General
Certificate Saga: Adeosun’s Silence Very Dangerous—SERAP
By Dipo Olowookere
Nigeria’s Minister of Finance, Mrs Kemi Adeosun, has been urged to “without further delay show responsibility and clear the air over the damaging certificate forgery allegations against her and settle the facts of the case once and for all.”
This appeal was made by a popular group known as the Socio-Economic Rights and Accountability Project (SERAP).
In a statement issued on Sunday by SERAP’s deputy director, Mr Timothy Adewale, the group warned that, “Suspicions of certificate forgery involving a senior member of the government if not urgently and satisfactorily addressed would weaken public trust in the government’s oft-expressed commitment to transparency and accountability.”
Several days after being accused of forging her National Youth Service Corps (NYSC) exemption certificate, Mrs Adeosun is yet to make any official statement in reaction to the alleged scandal.
But Mr Adewale emphasised that, “Clarifying the allegations of certificate forgery would show a commitment to doing the right thing, and a natural disposition toward openness.”
He warned further that, “The continuing failure and/or refusal to speak to Nigerians on these allegations amounts to a betrayal of public trust.”
According to him, “If she can show the courage to clear the air on the allegations, Mrs Adeosun can be a strong promoter of the values of transparency and accountability, something which the government of President Muhammadu Buhari has regularly expressed commitment to embrace and achieve.”
SERAP stressed that, “The failure to address the allegations may create public anger and lead to accusation of cover-up. The public can become passive and cynical if it believes that people in position of public trust are out for themselves. It is the core responsibility of any senior public official to prevent that cynicism.”
According to the organization, “When those in position of public trust refuse to speak up on allegations bordering on certificate forgery, it invariably creates a psychological climate, a moral culture in which citizens are more likely to embrace illegal actions and choose to undertake them.”
Mrs Adeosun, who was born in England in 1967, pursued all her education career in the country, which colonised Nigeria, and graduated in 1989 at the age of 22 from the Polytechnic of East London, now University of East London.
Having graduated before the age of 30, she was by the provisions of the NYSC Act supposed to undergo a mandatory service year for her to qualify for any position, be it in public or private sector in Nigeria.
Mrs Adeosun reportedly obtained the certificate in question 20 years after her graduation in September 2009. The certificate, according to reports, was purportedly signed by a late Director General of the scheme, Mr Yusuf Bomoi, who was said to have retired from service eight months earlier than the date the minster obtained the document.
The management of NYSC admitted that the Minister had actually applied for an Exemption Certificate but was not specific whether Mrs Adeosun had been issued the certificate.
In a statement signed by the Director, Press and Publications Relations, Mrs Adenike Adeyemi, the scheme said it would investigate the origin of the purported Exemption Certificate in question.
Also, the Minister of Youths and Sports, Mr Solomon Dalung, had summoned the Director General of NYSC, Brigadier General Suleiman Kazaure, to obtain first-hand information from the DG on what transpired and how far the scheme had gone with the investigation.
Mr Dalung promised that as soon as he was done getting the brief from the NYSC boss, he would brief Nigerians on the matter
Eligible Nigerians who skipped the service are liable to be sentenced to 12 months imprisonment and/or N2,000 fine, according to Section 13 of the NYSC Act. Section 13 (3) of the Act also prescribes three-year jail term or option of N5,000 fine for anyone who contravenes provision of the law.
Subsection 4 of the same section also criminalises giving false information or illegally obtaining the agency’s certificate. It provides for up to three-year jail term for such offenders.
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
