Latest news with #MuhammadSaniAbdullahi
Business Insider
12-07-2025
- Business
- Business Insider
Nigeria reports rise in digital fraud cases as financial crimes surge by 45%
The Central Bank of Nigeria (CBN) has raised fresh concerns over the rising tide of financial crimes in the country, revealing a sharp 45% increase in fraud cases over the past year. The Central Bank of Nigeria reported a 45% increase in fraud cases within the past year, mainly involving digital platforms. Digital financial crimes have exploited regulatory gaps, encompassing schemes using cryptocurrencies and tokenized assets. Over $56 billion in cryptocurrency transactions were recorded in Nigeria, highlighting its leading role in Africa's digital economy. In a development that points to serious regulatory gaps in Nigeria's digital economy, 70% of the losses from these crimes were traced to digital platforms, many of which operate outside regulatory oversight. CBN Governor Olayemi Cardoso, represented by Deputy Governor Muhammad Sani Abdullahi, made the disclosure during a public lecture organized by the Economic and Financial Crimes Commission (EFCC) in Abuja on July 10. He cited data from the CBN's 2024 Financial Stability Report, noting that the digital finance boom while expanding financial inclusion has also introduced serious vulnerabilities into the system. According to the CBN, over $56 billion worth of cryptocurrency transactions took place in Nigeria between July 2022 and June 2023, placing the country at the forefront of digital finance on the continent. However, the rapid pace of innovation is also being exploited by criminal networks, many of which run unchecked on unregulated platforms. At least 30 fraudulent investment schemes mimicking legitimate digital assets have already been flagged by relevant agencies. CBN, SEC warn of rising scams threatening market trust While digital services have made payments and investing easier for Nigerians, they have also become a new frontier for fraud. The CBN pointed out that scammers are increasingly leveraging digital currencies and tokenized assets to lure the public into Ponzi-style operations. These schemes, often disguised as legitimate investments, not only threaten personal wealth but also put the financial system's integrity at risk. Echoing the CBN's concerns, the Director General of the Securities and Exchange Commission (SEC), Emomotiti Agama, warned that virtual asset scams are fast becoming a major obstacle to investor protection. He said that such scams do not merely result in financial loss, they chip away at public trust and create long-term damage to market stability. Officials link fraud to social values, warn of long-term harm Highlighting the broader consequences of fraud, Director General of the National Orientation Agency (NOA), Malam Lanre Issa-Onilu, warned that financial crimes are not just about economic figures, they leave lasting scars on the lives of everyday Nigerians. According to him, each stolen Naira could mean a child forced out of school, a business ruined, or a family's livelihood destroyed. Issa-Onilu revealed that the NOA is leading a national campaign to challenge the growing 'get-rich-quick' mindset, which he believes fuels susceptibility to scams. The campaign, which has been running for months, seeks to instill values of patience, hard work, and integrity particularly among young Nigerians.
Zawya
13-05-2025
- Business
- Zawya
RegTech Africa Conference & Awards 2025: Pioneering Africa's Economic Transformation through Innovation and Collaboration
In just under two weeks, the global spotlight will turn to Lagos, Nigeria, as the RegTech Africa Conference&Awards 2025 ( convenes at the prestigious Oriental Hotel on May 22–23. Under the theme 'Unlocking Africa's Cross-Border Payments, Trade, and Investment Opportunities through Public-Private Partnerships,' this landmark event is set to catalyze transformative dialogue and action across the continent. Organized by RegTech Africa, the conference will gather over 1,000 participants, including high-level policymakers, regulatory authorities, fintech innovators, investors, and thought leaders from across Africa and beyond. The aim is to forge strategic partnerships and develop actionable solutions that address the continent's most pressing economic challenges. With a stellar lineup of distinguished speakers, the event feature prominent figures, like Muhammad Sani Abdullahi, Deputy Governor, Economic Policy Directorate, Central Bank of Nigeria, ably represented by Musa Jimoh, Director of Payments System Policy at the Central Bank of Nigeria; Abdulrasheed Bawa, former Executive Chairman of the Economic and Financial Crimes Commission; Lorien Gamaroff, Co-founder&CEO of Centbee; Richy Emah, Regional BDD – North/West Africa, Sumsub; Edwin Woryonwon Harris Jr., Director General of GIABA; and Dr. Nurudeen Abubakar Zauro, Technical Adviser to the President on Economic and Financial Inclusion. Strategic Partnerships Driving Innovation The conference is bolstered by an impressive lineup of global and indigenous partners, including the Central Bank of Nigeria (CBN), Sumsub, EMTECH, Regfyl, Opay, SANEF, NDIC, and NCC, underscoring a collective commitment to advancing Africa's regulatory technology landscape. These partnerships underscore a shared commitment to advancing Africa's trade, payments, and investment ecosystem through innovative solutions and unified regulatory frameworks. Key Highlights: Dynamic Panel Discussions: Engage with experts on topics such as cross-border payment systems, regulatory harmonization, investment frameworks, and the role of RegTech in driving financial inclusion. Innovative Exhibitions: Experience cutting-edge RegTech solutions that are transforming compliance, payments, and trade ecosystems across Africa. Networking Opportunities: Connect with influential decision-makers, innovators, and investors to build meaningful partnerships. RegTech Africa Awards 2025: Celebrate excellence and innovation in regulatory technology and public-private partnership-driven initiatives across the continent. As Africa advances towards deeper economic integration through the African Continental Free Trade Area (AfCFTA), the conference aims to address persistent challenges such as fragmented payment systems, regulatory complexities, and limited investment flows. By fostering collaboration between the public and private sectors, the event seeks to unlock scalable solutions that bridge infrastructural, regulatory, and technological gaps. 'Collaboration between the public and private sectors is no longer optional—it's essential,' said Cyril Okoroigwe, Chair of the Organizing Committee. 'The Conference is a call to action for all stakeholders to come together, break down barriers, and unleash Africa's full potential through innovative solutions, unified regulatory frameworks, and transformative investments. This is a unique opportunity to be part of a defining moment in Africa's journey toward integration and prosperity.' Registration and Sponsorship Opportunities Limited seats are available. To register or explore sponsorship opportunities, please visit or contact us at info@ Zawya Distributed by APO Group on behalf of RegTech Africa. About RegTech Africa: RegTech Africa is a leading organization dedicated to fostering innovation in regulatory technologies across the continent. By creating platforms for dialogue, collaboration, and innovation, RegTech Africa drives initiatives that accelerate economic growth and financial inclusion in Africa.
