Economy
Firms Unveil Tokenization Solution for Safer Cashless Transactions
By Modupe Gbadeyanka
The need for heightened focus on security in the payments ecosystem to foster a safer, more inclusive environment has again been emphasized by Interswitch and Providus Bank.
One of the ways to address this issue, according to the two organizations, is through a tokenization solution, which has now been developed.
At the unveiling of the initiative, jointly developed by Interswitch, Providus Bank, Mastercard, and Thales, it was stressed that tokenization would encourage more Nigerians to accept cashless transactions.
It was disclosed that the solution was created due to the demand for a more convenient, accessible, and secure means of conducting everyday financial transactions by consumers.
In his opening remarks, the Managing Director of Digital Infrastructure and Managed Services at Interswitch Group, Mr Jonah Adams, explained that the collaboration that birthed the tokenization was crucial, as it opened up realms of possibilities in the payments ecosystem, not only within Nigeria but in Africa as a whole.
He noted that the tokenization solution was a first-of-its-kind solution in West Africa and the sub-Saharan region, with everyday transactions happening at the speed of thought. He posited that it would transform the payment space and merchant acquiring space.
According to him, tokenization as a solution was designed to enable more personalized, speedy, secure and convenient payment interactions.
It enables consumers’ 16-digit Permanent Account Numbers (PAN) to be replaced with unique identifiers to keep fraudsters from accessing the personal details of end users.
Tokenisation is at the heart of connected devices. It will allow users to carry out financial transactions using their electronic devices or payment cards, knowing that such transactions are safe and secure.
Speaking during the panel session on the need for timely solutions such as tokenization, the Group Head of Business Development at Interswitch Purepay, Mr Babatunde Okufi, also emphasized the need for fintechs and financial institutions to design more innovative and intuitive solutions that keep the funds and data of end users safe.
“The emergence of COVID-19 shifted consumer behaviour. And as more consumers get on the digital payments train, there will be more fraud cases. Fraudsters innovate, and players in the payments space should also innovate to ensure that they gain higher grounds on these cyber attackers,” he said.
Mr Okufi noted that to curb the prevailing cases of e-fraud, rules have been instituted. These rules include the introduction of transaction limitations, leveraging Artificial Intelligence (AI), and effective fund transaction tracking between sender and receiver.
On his part, the Divisional Head of eBusiness at Providus Bank, Mr Frank Atat, who was also a panellist, proffered that partnerships between key stakeholders remain crucial in helping to improve payment convenience and reduce cyber threats through the deployment of cyber tools.
Mr Atat noted that with more stringent safety measures, consumers would increasingly adopt digital payment methods, adding that many Nigerians were unaware of the benefits of digital payments owing to the lack of widespread awareness. However, to address this challenge, he suggested collaboration between players in the ecosystem.
Echoing Mr Atat’s sentiments was Mr Peter Ehizogie, Regional Manager, Product Sales-Cyber & Intelligence Solutions (West Africa), Mastercard, who said that consumers would naturally gravitate towards digital payments once they can trust payment platforms with their funds.
“Collaborations between players in the payments space will aid the widespread adoption of digital payment, and this can only be achieved when we have gained the trust of these consumers,” Mr Ehizogie said.
By Adedapo Adesanya
The Managing Director of Lekki Port LFTZ Enterprise Limited, Mr Wang Qiang, says the port has reached half of its designed operational capacity, with steady growth in container throughput since September 2025, reflecting increasing confidence by shipping lines and cargo owners in Nigeria’s first deep seaport.
“We already reached 50 per cent of our capacity now, almost 50 per cent of the port capacity.
“There is consistent improvement in the number of 20ft equivalent units (TEUs) handled monthly,” he said.
Mr Qiang explained further that efficient multimodal connectivity remains critical to sustaining and accelerating growth at the port.
According to him, barge operations have become an important evacuation channel and currently account for about 10 per cent of cargo movement from the port.
Mr Qiang mentioned that the ongoing Lagos–Calabar Coastal Road project would help ease congestion and improve access to the port.
He said that rail connectivity remained essential, particularly given the scale of industrial activities emerging within the Lekki corridor.
He said that Nigeria Government was concerned about the cargoes moving through rail and that the development would enhance more cargoes distribution outside the port.
Mr Qiang reiterated that Lekki port was a fully automated terminal, noting that delays may persist until all stakeholders, including government agencies, fully aligned with end-to-end digital processes.
He explained that customs procedures, particularly physical cargo examinations, and other port services should be fully digitalised to significantly reduce cargo dwell time.
“We must work together very closely with customers and all categories of operations for automation to yield results.
“Integration between the customs system, the terminal operating system and customers is already part of an agreed implementation schedule.
“For automation to work efficiently, all players must be ready — customers, government and every stakeholder. Only then can we have a fantastic system,” Mr Qiang said.
He also stressed that improved connectivity would allow the port to effectively double capacity through performance optimisation without expanding its physical footprint.
By Aduragbemi Omiyale
The series 1 of the N10 billion Commercial Paper (CP) issuance of Legend Internet Plc recorded an oversubscription of 19.7 per cent from investors.
This reaffirmed the strong confidence in the company’s financial stability and growth trajectory.
The exercise is a critical component of Legend Internet’s N10 billion multi-layered financing programme, designed to support its medium- to long-term growth.
Proceeds are expected to be used for broadband infrastructure expansion to deepen nationwide penetration, optimise the organisation’s working capital for operational efficiency, strategic acquisitions that will strengthen its market position and accelerate service innovation.
The telecommunications firm sees the acceptance of the debt instruments as a response to its performance, credit profile, and disciplined operational structure, noting it also reflects continued trust in its ability to execute on its strategic vision for nationwide digital infrastructure expansion.
“The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive, and digitally enabled Nigeria.
“This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs, and future acquisitions. We extend our sincere appreciation to our investors, advisers, and market partners whose confidence continues to propel Legend Internet forward,” the chief executive of Legend Internet, Ms Aisha Abdulaziz, commented.
Also commenting, the Chief Financial Officer of Legend Internet, Mr Chris Pitan, said, “This achievement is powered by our disciplined financing framework, which enables us to scale sustainably, innovate continuously, and consistently meet the evolving needs of our customers.
“We remain committed to building a future where every connection drives opportunity, productivity, and growth for communities across Nigeria.”
By Adedapo Adesanya
President Bola Tinubu will, on Friday, present the 2026 Appropriation Bill to a joint session of the National Assembly.
The presentation, scheduled for 2:00 pm, was conveyed in a notice issued on Wednesday by the Office of the Clerk to the National Assembly.
According to the notice, all accredited persons are required to be at their duty posts by 11:00 am on the day of the presentation, as access into the National Assembly Complex will be restricted thereafter for security reasons.
The notice, signed by the Secretary, Human Resources and Staff Development, Mr Essien Eyo Essien, on behalf of the Clerk to the National Assembly, urged all concerned to ensure strict compliance with the arrangements ahead of the President’s budget presentation.
The 2026 budget is projected at N54.4 trillion, according to the approved 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Meanwhile, President Tinubu has asked the National Assembly to repeal and re-enact the 2024 appropriation act in separate letters to the Senate and the House of Representatives on Wednesday and read during plenary by the presiding officers.
The bill was titled Appropriation (Repeal and Re-enactment Bill 2) 2024, involving a total proposed expenditure of N43.56 trillion.
In a letter dated December 16, 2025, the President said the bill seeks authorisation for the issuance of a total sum of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
The President said the proposed legislation is aimed at ending the practice of running multiple budgets concurrently, while ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical and time-sensitive expenditures undertaken in response to emergency situations, national security concerns, and other urgent needs.
President Tinubu added that the bill strengthens fiscal discipline and accountability by mandating that funds be released strictly for purposes approved by the National Assembly, restricting virement without prior legislative approval, and setting conditions for corrigenda in cases of genuine implementation errors.
The bill, which passed first and second reading in the House of Representatives, has been referred to the Committee on Appropriations for further legislative action.
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