Author: Toyibat Ajose

  • DBS Bank to cut 4,000 Jobs as AI takes over roles

    DBS Bank to cut 4,000 Jobs as AI takes over roles

    Southeast Asia’s largest bank, DBS, has announced that artificial intelligence could replace 4,000 jobs over the next three years as the technology advances.

    A spokesperson for the Singapore-based bank confirmed that these reductions will primarily affect temporary and contract staff working on specific projects across 19 markets. The cuts will occur through natural attrition as contracts end.

    A Bloomberg Intelligence report recently projected that AI could lead to 200,000 job cuts in the banking sector globally within five years. Meanwhile, the International Monetary Fund has warned that AI could impact 40% of jobs worldwide.

    DBS assured that permanent staff will not be affected and revealed that 13,000 employees have been identified for upskilling, with over 10,000 already undergoing training in AI and data skills.

  • CBN obstructing probe Into N30trillion Ways And Means –Senate

    CBN obstructing probe Into N30trillion Ways And Means –Senate

    The Senate Ad-hoc Committee on Ways and Means Advance has accused the Central Bank of Nigeria (CBN) of obstructing its investigation into the N30 trillion Ways and Means Advance and the Anchor Borrowers’ Programme under former President Muhammadu Buhari’s administration.

    The committee raised this allegation after reviewing an interim report from its consultants at a meeting where members expressed frustration over the bank’s failure to provide crucial documents required for the probe. The committee, inaugurated a year ago by Senate President Godswill Akpabio, stated that the delay has significantly hindered progress.

    Committee chairman, Senator Isah Jibrin, criticised the CBN for withholding vital information despite multiple requests, citing serious infractions in the preliminary findings.

    He dismissed speculation that the Senate had been compromised, reaffirming its commitment to ensuring transparency and accountability in the management of public funds.

    “The information we have here is not different from what we have heard all along. We handed over the documents to the consultants, and when they presented this interim report, we intended to wait for the final report,” Jibrin stated.

    “But we have been forced to make this interim report public so that Nigerians understand where the problem lies—the Central Bank of Nigeria has consistently denied us the documents needed to complete this assignment. That is the truth.

    “I have personally met with the Deputy Governor, Bala, at the CBN. Promises were made, but nothing materialised. The Clerk has visited multiple times, with no results. Even the consultants approached the CBN directly, yet nothing came of it.”

    Although Hamisu Abdullahi, the CBN’s Director of Banking Services, claimed the bank had provided all the requested documents, Senator Jibrin refuted this, insisting the facts told a different story.

    The committee issued a stern warning to CBN representatives, stressing the urgent need for full disclosure on how the funds were utilised to address Nigeria’s economic challenges.

  • EFCC arraigns 16 Chinese Nationals for Cybercrime

    EFCC arraigns 16 Chinese Nationals for Cybercrime

    The Economic and Financial Crimes Commission (EFCC) has arraigned 16 additional Chinese nationals before the High Court in Ikoyi, Lagos, on charges of cyber-terrorism and internet fraud aimed at destabilising Nigeria’s economy.

    The defendants, including Hu Hui (A.K.A. A Bin), Liao Ri Xing, Li Qiang, and others, were among 792 suspects arrested in Lagos during the EFCC’s “Eagle Flush Operation” on  December 10, 2024.

    They face charges related to cybercrimes, cyber-terrorism, possession of fraudulent documents, and identity theft. The EFCC alleged that some defendants accessed computer systems with the intent to harm Nigeria’s economy, while others engaged in online fraud by impersonating models to deceive victims.

    All 16 defendants pleaded not guilty. Justice Daniel Osiagor ordered their remand in a correctional facility and scheduled the trial for June 23, 2025.

  • Visa-on-arrival policy upgraded, not cancelled–Tunji-Ojo

    Visa-on-arrival policy upgraded, not cancelled–Tunji-Ojo

    The Minister of Interior, Olubunmi Tunji-Ojo, has clarified that Nigeria’s Visa-on-Arrival (VOA) policy has been upgraded, not cancelled, as widely reported.

    Tunji-Ojo made this statement on Tuesday after a closed-door meeting with a delegation from the Presidential Enabling Business Environment Council (PEBEC) in Abuja.

    According to PEBEC Director-General Princess Zahrah Audu, the meeting aimed to address concerns and clarify the government’s stance on the VOA initiative.

    Policy Upgrade Details

    The minister explained that the new system introduces pre-arrival clearance through Interpol and criminal record checks, ensuring enhanced security measures.

    “The Visa-on-Arrival process is not being scrapped but upgraded for greater efficiency. Travellers can still apply online for short-stay visas, with approvals granted within 24 to 48 hours,” Tunji-Ojo stated.

    Approved visas will be emailed to applicants, eliminating the need for physical stickers upon arrival. This streamlined process aims to enhance Nigeria’s business environment and attract foreign investment.

  • FCCPC summons MultiChoice over fresh DSTV, GOTV subscription  hike

    FCCPC summons MultiChoice over fresh DSTV, GOTV subscription hike

    The Federal Competition and Consumer Protection Commission (FCCPC) has summoned MultiChoice Nigeria over its decision to increase subscription rates for DStv and GOtv.

    Customers recently received notifications of price hikes, with the DStv Premium bouquet rising from ₦37,000 to ₦44,500 and the Compact+ package increasing from ₦25,000 to ₦30,000. The new rates are set to take effect from 1st March 2025.

    In response, the FCCPC has summoned MultiChoice Nigeria’s Chief Executive Officer to appear at an investigative hearing at its headquarters on Thursday, 27th February 2025.

    “The Commission is concerned about recurrent unilateral price hikes, potential market dominance abuse, and anti-competitive practices within the pay-TV sector,” FCCPC’s Director of Corporate Affairs, Ondaje Ijagwu, stated on Tuesday.

    The FCCPC expressed deep concern over MultiChoice’s pricing strategies, particularly in comparison to other markets, and warned that regulatory penalties or sanctions could be imposed if the company fails to provide satisfactory explanations.

    The agency assured Nigerians that it is working with sector regulators and other relevant bodies to ensure fair competition and consumer protection within the country’s broadcasting and digital subscription landscape.

  • EFCC arrests 59 Suspected Internet Fraudsters in Abuja

    EFCC arrests 59 Suspected Internet Fraudsters in Abuja

    Operatives of the Economic and Financial Crimes Commission (EFCC), Abuja Zonal Directorate, have arrested 59 individuals for alleged internet fraud.

    According to the agency, the suspects were apprehended at Abacha Road in the Mararaba area, a key gateway between Nasarawa State and Abuja.

    The EFCC disclosed in a statement on Tuesday that 73 mobile phones of various brands were recovered from the suspects during the operation.

    Arrest and Investigation

    “The suspects were arrested on Monday, 24th February 2025, at Abacha Road, Mararaba, following credible intelligence about their suspected involvement in fraudulent internet activities,” the statement read.

    The anti-graft agency confirmed that the suspects will be charged to court once investigations are concluded.

  • NPC Warns Public of Fake Census Recruitment Website

    NPC Warns Public of Fake Census Recruitment Website

    The National Population Commission (NPC) has issued a public warning about a fraudulent website falsely claiming to be recruiting for the 2025 Population and Housing Census.

    In a statement signed by NPC spokesperson Erelu Taibat Oloruntoba on Tuesday, the Commission clarified that it is not currently recruiting ad hoc staff for the census.

    The website, https://npc-career.allprogram.site/job, has been falsely presented as a recruitment platform for the upcoming national exercise.

    The NPC assured the public that when recruitment begins, an official announcement will be made through national media, as well as the Commission’s verified social media platforms and website.

    It urged Nigerians to ignore any information from the fraudulent site to avoid falling victim to scams.

    Official Census Plans

    On Monday, President Bola Tinubu announced plans to establish a committee to align the census budget with the government’s financial position before issuing a formal proclamation for the biometric Population and Housing Census.

    Meanwhile, the NPC confirmed that it is actively investigating those behind the fake recruitment website and reiterated its commitment to providing accurate information through its official communication channels.

    “We want to state unequivocally that the Commission is not currently recruiting ad hoc staff for the 2025 Census.

    “Nigerians should be aware that when a date is set and recruitment is required, it will be officially announced via national media and the NPC’s verified social media platforms and website.

    “We urge the public to disregard the fake website and its misleading information to avoid falling victim to scams. The Commission is investigating those responsible and advises everyone to rely on official NPC channels for updates,” the statement read.

    The NPC reaffirmed its dedication to keeping Nigerians informed as preparations continue for the country’s first biometric Population and Housing Census.

  • Lagos-Calabar Highway to be completed in Tinubu’s second term — Umahi

    Lagos-Calabar Highway to be completed in Tinubu’s second term — Umahi

    The Minister of Works, David Umahi, has assured that the ambitious 750km Lagos-Calabar Coastal Highway will be completed before the end of President Bola Ahmed Tinubu’s second term in office.

    Umahi gave this assurance on Tuesday during the signing of the Engineering, Procurement, Construction, and Finance (EPC+F) contract between the Nigerian Government and Hitech Construction Company Nigeria Ltd.

    He emphasised that the administration is fully committed to delivering the landmark infrastructure project, describing it as the “largest ever seen in Africa.”

    The project, first envisioned 27 years ago, is now being realised under Tinubu’s Renewed Hope agenda.

    “It is remarkable to witness and be part of this historic project. We continue to support Mr President, and with his two-term tenure, Nigerians can be assured that the entire 750km highway will be completed before he leaves office. God, who started this, will see it through,” Umahi stated.

    Project Structure and Timeline

    Initiated in March 2024, the highway is being developed under an EPC+F model, allowing Hitech Construction to secure foreign investment with support from the Federal Ministry of Finance.

    The Nigerian Government has committed to providing 30% counterpart funding, while the remaining costs will be covered through external financing.

    The first phase, spanning 47.7km from Ahmadu Bello Way in Lagos, is set for completion by May 2025. Umahi also revealed that each kilometre of the highway would cost approximately N4 billion.

    The minister reaffirmed the government’s commitment to fast-tracking construction while maintaining global standards to ensure the highway serves as a key driver of economic growth along Nigeria’s coastal corridor.

    “The crucial ‘F’ component of the EPC+F model is now in place,” Umahi noted. “By signing this contract, we are enabling the contractor, with the support of the Federal Ministry of Finance, to secure foreign investment. The Federal Government has committed 30% counterpart funding, which the President is honouring.”

    “With the foreign financing secured, work will progress rapidly. I am pleased with Hitech’s performance, the quality of work, and the speed of construction. If not for the need to settle substantial fees, we could have commissioned the entire first section within a year, despite the project being scheduled for 36 months,” he added.

  • Reps hold hearing on Security Trust Fund Bill

    Reps hold hearing on Security Trust Fund Bill

    The House of Representatives held a public hearing on Tuesday on a bill proposing the establishment of the Nigerian Security and Intelligence Trust Fund to provide alternative funding for security agencies, particularly the armed forces. The bill, sponsored by Ahmed Satomi, the representative for Jere Federal Constituency, Borno State, aims to strengthen Nigeria’s security and intelligence capabilities to better fulfil their constitutional duty of safeguarding lives and property. The hearing, held at the National Assembly Complex in Abuja, was opened by Speaker Tajudeen Abbas, alongside other federal lawmakers. In his address, Speaker Abbas highlighted security as a major challenge facing the nation. “We cannot overlook the loss of lives and resources caused by banditry, kidnapping, armed robbery, oil and mineral theft, and insurgency. These have discouraged investors and displaced many families, creating humanitarian crises. “They have also worsened food insecurity, as many farmers have abandoned their land. It is, therefore, crucial that we use legal measures to address these issues effectively,” he said. He urged participants to provide meaningful input, stating, “This public hearing allows the public to contribute towards shaping the Nigerian Security and Intelligence Trust Fund. “The Fund would improve the financing of security agencies, enhancing their intelligence-gathering, training, and equipment procurement, ultimately tackling security challenges at their roots.” However, Abbas warned against potential conflicts between the proposed legislation and existing laws. “As we navigate this process, we must consider existing security laws to ensure we do not create new problems by duplicating functions and roles. “I expect a thorough examination of the bill and recommendations to guide the House in its legislative duties,” he added. Funding Beyond the Budget Chairman of the House Committee on National Security and Intelligence, Ahmed Satomi, explained that the bill seeks to provide additional funding for security and intelligence efforts beyond regular budgetary provisions. “The Fund will support training and retraining of security personnel, procurement of state-of-the-art intelligence equipment, and development of infrastructure to enhance operational readiness. “It will also ensure the upgrade and maintenance of training institutions to global standards and allocate resources for research and development to keep our intelligence agencies on par with global counterparts,” he said. He emphasised that intelligence gathering, rather than a purely force-based approach, is key to overcoming terrorism and other security threats. In a separate media interview, Satomi criticised the inadequate funding of Nigeria’s security sector, noting that some universities in the United States and even smaller African nations allocate more to security than Nigeria. “For context, our entire national budget is smaller than that of the University of California, which stands at around $100 billion. “Even Angola and Egypt—countries smaller than Nigeria—allocate nearly twice what we do for security. “We must explore alternative funding mechanisms to enhance the capacity of our frontline officers in the armed forces and paramilitary agencies,” he added. Satomi stated that the bill proposes allocating one per cent of the Consolidated Revenue Fund to the Security Trust Fund. However, he noted that stakeholders opposed including public gifts and donations due to security sensitivities. He assured that, if passed into law, relevant committees in both chambers of the National Assembly would provide strict oversight to ensure the Fund is effectively managed in the best interest of Nigerians.
  • No Newcastle Interest in Boniface– German Media

    No Newcastle Interest in Boniface– German Media

    German media outlet BILD has refuted reports suggesting Newcastle United are interested in Victor Boniface, stating there has been no contact between the Premier League club and Bundesliga champions Bayer Leverkusen.

    The report also clarifies that Xabi Alonso’s side are under no pressure to sell the Nigerian forward.

    Newcastle were believed to have had an opportunity to sign Boniface this summer, with the Leverkusen striker reportedly being offered to the Magpies.

    “Boniface is happy at Bayer Leverkusen, despite nearly moving to Al-Nassr during the winter transfer window before the deal collapsed at the last moment. The 24-year-old responded by scoring in the two matches that followed, against Köln and Hoffenheim,” the report stated.

    Meanwhile, The Chronicle has claimed that Newcastle have been in contact with Boniface’s representatives, contradicting initial reports that the player was open to a move.

    Boniface came close to joining Saudi Pro League side Al-Nassr in January, but the transfer ultimately fell through. Since then, he has reintegrated into the Leverkusen squad, with manager Alonso emphasising that the Nigerian remains focused despite the failed transfer.

    “These things happen,” Alonso told the Bundesliga website.

    “We spoke before the transfer window opened. He was open to the idea of a move, but he’s happy here. That’s why I don’t think it will be a big issue for him. He will reset mentally, embrace staying here, and continue fighting for his place in the team.”

    The 24-year-old striker joined Leverkusen from Union Saint-Gilloise in 2023 for €20m and recently signed a contract extension until 2029, making him one of the club’s highest earners.

    Boniface had an outstanding debut season with Leverkusen, scoring 21 goals and providing 10 assists in 34 appearances as the club secured a historic Bundesliga and German Cup double. Despite injury setbacks this season, he has still managed seven goals in 13 league matches.