E-Financial
CSCS Seeks Accelerated AI Integration to Address Rising Cybercrime

The Central Securities Clearing System PLC (CSCS) has called for the immediate integration of artificial intelligence (AI) into Nigeria’s cybersecurity framework to address escalating cybercrime.
This appeal came during the conclusion of the 2024 Cybersecurity Conference in collaboration with the Office of the National Security Adviser (ONSA), which gathered experts from the military, technology, finance, and government sectors.
In his keynote address, Nigeria’s Vice President, Kashim Shettima emphasized the critical role of cybersecurity in ensuring economic stability, stating, “It is not just a technical issue.”
He reiterated the government’s commitment to enhancing cybersecurity initiatives and incorporating AI solutions to protect vital national infrastructure. Shettima commended the efforts of ONSA and CSCS leadership in fostering a secure digital environment that promotes investment and innovation.
CSCS CEO, Haruna Jalo-Waziri pointed to the alarming economic impact of cybercrime citing the 2024 Cybersecurity Ventures Report which revealed that “cybercrime will cost the global economy over $10.5 trillion this year, up from $3 trillion just a few years ago. This underscores the need for enhanced cybersecurity, especially with the 45 per cent increase in ransomware attacks globally, as reported by Check Point Research.”
He further cautioned on the effect of social media in amplifying misinformation. He therefore called for the building of trusted networks and the creation of air gaps “that protect critical systems from emerging risks.
On his part, the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama discussed AI’s pivotal role in capital markets, asserting, “AI-driven systems enhance surveillance, detect fraud, and manage risks.” He stressed that the effectiveness of these technologies hinges on the strength of underlying infrastructure.
While admitting the benefits of AI integration, National Cybersecurity Coordinator Ahmad Saad Abubakar warned that increased reliance on interconnected systems heightens vulnerability. “Our susceptibility to cyber threats is amplified by AI,” he noted, urging for proactive measures to mitigate potential risks.
Temi Popoola, Chairman of the CSCS Board and CEO, NGX Group, highlighted the critical importance of data security for maintaining public trust, stating, “A single cyberattack today can disrupt entire nations.” He outlined CSCS’s investments in advanced technologies like blockchain and quantum-resistant cryptography.
Stakeholders collectively called for enhanced collaboration between public and private sectors to cultivate human capital equipped with AI-driven tools, essential for navigating the complex cyber landscape.
E-Financial
SEC Working on Stablecoin Regulation Framework

Securities and Exchange Commission (SEC) is working with developers to establish a regulatory framework for stablecoins, according to Dr. Emomotimi Agama, director-general, SEC.
Agama made this announcement during his keynote speech at the 2025 Decentralized Finance (DeFi) Conference.
Agama said the SEC’s commitment is to foster a responsible decentralized finance environment.
“The commission believes responsible DeFi can thrive in a regulated environment,” he said, highlighting the SEC’s efforts to enhance investor education through its “Crypto Smart, Nigeria Strong” initiative.
The program aims to educate young investors across schools, universities, and social media on blockchain basics, scam detection, and long-term investing benefits.
The SEC is also focusing on regulatory evolution, with plans to streamline its licensing regime.
“We are enhancing our licensing architecture to make it more efficient, more transparent, and more risk-based,” Agama noted.
The commission is exploring a framework for naira-pegged stablecoins, backed by verifiable reserves and audited by independent custodians, to facilitate cross-border trade and programmable finance.
It is also reviewing pathways for digital asset Exchange Traded Funds (ETFs), custodial wallets for pension funds, and tokenized securities for institutional investors.
E-Financial
CBN Issues Transitional Guidance, Says Banks are Healthy

Central Bank of Nigeria (CBN) has introduced time-bound measures for a small number of banks still completing their transition from the temporary regulatory support provided.
The CBN stated yesterday that this step is a response to the economic impact of the COVID-19 pandemic.
This step, the CBN said, is part of its broader, sequenced strategy to implement the recapitalisation programme announced in 2023.
CBN disclosed that the programme, which aligns with Nigeria’s long-term growth ambitions, has already led to significant capital inflows and balance sheet strengthening across the sector.
It said most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.
It added that the measures announced apply only to a limited number of banks saying that these include temporary restrictions on capital distributions, such as dividends and bonuses, to support the retention of internally generated funds and bolster capital adequacy.
A statement by Mrs Hakama Sidi Ali, acting director, Corporate Communication of the apex bank, explained that all the affected banks have been formally notified and remain under close supervisory engagement.
“To support a smooth transition, the CBN has allowed limited, time-bound flexibility within the capital framework, consistent with international regulatory norms. Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums.
“These adjustments reflect a well-established supervisory process consistent with global norms. Regulators in the U.S., Europe, and other major markets have implemented similar transitional measures as part of post-crisis reform efforts,” the bank stated.
It further added that it remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums.
The goal is to ensure a transparent, predictable, and collaborative regulatory environment.
It assured that Nigeria’s banking sector remains fundamentally strong, explaining that the new measures are neither unusual nor cause for concern; they are a continuation of the orderly and deliberate implementation of reforms already underway.
E-Financial
Loan Defaulters Risk Denial of Passport Renewal, Others- CREDICORP

Uzoma Nwagba, managing director, Nigeria Consumer Credit Corporation (CREDICORP), has announced that failure to repay loans may soon affect citizens’ access to essential services such as passport renewal, driver’s licence issuance, and even renting a home.
Nwagba disclosed this on Tuesday during a ‘Meet the Press’ session organised by the Presidential Media Team at the State House in Abuja.
According to the CREDICORP boss, the Federal Government was working to link individual credit scores directly to the National Identification Number (NIN), as part of efforts to build a centralised and reliable credit system across the country.
He said all loan providers, whether commercial banks, FinTechs, or microfinance institutions, will be mandated to report loan performance, ensuring every Nigerian has an accurate and traceable credit score.
“Maybe you want to renew your passport, but if something shows that you owe money somewhere, you may not be able to proceed,” he said.
“The same applies to renewing your driver’s license or renting a house. There is no hiding place.”
He clarified that the new policy will not be predatory but will impose subtle and structured consequences on defaulters.
“Whether your money is in a commercial bank, FinTech, or microfinance institution, loans taken and not repaid will be tracked and recoverable,” he added.
Nwagba explained that the goal was to ensure that every Nigerian is scored, using a structural algorithm that considers both financial and non-financial data.
CREDICORP’s mandate, he said, includes improving quality of life, reducing corruption driven by financial desperation, and strengthening local industries by enabling Nigerians to access consumer credit to buy locally made goods.
“The President has made it clear that improving lives is a top priority. If people can access credit responsibly, it reduces the pressure that pushes them into corruption or financial missteps. At the same time, it drives demand for Nigerian products and helps create jobs,” he stated.
The CREDICORP boss also revealed plans to roll out a nationwide consumer credit programme targeting 400,000 young Nigerians, beginning with National Youth Service Corps (NYSC) members under the YouthCred scheme.
According to him, the programme’s systems and platforms are fully set up, for imminent official launch.
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