Nigeria’s leading fintech company, OPay, has extended its N1.2 billion, 10-year scholarship initiative to Benue State University, making it the seventh institution to benefit from this nationwide educational support program. The scholarship aims to ease financial burdens on talented but economically disadvantaged students, allowing them to focus fully on their academic pursuits. OPay’s Managing Director and CEO, Dauda Gotring, said the program reflects the company’s commitment to youth empowerment and education as key drivers of national development. “We are proud to support the future leaders at Benue State University,” Gotring said. “Education is vital to nation-building, and this scholarship helps young Nigerians reach their full potential.” Prof. Tor Iorapuu, Vice Chancellor (Admin) of Benue State University, described the donation as a milestone in promoting inclusive and accessible education. “This generous support provides a crucial safety net for students, empowering them to pursue their academic goals with confidence and stability,” he said. Since its launch, the scholarship has been implemented in six other institutions and will continue to expand to more universities across Nigeria. OPay views this initiative as part of its corporate social responsibility and a commitment to sustainable development through education. The program not only benefits individual students but also supports their families and communities, contributing to a brighter future for Nigeria’s youth.
Russia seeks to strengthen economic and space technology partnership with Nigeria
Russia has expressed its readiness to deepen trade and technological cooperation with Nigeria, focusing on boosting bilateral business ties and advancing space technology collaboration. Russian Ambassador to Nigeria, Andrey Podelyshev, announced the initiative during a briefing in Abuja ahead of Russia Day celebrations on June 12. He emphasized that the Russian embassy and trade office are prepared to assist Nigerian businesses in connecting with Russian companies across key sectors. “Russia offers significant opportunities in economic and technological fields that can benefit Nigeria and Africa in the long term,” Podelyshev said. He highlighted Russia’s strengths in space exploration, aircraft engineering, automobile manufacturing, electric power, nuclear energy, oil and gas, agricultural machinery, artificial intelligence, and information technology. The ambassador noted Russia’s dynamic economic growth, with a nominal GDP exceeding $2.5 trillion by the end of 2024 and a foreign trade turnover estimated at $717 billion. He also pointed out that Russia’s trade settlements increasingly use national currencies, reducing reliance on the U.S. dollar. Podelyshev highlighted Russia’s pioneering role in space technology, revealing plans to complete a national orbital station by 2032 following the International Space Station’s planned retirement. Russia’s space industry comprises about 100 enterprises employing over 250,000 people and maintains collaboration with NASA and the European Space Agency despite geopolitical tensions. Nigeria, which formally joined the BRICS bloc as a partner country in January 2025, stands to gain from these expanded ties with Russia, a country known for its vast resources and technological expertise.
Pay-on-delivery model slows Nigeria’s e-commerce growth, experts warn
Stakeholders in Nigeria’s e-commerce sector have raised concerns that the widespread use of pay-on-delivery (POD) is undermining the industry’s growth and long-term sustainability. At the recent E-commerce and Payment Forum hosted by Lagos Business School, industry leaders highlighted how POD, a payment method allowing customers to pay upon receiving goods, has become a costly challenge in the Nigerian market. Dave Omoregie, Chief Operating Officer of Konga Group, said POD works well in other countries but not in Nigeria due to local market peculiarities. “When customers receive calls on delivery day, many say they were expecting their salary but it hasn’t come yet,” Omoregie explained. This leads to high rates of order cancellations and returns, increasing operational costs and losses for e-commerce companies. Josephine Sarouk, Managing Director of Bayobab Nigeria, pointed to a deep-rooted lack of trust in online payments. “Many Nigerians prefer shopping in physical stores because they fear online transactions,” she said. Sarouk noted that eliminating POD would require a collective agreement among all e-commerce players to avoid losing customers to competitors. The forum also discussed external pressures such as the entry of global players like Temu, currency devaluation, and reduced consumer purchasing power, all of which intensify competition and squeeze profit margins. Despite these challenges, Nigeria’s e-commerce market is projected to grow significantly, with transactions expected to surpass $33 billion by 2026, up from $15 billion in 2023. Payment methods remain diverse, including account-to-account transfers, cash on delivery, and card payments, reflecting a transitional phase in consumer preferences. Industry experts agree that while POD has helped build initial trust in online shopping, moving toward prepaid models is essential for the sector’s future viability. This shift, however, hinges on cooperation among e-commerce companies to ensure customers do not defect to rivals still offering POD.
CBEX Ponzi scheme resumes, demands additional fees from Nigerian investors to recover lost funds
Crypto Bridge Exchange (CBEX), the notorious Ponzi scheme that defrauded thousands of Nigerians earlier this year, has resumed operations nationwide. Shockingly, the platform is now asking victims to pay additional fees, up to $200, to reactivate their accounts and recover their lost investments. Several investors have reported being contacted by CBEX operators, who instructed them to log back into their accounts to see their balances restored. However, access to withdrawals comes with a catch: investors with deposits above $1,000 are required to pay $200, while those with smaller investments must pay $100 to “activate” their accounts before they can request withdrawals. One investor told the Peoples Gazette, “I was asked to pay $200 to continue trading and to be able to withdraw my funds. It feels like they are trying to lure us back into the scheme.” CBEX abruptly halted operations in April, leaving many Nigerians unable to access their life savings. The sudden shutdown sparked widespread outrage, including a violent incident at the scheme’s Ibadan office. The platform had promised to double investors’ money within 40 days through supposed AI-powered trading, a claim that was later exposed as fraudulent. In response to the scheme’s collapse, the Economic and Financial Crimes Commission (EFCC) launched an investigation, arresting several suspects and tracing illicit funds to multiple countries. The EFCC has declared some Nigerian collaborators wanted and cautioned that recovering all lost investments may not be possible. Despite these efforts, CBEX has quietly resumed operations, allowing new users to trade and withdraw profits while old investors await a promised audit scheduled for June 25, 2025. The platform now reportedly requires manual trade inputs and claims to have an insurance-backed compensation process underway, with some investors already receiving partial payouts. The Securities and Exchange Commission (SEC) has reiterated warnings against unregistered investment platforms like CBEX, urging Nigerians to exercise caution and avoid schemes promising unrealistic returns.
IED blast kills 6, injures 3 women in Sokoto during Eid celebration
Six men were killed and three women injured Sunday afternoon in an improvised explosive device (IED) blast in Gwabro village, Tangaza Local Government Area, Sokoto State, amid Eid-el-Kabir festivities. The attack is believed to have been carried out by the Lakurawa terrorist group, which has been active in Sokoto and Kebbi states. According to a local source, the victims were visiting relatives in nearby Zurmuku community when they encountered the device, triggering the explosion. “They were simply unfortunate,” the source said, explaining that the victims may have unknowingly touched the explosive. The Sokoto State Police Command confirmed the incident. ASP Ahmed Rufai, the police spokesperson, said six men died while three women sustained serious injuries and were taken to Tangaza General Hospital for treatment. This attack follows a deadly ambush last month by suspected Lakurawa terrorists in Hurumi Forest, where at least 13 hunters were killed during a seasonal hunting expedition. The group’s growing boldness has raised concerns about security in the region. Local authorities have repeatedly warned about the threat posed by Lakurawa, a militant faction linked to jihadist groups in the Sahel region. Despite these warnings, communities continue to face attacks, highlighting the urgent need for enhanced security measures. Residents and officials alike are calling for intensified efforts to dismantle the group and restore peace to affected areas.
BluuPay selected for iHatch, set to transform fintech in Africa
BluuPay, a fast-growing fintech startup, has been selected for the prestigious iHatch Startup Incubation Programme (Cohort 4), powered by the National Information Technology Development Agency (NITDA) and the Office for Nigerian Digital Innovation (ONDI). This intensive 3- to 5-month programme offers startups across Nigeria mentorship, training, coworking spaces, and funding opportunities to refine their business models and scale their innovations. BluuPay is Africa’s version of Square Inc., specializing in building smart, secure, and inclusive payment infrastructure for Africa’s small businesses. Their flagship product, Bluupay Bridge, is an API-driven platform that integrates traditional and digital currencies, offering real-time currency conversion, automatic payment routing, fraud detection, and support for cross-border payroll and e-commerce payments. The platform is designed to streamline financial operations, reduce costs, and improve transaction speed, enabling businesses to expand globally without complex payment systems. Being part of iHatch Cohort 4 will provide BluuPay with access to expert mentorship, intensive training, coworking spaces, and funding opportunities, helping the company accelerate its mission to revolutionize B2B financial transactions across Africa. The programme also fosters networking with other innovative startups and industry experts, positioning BluuPay for greater growth and impact in the fintech ecosystem. BluuPay expressed excitement about this opportunity, thanking NITDA and ONDI for the support and promising to share updates on their incubation journey as they continue to innovate and scale.