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Experts Proffer Solutions to Data Breach by Loan Sharks

Experts who gathered for the maiden Consumertrics workshop, held in Lagos, have advocated proper regulation of digital loan sharks.
The experts, who spoke on the theme “Responsible Borrowing and Lending: Balancing Access to Credit and Consumer Protection”, deplored the unethical practices of many loan sharks and the usual breach of financial consumers’ data privacies.
Muyiwa Ayojimi, CEO of Consumertrics, called for tougher application of consumer protection laws.
He stated that banks’ stringent loan processes have erected barriers within the country’s huge credit market, thereby giving rise to the proliferation of illegal loan sharks.
Babatunde Irukera, CEO of the Federal Competition and Consumer Protection, (FCCPC), said that the practices of many digital lenders violate Section 17 of the FCCPC Act.
Irukera spoke through his representative Marvin Nadah, deputy director- Enforcement at the commission.
Some of the violations, he said, include “high interest loan rate; payable default fee, and unethical loan recovery methods. He added the agency, the Central Bank of Nigeria (CBN), and other institutions are collaborating to ensure compliance to regulatory guidelines.
Clem Omife, deputy director consumer affairs representing Professor Umar Dambatta, executive vice chairman of the Nigerian Communications Commission (NCC) said the CBN needed to take a cue from its Kenyan counterpart on how it is regulating the digital lenders effectively.
Ridwan Oloyede, a data privacy professional, said there are now trackers that could reveal a person’s exact location in some apps. He said consumers’ should be careful about granting people access to their mobile data as doing so makes them vulnerable to privacy invasion. He urged state licensing digital lenders to carry out strict oversight, like their federal counterparts.
Olawale Eleto, head of credit analysis for business banking, Union Bank of Nigeria Plc, agreed that digital lenders require strict supervision. He however said that some borrowers too are only out to defraud the lenders. He therefore urged both lenders and borrowers to act responsibly.
Other panellists who spoke at the workshop included Dr. Jamelaah Sharieff-Ayedun, managing director of CreditRegistry; Femi Daniel, Mastercard’s lead regional privacy counsel (for Eastern Europe, Middle East, and Africa); Clem Baiye, a former National commissioner with NCC and Independent Director, Transmission Company of Nigeria; Afolabi Solebo, the managing director of the Lagos state Consumer Protection Agency (LASCOPA); Olawale Eleto, Head Credit Analysis (for Business Banking), Union Bank of Nigeria Plc.
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Anambra Shines in 2025 E-Governance Rankings, Setting National Standards

Anambra State has once again demonstrated its leadership in digital transformation, emerging as one of Nigeria’s top three states in the 2025 e-Governance Report published by the Panorama CIAPS Governance Performance Index (CGPI).
According to the report — a collaborative effort between Nigerian Panorama and the Commonwealth Institute of Advanced Professional Studies (CIAPS) — Anambra ranks alongside Lagos and Enugu as the leading states in adopting and implementing e-governance practices that foster accountability, transparency, and improved service delivery.
In his remarks, Professor Anthony Kila, Director of CIAPS, emphasized the importance of e-governance in shaping how governments interact with citizens. “The centrality of e-governance allows us to assess the performance of state governments in the country. How the government treats the digital world says a lot about them,” he said.
The report evaluated states based on a comprehensive set of criteria, including website security, up-to-date content, public engagement, availability of online services, policy updates, and user accessibility. Anambra’s performance reflects the state’s deliberate investment in digital infrastructure and its commitment to leveraging technology as a tool for inclusive governance.
Reacting to the recognition, the Managing Director/CEO of the Anambra State ICT Agency, Chukwuemeka Fred Agbata, CFA, described the report as a welcome validation of the efforts being made under the leadership of Prof. Charles Chukwuma Soludo, CFR, to reposition Anambra as a liveable and prosperous smart mega-city.
“This is not just about being tech-savvy,” Agbata said. “It’s about using digital tools to create real impact — making the government more accessible, responsive, and transparent. Anambra is building a digital future that works for everyone.”
The CGPI Report recommended that all states intensify efforts to train public servants, maintain digital platforms effectively, and build user-friendly systems that keep citizens informed and empowered. For Anambra, this recognition serves both as a milestone and a motivation to scale new heights.
As the journey continues, Anambra remains focused on setting the pace for e-governance in Nigeria in line with the Governor’s mantra of Everything Technology & Technology Everywhere.
News
SERAP Urges National Assembly to Reject Tinubu’s $24Bn Loan Request Over Debt Concerns

Socio-Economic Rights and Accountability Project (SERAP) has urged the National Assembly to reject the Tinubu administration’s request to borrow $24 billion, warning that the move would significantly deepen Nigeria’s debt crisis.
In a statement posted on its official X account, the advocacy group warned that the proposed borrowing would raise Nigeria’s total debt stock to an estimated ₦183 trillion—an amount it described as “clearly not sustainable and not in the public interest.”
“The National Assembly must immediately refuse to approve the Tinubu administration’s request to borrow $24 billion,” the group said. “The growing national debt is not sustainable and not in the public interest.”
SERAP expressed concern over the heavy burden of debt servicing, which it said is already consuming a substantial portion of government revenue, leaving little room for critical public investment.
Nigeria’s total public debt is projected to surpass ₦180 trillion following the president’s latest loan request. The borrowing plan includes a proposal for over $21.5 billion in external loans, which equates to ₦33.39 trillion at the official exchange rate of ₦1,590 per dollar. The administration is also seeking approval for a domestic bond issuance worth ₦757.9 billion to settle outstanding pension liabilities.
President Tinubu said the 2025–2026 borrowing plan targets key sectors such as infrastructure, healthcare, education, water supply, security, and employment generation. He noted that the plan is also intended to cushion the economic impact of fuel subsidy removal.
The total loan request comprises $21.5 billion, €2.19 billion, and 15 billion Japanese Yen, alongside a €65 million grant. Tinubu assured lawmakers that the funds would be directed toward development projects across all 36 states and the Federal Capital Territory, with emphasis on rail networks, healthcare infrastructure, and poverty alleviation programs.
On pension-related borrowing, the president explained that the proposed bond issuance is aimed at clearing backlogs under the Contributory Pension Scheme. The measure, he added, has already received approval from the Federal Executive Council and is expected to improve retirees’ welfare, restore trust in the pension system, and inject liquidity into the economy.
Nigeria’s public debt has surged in recent years, rising by 48.6% in 2024 to ₦144.66 trillion—up from ₦97.34 trillion in 2023. The Federal Government accounts for 95% of that total.
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