The Sultan of Sokoto, His Eminence Muhammadu Sa’ad Abubakar has described Ekiti State Governor, Dr Kayode Fayemi has an adopted son of the late Sadauna of Sokoto, Sir Ahmadu Bello.

*Governor Kayode Fayemi receiving his awards during the ceremony 

*Governor Fayemi delivering his paper during the lecture 

Sultan Bello made this declaration while welcoming guests at the 50th Anniversary Lecture /Awards ceremony of Arewa House, the internationally acclaimed centre for historical documentation of Northern Nigeria.

“He’s a son we are proud of in the North. He’s of course the adopted son of  our leader and father, Sir Ahmadu Bello. He is going to be given all due love of a son of the soil because he is the adopted son of our father ” Sultan said.

Reinforcing this when he took over the podium, Kaduna State Governor, Mallam Nasir El-Rufai said the North does not do anything without reason or half measured. “The choice of the Guest Speaker of today, my brother, the Governor of Ekiti State, Dr Kayode Fayemi, is not by accident. We don’t do anything by accident in Arewa. And I am sure you will soon know his choice is not by accident. There is a reason and I am sure that reason will get clearer as time goes on” he said.

The 50th Anniversary Lecture held at TetFund

ABUJA – The Federal Government says it has no intention of shutting down social media.

It said its plan is to regulate social media to be responsible and refrain from being purveyor of fake news and hate speech.

The Minister of Imformation and Culture, Alhaji Lai Mohammed, made the clarification on Saturday in Lagos when he inspected the headquarters of The Nation newspaper and TV Continental (TVC) that were attacked during the #EndSARS protest.

The minister was accompanied on the inspection by heads of parastatal agencies in his ministry.

Speaking at the premises of The Nation, the minister said the Muhammadu Buhari administration has high regards for freedom of the press.

He said his recent call for the regulation of the excesses of the social media should not be misconstrued for a total ban.

“We did not at any time say that we will shut down the social media.

“Social media has come to stay and it will be an antithesis to democracy to shut it down because it is the fastest way of disseminating information.

“However, we must regulate the social media in a manner that it does not become a purveyor of fake news and hate speech.

‘We will not fold our arms to allow purveyors of fake news and hate speech to use the social media to destabilise the country,” he said.

He said some of the owners of social media platforms, including Facebook and Whatshap, were making attempts to regulate their use because of the danger of fake news.

The minister said that government foresaw the danger of fake news and hate speech as far back as 2017.

“We saw as far back as 2017 that the next epidemic that will hit Nigeria and the entire world is fake news and misinformation.

“Based on that, we dedicated an entire National Council on Information meeting in Jos to the issue.

“After this, we launched a national campaign on fake news on July 11, 2018, where we stressed that the next war will be fought without a shot being fired but with the use fake news.

“We did not stop there. We went on a tour of all media houses seeking their support against fake news,” he said.

On the negative effects of fake news, the minister said the farmers-herdsmen clashes of 2017 was largely fuelled by fake videos and pictures that were circulated on social media platforms.

The minister recalled also that in 2017, a popular entertainer raised the false alarm that five students of the College of Education in Gidan Waya in Kaduna State were murdered by herdsmen.

He said there was almost reprisal attack before it was discovered that this was fake news.

NAN also recalls that the minister on Oct. 8 had solicited the support of the National Assembly in formulating a national policy on use of social media to control fake news and misinformation.

While defending the 2021 budget proposal of the Information sector of his ministry, the minister had said fake news and misinformation are serious and major challenges confronting the nation.

He added that the social media is the platform of choice for those who propagate fake news, adding that there is an urgent need for a national policy to curb excesses and misuse.

Among heads of agencies in the minister’s delegation was Mr. Buki Ponle, the Managing Director of NAN.

One of the tragic outcomes of the #EndSARS protest and its poor handling by the Government was the disastrous breakdown of law and order – looting, robbery and arson. The matchstick was struck at that dreadful night – the Black Tuesday Night (20/10/2020) – when Angels of Doom in Nigerian Army war gowns, resurrected from hell, and released raw fire at peaceful protesters at the Lekki Toll Gate.

As all hell was let loose, the dare-devil inhabitants of the earth went on rampage around Lagos. The pattern of destruction of properties left some significant marks. For instance, the home of the mother of the Governor of Lagos (Babajide Sanwo-Olu) was reportedly burnt. This appeared to have been a loud message of dissatisfaction with the Governor regarding his on the spot comment concerning the Lekki Toll Gate attack. The Governor was quick to say in the early hours of Wednesday (21/10/2020) that no life was lost, contrary to the position held by the public. The Asiwaju of Lagos (Bola Ahmed Tinubu – Former Governor of Lagos – AKA, Jagaban) was also at the receiving end as some companies believed to belong to him came under attack – The Nation and TVC (media outfits). It is widely believed that the Asiwaju of Lagos owns the Lekki Toll Gate and must have masterminded the unleashing of terror on peaceful protesters. The Jagaban has however dismissed the claims as frivolous. He had also denied having any stakes in the Lekki Toll Gate business which he revealed is owned by the Lagos State Government. The irony is that many contend that Tinubu is Lagos and Lagos is Tinubu. Thus, any reference to the Lagos State Government is technically an indirect reference to him. Whether or not unfounded, it was clear that these assumptions led to the attacks directed at the Asiwaju of Lagos. 

The Oldest Temple of Justice

One of the significant marks made by the hoodlums was the looting of properties and the setting ablaze of the High Court of Lagos State, Lagos Division, Igbosere, Lagos Island (“the Court”). Reports have it that this division of the Lagos State High Court is the oldest Court in Nigeria. This is owing to Nigeria’s history and colonization – our colonial masters had their seat of power within the Court environs. 

The writer has quite a close emotional attachment to the Court because it was his most visited court, owing to its closeness to the Law Office where his law career began and has been sustained. 

Why the Court?

This question becomes more and more compelling given that there had been previous crisis and civil unrest in Lagos which never led to any serious attack or any attack for that matter, on the Court. But why now? One is left searching deeper for clues. 

For a second, we must not neglect the fact that there are many citizens of Nigeria and residents within the State that have burnt the courts in their hearts. This is due to the delay in the justice system and other anomalies associated with litigating cases and justice delivery. People are increasingly losing hope in the system. The courts are no longer seen as the last hope of the common man. Many suspects awaiting trial have had cause to serve their sentences in prisons even before being found guilty and properly sentenced by the court. In worst cases, after being held in prison for so long, some are eventually found innocent, and left to lick their wounds. 

Undoubtedly, the Lagos State Judiciary boasts of highly competent Judges with high sense of justice. The Judiciary in Lagos has initiated a number of reforms to address these issues, like the constant reviews of the Rules of Court and Practice Directions. One of the most outstanding achievements of the Lagos State Judiciary is the Lagos Multi-Door Courthouse (LMDC) – a centre for Alternative Dispute Resolution (ADR). The centre has been instrumental to the resolution of many cases through mediation. The Lagos Settlement Week which is a free service has been an icing on the cake for long. Through this project, many litigants get to have their civil cases settled by highly trained mediators without charge. The LMDC is connected to the Court as well as other divisions of the High Court of Lagos State. The success of the LMDC has led to the opening of similar court-connected ADR centres in other States of the Federation. 

The writer has laboured to scratch the surfaces but may never come to terms with all the reasons the oldest Temple of Justice would be made to tremble in flames, leaving the Living Oracles of the Law and her Ministers to put on ashes in grief. Thankfully, the Chief Judge of the High Court of Lagos State in a recent interview confirmed that not all records were lost and that arrangements are underway for the courts to resume. 

Where did we all go wrong? Could it be that it was all about getting back at the Lagos State Government who is being fingered as an accomplice in the Lekki Toll Gate incident? Recently, even the Nigerian Army has owned up to having been hired by the Lagos State Government to restore peace but continues to deny ever recking permanent havoc on the protesters, some of whom have since been confirmed dead. This was coming at the heels of the recent admission by Governor Sanwo-Olu that the Nigerian Army was responsible for the attack. Nigerians are still patiently sitting at the dining table, waiting for the Government to keep dishing out the truth gradually, scoup by scoup, for our consumption until we are full and satisfied. While the people look up to justice, those brave Nigerian protesters whose lives were cut short must also be viewing from their graves to see the light of justice shine on their innocent and gentle souls.

Conclusion 

Whatever the reason, it is an abomination to desecrate the hallowed Temple of Justice in the manner just witnessed in Lagos and some other States like Delta. In some of the videos making the rounds, hoodlums were seen putting on Judge’s wig and gown, in an unprecedented ridicule of the authority and power of the Court. What these miscreants fail to understand is that the Judges are the Living Oracles of the Law with the power of life and death. From the reports, many of the people suspected to be behind the arson around the city of Lagos have been apprehended. It is going to be a long day under the claws of the law. Anyone found wanting will be thoroughly and deeply pierced by the swords of the law. But we must not forget, what will deter future occurrence is not arrest and prosecution. But good governance will go a long way in changing the lives of the people.  

Featured Image Credit: Premium Times

After days of extensive reporting, PREMIUM TIMES can paint a clearer picture of what happened at the Lekki Toll Gate on October 20.

At about 6:45 p.m. on October 20, men in military uniform arrived at the Lekki Toll Gate in Lagos in three Toyota Hilux vans and immediately began shooting into a crowd of peaceful protesters gathered there waving the Nigerian green and white flag and reciting the national anthem.

Protesters and other witnesses at the toll gate claimed several people were injured and killed in the shooting.

A popular Disc Jockey, DJ Switch, who streamed the incident live on Instagram, claimed that the soldiers, after the shooting, took the dead away. She also claimed that a team of police officers arrived later to mop up after the soldiers.

She said the military initially prevented first responders and ambulances from reaching the injured but later allowed them through. She said she saw at least 15 corpses and claimed that security agents took the bodies away.

https://youtube.com/watch?v=U7bT8KdxsOE

Several people who watched her Instagram live broadcast claimed that they saw protesters being fired upon by soldiers. They said some protesters died of bullet wounds while others while left with mild to critical injuries.

Similarly, a rights group, Amnesty International, claimed 10 people were killed during the shooting at the toll gate, and two others at the Alausa protest.

However, the Lagos State Governor, Babajide Sanwo-Olu, who described the shooting as a “dark note in the history of the state” and blamed the shooting on forces beyond the “direct control” of his government, originally said no life was lost in the shooting.

He later admitted that two persons died from the incident, one of them from blunt force trauma.

On Monday during an interview on CNN, Mr Sanwo-Olu continued to discredit the accounts of witnesses about the number of injuries and deaths from the shooting. He said no bloodstain was found at the scene of the shooting when he visited

“What has happened is that there have been so many footages that were seen, that people have shown, but we have not seen bodies,” he said. “We have not seen relatives, we have not seen anybody truly coming out to say I am a father or a mother to someone and I cannot find that person. Nobody has turned up. I have been to the ground, there is no scratch of blood anywhere there.”

Despite accounts by witnesses and video posted online, the Nigerian Army denied that its personnel fired upon protesters.

The army initially claimed its troops were not at Lekki that night, but later backracked and admitted that soldiers were deployed on the request of the Lagos State government. The army, however, insists that its personnel did not open fire on the protesters, let alone kill any.

The Lekki Shooting: Checking the facts

Piecing together details of on-the-ground reporting, credible information posted online by citizens, accounts by witnesses and victims as well as information obtained from top military sources, PREMIUM TIMES can now paint a clearer picture of what happened at the Lekki Toll Gate on October 20.

The newspaper’s investigative team set out to unravel what actually happened on the evening of the shooting and the hours that followed.

As this medium gathered evidence for this investigation, Sodiq Adeoye, an employee of research firm SBM Intelligence, informed one of our reporters after the shooting that some residents of Admiralty Way, Lekki Phase 1, a highbrow neighbourhood, about two kilometres from the Lekki Toll Gate, found a body floating in the lagoon just behind their houses.

Mr Adeoyo said the residents suspected the floating body could be one of the protesters fired upon by soldiers and alleged to have been carried away by witnesses.

On this newspaper’s request, Mr Adeoyo sent a brief time-stamped video of the corpse floating in the water. A Google map coordinate he sent indicated that the body was floating close to Bay Lounge, an upscale restaurant.

At around 6 a.m on Saturday, accompanied by a friend, Deji Ashiru, this reporter drove to the Nigerian Army Post Exchange (NAPEX), Car Park Jetty in Victoria Island, where he and his team hired a boat to search for the body.

As the boat approached the bank of the lagoon, behind the imposing Oriental Hotel, the reporter saw a shanty ahead. The shanty is on the left side of the Lekki Toll Gate if one was travelling from Victoria Island. Due to its proximity to the toll gate, it immediately occurred to the reporter that residents of the community might have witnessed things that happened during the crackdown that was not yet in the public domain. His instinct was right.

He told the driver of the boat to stop his team at the shanty. It seems the residents had been waiting for someone to tell the stories of what they saw on the evening of the shooting because team members had hardly introduced themselves or even disembarked from the boat when they started recounting gruesome details about the evening.

The residents, some of whom suffered bullet wounds and other injuries, during the shooting, alleged that several people were killed and injured by the soldiers. They also corroborated the story told by DJ Switch and other protesters that after the shooting soldiers took the bodies of those killed away.

When asked if the protesters were killed and whether they saw soldiers carry bodies away, one of the resident said: “Of course, everyone saw it. Those that were present saw it.

“Even the one that died in our presence, wey be say the ekelabe (policemen) carry am go. They shot am there,” another resident said.

“Boss, if you want to camera, you can camera,” said the second speaker who later identified himself as Ray.

“Let me tell you something. This is my country. I am not afraid of anything. Let me say what I saw on that day. I was here from the beginning to the end of everything. What the soldiers and police did was absolutely wrong. Why would soldier come and shoot on us when we were having a peaceful protest,” he said.

When asked if he saw the soldier carry bodies away, Ray responded: “Of course, I saw dead bodies. They packed bodies. They came with their vans. Their trucks.”

Ray, who expressed his displeasure that President Muhammadu Buhari did not mention the Lekki shooting in his broadcast to the nation a couple of days ago, said Mr Sanwo-Olu visited the scene of the shooting in the early hours of Wednesday and saw some of the dead.

“Why is Sanwo-Olu denying? Because immediately after when that thing happened Sanwo-Olu himself came. He came. He parked at the toll gate. He saw some dead bodies on the ground. Why is he denying,” he asked.

Ray’s account of the event was also corroborated by other residents of the community.

The residents also alleged that after the soldiers who initially opened fire on the protesters left the scene, police officers led by Raji Ganiyu, a chief superintendent of the police, and the Divisional Police Officer of the nearby Maroko Division, arrived on the scene and continued the attack on defiant protesters who had stood their ground despite the military attack.

Showing us spent bullet casings they collected at the toll gate after the shooting, they accused the team led by Mr Ganiyu, whom they described as wearing a white native attire on the day, of shooting and killing some protesters, including a mentally ill man who was often seen around the area.

“DPO of Maroko we see am face to face wey e blow one person head pull the skull off. Pistol. E wear white and white,” one of them said in Pidgin.

“Na only one him kill?” another resident interjected in Pidgin. “What of the mad boy wey he shoot for our front here. Close range. There was a guy that was abnormal, he was sat at that speaker. He just came immediately, saw the boy, the boy didn’t do anything. He didn’t run, he didn’t harass him, he just removed his pistol and blew the boy’s head,” another resident said.

The Maroko Police Division is directly opposite the shanty and on the right of the toll gate.

When reached for comment, Mr Ganiyu declined to respond, saying all requests for comment should be directed to the Police Public Relation Department.

Also, the police public relation officer, Muyiwa Adejobi, said any question about the shooting incident at Lekki Toll Gate would be decided by the judicial panel of inquiry set up by the state government into alleged atrocities committed by the police.

“No comment on this for now,” he said.

The narratives of the residents of the event of Tuesday evening and Wednesday morning correlate with that of DJ Switch.

In a video posted on Instagram three days after the shooting, DJ Switch spoke about the involvement of the police and explained that it was one aspect of the shooting many were not talking about.

“Yes, there were soldiers there. Another part that people are not really talking about; the police also came. The SARS people we are talking about also came. Maybe 40-45 minutes after the soldiers left,” she said.

The Lekki Stampede

The residents explained that when the shooting started a stampede occurred. They said some of the protesters ran into the community to take cover from the bullets flying all around them and in the process injured some of the residents of the community.

This reporter spoke to a mother who showed him the bruises on the knee of her daughter, which she claimed she got during the stampede.

They said some of the protesters ran into the lagoon in the panic that ensued. Agboola Kapko, a fisherman who lives in the community, explained how he rescued some protesters who ran into the lagoon.

“I dey for that side (points) before dey start to shoot. Many people run enter water. I can’t leave them like that to die so I help many people comot for inside water and they come safe. I carry many people go another way, go put dem and they follow that way go,” he said.

Mr Kakpo’s wife showed our reporter her bruised and swollen hand. She said she sustained the injury when she fell while trying to run from the shooting.

Lekki shooting and the floating corpse

After speaking with several residents at the shanty, our investigative team left in search of the floating corpse. Just about 300 metres after the toll gate on the Lekki-Ikoyi Bridge and about 100 metres from Bay Lounge, they saw the corpse floating near the bank of the lagoon.

The corpse was that of a man. It was already swollen and decomposing. It was shoe-less. The dead man was wearing blue denim jeans trousers and a flimsy white singlet. It also had a rubber band on its left wrist. The man seems to be slightly bearded, but it was hard to tell as a swarm of flies was already gathered around his decomposing face.

“No scratch of blood” – Sanwo-Olu lied

During the CNN interview, Mr Sanwo-Olu, in what appears an attempt to discredit eyewitnesses’ accounts of the shooting, said when he visited the toll gate, he did not find a “scratch of blood.” However, video and photo evidence verified as being from the incident as well as witnesses and victims accounts of the shooting showed the governor’s claim as inaccurate.

One of the photos showed a young man wearing a zip sweatshirt over a Versace t-shirt, with his head lying in a pool of blood. Witnesses said that the man was shot in the head by the policemen who arrived the scene after the soldiers left the scene.

Photo verification tools such as Google and Bing reverse searchers and Tineye indicated that the photo had not previously appeared anywhere else online.

WARNING: Graphic images below. Viewers discretion advised

In one video footage, some protesters were seen tying a tourniquet to the badly bloodied leg of a victim with a belt. The unidentified man wriggled in pain. He had been shot in the leg.

In yet another video, a bloodied man laid lifeless, with the Nigerian flag on his hand as a man tried to revive him.

In another footage, an elderly man whose cloth was drenched in blood was seen lying beside another person who had suffered bullet wound injuries.

Footages posted on Twitter of the desolation at the toll gate the morning after the attack indicated a man showing a large patch of bloodstain on the scene of the shooting.

Victims recount ordeal

When this reporter visited Nicholas Okpe at the Emergency Unit of Grandville Hospital in Ajah, he could barely sit up. He had a patch on his right chest where a bullet hit him. A tube was attached just under his right rib cage that drains blood and pus into a container placed on the floor. The bullet was still lodged in his chest while the hospital waits for a consultant to further test before deciding how to proceed.

A doctor at the hospital, who identified herself as Ikemefuna, told me Mr Okpe was in a critical state when he was admitted, and said he was lucky to be alive.

“He is getting better. He is not on oxygen anymore. God so good it (the bullet) hit him on the right. It (the bullet) pushed his lung to the side. He still needs further review,” she said.

Moved by the prospect of achieving an end to police brutality, Mr Okpe did not just protest, he did more. He volunteered alongside a handful of other youth to clean the protest ground at the end of each day’s protest.

He told me his case was so critical that three hospitals rejected him before Grandville accepted to treat him.

“The first hospital they said they cannot admit me. They poured honey where the bullet passed through and plastered and gave me some injection. They said that will sustain me until I get a hospital that can treat me.

“They took me to another hospital, they rejected me. They took me to another they said they were not open. This is the fourth hospital they came to. The man here said they should admit me if not I would have died,” he said.

Mr Okpe said the blood and pus that was drained from him have filled the container four times already. He said he was in severe pain.

“I’m passing through a lot of pains. I am always in pain. Anytime I cry out they will just give me painkiller and they will go. When that painkiller expires the pain will come again. My head is just too heavy for me with pains,” he said.

Mr Okpe also said he saw the soldiers took aim at the CCTV cameras at the toll gate before he was hit.

Lekki Shooting Victim — Raymond Simon

All Raymond Simon wanted to do was help. But his large heart almost cost him his life. Mr Simon told PREMIUM TIMES he was not at the toll gate when the soldiers were shooting. A church instrumentalist, he was at a rehearsal that evening. As he was returning home on his motorcycle, he decided to take some of those injured during the shooting to hospitals.

He said he was returning after making the third trip from nearby Reddington Hospital when he was ambushed by police officers at the toll gate who viciously attacked and abducted him.

“After I was stabbed, they abducted me alongside a corpse. They were driving us around the area and I suspect they were looking for where to abandon the corpse. When they got to Ilasan area, they push me down. My hands were tied to the back,” he said.

He said the police officers drove off with the other presumably dead person. He later managed to find his way to a hospital where his wound was stitched, and he was given painkillers before being discharged.

Mr Simon said after he was attacked, one of the police officers tried to shoot him but one of his colleagues pushed him away. He said another officer with a bayonet attached to his rifle aimed to stab him in the neck, but he quickly moved his head and the blade hit his chin.

He said his motorcycle was stolen during the attack.

Lekki Shooting Victim — Bassey

A bullet hit Bassey in his right hand as he mingled with other protesters at the toll gate. Unable to reach first responders on time due to the blockade set up by the soldiers, he said some residents of the area close to the toll gate removed the bullet that was lodged in his left hand.

Bassey appeared to be in severe pain and in urgent need of medical attention. He gingerly carried the swollen hand, with a huge wound in the spot where he was hit by the bullet, close to his body, as he spoke with this reporter. He said he has not received any treatment worth mentioning since he suffered the injury.

When PREMIUM TIMES returned to the shanty to check Bassey the next day, our reporter was told members of the community had arranged for a motorcycle to take him to St. Nicholas Hospital, Lagos Island. Our reporter went to St. Nicholas Hospital to check on him but was told nobody that fits his description came there for treatment.

Bassey later returned to the shanty on Thursday. Fellow residents said his condition has become worse as he is yet to get proper treatment for his injury.

Lekki Shooting Victim — Patrick Ukala

Mr Ukala was shot in his right arm. He said the bullet is still lodged in his arm and that he had only received first aid and painkillers. He was told by doctors at Grandville to do an X-ray of the arm before the bullet can be removed.

“I am still walking everywhere looking for where to do x-ray but nowhere yet. They promise that I should come back.”

Abandoned by Lagos Government

His account as well as those of Messers. Okpe, Simon, and Bassey contradict the claim of the Lagos government that protesters who were injured would be treated fully free of charge.

The victims said the state government has not contributed a dime to their treatment. Some of them who were originally treated are now being treated in other hospitals.

Mr Ukala said the bill for their treatment was covered by one Ideh Chukwuma, a filmmaker.

On Sunday when our reporter visited Mr Okpe at Grandville Trauma Centre, he met a team from the Lagos State Ministry of Health, which came with its media crew to interview the victims. Mr Ukala said that was the last he saw of any government official.

“Since the day you saw those people (officials of the Lagos Ministry of Health) there they have never come there neither did they speak with the doctor. Finally, the doctor has asked us to leave.”

He said Mr Okpe was discharged with the bullet still lodged in his chest. He also has not been operated on to remove the bullet in his arm.

When Grandville Trauma Centre was reached for comment, an employee of the hospital who said her “professional name” is Doctor Adebayo, confirmed that the victims have all been discharged.

“Some that need extra consultations with specialists, we sent them there. We didn’t operate him (Mr Okpe) here. Probably they will operate him wherever he went to,” she said.

Hospitals owners accuse Lagos Government of intimidation

Following the shooting at the Lekki Toll Gate, some hospital owners in Lagos complained to this newspaper that the Lagos State Ministry of Health was using its Health Facility Monitoring and Accreditation Agency (HEFAMAA), the organisation responsible for registering healthcare facilities in the state, to intimidate them.

They said HEFAMAA sent out an online questionnaire requesting details of injured #EndSARS protesters treated at their facilities, a move they said could be used to “arm-twist” them into providing information which may breach the doctor-patient confidentiality they swore to.

They said they were particularly worried about the section of the form requesting their registration number.

When reached for comment on Wednesday, the spokesperson of the Lagos Ministry of Health, Tunbosun Ogunbanwo, asked for the questions to be sent via SMS. He is yet to respond days after the questions were sent to him.

Link to the form: https://forms.gle/XYY9EEw3ovzqYZiv5

#EndSARS Protests

The protest movement, which is known as #EndSARS, demanded the dissolution of the Special Anti-Robbery Squad (SARS), a tactical unit of the Nigerian Police, whose members were accused of atrocities including extortion, rape, abduction, torture and extrajudicial killings.

The protesters also asked for investigations into the allegations against SARS personnel as well as the immediate suspension of officers accused of committing atrocities.

At least for 10 days, the protests, especially in Lagos and Abuja, were conducted peacefully despite attacks on protesters by persons suspected to be pro-government hoodlums.

Within the period, no fewer than 11 protesters were killed by the police across the country.

In one instance in the Ketu area of Lagos, on October 19, rival street gangs capitalised on the protests to attack one another.

In the morning of October 20, the protests in some parts of Lagos, especially at Orile and Mushin, quickly turned violent after police officers shot some protesters. The Orile and Mushin police stations were subsequently razed by angry mobs. At least one police officer was lynched, and several others injured in the riots that ensued.

The curfew

In a move to check the violence that was beginning to spread across the state, at around noon on October 20, Governor Sanwo-Olu announced a state-wide curfew from 4 p.m.

The protesters at Alausa and Lekki Toll Gate, which were the epicentres of the protests, defied the curfew but remained peaceful.

Just after 3:30 p.m, officials believed to be from the company managing the toll gate, Lekki Concession Company (LCC), arrived at the toll gate and removed equipment initially thought by activists to be CCTV cameras. Authorities later claimed that the CCTV cameras at the facility remained intact and that its footages would be released to the panel probing the shooting.

Protesters who survived the attack said lights, including streetlights and a large electronic billboard which illuminated the toll gate area, were turned off just before the attack to deliberately provide a cover for the brutal assault on peaceful protesters that were to follow.

The advertising company that owns the electronic billboard at the Lekki toll gate, however, said it deactivated its facility in compliance with the curfew declared by Governor Sanwo-Olu, unaware that tragedy would later struck at the location.

This investigative report was originally published by Premium Times newspaper.

Police in Edo State on Friday released an 11-year-old boy, Gift Osayuhi, who was arrested last week over his alleged involvement in the attack on a police station in the state.

Gift was arrested for allegedly joining the gang of hoodlums that attacked the Oba Market police station at Evbuotubu area of Benin City.

After the attack, the boy reportedly worn the uniform of a police sergeant and declared himself the Inspector-General of Police.

A human rights advocate, Kola Edokpayi, confirmed the teenager’s release from police custody on his social media platform on Friday night.

He thanked the Edo State Commissioner of Police, Johnson Kokumo, and the state’s Ministry of Justice for their understanding and cooperation.

He said the boy’s dream is to become the country’s IGP.

Edokpayi wrote: “We have been able to secure the unconditional release of the 11- year- old boy by name Gift Osayuhi whose picture went viral on social media yesterday (Thursday) for allegedly joining some miscreants to break into Oba Market Police station, took their police uniform, wore it and declared himself as the new IG of Police during the #ENDSARS protest.

“The boy was released to us after we undertook to rehabilitate and reform him.

“The young boy said his dream is to become the IG of Police and we also undertook to ensure the boy is giving a proper education so as to help him achieve his dream. We sincerely thank the Edo State Commissioner of Police and Edo State Ministry of Justice for the kind understanding and cooperation.

“We also met with his mother who told us that she is a widow who takes care of the children alone and the little boy usually assist her to sell water and drinks in Ring Road.”

By Abubakar D. Sani, Esq.

Introduction

The Money Laundering (Prohibition) Act, 2011 (MLA) is the pre-eminent legislation for combating money laundering in Nigeria. Apart from this statute (as amended in 2012) however, at least a couple of subsidiary legislations are also applicable. These are the Federal Ministry of Industry, Trade and Investment (Designation of Non-Financial Institutions and other Related Matters) Regulations of 2013 and 2016, respectively.

But, first, what is Money laundering? According to Wikipedia, “It is the conversion or transfer of property; the concealment or disguising of the nature of the proceeds; the acquisition, possession or use of property, knowing that these are derived from criminal activity; or participating in or assisting the movement of funds to make the proceeds appear legitimate. Money obtained from certain crimes, such as drug trafficking is “dirty” and needs to be “cleaned” to appear to have been derived from legal activities, so that banks and other financial institutions will deal with it without suspicion”.

Constitutional Over-view

Nigeria’s federal structure means that our Constitution has divided law-making powers between the National Assembly and State Houses of Assembly, in Section 4(2)-(3) & 4(6)-(7)(a) respectively. The implication of this was expounded in DOHERTY vs. BALEWA (1961)2 NSCC 248 @ 252 where the Supreme Court held that: “The Federal Parliament can legislate for the Federation only on those matters in respect of which it is specifically empowered to legislate under the Constitution”. This was amplified in TOGUN vs. OPUTA (2001)16 NWLR pt. 740 pg. 597 @ 644, where the Court of Appeal held that: “Nigeria is a Federal Republic with a Constitution in which the legislative powers of the National Assembly and the State Houses of Assembly are clearly defined. We have the Exclusive and the Concurrent Lists in which the National Assembly could legislate. This leaves the State Houses of Assembly to legislate exclusively on residual matters not included in either the Exclusive or Concurrent Lists”.

Status of the MLA

The MLA and its amendment were enacted by the National Assembly. The question is: where did the Assembly derive the powers to enact them? Is it contained in either the Exclusive Legislative List or the Concurrent Legislative List of the 1999 Constitution? The answer to this question necessitates a review of the aforesaid Legislative Lists contained in the Second Schedule to the Constitution – juxtaposing them with the provisions of the MLA. Starting with the latter, I believe that the following provisions thereof are problematic:-

• Section 1: which places a cap (of N5million and N10m) on cash payments to or from individuals or body corporates respectively – except through what the Act calls a financial institution as defined in Section 25 thereof;
• Section 3, in so far as it applies to some so-called DNFIs, such as dealers in cars, jewellery luxury goods, hotels, casinos and supermarkets, in respect of which the National Assembly lacks power to legislate;
• Section 4, which requires casinos to keep certain records of their customers;
• Section 5, which imposes additional obligations on the aforesaid DNFIs in terms of their registration with, and declaration of their activities to, the Ministry of Commerce (now Trade) and keeping records of transactions exceeding US$1,000 or its equivalent. It also empowers the relevant Minister to make Regulations guiding the operations of such DNFIs, as well as the EFCC to demand from such DNFIs reports of compliance with its provisions;
• Section 9, which obliges such DNFIs to, inter alia, establish internal audit units, designate compliance officers and undertake regular training of their staff – all for the purposes of the Act;
• Section 10(1), which obliges certain DNFIs – in respect of which the National Assembly lacks legislative power – to report to the EFCC with 7 days, any single transactions, transfer or lodgement of funds in excess of N5m or N10m, as the case may be;
• Section 15 of the Act, which formally prohibits money laundering in Nigeria and specifies the 4 different ways in which it can be committed in relation to any fund or property (which is) the proceeds of an ‘unlawful act’ as defined under the Act;
• Section 16(1)(f), in so far as it applied to Directors and employees of the aforesaid DNFIs;
• Section 25 which defines “Designated Non-Financial Institution” as, inter alia, “dealers in jewellery, cars, luxury goods, hotels, casinos and supermarkets.”

Who can regulate Money Laundering in Nigeria?

I believe the answer to this question will depend on, at least, the meaning of “currency and legal tender” as used in Item 15 of the Exclusive Legislative List of the Constitution. To arrive at a definitive answer, however, we have to juxtapose that provision with those of Item 62 of the Exclusive Legislative List of the Constitution, which empowers the Assembly to regulate “trade and commerce, and, in particular –

• Trade and commerce between Nigeria and other countries, including import of commodities into and export of commodities from Nigeria, and trade and commerce between the states;
• establishment of a purchasing authority with power to acquire for export or sale in world markets such agricultural produce as may be designed by the National Assembly;
• inspection of produce to be exported from Nigeria and the enforcement of grades and standards of quality in respect of produce so inspected;
• establishment of a body to enforce standard of goods and commodities offered for sale;
• control of the prices of goods and commodities designated by the National Assembly as essential goods or commodities; and
• registration of business names”

Identical provisions in Item 61 of the Exclusive Legislative List of the 1979 Constitution were construed by the Supreme Court in ATTORNEY-GENERAL OF OGUN STATE vs. ABERUAGBA (1985)1 NWLR pt. 3 pg. 395, where the court held that the trade and commerce power of the National Assembly is limited to sub-items (a) to (f) of that Item. In other words, that while international trade and commerce, as well as inter-state trade and commerce, inter alia, were exclusively reserved for the National Assembly (including criminal offences arising therefrom – vide Item 68 of Part 1 and Item 2(a) of Part III of the 2^nd Schedule of the Constitution), trade and commerce within a State (as well as crimes arising therefrom) are Residual matters, reserved for State Houses of Assembly.

I believe the implication of this decision – in so far as the provisions of the MLA can be construed as regulating trade and commerce – is that they (or, at least parts thereof) might be ultra vires the National Assembly, vide DOHERTY vs. BALEWA, supra. However, as previously stated, this depends on the proper construction of Item 15 of the Exclusive Legislative List of the Constitution, specifically the words “currency and legal tender” used therein. Is regulating the amounts of cash which can be paid pursuant to a transaction outside a FI or DNFI, incidental or supplemental to the power of the National Assembly to regulate “currency and legal tender” within the contemplation of Item 68 of the Exclusive Legislative List of the Constitution? That is the question.

Assuming, without conceding, that Item 15 of the Exclusive Legislative List of the Constitution empowers the National Assembly to control the value of cash paid in transactions outside so-called FIs and DNFIs, it is surely arguable that, to the extent that those provisions are general, whilst those of Item 62 of that List are special, the latter prevail, on the principle that special things derogate from general things: see ATT-GEN OF THE FED. vs. ABUBAKAR (2007) All FWLR pt. 375 pg. 405 @ 472E and 524, S.C.

I believe the referenced suspect clauses in the MLA (i.e., Sections 1, 3, 4, 5, 9, 10(1), 15, 16(1)(f) and the inclusion of dealers in cars, jewellery, luxury goods, hotels, casinos and supermarkets within the definition of DNFIs in Section 25) mean that, at the very least, the blue-pencil rule ought to be applied to them, removing them from the Act; thereafter, if whatever remains can stand, then they will survive. However, if they cannot stand on their own, the entire MLA ought to be invalidated: see ATT-GEN OF ABIA STATE vs. ATT-GEN OF THE FED. (2002) 5 S.C.M. 1.

I submit that the foregoing is also applicable to Section 15(6) of the Act: its purported categorization of “any criminal act specified in (the) Act or any other law in Nigeria” as the predicate offences (or “unlawful act” to use the language of the Act) in relation to which one can be accused of money laundering under the Act, is obviously too sweeping, as some of those offences are clearly ultra vires the National Assembly.

Examples in this regard include murder, grievous bodily injury, theft, forgery, etc. None of these is a federal offence; I believe that for them to now acquire that character merely because a person is allegedly connected with “any fund or property” which constitutes the proceeds of those crimes is simply far-fetched. Can they be justified even under Item 15 of the Exclusive Legislative List? I doubt it.

Conclusion

I submit that (with limited exceptions) the true intent and purpose of the MLA is to regulate the entire gamut of trade and commerce – both retail and wholesale, domestic and import/export. I believe the provisions of Sections 5(4) and 25 of the MLA put this beyond doubt: they empower the Minister and the Ministry of Commerce (now Industry Trade and Investment), respectively, to regulate the operations of DNFIs and to designate them as such. See the Federal Ministry of Industry, Trade and Investment (Designation of Non-Financial Institutions and other Related Matters) Regulations of 2013 and 2016 referred to above. Arguably, had the National Assembly intended otherwise, it would have domiciled those powers elsewhere other than this particular Ministry.

For the foregoing reasons, I believe that the Act – in it’s entirety – is only applicable to Abuja, by virtue of the fact that the National Assembly legislates for the FCT – vide Section 299 of the Constitution. In the 36 States, the aforesaid problematic provisions of the Act (i.e., Sections 1, 3, 4, 5, 9, 10(1), 15, 16(1)(f) and parts of Section 25) are inapplicable and, it is up to their respective Houses of Assembly to enact their own versions of those provisions – if they so wish – in much the same way that the Administration of Criminal Justice Act and the Child Rights Act are restricted to Abuja, but can be domesticated through separate municipal legislations enacted by the States.

Abubakar D. Sani, Esq.

31^st October, 2020

By Oyetola Muyiwa Atoyebi, SAN

INTRODUCTION

The National Digital Economy Policy and Strategy has been developed to reposition the Nigerian Economy to take advantage of the numerous opportunities that digital technologies provide. This is in line with the vision of President Muhammadu Buhari (GCFR) to diversify the economy of Nigeria away from dependence on the Oil and Gas Sector. The growth of the Digital Technology Sector over the past few years is a good indication that this sector can serve as a catalyst for the rapid development of the economy. His Excellency, President Muhammadu Buhari (GCFR) approved the re-designation of the Federal Ministry of Communications as the Federal Ministry of Communications and Digital Economy (FMoCDE) on the 17^th of October, 2019.

This has clearly positioned Nigeria as early adopters of digital technology and it gives us a good opportunity to become major participants in the growing global digital economy.

The world now is going digital and major economic activities are done online. Most buying and selling and other economic activities are now done online. The economy of the world is already undergoing transformations.

In essence, Digital Economy is the economic activity that results from billions of everyday online connections among people, businesses, devices, data, and processes.[1] For example, buying and selling are done by e-commerce, payments are being made by online transfers and online banking and a lot of economic activities are now done online. This research work will examine digital economy alongside digital banking which forms part of the digital economy.

DIGITAL ECONOMY AND THE BUSINESS OF BANKING

The digital economy has been defined in many ways by various individuals and institutions. The European Commission defines the digital economy as an economy that “encompasses businesses that sell goods and services via the internet, and digital platforms that connect spare capacity and demand”. The World Economic Forum and the Group of Twenty (G20) defines the digital economy as “a broad range of economic activities comprising all jobs in the digital sector as well as digital occupations in non-digital sectors”.

Digital economy is one that is based on digital technologies. Interestingly, the digital economy is very much intertwined with the traditional economy, and this has impacted all the pillars of economy existent in Nigeria with the inclusion of finance.

Digital economy in the financial world especially banking, seeks to proffer digital networking and communication infrastructure to provide a global platform over which people and organizations can perform financial activities with ease. The financial pillar of digital economy also utilizes a broad range of technological infrastructure and knowledge. This in turn creates benefits and efficiencies and also fuels economic growth.  Nigeria has the potential to explore its digital financial ventures beyond its borders. This is mainly because digitalization has come to play a very crucial role. For instance, digital banking brings a world of opportunities to address pressing issues in access to finance both in relation to retail banks and Financial Technology (fintech) platforms in Nigeria. Many banks in Nigeria have also engaged digital technologies in their activities for the purpose of solving issues in an exciting, modern, and faster way. Digital innovation in banking is one of the solutions to the problems of access to finance in Nigeria.  Several banks have incorporated these innovations via mechanisms such as mobile payments, mobile loans, cashless policies, mobile bank accounts, and so on.

NIGERIA’S DIGITAL ECONOMY

Nigeria is developing a digital-led growth strategy for the Nigerian economy: “The Smart Nigeria Digital Economy Project”. The objective of this project is to solve efficiency problems and create leapfrog opportunities in the economy, improve competitiveness and foster technological development and innovations more generally.

Nigerians are highly innovative people, and a thriving digital economy will create employment opportunities for Nigeria’s teeming population and lift millions of Nigerians out of poverty. Digital economy activities are key for diversification because they are systemic. Software development solves local economic problems, with local content, expanding knowledge and education in the process and deepening integration with the global economy. The relevance of the internet economy is the spin-off benefits for the modernization and diversification of the Nigerian economy and solving efficiency losses.

In Nigeria, the digital economy is a key priority. As a report of the Central Bank of Nigeria notes[2] , the country has made some strides to strengthen the country’s digital space. Nigeria’s Economic Recovery and Growth Plan 2017–2020 (ERGP) recognizes the need for a digital-led strategy to make the Nigerian economy more competitive in the 21^st century global economy. In 2015, the Nigeria Communications Commission proposed the transition of the economy into a digital economy through investments in digital infrastructure, and more specifically broadband, which is a key driver of digital economy growth. Nigeria’s international connectivity is well developed, and there are new digital platforms available such as the Central Portal for Government Services. Nigeria is also committed to universal education, including providing digital skills training, and it is home to several high-growth digital companies.

The digital economy is a platform for growth for the entire Nigerian economy. Industries old and new are moving online and finding new ways to do business. This is true for tech companies — Nigerian start-ups like Hotels are growing up — but it is equally true for companies working in more traditional industry sectors, too. From health and education, to tourism and manufacturing, to resources and energy, and for businesses large and small, companies who are moving into this space are statistically more successful. A United Kingdom research reported that small businesses who leverage the Internet report sales growth four times greater than those who do not.

The digital economy connects Nigeria to the global movement online, but it is also specifically valuable for Nigeria. It allows Nigeria to confront the challenges of the tyranny of distance by connecting us to the rest of the world in real-time. And it takes advantage of our strengths – particularly our highly skilled, net-savvy, and innovative population – and keeps them at home, rather than shipping them overseas.

Nigeria is uniquely positioned to reap the benefits of the digital economy. Nigeria accounts for 47% of West Africa’s population, and half of the country’s 200 million people are under the age of 30. Nigeria has the largest mobile market in Sub-Saharan Africa, supported by strong mobile broadband infrastructure and improved international connectivity, yet minimal fixed broadband infrastructure and connectivity in rural areas is leaving a significant number of the most marginalized segments of the population without Internet access. This Digital Economy for Africa (DE4A) Diagnostic Report highlights the challenges and opportunities of the digital economy for Nigeria. This diagnostic argues that accelerating access to digital technologies spurs innovation, efficiency, and productivity, and as a result brings about choice and opportunities for greater growth and inclusion.

For countries like Nigeria, the Digital Economy offers opportunities, but also brings risks of being left behind. Improved digital connectivity can only achieve the desired transformational impact on economic opportunity and inclusive growth if combined with improvements in digital skills and literacy, the coverage of digital identity schemes, and access to digital payments and other financial services, as well as digital support to start-ups and existing businesses. With such capabilities, the Nigerian economy can harness digital data and new technologies, generate new content, link individuals with markets and government services, and roll out new and sustainable business models. In 2016, the global digital economy was worth about USD 11.5 trillion, equivalent to 15.5% of the world’s overall GDP. The digital economy is expected to reach 25% in less than a decade, quickly outpacing the growth of the overall economy.

E-commerce is an emerging area of global investor confidence in Nigeria. Figures have shown that Nigeria is one of the leading IT markets in Africa, where there has been a rapid surge in the development of e-commerce businesses. According to Euromonitor International Market Research, e-commerce advancements have been most notable in Nigeria because of the surge in telecom investments and smartphone purchases which have fueled growth in internet usage from 20% in 2009 to 41% in 2014. According to Euromonitor International data, Nigeria has the largest online market particularly for apparel and footwear in Africa, which is expected to grow from US$104 million in 2014 to US$1,077 million in 2019, due to the dynamic development of trusted e-tailers, Jumia and Konga.

HOW THE BANKING SECTOR HAS SERVED AS A MAJOR KEY PLAYER IN THE GROWTH OF NIGERIA’s DIGITAL ECONOMY?

Research has shown that the shift from cash payments to digital payments will not only increase the number of people who own and use bank accounts, but also improve efficiency by increasing the speed of payments and reducing the cost of disbursing and receiving them. Fintech can be used to enhance the security of payments and increase transparency, and thus reduce associated crime and corruption. The Bank Verification Number was implemented by the Central Bank of Nigeria to increase security and protect bank customers from illegal transactions.

By providing access to a diverse range of financial products and services such as credit facilities for individuals and businesses, financial technology (FinTech) can boost aggregate expenditure, thereby improving gross domestic product (GDP) levels. Provision of financial services using technology also benefits the government by providing a platform to facilitate an increase in aggregate expenditure, which subsequently generates higher tax revenue from an increase in the volume of financial transactions.

Additionally, financial innovation through technology can have long-term positive effects for banking performance. A recent study examining the impact on bank performance of the adoption of SWIFT, a network-based technological infrastructure and set of standards for worldwide interbank telecommunication, showed that it has large effects on long-term profitability, and a significant improvement on banking performance.

Nigeria’s banking ecosystem has moved to retail banking and the use of e-banking channels, which has led to improvements in financial inclusion. According to the 2017 annual report of the Central Bank of Nigeria (CBN), the total value of electronic payment transactions recorded in 2017 rose by 32.5% to NGN83.1 trillion, from NGN62.7 trillion in 2016. Nigerian banks are starting to adopt more dynamic operating approaches and introducing financial products that are in sync with the emerging digital trends. For instance, Zenith Bank launched Scan to Pay, an app that can be used by both customers and non-customers to make online and in-store payments in seconds through quick response (QR) code scanning on any internet-enabled phone. Banks and telecommunications companies have also introduced unstructured supplementary service data (USSD) codes, by which normal banking transactions can be carried out on mobile phones.

Nigeria Inter-Bank Settlement System (NIBSS) is jointly owned by all licensed banks in Nigeria, including the Central Bank. NIBSS operates as a shared service infrastructure for handling inter-bank payments, in order to remove potential bottlenecks. It also operates the Nigeria Automated Clearing System, which facilitates the electronic clearing of cheques and other paper-based instruments, electronic funds transfer, automated direct credits, and automated direct debits. Further, NIBSS has launched the mCASH payment system to facilitate low-value retail payments and grow e-payments by providing accessible electronic channels to a wider range of users, and extending e-payment benefits to payers and merchants at the bottom of the pyramid, where cash payments have been predominant.

Another trend fast becoming a reality in Africa is the use of AI. To increase levels of customer acquisition and retention, AI can be used in delivering intelligence about customer behaviors and preferences that will help in the development of personalized responses, insights, and product types. AI will affect the way banks conduct financial due diligence, especially with respect to fraud detection, risk management and credit allocation. The Union Bank of Nigeria announced, in 2018, the deployment of robotic process automation (RPA) technology in its operations. This uses software tools developed to simplify and improve the efficiency of business process delivery.

THE ROLES OF BANKS IN THE NIGERIAN DIGITAL ECONOMY

The Banking Industry in Digital Economy is highly competitive. The new dimension of Banking Industry is characterized by modern and global banking services, by the important roles of banks in the financial stability and the development of banking culture and civilization, Supported by the latest technology and banks which are working to identify new business niches, to develop customized services, to implement innovative strategies, to capture new market opportunities and to increase profits. The banks, as financial entities, also activate in a global environment. Another dimension of banking industry is the business process outsourcing (BPO). Romanian banking industry has some characteristics which are very important for economic development. The characteristics of Romanian Banking Industry are: globalization, consolidation, deregulation and diversification. An important objective of banking industry is the international cooperation on the banking market.

Historically, structural changes in the financial system has been a consequence of the process of financial innovation in terms of new products or services, new production processes or new organizational forms. Financial innovation has often had its roots in advances in the processing power of IT systems and lower costs for data storage.

In a similar vein, digitalization has the potential to change the competitive advantages of providers of financial services. New market entrants may have superior technologies for the screening of borrowers and thus lower information asymmetries. For example, big tech firms have access to a wide range of customer data, which may be used to improve risk assessments and the screening of borrowers. Additionally, big tech firms might be able to achieve economies of scale through network effects. As a result, the business models of financial institutions that are based on the cross-subsidization of different types of service may come under pressure. Financial innovations and new digital financial services may help to raise productivity in the financial sector.

Digital economy also referred to as the New Economy refers to an economy in which digital technologies are used in economic activities. Digital banking is part of the broader context for the move to online banking, where banking services are delivered over the internet. The shift from traditional to digital banking has been gradual and remains ongoing and is constituted by differing degrees of banking services digitization. Digital banking involves high levels of process automation and web-based services and may include APIs enabling cross-institutional service composition to deliver banking products and provide transactions. It provides the ability for users to access financial data through desktop, mobile and ATM services.

Ensuring Increased Accuracy

Traditional banks rely majorly on paper processing with the possibility of up to 40% error rate which may require reworking. Additionally, the lack of Information Technology IT integration between branch and back office personnel may reduce business efficiency. Digital banking plays the role of using technology which makes it easier to implement IT solutions with business software which lead to more accurate accounting. Financial accuracy is crucial for banks to comply with government regulations.

Improved Competitiveness

Digital solutions help manage marketing lists, allowing banks to reach broader markets and build closer relationships with tech savvy consumers. CRM platforms can track customer history and provide quick access to email and other forms of online communication, it is effective for executing customer reward programs that can improve loyalty and satisfaction.

Greater Agility

Digital banking helps in speeding up both external and internal process, both of which improve customer satisfaction. For risk management situations, the use of risk management software detects and responds to market changes more quickly than risk management professionals.

Enhanced Security

Digital banking guarantees some considerable degree of security to protect data. All businesses, big or small face a growing number of cyber threats that can damage reputations. The use of technology will reduce the rate of cyber threats.

HOW DIGITAL TECHNOLOGY IS HELPING NIGERIANS ACCESS BETTER BANKING SOLUTIONS.

Before the Nigerian financial sector went through a significant transformation, banks were seen as exclusive spaces for a select portion of the population – places where high-earning individuals were the only ones entitled to world-class banking products and services. This misconception left a large part of the population unbanked and unable to benefit from essential financial services.

Digital technology has proven to be a highly effective tool in changing this narrative, driving a change in operating and business models, improving platforms for innovation and creating immense opportunities for monetization. The technology landscape continues to change through the never-ending rollout of faster, more accessible networks, impacting every component of service delivery – especially in the banking industry.

The Nigerian Communications Commission reported that there were approximately 172 million phone subscribers in the country in 2018, which means that 90 percent of citizens can execute transactions on their phones. There is little excuse, then for Nigeria’s low level of financial inclusion – just three in 10 Nigerian adults have a bank account.

A REVIEW ON THE CBN STATISTICS ON THE BANKING SECTOR

The CBN statistic shows that there is a gap in potential and actual activity, banks sit on well of customer data for analysis on appropriate product design marketing, and that there is a rising profile of technology-based retail giants which would provide for more efficiency in the use of technology and disappearing margins for bank. The statistic also shows that the major reason why customer factor contribute to the decrease in the value of banks is because of their failure to efficiently enable them, for example, default account setup and customer education, and that banks are the second most frequent reason for POS transaction failure.

The statistic also gave an insight on the digital platform efficiency by stating that 9.3 million transactions worth 852.2 billion NIP transactions failed and customers were denied value and satisfaction. It also shows that the future of banking will be defined by the battle for data on customer insight. It states that digital revolution will provide for an acceleration of economic activities and change the way we talk, communicate, trade, and do business. It also describes business as a process optimization, big data management and real-time reporting showing.

It also describes that the issue of fraud in the banking industry has been reduced due to the adherence to the measures to be taken on electronic fraud. The CBN statistics data concluded the statistic by showing that mobile banking will attract electronic fraud than others.

RECENT DIGITAL BANKS AND THEIR IMPACTS ON THE BANKING SECTORS

Some digital banks in Nigeria are:

1. WEMA ALAT 2017
2. Sparkle launch 2020
3. V by VFD microfinance bank
4. Rubies digital bank 2019
5. Kuda bank 2018

The Impact of Digital Banking on the Banking Sectors in Nigeria

The effects of digital banking on banking sectors in Nigeria, is worth appreciating. With the introduction of digital banking in Nigeria, easy accountability, revenue generation and crowd management are advanced to the banking sectors. Inaccessibility to banking facilities in years has been curtailed. Digital banking can be said to be a subset of E- banking because e- banking entails the use of ATM to perform banking operations in Nigeria. The e- banking and digital banking has enjoyed so much acceptance in the recent years.

The emergence of e-banking in the Nigerian financial system is partly to keep pace with modern technologies applicable to modem banking. More importantly, it is being used as a competitive tool by banks. Conscious of the need to satisfy the sophisticated customers, banks introduced these products to reduce human errors. They also aim at reducing the waiting time of customers as well as reducing human labour and paperwork involved before customers are attended to. So, the immediate impact of ATM is that we should begin to see a substantial reduction in the queues that often develop at the bank counters. Banks would thereby have more time to devote to strategic planning thus increasing the efficiency of the average bank worker. ATM customers now enjoy the benefit of banking, customers now enjoy 24 hours services, in which case weekend banking will be unnecessary as soon as ATM is able to accept deposits and give account balances. Also, as more banks acquire ATMs, we expect to see fewer bank customers holding on to large cash particularly at weekends. This would ultimately reduce the volume of money in circulation.

CONCLUSION

Digitalization has brought a lot of changes to the world. From all that has been discussed, it is evident that there is massive growth in the Digital economy of Nigeria. The banking sector has also had its own contribution to the digital economy. Most banks have digital platforms for payments. This speak volumes of the digital economy. More needs to be done to improve the digital economy of Nigeria as there are great wealth that can be generated from the digital economy.

The Nigerian economy can harness digital data and new technologies, generate new content, link individuals with markets and government services, and roll out new and sustainable business models. There is a great increase in the numbers of commercial bank customers with the adoption of e-banking services. At least the quality of services rendered to customers has improved greatly. Customers are satisfied with some of the e-banking service offered to bank customers; however, a lot needs to be done to improve the customer service in the Country. In building a solid digital economy, Nigeria needs to focus on digital infrastructure, digital literacy and skills, digital financial services, digital platforms, and digital entrepreneurship and innovation.

Paper by Oyetola Muyiwa Atoyebi, SAN.

Mr. Oyetola Muyiwa Atoyebi, SAN is one of the most notable professional Nigerian youth, who has distinguished himself in his professional sphere within the country and internationally. He is the youngest in the history of Nigeria to be elevated to the rank of a Senior Advocate of Nigeria. At age 34, he was conferred with the prestigious rank in September, 2019. Mr. O.M. Atoyebi, SAN can be characterized as a diligent, persistent, resourceful, reliable and humble individual who presents a charismatic and structured approach to solving problems and also an unwavering commitment to achieving client’s goals. His hard work and dedication to his client’s objectives sets him apart from his peers. 

As the Managing Partner of O. M. Atoyebi, SAN and Partners, also known as OMAPLEX Law Firm, he is the team leader of the Emerging Areas of Practice of the Firm and one of the leading Senior Advocates of Nigeria in Information Technology, Cyber Security, Fintech, Robotics and Artificial Intelligence (AI). He has a track record of being diligent and he ensures that the same drive and zeal is put into all matters handled by the firm. He is also an avid golfer.

LinkedIn:https://www.linkedin.com/in/atoyebi-oyetola-muyiwa-san-804226122/

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• https://www.premiumtimesng.com/business/business-interviews/399565-electronic-banking-fraud-in-nigeria-how-its-done-and-what-can-be-done-to-stop-it.html

[1] https://www2.deloitte.com/mt/en/pages/technology/articles/mt-what-is-digital-economy.html

[2] file:///C:/Users/USER/Downloads/NSACC%20JULY%202020%20WEBINAR%20BY%20CBN%20DG%20OPERATIONS%20ON%20NIGERIA’S%20DIGITAL%20ECONOMY(1).pdf