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eNaira Transactions Hit 700,000 @ Value of N8bn

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Godwin Emefiele, the Governor of the Central Bank of Nigeria, says the eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on Oct. 25, 2021.

Emefiele said this yesterday in Abuja, at the 28th edition of the apex bank’s annual In-house Executive Seminar with the theme, ‘Digitalisation of Money and Monetary Policy in Nigeria’.

He was represented by the Deputy Governor, Financial System Stability, CBN, Aisha Ahmad.

The eNaira, CBN’s version of the Central Bank Digital Currency, was inaugurated by the President, Major General Muhammadu Buhari (retd.), on Oct. 25, 2021.

According to Emefiele, the eNaira was developed to broaden the payment possibilities of Nigerians, foster digital financial inclusion, with potential for fast-tracking intergovernmental and social transfers, capital flow and remittances.

He said the eNaira had been globally acclaimed as a success story. “Since its launch, a total of N8 billion, consisting of over 700,000 transactions has passed through the eNaira platform.

“As part of the CBN’s effort to further integrate and broaden the usage of the eNaira, it was assigned an Unstructured Supplementary Service Data (USSD) code, enabling payments by simply dialling *997# on a mobile phone.

“I am proud to announce to you today that the eNaira has been attracting accolades across the globe as a monumental success.

“It topped the charts on retail CBDCs projects globally, as at April (PwC, 2022) and several central banks across the globe have been requesting our success template on the eNaira,” he said.

He said the story of the eNaira had been one of courage, persistence and commitment to explore new frontiers and possibilities.

He added that, as part of the digitisation drive, the apex bank had taken transformational steps in entrenching a culture of “big data” and data analytics, as tools for effective policy making.

“To this end, the CBN Data Architecture Project (CeDAP), code-named ‘Project OXYGEN’ was commissioned, with the objectives of providing a repository of a variety of data from different sources,” he said.

The CBN governor said considerable gains had been achieved on boosting financial inclusion in Nigeria.

He added that at 64.0 per cent, the inclusion rate slowed down the digital transformation wheel, as all citizens must be carried along to optimise the gains of a digital economy.

“While cash-based transactions have declined significantly in the last decade, it is still the dominant means of payment, amidst a large informal sector.

“Nigeria boasts of one of the fastest growing FinTech ecosystems in Africa, with the industry projected to grow by 12 per cent annually.

“But the technological space is still maturing, with limited market size, funding and venture capitalists, access to baseline technologies, and skills, as common features, ” he said.

Also speaking, Dr Kingsley Obiora, Deputy Governor, Economic Policy, the CBN, said that the seminar was an annual platform to brainstorm on topical economic issues.

Obiora said that the intention was to proffer policy options for the consideration of management of the CBN.

“Through the past years, the seminar has lived up to its expectations by providing significant inputs towards improving management’s decisions.


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DBN Awards N13m in Grants to Tech Startups

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Development Bank of Nigeria (DBN) has awarded a total of N13 million in grants to three standout tech startups at the 2025 Techpreneur Summit held in Lagos, reinforcing its commitment to innovation and inclusive growth among Nigeria’s micro, small, and medium enterprises (MSMEs).

DBN Awards N13m in Grants to Tech Startups

The winners include: BuyScrap, a digital marketplace for recyclable materials – N6 million; Qiqi Farms, which connects local farmers to hospitality and export markets – N4 million; Eco-Cyclers, a youth-led recycling initiative based in Enugu – N3 million

Alongside the grant awards, DBN also launched a new digital data asset, a first-of-its-kind platform aimed at enabling data-driven decisions within the MSME ecosystem.

The platform offers deep insights into business trends, sector-specific challenges, and growth opportunities—supporting smarter policymaking and targeted investments.

In his keynote address in Lagos, Tony Okpanachi, managing director/ CEO, DBN,   described the event’s theme, “CTRL + SHIFT: Tech Empowered Movement for Naija,” as a strategic call to reimagine enterprise development in Nigeria.

“This isn’t just a keyboard shortcut,” he said. “It’s a mindset reset—powered by technology—to build a more inclusive, innovative, and resilient business landscape. From financing to innovation, DBN remains committed to enabling MSMEs to thrive.”

Okpanachi emphasized that the Summit aligns with DBN’s AMPLIFI Strategy, which integrates digital transformation, sustainability, and scalability into its core programs.

He highlighted initiatives such as the Digital Shift Workshops and the Eco-Innovation Challenge as key steps toward embedding innovation in Nigeria’s MSME sector.

Encouraging young innovators, he added: “The future belongs to those bold enough to imagine and build it. DBN is proud to support the ideas that will shape tomorrow.”

A major highlight was the unveiling of the DBN Data Asset—a digital platform designed to provide real-time, evidence-based insights into Nigeria’s MSME landscape.

The platform combines DBN’s proprietary data with external sources like the National Bureau of Statistics (NBS) to offer a comprehensive view of MSME performance by region and sector.

Jeremy Dan Okayi, DBN’s Head of Strategy, Policy & Innovation, described the platform as: “A reservoir of insight, potential, and direction—built on two years of collaboration and shared vision. This tool will support informed decision-making across the public and private sectors.”


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FCCPC Shuts France, Belgium, and Italy Visa Centres in Abuja Over Alleged Consumer Rights Violations

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In a bold enforcement action, the Federal Competition and Consumer Protection Commission (FCCPC), supported by the Nigeria Police Force and the Nigeria Security and Civil Defence Corps (NSCDC), has sealed off the visa application centres of France, Belgium, and Italy in Abuja over alleged consumer protection breaches and obstruction of regulatory investigations.

The affected centres—located at Mukhtar El-Yakub House in the Central Business District and operated by TLS Contact, a Teleperformance Company—were shut down following reports that they refused to accept formal correspondence from the FCCPC regarding a consumer complaint. The Commission cited further infractions, including obstruction of investigation and alleged assault of its officers during lawful duties.

Speaking to journalists at the scene, Mrs. Boladale Adeyinka, Director of Surveillance and Investigations at the FCCPC, explained: “This is an enforcement operation against TLS. On March 25, 2025, we served them a letter to address a consumer complaint, which they refused to accept. Instead, TLS officers assaulted our team, and in a subsequent visit on June 17, they also allegedly assaulted uniformed police officers.”

Citing Section 33 of the Federal Competition and Consumer Protection Act (FCCPA), Mrs. Adeyinka emphasized that failure to comply with Commission directives constitutes a criminal offense, punishable by imprisonment, fines of up to ₦20 million, or both.

TLS has been ordered to appear before the Commission on June 20, 2025, to provide testimony, submit evidence, and make formal depositions. The company may be held liable for any financial losses suffered by applicants due to the disruption of visa services.

Despite multiple requests for comment, management at TLS Contact declined to respond as of press time.


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How and Why N210 Trillion is Missing in NNPCL – CFO

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Adedapo Segun, chief financial officer (CFO), Nigerian National Petroleum Company Limited (NNPC), has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023.

How and Why N210 Trillion is Missing in NNPCL - CFO

According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs.

He spokeat a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada.

Segun was responding to an alarm raised by the committee over missing N210 trillion in NNPCL’s audited financial statement.

Recall that Wadada issued a one-week ultimatum to NNPCL to account for the missing N210 trillion.

Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time.

“That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL.”

However,  Habu Sadeik, a financial analyst, in a post on X on Thursday, said Segun’s response was unsatisfactory.

Saidik faulted NNPCL’s response about the fund discrepancies, noting that something is not right with the audited financial statement.

“Forget about the senators’ lack of knowledge.

“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?

“If it’s a cash call, why hasn’t the disclosure said so?

“Which cash call is over 100 trillion?

“Something is definitely not right, and I hope they retrospectively correct that FS.

“Someone somewhere did a chef’s work,” he wrote on X.

 

 


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