Access Holdings Plc, the parent company of Access Bank, has made headlines with a record-breaking ₦193.5 billion ($120.5 million) investment in technology and electronic business in 2024, a 147% jump from the previous year and the highest among Nigerian banks. This bold move comes as the company reports a dramatic 73% drop in fraud-related losses, from ₦6.15 billion to ₦1.64 billion, according to its latest financial statement. The surge in tech spending was driven by several factors: inflation, exchange rate volatility, major upgrades to its core banking software, cybersecurity enhancements, and expansion into new markets like Tanzania, Namibia, and Hong Kong. These investments, Access Holdings says, are necessary to support its fast-growing digital customer base and compete with fintech challengers such as Opay, PalmPay, and Moniepoint. A company spokesperson explained that most of the IT budget goes to licensing (80%), support services (15%), and consultancy. “Our technology spend reflects a deliberate balance between capital investments in new capabilities and operating expenses that support existing systems,” the spokesperson said. Analysts credit the sharp drop in fraud losses to these tech upgrades, especially in cybersecurity. “I suspect that the group invested in some cybersecurity infrastructure, especially given that the amount lost to fraud declined significantly,” said Mobifoluwa Adesina, an investment research analyst at Afrinvest West Africa Limited. The impact is clear when compared to competitors: GTCO spent ₦88 billion on IT in 2024, Zenith Bank ₦67.3 billion, and UBA ₦48 billion, each well below Access Holdings’ outlay. While GTCO and UBA saw modest improvements in fraud losses, Zenith Bank’s losses spiked, highlighting the urgent need for stronger fraud prevention across the sector. Nigeria’s banking sector has seen a surge in digital transactions, and with it, a rise in fraud cases. Yet, Access Holdings’ aggressive investment in technology shows that targeted spending can pay off, both in customer trust and the bottom line. The company plans to continue investing in modernization, innovation, and staff training to maintain its lead and further reduce risks.
FG launches BisonFly project to cut air travel costs for civil service
The Federal Government has unveiled the BisonFly Project, a new digital platform aimed at reducing air travel expenses across its Ministries, Departments, and Agencies (MDAs). The initiative, launched by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is designed to centralize and digitize official travel bookings, making government spending more efficient and transparent. BisonFly will use advanced digital booking tools and a unified platform to coordinate all official air travel, allowing the government to negotiate bulk discounts and streamline scheduling. This approach mirrors successful cost-saving strategies used by global organizations like the World Bank. Minister Edun emphasized that the project is part of a broader effort to promote fiscal discipline and prudent financial management. “By centralizing air travel bookings and leveraging the government’s bargaining power, we will achieve significant savings, improve service delivery, and operate more efficiently,” he said. The project was developed by the Ministry’s Efficiency Unit in partnership with ICT advisers and key stakeholders. A dedicated implementation team has been set up to ensure a smooth rollout, with the system expected to go live in the coming months. Permanent Secretary for Special Duties, Raymond Omenka Omachi, praised the initiative as a benchmark for responsible financial stewardship and a model for public sector reform. The BisonFly Project is expected to not only reduce costs but also set a new standard for transparency and accountability in government operations.
Enugu airport temporarily shuts for emergency runway repairs, reopening set for May 6
The Federal Airports Authority of Nigeria (FAAN) has announced the immediate closure of Akanu Ibiam International Airport in Enugu for urgent runway repairs, with operations set to resume on May 6, 2025. The decision follows a sudden and significant rupture discovered on a critical section of the airport’s runway, prompting authorities to prioritize passenger safety and the integrity of flight operations. According to FAAN, the closure is in full compliance with Nigerian Civil Aviation Regulations and is necessary to address the emergency situation. “As part of FAAN’s commitment to passenger safety and the modernisation of airport facilities, the runway will not be open for landings or takeoffs during the rehabilitation period,” the agency said in a statement. All flights originally scheduled to land at Enugu will be redirected to nearby airports for the duration of the repairs. Airlines and passengers are advised to contact their carriers for updated travel arrangements. FAAN has apologized for the short notice and acknowledged the inconvenience to travelers and airlines, urging the public to cooperate during this essential maintenance period. This is not the first time Akanu Ibiam International Airport has faced a closure for safety reasons. In August 2019, the airport was shut down for over a year due to runway deterioration and reopened only after extensive rehabilitation. Temporary runway closures for maintenance are a routine part of FAAN’s efforts to uphold safety and operational standards, as seen recently at other major Nigerian airports. FAAN has assured the public that the repairs will be completed promptly and that the airport will reopen as scheduled on May 6. The agency reiterated its commitment to maintaining global aviation safety standards and modernizing Nigeria’s airport infrastructure. Travelers are encouraged to stay informed through official FAAN channels and to make alternative travel plans as needed during the closure period.
Crypto exchange eXch to shut down after allegations of laundering Bybit hack funds
Cryptocurrency exchange eXch has announced it will cease operations on May 1, 2025, following mounting allegations that it was used to launder millions of dollars stolen in the recent Bybit hack. The decision comes as the platform faces intense scrutiny from international authorities and an ongoing transatlantic investigation that could lead to criminal charges against its operators. The controversy centers on claims that North Korea’s Lazarus Group, the alleged perpetrators of the $1.4 billion Bybit exploit in February, funneled approximately $35 million of the stolen funds through eXch. Initially, the exchange denied any involvement but later admitted to processing a small portion of the hacked assets, describing its role as “insignificant”. In a statement, eXch’s management cited a “hostile environment” and ongoing surveillance efforts, including signals intelligence (SIGINT), as key reasons for the shutdown. “We don’t see any point in operating in a hostile environment where we are the target of SIGINT simply because some people misinterpret our goals,” the company said. The exchange, known for its privacy-focused and non-KYC model, has long been controversial in the industry. Its leadership criticized what they called “nonsensical” anti-money laundering policies, arguing these measures are often ineffective and harm user privacy. Meanwhile, Bybit, the direct victim of the hack, is also taking steps to mitigate risk by shutting down several of its Web3 services, including wallets and its NFT marketplace.
EFCC arrests 40 suspected internet fraudsters in Niger State
Operatives of the Economic and Financial Crimes Commission (EFCC), Kaduna Zonal Directorate, have arrested 40 individuals suspected of engaging in internet fraud in Bida and Minna, Niger State. The arrests followed credible intelligence linking the suspects to various cyber-related crimes. According to Dele Oyewale, the EFCC’s Head of Media and Publicity, the suspects were apprehended after thorough investigations. Items recovered from them include three cars, ten motorcycles, eight laptops, sixty Android phones, eight power generating sets, one air conditioner, two power stabilizers, and four Bluetooth speakers. In addition to technological devices and vehicles, the EFCC also seized several fetish items believed to be used in the commission of their crimes. These included three calabashes adorned with feathers, traditionally made soap and sponge, a bottle of hot drink, twenty cowries, a waist bead, and four pairs of women’s underwear. The EFCC is continuing its investigations and will prosecute the suspects accordingly. This operation highlights the commission’s ongoing commitment to tackling cybercrime and internet fraud across Nigeria. The arrest is part of a broader national effort to curb internet fraud, which has seen similar crackdowns by security agencies in various states. The EFCC’s proactive measures aim to protect Nigerians from the growing menace of cybercrime and restore confidence in the digital economy.
Nigeria Customs strengthens partnership with Access bank to boost digital trade system
The Nigeria Customs Service (NCS) has stepped up its collaboration with Access Bank to advance the rollout of its new digital platform, B’odogwu, aimed at transforming customs operations and trade processes across the country. In a recent virtual meeting, officials from the NCS and Access Bank discussed ways to deepen cooperation and align their systems to ensure smooth integration of B’odogwu with financial services. The platform, developed entirely in Nigeria, is designed to automate customs procedures, improve transparency, and enable real-time processing of trade transactions. Deputy Comptroller-General of Customs in charge of ICT and Modernisation, Kikelomo Adeola, led the NCS team. She emphasized the importance of working closely with financial institutions like Access Bank to fully unlock the platform’s potential. “B’odogwu represents a major shift in how we manage customs operations,” Adeola said. “Our goal is to build strong partnerships that will help us automate processes, increase transparency, and improve trade facilitation.” Representing Access Bank, Olatunbosun Oladunke, Head of Global Trade, praised the NCS’s digital reform efforts and pledged the bank’s full support. “We are committed to ensuring that our systems work seamlessly with B’odogwu, especially in areas like trade finance and automated payments,” he said. Access Bank’s Head of Media and Public Relations, Olakunle Aderinokun, also stressed the need for clear communication with stakeholders and the public to raise awareness about the benefits of the new system.