General
SERAP Urges Tinubu to Probe Alleged Missing N26.9bn USPF Funds
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to probe the alleged missing or diverted N26.9 billion of public funds from the Universal Service Provision Fund (USPF).
In a Sunday statement posted on its official website, the rights group asked President Tinubu to direct the Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, and the Secretary of the USPF, Mr Yomi Arowosafe, to account for and explain the whereabouts of the missing funds.
In a letter signed by SERAP deputy director, Mr Kolawole Oluwadare, it was said that USPF is vital to expanding telecommunications access in underserved and rural communities, and any diversion of its funds directly undermines its mandate to bridge the digital divide, support infrastructure development, and promote inclusive connectivity.
SERAP demanded that President Tinubu should direct the Attorney General of the Federation and Minister of Justice Lateef Fagbemi, SAN to appropriate anti-corruption agencies to promptly and effectively investigate the allegations.
It said, “Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury.”
According to the statement, the allegations are documented in the latest annual report published by the Auditor-General of the Federation on 9 September 2025.
The organisation noted that, “These allegations, which include unaccounted expenditures, failure to remit public funds, irregular contract awards, and payments for services not rendered, point to serious breaches of public trust and raise concerns about systemic failures in financial accountability within the USPF.”
SERAP expressed that any failure to investigate the allegations and recover any missing or diverted public funds would not only deprive Nigerians of essential services but also frustrate national development objectives and efforts to achieve digital inclusion.
“The failure to ensure accountability for these funds also risks perpetuating inequality, particularly for marginalised and vulnerable groups who depend most on public interventions to access digital infrastructure,” it warned.
According to the letter, SERAP expressed that they would be grateful if the recommended measures were taken within seven days of the publication of this letter.
SERAP warned that if actions are not taken within seven days, it would consider appropriate legal actions to compel the government, Nigerian Communications Commission (NCC), and the USPF to comply with the request in the public interest.
Also in the letter, SERAP alleged that “According to the 2022 audited report by the Auditor-General of the Federation, which was published on 9 September 2025, the Universal Service Provision Fund (USPF) failed to disclose that it maintained a domiciliary (Dollar) account, and failed to grant the Auditor-General access to the books of the account.
“The USPF failed to remit over N13.8 billion [13,874,132.629.50] ‘being 25% annual operating surplus for four years, that is, between 2016 and 2019.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the USPF to account for and remit the money.
“The USPF also ‘claimed to have spent over N11.7 million [N11,793,838.40] on international trainings in October 2020’, but ‘these claims were made without any documents.’ There were no documents, such as a letter of invitation for the programme, no receipt/invoice for registration, and no certificate of participation.”
The rights group further alleged that there was a total lockdown and restriction of movement out of Nigeria on foreign trips during the period (April to October 2020) due to the global COVID-19 pandemic. Yet, payments were made for these trips without any documents.
“The USPF also awarded contracts of over N2.8 billion [N2,853,052,005.90] but without any approval. The USPF failed to ‘provide the procurement procedures and processes adopted in awarding the contracts, including the contract files.’”
By Modupe Gbadeyanka
Salary increases of between 30 and 80 per cent have been approved for Nigeria’s armed forces personnel by President Bola Tinubu.
This was confirmed by a statement issued on Tuesday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
About 250,000 personnel are to benefit from the new deal, which takes effect on September 1, according to the statement. Officers above the rank of colonel will enjoy a 30 per cent salary increase. This applies to Brigadier-Generals, Major-Generals, Lieutenant Generals and Generals.
Personnel from colonel down to warrant officer will have a 50 per cent increase, while Private to Staff Sergeant will have an 80 per cent increase.
The President’s spokesman stated that the pay package will increase the yearly salary bill for the country’s armed forces personnel from N660 billion to N924 billion.
President Tinubu has always praised the courage and sacrifices of members of the armed forces as they confront the scourge of banditry, kidnapping and terrorism in some parts of the country.
“The men and women who help to keep us safe in our homes must be supported and appreciated in the course of their duties to our nation.
“Our administration will continue to prioritise troop welfare and modernise the armed forces by providing the weapons and technological tools needed to discharge their duties.
“Our administration believes that no nation can achieve greatness without security. We therefore remain resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians
“I urge our servicemen to take our gesture as a sign of our deep appreciation of the services they render to our fatherland. Together we shall prevail over the enemies intent on destroying the fabric of our nation,” Mr Tinubu was quoted as saying.
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.
