The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi SAN, on Tuesday unveiled the Joint Case Team on Cybercrimes at a formal ceremony held at the Federal Ministry of Justice, Maitama, Abuja.

Speaking at the launch, Fagbemi emphasized the federal government’s commitment to protecting Nigerians from cyber threats, promising swift justice for perpetrators. “To Nigerians, we are building a system that will protect you, defend your rights, and bring cybercriminals to book,” he declared.

The newly established team brings together key players from various government agencies, including the Nigeria Police Force National Cybercrimes Centre (NPFNCCC), Economic and Financial Crimes Commission (EFCC), Nigeria Financial Intelligence Unit (NFIU), National Agency for the Prohibition of Trafficking in Persons (NAPTIP), Nigeria Computer Emergency Response Team (NgCERT), the Federal Ministry of Justice, and the Federal High Court.

Describing the initiative as “a bold and transformative step in Nigeria’s criminal justice system,” the AGF said it is rooted in a vision of synergy, coordination, and mutual respect among justice institutions. He stressed that cybercrime, being complex and constantly evolving, requires a collaborative and dynamic response involving both investigators and prosecutors from the outset.

“This Joint Case Team was created to remove bureaucratic bottlenecks, ensure seamless strategy alignment, and drive results through shared resources and capacity building,” Fagbemi added.

The event attracted notable dignitaries, including David Hanson, UK Minister of State for Home Affairs, along with representatives from the EFCC, NFIU, and other cybercrime-focused agencies. Fagbemi acknowledged the critical support of international partners such as the UK National Crime Agency, UK Foreign, Commonwealth & Development Office, and the Commonwealth Secretariat, who have contributed IT infrastructure and training resources.

The launch comes amid growing concern over Nigeria’s rising cybercrime profile. A global cybercrime index released earlier this year ranked Nigeria fifth worldwide in terms of cybercrime activity sources—trailing behind Russia, Ukraine, China, and the United States. The index, produced by researchers from Oxford University and the University of New South Wales, highlights Nigeria as a major hotspot for cyber-related offenses.

In 2024, the EFCC reported that cybercrime cost Nigeria over $500 million in losses in 2022 alone. Meanwhile, the U.S. government has established a cybersecurity support office within its Abuja embassy to aid Nigerian efforts.

Adding to the urgency, the Ministry of Foreign Affairs recently raised concerns about rising incidents of cyber slavery targeting Nigerian youths, lured abroad with false job offers in crypto operations, only to be exploited.

With the new Joint Case Team in place, the federal government aims to reverse the tide of cybercrime by ensuring swift and effective prosecution, greater institutional cooperation, and stronger international collaboration.

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The National Information Technology Development Agency, NITDA, has collaborated with the Nigerian Financial Intelligence Unit, NFIU, to develop and implement a Data Management platform aimed at combating terrorism financing in the country.

The partnership was established during the inaugural meeting for the Development and implementation of an Anti-Money Laundering/Combating the Financing of Terrorism/Countering Proliferation Financing (AML/CFT/CPF) Data Management Platform in Abuja, Nigeria.

The Chief Executive Officer of NITDA, Kashifu Inuwa Abdullahi said; “the project marks a remarkable milestone in Nigeria’s journey to exit from the Financial Action Taskforce grey list.

“On the 24th of February 2023, Nigeria was grey listed in the Financial Action Task Force as a result of lack of visibility of our financial transaction and our anti-money laundering regime, counter-terrorism financing regime, and counter-proliferation financing regime.”

According to him, President Bola Tinubu is committed to combating financial crime through innovation and technology and has directed NITDA and NFIU to develop a system that will help Nigeria exit the grey list and enhance intelligence in all financial transactions.

He said; “This can help us to comply with the global standard and best practices in AML, CFT, and CPF, as well as it will position us and project our own relationship in terms of any financial transaction in the world, and also increase our reputation when it comes to financial transactions.“

The NITDA Boss stated that the project would enhance national security, improve the operational efficiency of the NFIU, and provide the entire financial industry with greater visibility into all activities.

Abdullahi said; “We are also looking at how we can infuse emerging technologies, such as AI, analytics, and so on, so that we can automatically trace any suspicious transaction and flag it up for relevant agencies to take action.“

Also Speaking, the Chairman House Committee on Information and Technology, Stanley Adedeji emphasized that both organisations would receive robust legislative support to guarantee the project’s success.

Adedeji expressed confidence that with the legislature’s backing, the implementation of the Data Management Platform would enhance the country’s capacity to combat financial crimes effectively.

The Director/ Chief Executive Officer of the NFIU, Hafsat Bakare noted the significance of collaboration among governmental bodies in addressing critical issues like anti-money laundering and terrorism financing.

“This is an interagency collaboration. This Project is an innovation that is not just capable of changing the financial landscape in Nigeria but also in Africa,” she added.

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The Central Bank of Nigeria (CBN) has approved the launch of the Nigerian naira (cNGN) stablecoin.

The cNGN, which will be launched on February 27, 2024, is powered by the Africa Stablecoin Consortium (ASC), a consortium of Nigerian financial institutions, fintechs, and blockchain experts.

Stablecoins are cryptocurrencies specifically designed to maintain a constant value. They are often pegged or tied to another currency, commodity or financial instrument.

In a statement on its website on Thursday, the ASC said the cNGN stablecoin has met the regulatory standards and requirements as established by the CBN, the Nigerian Securities and Exchange Commission (SEC), and the Nigerian Financial Intelligence Unit (NFIU).

The ASC said it is committed to enhancing secure and compliant financial interactions, revolutionising the way people transact and engage with their money securely and seamlessly.

“This ushers in a new era of financial fluidity, bridging the Nigerian Naira with the global market through blockchain technology,” the statement reads.

“Backed 1:1 by Naira reserves held in designated commercial banks, the cNGN Stablecoin transforms the Naira into a dynamic tool for worldwide remittances, commerce, trade, and investment.

“More than just a currency, cNGN shortens settlement times, enabling payments that traverse the globe swiftly, mirroring the speed of a text message and at a fraction of the cost.

“This breakthrough paves the way for instantaneous financial transactions, seamlessly connecting Nigeria’s vibrant economy with international markets and offering unprecedented efficiency in both domestic and global financial interactions.”

What can be done with the Naira Stablecoin

According to the ASC, people can pay for anything, anywhere, and at any time. With a seamless tap, users can shop the world and pay in naira without the traditional challenges of currency conversion and hefty international transaction fees.

The consortium also said “supporting your loved ones back home becomes as simple as a quick tap on your phone” with the new innovation.

“No more standing in lines. With cNGN, funds land directly in their wallets within seconds, ready to fuel their dreams and brighten their days. No more distance, no more delays, just the magic of compliant virtual assets bridging the gap between hearts,” the ASC added.

“Cut out the red tape and sky-high fees of traditional international trade. With cNGN you can send and receive payments across the globe instantly enabling you to transact with national & international partners in any stablecoin currency, fueling economic growth and global success.

“Get paid, anywhere, instantly. Ditch the limitations of location and outdated payment systems. With cNGN, you can freelance for the world, right from your desk in Nigeria. Your talent knows no borders, so why should your income? Skip the bank queues and paperwork.”

The unveiling of the cNGN is coming over two years after digital currency transactions were banned by the apex bank.

In February 2021, CBN directed deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

The regulator further warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges, citing money laundering (ML), terrorism financing (TF), cybercrime, and the volatility of cryptocurrencies as reasons for the ban.

However, the apex bank on December 22, 2023, issued fresh operational guidelines on virtual assets service providers (VASPs) to all banks and OFIs — signalling a shift from its initial position which restricts crypto transactions.

VASPs are entities that conduct exchanges between virtual assets (cryptocurrencies) and fiat currencies and transfers of virtual assets.

The Cable

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TECHDIGEST – I was pleasantly surprised when I was contacted to be the Reviewer of a book by Mr Abdulrahman Abdulraheem of the Economic Confidential.

It was a pleasant surprise because it remains a special privilege going through the work and sharing the stage with these eminent personalities while we go through the thematic preoccupation of the Book, “eNaira Revolution: A Peep into Nigeria’s Cashless Future.”

The Book uses the past to trace the present and tells the future in a way that Nigerians who suffered the last cash crunch in the country may not find palatable. But since the Book is on eNaira, the Central Bank of Nigeria (CBN’s) official digital currency, which is supposed to be the best, cheapest and most convenient means of business transactions, provides solutions to the limited availability of cash which the Book predicted are also therein.

And what are these solutions? Download the eNaira wallet on your smartphone if you have or make use of the USSD code which is useful for those without smartphones and begin to enjoy fast, cheap and seamless transactions with no bank charges or network headaches. This is because on the part of the apex bank, spending hundreds of billions of naira to print excess and needless cash that will end up causing inflation and encouraging crimes like money laundering kidnapping and armed robbery is not sustainable. The reality is the cashless future for everyone. A future that helps the monetary authorities to keep the economy sane and also works for the masses.

Due to the fact that the eNaira is a multi-purpose instrument which is capable of tackling a lot of issues and solving plenty problems, this Book is divided into four chapters –  Cashless Future, Financial Inclusion, Antidote to Cash Crunch and Human Capital Development.

Chapter One started with a robust survey of how the series of cashless policies rolled out by the CBN and other federal government agencies like the Nigeria Financial Intelligence Unit (NFIU) between 2022 and early 2023 have been encouraging Nigerians to embrace the eNaira as the best alternative for transactions. While the CBN came up with cash withdrawal limit and naira redesign policies, the NFIU announced the ban on cash withdrawal of government funds and directed that all withdrawals and transfers from government accounts must be through the banking system for the purpose of monitoring. Experts that the author spoke to were unanimous in their conclusion that these policies exposed the body language of the federal government which is in favour of a cashless future which some Nigerians started preparing for by embracing the eNaira.

One piece that strikes me in this chapter is the one in which the author analysed the strategy for the eNaira advocacy and the decision to use one of the country’s famous celebrities, Gabriel Afolayan, as a brand ambassador. Readers who are interested in the global history and evolution of celebrity branding will find the piece interesting as the author takes time to travel down memory lane to explain the philosophy behind using popular faces to advertise a product or promote a cause.

In Chapter Two, the author dwells on financial inclusion which is one of the key objectives of the digital currency revolution in the first place. Readers get to see efforts by the CBN and several of its partner agents to take the good news of eNaira to the grassroots across the country where disadvantaged people dwell. The author also tells the story of his encounter with the Permanent Secretary in the Ministry of Humanitarian Affairs, Disaster Management and Social Development, Dr Sani Gwarzo, who told him of how his Ministry was collaborating with the CBN to onboard millions of beneficiaries of cash transfers and other poor Nigerians and paying them via their e-wallets. In this Chapter, the author informs his readers about the huge capacity of eNaira to also help the federal government in its poverty alleviation plans.

In Chapter Three, the author risks incurring the anger of Nigerians by seemingly suggesting that they were to blame for the unprecedented torture they suffered during the cash crunch. By saying if majority of Nigerians had embraced the eNaira long before the naira redesign policy of the apex bank, they wouldn’t have suffered untold loss of life, dislocation and hunger, the writer may sound insensitive to some readers. But he doesn’t stop there, he goes ahead admit that the epileptic network of the commercial banks which made transfers impossible during the crunch made life difficult for Nigerians.

Also, in this chapter, the author displays his creative genius in the piece titled: “Nigeria’s Cash Crunch and eNaira’s Emi Lokan Moment.’ He explains in detail the countless benefits of the eNaira and how it was the solution to the cash crunch and any other challenge that may come up in the future.

In Chapter Four, the Book talks about the life-changing opportunities embedded in the eNaira platform for the average Nigerian in terms of jobs, poverty alleviation, wealth creation, health insurance etc. It also talks about the amazing capacity of the digital currency to support revenue generation at the macro level in terms of boosting taxation and easing diaspora remittances.

Generally, the author has made bold calls about the country’s cashless future. But according to the author’s crystal ball, this eNaira-influenced cashless future would not be imposed or come in form of fiat or compulsion, Nigerians would just learn to accept it, grow in it as they continue to benefit from the viability and versatility of the eNaira platform and the economy would be better for it.

The book reminds readers that the eNaira is the solution to the challenge of theft, commercial kidnapping, money laundering, fire incidents etc that come with keeping cash while it is also the solution to the unreliable network people experience in internet banking.

This Book is highly recommended. It is a must-read for those students, scholars, journalists, activists and even government officials who are interested in the pursuit of a healthy economy for Nigeria.

Nduka Chiejina
Chairman Finance Corresoondent Associstion of Nigeria (FICAN)
Abuja

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TECH DIGEST – The Nigerian Communications Commission (NCC) has further strengthened its relationship with the Nigerian Financial Intelligence Unit (NFIU) by donating ICT equipment that will enhance their operational efficiency.

Presenting the items to NFIU, the telecom regulator said the gesture is geared towards keeping with its efforts to support Information and Communication Technology (ICT) usage in government.

The items donated are 40 units of HP EliteOne All-in-One desktop G5 with Intel Core i7, 16GB RAM, 1TB HDD and 10 units of HP EliteBook 830G6 laptops with Intel Core i7, 16GB RAM and 500GB SSD.

They were handed over to the Agency by the NCC’s Director of Public Affairs, Dr. Ikechukwu Adinde on behalf of the Executive Vice Chairman (EVC) of NCC, Prof. Umar Garba Danbatta, at the NFIU head office in Abuja.

Dr. Ikechukwu Adinde, said the donation was as a result of the good working relationship between NCC and NFIU and in recognition of the need to support the efforts of the financial intelligence agency in executing its mandate of safeguarding the Nigerian financial system in line with the agenda of President Muhammadu Buhari administration.

“We bring you goodwill from the board and management of the NCC led by Prof. Umar Garba Danbatta as the Executive Vice Chairman. It is in the spirit of strategic collaboration and partnership promoted by Prof. Danbatta, that this gesture is being made so as to enable your agency to improve its operational efficiency using ICT tools and solutions,” Adinde said.

He noted that though many organisations are lagging behind in mainstreaming ICT into their operations as of today’s modern economy demands, NCC had taken the decision to support NFIU in this regard, considering that NFIU is a young and strategic institution that occupies a central position in the affairs of government.

“NFIU’s role is strategic to the agenda of the current administration and therefore, we consider that this support will go a long way in helping you achieve your mandate. It is against this background that the NCC found it necessary to provide these ICT devices.

“The donation of these work tools underscores the fact that the commission values the work you are doing and believes that it is very critical to the activities of the government. It is our expectation and hopes that these devices will boost the morale and productivity of the staff of the organisation,” he said.

Responding, the Chief Executive Officer of NFIU, Mr. Tukur Moddibo appreciated the Commission’s gesture, promising that the devices would be put to the best use to enhance the delivery of its mandate.

“We already have an existing Memorandum of Understanding (MoU) with the NCC and we are happy that our collaboration is yielding positive results. On behalf of the board and management of NFIU, which I lead, I express our sincere appreciation to NCC for fortifying us with these devices,” he said, adding that its organisation was ready to support the digital economy of the government.

Mr. Tukur, noted that the donation of the new devices was timely as they would be immediately deployed to deepen and speed up the development of critical digital skills required by the agency to improve the core competence of its workforce.

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