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How COVID-19 is Helping to Entrench Cashless Economy

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By Joel Popoola

Nigeria is Africa’s largest economy, but we are pretty old-fashioned when it comes to money.

Although many Nigerians are used to receiving money electronically from relatives overseas, at home the vast majority of people prefer physical money to digital payments and would rather queue up at a kiosk for cash than pay for something using their phone.

It’s not smart. And in the time of COVID-19, it’s not safe.

By 2025, almost two-thirds of Nigerians will own a smartphone, but right now only 6% of us use digital technology to make financial transactions.

In Kenya, meanwhile, the number is 73%

Digital payments save businesses and consumers time and money: think of the time and effort it would save Nigerians in remote rural communities from not having to travel to go to the bank!

More importantly for digital democracy campaigners like me, electronic money is much easier to keep track of, increasing accountability and transparency and reducing corruption and theft.

So why don’t we work towards becoming the first nation on earth to abolish cash?

This might sound like a ludicrous dream, but in the time of the coronavirus, it might not be as far-fetched as you think.

Reducing the handling of cash to a simple way of slowing the spread of this and other viruses – and social distancing is almost impossible in a kiosk or bank queue.

And Nigerians are getting used to the idea of digital payments. During the COVID-19 lockdown, many Nigerians had no choice but to switch to digital banking when bank branches were closed. And they liked it. There were even reports of shops refusing to take money.

Making the change to a cashless Nigeria would require intensive effort, but the chances such a move could pay for itself. When Mexico made state worker salary payments, social welfare and pensions electronic, it saved the equivalent of 491 billion Naira.

Then, there is also the informal economy.

According to the IMF, the Nigerian informal sector accounted for 65% of Nigeria’s 2017 GDP. A move away from a cash-in-hand culture could lead to a very helpful increase in the government’s tax revenue.

Nigeria is already making more progress towards becoming a cashless society than you might think.

The COVID-19 crisis also saw the government utilise digital-payment platforms to distribute financial support for those affected by the lockdown.

This followed on from earlier efforts to establish payment service banks, which see telecom companies permitted to provide financial services.

Other government targets could be achieved too. The payment service banks were one of the initiatives aimed at meeting targets set in 2012, for 80% of Nigerian adults to have a bank account by 2020. These ambitious targets have been missed (the figure is currently around 60%) but a 2015 report prepared for the G20, the world’s largest 20 economies, highlighted the potential of digitised payments to rapidly increase access to financial services.

The journey towards a cashless Nigeria would require significant government commitment and investment. But the government could start tomorrow by aiming to making all government payments, such as Conditional Cash Transfer, digital by default.

And doing so would be hugely beneficial for our democracy.

Physical cash is dirty money in more ways than one indeed.

Transparency and accountability are almost impossible to achieve with cash payments which are anonymous and untraceable. And this has huge implications when it comes to making sure public money is spent were it is supposed to be spent.

When the Indian government started making pension payments through digitally instead of using cash bribe demands almost halved. I’m sure almost every Nigerian would dearly love to see that here.

At the digital democracy campaign we are determined to improve accountability and transparency in Nigerian politics.

We have created a free app called Rate Your Leader, which allows voters to contact directly with their local elected representatives. The Rate Your Leader app helps politicians engage directly with people who elected them, helping them understand what matters most to the people who elect them, get important information directly to them and build relationships of trust with the electorate.

We did this because in 2020, democracy is digital. Communication is digital. Commerce is digital.

Our money should be digital too – not least in the interests of public health.

Far from being a fantasy, perhaps a cashless Nigeria is an idea whose time has arrived.

Joel Popoola is a Nigerian technology entrepreneur, digital democracy campaigner and is the creator of the Rate Your Leader app. He can be reached via @JOPopoola

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El-Rufai to Remain in ICPC Custody Till June

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Justice Darius Khobo of the Kaduna State High Court has adjourned the bail hearing of former Governor of Kaduna State, Mallam Nasir El-Rufai, to the first week of June, 2026.

El-Rufai is being arraigned on multiple charges bordering on alleged financial crime and abuse of office by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

“Similarly, another charge, number KDH/KAD/ICPC/01/26, against Mallam Nasir El-Rufa’i and one Amadu Sule (LEDA) has also been filed before a Kaduna State High Court in the Kaduna Judicial Division,” the ICPC said last month.

“The charges in the State High Court case range from abuse of office, fraud, and intent to commit fraud to conferring undue advantage, among others. Both charges were filed by the ICPC on the 18th of March, 2026.”

Speaking after the court session, counsel to the former governor, Ukpon Akpan, kicked against the lingering adjournment of the bail hearing by one presiding judge as politically motivated.

The high-profile case has drawn significant public attention, with heightened security presence observed around the court premises.

The former governor had arrived at the court at about 9 am in a convoy accompanied by ICPC officials and operatives of the Department of State Services (DSS).

During the proceedings, supporters of the former governor gathered outside the courtroom, while security agencies maintained order and restricted movement within the vicinity.

Inside the courtroom, journalists, as usual, were not allowed, as proceedings are expected to focus on arguments presented by both the defence and prosecution regarding the bail request.

At the last sitting, the defence team had maintained that their client poses no flight risk and is willing to comply with all conditions set by the court.

Meanwhile, the prosecution has urged the court to carefully consider the gravity of the charges.

The 66-year-old former governor of Kaduna has been in ICPC custody since February 19 following his release by the Economic and Financial Crimes Commission (EFCC).

El-Rufai, a former minister of the FCT, was, however, released on March 27 based on compassionate grounds following his mother’s death

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Court Admits Nine Exhibits Against Malami, Family in EFCC Fraud Trial

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Justice Joyce Abdulmalik of the Federal High Court sitting in Maitama, Abuja, on Monday, admitted nine exhibits against a former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), alongside his wife, Hajia Bashir Asabe, and his son, Abubakar Abdulaziz Malami.

The exhibits were presented before the court by the Economic and Financial Crimes Commission( EFCC), in its ongoing trial of the former Minister and some family members.

The EFCC is prosecuting the defendants on an amended 16-count charge bordering on conspiracy, procuring, disguising, concealing and laundering proceeds of unlawful activities to the tune of N8.7 Billion contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

The documentary exhibits were tendered through the fourth prosecution witness, Mashelia Arhyel Bata, a compliance officer with Zenith Bank Plc.

Led in evidence by prosecution counsel, J. S. Okutepa, (SAN), the witness, told the court that, in the course of his official duties, he received correspondence from the EFCC requesting documents relating to several accounts linked to the defendants and associated entities.

“I work as a compliance officer with Zenith Bank, Maitama branch. My duty includes receiving correspondence from law enforcement agencies and responding accordingly,” he said.

Bata further disclosed that the bank complied with EFCC’s requests by providing both soft and hard copies of documents relating to accounts belonging to the defendants and companies such as Rayhaan Hotels Limited, Rayhaan Bustan Agro Allied Limited, Nashab Limited, Golden Age Global Ventures, and Rahamaniyya Properties Limited.

“My lord, the documents are nine,” he stated, confirming his ability to identify them when presented in court.

Upon application by Okutepa, the court admitted the documents, dated between July 19, 2024 and March 12, 2026, as Exhibits D1 to D9, despite an initial objection by defence counsel, J. B. Daudu (SAN), who noted that “the dates are almost all in March.”

Continuing his testimony under further examination by prosecution counsel, Ekele Iheanacho (SAN), the witness provided details of transactions contained in the exhibits.

He identified Exhibit D1 as containing account opening documents and statements for accounts belonging to Abubakar Malami and A.A. Malami & Co, including a naira account and a dollar account.

According to him, the statement of account for one of the accounts covered the period from January 1, 2012 to December 31, 2023.

The witness confirmed that the accounts were active between 2015 and 2023, noting that “there were transfers within that period.”

He further revealed that total credits into one of the accounts stood at N383,637,21.55 between January 1, 2016 and December 31, 2023, while total credits from January 1, 2012 to December 31, 2015 amounted to N560,506,465.12.

On debits, he stated that N384,322,120.85 was recorded between 2016 and 2023, while N571,891,174.08 was debited between 2012 and 2015.

Giving further breakdown of transactions, the witness told the court that on November 11, 2020, the account received N194,791,608.00 from New Horizons Limited, and on June 24, 2022, it received N622,500,000.00 from Rayhaan Bustan Agro Allied Limited.

He added that on July 1 and July 7, 2022, the account received N250 million each from Rayhaan Hotels Limited, while on December 22, 2022, there was an inflow of N500 million linked to Rayhaan Bustan Agro Allied Limited.

Continuing in that format, the witness identified so many transactions running into billions.

Following the testimony, the defence counsel, J.B Daudu (SAN) sought an adjournment to enable him study the exhibits and prepare for cross-examination.

“My lord, we need time to go through the nine exhibits tendered,” Daudu said.

Justice Abdulmalik subsequently adjourned the matter to May 13, 2026, for continuation of trial.

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Police Retirees Block Aso Rock Gate, Demand Action on Pension Scheme

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Some retirees of the Nigeria Police Force under the aegis of the Police Retired Officers Forum of Nigeria (PROF) have staged a protest at the Presidential Villa in Abuja demanding President Bola Tinubu sign the Police Exit Bill passed by the National Assembly in December 2025.
The bill seeks to withdraw the Nigeria Police Force from the Contributory Pension Scheme.

The protesters, under the scorching sun, walked from the Three Arms Zone in Abuja through the street in front of the Police Headquarters.

They carried placards with various inscriptions, in addition to the Nigerian flag and the flag of the Nigeria Police Force.

Led by its National Coordinator, CSP Raphael Irowainu, the protesters described the retention of the NPF in the Contributory Pension Scheme as fraudulent and illegal.

They also said the CPS is inhumane and obnoxious.

According to them, the protest seeks to prevail on President Bola Ahmed Tinubu to give assent to the Police Exit Bill passed by the National Assembly on 4th December 2025 and transmitted to the President on 16th March 2026.

They said that when signed into law, the Act will totally exempt the police from what they called a “slavery and untimely death-inducing pension scheme.”

The protesters, accompanied by some of their spouses and children, also blocked Gate 8 leading into the Presidential Villa, causing obstruction to vehicular movement.

Efforts by Villa security personnel to dissuade them from the protest proved abortive as they insisted on seeing the President.

They laid their mats in front of the gate, singing songs of solidarity, while some of them lay on the floor.

As of the time of filing this report, no one from the Villa had addressed the protesters.

CSP Irowainu said that their main purpose is to prevail on President Tinubu to sign the bill exiting the Nigeria Police Force from the CPS, which he said has been passed and transmitted to him by the National Assembly.

He lamented that while other security agencies in the country such as the Army, Navy, Air Force, SSS and others have all been exited from the scheme, the police remain trapped in it.

“Our major aim here is to prevail on President Bola Ahmed Tinubu to sign our bill—the bill exiting the police from the Contributory Pension Scheme—passed by the National Assembly on 4th December 2025 and transmitted to him on 16th March, 2026, into law, nothing more than that.

“The soldiers have been exited, the SSS has been exited, the Air Force has been exited, the Navy has been exited, the National Intelligence Agency (NIA) has been exited. The police, who are the father of them all, are trapped in this obnoxious Contributory Pension Scheme,” CSP Irowainu said.

It is not the first time retired officers are staging a protest over the CPS. In July last year, they demonstrated at the National Assembly to demand their removal from the Contributory Pension Scheme (CPS).

The demonstrators, mostly elderly, stood in the rain holding placards and chanting anti-government songs.

Some of the retired police officers also besieged the Force Headquarters in Abuja to protest against the CPS.

Addressing the protesters at the time, the then Inspector General of Police, IGP Kayode Egbetokun, said the welfare of retired police officers was being addressed, but that the exit of the Force from the Contributory Pension Scheme was not something that could be implemented immediately.

He, however, advised the leaders of the protest to refrain from spreading misinformation, stressing that the Force could not abandon its own.

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