Szia,
Victoria from Techpoint here,
Here's what I've got for you today:
- Bail granted to MTN fraudsters in ₦1.9 billion case
- How social media pros tackle digital overload
- CBN approves Providus-Unity Bank merger
Bail granted to MTN fraudsters in ₦1.9 billion case
A Federal High Court in Lagos has reportedly granted a ₦50 million bail to two people accused of swindling MTN Nigeria out of ₦1.9 billion in data and airtime.
Judge Akintayo Aluko approved their bail after reviewing their applications.
Meet the suspects: Timothy Fashina Olubukola, a student from Moshood Abiola Polytechnic (MAPOLY) in Ogun State, and Anthony Imonina Odemerho, who runs Benin-City’s Resign Regal Academy, were charged last week.
What’s the allegation? They’re accused of hacking into MTN’s API to pull off the fraud, along with two others still on the run. The scam reportedly took place between January and April 2024 in Lagos and Edo states.
The charges include conspiracy, unauthorised access to MTN’s API, and unlawful conversion of data. The prosecution claims they violated multiple sections of the Cybercrime Act and the Money Laundering Act. The defendants are said to have caused significant financial damage to MTN Nigeria.
For their bail, they must each provide two sureties — one being a level 14 civil servant and the other owning property within the court’s jurisdiction. They’re currently in Nigerian Correctional Services custody until they meet these conditions.
Let the best of tech news come to you
Give it a try, you can unsubscribe anytime. Privacy Policy.
How social media pros tackle digital overload
Curious how social media managers handle spending up to 6 hours a day online when the average person is already on social media for 2 hours and 23 minutes?
Oluwanifemi chatted with seven social media managers to dig into how they handle challenges like addiction, doomscrolling, and the effects of high screen exposure on mental health.
It's fascinating to see how these professionals, who practically live on social media, tackle what would be considered performance inhibitors in any other job.
One of the social managers, Glen, shared that there’s no universal solution. For those with short attention spans or Attention Deficit Hyperactivity Disorder (ADHD), task trackers might not always work as promised. Instead, tools like Google Calendar, Trello, or Asana can make managing tasks easier without adding extra pressure.
Want to learn more about how these managers stay productive despite the hurdles? Check out Oluwanifemi’s full piece here to discover that.
CBN approves Providus-Unity Bank merger
Did you know Unity Bank, a Nigerian commercial bank, has a history of mergers?
The most notable was in 2006 when nine banks — Intercity Bank, First Interstate Bank, Tropical Commercial Bank, Pacific Bank, Centre-Point Bank, Societe Bancaire, NMB Bank, Bank of the North, and New Africa Bank—came together to form Unity Bank.
Now, the Central Bank of Nigeria (CBN) has approved a new merger between Providus Bank and Unity Bank to boost the country’s financial system.
A few months ago, Providus was eyeing a major stake in Unity Bank, and with the merger now greenlit, the CBN is stepping in with financial support to help sort out Unity Bank’s financial issues.
There’s some chatter that this might be more of an acquisition than a true merger. Providus, which started in 2016, has been looking to take over a significant portion of Unity Bank, which has struggled with capital requirements since 2017. Unity Bank even posted a huge loss of ₦47.9 billion in 2023, a sharp decline from the previous year’s profit.
Despite having the 10th most branches among Nigerian banks, Unity Bank's finances have been shaky. The CBN has reassured that no bank in Nigeria is facing a crisis as severe as Heritage Bank, which was recently liquidated.
