Connect with us

News

How COVID-19 is Helping to Entrench Cashless Economy

Published

on

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

Continue Reading
Advertisement


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Sack Gbajabiamila Now, NDC Tells Tinubu Amid Fake Agency Scandal

Published

on

The Nigeria Democratic Congress (NDC) has called on President Bola Tinubu to immediately remove his Chief of Staff, Femi Gbajabiamila, over allegations linking him to an alleged multi-billion-naira corruption scandal involving a purported non-existent  government agency, the Presidential Foreign Intervention Promotion Council (PFIPC).

In a statement issued on Friday by its National Publicity Secretary, Osa Director, the opposition party described the allegations as grave and said Gbajabiamila’s continued stay in office could compromise any credible investigation into the matter.

The NDC’s demand follows allegations made by Prince Mathew Adeniyi Adeyemi, who claims to be the Director-General of the PFIPC, an agency the Presidency has publicly denied exists.

According to the party, the allegations raise serious concerns about transparency, accountability and integrity within the Tinubu administration.

The NDC alleged that despite the Presidency’s denial of the agency’s existence, the PFIPC purportedly secured budgetary allocations in the 2026 Appropriation Act and opened a domiciliary account, a Pound Sterling account and a Treasury Single Account (TSA) domiciled with the Central Bank of Nigeria.

The party questioned how an agency described as non-existent could allegedly establish multiple high-level government financial accounts without official approval or the required documentation.

It also called on the Office of the Accountant-General of the Federation to explain whether forged documents were used in processing the accounts.

The statement further alleged that the Head of the Civil Service of the Federation approved 314 staff positions for the purported agency, describing the development as another issue requiring urgent explanation.

According to the NDC, the allegations also include claims that Gbajabiamila demanded 48 per cent of the agency’s take-off grant, reportedly valued at N27.39 billion, a request Adeyemi allegedly rejected.

The party also cited Adeyemi’s claim that he secured his appointment through the Chief of Staff after allegedly paying N600 million, of which N400 million was allegedly paid through proxies, while N200 million remained outstanding.

It said the alleged unpaid balance reportedly contributed to the Presidency’s subsequent denial of the agency’s existence.

The NDC further alleged that the claims point to a wider pattern of institutional corruption, including the alleged sale of public appointments.

The party also linked the controversy to the death of Babatunde Tanimola, whom it described as an intermediary between Adeyemi and the Chief of Staff.

According to the statement, Tanimola reportedly died in a fire incident at a hotel in Utako, Abuja, on October 22, 2025, a day after the police reportedly received a petition from the Chief of Staff.

The NDC also referenced Adeyemi’s claims that he survived multiple assassination attempts, including an attack along the Abuja-Kaduna Expressway on September 7, 2025, and alleged that certain individuals within government are plotting to eliminate him.

Against the backdrop of the allegations, the party demanded the immediate removal of Gbajabiamila to allow what it described as a full and impartial investigation.

It also called on President Tinubu to establish an independent investigative panel to examine the alleged operations of the PFIPC, including its budgetary allocations, financial transactions, account openings and staff recruitment.

The NDC further urged investigators to probe the circumstances surrounding Tanimola’s death and the alleged assassination attempts on Adeyemi, while recommending that Adeyemi be granted witness protection.

The party also demanded that the Chief of Staff produce all official documents signed since assuming office for forensic examination.

In addition, it called for the questioning of officials of the Central Bank of Nigeria (CBN), the Office of the Accountant-General of the Federation, and the Office of the Head of the Civil Service of the Federation over their alleged roles in the matter.

The opposition party also urged the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Nigeria Police Force to commence what it described as a thorough investigation without fear or favour.

“The NDC will not accept the usual tactic of issuing a mere defensive press release from the Presidency as a deflective ploy. Nigerians deserve to know the truth through a transparent process that promotes fairness and justice,” the statement said.

The Presidency has previously maintained that the PFIPC is not a recognised government agency.

As of the time of filing this report, neither the Presidency nor Chief of Staff Femi Gbajabiamila had responded to the fresh allegations contained in the NDC statement.

Continue Reading

News

Again, Dangote Refinery Slashes Petrol Price

Published

on

The Dangote Petroleum Refinery & Petrochemicals has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), marking its fourth price cut within one month, as the company signaled that Nigerians could expect further price moderation in the coming weeks.

The latest reduction of N50 per litre brings the cumulative decrease in the refinery’s ex-depot price of petrol to over N200 per litre since May 30, 2026, lowering the gantry price to N1,075 per litre.

Over the same period, the refinery has also reduced the ex-depot price of Automotive Gas Oil (AGO), commonly known as diesel, by N300 per litre, while Jet A1 aviation fuel has recorded a cumulative reduction of N520 per litre.

In a statement on Thursday, the refinery said the successive price cuts underscore its commitment to ensuring Nigerians benefit from favourable market developments through fair, responsible, and sustainable pricing of petroleum products.

The company noted that while it remains focused on transferring cost efficiencies to consumers, it is equally committed to maintaining the operational and financial sustainability of domestic refining.

Dangote Refinery explained that its pricing model is not tied directly to daily movements in international crude oil prices, stressing that crude oil is procured weeks or, in some cases, months before refining under commercial contracts linked primarily to monthly average pricing mechanisms rather than prevailing spot market prices.

According to the company, the petroleum products currently being supplied were refined from crude inventories acquired when international crude prices were significantly higher than present levels.

It disclosed that the average landed cost of crude processed by the refinery stood at approximately 124.80 US dollars per barrel in May and 95.25 US dollars per barrel in June, compared with the current international Brent benchmark of about 71.01 US dollars per barrel.

The refinery further clarified that its feedstock is not purchased at the headline Brent price widely reported in the media. Instead, crude is acquired on a Dated Brent basis, with additional market premiums, freight and logistics costs, resulting in actual landed costs that differ materially from benchmark quotations.

Despite these elevated feedstock costs, Dangote Refinery said it deliberately absorbed a substantial portion of the increase instead of transferring the full burden to consumers immediately.

It said the decision is aimed at supporting market stability, easing inflationary pressures, and shielding Nigerians from the sharp volatility witnessed in global energy markets.

“For this reason, prices of petroleum products in Nigeria are still lower than prices in neighbouring countries even after adjusting for taxes,” the company stated.

Dangote Refinery noted that Thursday’s N50 reduction in the ex-depot price of PMS represents the fourth downward adjustment within one month, bringing cumulative reductions to more than N200 per litre.

The company said its pricing decisions are anchored on actual production economics and inventory replacement costs rather than short-term fluctuations in the international oil market.

It expressed optimism that fuel prices would continue to moderate as lower-cost crude cargoes progressively replace higher-cost inventories in its production cycle, provided international market conditions remain favourable.

The refinery also highlighted the stabilising role of domestic refining in Nigeria’s energy sector, saying its production capacity is now sufficient to meet national demand, thereby strengthening energy security, reducing dependence on imported petroleum products, conserving foreign exchange, and providing greater price stability for consumers and businesses.

Reaffirming its long-term commitment, Dangote Petroleum Refinery said its objective remains to supply high-quality, internationally compliant petroleum products at competitive prices while strengthening Nigeria’s energy security, supporting economic growth, and ensuring the long-term sustainability of Africa’s largest refinery.

The company expressed appreciation to Nigerians for their continued confidence and support, pledging to remain committed to building a stable, efficient, and globally competitive downstream petroleum industry that serves the interests of consumers, businesses, and the nation as a whole.

Continue Reading

News

Attempted Coup: DSS Arraigns Five for Alleged Refusal to Reveal Timipre Sylva’s Hiding Place

Published

on

The Department of State Services (DSS) at the Federal High Court in Abuja, arraigned five associates of former Minister of Petroleum Resources, Timipre Sylva.

They are accused of concealing information regarding the whereabouts of their principal, who is alleged to be a financier of an aborted coup attempt against President Bola Tinubu.

Sylva, a former Governor of Bayelsa State, has been declared wanted by the Federal government, and his identified properties have been marked for forfeiture following his indictment as the sponsor and mastermind of the alleged coup plot.

The five associates are Reuben Ayuba, Musa Mohammed, Friday Paul, Paganengigha Anagaha, and Ayebaifife Suobite. They were arraigned on Wednesday before Justice Peter Lifu.

A two-count charge filed against them indicates that the accused became accessories after the fact of felony on April 28, 2026, by concealing the whereabouts of Timipre Sylva, who is classified as a fugitive. The alleged offense is contrary to Section 519 of the Criminal Code Act Law of the Federation of Nigeria, 2004.

Additionally, the DSS has accused them of conspiracy to commit a felony, specifically for concealing the whereabouts of Timipre Sylva, also a fugitive, in violation of Section 516 of the Criminal Code, LFN 2004.

All the accused persons pleaded not guilty to the charges when they were read to them.

DSS lawyer, Emmanuel Orubor, requested that the judge schedule a date for the DSS to commence their trial by calling witnesses to testify against the defendants.

In response, Sunusi Musa (SAN), who represented Reuben Ayuba and Paganengigha Anagaha (the 1st and 4th accused persons), filed a bail application for his clients on various grounds.

Similar applications were made by Ibrahim Imadegbelo, representing Musa Mohammed (the 2nd accused), I. G. Kelubia, standing for Friday Paul (the 3rd defendant), and E. C. Sogo, who argued for Ayebaifife Suobite (the 5th accused person).

The lawyers pointed out to Justice Lifu that their clients have been in custody since October 25, 2025, and urged the court to grant them bail on liberal terms.

In a brief ruling, Justice Lifu granted them bail in the sum of N5 million each, along with two sureties for each, in a similar amount. The sureties are required to swear to an affidavit of means, provide evidence of three years of tax payment, demonstrate visible means of livelihood, and submit recent passport photographs.

Justice Lifu ordered that the claims of identities of the sureties must be verified by the Registrar of the Court.

Pending the perfection of the bail conditions, the Judge ordered that the accused persons be remanded in Kuje Correctional Centre in Abuja and fixed July 22 for the commencement of trial.

Continue Reading