Keystone Bank is currently navigating two major challenges that have placed it in the spotlight of Nigeria’s financial sector. The first involves a transfer glitch that mistakenly credited ₦5.7 billion to various recipients, leading to a court-ordered freeze on multiple bank accounts across several institutions. The erroneous transfers occurred between February 9 and 11, 2025, though the exact cause of the glitch remains unclear. While some financial insiders suggest it may have been a technical processing error, others suspect it could be linked to a coordinated exploitation of system vulnerabilities. Justice D.E. Osiagor of the Federal High Court in Lagos issued an order on February 18, 2025, directing banks to block transactions on the affected accounts until further hearings. The accounts span institutions such as Opay, Providus Bank, Access Bank, Zenith Bank, and others. This incident has raised concerns about the resilience of Nigeria’s banking infrastructure, particularly as transaction volumes continue to grow. Analysts warn that outdated systems and insufficient oversight may leave banks vulnerable to errors and fraud. However, a banking insider downplayed these fears, describing such incidents as “highly unusual” and representing only a small fraction of overall transactions. In a separate but equally significant development, Keystone Bank is now under government ownership following a court ruling. The Lagos State Special Offences Court recently ordered the forfeiture of 6.3 billion shares in the bank to the Federal Government. The ruling stems from allegations that the bank’s controlling shares were fraudulently acquired using public funds. Despite these challenges, the Central Bank of Nigeria (CBN) has assured customers that Keystone Bank remains stable and fully operational. The CBN emphasized its commitment to ensuring the safety and soundness of the banking sector. These dual crises underscore the need for strengthened oversight and modernization within Nigeria’s financial system to prevent similar occurrences and maintain public confidence in the sector.
Nigeria takes bold steps to prevent fibre cuts disrupting telecom services
The Nigerian government has inaugurated a Joint Standing Committee on the Protection of Fiber Optic Cables. This initiative, launched on February 18, 2025, is a collaborative effort between the Federal Ministry of Works (FMoW), the Federal Ministry of Communications, Innovation, and Digital Economy (FMoCIDE), and the Nigerian Communications Commission (NCC). The committee’s primary mission is to tackle the persistent issue of fibre optic cable damage, which has caused widespread disruptions in telecom services across the country. Fibre cuts, often triggered by road construction and maintenance activities, have become a major challenge for telecom operators. In 2024 alone, over 50,000 fibre cuts were recorded nationwide, with nearly 30,000 linked to road construction projects. These incidents have led to significant network outages, including a nationwide MTN service disruption in February 2024 that left millions of Nigerians disconnected for hours. The newly formed committee is tasked with creating strategies to minimize cable damage and establish clear communication protocols between telecom operators and construction firms. Engr. Olufunso Adebiyi, Permanent Secretary at the Federal Ministry of Works, emphasized the importance of standardizing engagement procedures to protect fibre optic infrastructure during road construction projects. This includes ensuring that fibre placement is considered in road designs and fostering real-time communication between telecom companies and road contractors. Engr. Farouk Yusuf, Permanent Secretary at FMoCIDE, highlighted the critical role fibre optics play in Nigeria’s digital economy. Reliable fibre networks are essential for both fixed and mobile broadband services, driving connectivity, economic growth, and innovation. “Protecting this infrastructure is vital for sustaining Nigeria’s technological advancement,” he said. Dr. Aminu Maida, CEO of the NCC, noted that frequent fibre cuts not only disrupt services but also force telecom operators to spend heavily on repairs and redundant routes. “Every time a fibre cut occurs, Nigerians experience service interruptions. If we can prevent these incidents, telecom companies can redirect resources toward expanding network infrastructure,” he explained. To address these challenges, the government has committed to incorporating fibre optic ducting into all new road infrastructure projects. This proactive measure aims to ensure that telecom networks remain resilient as the country continues its development efforts. The committee will meet regularly to evaluate progress, tackle emerging issues, and refine its approach to protecting Nigeria’s telecommunications infrastructure. By fostering collaboration between stakeholders and prioritizing infrastructure resilience, Nigeria is taking decisive steps toward ensuring uninterrupted connectivity for its citizens
Lagos state unveils AI chatbot and evidence portal for domestic violence cases
The Lagos State Domestic and Sexual Violence Agency (DSVA) has launched two innovative digital tools: an AI-powered WhatsApp chatbot named “Ask INU” and a self-reporting evidence portal. The “Ask INU” chatbot, accessible via WhatsApp at 0812 893 7058, provides immediate information and referrals to survivors. This tool ensures that those affected by domestic violence can access timely, confidential, and accurate details about available support services, empowering them with critical knowledge of the resources at their disposal. The self-reporting portal, integrated into the Domestic and Sexual Violence Case Management System (DSVCMS), allows survivors and mandated reporters to securely submit case details and upload crucial evidence, including pictures, audio or video recordings, and medical reports. This platform addresses a significant challenge faced by survivors, as about 60% have previously lost or destroyed evidence due to their abusive partners. The portal ensures that evidence can be securely stored and retrieved when needed, enhancing the prosecution of domestic violence cases. The introduction of the “Ask INU” AI chatbot and the self-reporting evidence portal by the Lagos State Domestic and Sexual Violence Agency marks a significant step forward in the fight against domestic violence. By harnessing the power of technology, these initiatives not only provide survivors with immediate access to vital information and support but also strengthen the legal framework for justice. These digital tools serve as a beacon of hope for those seeking help and a testament to the state’s commitment to creating a safer, more supportive environment for all.
JAMB exempts foreign, special needs, and inmate candidates from pre-admission screening
The Joint Admissions and Matriculation Board (JAMB) has announced a significant policy shift aimed at fostering inclusivity in Nigeria’s tertiary education system. The Board has exempted foreign candidates, individuals with visual or hearing impairments, and prison inmates from the pre-admission screening tests conducted by tertiary institutions. This decision is part of JAMB’s broader efforts to ensure equitable access to education for all categories of students. Speaking during an advocacy visit to the Nigerian Correctional Service in Gombe, the Gombe State JAMB Coordinator, Mr. Johnson Adebiyi, highlighted the initiative’s purpose. He explained that the exemption is designed to remove barriers that often hinder marginalized groups from gaining admission into higher institutions. “This waiver is an affirmative action meant to accommodate candidates with special needs,” Adebiyi stated. “The Board and tertiary institutions will ensure that these candidates, who meet the specified minimum requirements, are admitted and their progress monitored to evaluate the effectiveness of this policy.” JAMB’s move aligns with its commitment to creating an educational system that does not marginalize any group. By waiving pre-admission screening for foreign applicants, blind and deaf candidates, and prison inmates, the Board aims to address unique challenges faced by these groups. For instance: Foreign Candidates: Often face logistical challenges in meeting institutional screening requirements. Special Needs Candidates: Require accommodations to level the playing field in accessing higher education. Prison Inmates: Benefit from opportunities for rehabilitation and reintegration into society through education. Adebiyi emphasized that this policy is part of JAMB’s broader inclusivity agenda for the 2025 Unified Tertiary Matriculation Examination (UTME) and Direct Entry (DE) registration processes. He also noted that JAMB has successfully facilitated the placement of prison inmates into tertiary institutions in previous years. The Controller of the Nigerian Correctional Service in Gombe, Mr. Victor Odafen, commended JAMB for its forward-thinking initiative. He assured that necessary measures would be taken to ensure eligible inmates are prepared to take advantage of this opportunity. “This initiative provides a pathway for inmates to acquire tertiary education, which is essential for their rehabilitation and reintegration into society,” Odafen said. JAMB has also implemented measures to prevent fraudulent activities during the registration process while ensuring a seamless experience for all candidates. The Board plans to share the list of special needs candidates with tertiary institutions annually for guidance and action. This decision reflects a broader national effort to make education accessible to all Nigerians, including marginalized groups. By removing barriers such as pre-admission screenings for these categories of students, JAMB is paving the way for a more inclusive educational system where every individual has a fair chance to succeed
NITDA pushes for local data hosting to strengthen Nigeria’s digital sovereignty
The National Information Technology Development Agency (NITDA) has renewed its call for Nigeria to take ownership of its digital infrastructure and data hosting, as part of efforts to establish the country as a leading technology hub in Africa. Speaking at the inauguration of a Technical Working Group (TWG) in Abuja on Monday, the Director-General of NITDA, Malam Kashifu Inuwa Abdullahi, emphasized the importance of achieving digital sovereignty. He noted that hosting data locally is critical for attracting hyper-scale investments and fostering the growth of Nigeria’s tech ecosystem. “Our goal is to build an ecosystem where local data center providers can scale, and global hyper-scalers see Nigeria as a viable investment destination,” Inuwa stated. Inuwa highlighted several challenges hindering Nigeria’s digital development, including the lack of accurate data on the country’s IT capacity. This gap, he said, has discouraged potential investors from entering the market. To address this, NITDA has conducted comprehensive research to assess Nigeria’s digital landscape. The findings pointed to the need for improved regulatory frameworks, clearer investment incentives, and stronger public-private collaboration. Inuwa revealed that NITDA has engaged global consultants to redefine strategies for cloud development and enhance the country’s data hosting capacity. Despite Africa accounting for 19% of the world’s population, the continent hosts less than 1% of global data centers—a statistic NITDA is determined to change. Inuwa called on industry experts, policymakers, and stakeholders to support NITDA’s initiative, stressing that collective effort is essential to position Nigeria as the premier digital hub in West and Central Africa. “As the TWG embarks on its mission, we urge all stakeholders to contribute their expertise and resources to this initiative,” he said. The Acting Director of NITDA’s Regulation and Compliance Department, Mr. Emmanuel Edet, also underscored the importance of regulatory intervention in building a robust digital economy. He noted that capacity building is vital to developing infrastructure and enabling Nigeria to fully leverage digital technologies while ensuring data security through local hosting. The TWG, established by NITDA, will play a pivotal role in driving the development of a national cloud infrastructure. The group is tasked with identifying challenges in Nigeria’s digital ecosystem, recommending policies, and fostering partnerships between public and private sectors to accelerate progress toward digital sovereignty. Members of the TWG include representatives from global tech giants such as Google, Amazon Web Services (AWS), IBM, Oracle, Microsoft, Huawei Cloud, Equinix, Kasi Cloud, Rack Centre, and Africa Data Centres. The Nigeria Data Protection Commission is also part of this collaborative effort.
Multichoice Nigeria announces new price hike for DStv and GOtv subscriptions effective March 1
Pay-TV giant, Multichoice Nigeria, has announced another round of price increases across its DStv and GOtv subscription packages, set to take effect from March 1, 2025. The company communicated this adjustment to its customers on Monday, citing rising operational costs driven by inflation and currency depreciation in Nigeria. In the notice titled “Price Adjustments for DStv and GOtv Packages,” Multichoice explained that the decision was necessary to maintain the delivery of high-quality local and international content using advanced technology. The price adjustments affect all tiers of both DStv and GOtv services. Below is a breakdown of the new pricing: DStv PackagesDStv Compact: From ₦15,700 to ₦19,000 (25% increase) DStv Compact Plus: From ₦25,000 to ₦30,000 (20% increase) DStv Premium: From ₦37,000 to ₦44,500 (20% increase) GOtv PackagesGOtv Jinja: From ₦3,600 to ₦3,900 GOtv Jolli: From ₦4,850 to ₦5,800 GOtv Max: From ₦7,200 to ₦8,500 GOtv Supa: From ₦9,600 to ₦11,400 GOtv Supa Plus: From ₦15,700 to ₦16,800 Multichoice attributed the price hike to the rising cost of doing business in Nigeria. The company cited economic challenges such as the depreciation of the naira and inflation, currently over 30%, as key factors inflating its operational expenses. These economic pressures have also impacted household budgets across the country. This announcement comes on the heels of similar price increases in 2023 and 2024. Last year alone, Multichoice raised prices twice, in April and November, leading to significant customer dissatisfaction. By September 2024, the company reported losing 243,000 subscribers in just six months due to these adjustments and economic hardships faced by Nigerians. While some customers may see this as an added burden amid rising costs of living in Nigeria, others may explore alternative entertainment options or downgrade their packages. Multichoice has previously faced legal challenges over its pricing policies but has consistently defended these decisions as necessary for sustaining its services. For existing subscribers looking to adjust their plans or understand how this impacts their budgets, Multichoice encourages them to visit their nearest service center or contact customer support directly.