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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.

Yenagoa, Nigeria – Best Western Hotels and Resorts has announced the grand opening of Best Western Plus Yenagoa, a hotel set to redefine hospitality and support Bayelsa’s growing economy.

Nestled by Oxbow Lake, the hotel offers a mix of scenic views and modern comfort. Guests can choose from elegant rooms, spacious suites, and fully serviced apartments, each equipped with complimentary Wi-Fi, smart TVs, and mini-bars. Beyond accommodation, the hotel provides access to a spa, fitness centre, Chinese restaurant, and outdoor pool, creating a destination where leisure and business converge.

With its location in Yenagoa’s centre, Best Western Plus Yenagoa is positioned to serve government leaders, corporate executives, international visitors, and local guests. Its conference and event facilities make it a vital meeting place for both official and social functions, adding value to Bayelsa’s business and cultural life.

Speaking ahead of the launch, Initeme Adukeh-Eromhonsele, Executive Director of Best Western Plus Yenagoa, said: ‘Best Western Plus Yenagoa is not only about service and luxury. It is about creating opportunity. This hotel represents a gathering place for leaders and communities while reflecting Bayelsa’s spirit of progress.’ The launch event, taking place on October 15, 2025, will feature a ribbon-cutting ceremony, property tours, and a reception with invited guests from government, business, and the hospitality industry.

About Best Western Hotels and Resorts: Best Western Plus Yenagoa continues the brand’s strong growth in Nigeria, where its portfolio already includes Lagos, Port Harcourt, Ibadan, and Enugu. With more than 4,700 hotels globally, Best Western Hotels and Resorts continues to deliver trusted, consistent, and innovative hospitality experiences.

Small businesses in Nigeria, from bustling market stalls to family-run beauty salons, have long grappled with unreliable and costly internet access.

Airtel Nigeria’s new SmartConnect 5G router, launched this month, aims to address these challenges with a budget-friendly device designed to deliver faster, more stable connectivity for the country’s vital small and medium enterprises (SMEs).

Priced at N25,000, the SmartConnect package includes the router, a SIM card, and 30 days of unlimited data. Monthly plans start at N25,000 for 50 Mbps or N45,000 for 100 Mbps, offering speeds that rival more expensive fibre options often unavailable outside major cities. The device, an Outdoor Unit (ODU) mounted externally, captures stronger signals than traditional indoor routers, a critical feature in crowded urban areas or remote regions where walls and structures weaken reception.

Nigeria’s SMEs, which make up over 96 percent of businesses and contribute nearly half of the nation’s GDP, often face connectivity hurdles that disrupt digital payments, inventory management, and online marketing.

A 2025 survey by the Cherie Blair Foundation highlighted that 45 percent of women entrepreneurs in developing markets, including Nigeria, cite unreliable or unaffordable internet as a major barrier. Traders relying on WhatsApp or Instagram to reach customers are particularly vulnerable to network fluctuations.

The SmartConnect’s design addresses some of these pain points. Its ability to connect multiple devices simultaneously suits small shops, fintech startups, or hospitality businesses running point-of-sale systems, security cameras, and smartphones. A built-in battery pack provides five to six hours of power backup, a practical feature in a country plagued by frequent outages. The router also switches to 4G LTE when 5G signals are weak, ensuring usability even in areas with limited 5G coverage, which Airtel began rolling out in 2023.

While the pricing undercuts many broadband alternatives, the SmartConnect’s success hinges on Airtel’s ability to scale its 5G network, which remains patchy outside urban centers. Nigeria’s broadband penetration, at 48.01 percent as of July 2025, lags behind the government’s 70 percent target by 2030.

The router’s all-in-one approach, bundling hardware, installation, and data, marks a shift from traditional telecom models focused solely on data plans. For small businesses with limited technical expertise, this could simplify adoption.

The Nigeria Customs Service and the Manufacturers Association of Nigeria have come to a long-awaited resolution about how to proceed with the four percent charge on imports Free on Board (FOB) that sparked massive outrage across the country.

On Friday in Lagos, Adewale Adeniyi, the Comptroller General of Customs stood before stakeholders to announce that his agency had met with the Ministry of Finance and come away with new regulations that would provide relief to manufacturers and other businesses.

Based on the conclusions, the following import items will now be exempted from Customs FOB charge.

Raw materials and machines

Raw materials, spare parts, and machines imported by manufacturers who are beneficiaries of concessions contained in Chapters 98 and 99 of the Customs Tariff will not be charged the four percent.

These chapters are special sections of the tariff book that the government uses to grant import concessions or waivers for industries considered important to the economy.

Manufacturers not yet captured under the tariff chapters will also be onboarded in a fast-tracked process, the Service promised, and payments of the charge already made by them will be held as credit and be utilised for future customs-related transactions after their onboarding.

Beneficiaries of this modification are advised to apply for pre-release of the consignment to avoid payment of demurrage.

Government projects

Government projects with Import Duty Exemptions Certificates are exempted from the FOB charge.

When the federal government or its agencies embark on large scale projects like railway lines, hospitals, or road constructions, contractors often need to import heavy machinery, specialised equipment, or materials.

To avoid inflating costs through customs charges, the government issues an Import Duty Exemption Certificate (IDEC) for that project, a certificate that legally exempts the contractor or agency from paying duties and taxes on those specific imports.

Goods imported to save lives

Medicines and pharmaceuticals, x-ray machines, MRI/CT scanners, ventilators, emergency relief items like tents, mattresses, mosquito nets, food aid, firefighting trucks, and any other humanitarian product imported into the country will not be charged

The rule is that if the goods are meant to save lives, provide emergency relief, or support vulnerable populations in crisis situations, they can qualify.

Other beneficiaries include beneficiaries of the Presidential Initiative for unlocking Healthcare value chain, and commercial airlines’ spare parts.

Francis Meshioye, president of MAN, said the agreement reached with Customs aligns with his association’s objectives to ensure that its members thrive despite the condition of the economy.

‘I believe this will really strengthen our relationship; it is going to really make our relationship better off,’ he said, noting that it is a win-win situation for both the Nigerian Customs and manufacturers.

Leading African adtech company Dochase in partnership with Google has announced a high-profile webinar titled ‘Maximiser vos revenus publicitaires avec Google AdX en Afrique francophone’, scheduled for October 2, 2025.

The webinar, which has been trending among publishers on LinkedIn and Instagram, will guide Francophone African publishers on how to increase advertising revenues through Google Ad Manager and Google Ad Exchange (AdX).

The program has attracted attention after it was shared by Chantal Ferraro, Google’s News Partnerships Lead for the Middle East, Africa, and the Global South, highlighting its importance for digital media growth in underserved markets.

Dochase is a certified Google Multi-Channel Manager (MCM) partner, enabling publishers to access premium demand sources, advanced monetisation tools, and better revenue optimisation through Google Ad Manager. This gives African publishers, many of whom face limited access to global ad markets, the opportunity to compete on a global scale.

Speaking ahead of the event, Chibuike Goodnews, CEO of Dochase, said:

‘This webinar brings underserved publishers in Africa to premium sources of revenue with Ad Manager. It is about ensuring that African media owners have access to the same advanced monetisation opportunities available globally.’

The session will spotlight best practices for scaling digital revenues, optimising inventory, and leveraging Google AdX for long-term growth. Publishers, digital media owners, and content creators across Francophone Africa are expected to attend.

Nearly four out of ten ships owned by Nigerian interests are registered under foreign flags, according to new data from the United Nations.

The United Conference on Trade and Development (UNCTAD) in its Review of Maritime Transport 2025 report shows that 39 percent of Nigerian-owned vessels are flagged abroad rather than in Nigeria.

The practice, known as ‘flagging out,’ often reflects shipowners’ preference for foreign registries that offer lower taxes, cheaper registration fees, and more flexible regulations.

Nigeria has a total of 311 vessels with a combined carrying capacity of more than 9 million deadweight tons. Of this fleet, 228 vessels sail under the Nigerian flag, while 76 are registered abroad.

The figures place Nigeria among countries where a significant portion of shipowners avoid the national registry.

Open registries such as those of Liberia, Panama, and the Marshall Islands remain the most popular destinations for such vessels worldwide.

Researchers say the trend draws attention to the challenges facing Nigeria’s ship registry, which has struggled with competitiveness despite government efforts to attract more owners.

Nigeria’s shipping fleet is primarily shaped by its oil-driven economy. As of recent estimates, over 9o percent of Nigeria’s international trade is conducted via maritime transport, yet the country owns only a small fraction of the vessels operating in its waters.

The fleet is dominated by oil tankers and offshore support vessels (OSVs), which are essential for transporting crude oil and servicing offshore drilling platforms.

These include platform supply vessels, anchor handling tug supply vessels, and crew boats, most of which are foreign-owned and flagged, despite operating within Nigerian waters.

But Nigeria’s flag has seen modest growth. With an expanding role in liquefied natural gas exports and ambitions to become a regional maritime hub, its fleet is expanding.

The total capacity of ships under Nigeria’s flag grew by 4.9 percent between 2024 and 2025 and the number of vessels flying it reached 1,005 in 2025, equivalent to 0.9 per cent of the world’s total.

In capacity terms, those ships could carry just over 7 million tons, a 4.9 percent increase from the previous year. But measured against global shipping, Nigeria’s registered fleet accounts for only 0.3 per cent of carrying capacity and 0.6 per cent of total fleet value.

By ownership, Nigeria holds 0.7 per cent of the world fleet. That places it 32nd globally, a small but noteworthy presence for Africa’s largest economy.

Maritime trade volumes reached 12,720 million tons in 2024, growing by 2.2 percent according to Clarksons Research, even exceeding the 2013 to 2023 average of 1.8 percent.

Benjamin Netanyahu, Israeli Prime Minister has formally apologised to Qatar after an unprecedented Israeli missile strike in Doha earlier this month killed a Qatari citizen and several Hamas members, sparking global outrage.

The apology was delivered on Monday during a joint call with Donald Trump, United States president and Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Qatar’s Prime minister, following a White House meeting.

A White House statement said Netanyahu expressed ‘deep regret’ over the September 9 attack, which targeted Hamas leaders during ceasefire negotiations but ended up killing Badr Al-Dosari, a Qatari serviceman, and violating Qatar’s sovereignty.

‘He further expressed regret that, in targeting Hamas leadership during hostage negotiations, Israel violated Qatari sovereignty and affirmed that Israel will not conduct such an attack again in the future.’ the statement added.

The missile strike killed at least five Hamas officials and a Qatari security officer but failed to eliminate Hamas’s top leadership, who were present in Doha for US-backed mediation efforts. It marked Israel’s first military strike on Qatari soil, a move that shook diplomatic channels given Qatar’s role as a key mediator in ceasefire talks and its hosting of the US military’s largest Middle East base, Al Udeid.

Qatar’s foreign ministry confirmed the call, describing the attack as a ‘blatant violation of sovereignty’ and stressing that assurances had been received from Washington to prevent any recurrence. The Qatari leader thanked Trump for ‘guarantees of US defence partnership with Qatar’ while also welcoming Netanyahu’s apology.

Netanyahu himself was quoted on his official X account telling the Qatari prime minister: ‘Israel regrets that one of your citizens was killed in our strike. I want to assure you that Israel was targeting Hamas, not Qataris. I also want to assure you that Israel has no plan to violate your sovereignty again in the future.’

However, he also underscored Israel’s grievances with Doha, citing Qatar’s ties to the Muslim Brotherhood, its support for Hamas.

The strike drew swift and widespread condemnation. United Nations Secretary-General Antonio Guterres called it a ‘flagrant violation of Qatar’s sovereignty and territorial integrity.’ Within days, nearly 60 Muslim-majority countries gathered in Doha in a show of solidarity with Qatar.

For now, both governments have sought to contain the fallout. Qatar said it remained committed to ‘contributing to regional security and stability,’ while the White House framed Netanyahu’s apology as a step toward de-escalation.

As part of its ongoing commitment to fostering a safe and inclusive online environment, TikTok, in partnership with the Centre for Analytics and Behavioural Change (CABC), is convening a series of Women in Media Safety Roundtables across Sub-Saharan Africa.

The roundtables, which took place in Lagos and Abuja, aim to deepen the collective understanding of tech-facilitated gender-based violence (tFGBV) and drive collaborative action, particularly for women in the media industry. These multi-stakeholder sessions brought together journalists, digital safety experts, civil society representatives, regulators, and content creators. The goal is to support women’s voices while building safer digital communities.

‘Addressing issues such as tech-facilitated gender-based violence requires more than just policies; it demands deep listening, data-driven insights, and collaboration across sectors. Through these workshops, we’re bringing together the lived experiences of women in media with research-backed strategies to co-create safer digital environments. We are pleased to partner with TikTok in this important initiative that places community voices and local context at the centre of online safety,’ said Kim Thipe, executive director, Centre for Analytics and Behavioural Change (CABC).

As the digital landscape evolves, women and other vulnerable communities continue to face unique online threats that can limit their expression and participation. TikTok is committed to learning from those on the frontlines, including local journalists and media practitioners, to evolve its safety tools, policies, and enforcement strategies.

‘At TikTok, we believe that to truly understand our local community, we must first understand their world. We recognise the diversity of our global community and the importance of understanding what helps them feel safe so they are empowered to have their best experience. As we learn more, we do more. We value the participation of the Nigerian media industry in helping us create a safe and creative platform; not just for content creators, but for all users,’ said Duduzile Mkhize, TikTok outreach and partnerships manager, Sub-Saharan Africa.

The roundtables are not just conversations; they are opportunities to reshape digital spaces into safer, more inclusive environments. By bringing together those on the frontlines of tackling gender-based violence, including civil society organisations, community leaders, journalists, and survivors, TikTok is ensuring that interventions are rooted in lived realities. By opening this dialogue, TikTok continues to strengthen its safety efforts in Nigeria and across Sub-Saharan Africa, while also raising awareness of its existing tools and resources. Most importantly, these conversations aim to build lasting trust and partnerships that empower women and marginalised communities to speak freely, participate fully, and thrive online without fear.

‘At TikTok, safety is at the heart of everything we do. These roundtables are about listening to people with lived experiences, learning from local communities, and building solutions together. Because creating safe spaces online isn’t just about technology, it’s about humanity,’ Mkhize added.

‘We commend TikTok’s proactive engagement with professionals in the media space as well as creators, through these Safety Roundtables. Tackling tech-facilitated gender-based violence requires a united front, and we welcome TikTok’s commitment to working alongside government, civil society, and industry to build safer digital spaces. Empowering women to participate fully and safely in media is not just a digital issue; it is a democratic imperative,’ said Abiodun Essiet, senior special assistant to President Bola Ahmed Tinubu GCFR on community engagement, North Central.

The Women in Media Safety Roundtables represent a tangible step in TikTok’s broader mission to foster a safer, more inclusive environment. Through open dialogue, shared insights, and actionable solutions, TikTok is reaffirming its commitment to building a platform that uplifts and protects its diverse communities.

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.