News
Experts Point at N3tr e-Payment Honeypot
e-Payment, a subset of an e-commerce transaction is thought to be valued at some N3 trillion when fully developed according to a body of experts who spoke with Nigeria CommunicationsWeek at the weekend.
The experts are also hoping that as technology develops, the range of devices and processes to transact electronically will continue to increase while the percentage of cash and check transactions continues to decrease.
Intermarc, an e-payment consulting firm in a recent study said that some N500 billion have so far being invested in the sector.
This investment, Mr. Adeyinka Adeyemi, managing partner, Intermarc Consulting said is in the provisioning of information technology and telecommunications infrastructure that powers the system, switching platforms, software, database management, point of sale terminal (PoS) as well as automated teller machine (ATM).
Adeyemi who exclusively spoke to Nigeria CommunicationsWeek, said the business potentials in the e-payment sub-sector of the economy is enormous as the sector requires N3 trillion to effectively provide electronic payment system to 150 million Nigerians.
Elsewhere, Mr. Kyari Bukar, managing director, ValuCard Nigeria, said the progress made so far in the sector is insignificant and called for accelerated and concerted investment.
He explained that presently, the system records less than 5 % of the yearly transactions, adding that the e-payment system would be said to be mature when 50% of the country’s Gross Domestic Product is carried out through the system.
Bukar, said the scenario offers a lot of business opportunities in areas such as Mobile money where Central Bank of Nigeria is planning to license operators by middle of this year, the licensing of two ATM consortiums as well as other online service providers.
Experts said that with the mass market in Nigeria constituting about 70 percent of the nations GDP, the impact of deploying cards and other electronic mode of banking in the country has led to increased reach, as customers can now access their accounts even at locations where their banks are not located through the electronic banking models.
They also say that the introduction of various e-models has led to low operational costs, increased operational efficiency, removing cost of cash transactions, multicard and multi application availability, reduced congestions in banking halls amongst others.
It would be recalled that the Central Bank of Nigeria has expressed its commitment to ensuring that greater percentage of transactions in the country are carried out electronically and in a safe manner. To this end, the bank has successfully completed the migration of all e-payment channel to EMV standard and has issued directive that transactions beyond N10 million be carried out electronically.
News
EFCC Arrests Delta Accountant General Over ₦1.3 Trillion Fraud
Economic and Financial Crimes Commission (EFCC) has arrested Mrs Joy Enwa, the Accountant General of Delta State, in connection with the alleged misappropriation of N1.3 trillion linked to former Governor Ifeanyi Okowa.
The EFCC is investigating funds reportedly diverted from the 13 percent derivation allocation intended for oil-producing states. Alongside Mrs Enwa, the anti-graft agency has questioned other officials, including a former Director of Finance and Administration and a senior Government House staff member.
EFCC spokesperson Dele Oyewale confirmed the arrest, stating, “Mrs Enwa was detained for questioning over the ongoing investigation into the mismanagement of state funds under the former administration. Some other government officials have also been interrogated.”
Mrs Enwa, who was appointed Accountant General by Okowa in 2020, previously served as Deputy Accountant General under Governor Emmanuel Uduaghan.
She had earlier faced allegations of involvement in a N369 million fraud case in 2015, which implicated other state officials and bank representatives.
The ongoing investigation has also uncovered assets allegedly tied to the fraud, including shares in UTM Floating Liquefied Natural Gas Company and investments in the oil sector.
Former Governor Okowa was detained by the EFCC in November at the agency’s Port Harcourt office over accusations of diverting state funds for personal enrichment.
When approached for comments, Mrs Enwa declined to elaborate, saying, “I am not the right source to confirm this story. Please contact the EFCC for clarification.” The EFCC continues its probe into what could be one of the largest financial scandals in Delta State’s history.
News
NCDC Activates Emergency Response as Lassa Fever Kills 190
Nigeria has launched an emergency response centre after recording 190 deaths from Lassa fever, a viral hemorrhagic illness, according to Nigerian Center for Disease Control (NCDC).
The disease, mainly transmitted to humans via contact with food or household items contaminated with rodent urine or excrement, has infected 1,154 people in six Nigerian states.
Jide Idris, head, Nigerian Center for Disease Control, said the agency’s risk assessment has categorized it as high, prompting the activation of the emergency Operations Centre to manage the outbreak.
“While the disease occurs throughout the year, peak transmission typically happens between October and May, coinciding with the dry season when human exposure to rodents increases,” he said at a press briefing in Abuja.
The centre will ensure seamless coordination of the control and management of the outbreak.
Symptoms of the virus – which can also be passed between people through bodily fluids of those infected – include fever, headaches and, in the most severe cases, death.
The World Health Organization classifies Lassa fever as a priority disease due to its epidemic potential and lack of approved vaccines.
News
2025 Budget: FG Earmarks N1.5Bn for Airports’ Internet, Others
Federal government has proposed to spend N1.5bn for internet services for passengers at five international airports in the country.
The project, “Provision/Upgrade of WiFi Services for Passengers in Five International Airports and some Domestic Airports” was listed as a new project in the 2025 appropriation.
In some parts of the world, access to the internet via Wi-Fi at airports is regarded to be a basic human right.
Such amenities are lacking in Nigeria.
But the 2025 budget presented to the National Assembly last week by President Bola Tinubu saw the sum of N105.953,496,365 being allocated to the Ministry of Aviation.
Apart from internet access at the airports, some other capital allocations were reinstated for the Nigerian Airspace Management Agency (NAMA).
In previous budgets, three agencies of the ministry including the apex regulatory agency, the Nigeria Civil Aviation Authority (NCAA); the Federal Airports Authority of Nigeria (FAAN) and NAMA were exempted from the annual budgetary allocation.
In addition, the federal government deducts 50 per cent of the Internally Generated Revenue (IGR), which is against the standard and recommended practices of the International Civil Aviation Organisation (ICAO), which recommends that the funds generated by the agencies should be reinvested into improving infrastructure and boosting aviation safety.
- Telecom2 days ago
MTN Nigeria Renews Spectrum Lease Agreement with NTEL
- Telecom1 day ago
Corporate Blackmail, My Story as a Case Study, by Leo Stan Ekeh, Chairman Zinox Group
- Uncategorized2 days ago
NCAA Enforces Penalties on Five Airlines for Passenger Rights Violations
- E-Business2 days ago
World Bank Raises Nigeria’s NIN Target to 180m
- E-Financial1 day ago
Access Bank Plc Emerges First Nigerian Bank to Exceed CBN’s N500bn Regulatory Threshold
- News2 days ago
NCDC Activates Emergency Response as Lassa Fever Kills 190
- E-Financial1 day ago
FirstBank’s DecemberIssaVybe Lights Up Lagos with Davido Concert
- E-Financial2 days ago
CBN Disqualifies 41.65m Shares in Access Holdings Rights Issue