News
FG Shuts 7 Online Banks, Freezes Accounts

At least seven digital loan companies operating in Ikeja, Lagos, were raided in a joint operation with the Federal Competition and Consumer Protection Commission (FCCPC) on Friday for a “possible violation” of consumer rights.
The operation led by the commission’s boss, Babatunde Irukera, was in response to several complaints of malpractices on the part of the lenders.
The companies – GoCash, Okash, EasyCredit, Kashkash, Speedy Choice, Easy Moni – owned by Blue Ridge operate on the third floor of a four-storey building in the area.
During the operation, Mr Irukera told the over 800 employees of the purpose of the raid and their rights.
Soko Loan, another lending company, operates in another location in the area with over 150 employees and some of its employees protested the seizure of their equipment.
The operations were carried out by the FCCPC, Independent Corrupt Practices and Other Related Offences Commission (ICPC), National Information Technology Development Agency (NITDA), and the Nigeria Police Force (NPF).
Addressing the press, Mr Irukere said the loan companies rose to prominence due to the economic impact of the COVID-19 lockdown.
“Because people were on lockdown due to the pandemic, people started needing small easy loans which is understandable.
“But over a period of time, people started complaining about the malpractices of the lenders so we started tracking it.
“Sometime towards the end of last year, after gathering quite a lot of information, we started working with some other key agencies like the EFCC, ICPC, National Human Right Commission, CBN, NCC. And FCCPC led the meeting where we all agreed that there would be a joint effort to look into these businesses.”
Mr Irukera said the cause of concern was the naming and shaming of borrowers and violation of their privacy with respect to how the loans are recovered.
“Secondly the interest factor seems to be a violation of the ethics on how lending is done. So those were the two things that we set out to look for,” he said.
Mr Irukera said it was difficult tracking the loan companies, adding that it took them several months because some of the lenders moved from one place to the other.
He said that some of the officials visited the companies daily to be sure of their location.
“We found out that most of these companies operate from the same place. We also found out that many of them are actually operated by the same person,” he said.
“They are not Nigerian companies, they don’t have addresses in Nigeria and they are not registered in Nigeria with the Corporate Affairs Commission and they do not have any license to do their businesses.
“Essentially what they have is an App, and so we started gathering more information, we engaged the public and people who have been their victims gave us more information.”
Mr Irukera said that they presented their findings to the court, and got a warrant to “proceed with an investigation into a search and seizure. And sometime last month, a court issued a warrant and between then and now we were preparing a sting operation which is what you are seeing here today because we want to be sure we are hitting at the place where we could get many of them.”
Mr Irukera also said the commission has issued multiple orders and two of them are going to vendors, App stores and Google stores where some of these apps are available to shut down the loan apps so that people will not be victimised anymore.
“I must add though that not all money lenders are operating illegally and that is why it has been taking time for us to track these people,” he said.
When the regulatory team visited Soko Loan company in the Ikeja area of the state to enforce another court injunction, they were denied entry and had to force their way in.
One of the employees said he could not answer questions from Mr Irukera.
But another explained that he gets his salary (cash) from a man identified as Philip, adding that his employer is unknown.
Another identified as Ms Tijani clarified that Soko Loan switched its name to Fast Loan recently.
Meanwhile, some employees had waited outside to lament the employment crisis in the country and demanded that their equipment that were seized by the team be returned.
But Mr Irukera insisted that employing people in furtherance of illegal activities can never be an excuse.
This, however, angered some of them and they barricaded the road, thereby preventing the team from leaving but the police swung into action, shooting into the air and removing the barricade.
News
Digital Africa Global Consult, NDPC Partner on Ground-Breaking “Nigeria Data Challenge” Initiative

In a bold and forward-looking move to embed a culture of data privacy in Nigeria’s educational landscape, Digital Africa Global Consult (DAGC), a leading technology advancement firm, on Friday, entered into a strategic partnership with the Nigeria Data Protection Commission (NDPC).
The collaboration was formalised through the signing of a Memorandum of Understanding (MoU) aimed at launching the Nigeria Data Challenge, a pioneering, education-focused initiative designed to inculcate data protection awareness among secondary school students across the country.
The Nigeria Data Challenge is more than a knowledge dissemination campaign. It is a structured, competitive learning program that introduces students to the fundamentals of data protection and digital privacy.
By engaging learners through curriculum-based activities, practical challenges, and assessments, the program seeks to nurture a generation of data-responsible citizens well-prepared for the demands of Nigeria’s digital future.
Speaking during the signing ceremony, Dr. Vincent Olatunji, National Commissioner and Chief Executive Officer of the NDPC, applauded Digital Africa Consult for initiating the challenge, which he described as timely and transformative.
He noted that the project complements the Commission’s existing Privacy Club Initiative in tertiary institutions and aligns with its broader mandate to cultivate a privacy-aware culture throughout Nigerian society.
“This partnership is a natural extension of our mission to build a data protection-conscious ecosystem in Nigeria. We are excited about the opportunity to reach young minds early, and this program promises to be a cornerstone in our awareness strategy,” Dr. Olatunji stated.
In his remarks, Dr. Evans Woherem, Chairman of Digital Africa Global Consult and a seasoned advocate of digital transformation in Africa, expressed appreciation to the NDPC for embracing the vision of early-stage data literacy.
He underscored the strategic importance of data as the “new oil” of the digital economy and emphasised the need to build data consciousness from a young age to prepare Nigeria for a competitive global digital environment.
“The future belongs to nations that understand and manage data responsibly. By starting from our secondary schools, we are planting the seeds of a resilient data economy,” Dr. Woherem said.
Adding further insight, Nneoma Ofodile, General Manager of Digital Africa Global Consult, highlighted the novelty and global relevance of the Nigeria Data Challenge.
“This is the first data-focused challenge of its kind anywhere in the world, making it not only a national milestone but also a global precedent. It aligns with Sustainable Development Goals (SDGs) 4, 9, and 16, promoting quality education, industry innovation, and strong institutions,” she stated.
She also noted the urgency of addressing the indiscriminate ways data is shared and mishandled by young people, often without their full understanding of the consequences.
“This initiative comes at a time when even students are becoming both victims and agents of data breaches, consciously or unconsciously. Awareness is not optional; it is essential,” she added.
Nigeria, like many nations in Africa, is rapidly digitizing across public and private sectors. With this digital evolution comes the imperative to protect personal data and promote ethical digital practices.
The establishment of the Nigeria Data Protection Commission in 2023 signalled a new era of regulatory oversight in line with global data protection trends, including the EU’s GDPR and similar frameworks adopted in countries like Kenya, South Africa, and Rwanda.
Yet, awareness of data rights and responsibilities remains low, particularly among the youth. Initiatives such as the Nigeria Data Challenge help bridge this critical knowledge gap by bringing data education into mainstream educational curricula.
The project is expected to scale through state-level rollouts and regional contests, eventually culminating in a national championship that will showcase top-performing schools and students.
This initiative arrives at a time when the digital economy is estimated to contribute significantly to Nigeria’s GDP, and data-driven innovation, spanning fintech, e-commerce, health tech, and AI—continues to surge. However, this growth is threatened by weak data protection compliance and poor digital hygiene among users.
The NDPC and Digital Africa Global Consult are optimistic that this partnership will ignite similar collaborations and inspire a new frontier in civic education, one that recognises data as both a right and a responsibility.
As Nigeria positions itself to be a digital leader in Africa, the Nigeria Data Challenge may well become a benchmark model for other countries aiming to develop grassroots data governance awareness.
News
Elumelu, UBA Chair Seeks Digital Sovereignty for Africa

Tony Elumelu, chairman, United Bank for Africa (UBA) and Heirs Holdings, has called on Africa to avow itself in the fast-evolving global technology landscape, calling for deeper partnerships, infrastructure investments, and recognition of the continent’s digital potential.

Tony Elumelu, chairman, United Bank for Africa (UBA) and Heirs Holdings,
Elumelu, who made this statement in a series of posts on his verified X handle over the weekend, questioned the continent’s current role in global tech innovation and value creation, noting that while technology is transforming the world, Africa risks being sidelined without urgent strategic action.
“We know technology is transforming our world, and the pace of transformation is accelerating. Where is Africa? Are we in the conversation, or are we being left behind?” Elumelu asked.
Citing Africa’s youthful, entrepreneurial, and digitally native population, Elumelu stressed the need for stronger global partnerships that empower African startups and tech developers to not only serve local markets but compete globally.
“Young Africans are digitally native, entrepreneurial, and hungry to build. What we need are more opportunities for partnership, more belief in our potential, and platforms to amplify our voices.
“Africa has led in digital banking and payments. Our value chains are ripe for transformation. Yet we need more investment, more platforms, and more belief in our potential.
“We know that many of the minerals that are techs’ foundation are found in Africa. But is Africa getting the benefit? Africa needs to capture the moment – ensure we have digital sovereignty – that African priorities are understood and met”
The UBA Chairman revealed that he attended an exclusive dinner with French President Emmanuel Macron and global technology executives at the Élysée Palace in Paris, where he sought to amplify Africa’s voice at the highest level of innovation discourse.
“I had enriching conversations with global tech CEOs, including the CEO of NVIDIA, Jensen Huang, on how innovation can and must solve humanity’s most urgent challenges—including those facing Africa,” he said.
Elumelu used the opportunity to advocate for the continent as the next frontier of global tech investment, calling attention to Africa’s unique demographics and the imperative for inclusive innovation.
Speaking further he said through his investment company, Heirs Holdings, remains committed to Africa’s digital transformation, actively backing tech ventures such as Heirs Technologies and Redtech Limited, which are building solutions tailored for the African market while competing on a global scale.
News
FG Urges Private Sector to Invest in Africa’s Space Future

National Space Research and Development Agency (NASRDA) has called on African businesses to seize the opportunities emerging within the rapidly growing global space economy, which is projected to reach one trillion dollars annually by 2030.
The appeal was made by Dr Matthew Adepoju, director-general, NASRDA, during a press briefing at the weekend in advance of the second Africa Space Economy Conference and Exhibition (ASEC 2025), scheduled to take place in Abuja from 17 to 19 June.
The event, organised in collaboration with the Abuja Chamber of Commerce and Industry (ACCI), will focus on the theme “Space Economy and Emerging Markets in Africa”.
Dr Adepoju highlighted that the global space economy is on the verge of surpassing $500 billion per year, making it the fastest-growing economic sector worldwide.
He stressed that Africa must position itself at the forefront of innovation, science, and technology by investing in space-related ventures.
“This is the Fourth Industrial Revolution and Africa must not be left behind.
“It is time for us to take our rightful place at the forefront of global innovation, science and technology, with space technology being the pinnacle of human endeavour.
“The space economy is the fastest growing economic sector in the world and it is projected to hit one trillion dollars per annum. Currently it’s more than 500 billion dollars annually,” he said.
The conference aims to foster collaboration between industry leaders, academic institutions, and research organisations, all working to strengthen Nigeria’s space ecosystem.
Dr Adepoju praised President Bola Tinubu for his forward-thinking economic initiatives, noting the President’s directive to transform NASRDA into a revenue-generating body.
NASRDA, he said, is now committed to fully commercialising and industrialising space research. The upcoming conference is expected to attract international participants, with confirmed interest from countries such as China, the United States, and several European and African nations.
The agency is also preparing for the launch of four new satellites—three optical and one Synthetic Aperture Radar (SAR).
These satellites are intended to support national security, environmental monitoring, and economic surveillance, particularly in sectors such as the blue economy and oil and gas.
Dr Adepoju encouraged private sector involvement in areas including satellite technology, data services, rocketry, and space-based applications.
He stressed that with Nigeria being Africa’s most populous country, there is already a significant market for space-related products and services, and now is the time for African businesses to build capacity, invest locally, and retain economic value.
Speaking on behalf of Chief Emeka Obegolu, ACCI President, Mr Agabaidu Jideani, chamber’s director-general, noted that Africa has yet to fully tap into the space economy’s potential.
He pointed out challenges such as limited public awareness, infrastructure gaps, and evolving policy environments, but said these issues also present opportunities for innovation and investment.
“It was with this foresight that ACCI, through our Policy Advocacy Centre, in a strategic partnership with NASRDA, conceptualised the ASEC,” he said.
Dr Haruna Mohammed, co-chairman of the Conference Organising Committee, reiterated that the event is aimed at the private sector and will showcase how space-based technologies can aid in economic diversification, enhance infrastructure, and promote sustainable development across the continent.
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