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E-Financial

BoI Makes Case for off-Grid Power Generation

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Mr. Rasheed Olaoluwa, managing director/ chief executive officer, Bank of Industry (BoI) has said that plans have reached advanced stage for it to secure li­cense for solar power gen­eration in rural communi­ties across the country.

It is aimed at complementing the efforts of govern­ment in its bid to explore other sources of power gen­eration within the energy mix.

Indeed, he said the bank has already opened talks with the Rural Electrifica­tion Agency (REA) through the Ministry of Power to se­cure approval for the proj­ect.

He pointed out that power generation below 5 megawatts needs the ap­proval of REA.

Olaoluwa said the project is to be executed in conjunc­tion with United Nations Industrial Development Or­ganization (UNIDO).

The Bol boss informed that the Ministry of Power has already taken the lead in this regard through the commissioning of three projects in the Federal Cap­ital territory under the Light Up Nigeria initiative.

He said the move by Bol to provide light to rural communities was aimed at helping small businesses grow.

He noted that the initia­tive would further encour­age private sector operators to look in this direction.

‘‘As a development bank, our role is very catalytic .We noticed that there have been a lot of talks about diversifying the economy of this country. The Minis­ter of Power has taken the lead in this respect in terms of actually commissioning three projects in the FCT under the light up Nigeria initiatives.

But that is a government project. What we are doing as a development bank is to take the lead in encour­aging the private sector to look at a particular area of the energy mix they can key into it. And our renew­able energy programme in partnership with UNIDO is to encourage off grid rural energy projects,’’ he said He explained that the pilot scheme would kick off with six communities across the country, adding that off grid rural electricity programme is a commercial concept that is viable.

He said the concept was not for huge power genera­tion capacity but the ability to demonstrate to financial institutions that off grid so­lar energy is a viable ven­ture

‘‘If you go to the United States, there is a company there that is called Solar City; it is a multibillion dol­lar business and what do they do? They install solar panels for homes and that is what we are trying to take a lead from as a development bank in Nigeria. It is our be­lieve that other banks would follow suit,’’ he said.


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E-Financial

Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

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US Secret Service has quietly seized nearly $400 million in digital assets over the past decade, amassing one of the world’s largest crypto cold wallets, Bloomberg reported at the weekend, citing people familiar with the matter.

Secret Service Seizes $400M in Crypto, Cold Wallet among World’s Largest

The agency’s Global Investigative Operations Center (GIOC) has tracked funds through open-source tools, blockchain analysis, and patience, Jamie Lam, an investigative analyst with the US Secret Service, reportedly told law enforcement officials in Bermuda last month.

The agency’s crypto trove, much of which sits in a single cold-storage wallet, results from a string of investigations into scams. Scammers lure targets into seemingly legitimate crypto investment platforms in one typical scheme.

Victims often see initial profits before the sites vanish with their deposits.

“That’s how they do it,” Lam said. “They’ll send you a photo of a really good-looking guy or girl. But it’s probably some old guy in Russia.”

Lam’s team uses domain records, blockchain transactions, and VPN slip-ups to identify fraudsters. In one case, a cryptocurrency payment led investigators to another wallet. In another one, a brief VPN failure exposed an IP address, helping agents piece together the scam’s digital trail.

At the helm of the Secret Service’s crypto strategy is Kali Smith, who directs a team that has trained officials in over 60 countries to unmask online financial crimes.

The agency has focused on jurisdictions with weak oversight or programs selling residency to foreign nationals. “Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country,’” Smith said.

The Secret Service’s work has uncovered scams ranging from romance-investment schemes to sextortion cases. One investigation involved an Idaho teenager who sent a nude photo to an online stranger. The scammer extorted $300 twice before the teen went to the police.

Analysts traced the payments through another coerced teenager acting as a money mule, leading to an account tied to nearly $4.1 million in transactions under a Nigerian passport.

British police arrested the suspected extortionist when he arrived in Guildford, England, where he remains in custody pending extradition.

 

 


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E-Financial

Ascensia Finance Commences Operations in Abuja

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Ascensia Finance Company has officially commenced operations to provide financial intermediation services in Abuja.

Licensed by the Central Bank of Nigeria (CBN) in April, the financial institution aims to support individuals and small businesses through customised financial solutions delivered via efficient and accessible channels.

It offers a broad range of services, including loans, investment products, and financial advisory services tailored to meet the evolving needs of its customers.

In a statement, Mr. Jude Ezeami, Managing Director/Chief Executive, Ascensia, stated that proud member of the Finance House Association of Nigeria (FHAN), and in partnership with the Nigeria Interbank Settlement System Plc (NIBSS) and Remita, the company is leveraging strong institutional relationships and digital infrastructure to offer reliable financial services.

He said, “At Ascensia, we are committed to the growth of our clients by delivering inclusive, customer-centric financial services that empower individuals and small businesses to thrive.

“Our suite of products is designed to address the financing needs of Nigerians — whether through accessible personal loans, business financing, or innovative investment solutions.”

He said with the company’s strong foundation, experienced leadership, and a deep understanding of the local market, Ascensia remained poised to become a key player in Nigeria’s financial services industry.

The company is driven by a team of seasoned professionals with extensive experience in Nigeria’s resilient financial services sector.

Anchored on the core values of Trust, Resilience, Integrity, Creativity, and Empathy (TRICE), the company introduced a suite of innovative financial products.

These include personal loans of up to N5 million for self-employed professionals, with a repayment tenor of up to 12 months.

The company also provides SME loans of up to N10 million, specifically designed to support shop owners and small business operators engaged in trade of fast-moving consumer goods, with financing available for inventory and working capital needs.

The Ascensia PayEasy, a “Buy Now, Pay Later” solution, enables individuals and companies to acquire consumer goods or assets with a minimum 30 per cent deposit, and repay the balance over a six-month period.

For salaried employees in both the public and private sectors, the company offers PayDay Loans of up to ₦5 million, repayable over 12 months.

Through its Contract Finance offering, Ascensia supports vendors, suppliers, and contractors working with credible companies, NGOs, and public-sector agencies.

The product facilitates timely order fulfilment and improves liquidity by providing early access to funds through invoice discounting on confirmed invoices from approved counterparties.

The company also offers group loans for traders, artisans, farmers, and producers of fast-moving goods.

These loans are structured around group-based cross-guarantees, making financing accessible to individuals with strong cash flows but limited collateral. Eligible borrowers can access up to N3 million, repayable within 180 days.

 


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E-Financial

CBN Sets Record Straight on Diaspora BVN Fee, Confirms No Hidden Charges

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Central Bank of Nigeria (CBN) has addressed growing concerns surrounding the newly introduced Non-Resident Bank Verification Number (NRBVN) platform, firmly stating that there are no hidden charges and that BVN enrolment for Nigerians residing within the country remains entirely free.

Speaking in Abuja, the bank’s acting director of corporate communications, Mrs. Hakama Sidi Ali, explained that the fee recently reported in the media applies solely to Nigerians living abroad who choose to enrol through the NRBVN platform.

She clarified that the approximately $50 charge is not a fee for obtaining a BVN, but a recoverable processing cost tied to remote biometric and due diligence verification.

Mrs. Sidi Ali highlighted that the charge supports secure identity authentication, data management, and the technological infrastructure needed to facilitate the overseas enrolment process.

She noted that Nigerians in the diaspora previously paid up to $200 for the same service, and the current fee reflects a reduction designed to enhance accessibility.

“The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself,” she stated. “The NRBVN system is a voluntary, secure, and convenient solution for Nigerians in the diaspora.”

She dismissed reports circulating on social media as misleading and inaccurate, advising the public to disregard claims that suggest the imposition of new or excessive charges on Nigerians. The NRBVN platform, she stressed, is a critical part of the CBN’s digital transformation strategy aimed at extending financial services to Nigerians globally.

Developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform enables Nigerians overseas to obtain a BVN without physically visiting a bank branch in Nigeria. The remote system facilitates access to banking services, reduces travel costs, and supports secure transactions in line with international standards of digital identity management.

Mrs. Sidi Ali encouraged the public to seek information about the NRBVN initiative only through official channels of the CBN and NIBSS.


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