In a move to fast-track Nigeria’s industrialization, the National Economic Council (NEC), has urged state governments to patronize technological innovations developed by the National Agency for Science and Engineering Infrastructure (NASENI).

The Vice President Kashim Shettima stated this during the 146th NEC meeting which he chaired at the Presidential Villa, Abuja following a presentation by the Executive Vice Chairman of NASENI, Mr. Khalil Suleiman Halilu, which detailed a strategic roadmap by the Agency for Nigeria’s industrialization.

Mr. Halilu in his presentation titled “NASENI Economic Transformation Through Advancement in Technology Transfer and Adaptation”, detailed the Agency’s focus in critical sectors such as Renewable Energy & Sustainability, Health & Biotechnology, Agriculture & Food Manufacturing, Sustainable Transportation & Mobility, Digital Technology, Construction & Smart City, Defense & Aerospace.

The Agency sought NEC support to establish manufacturing industries in states, access local natural raw materials, streamline processes related to land and seaport facilitation, sought guidance or partnerships to tap into public sector market, assistance to set up showrooms for NASENI products and favourable policies to promote NASENI activities.

The EVC/CEO of NASENI highlighted the agency’s innovations in energy security, including electric vehicles, NASENI Solar Home Systems for enhanced rural electrification; Smart devices including laptops and tablets tailored for Nigeria’s market; and Solar irrigation pumps and coal-based fertilizers to improve agricultural productivity.

Halilu reiterated the Agency’s commitment to transforming Nigeria into a global innovation powerhouse through technology transfer, product commercialization, adding that the Agency is working with key partners on NASENI Troment (Vaccine factory), NASENI Portland (CNG Centre), NASENI Devfrontier (Solar light & battery), NASENI Renewable Park and NASENI Family Homes (Sustainable homes).

“Our mission is clear: to make NASENI the ‘go-to’ institution for technology transfer in Nigeria,” he stated, adding that the Agency has attracted $3.23 billion in investments, launched the DELT-Her initiative for female engineers, and how the Agency is championing renewable energy projects.

The Council lauded NASENI’s efforts in driving local manufacturing and industrial development and therefore directed the Agency to scale up the establishment of lithium battery factories in resource-rich regions and repair tractors nationwide under the National Asset Restoration Programme.

The NEC meeting further resolved to harness NASENI’s tailored support for manufacturing and public sector partnerships, ensuring Nigeria benefits from infrastructure, policy frameworks, and market access critical for economic diversification.

NASENI remains committed to working with states and the private sector to unlock Nigeria’s potential for industrial innovation and sustainable development.

Nigerian Communications Commission (NCC) is in talks with the Central Bank of Nigeria (CBN) over the Unstructured Supplementary Service Data (USSD) debt totalling N250 billion between the telecom operators and the commercial banks in the country.

USSD, known as quick or feature codes, is a global system for mobile communications (GSM) protocol used to send text messages and initiate financial transactions such as cash transfers, balance inquiries, payments for services and others.

However, the USSD platform, which is widely relied upon by millions of Nigerians for quick and efficient mobile transactions, has become a point of disagreement between the banks and telecom operators.

The crisis dates back to 2019 when telcos proposed charging N4.50 per 20 seconds of USSD usage in order to cover operational costs after years of providing the service for free.

But the banks kicked against this, saying a 450% increase in transaction costs will significantly grow the debt and strain relations between the two vital industries.

However, Dr Ikechukwu Adinde, director of Consumer Affairs Bureau, NCC, who disclosed this move, said commission was hopeful the issue would soon be settled.

According to him, “The NCC remains committed to ensuring that the interests of all stakeholders—consumers, telcos, and banks—are protected.”

He insisted that a resolution is critical to maintaining the seamless operation of mobile financial services that millions of Nigerians depend on daily.

Adinde, who also said plans are on to introduce reforms at enhancing tariff transparency in the telecommunications industry, believed the new move between the NCC and the CBN would put the debt issue finally to rest.

On transparency and responsibility policy, Adinde said the changes, set to roll out in the coming months, will require telecom operators to provide consumers with clear, easily accessible tables outlining tariff plans, billing rates, and the terms and conditions associated with their services.

Indeed, Karl Toriola, chief executive officer (CEO) of MTN Nigeria, had said in October that banks might be disconnected from the USSD platform due to debt arising from the use of the quick codes by their customers.

Toriola had said mobile network operators (MNOs) might, subject to regulatory approval, suspend use of the service on the network for banking operations, as the debt had continued to pile up and was becoming unsustainable to the operators.

Also, Gbolahan Awonuga, executive secretary of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), said in October that the debt between telecoms operators and commercial had hit N250billion.

Earlier, the telcos had lamented that they could no longer provide the services free, proposing a cut of N4.50k per 20 seconds from the charges paid by customers to the banks.

But the banks kicked against this, adding that it would raise costs by 450 percent.

Credit: Daily Post

Obafemi Banigbe, CEO of 9mobile, recently shared his expertise at the Alliance for Innovative Regulation (AIR) virtual conference, tackling the pressing issue of digital payment fraud in West Africa.

His insightful perspectives offered valuable insights into combating identity theft, a major threat to electronic money transfer security across the African continent.

Speaking as a panellist in a session moderated by Nick Cook, Chief Innovation Officer at AIR, Banigbe outlined how telcos play a pivotal role in protecting financial transactions.

“Fraud is fundamentally a human challenge, not just a technological one,” he remarked, emphasising that identity theft remains central to electronic money transfer fraud and requires a community-driven, human-centred approach.

He emphasized the critical role of telecommunications companies as guardians of security in the financial ecosystem. He outlined the proactive measures 9mobile and other telcos are taking to fortify financial systems, focusing on several key areas.

Banigbe highlighted the integration of Know Your Customer (KYC) systems, which leverage collaborations with national ID databases, banking records, and mobile number registries to enhance customer verification.

He also stressed the importance of robust security tools, including SIM registration, Biometric authentication (fingerprint and facial recognition) and One-Time Password (OTP)-based authentication. These measures he said collectively strengthen verification processes, ensuring a more secure financial ecosystem.

Banigbe reiterated the importance of partnerships between financial institutions and payment platforms. These collaborations enable the secure sharing of intelligence, ensuring compliance with data protection laws.

This, in turn, facilitates the detection of suspicious activities while maintaining privacy. He also highlighted the need to address delays in fraud tracking. To achieve this, he advocated for the deployment of real-time blacklisting mechanisms. This would enable swift action on reported incidents, preventing fraudsters from exploiting time gaps.

While highlighting the need for industry-wide collaboration, Banigbe pointed to the cost-effectiveness of shared investments in advanced security architecture. “No single organisation can tackle this alone. A united effort among telcos, financial institutions, and regulators is key to safeguarding our financial systems,” he asserted.

The panel discussion, which featured other notable speakers, including Ikenna Ndugbu (Moniepoint), Sheila Senfuma (Consumers International), and Modupe Ladipo (Prosperar Consulting), explored diverse aspects of combating digital payment fraud.

They discussed the role of robust compliance frameworks and transaction monitoring tools; addressed accessibility challenges for vulnerable populations, including people with disabilities like visual impairment that disallows them from baseline financial literacy; highlighted the specific vulnerabilities faced by women in informal financial systems and advocated for culturally sensitive financial inclusion strategies.

Banigbe further remarked on the need for proper access control within organisations to combat possible internal staff collusion with external fraudsters to make security systems more vulnerable.

“Regulating access will help prevent fraudulent activities within organisations,” he said, pointing to the need for stronger internal controls to safeguard sensitive processes.

He spotlighted the crucial role of telcos in creating a secure and inclusive digital financial ecosystem. Collaboration, Banigbe stressed, is essential to achieving lasting results in the fight against fraud.

“It is an ecosystem, and there should be a joint effort to enlighten the public on digital payment fraud and advocate for victims of fraud,” he concluded, calling for unified action among telcos, financial institutions, and regulators.

With over 100 participants attending the conference, the collective commitment to combat digital payment fraud is evident. Discussions continue to focus on leveraging technology, driving public awareness, and strengthening collaborative frameworks to address the pervasive threat of identity theft.