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Economy

Nigeria Police ban use of POS, E-payment devices in its stations

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Following public outcry on alleged extortion through illegal and illicit transactions through point-of-sale (POS) machine operators and connivance with certain police operatives, the Police headquarters has reiterated the ban on the use of POS machines and other electronic mobile money transaction devices within police stations and other police facilities nationwide.

Force Public Relations Officer, ACP Muyiwa Adejobi while making this known on Monday, March 4, 2024, warned that violators will face sanctions at police commands and formations including the leadership at such formations.

The FPRO said, “The ban is aimed at preserving the integrity and security of police operations, and forestalling perceived corrupt practices.

“It is also aimed at clearing the Commands/Formations of possible criminal intrusion under such guise, and maintaining discipline within the Force.

“Despite previous directives, it has come to the attention of the Force leadership that some Commands and Formations continue to flout this regulation.

“As such, the IGP warns that any violation of this ban will attract severe sanctions on the leadership of the affected Commands and Formations.

“The IGP notes that the use of electronic payment devices within police facilities poses significant risks, including the potential compromise of sensitive information, financial irregularities, and the facilitation of illicit activities, therefore, strict adherence to this directive is non-negotiable”.

“The IGP urges all officers and personnel to comply with this directive without exception, and warns that any police officer or POS operator found contravening this order, or conniving to conduct illicit financial transactions will face appropriate disciplinary.

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“They will also face criminal action in accordance with the extant laws and regulations, and the Command as well as the Formation leadership will equally be held responsible.”

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Economy

BREAKING: DDM, DAMA To Host Weekly Blockchain Forum On 2025 Crypto Market Trends

DDM News

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DDM
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(DDM) – Diaspora Digital Media (DDM), in partnership with the Digital Assets Management Academy (DAMA), has announced the continuation of its weekly online discussion series titled Blockchain World 2.0.

The upcoming edition, scheduled for Wednesday, November 12, 2025, will explore the topic “Is the 2025 Crypto Bullrun Over?” in what promises to be one of the most engaging blockchain conversations of the year.

DDM corespondent Amaechi okoro confirmed that the live program will begin at 11:00 a.m. Nigeria Time and 11:00 GMT, streaming simultaneously on Zoom and the official DDM YouTube Channel.

According to the organizers, the episode will analyze current trends in the global cryptocurrency market, recent fluctuations in Bitcoin and Ethereum prices, and the factors that may determine whether the ongoing bullrun has reached its end or merely paused.

Participants are expected to include blockchain educators, investors, developers, and policy analysts from across Africa, Europe, and North America.

The session will also examine the growing role of regulatory frameworks, the influence of institutional investors, and the potential impact of artificial intelligence and tokenized assets on the digital economy.

The Zoom meeting details have been made public to ensure open participation:

🔹 Meeting ID: 870 8562 4072

🔹 Passcode: 871871

🔹 Join Link: Click to Join

https://us06web.zoom.us/j/87085624072?pwd=t3LNMzrRHuMzoYDABHzPbWXI6go9Ez.1

In addition to live interaction on Zoom, DDM confirmed that the event will be streamed live on YouTube via the Diaspora Digital Media (DDM) channel.

The channel has become a hub for digital knowledge-sharing, focusing on blockchain education, digital transformation, financial literacy, and innovation across Africa’s emerging economies.

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Viewers are encouraged to subscribe to the DDM YouTube Channel for real-time notifications and updates whenever the weekly program goes live.

👉🏾 https://youtube.com/@ddmtvnews

The weekly Blockchain World 2.0 series has grown into a consistent platform for digital asset dialogue, bridging the gap between technology and policy while inspiring young Africans to explore blockchain’s potential beyond cryptocurrency trading.

The partnership between DDM and DAMA reflects a shared vision of empowering digital citizens with practical knowledge, policy insights, and exposure to global innovations in fintech, data governance, and asset tokenization.

Organizers noted that this week’s topic, “Is the 2025 Crypto Bullrun Over?”, is particularly timely given the recent volatility in the global crypto market following shifting liquidity patterns and evolving investor confidence.

Experts will provide projections on future price trends, decentralized finance (DeFi) developments, and the sustainability of blockchain adoption in Nigeria’s and Africa’s financial ecosystems.

The hosts encouraged professionals, students, and enthusiasts to participate actively by asking questions, sharing market experiences, and contributing to discussions that can influence Africa’s digital future.

The Blockchain World 2.0 series continues every Wednesday at the same time, offering reliable, research-driven insights into blockchain technology and the future of financial systems worldwide.

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Economy

Black Market Dollar To Naira Rate Holds Steady At ₦1,460

DDM News

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(DDM) – The Nigerian Naira opened the new week on a relatively stable note in the parallel market, maintaining its position against the United States dollar after a brief appreciation last week.

According to data obtained by Investors King from major Bureau De Change (BDC) operators in Lagos and Abuja, the dollar-to-naira exchange rate stood at ₦1,450 per dollar for buying and ₦1,460 per dollar for selling as of Monday, November 10th, 2025.

Diaspora Digital Media (DDM) gathered that the Naira’s resilience is being supported by increased remittance inflows, steady oil revenue, and reduced speculative trading across major trading centers.

Market analysts said steady dollar supply from oil exports and diaspora remittances has helped meet forex demand and stabilize liquidity in the market.

Between Friday, November 7th and Monday, November 10th, the Naira appreciated by ₦10, moving from ₦1,450 to ₦1,460 in the black market.

BDC traders attributed the sustained balance to consistent inflows from remittances, improved foreign exchange circulation, and moderate import-related demand.

However, official rates from the Central Bank of Nigeria (CBN) remain higher, reflecting the persistent disparity between official and black-market values, a long-standing structural challenge in the Nigerian forex landscape.

Experts say the stability in the Naira’s value can be traced to five major factors:

1. Improved Dollar Supply – Driven by oil exports and steady diaspora inflows.

2. Reduced Speculation – CBN’s strict oversight has curbed panic buying.

3. Moderate Dollar Demand – Import activities have slightly declined.

4. Stable Oil Prices – Brent crude holding around $85 per barrel strengthens reserves.

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5. Improved Confidence – Renewed faith in the government’s monetary management.

Economically, this steady exchange rate is a mixed blessing. Importers and consumers benefit from lower import costs, potentially easing inflation pressures.

Investors also gain short-term confidence from forex stability, while students and travelers find tuition and travel expenses more manageable.

However, financial experts caution that long-term stability will depend on sustained non-oil export growth, increased foreign investments, and bridging the gap between the official and black-market rates.

Looking ahead, analysts forecast that the Naira will trade between ₦1,445 and ₦1,465 per dollar in the coming days if the current fundamentals remain unchanged.

This outlook signals cautious optimism for Nigeria’s economy as it navigates the pressures of inflation, forex demand, and global oil market volatility.

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Economy

CBN Releases Names Of Heavy Defaulters, Amount

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Governor of the Central Bank of Nigeria (CBN), Olayemi Michael Cardoso
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The Central Bank of Nigeria (CBN) has published the names of some defaulters, owing over five trillion Naira across several banks.

According to the list released by CBN, Mr. Tony Elumelu of Heirs Holdings took a loan of N41.5 billion at fifteen per cent interest rate per annum.

The list also captured Capital Oil and Gas Industries Limited, owned by the late Senator Patrick Ifeanyi Ubah.

The oil company is the highest defaulter with over one hundred and fifteen billion Naira, according to CBN.

Other on the list include NICON Investments Limited, Bi-Courtney Limited (MMA2) and Josepdam & Sons Limited.

Tony Elumelu of Heirs Holdings

Tony Elumelu of Heirs Holdings

It also includes Tinapa Business Resort, Home Trust Savings, Geometric Power Limited, and the rest.

Below are the some of the debtors with the default amount:

S/N

Company

Promoter(s)

Current Exposure

1. Capital Oil & Gas Industries Limited Ifeanyi Ubah N115,952,152,265.92
2. NICON Investments Limited Jimoh Ibrahim N59,544,633,980.31
3. Heirs Holdings Tony Elumelu N41.5 billion
4. Bi-Courtney Limited (MMA2) Wale Babalakin (SAN) N40,798,422,374.02
5. Josepdam & Sons Limited Josephine Damilola, Kuteyi Saheed, Kuteyi Ganiyu N39,056,674,951.55
6. Tinapa Business Resort Cross River State Government N36,006,319,844.68
7. Home Trust Savings Chukwukadibia Ajaegbu,
Funmi Ademosun
N30,626,243,344.71
8. Geometric Power Limited Prof. Barth Nnaji,
Agatha Obibuaru,
Eluma Anike,
Paul Nwobodo,
Benjamin Chukwuemeka,
Dozie Chijioke,
Akpe Austine,
Nnaji Okechukwu,
UBA Trustees Limited,
Kunoch Limited,
Diamond Capital & Financial Market Limited
N29,844,500,896.77
9. Roygate Properties Limited Wale Babalakin (SAN),
Agumadu John,
Alarape Olabode,
Okhaleke Ndudi
N28,137,176,532.32
10. Shell Development Petroleum Company West Multipurpose Co-operative Society Limited (SPDC) Shell Staff, represented by Ikponmwosa Ogiemuda N26,474,541,188.17
11. Anyiam Osigwe Limited Anyiam-Osigwe,
Dorothy Chinyere
N20,523,322,350.29
12. Platinum Capital Obire Richard,
Francis Atuche
N20,378,820,507.19
13. Flotsome Investment Limited Oboden Ibru,
Tejiro Ibru
N20,218,703,550.96
14. Lonestar Drilling Late Chief Idisi,
Margaret Idisi
N20,207,979,803.22
15. Petrologistics Limited Ugoji Egbujo N19,576,962,565.35
16. Lorna Global Resources Chimaroke Nnamami N18,919,109,352.85
17. Hosanna Properties Limited Anionye Chika,
Obi Ike C
Unspecified
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Crime without consequence

Reacting to the expose, a concerned Nigerian, Otunba Mark Adesanya, decried the unhealth business practice of the defaulters stifling the financial industry.

Adesanya said: “There are still many of them roaming freely in an opulence lifestyle.

“If the CBN published all the names of defaulters, there are about 20 of them owing over N5 trillion Naira.

“The past government set up a committee through AMCON (Asset Management Corporation of Nigeria) to get the money from them.

“But just like an elite game, Nigerians did not hear much of what happened.

“These men are super elites and above the law; most of the debts are now classified as bad debts.

“But they are sitting on riches and even contesting elections, and some are in the National Assembly, making laws for us.

“These people are responsible for where we are at the moment.

“Some tonnes and tonnes of money deposited in the banks have disappeared without trace.

“Some debts have been declared doubtful because the effort to retrieve them have not been successful.

“Whereas, those who took the loans from these banks may not have supported it with collateral, getting their collateral to go for it is not possible because there’s nothing on ground to auction.

“This is the seriousness of the huge financial crime they have inflicted on Nigeria.”

Adesanya, therefore, called on President Bola Ahmed Tinubu to be serious about revitalising the banking industry.

He demanded that those who had contributed to the parlour state of the economy must be brought to book.

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“They must cough what they have swallowed.

“Nigeria will only survive if we are determined to take difficult decisions on critical matters bothering on the economic survival of our great country,” he added.

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