National Economy
Friday, May 30, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Commentary Analyst

Thriving Tech, Finance Sector And Yahooze!

by ` and Rarzack Olaegbe
3 months ago
in Analyst
Reading Time: 2 mins read
Yahooze
Share on FacebookShare on TwitterShare on Telegram

You May Like

Could We Yank Mobile Phone Out Of Digital Payments?

Is Data The New Oil In Africa?

Internet fraud is competing for attention with the finance sector
The dead speak in Kenya’s financial sector. When Alfred Basweti’s signature appeared on Kenya Union of Savings & Credit Co-operatives (KUSCCO)’s 2022 financial statements, it was not merely an administrative oversight. It was the perfect metaphor for a financial system haunted by phantom profits and ghostly accountability. There was one problem though: Basweti died before the document was made public.
A November 2024 PwC forensic audit exposed how the executives inflated assets by Sh14 billion: They paid fictitious dividends from member savings. They funnelled Sh1.6 billion in untraceable commission. This macabre detail emerges from the heart of Kenya’s most devastating financial scandal. It threatens the stability of a financial subsector that forms the backbone of middle-class aspirations in Kenya.
On The Other Hand
Nigerian banking fraud has tripled. Report released by Nigeria Inter-Bank Settlement System (NIBSS) revealed that funds lost to fraud in Nigeria’s banking system have nearly tripled over the past five years.
On The One Hand
Analysis by the NIBSS estimated that N52.3 billion ($34.8 million) was lost to fraud in 2024. In 2020, 11.6 billion naira was stolen. This happened in Nigeria with a thriving technology and finance sector, the finance sector that is confronting a rival industry: Yahooze. That is another name for the industry populated by the internet-savvy Yahoo boys. Do you remember Yahooze? It was a successful song released by Afrobeats star Olu Maintain in 2007. The songs celebrated the internet fraudsters.
The internet fraud has become an industry. It is thriving. It is competing for attention with the finance sector. The fraudulent acts listed above came via the internet. Many Nigerians have lost billions of naira to these rats. What have we done to arrest the situation? We turned the act into a song and a dance!
In The Long Term
According to the report, fraudsters attempted to steal 86.4 billion naira in 2024. The numbers came after the latest GDP figures showed fourth-quarter growth of 3.8 per cent. This increase got a boost through the services sector: Finance and insurance. “The amount lost to fraud has increased over the past five years along with the growth of financial transactions in the digital payments sector,” the report stated.
Nigeria’s digital payments system is one of the most robust in Africa. We have a thriving technology startups ecosystem that raised an estimated 400 million dollars in 2024. According to media reports, such services are important as a cash shortage and currency reforms pushed users away from physical banknotes.
Because of the learned e-payment habit by Nigerians, fraudsters are using various methods to defraud unsuspecting Nigerians. Gift cards. Accounts opening. They are using stolen identities of senior citizens, minors, and foreigners to perpetrate the act. Due to this, an estimated 400 million naira was received in accounts opened with the stolen identities. Aside from this, many Nigerians were complicit in the act. Some were ‘’employed’ to find victims online through phishing. They targeted mostly Americans. Canadians. Mexicans. Etc.
NIBSS said some funds were recovered. Some bank employees implicated. However, international fraud monitors have categorised Nigeria under the “grey list.’’ Co-travellers are: South Sudan. Bulgaria. Monaco. Croatia. These countries are on the list because they were deficient in preventing money laundering and terrorism financing. The Economic and Financial Crimes Commission (EFCC) has also arrested several foreigners in connection with the internet fraud.
In The Short Term
While we sing along and dance to Yahooze, the fraudsters are fleecing Nigerians of millions of naira. Every day.

 

 

Tags: Yahooze
ShareTweetShare
Previous Post

APPO Inks Agreement For Africa’s Energy Transition

Next Post

Neymar’s Potential Brazil Return Excites Vinícius

ANOTHER GOOD READ

Could We Yank Mobile Phone Out Of Digital Payments?
Analyst

Could We Yank Mobile Phone Out Of Digital Payments?

1 month ago
Is Data The New Oil In Africa?
Analyst

Is Data The New Oil In Africa?

1 month ago
The Crucial Role Of Small Businesses
Analyst

The Crucial Role Of Small Businesses

2 months ago
As Nigeria’s Oil Sector Reclaims Trust
Analyst

As Nigeria’s Oil Sector Reclaims Trust

2 months ago
What Does Incumbent Firm Gets When Fintech Start-ups Lose?
Analyst

What Does Incumbent Firm Gets When Fintech Start-ups Lose?

3 months ago
Rebasing: Statistical Illusion Or Reality?
Analyst

Rebasing: Statistical Illusion Or Reality?

3 months ago
Next Post
Neymar’s Potential Brazil Return Excites Vinícius

Neymar’s Potential Brazil Return Excites Vinícius

Most Recent

Drug Trafficker Bags 24-yr Jail Term, Forfeits N16.8m, Car

Drug Trafficker Bags 24-yr Jail Term, Forfeits N16.8m, Car

May 29, 2025
EFCC Accuses Emefiele Of Alleged Receipt Of $17.1m Kickbacks

Emefiele Challenges Forfeiture Of 753 Abuja Houses

May 29, 2025
Gov Yusuf Appoints New Accountant-General, Others, Revives Kano Line

Kano Releases N16bn Entitlements To Ex-LG Councillors, Current Officials

May 29, 2025
Nigerian Pilgrim Returns $5,000 Lost In Makkah To Russian Owner

Nigerian Pilgrim Returns $5,000 Lost In Makkah To Russian Owner

May 29, 2025
EFCC Accuses Emefiele Of Alleged Receipt Of $17.1m Kickbacks

EFCC Accuses Emefiele Of Alleged Receipt Of $17.1m Kickbacks

May 29, 2025

NBTI Launches NextGen Innovation Challenge 2025

May 29, 2025
New NAIC CEO Danfulani Pledges Rural-focused Insurance Reforms

New NAIC CEO Danfulani Pledges Rural-focused Insurance Reforms

May 28, 2025
WhatsApp Launches App For iPad

WhatsApp Launches App For iPad

May 28, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy