Nigeria Police Force National Cyber Crime Centre has apprehended 16 suspects in connection with a financial fraud involving Interswitch Limited, a major African digital commerce platform, recovering N3.9 billion in cash and property from the suspects, with ongoing efforts to recover additional funds.

At a joint press briefing on Monday in Abuja, Peter Afunanya, spokesperson, Department of State Services (DSS)  detailed the police’s achievements.

He explained that the arrests and recoveries followed a petition from Interswitch Limited regarding a malfunction on its financial portal.

Afunanya noted that eight of the suspects have already been convicted, stating, “The Nigeria Police Force National Cyber Crime Centre tackled a massive financial fraud case, acting on a petition from Interswitch Limited regarding a glitch on its financial portal.

“The swift response led to the arrest of over 16 suspects, eight of whom have been convicted. The operation recovered over 3.9 billion naira in cash, properties, and vehicles, with ongoing efforts to recover additional looted funds.”

In other operations, the police in Taraba State arrested a notorious kidnapper, seizing three AK-47 rifles, four magazines, 19 rounds of live ammunition, 23 spent rounds, and five solar panels from his property.

Afunanya also reported that Lagos State command operatives thwarted a kidnapping attempt on July 4, 2024, killing nine kidnappers and recovering significant weaponry including four AK-47 rifles, four locally-made semi-automatic pistols, nine AK-47 magazines, three walkie-talkies, a POS machine, a loudspeaker, and two operational vehicles. Investigations are ongoing to capture the remaining suspects.

Additionally, on April 24, 2024, police rescued 18-year-old Mallam Adamu Adamu from captivity in Kasda, Jakusko LGA, Yobe State. During the raid, three suspects were arrested, and two AK-47 rifles along with a magazine containing 26 rounds of live ammunition were recovered. The suspects will face charges upon completion of the investigation.

As Kuda turns five, the fintech company says it is intentional about inclusion, diversity and equity within its workforce and is actively trying to hire more female engineers and product managers into leadership roles.

Kuda’s software development team now has 29-percent female representation with its quality assurance engineering team having 65-percent female representation. Kuda has also increased the number of women on its product team by 3 percent within the past year through a recruitment model designed to prioritise inclusion.

As reported in 2020 by McKinsey & Company, companies in the top quartile for gender diversity on executive teams were 25 percent more likely to have above-average profitability compared to companies in the fourth quartile. A report by the International Labour Organization (ILO) found that 74 percent of companies that track gender diversity in management report a profit increase of 5 percent to 20 percent.

Kuda has consistently championed inclusivity, recognising the crucial role it plays in fostering innovation and driving business success. In 2023, the fintech company set up a Diversity, Equity, and Inclusion (DEI) committee that develops and implements policies, raises awareness, and organises training to promote a diverse, equitable, and inclusive workplace.

As part of its efforts to diversify its engineering and product teams, Kuda fine-tuned its school-to-workplace internship program to reach young engineers and product managers, equipping them with essential skills to advance their careers.

Speaking on the importance Kuda places on inclusivity, Siseko Dastile, who heads Kuda’s DEI committee said, “We are committed to fostering a healthy work environment where everyone, regardless of gender, can achieve their career and personal aspirations.”

Investing in women’s skill development is another part of Kuda’s inclusion strategy. In 2022, the fintech company sponsored twenty young women to attend the Africa Girls In Tech bootcamp in partnership with Africa Agility. This program helped the attendees learn tech and product skills, equipping them for competitive internships at tech startups across Africa.

For the 2024 International Women’s Day, Kuda organised a webinar featuring women leaders who inspired young women at Kuda to pursue their professional aspirations.

Kuda believes that diversity is key to driving innovation and excellence in the workplace and is committed to fostering an environment where all employees have equal opportunities to thrive.

Uzoma Dozie, chief executive officer, Sparkle, a fintech company, has said that poor government policies are responsible for investors’ apathy in the Nigerian economy.

Uzoma Dozie, chief executive officer, Sparkle

Dozie said this on Friday on Arise Tv in response to the looting and vandalism in Kano State resulting from the #Endbadgovernance Protest which began August 1, 2024.

According to the CEO, the country’s protest is a reflection of the economic situation in Nigeria.

He said no economy can develop without social infrastructure.

He said, “We have to look at that social infrastructure in Nigeria? How do we build it so that we can prevent this kind of thing happening? Because these are also disruptive to economic prosperity.

“Businesses have shut down for a couple of days, and this is the kind of thing that, and when you think that a huge percentage of the workforce in Nigeria relied on day-to-day income generation.

“So I think it’s a clarion call to our leadership to start looking at how do we prepare for this from happening?”

The Sparkle CEO said investors are looking for opportunities to invest in environments that guarantee good government policies.

Dozie said, “Nigeria is sweet because there is plenty of problems, plenty of opportunities to solve them and you don’t need the government to bring the money. You need government to come up with policies that will create trust and transparency and people will come into the country.

“You have 66 per cent penetration of smartphones which is not up to 100 per cent. That means you need devices and you need people to come and manufacture.

“Nobody won’t want to come and manufacture phones in an economy that allows them to profit and also make an impact.”