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E-Financial

CWG, CustomerXPs Unveil Software to Tackle Cybercrime in Financial Institutions

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CWG Plc disclosed that it is partnering with CustomerXPs to unveiled Clari5, a sophisticated software that creates real-time intelligent solutions that empower financial institutions with deeper customer engagement and fraud-free transactions.

Speaking recently at a briefing with newsmen in Lagos, the Chief Technology Officer, CWG, Moruf Yusuf, revealed that the partnership with CustomerXPs started in 2019 in a bid to ensure cyber-crime is tackled in Nigeria’s financial sector.

While stating that the partnership was overdue, Yusuf noted that the two companies have been able to onboard one of the largest financial institutions in Nigeria, adding that it currently has three Ghanaian banks on its platform.

According to him, “Beyond that, we have actually done so many Proof of Concepts (POCs) and we are sure that before the end of this year, we are going to add more logos to the list of clients that we have.

“We are also in discussions with other banks in Nigeria too to see how we can bring them on our platform. We are able to do this because we have a solution that can prevent fraud in real time online.

“Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us.”

He explained that the software which has been brought in a short time meets not only the customers’ needs but also regulators’ requirement.

He said, “We have also been able to customize our solution to meet the Central Bank of Nigeria (CBN)’s requirements. Beyond that, we have good local support and interestingly, we are not affected by the dollar regime and because of this unique partnership, we are able to accept local currency payments. We are also connected to all the payment channels so that if any transaction is to take place, we are the first to know and to determine if it is fraudulent or not”.

Corroborating Yusuf, Rivi Varghese, the Chief Executive Officer, CustomerXPs Software, said the software is connected to everything in the financial institutions starting from mobile, internet banking, Automated Teller Machines (ATMs), banking hall amongst others and added that the software is constructed in a way to identify details of the customers before agreeing to a transaction.

“When the details of the customer do not correspond or when there are too many enquiries on the customers’ details or there is a suspicion on the transaction, it automatically blocks the account of the customers to ensure it is not hacked.

“This is why we are bringing this concept to Nigeria because payment is slowly becoming faceless and with the unprecedented growth of cybercrime, there is a need to leverage on this concept so that the severity of fraud is reduced”, Varghese added.

Speaking earlier, Mr. Olatunji Kehinde, the Business Director, Financial Services & Insurance at CWG, added that as expansion and transformation is going on in the technology space, there are developing threats.

“One of these threats is cyber security threat and it is one of the greatest risks to the evolution of the fourth industrial revolution.

“Our job is to help our customers engage confidentially in this new era. Customers can transact e-commerce and other electronic transactional confidently knowing they have a platform and tools to keep your company and customer safe and secured.

 


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E-Financial

Cyber Crime: Hackers to Hold Secret Conference 3.0  July 25

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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.

Cyber Crime: Hackers to Hold Secret Conference 3.0  July 25

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.

 


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E-Financial

SEC Flags ‘Punisher Coin’ As High-Risk Scheme

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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.


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E-Financial

Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria

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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.

Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria

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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