The US Securities and Exchange Commission (SEC) has fined Nigerian auditor Olayinka Oyebola $200,000 and banned him and his firm from auditing US public companies due to their part in covering up the Tingo Group fraud. The SEC’s targets Olayinka Oyebola and his Lagos-based accounting firm after they were found to have helped conceal false audit reports linked to Tingo Group. Once listed on Nasdaq and touted as a leading agri-fintech company revolutionizing African agriculture, Tingo collapsed after regulators revealed it was a “massive fraud.” Tingo’s founder, Dozy Mmobuosi, was previously fined over $250 million and barred from the US securities market after fabricating key parts of the company’s financial statements and customer data. The scandal shook the tech and financial sectors, raising concerns about audit oversight and fraud detection. Oyebola’s firm audited Tingo’s books, which misleadingly claimed $462 million in cash reserves. The SEC found only $50 actually existed. Instead of exposing these inconsistencies, Oyebola allegedly signed off on fake audit reports that helped maintain the illusion of legitimacy. The SEC also accused Oyebola of lying to later auditors, which allowed the fraud to go unchecked for years. For these offenses, a New York federal court ordered Oyebola and his firm to pay $100,000 each in fines, banned them permanently from violating US securities laws, and suspended their ability to audit US public companies for at least six years. Antonia M. Apps, Director of the SEC’s New York Regional Office, criticised their actions, saying Oyebola and his firm violated the public trust. Gatekeepers must be held accountable when they support fiction over truth The case exposes challenges in auditing, as studies show auditors catch only a small fraction of fraud cases. Even Deloitte, a global “Big Four” firm that audited Tingo, faced criticism for not spotting obvious issues. The SEC worked internationally with the Israel Securities Authority during the investigation, stressing its broad reach in fighting financial crime linked to fraudsters worldwide.
NCC lists 9 simple ways Nigerians can save data amid rising complaints
The Nigerian Communications Commission (NCC) has shared nine easy tips to help Nigerians control their mobile data and avoid quick depletion. Subscribers across the country have been complaining that their data finishes too fast. Some even accuse network providers of “siphoning” their data. Both the NCC and telecom operators say this isn’t true, but the Commission admits that new smartphone features can confuse users and lead to higher data use without them noticing. In a recent statement, the NCC revealed practical steps anyone can take to save data. Top on the list is monitoring data usage closely, using your phone’s built-in tracker or apps. The Commission also advises switching to Wi-Fi whenever possible, and turning off automatic updates so apps only refresh when you want them to. Here is the full list of NCC’s smart data management Tips: Mrs. Freda Bruce-Bennett, the Director of the NCC Consumer Affairs Bureau, said in an interview We want every telecom subscriber to know how to monitor, control and optimize their data, whether it’s a daily, weekly or monthly plan.There are many factors that can make data finish faster. For example, most browsers play videos by default, even when you only want to read an article. Streaming apps like Netflix, YouTube and Spotify also use up a lot of data She stated that the Commission is speaking to network providers and working on new policies to make data usage clearer and fairer for everyone. Data depletion is one of the most common complaints the NCC gets from Nigerians. The Commission is not only educating consumers, it has started studies and talks with telecom companies to improve the overall experience and make it easier for users to track their data. For millions of Nigerians relying on mobile data for daily life, these tips could help stretch their internet plans and reduce frustration.
Fire destroys Yinka Ayefele’s Fresh FM station in Ibadan
A major fire broke out at Fresh FM, the popular radio station owned by Yinka Ayefele, on Friday evening in Ibadan, Oyo State. The blaze started at the station’s premises, causing significant damage. A staff member, who goes by the handle @Arugboboisi on X (formerly Twitter), shared the news and called for urgent help from the fire service. He also asked the public to spread the word and alert fire stations nearby to come to the rescue quickly. Fresh FM is well known across the region for its music and entertainment programs, making this incident a big loss for listeners and the local media community. Details about the cause of the fire are not yet clear, and authorities are expected to investigate. No reports of injuries have been confirmed so far, and efforts to contain the fire are ongoing. The community and fans of Fresh FM are now hoping for a swift recovery so the station can resume broadcasting soon.
Afghan refugees in UK face fresh worry after new data breach
Afghans resettled in the UK after fleeing the Taliban have been hit by another data leak, exposing private information of almost 3,700 people. Thousands of Afghans evacuated to Britain during the Taliban takeover thought they had found safety, but now face new risks after a Ministry of Defence (MoD) sub-contractor, Inflite The Jet Centre, was hacked. Names, passport details, and information about the Afghan Relocations and Assistance Policy (Arap) were potentially exposed, affecting people who arrived between January and March 2024 under a programme for those who helped British troops. The government confirmed that the breach has not threatened anyone’s safety so far, nor did it impact core government systems. However, the news is a worrying repeat for many Afghans. Just a month ago, it was revealed that another major leak in 2022 exposed details of almost 19,000 Afghans who sought to escape the Taliban. Families received emails from Afghan resettlement officials last Friday, warning that personal data like full names, birth dates, and passport numbers might be compromised. The leak also includes details of some British military personnel and politicians. We take data security extremely seriously and are going above and beyond our legal duties in informing all potentially affected individuals. Inflite The Jet Centre said the incident was limited to email accounts only and has notified the Information Commissioner’s Office. Professor Sara de Jong of Sulha Alliance, a charity that helps Afghans who worked with the British Army, called the breach “astonishing”. She urged the MoD to process remaining relocation cases faster. A spokesperson from the government said: The last thing that Afghans who saved British lives, need is more worries about their own and their families’ lives The background to this story is painful. The earlier 2022 leak led to secret relocations. One Afghan man, part of the special forces who worked closely with UK troops, was deported back to Afghanistan after his details were leaked. His son pleaded: Please help my family and avoid their murder by the Taliban Government officials maintain that all potential arrivals are subject to strict security checks. But constant delays and repeated breaches are causing real distress. Sir Mark Lyall Grant, a former UK security adviser, called both leaks “deeply embarrassing” and said authorities need to move faster to protect people who genuinely are at risk of being victimised and persecuted by the Taliban if they go back. Former Conservative Chancellor Kwasi Kwarteng described the incidents as “really concerning”, especially for people facing possible deportation. Helen Maguire, Defence Spokesperson for the Liberal Democrats, called for a “fully independent investigation” into the security failures. The government says it will keep those at risk informed and protected, but experts and support groups are calling for urgent reform and accountability. For these refugees, the wait for safety continues.
MTN and Airtel invest $400 million to naira-priced cloud services for Nigerian startups
MTN and Airtel are teaming up to change how Nigerian startups access cloud and AI services by investing nearly $400 million (₦613.81 billion) to offer affordable, local options priced in naira. The two telecom giants want to challenge global leaders like AWS, Google Cloud, and Microsoft Azure, which currently dominate the market. Their strategy focuses on pricing cloud services in naira, not just billing in naira, promising better affordability, faster local compute power, and data sovereignty. MTN has already invested $120 million and plans to put in another $135 million. The company is building a Tier 4 data centre designed to support startups and businesses looking to digitalise operations. Our cloud is crafted for Nigerian startups, enterprises, and public institutions – Ifeanyi Otudor, senior consultant at MTN Enterprise Solutions. MTN also runs an accelerator programme with grants up to ₦100 million to support startups. Airtel’s focus, meanwhile, is on AI infrastructure. The telco broke ground in 2024 on Nigeria’s first hyperscale data centre in Eko Atlantic. It’s being built to handle massive AI workloads using high-performance GPUs, a critical resource for startups working with artificial intelligence. Airtel’s director of business, Ogo Ofomata, emphasized We are building at a hyperscale level, designed for the new server loads that modern infrastructure demands Since the naira’s sharp devaluation in 2023, many startups have struggled with soaring costs linked to dollar-priced cloud services. By offering cloud priced competitively in naira and keeping data local, MTN and Airtel hope to keep millions of dollars of tech spending within Nigeria. Startups are cautiously optimistic. Aaron Sotunde-Adesina, CEO of AI startup Quonos, pointed out the challenge ahead: If it is cheap and works, people will adopt it. If it doesn’t work or isn’t reliable, it will be a big struggle. Many local providers have struggled with reliability compared to global giants. Despite these hurdles, the Nigerian government supports efforts to build sovereign cloud infrastructure. Kashifu Inuwa, director general of NITDA, noted at MTN Cloud’s launch that local cloud services are given the opportunity to show the world we are ready to build sovereign cloud infrastructure. The move by MTN and Airtel is vital because cloud and AI services could add billions to Nigeria’s economy. According to Oxford Insights, AI alone could boost Nigeria’s GDP by $15 billion by 2030, but this depends on affordable, modern data centres.
CAC removes 247 companies for using fake registration numbers
The Corporate Affairs Commission (CAC) has deleted 247 companies from its records for operating with false Registered Certificate (RC) numbers. On Friday, the CAC announced via its official X (formerly Twitter) account that these 247 companies were never properly registered as limited liability companies. The RC numbers linked to them were not issued by the Commission to any of these businesses, meaning their corporate status was fake. As a result, the CAC permanently removed both the names and RC numbers of these companies from its database. The Commission warned that any dealings with these companies are not legally protected, since they do not have valid corporate registration. The list of deleted companies cuts across different industries and includes some with alleged registration dates going as far back as the 1990s. Examples include Dwell Space Limited, Borno Engineering Supply & Technical Company Limited, and Vourla Petroleum/Gas Limited. The CAC’s action is part of its ongoing efforts to keep Nigeria’s official company registry reliable and to shield the public from fraud. The Commission has not yet said if it will take legal action against these companies but advised people to avoid doing business with them.