In a worrying trend, bandits and criminal syndicates in Nigeria have reportedly been exploiting pre-registered SIM cards to circumvent the National Identification Number (NIN)-SIM registration requirements, a major security initiative aimed at combating crime and improving traceability. This discovery has raised concerns about the effectiveness of the NIN-SIM integration in tracking criminals, as these pre-registered SIMs allow users to bypass government surveillance and continue illicit activities without leaving a traceable digital footprint. Exploiting Loopholes in NIN-SIM Policy The NIN-SIM policy, launched to create a reliable identification system linking every SIM card to a registered NIN, was designed to improve national…
Author: Temitope N.
The Securities and Exchange Commission (SEC) has announced plans to incorporate cybersecurity and artificial intelligence (AI) into its curriculum as part of a broader effort to modernize training standards within Nigeria’s financial sector. The review aims to equip finance professionals with the knowledge and skills to address the rapidly evolving digital landscape, particularly as technology continues to transform financial markets globally. This initiative is part of SEC’s response to the growing need for advanced digital competency in safeguarding Nigeria’s financial ecosystem. Addressing Emerging Threats and Opportunities in Finance SEC’s move to include cybersecurity and AI reflects its commitment to addressing…
John Obaro, the founder and managing director of SystemSpecs, a leading African technology firm, has received a prestigious award for his significant contributions to leadership and innovation in the technology space. Obaro was honored at the recent Leadership Technology Awards for his instrumental role in shaping Africa’s financial technology landscape and for his visionary leadership in expanding digital solutions across the continent. Pioneering Financial Technology in Africa Obaro’s recognition is rooted in his transformative impact on Africa’s financial technology industry. Under his guidance, SystemSpecs introduced Remita, a widely-used payment platform that has revolutionized payment collection and processing in Nigeria. Remita…
The Fisheries Society of Nigeria (FISON) has urged the government to establish a national institute dedicated to fisheries and aquaculture to address critical challenges in the sector and drive sustainable growth. According to FISON, a dedicated institute would play a vital role in advancing research, training, and policy development, while promoting economic benefits and food security. Importance of a Fisheries Institute Nigeria’s fisheries and aquaculture sector is a significant part of the country’s agricultural landscape, providing employment and a critical source of protein for millions of Nigerians. However, the sector faces challenges, including limited research, inadequate training facilities, and outdated…
Ghana is advocating for the introduction of a regional currency within the Economic Community of West African States (ECOWAS) as a means to facilitate fuel purchases from the newly operational Dangote Refinery in Nigeria. This call for a regional currency comes amidst growing economic challenges and currency depreciation faced by several West African countries, with the potential to enhance trade, reduce reliance on external currencies, and improve stability across the region. Proposal for an ECOWAS Currency The proposed ECOWAS currency, known as the “eco,” has been in discussion for over two decades as part of an effort to integrate and…
Vitafoam Nigeria Plc, one of the country’s largest foam manufacturers, has reported a substantial increase in its revenue, reaching N82.58 billion for the fiscal year ending 2024. This impressive growth in revenue underscores Vitafoam’s resilience and adaptability amid challenging economic conditions, including fluctuating currency values, inflationary pressures, and increased production costs. Key Factors Driving Revenue Growth Several factors contributed to Vitafoam’s improved financial performance. A strategic expansion in product lines and an increased market reach, both domestically and regionally, were primary drivers. The company has broadened its product portfolio to meet the demands of a diverse consumer base, offering a…
Egbin Power Plc, one of Nigeria’s largest power generation companies, has reinforced its commitment to employee safety and wellbeing by implementing a series of new health, safety, and environment (HSE) measures aimed at ensuring a secure work environment across its operations. The company, which plays a pivotal role in powering Nigerian households and industries, has long emphasized safety in its workplace and recently unveiled an upgraded HSE framework to enhance safety practices for its employees. A Renewed Focus on Health and Safety Standards As part of its renewed safety drive, Egbin Power has introduced a more comprehensive approach to employee…
Amid ongoing power challenges in Katsina, the state has taken significant strides towards renewable energy solutions, aiming to reduce its reliance on the national grid and enhance energy access for its communities. As power outages continue to disrupt daily life and local industries, renewable energy projects, particularly solar, are gaining traction as sustainable alternatives to traditional power sources in the state. Power Challenges and the Push for Renewables Like many areas across Nigeria, Katsina has been dealing with erratic power supply issues that hinder economic development, impact education, and create difficulties for essential services. Small businesses and industries have faced…
Nigeria is setting its sights on the booming $5 billion global carnival market, according to Vice President Kashim Shettima. With vibrant cultural heritage and popular local festivals, the country aims to capitalize on the economic and tourism opportunities that carnival participation can offer. Nigeria’s involvement is expected to foster job creation, boost the local economy, and elevate the nation’s cultural profile on the international stage. Growing Global Carnival Market The global carnival market has grown into a multibillion-dollar industry, attracting millions of tourists annually and creating lucrative opportunities for host cities. From Rio de Janeiro’s iconic Carnival to the Caribbean’s…
Nigeria’s mining sector has contributed a record N1.1 trillion to the federation account, marking a significant milestone for the industry. This achievement reflects the sector’s growing role in the nation’s revenue stream and underscores its potential to contribute meaningfully to Nigeria’s economic diversification efforts. The figures, disclosed in a recent report, show the results of policy reforms aimed at revitalizing mining operations, enhancing transparency, and ensuring that the sector fulfills its revenue-generating potential. A Boost from Policy Reforms The substantial remittance to the federation account follows various government initiatives intended to reform the mining sector. Policies introduced by the Ministry…