Imperial EdTech, the Nigeria Data Protection Commission (NDPC), and the UK Nigerian Tech Hub, have successfully concluded a high-impact Data Protection & Privacy Awareness Workshop aimed at empowering startups and industry professionals in Nigeria’s growing technology ecosystem.

The workshop, which brought together key stakeholders from both public and private sectors, focused on equipping participants with essential knowledge and practical strategies for data protection compliance, particularly in light of the Nigerian Data Protection Act (NDPA).

Dr. Vincent Olatunji, National Commissioner/CEO of the Nigeria Data Protection Commission, delivered an insightful keynote address highlighting the crucial role of data protection in today’s digital economy.

The event featured distinguished speakers including Hon. Olatubosun Alake, Commissioner of the Lagos State Ministry of Innovation, Science and Technology, who emphasized the ministry’s commitment to fostering data protection compliance through public-private partnerships.

During the panel session moderated by CEO of Imperial EdTech, Lanre Ogundipe, discussions centered on critical aspects of data protection, including compliance frameworks, implementation strategies, and the importance of education in building a robust data protection ecosystem. The panel, which included representatives from SMEDAN, addressed the particular challenges faced by Nigeria’s approximately 40 million registered MSMEs in implementing data protection measures.

The workshop focused on understanding and implementing the Nigerian Data Protection Act, best practices in data handling and storage, risk mitigation strategies for data breaches, networking opportunities with industry leaders and regulators and implementation strategies for startups and SMEs.

Furthermore, the workshop highlighted the importance of data minimization practices and transparency in building trust with customers. Participants received practical guidance on compliance obligations, including annual audits, appointment of Data Protection Officers, and the establishment of comprehensive data governance frameworks.

“This workshop represents a significant step forward in strengthening Nigeria’s data protection landscape. By bringing together regulators, industry leaders, and technology experts, we’ve created a platform for knowledge sharing and collaborative problem-solving in data protection,” noted Dr. Vincent Olatunji.

The event’s success underscores the growing commitment to data protection and privacy in Nigeria’s digital economy, with participants gaining valuable insights into international best practices and compliance requirements. The organizers emphasized that this workshop is part of an ongoing initiative to build a more secure and compliant digital ecosystem in Nigeria.

6th January 2025

The outgoing year, 2024, has been challenging for the Nigerian economy, with rising inflation necessitating rates hike. In the year, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) had to raise interest rates to 26.25 percent. In May 2024; followed by another 50 bp increase to 26.75 percent in July 2024. At its September 2024 meeting, the MPC, raised the MPR by 50 basis points to 27.25 percent and at the last meeting for 2024, it raised MPR to 27.50 percent.

As the year ends, reviewing the bank’s effort at curbing inflation and strengthening the Nigerian financial system is appropriate.

Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso was correct when he noted at the annual dinner of the Chartered Institute of Bankers of Nigeria (CIBN) last December that “The measures implemented to curb inflation, coupled with foreign exchange market reforms, are bolstering Nigeria’s economic growth.”

In Q3 2024, the economy grew by 3.46 percent, compared to 2.54 percent in the same period in 2023. This growth was driven primarily by resilience in the services sector, particularly telecoms and financial services, which recorded a real growth of 5.17 percent, recovering from a 0.85 percent contraction in Q3 2023. Improved oil production and increased domestic refining also contributed to the growth. However, agriculture and manufacturing continue to underperform. Targeted support for these critical sectors reduces inflation, creates jobs, and boosts overall output.

The case for economic diversification has never been more urgent – reliance on a single sector is simply unsustainable. The consequences of neglecting diversification are clear; as the saying goes, ‘we cannot reap where we did not sow.’

At the Central Bank, Cardoso told the gathering at Transcorp Hilton that “we are committed to collaborating with fiscal authorities to foster growth across key sectors and deliver meaningful progress for all Nigerians.”

Specific Highlights of 2024:

Bank licensing and expansion One bank was approved as a non-operating financial holding company; another transitioned from a merchant to a national commercial bank. Two banks received AIPs for regional commercial licenses; one for regional non-interest banking.

In the microfinance sub-sector, 16 new banks were licensed while 53 previously revoked microfinance banks were re-licensed. Apart from that, five new approvals were given to finance companies for operations within the Nigerian space.

Recapitalisation of banks:

The CBN announced in November 2023 that banks must meet new capital thresholds by March 31, 2026. Options include equity issuance, mergers, or license adjustments. Implementation strategies are due by April 30, 2024.

Foreign Exchange Market Reforms

To strengthen the foreign exchange market, CBN engaged in a regulatory review of Bureau de Change (BDCs) with new licensing requirements, capital standards, and a franchise model to enhance FX distribution and oversight.

The central bank has significantly achieved foreign exchange market unification by streamlining the FX market into a single framework, enhancing liquidity and reducing market distortions.

The Cardoso-led CBN cleared a $7 billion backlog of valid FX forwards, stabilising the exchange rate and boosting market confidence. The administration also reduced FX volatility and increased external reserves to $37.9 billion as of July 2024, up from $33.6 billion in October 2023. The Bank also announced the Electronic Foreign Exchange Matching System (EFEMS) for foreign exchange transactions in the Nigerian Foreign Exchange Market (NFEM) to curb speculation and market distortions.

To support that drive, the CBN developed a fiscal and monetary policy coordination framework (FMPCF) to improve the synergy between monetary and fiscal policies, ensuring better economic management.
The apex bank, through its financial services regulation coordinating committee, has ensured regular inter-agency meetings and collaborations on issues such as cryptocurrency frameworks and infrastructure financing.
In the year under review, the CBN ensured a comprehensive review of consumer protection regulations to improve standards and address emerging fintech risks. Through that intervention programme, the bank enhanced customer service standards and increased engagement with formal financial institutions.

Achievements In Details

The CBN implemented risk-based examination to proactively identify policy gaps and improve conduct among financial institutions (FIs). The risk-based approach complements traditional compliance checks by highlighting urgent risks that could affect financial consumer protection (FCP).
Apart from that, the CBN has rigorously enforced sanctions to ensure compliance, deter unethical behaviour, and enhance transparency within the financial sector. It addressed 19,988 complaints from customers in eight months, resolving 15,306 (76.58 percent).

From that the apex bank facilitated refunds totalling approximately N7.05 billion and $714,569.03 to customers disputing financial service providers, underscoring a commitment to fair treatment.
On its brag list is the implementation of the Unified Complaints Tracking System (UCTS) and the development of USSD (*959#) for verification of licensed financial institutions.

On June 29, 2024, the central bank launched the Women Entrepreneurs Finance Initiative (We-FI) Code aimed at closing the 9.0 percent gender gap in financial inclusion by improving access to financial services for women-owned MSMEs. In that same period, it updated and benchmarked against global standards to improve financial literacy and decision-making among youth.

In that same regard, the apex bank updated the Financial Education Curriculum (FEC) in Nigerian schools to align with global trends and promote financial inclusion.

In resolve to enhance cybersecurity in Nigeria, the bank adopted ISO 27001 standards and introduced a risk-based cybersecurity framework, a move that has been widely applauded by industry players. CBN also conducted a cyber and technology assessment to improve resilience and operational efficiency in the financial sector. In that light, CBN announced revised guidelines to include virtual assets service providers (VASPs) and updated anti-money laundering measures to adapt to evolving digital asset trends.

Financial System Regulation Reforms

The CBN introduced remarkable regulatory and supervisory frameworks that significantly reduced manipulation and abuse of the foreign exchange market. For instance, the bank revised the minimum Loan to Deposit Ratio (LDR), prohibited foreign currency (FCY) denominated collaterals for local currency (LCY) loans and adjusted the Cash Reserve Ratio (CRR) Framework. These measures support monetary policy and stabilize the financial system.
Beyond that, the apex bank intervened in governance issues at three banks, revoked the license of a national bank, and facilitated a merger to strengthen system stability.

To improve financial system resilience, the CBN has prohibited banks from distributing unearned income, such as foreign currency (FCY) revaluation gains, for the financial year ending December 31, 2023. This measure strengthens banks’ countercyclical buffers and ensures investors receive a clear picture of bank performance, fostering informed investment decisions and promoting market integrity.

In its avowed commitment to facilitating Nigeria’s delisting from the FATF Grey List, Mr Cardoso said the CBN has significantly enhanced supervision and conducted spot checks on Nigerian banks and their foreign subsidiaries to expedite Nigeria’s delisting from the Financial Action Task Force (FATF) Grey List. The efforts aim to create a more secure investment environment, attract foreign investment, and bolster Nigeria’s global financial reputation.
In July 2024, the CBN introduced guidelines to improve the management of dormant accounts, unclaimed balances, and other financial assets. The objectives include: identifying dormant accounts and unclaimed balances to reunite them with their owners; holding the funds in trust for rightful owners; standardising management practices; and establishing procedures for reclaiming warehoused funds.

The rationale of the guidelines was to address issues such as inadequate compensation for funds and risks of fraudulent transactions, thereby reinforcing trust and confidence in the financial system.

The CBN has reduced the burden of financial transactions for customers of Nigerian banks with the suspension of processing fees on cash deposits. The CBN suspended processing fees on cash deposits exceeding N500,000 for individuals and N3,000,000 for corporates until September 30, 2024. Additionally, a 3-month waiver (from January 15 to April 15, 2024) was granted to Deposit Money Banks (DMBs) for depositing lower denominations (N50 and below) with the CBN at no processing cost. This initiative encourages cash deposits, strengthens financial intermediation, and aids in the effective transmission of monetary policy.

Upgraded ratings: In May 2024, Fitch Ratings revised Nigeria’s economic outlook from stable to positive, reflecting improved financial stability and policy effectiveness.

The year has been marked by significant strides in financial regulation and market conduct under the guidance of the CBN Governor Cardoso. From enhancing market transparency through the restriction on unearned income distribution to facilitating Nigeria’s delisting from the FATF Grey List, the CBN has demonstrated a steadfast commitment to strengthening the financial system.

The introduction of new guidelines for dormant accounts, the suspension of processing fees to encourage cash deposits, and the advanced use of Early Warning Systems further underscores the bank’s dedication to promoting stability and trust within the financial sector.

As President Bola Tinubu’s administration completed its first full calendar year, the Presidential Villa became the hub of key decisions poised to transform Nigeria’s economic and political landscape. Here are some of the pivotal events that shaped the seat of power.

 

The Subsidy Saga and Economic Turbulence

The reverberations of Tinubu’s inaugural decision to remove fuel subsidies continued to echo through 2024. What began as a bold economic reform aimed at freeing up billions for reinvestment instead catalysed a chain reaction of economic challenges. The president’s unwavering stance on the policy, despite nationwide protests and soaring inflation, set the tone for an administration willing to make unpopular decisions in pursuit of its economic agenda.Recently in his maiden presidential media chat, defended his administration’s decision to remove the fuel subsidy, describing it as a necessary reform to safeguard Nigeria’s economic future.

Tinubu expressed his resolve, stating, “I have no regrets whatever removing subsidies. It was necessary.”

The President explained that the subsidy system was unsustainable, likening it to mortgaging the future of the country for present consumption.

“We were not investing; we were just deceiving ourselves. The reform was necessary. We cannot have expenditure.

In response to mounting economic pressures, the federal government announced a new minimum wage of 70,000 naira. However, this gesture of relief was quickly undermined by the persistent rise in fuel prices, drawing criticism from labor leaders who argued that the wage increase was insufficient to offset the broader economic impact of the subsidy removal.

 

Cabinet Dynamics And Administrative Reforms

Perhaps no other aspect of Tinubu’s presidency drew more attention than his approach to government appointments and cabinet composition. In a move that raised eyebrows, the president maintained Nigeria’s largest-ever cabinet with 48 ministers, defending the decision as necessary for addressing the nation’s complex challenges. The October cabinet reshuffle brought significant changes, including the dismissal of six ministers, the appointment of seven new ones, and the controversial merger of key ministries.

Recently also , Tinubu defended his cabinet’s performance amid calls for reshuffling, asserting that his ministers are adding value and effectively managing their assignments.

“Nigeria is a large country. I need my cabinet; they are adding value effectively,” he said, dismissing criticism of their efficiency.

The President reiterated that job assignments in his administration are carefully structured to ensure efficiency and impact. “

You don’t give someone an assignment they cannot fulfill. Job descriptions must be efficient and effective,” he explained.

The presidential communications apparatus also underwent transformation following the departure of spokesperson Ajuri Ngelale. Rather than streamlining, the administration opted to expand the role, bringing in multiple special advisers to manage presidential communications – a decision that seemed to contradict calls for reduced government spending.

 

The Tax Reform Battle

The Presidential Villa became the battleground for what would become one of 2024’s most contentious political fights: comprehensive tax reform. Tinubu’s ambitious plan to overhaul Nigeria’s tax collection and administration systems met fierce resistance, particularly from northern governors and lawmakers who viewed the reforms as potentially devastating for their constituents.

The resistance culminated in an unprecedented situation where the Vice President’s economic advisory council, comprising the 36 state governors, urged withdrawal of the bills. This internal opposition highlighted the complex political dynamics at play and the challenges of implementing sweeping reforms in Nigeria’s diverse federal system.

However,the president reaffirmed his administration’s commitment to implementing comprehensive tax reforms, stating that they are essential for Nigeria’s economic transformation.

Tinubu stressed that the reforms aim to modernise the tax system, broaden the revenue base, and support the nation’s development goals.

“Tax reforms are here to stay. We cannot just continue to do what we were doing yesterday,” Tinubu declared. “We cannot retool this economy with the old broken pot.”

The President emphasised that the tax reforms are designed to be pro-poor and inclusive, targeting the expansion of the tax net rather than burdening low-income earners.

“All we ask for is to widen the net, make the cake larger so we can share a larger meal,” he explained.

Tinubu highlighted the importance of eliminating outdated colonial-era taxes, describing them as ineffective for Nigeria’s current economic realities.

He also underscored the need to address tax evasion, stating, “You cannot satisfy a larger community of tax invaders.”

The President asserted that his administration is focused on making tough but necessary decisions to stabilize the economy.

 

Security And Governance Challenges

While the administration maintained confidence in its security apparatus, persistent violence in various regions raised questions about the effectiveness of its approach. Tinubu’s resistance to calls for probes into security matters suggested a preference for maintaining stability within the security establishment over addressing public concerns about accountability.

We also witnessed the death of the chief of army staff , Lt General Taoreed Lagbaja and the subsequent appointment of Micheal Olukayode as the new army chief .

The year also saw a significant legal victory with the Supreme Court ruling on local government autonomy. While the administration celebrated this as a triumph for grassroots democracy, the practical implementation faced resistance from state governors, creating a new power struggle between federal and state authorities.

 

International Setbacks And Diplomatic Wins

The seizure of three presidential jets by a French court due to a historical dispute with a Chinese company marked a low point in Nigeria’s international standing. This embarrassing incident, stemming from a 2007 contract with Ogun State, exposed vulnerabilities in Nigeria’s handling of international obligations and raised questions about the country’s diplomatic preparedness.

However, the presidency also recorded notable diplomatic achievements. Tinubu’s re-election as ECOWAS Chair reinforced Nigeria’s regional leadership position. The country’s acceptance as a BRICS partner nation and participation in G20 meetings signaled growing international influence, though critics argued these foreign policy wins diverted attention from pressing domestic issues.

The absence of ambassadors throughout the year further complicated Nigeria’s international engagement, creating a diplomatic vacuum at a time when strong global partnerships were increasingly crucial.

 

Youth Engagement And Education Initiatives

In a positive development, the Presidential Villa saw the launch of the Student Loan Program, fulfilling one of Tinubu’s campaign promises. This initiative, providing interest-free loans to underprivileged students, represented a concrete step toward addressing educational access. However, rising unemployment and economic pressures continued to strain relations with Nigeria’s youth population.

 

Looking Ahead: The Villa’s 2025 Agenda

As 2024 drew to a close, President Tinubu expressed optimism about the coming year, emphasizing his commitment to service and cooperation with the Nigerian people. “2025 is a very promising year,” he declared, acknowledging the trust placed in his leadership while pledging continued dedication to his mandate.

Yet, the path ahead remains challenging. The Presidency enters 2025 facing pressures to demonstrate tangible progress on multiple fronts: resolving security challenges, implementing fiscal reforms, and addressing public sector inefficiencies. The administration’s ability to translate its bold policy initiatives into practical improvements in citizens’ lives will likely determine its legacy as it approaches the midpoint of its first term.

 

The events of 2024 at the Presidential Villa reflect a leadership willing to make difficult decisions but sometimes struggling to build consensus around its vision for reform. As Nigeria moves forward, the challenge for Aso Rock will be balancing the need for transformative change with the imperative of maintaining social stability and public support. The coming year will test whether President Tinubu’s administration can convert its controversial policy choices and diplomatic achievements into concrete benefits for the Nigerian people.

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has released prophecies concerning the New Year 2025, stating that it will be “a landmark year.”

Pastor Adeboye made the disclosure while speaking at the church’s Crossover Service in Shimawa, Ogun State, on Tuesday, emphasising that 2025 would be marked by significant events and shifts.

He forewarned that evil and unrepentant people would receive their reward this year.

According to him, it will be one that many will never forget, and some people may not survive it.

“Daddy said the year 2025 will be a landmark year, a year nobody will ever forget. The day someone has been waiting for will arrive this year.

“The wind that started blowing last year will continue to blow this year, but stronger.

“Earthly helpers will be replaced by heavenly helpers this year. Mockers will be louder and more aggressive, but unfortunately, many of them will not survive the year.

“It’s unfortunate because God does not want the death of a sinner but for them to repent. But some people have made up their minds not to repent.

“Daddy says some towns and villages will shout victory at last.”