As financial fraud becomes more sophisticated, industry operators are turning to artificial intelligence (AI) as a crucial weapon to combat fraudulent activities. Experts believe AI-powered systems can enhance fraud detection, reduce financial crime, and protect consumers from cyber threats. With financial institutions facing an increasing number of scams, including identity theft, phishing, and unauthorized transactions, AI is being recommended for its ability to analyze vast amounts of data in real time. By leveraging machine learning algorithms, AI can detect unusual patterns, flag suspicious transactions, and prevent fraudulent activities before they escalate. According to industry leaders, traditional fraud prevention methods are…
Author: Temitope N.
The National Insurance Commission (NAICOM) and the Federal Road Safety Corps (FRSC) are ramping up efforts to ensure better enforcement of third-party motor insurance across Nigeria. The move aims to improve road safety and ensure compliance with mandatory insurance policies for vehicle owners. As part of this initiative, both agencies have agreed to share data and enhance digital verification of insurance policies to curb the rising cases of fake insurance documents. By integrating their databases, FRSC officials will have real-time access to valid insurance records, making it easier to identify non-compliant motorists during routine checks. NAICOM has reiterated its commitment…
The Federal Government has projected that Nigeria’s real estate sector will grow to an estimated value of $2.25 trillion by 2025, driven by increasing urbanization, infrastructure development, and rising demand for housing and commercial spaces. The Minister of Housing and Urban Development, Ahmed Dangiwa, made this announcement while addressing industry stakeholders in Abuja. He emphasized that the government is implementing key policies to unlock the sector’s full potential, attract investment, and bridge Nigeria’s housing deficit. “Nigeria’s real estate market is on a strong growth trajectory. With the right investment climate and policy framework, we expect the sector to hit $2.25…
Abike Dabiri-Erewa, the Chairman of the Nigerians in Diaspora Commission (NIDCOM), has lauded Nigerian entrepreneur and philanthropist, Edoki, on her nomination for a prestigious award in the United Kingdom. The recognition, which highlights Edoki’s outstanding contributions in her field, has brought pride to Nigeria, with Dabiri-Erewa celebrating her achievements. In a statement, Dabiri-Erewa expressed pride in Edoki’s accomplishments, noting that her nomination underscores the growing influence of Nigerians abroad and their role in global development. “This is another milestone for a Nigerian making us proud on the international stage. Edoki’s nomination is a testament to her dedication and excellence, and…
The Nigerian Communications Commission (NCC) has approved a 10-year renewal for MTN Nigeria’s first 800MHz spectrum licence, a key move that will allow the telecom giant to continue expanding and enhancing its network services across the country. The approval of the licence renewal is seen as a significant milestone for MTN, as it secures access to valuable spectrum that is critical for delivering high-speed mobile data and expanding its network coverage. The 800MHz frequency is particularly important for operators seeking to improve the quality and reach of their services, especially in underserved and rural areas. MTN Nigeria, in a statement,…
Stanbic IBTC Holdings has announced plans to channel 27% of its recently raised capital through a rights issue into supporting small and medium-sized enterprises (SMEs) and expanding its commercial banking operations. This strategic move is part of the institution’s broader effort to drive economic growth and strengthen its position in Nigeria’s financial sector. The rights issue, which successfully raised significant funds from shareholders, is expected to enhance the bank’s ability to provide tailored financial solutions for businesses. By increasing its focus on SMEs, Stanbic IBTC aims to address one of Nigeria’s critical economic challenges: limited access to capital for small-scale…
The Nigeria Labour Congress (NLC) has expressed strong disapproval of the Federal Government’s decision to allocate N8 billion for sensitization on electricity bills, calling it an unnecessary expenditure in the face of pressing national challenges. In a statement, the NLC criticized the allocation as wasteful, arguing that such funds could be better utilized to address the lingering issues in Nigeria’s power sector, including infrastructure deficits and erratic electricity supply. The union described the move as insensitive to the struggles of Nigerians grappling with high energy costs and unstable power supply. “It is unacceptable that such a huge sum is being…
Borno State Governor Babagana Zulum and Senator Ali Ndume have been commended for their humanitarian effort in sponsoring free cataract surgeries for 1,000 patients in the state. The initiative, aimed at restoring sight to those affected by cataracts, has been lauded as a life-changing intervention for many underserved residents. The surgeries, carried out at a specialized medical camp, were facilitated by a team of local and international eye care professionals. Beneficiaries, many of whom had suffered from severe vision impairment, expressed gratitude for the program, describing it as a blessing that has renewed their hope and improved their quality of…
The Federal Government is preparing to impose a fine of N300 million on Royal Air Maroc for alleged infractions against passenger rights in Nigeria. The proposed sanction follows multiple complaints from passengers regarding the airline’s failure to comply with aviation regulations and standards. According to the Nigerian Civil Aviation Authority (NCAA), the infractions include consistent delays, flight cancellations without adequate notice, and poor handling of passenger complaints. Officials stated that these breaches have caused significant inconvenience and financial losses to Nigerian travelers. “The Federal Government is committed to ensuring that airlines operating in Nigeria adhere strictly to aviation rules and…
The Federal Government has granted approval for the establishment of a refinery with a capacity to process 10,000 barrels of crude oil per day. This move is part of ongoing efforts to boost local refining capacity, reduce reliance on imported petroleum products, and enhance energy security in Nigeria. The refinery, which will be privately owned and operated, is expected to contribute significantly to the domestic supply of refined petroleum products such as petrol, diesel, and kerosene. It aligns with the government’s broader strategy to encourage private sector participation in the downstream oil and gas sector. In a statement, the Ministry…