Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Financial

Beware! Cryptocurrencies Will Make Ponzi Schemes More Fraudulent- Deloitte

Published

on

deloitte 1.jpg
Kindly share this post

Aside the undisputable fact that emails and passwords used on Ponzi Schemes could be compromised or sold to criminals out there or used in other places were people reuse passwords, the inclusion of cybertocurrencies will even make the scheme more fraudulent, cyber security expert has warned.

In a series of Tweetchat via @TopeAladenusi, Tope Aladenusi, leader, CyberRisk Services, Deloitte West Africa demystified the cryptocurrencies world, especially as it affects the Nigerian market.

The conversation was the first in a 4-part series that will focus on each key component of the 2017 hosted by hosted by #DeloitteCyberOutlook.

He said, in the cyber world, data is not permanently lost even though it is invisible; however “this action (tweetchat) may minimize the risk”, especially when the participants are educated.

Ponzi schemes will become more fraudulent with the adoption of cryptocurrencies and the economic situation.

He further defined cryptocurrency a digital or virtual currency that uses cryptography for security.

Nigeria CommunicationsWeek recalled that MMM Nigeria, popular Ponzi scheme, announced, recently, the introduction of bitcoin, the world’s best performing currency, as part of its mode of payment in its comeback plans.

Sun reported that the Ponzi scheme, which froze accounts of participants on December 13, 2016, is preparing to return, and it is throwing up a number of plans to get its community active again.

Bitcoin, the increasingly popular cryptocurrency or digital currency, was the best performing currency in 2016, appreciating by more than 100 percent in 2016, from about $400 per bitcoin to over $1,000 per bitcoin.

Prior to the freeze of MMM, participants were allowed to provide help in bitcoin, but they were paid back in naira.

In a statement to participants, MMM said “due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system.

“So far, we have only had Mavro-Naira in the system. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO.

“It was the naira amount that grew. In other words, you received 30 percent a month specifically in naira (not in Bitcoins, although you originally provided help using Bitcoins).

“Now, you have a chance to have 30 percent growth of the Bitcoin amount, not the naira amount. So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30 percent monthly growth rate.

“In a month not only 30 percent will be added to your initial amount, but, it can increase itself due to Bitcoin price growth.

“And, what if Bitcoin price is going to fall? In case Bitcoin price might go down, you will be able to return to naira at any time — instantly convert your MAVRO-BTC into Mavro-Naira (and vice versa, if Bitcoin price might increase again).

“This option is available in PO. You can convert both confirmed and unconfirmed Mavro.

“We hope that with implementing MAVRO-BTC, your participation in MMM will become more comfortable!”

But, Aladenusi warned that Cyber Ponzi schemes are perpetrated on the internet with a promise of unbelievable financial returns on investment, but it actually generates returns for older investors by acquiring new investors or from re-investors.

The Scheme, he reiterated, relies on a constant flow of new investments to continue. When this flow runs out, d scheme falls apart.

“Several cryptocurrencies exist the most popular being Bitcoin. Some ponzi schemes now utilize Bitcoins which will further disrupt the economy as they are not regulated.  Some of these schemes are actually used as bait to advance other types of cyberattacks,” he said.

On the cyber security implications, he said, “Some of the schemes require victims to visit infected websites that can compromise the individuals computer; as a result, systems could be compromised with malware which could affect the user or organization’s data. Cyber Ponzi schemes are addictive & greed may make it continue to be attractive until the user gets seriously hurt”.

He recalled that “In 2016, events occurred as forecasted. There was a twist in cyberattacks; elections were allegedly swayed by hackers. In Nigeria, phishing attacks, hacking competitions and enforcement of cybercrime act were top issues in 2016”

On what happens eventually? Aladenusi predicts “There won’t be enough money to go around, and the scheme unravels.  Some Ponzi schemes operate as pyramid schemes, as they use the funds of new investors’ to pay earlier investors. The first Ponzi scheme was orchestrated by Charles Ponzi in 1919 through postal services”.

In 2017, he continued, “We should expect a persistent rise in these cyber Ponzi schemes as the economic recession looms. A lot of Ponzi schemes will also fall in 2017 and people would lose their money. The failure of these Ponzi schemes have led to several negative impacts such as suicide among affected citizens.

The Tweetchat was part of Deloitte’s key forecast and continues till 13 January 2017 before the official release next week #DeloitteCyberOutlook.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Financial

GOEs’ Remit Over ₦2tn to FG in 2024

Published

on

Kindly share this post

Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.

FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).

Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.

He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.

Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.

Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.

The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.

He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.

Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.

“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.

He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.

He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.

Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.

Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.

He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.


Kindly share this post
Continue Reading

E-Financial

Union Bank Challenges High Court Ruling in Jimoh Ibrahim Case

Published

on

Kindly share this post

Union Bank of Nigeria has reacted to the recent judgment delivered by Justice Abike Fadipe of the Ikeja High Court involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the bank.

The bank expressed strong disagreement with the ruling and confirmed that its legal team has been directed to file an appeal immediately. It said the court’s position on issues such as debt consolidation, locus standi, and third-party liability contradicts existing legal principles and the bank’s understanding of the facts.

In a statement released by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank reiterated that the relevant debt obligations had been transferred to the Asset Management Corporation of Nigeria (AMCON), adding that all actions taken were in line with the law and standard banking procedures.

Union Bank assured stakeholders, customers, and the general public of its continued commitment to ethical practices, legal compliance, and professional conduct. It said it remains dedicated to protecting stakeholder interests and upholding the integrity that has defined its operations for more than a century.

The bank concluded by thanking all stakeholders for their trust and support as it navigates the ongoing legal process.


Kindly share this post
Continue Reading

E-Financial

PalmPay Expands Access to Digital Insurance Through Strategic Partnerships

Published

on

Kindly share this post

PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.

This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.

With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.

PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.

“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”

With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.

“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”

This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.


Kindly share this post
Continue Reading

Trending