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Oshiomhole Seeks Tougher Regulation of Fintech Firms After Cyber Fraud Experience

Published

2 months ago

December 5, 2025

Senator Adams Oshiomhole

Oshiomhole Seeks Tougher Regulation of Fintech Firms After Cyber Fraud Experience

Senator Adams Oshiomhole, representing Edo North, has called on the National Assembly to intensify regulatory oversight of financial technology (fintech) operators, warning that many platforms outside mainstream banking are increasingly being used for fraudulent transactions.

Speaking during Thursday’s plenary on a bill to amend the Banks and Other Financial Institutions Act (BOFIA), Oshiomhole urged lawmakers to scrutinize the proposed changes thoroughly to ensure all regulatory loopholes are closed. The bill seeks proper designation, registration and stronger supervision of systemically important financial institutions.

Sharing a personal experience, Oshiomhole revealed that cybercriminals who hacked his bank account channelled the stolen funds through OPAY and Moneypoint, rather than through traditional banks.

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“When they hacked into my account, I found that all the institutions used were OPAY and Moneypoint—none of the registered banks were used,” he said. He added that many such fintech operators lack physical branches, do not employ significant local labour, and show little social responsibility.

The former Edo governor argued that the amendment will help set minimum operational and regulatory benchmarks for technology-driven financial service providers, noting the lack of transparency around their ownership structures.
“For example, I know all the directors of First Bank, Access Bank and Zenith Bank, but I don’t know the directors of OPAY or Moneypoint,” he said.

He warned that if any major fintech platform collapses, government would ultimately bear the burden of protecting Nigerians who lose their funds.

Oshiomhole stressed that the National Assembly must strengthen the legal framework, as laws carry greater force than Central Bank of Nigeria (CBN) guidelines.

The bill, sponsored by Senator Tokunbo Abiru of Lagos East, scaled second reading after deliberation.

Oshiomhole Seeks Tougher Regulation of Fintech Firms After Cyber Fraud Experience

Related Topics:Featured Fintech Moneypoint Opay Oshiomhole

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EFCC Arraigns Mompha’s Associate Over Alleged ₦206m Fraud

Published

2 hours ago

January 21, 2026

Trends Admin

EFCC Arraigns Mompha’s Associate Over Alleged ₦206m Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned Sarumi Samusudeen Babafemi, an associate of social media personality Ismaila Mustapha (Mompha), alongside three corporate entities, over an alleged ₦206 million fraud before the Lagos State Special Offences Court, Ikeja.

Babafemi — Managing Director and CEO of 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited — faces five counts of conspiracy, concealment, and transfer of proceeds of crime, allegedly committed between 2013 and 2018. The EFCC claims the offences involved large sums, including ₦37.6 million and ₦93 million transferred to third parties, with knowledge that the funds were proceeds of unlawful acts.

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When the charges were read, Babafemi pleaded not guilty. His defence lawyer, SAN Kunle Adegoke, filed a bail application, which the court granted, ordering that Babafemi be released to his counsel upon signing an affidavit of undertaking to appear in court. The trial is now scheduled to commence on March 24, 2026.

The EFCC said Babafemi acted in concert with Mompha and other co-accused — Ridwan Momodu Allison (Osama) and Richard Ugbah, who are currently at large — to facilitate the alleged money laundering scheme. This latest prosecution comes as part of broader EFCC efforts to tackle financial crimes and fraud networks linked to high-profile figures in Nigeria.

EFCC Arraigns Mompha’s Associate Over Alleged ₦206m Fraud

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Police U-Turn: Worshippers Abducted in Kaduna, Security Forces Deployed

Published

3 hours ago

January 21, 2026

Trends Admin

Police U-Turn: Worshippers Abducted in Kaduna, Security Forces Deployed

The Nigeria Police Force has officially confirmed that worshippers were abducted during attacks on churches in Kurmin Wali, Kajuru Local Government Area, Kaduna State, after initially denying the reports. The reversal comes as security agencies deploy tactical units to rescue the victims and secure the area.

Eyewitnesses and local sources say armed gunmen stormed multiple churches, including ECWA and Cherubim and Seraphim, during Sunday services, seizing dozens of worshippers. Community leaders report that over 170 people may have been abducted, with some survivors managing to escape.

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The Christian Association of Nigeria (CAN) and other local bodies have condemned the attacks and called for an urgent and thorough rescue operation. Authorities say they are intensifying efforts to locate and safely recover the victims, amid growing national concern over mass kidnappings in northern Nigeria.

The incident highlights ongoing security challenges in Kaduna State and other northern and central regions, where armed gangs and kidnappers frequently target vulnerable communities, often for ransom or political leverage. Families of the abducted worshippers continue to appeal for swift action as the rescue operations proceed.

Police U-Turn: Worshippers Abducted in Kaduna, Security Forces Deployed

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Presidency Accuses IPOB of Spreading False Christian Genocide Claims in Nigeria

Published

3 hours ago

January 21, 2026

Trends Admin

Daniel Bwala, Special Adviser on Policy Communication to President Bola Tinubu

Presidency Accuses IPOB of Spreading False Christian Genocide Claims in Nigeria

The Presidency of Nigeria has accused the Indigenous People of Biafra (IPOB) of deliberately spreading false claims of a Christian genocide, saying the narrative is being amplified to mislead international opinion and influence foreign policy. Daniel Bwala, Special Adviser on Policy Communication to President Bola Tinubu, described the reports as propaganda lacking verification and stressed that they do not reflect the reality of Nigeria’s security situation.

Bwala’s remarks follow widespread reports linking the so-called genocide narrative to statements from IPOB and affiliated actors, which have circulated on social media and attracted attention from international media and some foreign lawmakers. According to the Presidency, these claims oversimplify Nigeria’s complex security challenges, which include terrorism, banditry, and communal violence, rather than targeted religious persecution.

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The controversy has drawn U.S. congressional attention, with some lawmakers reportedly considering diplomatic responses. In response, the Nigerian Government has engaged U.S.-based lobbyists to highlight its efforts in protecting all citizens, regardless of faith, and to correct misleading narratives surrounding violence in the country.

Religious and civic leaders in Nigeria remain divided. While some dismiss the genocide claims as exaggerated and potentially divisive, others acknowledge violence against Christians but caution that framing it as genocide misrepresents the broader security context. Analysts warn that the debate over religious persecution and misinformation has significant implications for national unity, international perception, and Nigeria’s foreign relations.