E-Financial
CBN Seeks Banks’ Support to Tackle Payment System Impediments

The Central Bank of Nigeria (CBN) yesterday called for support from the banking sector to strengthen consumer confidence in the country’s payment system.
Godwin Emefiele, governor of the apex bank, stated this in Abuja while delivering a keynote address at the eight annual banking and finance conference.
The conference with theme, ‘Positioning Nigeria’s payments systems for global competitiveness’, was organized by the Chartered Institute of Bankers of Nigeria (CIBN).
Emefiele said that while the apex bank had come a long way in repositioning the country’s payment system, there was need to ensure the security and reliability of the payment system.
He listed some of the challenges currently facing the system as weak risk management frameworks, security issues, resistance of target customers to patronize new products and lack of unique identifier for customers across institutions.
Others are high operating costs, interconnectivity of networks, low level of card usage on point of sale and non-transparent pricing.
Represented by Dr. Sarah Alade, CBN deputy governor, Economic Policy, he said through some of the bank’s initiative, there had been a drop in card related fraud by 98 per cent.
He said, “While many of the CBN’s efforts have gone into the transformation of the payment system in line with global trends, we should not lose sight of the associated risks and challenges which I hoped would be adequately addressed at this conference.
“By this, we will be able to strengthen consumer confidence in the safety, security, reliability of our payment systems, bearing in mind that when this trust is undermined, then public confidence in the financial services industry is eroded and the entire economy loses.”
President Goodluck Jonathan while declaring the conference open said as a self-regulatory organization, the CIBN remains a major stakeholder in the transformation initiative of the federal government.
The president who was represented at the event by Jonah Otunla, accountant general of the Federation, said as professional bankers, who have a very important role to play in the transformation and development of the country, high level of professional conduct and ethics must be displayed at all times.
He said, “Banking practice demand enormous responsibilities for the trust and confidence which the society places on the practitioners because of their leadership roles as providers of the most crucial resource for commerce and industry in the facilitation of economic growth and development.
“You must be aware that banks and other financial institutions constitute a formidable group of stakeholders in a modern economy, for which society demands a high level of professional conduct and ethics.”
Also speaking, Mrs. Omobola Johnson, minister for Communications Technology urged banks to put in place cost effective infrastructure for effective payment system in the country.
She said, “I will like to enjoin the CIBN and the banking industry to ensure that they roll out a robust and cost effective infrastructure that covers the entire country,’’
“You must come up with a win win solution that enables the banking industry , the telecoms industry to work side by side to grow a successful mobile payment industry that will be envy of other nations.”
In her address of welcome, Mrs Debola Osibogun, CIBN president, said the conference was convened to strengthen the knowledge of participants particularly on issues affecting the banking sector.
She said the institute had developed its relevance over the years as an active partner in the development of the services industry and the economy.
E-Financial
Cyber Crime: Hackers to Hold Secret Conference 3.0 July 25

The third edition of the annual cybercrime exposure and prevention event, The Hackers Secret Conference 2025 (THSC2025) is slated to be held on Friday, July 25, 2025.
The event, which aims to bring stakeholders together to keep them abreast of prevailing criminal activities in cyberspace and the required preventive measures, will host key industry players and speakers from different ICT platforms to real out intriguing information that will aid crime fighting in this cyber era.
The event, which is organized annually by IIMONEX ICT LTD, a prominent ICT firm in Nigeria, will be held at the Prestigious Sheba Event Centre at number 20, Mobolaji Bank Anthony Way, Ikeja, Lagos, Nigeria at 9 am.
Keynote speaker expected at the event is Dr. Harrison Nnaji (Ph’D), Group CISO, First Bank.
Other guests expected at the event are Obiora Awogu, CISO, MTN PSB, Prayer Ufot, Cybersecurity, Data Protection Expert and AI Generalist; Adesola Oguntimehin, Founder, Cyber Patron Network, Delight Hamilton, Information Security Officer, Piggyvest and
Chief Executive Officer of iiMONEX, Mr. Udoh Michael Essiet describes the event as a cyber defence conference that brings together Cyber Experts, thought leaders, cyber security students, technology companies and technology vendors to discuss the latest cyber threats and how to defend against them.
According to him, “This year’s edition we are focusing on skills acquisition, we want to create opportunities for cyber security beginners, intermediate and advanced level professionals to network with industry leaders and kick start their career as cyber security Analyst and ethical hackers.
“We also want to create a live penetration testing session during THSC2025, Participants will watch ethical hackers break down attacks and provide expert solutions.
“In this year’s edition, we also invite Software Brands to authorize our ethical hackers to test their digital products live to gain users trust and Brand exposure.”
The THSC initiator however urged industry players to braze up for the event and throw their weights behind it for an effective impact on the industry and across the globe.
E-Financial
SEC Flags ‘Punisher Coin’ As High-Risk Scheme

The Securities and Exchange Commission (SEC) has issued a strong advisory, warning the Nigerian public against participating in the presale or promotion of a new cryptocurrency known as Punisher Coin, or $PUN, citing regulatory breaches and a high risk of investor fraud.
In a public notice released on Sunday, the capital market regulator described the ongoing presale of Punisher Coin as “unauthorized and illegal,” warning that the asset and its promoters are not registered to operate within Nigeria’s capital market ecosystem.
“The attention of the Securities and Exchange Commission has been drawn to several online publications blatantly advertising the unauthorized presale of a cryptocurrency termed Punisher Coin, also known as $PUN,” the SEC stated, citing a report in the Daily Trust e-paper which claimed the coin could rival established tokens like Avalanche and Chainlink.
The Commission categorically disassociated itself from the coin and emphasized that neither it nor its promoters have received regulatory approval.
“Punisher Coin aka $PUN and its promoters are not registered by the Commission to promote, launch, sell, trade, or solicit investments from the Nigerian public,” the statement read.
According to preliminary findings, the SEC said Punisher Coin qualifies as a “meme coin”—a type of digital asset typically lacking intrinsic value, utility, or a defined project roadmap. These coins are often driven by social media hype and influencer promotion, which the Commission warned makes them especially vulnerable to manipulation and sudden collapse.
“Further investigation has revealed that Punisher Coin or $PUN is a meme coin. Meme coins generally have no use case or intrinsic value. Their price movements are usually driven by social media buzz and influencer promotion, which are prone to manipulation and abrupt collapses,” the SEC added.
The Commission cautioned that such tokens are commonly used in “pump-and-dump” schemes, where promoters artificially inflate a coin’s value through hype before selling off their holdings at a profit—leaving unsuspecting investors with worthless tokens.
“In light of these findings, any person who invests in such a scheme does so at his or her own risk,” the SEC warned.
Reaffirming its investor protection mandate, the Commission urged Nigerians to verify the legitimacy of any crypto asset offering, as well as the registration status of promoters and platforms, via its official fintech verification portal: SEC Fintech Verification Portal
This latest warning reflects the SEC’s growing concern over the proliferation of unregistered digital asset schemes targeting Nigerian investors amid a global cryptocurrency boom.
E-Financial
Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria

Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria
Tigran Gambaryan, Binance executive, is leaving the exchange after four years of service, eight months of which were marked by detention in Nigeria for money laundering allegations.

Tigran Gambaryan, Binance executive Pix created by photogrid
Gambaryan, praises Changpeng Zhao’s commitment to building a stronger compliance framework.
Having been cleared of all charges, Gambaryan’s departure from Binance marks the end of a tumultuous chapter for both him and the company.
Earlier yesterday, Tigran Gambryan shared an X post, announcing his departure from Binance. He wrote, “Today is my last day at Binance, marking the end of a chapter I’m deeply proud of.”
In a heartfelt farewell, Gambaryan reflected on his four-year tenure at Binance, where he built and led the company’s global investigations function.
Addressing founder Changpeng Zhao, he praised his commitment to building a stronger compliance framework. He noted,
“[CZ] was committed to bringing in experienced leadership to help the company engage more constructively with law enforcement. His support for our mission never wavered, and I’ll always be grateful for the trust he placed in me and the team.”
Further, he highlighted the team’s notable achievements during his tenure. Notably, the team handled over 57,000 law enforcement requests and provided critical support in cases involving financial crimes. He has also led the training of thousands of officials worldwide.
To exemplify, he highlighted cases like assisting the Royal Thai Police.
The team helped them in taking down a massive $270 million crypto fraud scheme targeting citizens in Thailand and the US. He also pointed to the collaboration with Nigeria’s EFCC to recover over $400,000 in illicit funds and provide advanced training to their agents.
Notably, his departure comes following Coinbase’s recent data breach.
The incident exposed personal details of prominent figures like Sequoia Capital’s Managing Partner, Roelof Botha.
Tigran Gambaryan was the Head of Financial Crime Compliance at Binance, who served the exchange for four years.
During a business trip to Nigeria, Gambryan was arrested along with another Binance executive over money laundering allegations.
During his nearly eight-month detention, Gambaryan reportedly endured harsh conditions that took a toll on his health.
Though Gambaryan suffered from malaria and pneumonia, he reportedly received inadequate medical care.
In addition, in a September 2, 2024, court hearing, Gambaryan was subjected to ‘inhumane treatment’ by Nigerian authorities, as evidenced by a video.
However, following consistent requests from his family and influential figures, Gambaryan was finally released and cleared of all charges in October 2024.
It is noteworthy that the Nigerian government sued Binance when the exchange was facing a lawsuit from the US SEC.
While Nigeria is still pursuing the case, the SEC recently dismissed its lawsuit against the exchange.
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