Latest news with #N10
AFP
6 days ago
- Politics
- AFP
Images showing a bridge collapsing in Nigeria are AI-generated
'Lafia, Nasarawa State, has witnessed the collapse of a flyover a mere three weeks post-commissioning. According to reports, around N10 billion was spent on this project,' reads a post published on Facebook on July 24, 2025. The post, shared about 650 times since it was published, includes several images that show the pillars of a bridge collapsing to the ground as cars drive under it. Image Screenshot of the false Facebook post, taken on July 29, 2025 President Bola Tinubu inaugurated a flyover and underpass bridge in Keffi on June 25, 2025, during a state visit to Lafia, the capital of Nasarawa state in Nigeria's north central (archived here). Three weeks later, on July 19, David Umahi, the minister of works, announced a partial closure of the bridge after an accident involving a heavy-duty truck caused a beam to collapse (archived here). He also directed that the bridge be repaired within 30 days. Local media reported that two people died in the accident (archived here). However, the images shared on social media are not from the Keffi bridge. AI video Photos from the commissioning ceremony show that the bridge in Keffi is situated in the city centre, with houses on both sides. This is different from the view seen in the images, where trees line both sides of the bridge, and it is a less urban environment (archived here). Image Screenshot showing the view from the Keffi bridge (left), in contrast to the view of the AI-generated Facebook video AFP Fact Check found that a video showing the same scene as in the images is also circulating in India, with claims that it depicts a bridge collapse in Bihar. In Ethiopia, meanwhile, the video is being shared with claims that it shows a bridge collapsing due to an earthquake. The images recently shared in Nigeria are stills taken from this video. Several clues in the video indicate that the video is AI-generated. First, the video shows a group of people running towards the collapsing structure rather than running in the opposite direction, as people would be expected to do in the event of a disaster. Cars are also driving in the direction of the collapsing beam, rather than stopping. To find the origin of the video, AFP Fact Check conducted a reverse image search using the Google Lens tool. This led to a video published on Facebook on July 15, 2025, two days before the Keffi accident happened (archived here). The caption of the original video indicated that it was created using artificial intelligence. Image Screenshot matching features seen in the false Facebook post (left) to the AI-generated video The account that published the video belongs to a gaming content creator who shares various videos — some labelled as being AI-generated — with over 42,000 followers. The actual damage to the Keffi bridge was much less extensive than the scene in the AI-generated video, since the pillars did not collapse, as can be seen in this video report. More AFP Fact Check debunks about AI-generated content can be found here.
Daily Maverick
06-07-2025
- Daily Maverick
‘I didn't plan to give up on my dream for R1,500' — brave Eastern Cape traffic cop has no truck with bribes
When a truck driver offered her a bribe, she was not about to turn her back on what she had worked for. Estelle Ellis spoke to Celiné Milborrow in KwaNojoli. Celiné Milborrow (21), originally from Alexandria in the Eastern Cape and now living in KwaNojoli (formerly Somerset East), had a dream to be able to save lives. So when the opportunity arose to become a traffic officer, she thought this would be her chance, because she had seen what lawlessness on the roads could do. She was chosen for the Department of Transport's trainee programme and has been working as a rookie traffic officer for the past six months. 'On the day I saw the advertisement that they were recruiting for traffic officials, I applied immediately,' she said. She then successfully completed her training and was posted on the N10, where one of her jobs is to do vehicle inspections. She is serious and meticulous, speaking in clipped tones when she recalls the incident. In general, she explains, the morning starts with some administrative work and then she and her colleagues head out to the N10 where they inspect vehicles, among other tasks. Roadblocks on this road are one of the measures implemented to mitigate potential dangers posed by heavy traffic that is caused by the manganese carriers on their way to Nelson Mandela Bay, from where manganese is exported. Milborrow explained that she and some of her colleagues were working on the N10 doing vehicle inspections when they pulled the truck over. 'We don't work alone, we work together,' she said. The truck, a manganese carrier coming from the Northern Cape, was deemed a moving hazard. It had various defects, ranging from a loose steering rack to loose wiring in the cabin and tyres that were in a poor condition. It was clear to her that the condition of the truck violated several road rules. 'I was speaking to the driver when he told me I must not bother writing up a summons,' she said. 'He then offered me R1,500.' She immediately turned him down and, when she arrested him, he offered her money again. 'I am an ethical person,' she said. 'And I didn't plan to give up on my dream for a bribe,' Milborrow added. Eastern Cape Department of Transport spokesperson Unathi Binqose confirmed that Milborrow had arrested the driver. The truck was registered in the Northern Cape and was in a dangerous condition. Binqose confirmed that it was a manganese carrier. Eastern Cape transport MEC Xolile Nqatha applauded the officer for her 'act of bravery and absolute patriotism', putting public safety over personal gain. He said her actions would save lives. 'The N10 road has seen a lot of crashes involving trucks with defects like this one, not only claiming lives, but also resulting in lengthy road closures,' Binqose said. Minister of Transport Barbara Creecy said in January, when releasing the data on road safety during the festive season, that there was an 'appalling lack of respect' for traffic laws on South African roads. 'To give you a sense of the appalling lack of respect for the traffic laws, I want to share a few important numbers which will help all of us to better understand the very serious problem we are dealing with. 'Our law enforcement officers issued 711,184 fines for various traffic offences across the country. Some 23,607 fines were issued to drivers who failed to wear seatbelts, while another 16,925 motorists were fined for using cellphones while driving. 'Then, 16,527 vehicles were found to be unroadworthy and issued with traffic fines as well as having their motor vehicle licence discs removed, particularly in areas where vehicles could not be impounded due to lack of impoundment facilities. 'It must, however, be emphasised that in total, 48,917 motor vehicles were impounded in areas where facilities were available,' Creecy said. DM This story first appeared in our weekly Daily Maverick 168 newspaper, which is available countrywide for R35.
Zawya
21-04-2025
- Business
- Zawya
CBN: Aligning banks' recapitalisation with monetary, fiscal policies, FG's economic vision
In this piece, JOSEPH INOKOTONG reports how the Central Bank of Nigeria (CBN's) banks' recapitalization aligns monetary, fiscal policies with the Federal Government's vision of prosperity for the people, businesses and the economy. The Central Bank of Nigeria (CBN's) decision to embark on the recapitalisation of banks was to align monetary, fiscal policies with the Federal Government's vision of prosperity for the people, businesses, and economy. The exercise, which is far underway, is recording significant successes, with successful capital raising by many banks and a surge in credit expansion to the domestic economy. CBN Governor, Olayemi Cardoso, explained that with stronger capital bases, banks can provide more loans to businesses and support the government's quest for a $1 trillion economy. Building bigger and stronger banks comes with great benefits to the banks, their customers, and the wider economy. For a government that wants to grow its economy to the $1 trillion mark, the support of the financial services sector led by the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, is crucial. The CBN Governor had explained that bank recapitalisation ensures that lenders are well-capitalised, enabling them to take on greater risks, particularly in underserved markets. With stronger capital bases, banks can provide more loans and financial products to Micro Small and Medium Enterprises (MSMEs), rural communities, and other vulnerable segments that have previously struggled to access formal financial services. The CBN had on March 28, 2024, announced a two-year bank recapitalisation exercise which commenced on April 1, 2024, and is expected to end on March 31, 2026. The recapitalisation plan requires a minimum capital of N500 billion, N200 billion, and N50 billion for Commercial Banks with International, National, and Regional licenses, respectively. Others included merchant banks N50 billion; non-interest banks with national licence N20 billion, and non-interest banks with regional license will now have N10 billion minimum capital. The 24-month timeline for compliance ends on March 31, 2026. Cardoso said the recapitalisation policy not only strengthens financial stability but also serves as a catalyst for inclusive growth. 'By enabling banks to extend more credit to MSMEs, we enhance job creation and productivity. Furthermore, with increased capital, banks can invest in technology and innovation, crucial for driving digital financial services such as mobile money and agent banking. These technologies are keys to breaking down geographic and economic barriers, bringing financial services to even the most remote areas,' he stated. He said Nigeria has what it takes to deepen financial inclusion and support the growth of business and economy, stressing that the recapitalization exercise would also support the government's efforts to achieve a $1 trillion economy. The CBN further underscored the importance of banking recapitalisation as a major catalyst for the achievement of the $1 trillion economy agenda of the government. Banking sector remains robust Cardoso explained that the banking sector remains robust, with key indicators reflecting a resilient system. 'The non-performing loan ratio remains within the prudential benchmark of five percent, showcasing strong credit risk management. The banking sector liquidity ratio comfortably exceeds the regulatory floor of 30 percent, a level that ensures banks are maintaining adequate cash flow to meet the needs of customers and their operations. The recent stress test also reaffirmed the continued strength of our banking system. 'I am pleased to note that a significant number of banks have raised the required capital through rights issues and public offerings well ahead of the 2026 deadline. I believe that the banking sector is in a strong position to support Nigeria's economic recovery by enabling access to credit for MSMEs and supporting investment in critical sectors of our economy,' he said. Deputy Governor, Corporate Services, Central Bank of Nigeria (CBN), Ms. Emem Usoro, said the journey to a $1 trillion economy requires structured planning, clearly defined policies, unwavering implementation, and an inclusive approach that aligns public and private sector interests. In her Keynote address in Abuja at a seminar organised by the CBN for business editors and financial correspondents, Usoro said that one of the key components of the $1 trillion ambition is the recapitalisation of Nigerian banks. She noted that banks must be sufficiently capitalised to meet the financial demands of a larger and more dynamic economy. 'As we work towards building a $1 trillion economy, we must consider the recapitalisation of our banks to be able to fund, finance, and power the economy, and to favourably compete globally,' Usoro said. She further called for a collective effort from all stakeholders, adding that the financial system must be prepared to play its role in powering development. 'We should particularly pay significant attention to bank recapitalisation to ensure that our banks are strong, resilient and stable enough to carry out financial intermediation, and the much-needed financing of development projects and programmes,' Usoro said. Supporting her position, Dr. Olubuka Akinwumi, Director of the Banking Supervision Department at the CBN, provided insights into the state of the banking sector. He disclosed that banks have so far remained within the prudential thresholds stipulated by the regulator, including benchmarks for the capital adequacy ratio and non-performing loans. 'As we speak, all our banks are still within the prudential thresholds that were set. And they are actively pursuing various recapitalisation efforts,' Akinwunmi said. On the possibility of mergers and acquisitions, Akinwumi said such developments may occur naturally as banks assess their positions and seek strategic alignments. 'Banks are currently focused on raising their capital, but engagements are ongoing, and when the opportunities arise, they will be taken,' Akinwunmi added. Regarding the licensing of new banks, he confirmed a recent uptick in applications and approvals, noting that the apex bank continues to monitor and support institutions that align with national development goals. He said priority sectors such as agriculture, infrastructure, and manufacturing are receiving attention from both the government and financial institutions, as they are key to achieving a trillion-dollar economy. 'If you look at this year's national budget, it reflects a clear emphasis on critical sectors like health, education, infrastructure, and agriculture. Banks are taking cues from these priorities, recognizing them as viable areas for business expansion,' Akinwumi said. Responding to questions on how many internationally active banks had met the new N500 billion capital requirement, he noted that substantial progress has already been made. 'We are halfway through the journey in terms of timeline, and capital already raised; we are also at least halfway through. That is a positive signal,' he said. He added that starting the recapitalisation process early has helped insulate the financial system from emerging global and domestic shocks. 'The emerging global economic shifts and pressures were not lost on the management of the CBN. We started early. If we had waited till now, the challenges would have been greater. But we acted in time,' he remarked. Dr. Akinwumi expressed confidence that the recapitalisation requirements will be met, stressing that existing shareholders' funds continue to serve as a buffer. However, the CBN deliberately opted for fresh capital inflows, particularly from foreign investors who have shown renewed confidence in Nigeria's financial system. 'International perception of Nigeria's banking sector is improving. The reforms over the past year, especially around the foreign exchange regime and improved transparency regarding reserves, have boosted investor confidence,' he said. He cited recent disclosures on Nigeria's net reserves and improvements in regulatory credibility as key factors that are reshaping the outlook for foreign direct investment in the banking sector On the Loan to Deposit Ratio (LDR), Akinwumi explained that the current 50 percent benchmark does not reflect a reluctance to lend but rather a contextual response to inflation and other macroeconomic challenges. 'As the macroeconomic environment stabilizes, banks will naturally increase lending. It's a cautious approach to ensure that lending supports sustainable growth,' he said. He also touched on the Cash Reserve Ratio (CRR), stating that there has been marked improvement in transparency. Banks now have a clearer understanding of CRR computations, unlike in the past, which enhances predictability and compliance. Addressing Small and Medium Enterprises (SMEs) funding, he confirmed that banks continue to make provisions, but the CBN remains actively engaged to ensure proper disbursement and sectoral targeting. Supervisory oversight, he explained, is being deployed to verify compliance and effectiveness of disbursed funds. On incentives, he said the most powerful incentive for banks lies in the opportunities provided by a growing economy. 'A stronger bank can take on big-ticket businesses, including infrastructure financing. The current reforms, such as the infrastructure concessioning plans, present viable business opportunities for well-capitalized banks,' Akinwumi explained. The capital verification process, according to him, is thorough and designed to ensure that only legitimate, unborrowed funds are used for recapitalisation. An industry-wide tracking mechanism has been established to streamline verification across institutions and enhance collaboration. 'Our examiners follow each capital trail meticulously, moving from one bank to another as necessary. Even if it's not your bank under verification at that moment, we expect full cooperation to trace the sources of capital,' he said. On the broader question of resilience to global shocks, he maintained that Nigerian banks are being positioned to remain attractive to investors and capable of withstanding external disruptions. 'CBN is monitoring developments closely and adjusting where necessary. The recapitalisation process is not just about compliance, it's about long-term stability, competitiveness, and economic transformation,' he said. The Group Managing Director of United Bank for Africa (UBA), Mr. Oliver Alawuba, described the CBN's ongoing bank recapitalisation policy as both timely and essential in positioning the financial system to meet the demands of a growing and globally competitive economy. According to Alawuba, the initiative is expected to boost the resilience of the banking sector by strengthening its capacity to withstand economic shocks such as inflation, currency volatility, and global geopolitical disruptions. He noted that the policy will also place Nigerian banks on a stronger footing to finance the country's long-term economic transformation, including funding of large-scale infrastructure and industrial projects. Alawuba stressed that the recapitalisation policy goes beyond regulatory compliance, but is a forward-looking strategy aimed at equipping Nigerian banks to operate at the scale and sophistication required by a trillion-dollar economy. He said the move would enhance the sector's ability to support both traditional economic drivers, such as oil and gas, agriculture, and manufacturing, as well as emerging sectors like fintech, green energy, and infrastructure development. 'Nigerian banks need adequate capital buffers to meet the evolving demands of these sectors. Without this, the industry cannot effectively rise to the challenge,' he said. Alawuba pointed out the sharp contrast between Nigerian banks and their counterparts in more advanced economies, where bank assets typically range from 70 to 150 percent of Gross Domestic Product (GDP). In Nigeria, bank assets accounted for just 11.97 percent of GDP as of 2024, a gap he said must be addressed if the country's financial system is to align with international standards. He commended the CBN's recent directive mandating a significant increase in minimum capital thresholds, describing it as recognition of the urgent need for stronger financial institutions capable of delivering on national priorities such as infrastructure expansion, digital transformation, inclusive financial services, and economic diversification. Alawuba reiterated that a robust, well-capitalised banking sector is critical for Nigeria's aspiration to become a one trillion-dollar economy, and the recapitalisation drive is a step in the right direction to achieve that goal.
Zawya
17-03-2025
- Business
- Zawya
Sycamore Secures License from Nigeria's Securities and Exchange Commission (SEC), Appoints Capital Markets Veteran to Lead Asset Management Arm
Sycamore ( a Nigerian fintech with over N10 billion in assets under management, today announced two strategic developments that position it for its next growth phase. The company has secured a license from Nigeria's Securities and Exchange Commission (SEC) to operate as a fund/portfolio manager and has appointed former ARM Securities Managing Director Oluwagbenga Magbagbeola to lead its asset management arm. This SEC license places Sycamore among a select group of regulated investment firms in Nigeria's competitive financial sector. Sycamore Group CEO Babatunde Akin-Moses said, "Securing our SEC license represents the culmination of years of building institutional-grade compliance systems that protect investor interests. With this regulatory foundation and Oluwagbenga's proven investment expertise, we're uniquely positioned to deliver performance and security to investors navigating Africa's complex market conditions." Reinforcing this commitment, Co-founder and CCO Onyinye Okonji noted, "This milestone reflects our commitment to operating at the highest standards of financial governance. Our team underwent a rigorous evaluation process, during which regulators examined our governance structures, risk management frameworks, and client protection mechanisms." Oluwagbenga Magbagbeola joins Sycamore with 17 years of capital markets experience, spanning roles at ARM Securities, FBNQuest Securities, and Profund Securities. At ARM Securities, Magbagbeola led the development of investment strategies that consistently performed against market benchmarks during challenging economic cycles, including Nigeria's recent periods of currency volatility and inflation. "Joining Sycamore allows me to bridge traditional capital markets expertise with fintech innovation at precisely the right time," said Magbagbeola. "The SEC license creates a regulatory framework for what many Nigerians are already seeking – protected pathways for investment diversification during economic uncertainty." Empowering its institutional approach is Sycamore's cutting-edge technology infrastructure. Mayowa Adeosun, co-founder and COO, explained, "Our proprietary investment platform represents years of innovation in applying financial technology to local market conditions." "We've leveraged artificial intelligence and machine learning to analyse market trends and optimise portfolio allocations across multiple asset classes, resulting in more responsive investment strategies tailored to Nigeria's dynamic market conditions," Adeosun added. The company's recently upgraded mobile app transforms how clients manage their investments. Through an intuitive dashboard, investors can now access institutional-grade portfolio analytics that provide clear visibility into performance, risk exposure, and growth opportunities. A standout feature is the new Multi-Currency Wallet, which directly addresses clients' needs for currency diversification by allowing users to hold and invest funds across USD, EUR, GBP, and NGN. This capability, backed by Sycamore's SEC-licensed status, provides investors with a regulated channel for managing currency exposure. Distributed by APO Group on behalf of Sycamore Investment and Asset Management Ltd. About Sycamore: Sycamore, founded in 2019 by Babatunde Akin-Moses, Onyinye Okonji, and Mayowa Adeosun, has evolved into a technology-driven asset management firm. The company's achievements include becoming the first Nigerian fintech to gain approval from the Federal Competition and Consumer Protection Commission (FCCPC), winning the Nigeria Sovereign Investment Authority (NSIA) competition, and securing its SEC license. With over N10 billion in assets under management, Sycamore offers personalised investment approaches tailored to meet each client's unique needs. About Oluwagbenga Magbagbeola: Oluwagbenga Magbagbeola is a Chartered Stockbroker and Associate Member of the Institute of Chartered Secretaries and Administrators with over 17 years of experience in the investment industry. His career spans roles at Profund Securities and FBNQuest Securities, and most recently, he was the Managing Director of ARM Securities Limited. Mr. Magbagbeola brings a proven track record of success in investment strategy, market analysis, and stakeholder engagement to his new role at Sycamore.
