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House committee warns of rising POS, cryptocurrency fraud threatening Nigeria’s financial system

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House committee warns of rising POS, cryptocurrency fraud threatening Nigeria’s financial system

The House of Representatives Ad-hoc Committee investigating cryptocurrency adoption and Point-of-Sale (POS) operations has raised fresh alarms over a worsening financial fraud crisis that threatens Nigeria’s financial system.

At a resumed investigative hearing on Monday, Committee Chairman Hon Olufemi Bamisile said engagements with stakeholders exposed “deep gaps” in the digital finance ecosystem, putting citizens at significant financial and security risks.

Bamisile highlighted reports of unprofiled agents, cloned terminals, anonymous transactions, and weak Know-Your-Customer (KYC) practices, which have fueled rising POS fraud nationwide. He also expressed concern over unlicensed cryptocurrency operations infiltrating POS networks, noting the serious risks these pose, including money laundering, terrorism financing, data breaches, and misuse of platforms intended for basic payments.

The Committee was further alerted to cases of fraudulent companies registered at the Corporate Affairs Commission (CAC) using stolen National Identification Numbers (NIN) and Bank Verification Numbers (BVN) to launder funds through unverified POS channels. The storage of sensitive financial data on foreign servers by some fintech firms, Bamisile said, undermines regulatory oversight and national security.

Despite the warnings, he stressed that the investigation aims to strengthen consumer protection, harmonise regulation, and support responsible digital finance innovation rather than stifle growth.

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Speaking at the hearing, Paul Okafor, National President of the Association of Digital Payment and POS Operators of Nigeria (ADPPON), warned that Nigeria’s POS ecosystem has reached a “critical emergency point.” Fraud levels, he said, now constitute a direct national security threat.

Okafor revealed that the number of POS operators grew from 50,000 in 2017 to over 2.3 million today, overwhelming regulatory capacity, which expanded by less than 10 percent in the same period. Data from the Nigeria Inter-Bank Settlement System (NIBSS) showed that POS, digital payment, and banking channels lost N17.67 billion to fraud in 2023, rising sharply to N52.26 billion in 2024 — an increase of N34.59 billion in a single year.

He noted that POS-related fraud incidents surged by 95 percent in Q4 2024, with more than 38,000 cases officially reported and an estimated 70,000 unreported cases. Criminals are increasingly using POS agents as cash-out points for illicit funds, including kidnap ransom payments, with some states reporting that nearly 40 percent of ransom payments pass through informal POS channels.

Okafor urged the Committee to compel the Central Bank of Nigeria (CBN) to implement systemic reforms to restore trust, improve financial inclusion, and secure the nation’s payment ecosystem. His recommendations included:

  1. Mandatory Nigeria Police Force–NCCC Cybercrime Clearance Certificates for all POS operators.
  2. Compulsory CAC registration for every POS business to ensure traceability.
  3. Mandatory membership of recognised trade associations for discipline, training, and self-regulation.

He cited global best practices from India, Kenya, Brazil, South Africa, and the UK, which enforce strict oversight, police vetting, and continuous certification to curb financial fraud.

Okafor concluded that POS services now touch virtually every household, market, and community, making urgent reforms critical to protecting Nigeria’s digital payment infrastructure.

House committee warns of rising POS, cryptocurrency fraud threatening Nigeria’s financial system

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2027 Polls: Christian Group Cautions Shari’a Council Over INEC Boycott Threat

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Independent National Electoral Commission (INEC), Chairman Prof. Joash Amupitan
Independent National Electoral Commission (INEC), Chairman Prof. Joash Amupitan

2027 Polls: Christian Group Cautions Shari’a Council Over INEC Boycott Threat

The Christian Social Movement of Nigeria (CSMN) has cautioned against attempts to politicise the leadership of the Independent National Electoral Commission (INEC), warning that threats to boycott elections on religious grounds could heighten tensions and weaken public confidence ahead of the 2027 general elections.

In a joint statement signed by its Governing Council Chairman, Elder Sunday Oibe, and Chief Executive Officer, Bosun Emmanuel, the group urged religious bodies and socio-political organisations to exercise restraint in public pronouncements capable of straining Nigeria’s already fragile political and security environment.

The warning followed a recent call by the Supreme Council for Shari’ah in Nigeria (SCSN) for the resignation of INEC Chairman, Prof. Joash Amupitan. Speaking at its 2026 pre-Ramadan lecture in Abuja, the Islamic body described the INEC chairman as a threat to electoral credibility and cautioned that Muslims might reject elections conducted under his leadership, citing concerns about neutrality and integrity.

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Reacting to the development, CSMN clarified that its position was not in defence of any administration or individual but a principled appeal to safeguard the credibility of Nigeria’s electoral process. The group stressed that appointments into key national institutions such as INEC leadership must strictly follow constitutional provisions rather than religious or sectional pressure.

“With the numerous challenges facing Nigeria, all well-meaning citizens must exercise restraint in words and actions that could escalate an already volatile situation,” the statement read.

The organisation noted that previous administrations had appointed INEC chairmen from different religious backgrounds without triggering threats of election boycotts. It warned that injecting religion into the administration of elections risks deepening divisions and undermining trust in democratic institutions.

CSMN further observed that leadership appointments in federal institutions have historically reflected Nigeria’s diversity and should not be exploited for religious mobilisation. According to the group, sustained religious polarisation could erode confidence in national institutions and weaken democratic stability ahead of 2027.

On broader constitutional concerns raised by some Islamic organisations, the Christian body called for clearer legal interpretation of the role of Sharia within Nigeria’s plural legal system, advocating long-term constitutional reforms aimed at promoting equity, justice and national unity.

The group urged religious leaders, civil society organisations and political actors to embrace dialogue, respect institutional processes and prioritise national cohesion. It emphasised that Nigeria’s stability depends on reducing religious confrontation rather than intensifying it as preparations gradually begin for the next electoral cycle.

2027 Polls: Christian Group Cautions Shari’a Council Over INEC Boycott Threat

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Suspected IED Explosion Rocks Bayelsa Secretariat, Police Arrest Suspect

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Bayelsa State Commissioner of Police, Iyamah Daniel
Bayelsa State Commissioner of Police, Iyamah Daniel

Suspected IED Explosion Rocks Bayelsa Secretariat, Police Arrest Suspect

A suspected improvised explosive device (IED) detonated early Wednesday at the Bayelsa State Secretariat Complex in Yenagoa, prompting an emergency response from security agencies and temporarily disrupting official government activities. Authorities have assured the public that the situation is under control, with no casualties and no property damage reported.

The Bayelsa State Police Command, led by Commissioner CP Iyamah Daniel, confirmed the incident, stating that the explosion occurred at approximately 6:00 a.m. Security operatives, including the Explosive Ordnance Disposal (EOD) Unit, the Special Drone Unit, and other tactical teams, were immediately deployed to the scene to contain the situation.

Upon arrival, police cordoned off the area and conducted a detailed search, during which they discovered another unexploded device, which was safely neutralised by EOD personnel. The swift response ensured that the Secretariat and nearby facilities were secured without further incident.

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Police also arrested a suspect, identified as Pentecost Elijah, a 60-year-old man from Otuan Community in Southern Ijaw Local Government Area. He is currently undergoing interrogation at the State Criminal Investigation Department, and authorities stated he will be charged in court once investigations are concluded.

In response to the explosion, the Bayelsa State Government ordered a temporary four-hour closure of the Secretariat, affecting over 6,000 state employees. The directive, issued by the Head of Service, Dr Wisdom Ebiye Sawyer, allowed security agencies to complete safety checks and restore normalcy.

Access roads leading to the State Secretariat and Bayelsa State Government House were cordoned off during the security operation, while officers urged residents to remain calm and vigilant. Authorities also called on the public to report any suspicious activities to the police to prevent further threats.

The incident has raised concerns over the security of government institutions in Nigeria and highlighted the importance of emergency preparedness, bomb detection, and rapid response operations. Residents have been assured that normal operations have resumed and that the security of the secretariat and its staff remains a top priority.

Suspected IED Explosion Rocks Bayelsa Secretariat, Police Arrest Suspect

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Electricity Workers Serve 21-Day Nationwide Strike Notice to FG

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National Union of Electricity Employees (NUDE)

Electricity Workers Serve 21-Day Nationwide Strike Notice to FG

Electricity workers under the National Union of Electricity Employees (NUEE) have issued a 21-day nationwide strike notice to the Federal Government (FG), warning of potential disruption to power generation and distribution if longstanding labour grievances are not addressed. The union cited anti-labour practices, wage violations, unpaid pensions and taxes, and worsening job insecurity across the Nigerian Electricity Supply Industry (NESI) as the basis for their action.

In a letter dated January 26, 2026, addressed to the Minister of Power, NUEE’s Acting General Secretary, Igwebike Dominic, lamented that repeated attempts to resolve precarious working conditions in power generating companies (Gencos) and distribution companies (Discos) since the privatisation of the sector over 12 years ago have been largely ignored. The union emphasised that previous communications to the ministry failed to elicit meaningful responses.

The union accused sector employers of refusing to negotiate or implement collective agreements and conditions of service, particularly in Gencos. They also highlighted the failure to implement the 2025 National Minimum Wage Act and consequential adjustments for electricity workers. According to NUEE, the sector remains plagued by managements that disregard procedural agreements and workers’ statutory rights.

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Workers further decried restrictions on union activities, claiming that employers deny employees the constitutional right to unionise. The union said that deducted union dues, Pay As You Earn (PAYE) taxes, and pension contributions have not been remitted for prolonged periods, in some cases stretching to 82 months in Discos including those in Kaduna and Kano states.

NUEE also raised concerns about the “militarisation” of workplaces, alleging harassment, intimidation, and threats against employees by managements of companies such as Ikeja Electric and Egbin Power Plc. They stressed that despite repeated electricity tariff hikes and increased revenues, workers’ welfare has stagnated, with no promotions, salary increments, or bonuses, while frontline staff often bear the brunt of customer frustrations.

The union also accused investors in the sector of failing to fulfil post-privatisation promises, including capital injection, metering, network expansion, and improved power supply, citing these as evidence of the privatisation exercise’s shortcomings.

NUEE has called on the Federal Government to urgently intervene by convening all stakeholders to resolve the crisis. The union warned that continued neglect would leave workers with no choice but to take “legitimate labour action” to defend their rights. “We demand the immediate resolution of all these anti-labour issues within twenty-one days of the receipt of this letter. Otherwise, we will not be constrained to take our fate into our hands by employing any legitimate labour weapon suitable for the situation. This is not a threat,” the statement said.

The notice signals rising tensions in the Nigerian power sector, with potential nationwide consequences if negotiations fail. Observers say any prolonged strike could significantly affect households, businesses, government institutions, and the overall economy, highlighting the urgent need for intervention to avert a power supply crisis.

Electricity Workers Serve 21-Day Nationwide Strike Notice to FG

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