Finance
N7b wonder bank scheme: EFCC freezes 16 accounts, detains mastermind


BY: Oliseama Okwuchukwu
The flop of a promising multi-million scheme, which was to deliver between 135 and 200 percent interest to investors, has forced the Economic and Financial Crimes Commission to freeze 16 bank accounts associated with the scheme.
Similarly, the operator of the scheme and his company are now under investigation by the EFCC, which had already taken them in for interrogation over the project that has reportedly led to the loss of over N7 billion by no fewer than 27,440 unsuspecting Nigerians.
While the probe is going on, no fewer than 22 property spread in various parts of the country, have been traced to the key suspect, whose name was given by the EFCC as Babagana Dalori, while the business name was given as Galaxy Transportation and Construction Services Limited.
The anti-graft agency is investigating to establish whether indeed, the suspect used his business outlet as a means of extorting the huge sum of money, which he made Nigerians to invest with a promise of huge return on their investments.
Already, the operatives have confirmed they are probing the man to establish whether he had committed a criminal breach of trust and obtaining money under false pretence, serious offences punishable under the EFCC ACT and other laws of the country.
An interim report turned in by investigators said: “At the moment, he has used the investors’ money to incorporate different entities without getting their consent. He now has Galaxy Global Energy Concept Ltd, Galaxy Miners Concept Ltd, Galaxy Global Farms, Galaxy Computers, Galaxy Block Making Factory, Galaxy Hospital and Galaxy Hotel.”
“Contrary to the claim of Galaxy spokesman that the matter was civil and not criminal, the business of deposit-taking under Nigerian legislation can only be undertaken by a licensed deposit- taking financial institution as enshrined in Banks and Other Financial Institutions Act (BOFIA), CBN Act and the NDIC.
EFCC investigators also discovered that Dalori initially paid 200 per cent interest on the investors deposits with the firm and later reduced the interest to 135 per cent before the scheme later crashed in 2018.
Dalori further engaged in rigorous advertisements in the radio and television stations including a movie by the Nollywood to convince the investors.
According to the EFCC investigators, “Due to the trust reposed on him; investors keep on investing in his Galaxy scheme.
He used flyers, advertisements in the television and radio stations in order to convince the investors.
“He even went to the extent of organizing Nollywood to act a movie for him over the scheme. He specifically organized some actors and actresses in Kannywood to act in a movie called “Zero Hour” to show the need for people to invest in Galaxy.
“Unfortunately, his gimmicks paid off as different people took their hard earned savings, inheritance, pensions and other source of income and invested in Galaxy. “Now, the scheme has crashed and investors can no longer get their money.
The report further said: “Investigation into this case is still at preliminary stage as the team is intensifying efforts to trace all assets that belong to the 1st suspect and 2nd suspect. So far, Twenty 22 property have been traced to the suspects including Six Filing Stations and Five Quarries across different states. “Also, responses from Banks and CAC are being awaited. Preliminary investigation has so far revealed the possibility of the suspects to have diverted the funds of various investors to other business rather than the businesses they invested in.
At the end of the investigation, we may have a case of Criminal Breach of Trust and Obtaining Money under False Pretence,” the report said. However, Dalori has vehemently denied committing any crime, saying the business deal he had with other Nigerians were genuine and doing well before it ran into murky waters.
According to him, the ongoing mater was a civil matter and not criminal as insinuated, adding that his arrest and detention was not as a result of any fraud.
Speaking through one of his officials, Mr. Cletus Onoja, Dalori said the company was merely taken for investigation by the EFCC following a petition by the company clients. Onoja explained that what was at stake was that the company could no longer meet its obligations to its clients within the time expected of it for reasons beyond its control.
He said, “As such, some investors who were not satisfied with our explanation and efforts currently put at recovering the loss petitioned the EFCC even though the matter was civil and not criminal. “As an obedient citizen of the country, the MD/CEO turned in and gave himself to the Commission’s interrogations,’’
According to Onoja, since commencement in 2010, the company has never defaulted in its obligations to remit what is due to each of its investors.
“It is on record that even when the country was in recession in 2016 and 2017, our company did not fail to meet its obligations to pay its clients and business partners,” the official said.
He said the company runs a legitimate transportation and construction services business in over five states in the country with its headquarters in Abuja for the last nine years.
Finance
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
By Our Correspondent


Dr. Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX) will Chair the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 scheduled for Friday, August 29, 2025 at Oriental Hotel, Lekki, Lagos. Time is 10-am prompt.
The theme of the Roundtable is: Fintech & Financial Inclusion: The Opportunities & Challenges for Nigeria.
In a statement, Prince Cookey, Publisher/Editor-in-Chief of Business Journal Media Group said the choice of Umaru Kwairanga to chair the event is a reflection of his immense and chequered journey in the Nigerian economic system over the years.
“Dr. Umaru Kwairanga is a noted player in the Nigerian economy and financial services sector. Over the years, he has carved a positive niche in driving the narrative in national policy formulation, implementation and review. He remains a worthy point of reference and role model to current and future players in the Nigerian economy.”
Alhaji (Dr.) Umaru Kwairanga, Sarkin Fulani Gombe and Group Chairman, Nigerian Exchange Group (NGX), is a notable player in the Nigerian corporate world, a thorough-bred professional and a prominent community leader in Gombe State and the North East region.
He has served at the highest levels of the banking, pension, investment, manufacturing and commercial sectors of Nigeria’s economy. He is the current Chairman of the Nigerian Exchange Group Plc, Nigeria’ oldest stock exchange and also Chairman of Tangerine General Insurance Limited.
The NGX Chairman is also a Director on the Boards of First Bank Senegal Limited, Tangerine Apt Pensions Limited and the Group Managing Director of Finmal Finance Services Limited.
He is a past Chairman of Ashaka Cement plc and previously served on the Boards of Jaiz Bank Plc, Central Securities Clearing System Plc, Lafarge Africa Plc and First Bank Mortgages Limited to mention a few.
Professionally, Alhaji Kwairanga is a Fellow of the Chartered Institute of Stockbrokers, Chartered Institute of Directors of Nigeria, the Certified Pension Institute of Nigeria and the Abuja Commodities and Securities Exchange.
He is also a Council Member of the Chartered Institute of Stockbrokers; the Chartered Institute of Directors and he is the current President of the Certified Pensions Institute of Nigeria.
Kwairanga is a holder of the prominent traditional title of Sarkin Fulani Gombe and has led several initiatives for peace and development in Gombe State and the North East region in general.
He has also been involved in policy and strategy formulation in the public sector as a Member of the Vision 2020 Committee, the Presidential Advisory Committee on the Nigerian Industrial Revolution Plan and several committees of the Securities and Exchange Commission (SEC).
Finance
PAFON 2.0: Experts Highlight Ingredients for Accelerated Financial Inclusion in Nigeria


Improved efforts at collaboration among financial service providers, telecommunication operators, and tech Startups, with conscious effort geared at consumer awareness, have been proffered as key remedies to the challenge of financial inclusion in the country.
This is the viewpoint of stakeholders that gathered for the second edition of Payment Forum Nigeria (PAFON 2.0) held recently in Lagos.


Delivering a keynote address on the theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, Ebehijie Momoh (Mrs.), the managing director and chief executive officer of AfriGoPay Financial Services Limited, said that with 64% of Nigerian adults being financial included the country has made immense progress in that regards.
She said that between 2012 till date, the country has recorded robust regulatory reforms, especially the launch of the Bank Verification Number (BVN) in 2014 making it easier to identify and track customers across different banks.
“This initiative enhanced the credibility of the financial sector and increased confidence in formal banking systems.
The growth in adoption of smartphones has also helped the financial sector to leapfrog financial inclusion. Nigeria has 142.16 mobile internet subscriptions with an average consumption of ~7.04GB / month as of January 2025. If you juxtapose it to the 15.9% decline in shipments of feature phones to 18.8 million units in Africa as at Q1 2024, you will understand that the uptake in smartphones has helped us a great deal.
Mrs. Momoh who spoke through Mr. Munachi Duru, the head of Innovation and Strategic Partnership at AfriGoPay, said the adoption of artificial intelligence banking gave birth to solutions like smile identity, a leading KYC verification provider launches facial recognition capabilities in Nigeria as neobanks and commercial banks are deploying AI-based KYC verification tools, enabling cheaper and efficient customer acquisition and servicing.
In her goodwill message, Mrs. Uche Uzoebo, MD/CEO, Shared Agent Network Expansion Facilities Limited (SANEF) Limited said that with progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, SANEF has leveraged Artificial Intelligence (AI) as the next step to advancement in financial services in the country.
She noted that as technology evolves rapidly within the financial ecosystem, Financial Inclusion must continue to be at the center of the nation’s progress.


According to her, agent banking has been a game-changer in expanding financial inclusion across Nigeria. “By deploying agents in underserved areas, we have brought financial services and banking products such as account opening, cash in, cash out, bill payment, transfers and other services closer to the unbanked and underserved.”
Speaking during a panel session, Mr. Ibirogba Oluwagunwa, chairman, Lagos State Chapter of the Association of Mobile Money & Bank Agents in Nigeria (AMMBAN), spoke of lack of collaboration and slow institutional drive towards AI as key barriers hindering digital inclusion.
He harped on the need for information sharing among fintech operators, and improved free flow of information to consumers. “The human barrier angle needs to be addressed. Fintechs need to be pushed to move forward, AI cannot operate itself.”
In his contribution, Mr. Chika Nwosu, managing director of PalmPay, reiterated the need to reach the consumers with simple format communication and education style.
He said operators should create awareness and design consumer-centric approach in developing any products. This will not only draw the consumers towards the product, but also generate trust and ease the use of such products.
Focusing on the use of AI to ensure reach, inclusion and security, Azure Application and AI Specialist at Microsoft UK, Olusoji Solomon Adeyemo, spoke on the need for AI and Blockchain in the bid to extend services to rural communities and the unbanked.


According to him, “AI, Blockchain and CBDs are shaping the future of payment, and there is a serious need for education. We need to align with global trends in new tech adoption.”
While noting that AI can ensure reach, Adeyomo said blockchain will also create digital identity that is exclusive and will promote digital financial inclusion.
In her position, Oluwabunmi Ogunyemi, the customer support lead at Moniepoint MFB, proffered physical and digital meet with customers, even in rural areas, as a viable means of inclusivity.
Also speaking, Olusegun Afolabi, the co-founder of Face Technologies UK Ltd., called for improved collaborations among stakeholders in the financial sector.
According to him, the fintech companies must also embrace effective identification solutions, focusing on biometrics and card technologies to ensure topnotch security for users.
Earlier in his opening remarks, Mr. Peter Oluka, co-Convener of the Forum, noted that the financial inclusion journey in the country has come to a crucial juncture where over 30 million adults are still financially excluded, many of whom reside in rural areas or belong to vulnerable demographics.
He noted that despite 12% growth in access to formal financial services between 2020 and 2023, as recorded by the EFInA Access to Financial Services Survey 2023, challenges still exist that hinders the unlocking of the potentials of digital payments to drive inclusive growth in Nigeria.
He further posited: “As digital infrastructure grows and fintech innovation accelerates, we must channel these advancements toward building a more inclusive, secure, and trusted financial ecosystem. This is not just about transactions — it’s about empowerment, opportunity, and economic participation for all.


Nodding in agreement, Mr. Chike Onwuegbuchi, co-Convener, PAFON, reiterated the need for all stakeholders in the financial payment industry, including regulators, to participate in forums as PAFON, to map out, growth strategies with consumers and other strata of the ecosystem.


He promised to invite security stakeholders, such as the EFCC and others in subsequent editions of the event. This will help give insight into security concerns in deployment of products and services in rural and unbanked communities.
Payments Forum Nigeria (PAFON) is a platform dedicated to shaping the future of digital payments and financial services in our country.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu


Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
-
Sports4 days ago
Gov Mbah Congratulates Super Falcons on Historic 10th WAFCON Title
-
Sports17 hours ago
Nwosu hails Super Falcons: You’ve shown the Nigeria spirit
-
Finance17 hours ago
NGX Boss, Umaru Kwairanga, to Chair Business Journal Fintech Roundtable 2025
-
Energy16 hours ago
Energy Experts Proffer Solution To Nigeria’s Energy Conundrum
-
News17 hours ago
France Urged to Address Colonial Legacy as Senegalese Activists Call for Reparations in Dakar Roundtable