Category: Business Day

Boko Haram terrorists shot and killed one person and abducted four young girls in renewed attacks on the border town in Gwoza Local Government Area, southern Borno State, eyewitnesses have said.

The terrorists came in their multitudes and overpowered the Joint Task Force in Kirawa town, Monday, razing more than 20 commercial vehicles and shops with goods worth millions of naira.

It was gathered that the multinational joint task force had withdrawn most of its personnel after brutal attacks on their bases led to the death of 20 soldiers.

According to a VJTF source, the palace of the District Head of Kirawa, Alhaji Abdulrahaman Abubakar, was equally burnt after the invaders looted and carted away valuable items.

The source said, ‘One resident was shot dead in the attack Monday night that lasted for hours. They abducted four young girls ages between 10-13 years.’ Another source added, ‘the terrorists invaded our community around 9 pm on motorbikes, burning other structures, shops and more than 20 vehicles.

‘We are left to face our fate. We haven’t had soldiers for more than two months now; as you see, this town (Kirawa) is very strategic in term of economic activity between Nigeria and Cameroon.’

Yakubu Kirawa, the Chairman of the Kirawa Development Association, while corroborating the account, called for the establishment of a brigade in the community to safeguard the lives and properties. He said the assailants shot at people and displaced many residents to Cameroon.

‘They arrived in the community around 9 pm and shot sporadically; they burnt houses and shops, and many of our people ran to Cameroon. One person was also shot.

While calling for a military base, he said, ‘Being a border community where it is just a river that separates us and Cameroon, we are requesting the federal government to establish a brigade and increase military deployment.’

A resident in the community, Shaibu Abdul, confirmed that the palace of the district head was burnt down.

‘They attacked the palace of the district head, Alhaji Abdulrahman Abubakar and burnt down his house, although, he escaped the attack,’ he said.

Meanwhile, the Senator representing Borno South Senatorial districts, Ali Ndume in an electronic communication said, ‘the renewed Boko Haram attacks in Kirawa and other communities have became a source of concern and frustrating, as many resilient Internally Displaced Persons have returned back to their ancestral homes that were facilitated and supported by Governor Babagana Zulum’.

The Senator troops appealed to the military authorities to ‘deploy more troops and or platoons in the affected areas of Kirawa, Ngoshe, Agapalwa, Chikide among other vulnerable communities’.

He also reiterated his call on the federal government and the Nigerian Military to deploy drones, Attack Helicopters, as well as use Technology, Equipment, Arms and Ammunition, Motivation (TEAAM).

He said; ‘It is the only way to end the over decade Boko Haram atrocities in Borno, North East and other parts of the country.’ he added.

Kylian Mbappe scored a hat-trick as Real Madrid thrashed Kairat 5-0 in the group stage of the UEFA Champions League in Kazakhstan on Tuesday.

Xabi Alonso’s side bounced back emphatically from their derby humiliation against Atletico Madrid on Saturday, travelling over 7,000 kilometres to secure a dominant victory on the road.

Mbappe opened the scoring from the penalty spot after 18-year-old goalkeeper Sherkhan Kalmurza fouled Franco Mastantuono in the box.

The Frenchman added two more to complete his treble, while Eduardo Camavinga and Brahim Díaz rounded off the scoring to send Madrid provisionally top of the group. Despite his hat-trick and a tally of 13 goals in nine games this season, Mbappe admitted he wanted even more.

‘My work is helping the team, doing what I can so that the team wins,’ he told Movistar. ‘If I have five chances, I want to score five goals, that’s why Real Madrid bought me. I’ll work to be better and more efficient in front of goal.’

Kairat, competing in the group stage for the first time after eliminating Celtic in qualifying, struggled badly, particularly with their teenage stand-in goalkeeper forced into action because of injuries to three senior shot-stoppers.

Real Madrid, however, looked every bit the European giants, led once again by Mbappe’s brilliance.

Headline fighters Brandon Glanton and Marcus Browne have promised fireworks when they clash in the cruiserweight main event of the ‘Chaos in the Ring’ card on October 1, Nigeria’s Independence Day, at the Mobolaji Johnson Arena, Lagos.

The blockbuster event, organised Dr. Ezekiel Adamu, CEO of Balmoral Group, in conjunction with Amir Khan, British boxing legend, is being billed as Nigeria’s biggest boxing spectacle since the historic ‘Rumble in the Jungle’ in 1974. Marcus Browne (25-2, 16 KOs), a 2012 Olympian and former WBA interim light heavyweight champion, said the fight is another step in his mission to become a two-division titleholder.

‘I’m fully loaded and I’m ready to press the trigger,’ Browne declared at the Lagos press conference.

‘Fans should expect power boxing, fireworks, and a statement for the cruiserweight division. This fight is sentimental for me, being Liberian, I feel at home in West Africa. I’m grateful for the opportunity, and I want to put on a show for Nigeria.’ His opponent, Brandon Glanton, a heavy-handed American with a reputation for knockout power, dismissed Browne’s comments, insisting he is ready to impose himself in Lagos.

‘I’m fully prepared. I’ve got great opposition in front of me, but I’m here to show myself,’ Glanton said. ‘People know I don’t come to dance around the ring. Expect an explosive fight-I’m coming to show exactly who I am.’

Event organiser Dr. Adamu, described ‘Chaos in the Ring’ as the biggest boxing showcase in Africa since Ali vs. Foreman.

‘Our ambition is to stage a boxing spectacle that rivals Saudi Arabia’s recent mega-events while highlighting Nigeria’s unique energy and passion,’ Adamu said.

The undercard features a strong mix of local and international bouts, including Basit Adebayo vs. Tony Rashid for the WBO Africa Title, Emanuel Odiase vs. Idris Afini for the WBA Africa heavyweight crown, Dan Azeez vs. Sulaimon Adeosun in light heavyweight action, Yusuf Adeniji vs. Akimos Annang Ampiah in a featherweight clash, and Samuel Takyi vs. Fatiu Ijomoni for the WBO World Youth lightweight belt.

Leading smartphone brand, Infinix, has once again proven its dominance in the Nigerian mobile market by clinching two prestigious honors at the 2025 Edge Awards, organized by Marketing Edge and held on Friday, September 26, at the Balmoral Event Centre in Lagos. The brand won the awards for Outstanding Smartphone Launch of the Year for its Hot 60 Series, and Innovative Smartphone Brand of the Year for its Note 50 Series.

These recognitions highlight Infinix’s continued commitment to delivering cutting-edge technology, stylish design, and user-focused innovation in the Nigerian market.

Speaking on the awards, Oluwayemisi Ode, Integrated Marketing Communications and PR Manager at Infinix Nigeria, expressed gratitude to customers and stakeholders for their continued trust and support for the brand. ‘This double win is a testament to the work we put into understanding our consumers and delivering devices that not only meet but exceed their expectations. At Infinix, we believe technology should be empowering, stylish, and accessible, and these awards reinforce our commitment to that mission”. Speaking on the Marketing Edge Awards, John Ajayi, CEO and Founder, Marketing Edge Group and Edge Awards, highlighted that the award ceremony serves as a way to celebrate achievement of others and a reminder that hard work, service and innovation are rewarded. ‘As brands, agencies and personalities navigate the complexities of the Nigerian market, balancing traditional values with cutting-edge technology, this year’s EDGE AWARDS offers a prestigious platform to celebrate those who have pushed the limits of creativity and innovation with insight-driven initiatives’ he stated.

These recent awards strengthen Infinix’s position as a trailblazer in Nigeria’s highly competitive smartphone industry and a testament to its reputation as a brand that is committed to consistently delivering cutting-edge smart devices, and continues to push the boundaries of what mid-range smartphones can deliver.

Nigeria has launched a pound 175 million climate adaptation initiative, backed by the European Investment Bank (EIB), to combat the country’s worsening erosion, flooding, and watershed degradation.

The programme, known as the Nigeria Climate Adaptation, Erosion and Watershed Project (NEWMAP-EIB), is designed to protect vulnerable communities, restore farmlands, and build climate resilience across 23 States.

Speaking at the official launch in Abuja on Tuesday, Balarabe Lawal, Minister of Environment and Chairman of the NEWMAP-EIB Steering Committee, announced that the Federal Government had met all conditions for the project’s take-off, making it now ‘disbursement-effective.’ He described the initiative as a lifeline in the fight against climate disasters that had destroyed lives, livelihoods and infrastructure across the country.

‘Today’s launch signifies a clear testimony to the power of collaboration and shared vision. ‘The support of the European Investment Bank in climate finance has provided Nigeria with a vital lifeline for erosion control, flood management, and watershed restoration,’ Lawal declared.

The project builds on the Nigeria Erosion and Watershed Management Project (NEWMAP-IDA), first introduced in 2010 with World Bank financing.

That programme, which closed in 2022, rehabilitated dozens of gully erosion sites, supported food security, and improved institutional response to land degradation in 23 States.

With the EIB’s support, Nigeria has now scaled up the initiative under a five-year programme targeting 23 States, including Abia, Anambra, Cross River, Delta, Ebonyi, Enugu, Imo, Edo, Plateau, Sokoto, and Borno.

The intervention will focus on two components such as erosion and watershed management infrastructure investment, and project management.

The Ogun State Government has debunked alleged complicity over a dead body found in Arakanga River suspected to be a pupil of Ilugun High School located in Elega Area of Abeokuta North Local Government.

A lifeless body of a teenager suspected to be a pupil of Ilugun High School (Junior) was found in Arakanga River at the weekend as rumour was rife that the victim and others were chased away by the School Principal (Junior) with the support of local security agents, prompting their resolve to swim through the river located at the back of the School.

Reports have it that one of them was unlucky as he was swept away by the rising river tides. The dead body of the victim was later found some days later, causing people in the area to concoct different versions of a story that led to the death of the pupil.

But, speaking at a Press Conference held in Abeokuta on Tuesday, Abayomi Arigbabu, Professor and Commissioner for Education, Science and Technology, confirmed that the principal engaged in illegal collection of fees against the Government’s directive, but disowned the victim as one of the pupils of the School. He said, ‘Preliminary investigations reveal that the young man who lost his life was not a bonafide student of the school, with evidence pointing to an illegal enrolment.

‘The deceased was found to have been using three different names; Babalola Ayornide, Salako Jimoh and Afolabi Babalola. None of which appeared in the State’s Education Database, OGSERA.

‘In addition, we also discovered that the Principal of Ilugun High School (Junior) had been involved in the collection of illegal fees. In light of these findings, Government has decided to place both the Junior (Alaba Olukoga) and Senior (Temitope Ladipo) Principals of Ilugun High School on suspension while we conduct a thorough investigation into the immediate and remote causes of this unfortunate incident.

‘Let me assure the good people of Ogun State that the Administration of His Excellency, Prince Dapo Abiodun, CON remains unshaken in its commitment to provide free education for every school-age child in this State, irrespective of where they live, their gender, economic status, religious belief, or political affiliation’.

Nigerians who are abroad, working remotely in the country, or who serve as influencers, are going to be taxed as part of a broader measure to ensure all and sundry are brought into the tax net, according to Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

‘If you are a remote worker, you are a worker. You work for a company, which may be American or European, and you earn a salary; you will self-declare it because if that company were to be in Nigeria, it would deduct and pay on your behalf. The obligation falls on you to self-declare,’ Oyedele said at an event.

‘If you now refuse to declare, the government will see the movement of the money, and they will deem it as your income, charge you tax on it, add a penalty, and interest for the late payment. The same thing applies to influencers.’ Nigeria has embarked on an overhaul of its many tax laws and harmonised them into four in a move to widen its revenue base, increase its share as a percentage of gross domestic product to 18 percent within three years, and provide succor for low-income households whose spending power has been eroded.

In less than four months to the kick-off of the tax laws, clarity on how the new rules will impact the citizens and corporates has led to widespread controversies, which the Oyedele-led committee is making efforts to broaden public enlightenment ahead of January 1. According to the tax boss, dual citizens who are living abroad are taxable if they spend six months in Nigeria, adding that the new laws make provisions for unilateral tax credits to avoid diasporans being double-taxed. ‘If you spend 183 days here in Nigeria, that’s about six months in a year in Nigeria, physically, our laws say you’re tax resident here. You must pay tax on the income you earn from anywhere in the world in Nigeria. When you get back to the other country and they want to collect tax, ask them to give you a credit for the tax you paid in Nigeria,’ Oyede said.

‘If you spend four months in Nigeria and the remaining eight months you’re in America, you’re not tax resident here. But if you have a house here and you rent it out, we’ll collect tax on that house,’ he added. The tax chief also stated that anyone rendering a service, including sex workers, will be taxed from January 2026 as long as an income is received, emphasising that the new tax laws don’t differentiate between what’s legitimate or not.

On capital gains, Oyedele said if what an individual sells at the capital market in a year is not more than N150 million and the gain is not more than N10 million, no tax will be paid, stressing that the new rules were intentionally designed to be progressive in all manners.

‘The current system of capital gains will charge you at 10 percent. Those gains are isolated regardless of your losses. Under the new regime, we net off first, so gains less losses. When you end up with a net gain, we then have a conversation about whether you should pay tax. If those gains still make you a low-income earner, you will not pay anything – zero percent,’ he said.

‘We have a very robust new law on crypto. The old law says when you make gains on crypto, you pay tax on it, but people also make losses on crypto, and the law totally ignores it, and that’s not fair. Under the new regime, we take your net, gain minus losses, so you pay tax like anybody will pay tax on their income. But you have to self-declare to the authorities.’

Veritasi Homes and Properties Plc, one of Africa’s fastest-growing real estate firms, and Cooperative Investment and Thrift Society Limited (COOPLAG), on Saturday, held the official groundbreaking of Allied Towers, a luxury residential development in Ikoyi, Lagos.

The project is part of a multi-million dollar partnership deal between Veritasi Homes and COOPLAG.

The 11-floor project, sitting on a 1,431 sqm prime plot on McGregor Street, will feature 26 luxury apartments and penthouses designed to redefine urban living in one of Lagos’ most prestigious neighborhoods.

Bordered by Ikoyi Golf Club, Microsoft Head Office and the new U.S. Consulate General, Allied Towers blends cutting-edge architecture with premium amenities.

According to the real estate firm, residents will enjoy premium amenities, including a gym, relaxation area, dedicated recreational floor, landscaped grounds and secure parking for residents.

Speaking at the event, Nola Adetola, chief executive officer of Veritasi Homes and Properties Plc, described the project as a bold new chapter in Lagos’ skyline.

‘Today, as we break ground on Allied Towers, we are declaring possibility and our determination to do something meaningful with it. Together with COOPLAG, we begin a new chapter in Lagos’ skyline, in Nigeria’s housing story, and in Veritasi’s journey.’

Reflecting on Veritasi’s journey, Adetola added ‘Eight years ago, we looked at Nigeria’s real estate market and asked: Can we do better? That question gave birth to Veritasi Homes.

‘Guided by integrity, innovation, and customer-centricity, we began in 2017 with a small team and a big vision: to create developments that deliver value as reliably as they deliver shelter.

‘We envision a Veritasi that spans continents, a brand so trusted that wherever you see ‘Veritasi,’ you expect quality, innovation, and integrity. COOPLAG, we are honored to have you walk this journey with us. To our investors and future homeowners, this is your opportunity to own a share of Lagos,’ he said.

In his words, Mr. Francis Adeoye, president of COOPLAG, underscored the significance of the project and the vision behind it.

According to him ‘Today, we are not just breaking ground, we are breaking barriers. We are laying the foundation for a future where cooperative strength meets architectural excellence, where innovation meets legacy, and where our members and stakeholders can aspire to live in spaces that reflect their values, ambitions, and achievements. ‘This is the realization of a shared dream, a dream to redefine urban living and empower our members.

‘For over three decades, our society, COOPLAG, has stood as a beacon of cooperative strength, financial empowerment, and community development.

‘Allied Towers, situated in the heart of Ikoyi, is more than a luxury high-rise. It is a symbol of what is possible when two visionary organizations come together with a shared commitment to quality, sustainability, and community.

‘I want to express our profound appreciation to Veritasi Homes, led by the dynamic Mr. Nola Adetola, for their partnership, professionalism, and shared vision. Veritasi’s reputation for delivering premium developments and driving innovation in Nigeria’s real estate sector makes them the ideal partner for this ambitious endeavour.

‘Together, we are responding to the evolving needs of our members and the market. We are creating homes that offer security, prestige, and value. Homes that will stand the test of time and serve as a legacy for generations to come,’ he noted.

In his remarks, Tobi Yusuff, partner at Veritasi Homes, highlighted the groundbreaking as a reflection of Veritasi’s growth journey and its ability to earn the confidence of institutional partners like COOPLAG.

The development is being supported by a consortium of leading financial institutions, including Nova Bank, Providus Bank, Lotus Bank, Stanbic IBTC, Sterling Bank, and FirstBank. Managing directors and senior officials of these banks, who attended the event, pledged their full support, affirming the project’s significance for Nigeria’s housing and investment landscape.

Subscribers and prospective homeowners also praised the project, reiterating their confidence in Veritasi Homes and COOPLAG to deliver Allied Towers as promised, both on time and to the highest standard of excellence.

Temitope Runsewe, Chief Executive Officer of Dutum Construction, whose firm serves as the project’s construction partner, stressed that safety and engineering excellence will guide every stage of Allied Towers.

Veritasi Homes has continued to set the pace in Africa’s real estate sector through its innovative and value-driven approach.

Recognised by the Financial Times as one of the continent’s fastest-growing businesses, Veritasi remains the only Nigerian real estate firm to earn a place on the prestigious list.

In just seven years, the company has delivered over 1,000 homes, launched 12 landmark projects across Lagos and Abuja-including the celebrated Camberwall Advantage series-and served more than 2,500 clients, many from the diaspora. The company also holds double ratings from DataPro and GCR, a milestone that highlights its credibility, financial strength, and unwavering commitment to delivering world-class properties.

Oftentimes, during the journey of life, we are faced with difficult situations where reaching an agreement with an opposing party becomes demanding or even unattainable. In such scenarios, one of the most effective options is to embrace ‘negotiation’, otherwise referred to as bargaining.

Meaning and scope of negotiation

Negotiation can be described as any form of discussion entered into with a view to reaching an agreement or consensus. It takes place in a variety of circumstances, ranging from business transactions and contract agreements to mergers, partnerships, and wage disputes. It is also present in international diplomacy, relationship issues, claims settlements, conflict resolution, and even land disputes. Essentially, wherever two or more parties must reconcile competing interests, negotiation becomes indispensable.

‘Beyond individual gains, negotiation contributes to institutional stability by fostering cooperation and reducing the likelihood of prolonged conflict.’

Approaches to negotiation

Negotiation is usually conducted through two main approaches: integrative bargaining and distributive bargaining. The first is built on the philosophy of a win-win relationship, where both sides seek mutually beneficial outcomes and aim for a long-term relationship. In this model, resources are flexible, and the interests of the parties often converge. The second approach, distributive bargaining, is rooted in a win-lose dynamic. Here, the relationship tends to be short-term, resources are fixed, and the interests of the parties are directly opposed.

Benefits of negotiation

When properly handled, negotiation produces a host of benefits. It helps parties reach binding agreements and resolve disputes while building stronger relationships in the process. It opens opportunities for learning and the development of new skills, improves communication, and enhances efficiency. In the workplace, it supports business success, strengthens confidence, and even allows individuals to discover hidden talents. Beyond individual gains, negotiation contributes to institutional stability by fostering cooperation and reducing the likelihood of prolonged conflict.

Understanding corporate governance

Corporate governance, on the other hand, focuses on the proper management of a company’s affairs in the best interest of stakeholders, including shareholders, lenders, regulators, government, creditors, competitors, and the wider public. In essence, it is the system by which corporate entities are effectively controlled and directed.

Until the early 2000s, corporate governance principles were largely unfamiliar in Nigeria, having originated mainly from North America and Europe. Today, however, these principles are central to organisational life. At its core, good governance is anchored on accountability, transparency, and independence of judgement. It requires integrity in financial reporting, fidelity to regulatory obligations, and a commitment to delivering value not just for shareholders but for all stakeholders connected to the entity.

Regulatory framework

Corporate governance in Nigeria is shaped by both domestic and international frameworks. Domestically, the Nigerian Code of Corporate Governance of 2018, issued by the Financial Reporting Council, provides the baseline. Other instruments, such as the SME Business Governance Guidelines, the CBN Prudential Guidelines for banks, and the Code of Corporate Governance for insurance companies, supplement this effort. In addition, the Companies and Allied Matters Act (CAMA) 2020 and the Banks and Other Financial Institutions Act (BOFIA) 2020 provide strong legal backing. Globally, Nigeria aligns with frameworks such as the International Corporate Governance Network (ICGN) and the Organisation for Economic Co-operation and Development (OECD).

Approaches to corporate governance

Two broad approaches dominate the practice of corporate governance. The rules-based approach is anchored on statutory provisions of law, while the principles-based approach, sometimes referred to as the framework approach, rests on shared professional standards and collective wisdom. Both approaches complement each other, ensuring that governance is not just about legal compliance but also about upholding best practices.

Conflict resolution and the nexus with corporate governance

Conflict resolution, meanwhile, is the mechanism for addressing crises that arise in homes, religious organisations, politics, or the corporate world. Disagreements are inevitable, but sound corporate governance plays a vital role in minimising their frequency and intensity in the workplace. Through adherence to codes of ethics, compliance with global standards, prevention of fraud, early detection of risks, and reporting of infractions, governance structures often prevent disputes from escalating into crises.

This proactive role of governance establishes a natural link between it and both negotiation and conflict resolution. In practice, corporate bodies often rely on negotiation to resolve disputes, and in doing so, they lean heavily on governance structures. A good example lies in the role of audit committees, which negotiate on behalf of shareholders in the appointment of external auditors and in determining fair remuneration. Here, governance provides the framework, negotiation supplies the method, and conflict resolution ensures lasting harmony.

Gains of corporate governance

When implemented effectively, corporate governance yields transformative benefits for organisations. It encourages ethical behaviour among leaders, strengthens corporate reputation, and builds public trust. It also facilitates smoother decision-making, enhances reporting credibility, and supports long-term strategic growth by eliminating bottlenecks. Governance creates job security, reduces labour turnover, and ensures compliance with rules and regulations. It protects organisations from conflicts of interest, builds strong internal controls against fraud, retains competent board members, and helps mitigate risks. More broadly, it enhances access to capital, sustains organisational objectives, and instills accountability, financial discipline, and transparency. Ultimately, robust governance fosters a culture of peace, stability, and harmony among stakeholders, ensuring that organisations remain resilient in an unpredictable environment.

Conclusion

Corporate governance is not merely a regulatory obligation; it is a strategic imperative. Accountants, and by extension, professional accountants, are uniquely positioned to lead this charge by virtue of their training and ethical grounding. Whether serving as internal auditors, external auditors, or members of audit committees, their task is to uphold global best practices while maintaining integrity, objectivity, fairness, probity, transparency, and accountability. In a world where negotiation and conflict resolution are daily realities, the synergy with corporate governance ensures that organisations not only survive but thrive.

Nigeria’s fintech revolution has fundamentally transformed the banking landscape in Africa’s largest economy. Platforms like Flutterwave, Paystack, OPay, and Kuda now process billions of naira daily, creating unprecedented access to financial services for millions previously excluded from traditional banking. The Central Bank of Nigeria reports that mobile money transactions exceeded ?59 trillion in 2023, positioning Nigeria as Africa’s largest and most dynamic fintech market.

This digital transformation represents a significant leap forward in financial inclusion, allowing Nigerians to send money, pay bills, save, invest, and access credit through their smartphones. However, this rapid digitisation has created a parallel challenge: as millions of digital wallets emerge, they’ve become prime targets for increasingly sophisticated cybercriminals. The very technology that has democratised financial access now presents new vulnerabilities that both users and providers must urgently address to protect Nigeria’s digital financial future.

Nigeria’s fintech sector has experienced unprecedented growth, driven by high smartphone penetration and a young population that is tech-savvy. Digital banking platforms like Kuda, Carbon, and PalmPay have onboarded millions of users, while payment processors cater to everything from street vendors’ transactions to large corporates’ payments. From Lagos merchants accepting QR code payments to remote workers receiving international transfers, fintech has democratised financial services across the country.

Nigerian fintech users face several significant threats. One is SIM swap fraud, where attackers convince telecom operators to reassign phone numbers to new SIM cards, gaining access to two-factor authentication messages and potentially taking over accounts. Phishing attacks also pose a risk, as scammers create sophisticated fake websites and messages targeting Nigerian fintech users, tricking victims into revealing logins, OTPs, or sensitive data. Vishing is another threat, with criminals posing as bank officials during phone calls to extract sensitive information. Additionally, fake fintech apps mimic legitimate services to capture user credentials and financial information, potentially recording logins and intercepting SMS codes. Credential stuffing is a further concern, where attackers use passwords stolen from data breaches to attempt access to fintech platforms, exploiting users who reuse passwords across services.

The most effective defences include stronger authentication methods, such as using authenticator apps like Google Authenticator instead of SMS verification, and enabling biometric options like fingerprint and facial recognition. Mobile device security is crucial-users should implement strong screen locks, avoid public Wi-Fi for financial transactions, install reputable security software, and keep devices updated. Account monitoring through real-time alerts for all transactions and login attempts, along with regularly reviewing transaction history, helps detect suspicious activity early. Password management is vital; using unique, strong passwords for each fintech account, preferably generated and stored with a password manager, while avoiding personal information and changing passwords regularly, enhances security.

Users should be alert to warning signs, including the fact that legitimate fintech companies never request passwords, PINs, or OTPs through unsolicited communications. It is wise to be suspicious of urgent verification requests, unexpected security alerts, or offers that seem too good to be true. Unexpected SIM deactivation or sudden network loss may indicate a SIM swap attack in progress.

Developing a security-first mindset involves diversifying financial activities across multiple platforms to limit potential losses and keeping backup funds in traditional banking accounts. Avoiding storing large amounts in digital wallets unnecessarily, performing regular security maintenance such as quarterly password updates, and educating family members and employees who access shared devices or accounts all contribute to long-term security.

Nigeria’s fintech boom represents a pivotal moment in the country’s economic development, offering unprecedented opportunities for financial inclusion, economic growth, and technological advancement. However, the sustainability of this digital financial ecosystem hinges on establishing a robust security culture among both users and providers. As Nigeria continues to lead Africa’s fintech revolution, the challenge lies not merely in expanding services but in building an infrastructure of trust. Financial institutions must invest in cutting-edge security systems and user education, while consumers must adopt proactive security practices as second nature. Government regulators also play a crucial role in establishing and enforcing security standards that protect users without stifling innovation.

The future of Nigeria’s fintech sector will be determined not just by the convenience and accessibility of its services but by its resilience against evolving cyber threats. By collectively prioritising security alongside innovation, Nigeria can ensure its digital finance ecosystem remains a powerful engine for economic empowerment rather than a vulnerable target for cybercriminals. The promise of financial inclusion through technology can only be fully realised when digital wallets are both accessible and secure for all Nigerians.