Policymakers are calling for sweeping tax reforms aimed at removing regulatory bottlenecks that have long stifled business expansion. The push for reform comes as industry players warn that cumbersome tax…

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The Professional Excellence and Development Institute of Nigeria (PEDIN) has inaugurated a new set of state executives, in a bid to deepen professional ethics, leadership capacity and career development across various sectors in Nigeria.

At the colourful event held in Lagos, Dr. Felicia Arinze, the National President of the Institute, charged the newly appointed executives to uphold integrity and excellence in service delivery. She emphasized the role of professional development in transforming Nigeria’s workforce, particularly in the public and private sectors.

The newly sworn-in Lagos State Chairman, Mr. Kunle Awosika, promised to implement training programmes that will enhance the professional competence of members in the state. He reiterated his commitment to bridging the gap between academic knowledge and practical skill application.

Other key officers inaugurated include Mrs. Anita Okoro as Vice Chairperson, Mr. Tunde Kolawole as Secretary, and Mrs. Ngozi Eze as Head of Membership Development. They pledged to drive membership engagement and raise awareness about the importance of professional certification.

The inauguration was attended by industry professionals, civil service representatives, and members of various affiliate bodies. The event also featured a lecture on “Ethical Leadership and Workforce Excellence in Nigeria,” delivered by Professor Sam Uche of the University of Lagos.

The surge in Nigeria’s fintech revolution is shadowed by an alarming rise in fraud cases, a trend that has stirred deep concerns within the financial community. Recent analyses reveal that money lost to fraud has nearly tripled over the past five years, with figures skyrocketing from billions in earlier years to staggering amounts in the current quarter. What began as a modest uptick in fraudulent activities has now evolved into a full-blown challenge, undermining the trust that underpins Nigeria’s robust digital payments system.

According to industry insights, while the number of fraud incidents has shown only a marginal increase between consecutive quarters, the volume of cash lost has surged dramatically. In one quarter alone, losses escalated from hundreds of millions to tens of billions of naira. Such a steep rise points to the sophistication and scale of the fraudulent tactics employed by criminals. Reports indicate that fraudsters are exploiting various loopholes, converting stolen funds into gift cards, and even creating accounts using the identities of vulnerable groups like the elderly and minors.

This disturbing trend comes at a time when fintech platforms have become central to Nigeria’s drive for financial inclusion, particularly in a landscape marked by cash shortages and ongoing currency reforms. Yet, despite the undeniable benefits of digital financial services, these platforms now face the dual challenge of fostering innovation while fortifying security measures. Industry experts have warned that without robust regulatory frameworks and improved cybersecurity protocols, the fintech sector may see a continued erosion of consumer confidence.

Efforts are underway by regulatory bodies, including the Central Bank and the Nigerian Communications Commission, to collaborate on a comprehensive strategy aimed at curbing these fraudulent activities. Enhanced real-time monitoring and stringent identity verification measures are expected to form the cornerstone of this new approach.

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