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Victor Alewo Adoji: Celebrating a Silent Philanthropist Extraordinaire at 50

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Victor Alewo Adoji

By Adamu Bello

When great men celebrate, even the stars bow in solemn hallow. As Dr Victor Alewo Adoji (DVAA), the erudite banker-turned politician celebrates his 50th birthday on Saturday, May 29, 2021, the periscope is focused on a man who has given his all to create peace, tranquillity and progress for his people in Kogi State and Nigeria as a whole.

It is often said that some were born great, while others attained or achieved greatness. For Adoji, it is a combination of being born great and working hard to attain greatness.

As the former Kogi State governorship and Kogi East Senatorial District aspirants during the last 2019 general elections steps into the golden club, healthy, hearty, resolute and focused, it is never a dull moment for a man who has spent the greater part of his life to rendering selfless service to humanity.

Victor Alewo Adoji, simply known as DVAA by friends and well-wishers, is a rare gem and a household name across a garland of interests and places.

DVAA’s humanitarian gestures cannot be overemphasized as he has contributed immensely to the growth and development of the Igala Kingdom (Kogi State) in several areas especially around education, empowerment, health care delivery and physical development.

Even before his attainment of fame as a public figure, his humanitarian service started as a pro bono auxiliary teacher at CSCC, Anyigba for a long period of time.

A visit to the Ministry of Mercy orphanage in Otutulu, any of the doctors at Diagnostics and Reference Hospital Anyigba, the Ogugu Ofante Catholic Community, the bursary department of KSU or any members of Project Igala Education Committee will update you more than the little that I have mentioned of his humanitarian services to the orphans, widows and the less privileged.

Though he is not directly in any position to employ people in his service sector, he has influenced a number of people into a number of private firms and public parastatals through his contacts.

He singlehandedly built the main mosque and UEC Church in his village (Okula-Aloma). Added to this, he built a modern classroom block in the only primary school in Okula and in conjunction with other elites in the village established the secondary school in the village.

For over 12 years, he has been responsible for paying the salaries of all the teachers in his village. He is in the process of building an estate in the village under a 20-year mortgage scheme for people of his village-based in states around the country to own houses in the village.

He has sunk several boreholes in several villages and places including the Open University in Idah, the catholic orphanage in Anyigba and for the people of Ogene-Igah his maternal home.

The Zenith Bank branches in Anyigba and Ankpa and the cash office in Idah are all to his credit. This is aside from the numerous people whose employment he influenced and never mentions for professional and strategic reasons.

About three decades ago, as an undergraduate, he gained insight into his role as a citizen in the Greek mythological sense of the word. This influenced his commitment to service which culminated in his election as leader of the Students’ Union Government (SUG) of the University of Jos in 1993 and National Public Relations Officer of the Igala Students Association (ISA).

As a unionist, economist, banker, professional in politics, educator, resource person and others, he has been exposed to and responsible for an array of tropical and broad-spectrum developments in several areas.

Since the turn of the millennium, he has applied his experience as an independent consultant to provide support, advice and training to a variety of stakeholders in different roles, working in different institutional and cultural contexts, including the Igala region. Wherefore, he gained admiration for sociopolitical perspicacity, integrity, ethical behaviour, passion and commitment to his fellow citizens.

As a consensus builder, he demonstrated proficiency in securing high-impact collaborations, acting decisively to deliver successful outreaches; thereby gaining a track record of launching interventions related to business strategy and citizenship.

For such collaborations, he worked productively as an innovation catalyst, dexterous in structuring alliances across private, public, and not-for-profit sectors. This involved high-profile advocacy, best practice in selling public awareness initiatives, a keen understanding of sustainability issues and relationship-building.

He has been focused on empowerment and capacity building of young Igala people especially in the fields of education (where he has several indigent students on his scholarship) and the creative industry where he partners with an assortment of thespians on an ongoing, evolving and ad hoc basis.

Recently, in partnership with the Kamar Football Academy and Igala-Bassa Nations Cup, he sponsored the establishment of the Igala United Football Club with about 40 players and the entire coaching crew on his payroll.

His partnership with the cashew farmers association of Nigeria, Kogi East chapter, is another evolving goldmine that is set to particularly impact the economy of the eastern part of Kogi State and by extension, Kogi state and the country at large.

Being uniquely different from others in his silent style of humanitarianism, Dr Victor Alewo Adoji has been a source, a catalyst and instrumental to the growth and development of many groups, individuals and communities in Igala nation for over a decade.

He has been focused on the empowerment and capacity building of young Igala people to embark on further studies, particularly in Kogi East and Kogi State at large. Because he hates to have his humanitarian services mentioned in public, he used individuals and organizations to assist several less privileged people to pay school fees, hospital bills and provision of shelters in times of need.

An infrequently misunderstood fellow who balances neatly along with demographic and psychographic grids, you find emblematized in him a personality who has met milestones on the (same) road he took to avoid them. Either by discretion or disposition or both, Victor Adoji furtively but discernibly reckons that most of the greatest things in life revolve around knowing which bridge(s) to burn and which to cross and at what cost.

Highly impressionable, liberal and expressive, he is a man whose calmness even under pressure is rare and enormous. His numerous attributes align with sanctity, empathy and collectivism while his dexterity at balancing views, perceptions and affiliations justify and validate his huge appeal across relationships and interests. He duly fits an array of descriptions, meanings and phraseologies including, but not limited to, one with an excellent mind, an anchor and an enthusiast equipped with a disposition that avails a hybrid perspective (on issues) where/when necessary and imperative.

Often regarded as a patient but an excellent planner with high business acumen, he is intuitively analytical, intellectually sound, reasonably determined, highly efficient, appreciably trustworthy and hugely compassionate. Piety, reverence, attention to details and compassion without frontiers distinguish this noble gentleman who is obviously produced from the finest source-materials of Master Porter.

By training, Victor wears several hats but would rather be called an economist; a discipline he drifted into after a memorable event at Usman Danfodio University, Sokoto.

According to him, he sauntered into studying Economics as a first degree but appreciated it because of its numerate nature that is entrenched in the social sciences with a focus on people, society, allocation, preferences, human and social dynamics and interventions/decisions at all levels.

Adoji, a man of peace and a man of the people is married to one of the most unassuming of women and a wife who fits all classifications of “a virtuous woman”, exceptionally accommodating, unusually patient and highly considerate. Their marriage is blessed with two children.

His Educational Background

Victor Adoji was born on May 29, 1971, to the reverent family of late (Elder) Bernard Angulu Adoji and Deaconess Rebecca Adoji, of Okula-Alloma in Ofu Local Government Area of Kogi State, Nigeria.

He had his primary and secondary education at the St. Paul’s Primary School (now, Mohammed Bankano Primary School), Sokoto and Federal Government College Sokoto, respectively.

A holder of Diploma in Project Management from the International Business Management Institute, Germany and he also has a baccalaureate degree in Economics from the University of Jos, Plateau State, Nigeria. He has four MBAs with specializations in Corporate Strategy, Leadership and sustainability, Entrepreneurship and Business Analytics as well as five graduate (Masters) degrees in Economics, Public Administration and International Affairs, Sociology, Managerial Psychology and Social Welfare.

Adoji also has several non-credit certifications including, Special Executive Masters in Project and Strategic Management (PSM) and Special Executive Masters in International Business Law (IBL) both from the London Metropolitan Business school. Added to these are certifications in Risk Management, Economics/International Business and Change Management all from IBMI, Berlin.

Victor Alewo Adoji who holds a Masterclass certification in Business Management and leadership from the London Graduate School (LGS), also studied and trained with several reputable local and international, professional and academic institutions including the Pan African University of Nigeria, University of Pennsylvania, University of Edinburgh, Wharton University, Yale University, University of Virginia, Oxford University, Harvard University, the World Bank, the IMF and the Boston Consulting Group (BCG).

His first doctoral degree (PhD) received from the University of Panama, focused on credit management. The second, a doctoral degree in Business Administration (DBA), focused on leadership, corporate governance and people management, from Leeds Beckett University, UK. He has a post-doctoral degree; a DBA (Honoris Causa) in Project Management from the Commonwealth University in conjunction with the London Graduate School, UK.

He holds several professional memberships and fellowships, including Fellow, Institute of Credit Administration (FICA) and a British International Certified Credit Fellowship (ICCF), Fellow, Chartered Institute of Public Management of Nigeria, Fellow, Institute of Credit Administration (FICA) and Fellow, American Academy of Project Management (FAAPM). Aside from being a Certified Procurement & Project Management Specialist (CPPMS) and a Master Project Manager (MPM), he is also a member of several professional and academic bodies in Nigeria and beyond including, but not limited to, Nigeria Economic Society (NES), Nigerian Institute of Management (NIM), Institute of Chartered Economists of Nigeria (ICEN) and the America-based Institute for Transformative Thoughts and Learning (ITTL).

Adoji is a faculty member of the Institute of Credit Administration of Nigeria (ICA). The ICA is Nigeria’s only nationally recognized professional credit management body, solely dedicated to the provision of micro and macro credit management education, award of specialist qualifications, development of skills and capacity building of people involved in the everyday management of trade, financial and business credits in Nigeria, Africa and the rest of the world.

He is a board member of the Institute of Chartered Economists of Nigeria (ICEN). The institute promotes and encourages the study and development of the art and science of economics in public practice, industries, commerce and seeks to inculcate professionalism and specialization in the economics profession in Nigeria.

Victor is a hushed philanthropist, an educator, a publisher, an administrator, a professional in politics and an academic. Victor is also an economic development consultant who has contributed to praxis in entrepreneurship, middle management, economic analysis, strategy development and project management.

In addition to his training as a lifestyle coach and level-1 Neuro-Linguistic Programmer (OLCA), Victor Alewo Adoji also trained as a Conflict Analyst with the United States Institute of Peace (USIP). The Institute was established by the American Congress in 1984 as an independent institution devoted to the nonviolent prevention and mitigation of deadly conflict.

His Working Career – (His superlative footprints at Zenith Bank)

Adoji’s working career started with Paterson Cussons (Nig) Plc as a superintendent from where he moved to become the deputy editor, the business section of the northern-based Concern Magazine. He joined Zenith Bank Plc in 2000 and disengaged in 2018 as the head of corporate communication after a meritorious service spanning 18 years.

While at Zenith Bank, Nigeria’s biggest and Africa’s fifth-largest bank, he functioned as a diplomatic liaison who interrelated with diverse stakeholders comprising the board of directors, C-level management and community leaders, dexterously building excellent local and international network endeavours around management, governance, administration, the private sector and civil society.

Further, in this role, he initiated and cultivated robust and strategic relationships with the Fourth Power, thereby contributing to efforts at repositioning and enhancing interactivity and social collaborations on local, international and social media channels.

Having chaperoned the development of aspects of the bank’s stakeholder engagement strategy, he leveraged the ability to drive the embedding of sustainable practices within an organization as part of reputation management initiatives.

He is reputed as a transformation agent with the competence to engineer continuous process improvement while incorporating business-out sourcing initiatives to enhance productivity and modernize operations to attain remarkable results in the face of regulated resources.

He was responsible for establishing strategic partnerships across some sectors of the economy. He was the liaison between the bank and the Nigerian Economic Summit Group (NESG), an organization of private sector leaders representing key economic sectors in Nigeria, the Corporate Council on Africa (CCA), a leading US business association focused on connecting business interests in Africa by promoting businesses and investments between the United State of America and the nations of Africa. He was also a liaison for the World Economic Forum (WEF), a foremost international Organization (for public-private corporations) that engages leading political, business, cultural and other leaders of society to shape global, regional and industry agendas.

As deputy head of the Corporate Communications department at Zenith Bank, he was the lead for the project-specific team charged with the responsibility of marketing (offline and online) the bank’s Initial Public Offering (IPO). The IPO was oversubscribed by 554 per cent, the highest by any bank, in the history of Nigeria’s capital market to date.

He was likewise the team-lead for the marketing team of Zenith Bank’s listing of $850 million worth of its shares on the London Stock Exchange (LSE) as well as post-listing marketing required to access a wide range of institutional investors.

At the time he joined the bank, it was regarded as just “a bank” but with growth around the 10,000th percentile in major financial parameters including, but not limited to, Gross Earnings {8,259%}, Profit Before Tax {7,150%}, Profit After Tax {7,317%}, Total Assets + Contingent Liabilities {8, 128%} and Tier-1 Capital {11,643%}, he left the institution as “the bank”: The biggest and most profitable bank in Nigeria and the fifth largest in Africa.

Adoji was one of the definitional figures at Zenith Bank having handled several responsibilities and served on critical committees and on crucial decision making bodies of the financial behemoth.

For his diligence and impactful roles, he won numerous commendations and awards at both the board and management levels: 2007 – commendation for tremendous project success, 2006 – Best Individual Staff bank-wide, 2003 – commendation for impactful and strategic inter-department support, 2002 – 2003 Best Non-Marketing Staff bank-wide, 2002 commendation for outstanding project implementation and 2001 – 2002 Best Non-Marketing Staff bank-wide.

Adoji, who left Zenith Bank unscathed after almost two decades of a productive and untainted career, has considerable posteriori knowledge amassed from long-term middle and senior positions in management, including process evaluation, public relations, internal and external communications, strategy implementation, and corporate/brand marketing.

He effortlessly applies hands-on experience in market/ecosystem research, business/process analytics, assessment of contexts, initiating and implementing interventions and using design-thinking protocols that are culture-specific and value-adding.

Dr Adoji is cosmopolitan, a well-groomed gentleman and he is joyfully married to Mrs Helen Eneumi and gracefully blessed with children.

His Public-Sector Related Skills/Training/Proficiencies

With over two decades of active private sector engagement at both the corporate and personal enterprise levels and substantial public sector relations, training and experience make Victor Adoji a well-rounded, deeply blended and resourceful individual.

Verifiably, he has a good understanding of issues and a great capacity to incorporate divergences in a manner that is seamless and productive, as his achievements in the corporate and personal enterprise realms and the following rendition of some of his proficiencies and skills attest to.

Some of these works include: (A.) Oxford University – From poverty to prosperity; Massachusetts Institute of Technology (MIT) – The challenges of global poverty; Harvard University – Entrepreneurship in emerging economies;  TUDelft Institute – Rethink the city: New approaches to global and local urban challenge;  IIMBx Bangalore – Infrastructure development, PPPs and regulation; Princeton University – Making government work in hard places; Berkeley University of California – Solving public policy problems and SDG Academy (World Bank) – Industrial policy in the 21st century: The Challenge for Africa.

His Political Journey…

When Adoji ran for the Senate in 2019 and was not successful in getting the nomination of the Peoples’ Democratic Party (PDP), he alternatively ran on the platform of the African Democratic Congress (ADC). Within four months (October – January) he had (again) traversed over 700 villages in Igala land and all the 98 wards in the eastern flank of Kogi State.

On the platform of a relatively unknown (at the time) ADC, the people, hand-in-gloves with Victor, humbled pessimists and derided predictions with the pre-election, election and post-election outcomes.

Nonetheless, insightful and knowledgeable observers would confirm that the 31,171 votes ‘received’ by Victor Alewo Adoji was a confirmation of two things; Victor is an entrenched grassroots politician and that his strength resides with a generality of the people.

Immediately after the ‘loss’, Victor and his ebullient supporters went back to the grieving electorates, across all the nine local governments to express appreciation for their roles and enormous sacrifices enjoining them to remain steadfast and positive with a final word, “I will be back”. I do not know of any politician who returned to give thanks to the people in ‘defeat’.

Adamu Bello writes from Kogi State, Nigeria.

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Hidden Extra Tax ‘Tie’ for Parents Visiting Children Studying in the UK

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Julie Howard

By Julie Howard and Annabella King

There is a significant overhaul in UK tax legislation coming into effect come April of this year and going forwards exposure to UK tax will focus more closely on the length of an individual’s UK residence status. HNW Nigerians whose children are studying in the UK may not be aware that they could be UK resident on the basis of fewer days spent in the UK than expected. This will be dependent on their connections to the UK, including the time their children spend in the UK during school holidays and how much the parents see their children in the UK. It is vital that HNW Nigerians with connections to the UK clue up on this to avoid being caught out.

The new rules and UK residence

From 6 April 2025, the current “non-dom” regime will be replaced with a new residence-based regime.The concept of domicile will be abolished as a connecting factor for UK tax purposes and the remittance basis of taxation will be abolished from 6 April 2025.

Individuals moving to the UK from Africa, who have not been UK resident in any of the previous 10 years, will be eligible to claim a new favourable regime for those first 4 years whereby they will not pay UK tax on foreign income and foreign chargeable gains (known as FIG) even if these are brought into the UK. For individuals who have been UK tax resident for fewer than 4 tax years from 6 April 2025, they will be able to claim this favourable regime for the balance of their first 4 years of UK residence– assuming they meet the requirement of non-residence in the 10 years before they moved to the UK. The UK tax year runs from 6 April to the following 5 April.

For UK tax purposes, liability to inheritance tax has historically been based on the concept of domicile, which is essentially where someone regards their permanent home. From 6 April 2025, domicile will cease to be a connecting factor for inheritance tax purposes. Instead, it will be based on UK residence with an individual becoming subject to inheritance tax on their worldwide estate once they have been UK tax resident for 10 of the previous 20 tax years, known as a “long term resident”.

Whether or not an individual is UK resident will therefore be extremely important under the new rules.The UK has a statutory residence test (the SRT) to determine an individual’s residence status for UK tax purposes. The SRT breaks down into three tests which must be considered in order: firstly, the automatic non-residence test; secondly, the automatic UK residence test; and finallythe sufficient ties test. Whilst the SRT sets out a clear test to determine an individual’s residence, there are still some areas of uncertainty. For example, many of the definitions used, such as “work” and “home” are specific to the legislation and not straightforward and there are specific pitfalls to be aware of such as the hidden extra “tie” for parents visiting children who are studying in the UK.

Hidden extra tax “tie”

For individuals who are not automatically UK resident or automatically non-UK resident under the automatic tests of the SRT, whether they are UK resident will depend on the number of “ties” (i.e. links) that they have with the UK. There are five different ties:

  • Family tie – your spouse/civil partner or common law equivalent or minor child/children are UK resident
  • Work tie – you work in the UK for at least 40 days (and this applies if you work for more than three hours a day)
  • Accommodation tie – you have a place to live in the UK (i.e. a home, a holiday home or accommodation otherwise available to you) which is available for a continuous period of at least 91 days in the tax year and you spend at least one night there in that year. This can include accommodation owned by relatives if certain conditions are met and also rental properties
  • 90 day tie – you spent more than 90 days in the UK in either of the previous two tax years
  • Country tie – you spent more days in the UK in that tax year than in any other single country (this tie only applies to “leavers” – i.e. individuals who are ceasing UK residence).

African parents with minor children studying in the UK may have a “family tie” on top of other ties and this will reduce the number of days that they are able to spend in the UK without becoming UK resident under the SRT.

Parents witha child under the age of 18 who is in full-time education in the UK should be aware that they may acquire a “family tie” by reason of their childbeing educated in the UK. This will occur iftheir child spends 21 days or more in the UK outside of term time, for example,  during the main Christmas, Easter and Summer holidays (the half-term breaks are regarded as term-time); and they see their children on 61 days or more in the UK during the tax year.

If, for example, a child was to spend a week in the UK before term started in September and two weeks in the UK during the Christmas holidays (rather than returning to Africa or going on holiday somewhere outside the UK), this 21 day limit could easily be exceeded and then it would be important for the parent to keep below the 61 day limit to avoid a family tie.

If the parent did acquire a family tie as a result of the above limits being exceeded, they could end up being UK tax resident on the basis of a lower number of days spent in the UK than expected if, for example, they also have available accommodation in the UK and work for more than 3 hours a day on 40 days or more during the tax year– giving a total of 3 ties.

Nigerian parents with children studying in the UK should take advice on their UK residence position if they are unsure as to how much time they can spend in the UK without becoming UK resident.

Julie Howard is a Private Client and Tax Partner at Boodle Hatfield and Annabella King is an Associate

Annabella King

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The Economic Importance of Abraka-Oben Road Rebuilt by NDDC

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Abraka-Oben Road

By Jerome-Mario Utomi

For the good people of Delta and other adjoining states, Saturday, February 22, 2025, will remain an indelible date. The reason for this assertion is simple.  It was on that day that the Minister of Regional Development, Engr. Abubakar Momoh, has commissioned the 9.6- kilometre Abraka-Oben Road reconstructed by the Niger Delta Development Commission, NDDC, in Abraka, Ethiope East Local Government Area of Delta State. He also launched the reconstruction of the Abraka-Agbor Road.

Indeed, there are reasons why the people, particularly the road users, are happy with the latest feat achieved by the NDDC Governing Board and Management.

Aside from preventing accidents and loss of lives as a result of its formerly deplorable state, it is globally acknowledged that infrastructure enables development and also provides the services that underpin the ability of people to be economically productive, for example via transport. “The transport sector has a huge role in connecting populations to where the work is,”.

Also, Infrastructure investments help stem economic losses arising from problems such as traffic congestion. The World Bank estimates that in Sub-Saharan Africa closing the infrastructure quantity and quality gap relative to the world’s best performers could raise GDP growth per head by 2.6 per cent annually.

In addition to the highlighted importance of infrastructures to the nation’s economic development, a glance through the commentaries by dignitaries present at the commission further reveals that NDDC as a commission has done well.

Delta State Governor, Rt. Hon. Sheriff Oborevwori commended the Niger Delta Development Commission, NDDC for the initiative to reconstruct the all-important access road from Abraka to Oben, saying that Mr President picked very good people in managing different ministries, departments and agencies for the good of Nigerians.

Governor Oborevwori, who made remarks at the inauguration of the reconstructed road, also thanked Mr President for picking very good people in managing different ministries departments and agencies for the good of Nigerians, Delta State Governor reiterated the state government’s willingness to partner with the Federal Government for the overall socio-economic development of the state.

Represented by the State Commissioner for Works (Highways and Urban Roads), Comrade Reuben Izeze, Governor Oborevwori said his administration remained irrevocably committed in its partnership with the President Bola Tinubu-led federal government for the transformation of the state.

He said the Oborevwori governance philosophy believes that if the Federal Government succeeds, it would dovetail in the success of the subnational governments.

He commended the Niger Delta Development Commission, NDDC for the initiative to reconstruct the all-important access road from Abraka to Oben and called for the completion of the road to Benin.

“I thank the board of the NDDC for the vision and for acknowledging the challenges and for giving the policy guideline for the execution of this laudable project. I am glad that the NDDC is giving special attention to reconstruction of failed portions on roads across the region. The Government of Delta State believes very strongly and firmly that we are partners in progress with the Federal Government led by President Bola Tinubu.

“We believe in the success of the Federal Government because of the nature of our Constitution and its operations, the success of the Federal Government will naturally translate to the success of the states as well.  Governor Oborevwori therefore wishes to commend President Bola Tinubu for his support for the board of the NDDC thus far and urging him to continue to do more for the people of the Niger Delta,” he added. “I thank Mr President for picking very good people in managing different ministries, departments and agencies for the good of Nigerians,” he concluded.

Similarly, speaking at the inauguration ceremony, Engr. Momoh, said that the road projects were further demonstrations of the determination of the Federal Government to develop the Niger Delta region. The Minister commended the NDDC Board and Management for responding appropriately to the directives of President Bola Tinubu’s charge to turn things around in the Niger Delta region positively.

In his remarks, the Chairman of the NDDC Governing Board, Mr Chiedu Ebie, said that the project was a reflection of the President Tinubu administration’s desire to transform the Niger Delta Region into a zone of peace and development. He said, “Since we assumed office, this is the first landmark project being commissioned in Delta State. I commend the management team for continuously implementing the board’s policies and following President Bola Ahmed Tinubu’s directives.

“Today, we are commissioning the re-constructed Abraka-Oben Road and flag-off the reconstruction of the Abraka-Agbor Road. These are landmark projects, and I am happy with the work being done. As a Delta State indigene, I am proud that my people are well represented.”

For his part, the NDDC Managing Director, Dr Samuel Ogbuku, affirmed that the NDDC was dedicated to advancing the implementation of the President’s Renewed Hope Agenda. “We are determined to make the Renewed Hope Agenda of the Federal Government a reality in the Niger Delta region, and we remain committed to the mandate given to the Commission to change the narrative in Nigeria’s oil-producing region.

“Today, there is peace in the NDDC and the region. The youths and other stakeholders are happy with our efforts. That is the success we have toiled so hard to achieve for our people. We thank our stakeholders for their support and encouragement, which has boosted our desire to ensure that we give them what they deserve. We appreciate the state governments for supporting us and partnering with us in several areas of development. We believe that in partnership with stakeholders, we will achieve more, and development in our region will be faster and more holistic. We are not competing with any state government; we only complement their efforts.”

The NDDC Executive Director of Projects, Sir Victor Antai, gave the project brief and explained that the scope included the construction of a 9.6 km asphalt pavement with an 8m carriage width.

He noted: “The restoration of this critical infrastructure required replacing over 80,000m3 of unsuitable material and the dilapidated sections of the Araka-Oben Alignment. Before now, the road was not motorable and became a hot spot for kidnapping and armed robbery activities.

“This important interstate road project connects various industrial and agricultural communities in Delta and Edo States, facilitating the transportation of goods and services”

Also speaking at the ceremony, the Chairman of the House Committee on NDDC, Erhiatake Ibori-Suenu, congratulated the NDDC management for significantly impacting her Federal Constituency.

Speaking earlier during a courtesy visit by the NDDC team led by the Minister of Regional Development, the traditional ruler of Oruarivie-Abraka Kingdom, King Akpomeyoma Majoroh, commended the Commission for its commitment to regional development. He emphasised the strategic importance of the road project, stating: “As a serious agricultural area, most of our people are farmers. This road has facilitated the easy movement of people and agricultural produce, fostering thriving commercial activities. It is important to us, and we are very grateful for it’.’

The royal father noted that the road served as a regional link, connecting Abraka to Benin, and expressed gratitude for connecting the community to their ancestral home.

Utomi, a media specialist, writes from Lagos, Nigeria. He can be reached via [email protected] or 08032725374

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Bybit Crypto Heist: Five Key Lessons to Prevent a Repeat

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Bybit crypto heist

Dubai-based cryptocurrency exchange Bybit was the victim of what is being widely reported as the single largest digital theft in history. Hackers extracted approximately $1.5bn (£1.2bn) from an Ethereum wallet and transferred the contents to a new, unlocatable address.

The platform has assured users of its liquidity—despite a significant increase in the volume of withdrawals in the wake of the breach—promising refunds to all affected users even if the stolen money is not recovered.

According to Osama Bari, Chief Technology Officer at D24 Fintech Group, exchanges that comply with a core set of rules will drastically reduce their chances of suffering a similar breach.

1. Multi-party approval systems

The Bybit security breach was primarily caused by vulnerabilities in multi-signature authorization and UI spoofing tactics, where attackers manipulated the interface to display different addresses. Bari said: “Even experienced professionals might overlook such discrepancies without a thorough investigation. Typically, such issues often go unnoticed during routine exchange operations.

“To mitigate such risks, exchanges should implement a threshold-based, multi-party approval system for all transactions.

“Additionally, secure platforms require real-time monitoring systems to analyze deposits and withdrawals, with automated cross-checks for unusual spikes. If required, large transactions must be manually verified with a comprehensive report. Each withdrawal should undergo a transaction audit score assessment before being processed.”

2. Ensure two-factor authentication is in place

Two-factor authentication (2FA) is a security method that requires a second form of identification to access any account information or funds.

Bari: “2FA is no new phenomenon, but its importance as a tool for verifying users and ensuring only the right personnel can manage and withdraw balances or view confidential information cannot be understated.

“This is a basic form of protection that exchanges should absolutely be offering to their customers and can be a vital deterrent for hackers as it increases the difficulty of breaching gated accounts. All financial providers have a duty to protect their users and 2FA is a guaranteed way of raising the level of in-built security they provide.”

3. Custodians are valuable third parties

Custodians safeguard assets for fellow financial institutions to reduce the risk of loss, theft, or damage.

Bari continued: “Exchanges should not underestimate the level of responsibility that comes with holding considerable volumes of assets on behalf of customers. Failure to put the appropriate measures in place to protect these funds, as we’ve just seen with the Bybit hack, could result in disastrous consequences for both the company attacked and the users impacted.

“Turning to external organizations to bolster security is a viable option for exchanges that lack the infrastructure and liquidity to manage millions, or even billions, worth of currency. Partnering with a trusted custodian will ensure that customer investments stay safe, allowing exchanges to focus on other important activities such as enhancing user experience and increasing the financial literacy of their customers.”

4. Perform a liveness check

A liveness check verifies a user’s identity through a biometric measure, for example, their face or fingerprint. 40% of banks have implemented this precaution to tackle fraud, up from 26% five years ago.

Bari: “For crypto exchanges, and financial institutions more generally, a liveness check adds that final layer of protection to dissuade hackers from attempting an attack. Having access to passwords, secure keys, or even primary devices is no longer enough to successfully bypass security measures—customers are protected as their face, fingerprints, and even voices are all unique.”

5. Make security CEXy

Centralized cryptocurrency exchanges (CEXs) are regulated intermediaries that facilitate the trading of fiat and digital currencies.

Bari concluded: “A pivotal element of cryptocurrency’s appeal throughout its history has been its decentralized nature, with many early adopters drawn to this form of tender by its anonymity. However, as crypto has become increasingly mainstream and a viable investment for individuals globally, it’s important to reshape our thinking and start putting security at the top of the list of priorities.

“Due to Bybit’s centralized approach, the exchange was able to freeze $42.85 million in stolen assets within 48 hours through collaborations with other platforms. This highlights the increased resilience of CEXs and how trusted partnerships with other organizations in the crypto field can limit the damage inflicted in a hack.”

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