Bernard’s appointment , the statement added comes at a defining moment for CASS Nigeria, requiring a steady, experienced hand capable of unifying stakeholders, guiding reforms, and advancing a more resilient and future-ready cargo settlement environment.

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    Prior to this new appointment, Bernard  has served as Chairman of the Agency Programme Joint Council (APJC), where he worked with global and regional partners to drive improvements that enhanced the effectiveness of agency–airline relationships.

    His leadership, the statement added helped shape policy conversations, promote transparency, and champion initiatives that reinforced confidence in the industry’s commercial processes.

    It stated:” With extensive experience across aviation, travel management, and industry governance, Bernard is positioned to drive meaningful dialogue, promote innovation, and advance initiatives that will strengthen the settlement system and elevate Nigeria’s cargo and aviation ecosystem.

    “His transition to the LCC is widely viewed across the sector as a continuation of the progress achieved under his leadership in previous roles, bringing the same strategic clarity, stakeholder-focused approach, and commitment to reinforcing Nigeria’s aviation framework.

    “As CASS Nigeria begins its next chapter, stakeholders across the aviation community express confidence that this appointment will support meaningful advances and long-term stability within the nation’s cargo settlement ecosystem.”

  • Contractors still marching on Finance Ministry

    Contractors still marching on Finance Ministry

    The protest by members of the Indigenous Contractors Association of Nigeria (ICAN) entered its second day yesterday with the protesters finally getting an audience with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, over their demand for the payment of 2024 contracts executed for the Federal Government.

    The demonstration, which brought activities at the Federal Ministry of Finance in Abuja to a standstill, resumed with even greater intensity as early as 8:00 a.m.

    On Tuesday, the contractors had blocked the main entrance of the ministry, restricting vehicular movement and forcing staff and visitors to struggle to access the building. That action set the tone for a continued push for payment of outstanding contract fees.

    Yesterday morning, the contractors escalated their protest by erecting a canopy directly at the ministry’s main gate before proceeding to their scheduled meeting with the minister.

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    The canopy created a blockade that prevented workers and visitors from entering the premises. Those who earlier managed to enter the building found themselves unable to exit, as the contractors kept the area firmly cordoned off.

    Tensions rose further when the protesters placed a white casket at the entrance of the ministry—an unusual and symbolic gesture intended, according to them, to demonstrate the seriousness of their demands. The act drew the attention of security officials and passersby, reinforcing the high stakes of the standoff.

    The contractors insist that they are owed for projects completed in 2024 and say the funds should be sourced from revenue already generated by the Federal Inland Revenue Service (FIRS). They argue that many of their members are facing severe financial strain due to the non-payment and that the continued delay has become unbearable.

    When The Nation visited the ministry on Wednesday, a cluster of protesters remained stationed outside the blocked entrance. They confirmed that their leaders had gone inside to meet with Mr. Edun. Several of them expressed optimism that the engagement with the minister would yield a positive outcome.

    One of the protesters said: “Our leaders are with the minister now and we believe they will speak for all of us. We just want to be paid for the work we have already done.”

    Another contractor added that the group was prepared to remain at the ministry for as long as necessary until concrete assurances were given. “We came here again today because yesterday showed that the government is hearing us. We won’t leave until we get a clear way forward,” he said.

    As at the time of filing this report, the meeting between the leaders of the contractors and the minister was still ongoing. Staff of the ministry continued to operate under restricted movement, with access to the building tightly controlled due to the continued presence of the protesters.

    The outcome of yesterday’s talks is expected to determine the next steps in the confrontation, which has already disrupted operations at one of the government’s most strategic ministries for two consecutive days.

  • CREDICORP unveils digital device credit

    CREDICORP unveils digital device credit

    The Consumer Credit Corporation (CREDICORP) has rolled out a national digital device credit program aimed at widening access to digital tools and supporting a more connected, productive, and future-ready Nigeria, one where every citizen can thrive.

    The initiative, which targets building a digitally ready Nigeria, builds on the success of the pilot phase, and will make smartphones, laptops, and other essential digital tools more affordable for working Nigerians.

    Under the first phase, CREDICORP, working through E-Finance Company with technology support from Credlock, enabled over 1,000 Nigerians to access smartphones through affordable credit, many for the first time.

    The strong repayment performance and the speed of adoption demonstrated both the appetite and the national need for this kind of support.

    With this new phase, CREDICORP is poised to scale the program significantly, targeting over 15,000 Nigerians who will be able to access smartphones or laptops that directly enhance their productivity, income potential, and digital participation.

    To deliver this initiative at scale, CREDICORP is working through one of its participating financial institutions, E-Finance Company, with technology support from Credlock, whose intelligent device-collateral system allows for secure, responsible, and efficient access to credit.

    Together, E-Finance and Credlock will ensure that Nigerians can seamlessly apply for, finance, and collect the digital devices they need, without the heavy burden of upfront payments.

    Reflecting on the launch, CREDICORP’s Managing Director, Uzoma Nwagba, noted that this is a natural progression of CREDICORP’s work.

    “From mobility to renewable energy, we have witnessed the profound impact that access to credit can have on people’s daily lives. Nigerians are ambitious and hardworking; they simply need fair pathways to acquire the tools that move them forward.

    “Digital devices now sit at the center of learning, earning, and productivity, and expanding access to them is a critical step in building a more digitally ready nation,” he said.

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    Credlock’s CEO, Dayo Fabayo, emphasised the power of turning everyday devices into pathways for progress. “Every smartphone represents potential to learn, to work, to access opportunity, and to live with dignity.

    “At Credlock, we believe the device in someone’s hand can be the bridge to their financial future. Working with CREDICORP and E-Finance allows us to scale that vision to millions of Nigerians,” he said.

    Indeed, across Nigeria, progress is increasingly driven by access to the tools that help people learn, earn, and participate fully in a modern economy.

    In a world where so much of life has moved online, digital devices have become indispensable.

    For instance, a smartphone can connect a young graduate to job portals and remote work; a laptop can help a civil servant stay more productive; a simple digital tool can enable a trader, artisan, or small business owner to reach new customers and run their operations efficiently.

    These devices are no longer luxury items; they are everyday instruments of progress. Accordingly, CREDICORP, over the past year, has supported thousands of Nigerians to acquire the assets that make daily life easier.

    From mobility solutions that shorten commutes and increase productivity to renewable energy systems that keep homes and small businesses powered and productive, the Corporation has continued to charge on.

    Each intervention has shown the same outcome: when Nigerians are allowed to access essential tools through fair and responsible credit, their lives improve rapidly.

    The CREDICORP boss urged Nigerians interested in financing their digital devices to begin the process by participating in CREDICORP PFIs via www.credicorp.ng/apply.

  • Nigeria’s Q3 data breaches surge 1,047%

    Nigeria’s Q3 data breaches surge 1,047%

    Data breaches that affected Nigerian entities rose sharply to an extraordinary 1,047 per cent compared to the previous quarter, according to the latest esentry Eagle’s Eyes Q3 2025 cybersecurity report.

     The report, released yesterday, showed that the country logged an average of 6,101 attacks per week in July, a pace that continued through the quarter and marked a turning point in the volume and sophistication of attacks targeting high-value institutions, especially in the fintech sector.

    The report’s analysis indicated a decisive shift in how attackers gained access to corporate environments. Instead of exploiting technical vulnerabilities, adversaries increasingly entered systems using valid credentials, often harvested from previous data leaks or left active long after employees had departed.

    Digital forensics conducted by esentry uncovered numerous cases in which dormant service accounts, stale identity tokens, and overlooked access rights enabled intruders to stealthily gain network access, establish persistence, and prepare for large-scale data extraction without raising immediate suspicion.

    This transformation in attack patterns marked a clear departure from the opportunistic hacking that characterised earlier years. Attackers treated identity as the new point of entry, studying trust relationships and exploiting internal access pathways that organisations had not fully secured. Nigerian and African institutions found themselves confronting adversaries who acted with greater patience and precision, blending into legitimate user activity in ways that made early detection far more difficult.

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    Commenting on the report, Chief Business Officer (CBO) of esentry, Gbolabo Awelewa, said the country is no longer dealing with opportunistic attacks but an organized band of cyber criminals.

     “As the threat landscape evolves, Nigeria is no longer dealing with opportunistic cybercrime, but confronting organised, identity-driven campaigns that move with intent, patience, and precision. Despite the surge in threats, this moment is also a turning point. With the proper controls, stronger identity oversight, and early-warning intelligence, Nigerian organisations can stay ahead of these attacks. Our role at esentry is to ensure that the future of cybersecurity in Nigeria is not defined by fear, but by preparedness and resilience,” Awelewa said.

    The report also noted that the surge in identity-centric intrusions mirrored global developments, though Nigeria experienced the shift with unusual intensity due to rapid digitisation and inconsistent identity governance structure.

    As core infrastructure hardened, attackers refocused on identity structures as the least protected surface, exploiting gaps in monitoring and off-boarding processes and maintaining long-term access to corporate environments through subtle, low-noise techniques.

    Looking ahead, the esentry report projected that identity-based threats would define the coming year for Nigerian organisations. With adversaries refining this method of intrusion at scale, the esentry team urged institutions to reassess their security frameworks, prioritise continuous identity oversight, and adopt models capable of detecting credential misuse before it escalates into significant disruption.

    The report concluded that Nigeria’s overall cyber resilience would depend on how quickly organisations recognised identity as the new perimeter and aligned their defences accordingly.

    “esentry delivers customised cybersecurity services based on the unique needs of each customer segment. With a deep understanding of all facets of cybersecurity, esentry provides an end-to-end portfolio of services and products to businesses of all sizes worldwide,” he said.

  • Stakeholders seek land policy overhaul

    Stakeholders seek land policy overhaul

    A broad coalition of academics, government officials, and industry leaders has called for urgent reforms in land governance, infrastructure financing, and urban planning as Africa faces unprecedented urban growth.

    The call was made at the third International Conference and Fair on Land and Development and the seventh Annual Lateef Jakande Lecture held at the University of Lagos, where speakers urged policymakers to confront the continent’s infrastructure and land management challenges with renewed vigour. 

    At a high-level conference on Sustainable Land Development and Urban Infrastructure in Africa, the Association of Professional Bodies of Nigeria (APBN) reaffirmed its commitment to advancing sustainable development across the continent. Delivering a goodwill message on behalf of the association, the 2nd Deputy President, APBN, Toyin Ayinde, commended the UNILAG Centre for Housing and Sustainable Development and its director, Prof. Gbenga Nubi, for what he described as “unparalleled passion for the development of the housing sector in Nigeria.”Ayinde stressed the inseparable link between land development and infrastructure, noting that the theme of the conference underscored an issue fundamental to urban survival. According to him, “The theme of this Conference is a reminder that you cannot live without breathing. Every living organism needs to breathe in order to exist. In the same vein, we can’t be having conversations about sustainable land development without discussing urban infrastructure. After all, what is a human settlement without the ancillary infrastructure?”He explained that interrogating the state of infrastructure in African cities was long overdue, adding that genuine progress in land development could only be achieved when the infrastructure that sustains urban growth is deliberately provided. “The only way development can be sustainable is to provide the infrastructure to service it,” he said.

    Ayinde also highlighted the relevance of the conference to global sustainable development efforts, particularly Goal 11 of the Sustainable Development Goals, which focuses on making cities inclusive, safe, resilient and sustainable. He affirmed APBN’s readiness to collaborate with the Centre and mobilise professional associations under its umbrella to support the drive for transformation in Nigeria’s built environment.

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    “So, we have a theme that is contemporary and relevant to our survival and the fulfillment of Goal 11 of the SDG.The APBN is in this with the Centre, and is willing to seek support of professional associations in the umbrella body to support this Centre so that change can happen,” he noted.

    He expressed optimism that the conference would generate outcomes capable of influencing policy decisions across Nigeria and the continent. “We here and now express our goodwill for a successful Conference, and hope that its outcome contributes to policy decisions that will influence positive change in Nigeria, and the continent of Africa,” he added.

    The Vice-Chancellor, University of Lagos (UNILAG), Prof Folasade T. Ogunsola, called for urgent, collaborative, and research-driven action to address Africa’s rapidly expanding urbanisation challenges. Speaking at the event, she emphasised that the continent stands “at a defining crossroads” as it prepares for unprecedented population growth and increasing pressure on land and urban infrastructure.

    Ogunsola described the joint event as “a significant gathering of scholars, policymakers, practitioners, and innovators whose presence underscores the critical importance of the issues we are gathered to deliberate upon.”

    Mrs Ogunsola highlighted the dual significance of the occasion, noting that while the annual Jakande Lecture honours the legacy of a man whose life’s work “remains a timeless blueprint for modern governance,” the International Conference and Fair has become “a vital nexus for sharing cutting-edge research and advancing innovative solutions in land management and sustainable development.” She described the accompanying fair as a crucial link between academic findings and real-world application, “showcasing technologies and services capable of transforming our urban and rural landscapes.”

    Reflecting on the theme, Sustainable Land Development and Urban Infrastructure in Africa, she stressed that the conversations ahead were “not merely academic; they are an urgent call to action.” With Africa projected to host an additional 950 million urban residents by 2050, she cautioned that the continent faces both extraordinary opportunity and profound risk. “Alongside economic potential, we face mounting challenges— infrastructure deficits, weak land governance systems, climate vulnerabilities, and increasing pressure on institutions and resources.”

    Prof Ogunsola underscored UNILAG’s central role in addressing these issues through its ARUA Centre of Excellence for Urbanization and Habitable Cities and its wide network of scholars working on coastal resilience, land-use efficiency, transport systems, smart cities, and other fields critical to Africa’s development. “The University of Lagos remains committed to serving as the intellectual engine driving this much-needed transformation,” she said.

    She stressed the importance of collaboration between academia, government, and the private sector. Describing the complementary roles of regulators and developers, she remarked, “Real estate developers hold the chisel; government holds the regulatory hammer.” The Development Fair, she added, provides a fertile ground where “students encounter real-world innovations; investors meet emerging talent; researchers find implementation partners; and policymakers see firsthand the tools reshaping tomorrow’s cities.”

    Calling for a “paradigm shift,” she urged participants to abandon fragmented approaches to planning. She challenged attendees to “move from identifying problems to co-creating measurable solutions,” prioritize resilience in the face of climate change, and ensure that development models produce inclusive cities “where sustainable infrastructure serves all citizens, not only a privileged few.”

    With Africa needing an estimated $93 billion annually to close its infrastructure gap, she warned of the consequences of inaction: “Failure to manage this growth sustainably risks birthing chaotic, inequitable, and environmentally fragile urban environments.”

    She encouraged the conference to tackle concrete issues such as leveraging technology for infrastructure financing, strengthening land access and tenure security, embedding climate resilience in planning, and drawing on lessons from leaders like Jakande to build truly affordable cities.

    In a keynote, the Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Abiodun Olumide. warned that Africa must adopt coherent strategies to avert a looming urban crisis. “Africa’s rapid urbanization presents both a challenge and an opportunity. The continent can either be overwhelmed by unmanaged growth, or seize the moment to build cities of the future,” he said, noting that the region faces an annual infrastructure deficit estimated between 130 and $170 billion. He stressed that bridging this gap demands “effective land governance systems, integrated planning approaches, and innovative financing models.”