Business
NITDA debunks association with online earning platform demanding payment
The National Information Technology Development Agency has denied any affiliation with an online earning and marketing platform known as CPM. This rebuttal follows reports that the platform was demanding money from users to repair its allegedly hacked systems.
The agency issued the disclaimer in a statement signed by its Director, Corporate Communications and Media Relations Department, Hadiza Umar, on Monday, describing the reports as false and misleading.
According to media reports, subscribers via the platform operators reported that their systems had been hacked and that additional payments were required from subscribers to resolve the issue and recover funds.
NITDA allegedly was helping them to resolve the issue and that subscribers needed to make additional payments to support the process.
NITDA debunked those reports dissociating itself from CPM, noting that the agency, as a government agency, did not request money.
“NITDA wishes to categorically state that these claims are false and misleading.
“As a government agency and Nigeria’s Information Technology regulator, NITDA does not request or collect money from citizens to provide incident response support, recover funds, or assist private entities in resolving cybersecurity incidents,” NITDA said.
The agency alleged that the efforts of the so-called CPM to disguise itself as NITDA indicated possible social engineering and fraudulent activity. It said the efforts targeted exploiting affected individuals under the pretence of resolving a cybersecurity incident or recovering lost investments.
NITDA warned Nigerians against making financial payments to any bodies or organisations that claim NITDA requires such payments for operations.
“Members of the public are therefore strongly advised to exercise caution and avoid making any additional payments to any individual, group, or platform claiming that such payments are required by or connected to NITDA.
READ ALSO: NITDA, IDCA partner to transform Nigeria’s digital economy
“The reported pattern may indicate possible social engineering or fraudulent activity aimed at exploiting affected individuals under the guise of resolving a cybersecurity incident or recovering lost investments,” the agency said.
NITDA said Nigeria should exercise caution when dealing with online investment and trading platforms and must avoid sending additional funds in an attempt to recover previous investments or losses.
The agency added that online users must verify any claims of government involvement directly through official channels and refrain from sharing sensitive personal or financial information with unverified entities.
The regulator reiterated that Nigerians must promptly report suspicious cyber-related activities to the appropriate authorities to contain increasing risks of online attacks and fraud.
“NITDA remains committed to promoting cybersecurity awareness and protecting the public against cyber-enabled fraud and deceptive online activities.”
Access Holdings is considering exiting at least one market outside its base in Nigeria to comply with a Central Bank of Nigeria (CBN) rule requiring lenders to limit investment in foreign subsidiaries to no more than one-tenth of shareholders’ funds.
The banking group mentioned one business in which it plans to offload its stake to meet the requirement, Bloomberg reported on Monday, citing Chairman Aigboje Aig-Imoukhuede.
“If a subsidiary cannot meet its cost of capital and the strategic objectives for which it is set up, you should be ready to take a decision to exit,” Mr Aig-Imoukhuede was quoted as saying at an African Financial Industry Summit in Luanda, Angola, last week.
“Do we have one or two troublesome subsidiaries? I can think of one.”
Investment in subsidiaries for Nigeria’s biggest bank by assets stood at N446.6 billion at the end of September, equivalent to 19.3 per cent of its equity, according to Access Holdings’ 9M 2026 Investor Presentation.
That was roughly double the 10 per cent ceiling permitted by the Banks and Other Financial Institutions Act (BOFIA) 2020.
Only in cases of regulatory approval for a higher threshold from the CBN are lenders allowed to exceed that limit, the Act says.
The banking industry watchdog has given Access Holdings 12 months to address the issue.
The potential exit is part of the financial institution’s move to review its international operations to comply with the directive.
In June, Access Bank’s chief executive, Roosevelt Ogbonna, said the lender would reduce its shareholding in some of its foreign subsidiaries to achieve compliance.
According to Innocent Ike, CEO of Access Holdings, the lender will explore three strategies towards that end.
The options include recalling surplus capital from overseas subsidiaries, offloading minority stakes and restructuring some businesses, he said.
He added that the group has already completed one capital repatriation exercise involving its six targeted subsidiaries, and is engaging regulators in five countries to facilitate the return of excess capital to Nigeria.
Access Holdings plans to meet the regulatory requirement ahead of the March 2027 deadline, Mr Ike stated.
READ ALSO: Access Holdings’ nine-month profit jumps 6% to N474.2 billion
“We gave ourselves up till January next year, and I think we’re completing this ahead of schedule,” said Mr Aig-Imoukhuede.
The Access Holdings’ chairman said the group’s international portfolio remains fundamentally strong despite plans to sell interests in some international subsidiaries.
He noted that the group would continue to review the performance of its subsidiaries to ensure they generate sustainable returns and remain aligned with the strategic objectives for which they were established.
“You have to do dynamic portfolio management. Every year, you’re looking for ways to improve,” he said.
Access Bank sold its 97 per cent stake in its loss-making Ivorian subsidiary to Cameroon’s Afriland First Group SA for $1 million in January 2014, after the CBN restricted parent-bank capital for foreign subsidiaries.
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