Articles by Bayo Olupohunda,Pascal Oparada

Technology

See the top Nigerian banks with highest fraud cases in 2025

Access Bank, Nigeria’s biggest bank by assets has reported N1.64 billion loss to fraud in the first half of 2025The bank’s parent company Access Holdings, disclosed this in its financial report for the review periodExperts say the bank’s report shows how fast financial fraud is evolving despite billions spent on technologies by financial institutions Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade. Access Bank, Nigeria’s largest financial institution by assets, has recorded a staggering ₦1.64 billion ($1.13 million) loss to fraud in the first half of 2025, a sharp 254.02 percent surge from ₦464.12 million ($320,478) a year earlier. The revelation, contained in the latest financial report from its parent company, Access Holdings, underscores how rapidly evolving fraud tactics continue to challenge even the country’s most technologically advanced banks. Forged documents, false transfers behind the surge According to the report, a significant portion of the losses stemmed from forged instruments, which alone cost the bank ₦831.96 million ($574,475). Fraudulent transfers, unauthorized withdrawals, and account reactivations added another ₦617.11 million ($426,119) to the losses. In total, Access Bank faced ₦2.25 billion worth of attempted fraudulent transactions in H1 2025, with nearly three-quarters resulting in actual financial damage. Though the bank has not commented publicly on the report, the incident represents its worst half-year performance since June 2023, when it lost ₦5.46 billion to similar scams. Fraud cases rising despite lower frequency While the frequency of fraud cases dipped to 1,289 incidents in June 2025, down from 2,823 in 2023, the monetary value of each attack has grown significantly. According to a report by TechCabal, the pattern highlights a disturbing shift from frequent, low-value frauds to fewer but high-impact heists. Despite the massive losses, the amount still represents just 0.76 percent of Access Bank’s ₦215.92 billion ($149.09 million) profit for the first half of 2025. Yet, experts warn that the rise in high-value frauds poses a growing systemic risk to the entire banking industry. Between 2019 and 2023, Nigerian bank customers collectively lost ₦59.33 billion ($40.97 million) to financial fraud, with more than 80,000 victims in 2023 alone. Banks invest more in tech Ironically, the rise in digital fraud comes amid record tech investments by Nigerian banks. Access Bank alone increased its technology spending by 147.94 percent to ₦193.52 billion in 2024 and has already invested ₦69.45 billion this year. Despite these upgrades, cybercriminals continue to outpace traditional defenses. Some banks, however, are making progress, United Bank for Africa (UBA) reduced its fraud losses by 45.35 percent to ₦288 million in H1 2025, while GTBank reported ₦225.42 million, up 41.67 percent due to a prior-year settlement with AXA Mansard. FITC warns: Fraud is becoming smarter The Financial Institutions Training Centre (FITC), which tracks fraud across Nigeria’s banking sector, reported a staggering 602.98 percent jump in industry-wide fraud losses to ₦3.29 billion in Q1 2025. The number of reported cases also climbed 7.63 percent to 12,347, with only 63 involving bank staff and the vast majority perpetrated by external actors. FITC identified online and mobile platforms as the most exploited channels — with 7,361 cases on web platforms, 2,875 via mobile, and 1,559 through PoS terminals. “In 2025, fraud has evolved from being a volume issue to a value game,” FITC said. “To stay ahead, banks must think proactively, collaborate closely, and empower customers with awareness and digital literacy.” A wake-up call for the financial sector As Access Bank battles the fallout from its ₦1.64 billion loss, experts warn that the wave of targeted, high-value cyberattacks signals a dangerous trend. Nigeria’s financial institutions, they say, must move beyond reactive measures and embrace intelligence-led, adaptive strategies to protect both profits and people. Fraud is no longer just a crime of opportunity, it’s a high-stakes game of innovation. Scammers hack Nigerian bank, ateal N10 billion Legit.ng earlier reported that the Federal High Court in Abuja has ordered an additional 30-day freezing of 818 bank accounts suspected of being involved in the alleged proceeds of crime from an N10 billion cyberattack on Hope Payment Service Bank. The order, which the Inspector General of Police authorises, was granted by the court presided over by Justice James Omotosho on Monday, October 15, 2024. The court relied on a motion ex parte filed by the police. According to the motion marked FHC/ABJ/CS/1358/2024, filed against James Akagwu Isaac, Akwubo Gosent, and others, including several banks, the IGP’s legal team said that the accounts via which the defendants were alleged to have received the crime proceeds were under investigation, hence the freeze. Source: Legit.ng

Technology

Why cooking gas prices may increase amid looming scarcity

Nigerians could face another cooking gas scarcity as supply glitches have emerged at major depotsRecent market update shows a sharp decline in active supply points, sparking concerns among familiesThe development has led to suppliers and depot operators raising their rates to almost N1,000 per kilogram Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade. Nigerians may soon face another round of cooking gas scarcity as supply disruptions intensify across the country’s depots. The latest market data reveals a sharp decline in active supply points, triggering concerns among households and small businesses already grappling with high energy costs. According to reports from Petroleumprice.ng as of October 31, 2025, only two facilities, Navgas in Lagos and Stockgap in Port Harcourt, are currently dispensing Liquefied Petroleum Gas (LPG). Navgas sells at ₦920 per kilogram, while Stockgap’s rate has risen to ₦990 per kilogram. Industry insiders warn that this contraction in depot activity could lead to an imminent shortage if not promptly addressed. “Only two depots are selling now, and that’s very risky. It shows there’s a glitch in supply and possible scarcity incoming,” one operator said. Dangote Refinery’s slow output raises Worries Part of the supply strain has been attributed to reduced LPG output from the Dangote Refinery, which was initially expected to stabilise Nigeria’s domestic gas supply. However, recent market intelligence suggests that the refinery’s activities in the LPG segment remain limited and inconsistent. “The activity from Dangote Refinery has been slow. It’s not really selling, and that’s contributing to this emerging supply glitch,” another source disclosed. This has forced marketers to rely heavily on small-scale importers and local producers, further stressing the already fragile supply chain. Analysts caution that unless Dangote and other refineries ramp up production soon, Nigeria could face a repeat of last year’s cooking gas crisis, which drove prices above ₦1,200 per kilogram in some cities. Consumers already feeling the impact The ripple effect of the supply squeeze is now evident at the retail level. Across several states, prices for refilling a 12.5kg cylinder have started to climb again, with dealers warning that further hikes may occur if depot activity does not normalise soon. This could spell trouble for households and small-scale businesses, particularly in the hospitality and food sectors, which depend heavily on LPG for daily operations. “Retail prices are already rising. If the depots don’t resume normal operations, gas may become unaffordable again for many families,” one Lagos-based gas retailer said. Calls for government and industry action Stakeholders are urging the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian National Petroleum Company Limited (NNPCL), and private refinery operators to work together in restoring stability to the market. “The LPG market remains fragile. Without consistent production, transportation, and distribution, even minor supply hiccups can trigger nationwide scarcity,” an energy analyst in Lagos noted. He called for a unified strategy that harmonises gas production, storage, and distribution while reducing reliance on imports. Outlook: A tense November ahead As November unfolds, traders hope that more depots will resume loading activities to ease supply tension. However, if the current pattern continues, Nigerians could face another round of price shocks as the festive season approaches. For now, the mood across the LPG market remains cautious. Both consumers and industry players are keeping a close watch on depot inventories and refinery output, hoping for swift intervention to avert another crisis. Cooking gas scarcity hits major cities Legit.ng earlier reported that households across Lagos, Ogun, and other major cities are reeling from severe cooking gas shortages as prices have jumped by over 80%. Where gas once retailed at around ₦1,150/kg, vendors now demand ₦1,600/kg or more. In some areas, queues form at street corners as customers rush to refill their cylinders. Source: Legit.ng

Technology

Sterling Bank, DBN unveil N20 billion facility for women-led businesses

Several Nigerian women running businesses have a chance to scale their enterprise with a new credit facilitySterling Bank and the Development Bank of Nigeria are partnering to provide funding for women-led enterprisesThe partnership aims to help women entrepreneurs with the requisite capital to scale and grow their businesses Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy. For thousands of Nigerian women struggling to break financial barriers and grow their businesses, a new dawn may have arrived. Sterling Bank, in partnership with the Development Bank of Nigeria (DBN), has unveiled a ₦20 billion fund targeted exclusively at female entrepreneurs across the country. This landmark initiative is not just another bank loan, it’s a bold step aligned with the Federal Government’s plan to help women to scale their businesses. The move aims to amplify women’s access to affordable credit, helping them expand, create jobs, and contribute more meaningfully to Nigeria’s economic recovery. Driving the federal vision for women empowerment The development comes after the Nigerian government unveiled the Youth Economic Intervention and De-Radicalisation Programme, (YEIDEP) an initiative to combat youth unemployment, poverty, and insecurity. The YEIDEP fund, launched by the Nigerian government earlier this year, seeks to provide financial and technical support to youth entrepreneurs across strategic sectors. , It focuses on improving inclusion, productivity, and sustainability, key goals that Sterling Bank and DBN’s ₦20 billion partnership directly advances. It also reinforces the government’s commitment to gender equality and inclusive growth through strategic public-private partnerships. Key features of the ₦20 billion women’s fund Under the scheme, eligible women-owned and women-led businesses can access up to ₦75 million in affordable loans to fund expansion, innovation, or operations. The program provides a repayment period of up to three years, offering flexibility to manage growth without financial strain. Target sectors include: HealthcareEducationAgricultureFashion and BeautyFood and Beverage These sectors, according to Sterling Bank, represent high-impact industries where women are already showing leadership and potential for job creation. Who can apply and how? To qualify, applicants must be women entrepreneurs or owners of registered businesses in Nigeria. The enterprise must be majority women-owned or women-led, and operate within the listed eligible sectors. How to apply: Visit Sterling Bank’s official application portal.Review the eligibility requirements and funding guidelines.Complete the online form with accurate business details.Submit before the deadline indicated on the platform Breaking barriers, building futures Beyond access to finance, this initiative symbolizes hope for millions of women who have long faced systemic challenges, limited collateral, gender bias, and restricted access to investment capital. By backing women with both funds and trust, the Sterling-DBN partnership could reshape the face of female entrepreneurship in Nigeria. As the first batch of applicants prepare to benefit, one message rings clear: the era of waiting for opportunities is over, Nigerian women now have the capital to build their own future. Group launches ₦100,000 grant for petty traders Legit.ng earlier reported that thousands of small-scale traders across Nigeria are set to benefit from the Petty Traders Grant Support Programme, a new financial empowerment scheme designed to uplift street vendors, market sellers, and micro-entrepreneurs struggling to access capital. The initiative, which offers ₦10,000 to ₦100,000 in free grants, targets individuals whose livelihoods depend on petty trading, from food vendors and kiosk owners to shoe repairers, tailors, and recharge card sellers. At the heart of the programme is a simple goal: to help Nigerians grow self-sustaining businesses without the usual hurdles of collateral, company registration, or complex paperwork. Source: Legit.ng