Breaking News
WHY Nigerian Senate moves to regulate Opay, Moniepoint, moneylenders, others
The Senate on Thursday began debate on a bill seeking to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 to empower the Central Bank of Nigeria (CBN) to designate and supervise systemically important non-bank financial institutions, particularly major fintech operators whose activities now constitute critical national infrastructure.....TAP TO CONTINUE READING
Leading the debate, Tokunbo Abiru, the sponsor of the bill and Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, said the amendment had become urgent due to the rapid transformation of Nigeria’s financial ecosystem and the emergence of large technology-enabled service providers operating at a scale previously unseen in the country.
Abiru noted that fintechs such as mobile money operators, payment service banks, wallet providers, digital lenders and switching companies now serve tens of millions of Nigerians, process huge daily transaction volumes and hold vast pools of sensitive financial data, yet operate within a regulatory framework that has not fully evolved to match their systemic importance.
“The reality today is that a non-bank institution, because of its market dominance, data concentration, customer reach or technological capacity, may pose risks equal to or even greater than those posed by a traditional bank,” Abiru said.
“We are therefore confronted with a regulatory gap that leaves critical parts of the financial system operating outside the highest tier of statutory oversight. This bill seeks to correct that mischief.”
He warned that without modernising BOFIA, the country risked exposing itself to data insecurity, foreign control of sensitive financial infrastructure and vulnerabilities that could undermine national security.
The senator stressed that many fintechs operate across foreign-owned networks, store customer data offshore, or use cloud systems outside regulatory reach, raising concerns around data sovereignty.
“Today, we cannot say with certainty where all the financial and behavioural data processed by some of these institutions is stored, who has access to it, or which foreign jurisdictions may lay claim to it,” he said.
Abiru recalled the temporary CBN restriction on fintech onboarding in April 2024, following issues around KYC compliance, money-laundering red flags and suspicious transactions, a development that, he said, demonstrated the limitations of existing regulatory tools.
The amendment bill proposes five key objectives, including establishing a statutory framework for designating systemically important institutions, creating a national registry of fintechs, empowering the CBN to impose enhanced supervisory requirements, strengthening data sovereignty, and improving consumer protection.
He dismissed suggestions that a new regulatory agency should be created for fintech oversight, arguing that such duplication would fragment regulation and undermine efficiency.
“Fintech regulation is deeply intertwined with monetary policy, payments oversight, prudential supervision, and systemic-risk monitoring, functions that already reside naturally within the Central Bank,” he said.
“International best practice overwhelmingly favours integrating fintech oversight within existing regulators, not creating new bureaucracies.”
Abiru urged the Senate to support the bill, which carries no financial implications under Senate rules.
Contributing to the debate, Adams Oshiomhole, former President of the Nigerian Labour Congress (NLC), shared the experience of how his accounts were once hacked, disclosing that the hackers accessed him through one of the Fintech banks.
Oshiomhole also said the identities of most of the key owners of online operators were not known and might not be held accountable for infractions since there was no law binding them to any commitments.
“I know the directors of our regular banks, but I can’t say the same of these Fintech banks.
“I don’t know the directors of MoniePoint, Opay and all others”, he added.
Oshiomhole further argued that when properly regulated through an enabling law, the operations of online financial institutions would better serve the interest of Nigerians.
Senators unanimously passed the bill for second reading and referred it to its Committee on Banking, Insurance and Other Financial Institutions for more legislative work.
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Oyo police intercepts truck conveuing explosives in Saki
The Oyo State Police Command has announced an operational success recorded following an intelligence-led operation.....TAP TO CONTINUE READING
Acting on credible intelligence, operatives of the Command intercepted a truck conveying materials suspected to be explosive devices during a stop-and-search operation in Saki, Oyo State. The truck and the suspected materials were promptly secured and are currently in police custody.
Upon receiving a briefing on the development, the Commissioner of Police, Oyo State Command, CP Femi Haruna, immediately ordered a comprehensive investigation into the matter.
Consequently, specialised personnel of the Explosive Ordnance Disposal (EOD) Unit and the Chemical, Biological, Radiological and Nuclear (CBRN) Unit were deployed to safely secure the items for safekeeping and forensic examination. Detailed forensic analysis has since commenced, alongside a thorough and robust investigation to determine the exact nature of the items and their intended use.
The truck driver has been taken into custody and is cooperating fully with investigators as efforts continue to unravel all the circumstances surrounding the incident.
The Commissioner of Police commended the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, for his unwavering support, strategic leadership, and continued provision of operational guidance that enhance proactive, intelligence-driven policing across the country.
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
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Benue: Armed bandits kill motorcyclist, injure woman in Apa LGA
One person has died and another sustained injuries following an assault by suspected armed bandits in Apa Local Government Area of Benue State.....TAP TO CONTINUE READING
According to sources, the attack took place on January 24 around 4:00 p.m. along the Amoke–Odugbo road in Ukpogo Village, Edikwu Ward.
The victims, identified as Mr Joseph Okoh and Miss Aneh Sunday, both from Ogodumo, Adoka in Otukpo LGA, were reportedly riding a motorcycle when the assailants struck.
“They were rushed to the Comprehensive Health Centre, Ugbokpo, where Mr Okoh was confirmed dead while receiving treatment. Miss Sunday is currently admitted and responding to treatment,” the source stated.
Nigerian troops were quickly deployed to the area, and a search operation in the surrounding bushes is ongoing to apprehend the attackers.
“The Criminal Investigation Department has commenced an investigation into the incident,” the source added.
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
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2026 UTME: JAMB scraps special privileges for albino candidates over malpractices
The Joint Admissions and Matriculation Board has scrapped special concessions and registration procedures previously granted to candidates with albinism for the 2026 Unified Tertiary Matriculation Examination, citing abuse of the privilege to perpetrate examination malpractice.....TAP TO CONTINUE READING
The Board also warned faith-based tertiary institutions to clearly declare their religious status at the point of admission, saying it is deceptive to present as secular and later impose religious rules on students.
As reported by Vanguard, these decisions were taken on Saturday at a meeting between JAMB management, led by its Registrar, Prof. Isaq Oloyede, and Commissioners for Education from the 36 states of the federation and the Federal Capital Territory, held in Ikeja, Lagos.
Oloyede said the meeting was convened to review and assess previous admission exercises.
He noted that despite safeguards introduced by the Board, some individuals remained determined to circumvent the system.
“We have stopped some concessions we gave albino candidates. This is because some are using artificial intelligence to manipulate the registration process to look like they are albinos because of the consideration we gave them.
“Last year alone, over 7,000 claimed to be albinos. We have stopped special registration procedures for albinos,” he said.
Addressing complaints from candidates admitted into some private institutions over compulsory religious instruction, Oloyede urged faith-based schools to be transparent.
“Faith-based institutions should declare from the onset what they are, so that whoever applies there will know what he is going to meet there. But some don’t do that. They will pretend to be secular, but once students are admitted, trouble will begin over religious instruction and injunctions.
“If you are a faith-based institution, say so. The law allows you to set up faith-based schools,” he said.
On last year’s UTME, where the highest-scoring candidate was later found to be a 300-level university student, the JAMB registrar said investigations showed that some undergraduates sit for the examination to change courses or assist others to secure admission.
“Students who are already in school but want to change courses and are applying again must declare and disclose their status.
“We have found that some candidates already in school are writing the examination for other candidates. Last year, the candidate who scored the highest was found to be a 300-level student in the university.
“Henceforth, any candidate found engaging in such an act, and who fails to disclose that he is already in school but wants to change course, will be disqualified and will also lose his current admission,” he said.
On admission criteria, Oloyede explained that federal government-owned institutions allocate 45 per cent on merit, 20 per cent on catchment area, 20 per cent to educationally disadvantaged states, while the remaining slots are allocated to other considerations.
“Each owner or state has the right to decide what its admission criteria will be. But for states, we encourage them to allocate at least 10 per cent to merit, regardless of where the candidates come from.
“This is to diversify the student population and admit eggheads from different communities,” he said.
He criticised some states for establishing new universities despite not fully utilising their admission quotas in existing federal institutions.
On underage candidates, Oloyede said 16 years remained the minimum admission age, noting that an attestation process was in place for exceptional cases.
“Last year, about 42,000 claimed to be underage. After evaluation, only 78 met the criteria and were admitted. We are not saying there are no talented candidates, but the figure looks outlandish,” he said.
The issue of how to engage underage candidates during a gap year divided opinions at the meeting, but a majority voted for JAMB to continue its special assessment process.
The meeting also observed that parental pressure on children to complete their education too quickly was a major contributor to the problem.
On efforts to curb examination malpractice, Oloyede said JAMB had stopped the movement of computers between Computer-Based Test centres.
“A computer registered in a particular centre will remain there and is not transferable to another centre. Some people borrow computers to get accredited and later move them around,” he said.
He dismissed claims that candidates were posted to towns they did not choose, saying personal data used for registration were drawn directly from the National Identification Number submitted by candidates.
Providing an update on the 2025 UTME, Oloyede said 974,855 candidates had so far been admitted out of about 1.95 million who sat for the examination.
He added that over N2.4 billion had been disbursed to institutions that consistently complied with JAMB’s rules over the past 10 years, and that the meeting agreed that schools producing the best candidates should be compensated.
On accreditation of CBT centres, Oloyede said the process involved teams comprising university vice-chancellors, rectors and provosts in each state.
He warned state governments against agreements with private promoters who might use centres to facilitate malpractice.
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
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