Nigeria News (Standard)
Visa Identifies ₦1.5trn Scam Surge as AI-Driven Fraud Hits Nigerian Consumers in 2026 Report
Payment security gains push fraudsters to exploit social engineering; Visa urges banks and merchants to adopt AI defences
Payment security gains push fraudsters to exploit social engineering; Visa urges banks and merchants to adopt AI defences
Visa, a global leader in digital payments, has reported a significant spike in scam-related payment fraud targeting Nigerian and international consumers, with losses nearing $1 billion (about ₦1.5 trillion) between July and December 2025. The development was disclosed in Visa’s mid-year 2026 Biannual Threats Report, released on Monday.
According to the report, while network-level security measures for digital payments have become more robust across Nigeria and other regions, criminals are increasingly shifting tactics—relying on artificial intelligence (AI) tools and sophisticated social engineering scams to deceive individuals into authorising payments themselves. This marks a move away from hacking technical systems towards exploiting human trust.
Visa revealed that fraud involving device tokens dropped by 9.6% compared to the previous year, demonstrating the effectiveness of stronger authentication methods. However, scams have now overtaken all other forms of payment fraud, with criminals impersonating reputable brands or institutions to trick victims into making legitimate-seeming transactions under false pretences.
Paul Fabara, Chief Risk and Client Services Officer at Visa, said in a written statement: “Payments at a network level continue to get safer, but threats are evolving faster than ever. Criminals are increasingly targeting people rather than technology, using deception, urgency and AI-enabled tools to exploit trust. Addressing this shift requires continuous innovation at the network level and close collaboration across banks, merchants, policymakers and the broader payments ecosystem.”
The report also notes that global ransomware attacks rose by 26% within the same period, though only 23% of victims paid ransoms—a record low—suggesting improved resilience by institutions and less willingness to pay when data may still be leaked regardless of payment.
Andrew Uaboi, Vice President and Cluster Head for Visa West Africa, commented: “The rapid adoption of AI has fundamentally lowered the barrier to entry for fraud. What once required deep technical skill can now be executed with a prompt. That reality makes intelligence-driven defences and coordinated action across the ecosystem more critical than ever.”
Visa advised Nigerian banks, fintech firms and merchants to invest in both AI-powered detection systems and ongoing consumer education to stay ahead of these evolving threats. The company emphasised that early intelligence-sharing between stakeholders is key to reducing losses before scams reach end-users.
The full mid-year 2026 Biannual Threats Report is available through Visa’s official website.
Nigeria News (Standard)
Airline Operators of Nigeria Calls for Review of Aviation Taxes, Urges Economic Boycott of South Africa
Aviation body says high levies hinder growth, seeks government intervention after strained Nigeria–South Africa trade ties
Aviation body says high levies hinder growth, seeks government intervention after strained Nigeria–South Africa trade ties
The Airline Operators of Nigeria (AON) has called on the federal government to urgently review multiple aviation taxes and charges that it says are stifling the sector’s growth, while also advocating an economic boycott of South African businesses in response to perceived unfair treatment. The AON made this appeal in Lagos on Wednesday, highlighting concerns over rising costs and what it described as unfavourable bilateral relations with South Africa.
According to the AON, domestic airlines are grappling with numerous levies, taxes and statutory fees imposed by regulatory agencies, which they argue are driving up operational costs and making air travel less affordable for Nigerians. The group said these charges have become a major obstacle for indigenous carriers trying to compete both locally and internationally.
The call for a boycott of South African interests follows recent tensions between Nigeria and South Africa over trade and diplomatic issues. The AON warned that continued patronage of South African businesses by Nigerians undermines local industry, especially given what it described as South Africa’s restrictive policies towards Nigerian airlines and investments.
In a statement made available after its meeting, the association urged the federal government to initiate policy reforms that would harmonise aviation taxes and ensure a more conducive environment for operators. The group also appealed for reciprocal actions in Nigeria’s dealings with countries that impose barriers on Nigerian businesses. “We can no longer fold our hands while Nigerian airlines suffer under the weight of excessive charges and lack of reciprocity,” the AON said.
It is expected that the Ministry of Aviation will engage stakeholders on possible tax reforms in coming weeks. Industry observers say a review of levies could lower fares for travellers and boost competitiveness among Nigerian airlines. The government has not issued an official response as at press time.
Nigeria News (Standard)
Abuja Court to Decide on Sowore’s Bail Restoration Request After Detention
Hearing set for Wednesday as activist seeks reinstatement of bail, with legal teams presenting arguments before Federal High Court
Hearing set for Wednesday as activist seeks reinstatement of bail, with legal teams presenting arguments before Federal High Court
A Federal High Court sitting in Abuja will deliver its ruling on a request for bail restoration filed by detained activist Omoyele Sowore on Wednesday, 24 June 2026. Sowore, a prominent rights campaigner and former presidential candidate, is seeking the reinstatement of his bail after being held in custody over alleged breaches of previous court conditions.
The legal proceedings resumed this week with both Sowore’s defence counsel and representatives of the federal government presenting their arguments before the presiding judge. The activist’s lawyers maintained that his continued detention contravenes existing court orders, while the prosecution insisted that Sowore had violated terms of his earlier bail, necessitating further judicial review.
Sowore’s case has drawn significant attention within Nigeria’s political and civil society circles, especially given his history as a vocal critic of government policies and organiser of protests. Many observers view the outcome as a test for the independence of the judiciary and the extent to which fundamental rights are protected under current legal frameworks.
Court officials have not made public statements regarding the specifics of the bail application. However, sources within the judiciary indicated that both sides were given opportunity to submit additional documents ahead of Wednesday’s ruling. Civil rights groups have urged authorities to respect due process regardless of the outcome.
If granted, restoration of bail would allow Sowore temporary freedom pending further hearings on the substantive charges against him. The ruling could also set a precedent for future cases involving activists and opposition figures facing detention under similar circumstances.
Nigeria News (Standard)
SEC Warns Nigerians in Lagos Against Fake Dangote Refinery IPO Offers
Regulator cautions public as reports of fraudulent share sales in Dangote Refinery circulate online
Regulator cautions public as reports of fraudulent share sales in Dangote Refinery circulate online
The Securities and Exchange Commission (SEC) has issued a strong warning to investors in Lagos and across Nigeria against falling for alleged Initial Public Offering (IPO) schemes linked to Dangote Refinery. The alert was released on Wednesday following increasing reports of fraudsters claiming to sell shares in the refinery to unsuspecting members of the public.
According to the SEC, these offers, often advertised on social media and via unofficial channels, have not been approved or sanctioned by regulatory authorities. The commission emphasised that Dangote Refinery has not floated any IPO or invited the public to subscribe for its shares as at the time of this advisory.
The development comes amid rising investor interest in Nigeria’s oil and gas sector, especially after the official commissioning of the multi-billion naira Dangote Refinery in Lekki, Lagos State. Many Nigerians seeking quick returns have reportedly been targeted by scammers promising high profits from purported refinery share purchases.
In a statement, SEC management urged Nigerians to always verify any investment offer with the commission before committing funds. “Investors are advised to exercise utmost caution and avoid falling victim to fraudulent investment schemes promising shares in companies that are not listed or offering public subscription,” the commission said. The regulatory body further warned that engaging with unregistered operators exposes investors to significant financial risks.
The SEC reiterated its commitment to safeguarding Nigeria’s capital market and advised anyone with information on such illegal offers to report directly through its official channels. No official response has been received from Dangote Group regarding these fraudulent claims. Investors are encouraged to remain vigilant as enforcement actions against perpetrators are ongoing.
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