POLITICS
Reps Lament Gaps in Digital Finance, Say POS Aiding Fraud
By Ubong Ukpong, Abuja
The House of Representatives on Monday, lamented profusely over the huge gaps existing in the nation’s digital finance, stressing that some Point of Sale (POS) operators were now engaging in big time fraud.
Chairman of the House of the House’s Ad-hoc Committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and POS Operations in Nigeria, Hon Olufemi Bamisile, conveyed this deep concern over the increasing fraud linked to POS operations and the infiltration of unlicensed crypto-related activities in the digital finance sector.
Speaking during the Committee’s resumed investigative session with fintech leaders, POS operators, and representatives of regulatory and security agencies, Bamisile said recent engagements with stakeholders had exposed deep gaps within the country’s fast-growing digital finance ecosystem.
According to him, the Committee has received multiple reports of unprofiled agents, cloned terminals, anonymous transactions and weak Know-Your-Customer (KYC) practices, which he warned are putting Nigerians at serious risk of financial loss, cybercrime and security breaches.
The lawmaker also raised what he described as a disturbing trend of POS operators venturing into digital-asset and cryptocurrency services without regulatory approval, stressing that such activities pose major threats to consumer protection and national security.
Bamisile further disclosed that the Committee had been alerted to the registration of phoney companies at the Corporate Affairs Commission (CAC), some of which allegedly use the National Identification Number (NIN) and Bank Verification Number (BVN) of unsuspecting citizens to open accounts and launder illicit funds through unverified POS channels.
Another issue the Committee intends to probe is the storage of sensitive customer data on foreign servers by major fintech companies operating in Nigeria. Bamisile warned that keeping data outside the country’s jurisdiction undermines the ability of regulators and security agencies to conduct timely audits, trace suspicious transactions or enforce compliance orders.
Despite the concerns raised, Bamisile assured operators that the engagement was not adversarial. He acknowledged that the industry also faces challenges such as fragmented regulation, overlapping mandates by government agencies, policy inconsistencies and multiple compliance requirements.
The Committee is expected to continue its interface with regulatory institutions, fintech actors and security agencies in the coming days before submitting its final recommendations to the House.
The National President of the Association of Digital Payment and POS Operators of Nigeria (ADPPON), Mr. Paul Okafor, warned that the Point-of-Sale (POS) ecosystem in Nigeria has reached a critical emergency point, with fraud escalating to levels that now pose a direct threat to national security.
Okafor said the rapid expansion of the industry has overwhelmed regulators, leaving significant gaps that criminals are exploiting.
He told lawmakers that while POS operators have grown from 50,000 in 2017 to over 2.3 million today, regulatory capacity has expanded by “less than 10 percent.”
Quoting data from the Nigeria Inter-Bank Settlement System (NIBSS), Okafor said POS, banking and digital-payment channels suffered N17.67 billion in fraud losses in 2023, affecting more than 80,000 customers. But the situation worsened dramatically in 2024, with losses rising to N52.26 billion — an increase of N34.59 billion in just one year.
He added that attempted fraud across financial channels surged by 338 percent, while POS channels alone accounted for 26.37 percent of all cases recorded.
FITC, another industry monitor, also reported a 95 percent spike in POS fraud in the fourth quarter of 2024.
He also disclosed that criminals are increasingly using POS operators as cash-out points for ransom and illicit funds.
Okafor urged the Committee to issue a clear directive compelling the Central Bank of Nigeria (CBN) to introduce urgent reforms to rescue the system.
To restore order and rebuild confidence, Okafor outlined three key measures ADPPON wants implemented without delay which are mandatory Nigeria Police Force–NCCC Cybercrime Clearance Certificate (CCC) for all POS operators; mandatory CAC registration for every POS business to ensure traceability; and mandatory membership of recognised trade associations to enforce discipline, training and self-regulation.
Okafor also referenced global best practices, noting that India, Kenya, Brazil, South Africa and the United Kingdom enforce strict oversight to safeguard their POS ecosystems.
He said these countries require mandatory police background checks, compulsory business registration, and continuous recertification — measures that have significantly reduced fraud.
Okafor told the lawmakers that the stakes are extremely high, noting that POS services now touch every household, market, local government and business sector in the country.
POLITICS
2027: Mags Picks NDC Nomination Form for Bogoro-Dass-Tafawa-Balewa Constituency
From Ajiya Ayuba, Bauchi
A businessman, Isaiah Alhamdu Mags on Thursday picked nomination form under the platform of the Nigeria Democratic Congress (NDC) form for Bogoro, Dass and Tafawa-Balewa federal constituency ahead of the 2027 general election to come.
Addressing a large crowd of supporters today immediately after buying the interest nomination form, Mag’s entry is expected to significantly intensify competition for the NDC ticket in Bogoro, Dass and Tafawa-Balewa federal constituency as political activities for the 2027 polls gather momentum.
He said that “This decision is born out of my deep commitment to service, and my desire to contribute meaningfully to the legislative development of our constituency and state.
Having consulted widely with stakeholders, party leaders, elders, youth and women groups across the constituency”He further said that the “This decision did not come lightly. It comes from deep reflection, from listening to our people, and from seeing firsthand the gap between what we deserve and what we currently get.
”Our constituency is full of resilient, hardworking people. Yet, too many are still struggling with poor infrastructure, unemployment, insecurity, and lack of real opportunities. We cannot continue to settle for short term gestures when what we truly need is long-term transformation”
He added that “Am convinced that I possess the capacity, character, and competence to provide quality representation anchored on transparency, accountability, and people-oriented legislation.
“I pledge to abide by the Constitution of the Federal Republic of Nigeria, the Electoral Act, INEC guidelines, and the constitution and guidelines of our great party throughout this process. I am also willing to submit myself to any screening exercise as may be required by the party”
He prioritized human capital projects particularly women and youth development programmes, functional schools, accessible healthcare, and reliable public services, championing youth empowerment through skills, innovation, and job creation, not just temporary relief.
Mag’s said to also push for policies that attract investment and create sustainable economic opportunities in the Bogoro, Dass and Tafawa-Balewa federal constituency, ensure transparency and accountability, so every kobo meant for the people works.
”I will also actively engage with the community, making representation inclusive, responsive, and people-driven, and advocate strongly for peace, unity, and security, because no development can thrive without stability.
Honorable Isaiah Alhamdu Mags call on the good people of Bogoro, Dass and Tafawa-Balewa federal constituency, particularly the NDC members to fully support his campaign through prayers and also voting him to emerge the winner in other to witness both human and infrastructural development across the constituency.
Speaking to one of the constituents, said that Honorable Isaiah Alhamdu Mags is the right man for the seat, with a strong team to address the challenges facing the people of the constituency.
He also called on party members and supporters to rally behind the aspirant, stressing the need for unity within the party.
POLITICS
SDP Candidate Unveils Massive Jobs, Healthcare, Education Plans
Ajaokuta, Refineries, Textile Mills Will Work Again
By Mike Odiakose, Abuja
The presidential candidate of the Social Democratic Party (SDP) for the 2027 general election, Prince Adewole Adebayo, has unveiled an expansive socio-economic recovery agenda for Nigeria, promising sweeping reforms in employment, healthcare, education, infrastructure and industrial development.
Adebayo, who emerged as the party’s consensus presidential candidate at the SDP national convention in Bauchi at the weekend, said his administration would pursue what he described as a “people-centred government” aimed at reducing poverty, restoring public confidence and rebuilding the nation’s productive capacity.
Addressing party delegates and supporters shortly after his emergence, the SDP flag bearer said his government would implement more than 500 programmes designed to tackle unemployment, insecurity, poor healthcare, decaying infrastructure and widespread economic hardship.
According to him, poverty reduction would be a central priority of an SDP administration.
“The mandate you have given to me today will be used to articulate over 500 programmes at the end of which, in the first 18 months of our administration, poverty in Nigeria will reduce to two per cent,” he declared.
Adebayo also promised to reduce unemployment to four per cent within two years through a nationwide jobs and public works initiative aimed at engaging millions of Nigerians in productive sectors of the economy.
He said the programme would focus on infrastructure development, industrial revival, manufacturing, agriculture and small-scale enterprises across the country.
On education, the SDP candidate pledged free and compulsory education from elementary to tertiary level, stressing that education should not end until graduates become employable.
“Our education will continue until you get a job. Until you get a job, you have not graduated,” he said.
He added that the proposed jobs and education programmes would work together to create a seamless transition from school to employment for Nigerian youths.
In the healthcare sector, Adebayo promised universal access to affordable healthcare services through a system linked to the National Identification Number (NIN).
According to him, every Nigerian would be entitled to four free medical examinations annually under the SDP healthcare plan.
“Your NIN will also become your health insurance number,” he said, adding that preventive healthcare would form a major part of his administration’s health policy.
The SDP candidate also outlined plans to revive moribund industries and public enterprises across the country, including Ajaokuta Steel Company, refineries, paper mills and textile factories.
He said the revival of local industries would stimulate economic growth, create jobs and reduce dependence on imports.
Adebayo further promised industrial expansion across all states of the federation, including the establishment and restoration of textile, cement, carpentry and manufacturing hubs capable of supporting local economies and improving living standards.
He criticised the current administration’s handling of the economy, alleging that subsidy savings had not translated into meaningful improvements in the lives of ordinary Nigerians.
According to him, corruption, policy inconsistency and poor economic management had worsened hardship across the country.
The SDP presidential candidate also stressed the need for stronger state governments, independent legislatures and effective local government administration, arguing that poverty eradication and grassroots development could only succeed through functional sub-national institutions.
He maintained that the SDP was offering Nigerians a practical alternative focused on welfare, accountability and national development ahead of the 2027 elections.
POLITICS
DP Crisis: Party Needs Total Overhaul not Presidential Ambition – Wike
By Laide Akinboade, Abuja
The Federal Capital Territory (FCT)Minister, Nyesom Wike on Thursday said what People’s Democratic Party (PDP)needs now is total structural overhaul not pursuit of the presidency which is unrealistic following a “deep” internal crisis.
Speaking on the party’s future, Wike dismissed critics of his relationship with the President, describing his stance as a necessary embrace of “political realism” over playing to the gallery.
Wike, who spoke with newsmen during a routine project inspection, addressed the backlash from party chieftains, specifically responding to criticisms from former Anambra PDP Chairman, Dan Ulasi.
He accused his detractors of inconsistency and suggested their criticisms were merely groundwork for future defections to other parties, such as the Labour Party.
Wike pointed out that those criticizing him failed to deliver seats for the PDP in their own states, specifically citing the party’s poor performance in Anambra.
He revealed that even unnamed presidential aspirants admitted to him that winning the last election would be “difficult” given the party’s fractured state.
Wike argued that the PDP cannot “contest for contesting’s sake” without first addressing the success and logistics required to match the ruling party’s candidate.
The Minister asserted that the PDP’s path back to relevance lies not in presidential ambitions, but in a total structural overhaul following “deep” crises that have significantly pulled the party back.
Wike insisted the party must focus on reconstructing its structure at the ward, local government, and state levels rather than focusing solely on the presidency.
He highlighted the loss of various governorships as a major consequence of the party’s internal turmoil.
He stated that the goal is to “solidify the party” for the 2027 cycle, emphasizing that “every election is local” and success in one state like Rivers cannot be taken for granted elsewhere.
Amidst the political friction, Wike emphasized that his administration remains focused on delivering quality through local empowerment.
He touted the success of using indigenous contractors for high-level projects in the FCT.
He said: “Local firms handled the construction of the Abuja Customary Division, Judges’ Quarters, Magistrate Courts, and Residences for Heads of Court.
“Infrastructure such as bus terminals and sports centers are being delivered by local contractors.”
Wike stated that the administration has satisfied its search for quality by providing local content, proving that domestic firms can meet high standards.


