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e-Naira: CBN Ignores Local Fintechs, Partners With Foreign Firm For CBDC Rollout

e-naira

Again, the Nigerian government has failed to live up to its own policy of patronizing made-in-Nigeria products. With the set date for the launching of Nigeria’s first digital currency, e-Naira, drawing near, the Central Bank of Nigeria (CBN) has ignored indigenous Fintechs as they have partnered with Barbados-based fintech company, Bitt Inc, as its technical partner for the launch of the e-Naira.

Nigerian-based Fintechs have blazed the trail as Africa financial service solution providers are also recognized beyond the shores of the continent. They have become the leaders in the market but can’t seem to gain the confidence of their own government especially with other African countries relying on their own fintech to power their e-currencies.

This is particularly saddening because with the global economy experiencing a downturn due to the coronavirus pandemic, nations of the world are turning to their home-grown expertise to eliminate cost. Top Nigerian Fintechs such as E-tranzact, Paystack, Remita, Interswitch, Flutterwave, Paga, among several others will have to wonder what they have to do to earn their government’s trust.

E-Naira

Nigeria’s CBN Governor, Godwin Emefiele

In its announcement, the CBN Governor, Godwin Emefiele, stated that Bitt Inc. was chosen out of a pool of Fintechs who were bidding for the job. On the reason why Bitt Inc. was the successful company of the lot, Emefiele said it was based on the company’s “technological competence, efficiency, platform security, interoperability, and implementation experience.”

“In choosing Bitt Inc, the CBN relied on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries. Bitt Inc. was key to the development and successful launch of the central bank’s digital currency (CBDC), pilot of the Eastern Caribbean Central Bank (ECCB), in April 2021.”

Read Also: CBN’s Proposed E-Naira: Here Is Everything You Need To Know

This collaboration with Bitt Inc. announced in the same speech as Nigeria’s apex bank released the guidelines for the rollout of the first central bank digital currency (CBDC) also known as the e-Naira. The new digital currency will have the same value as the physical naira and will be held in an e-Naira wallet which is the equivalent of a regular bank account.

The CBDC rollout will be done in phases with the first phase expected to kick off on the 1st of October, 2021. Nigeria’s apex bank, the CBN, looks ready to join the 80 percent of central banks globally that are already issuing their own digital currencies or CBDCs.

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Gunmen abduct Kwara APC chairman’s wife, daughter in midnight raid

Gunmen suspected to be kidnappers have abducted the wife and daughter of Alhaji Muhammad Swasun, Chairman of the All Progressives Congress (APC) in Patigi Local Government Area of Kwara State.

The victims, identified as Hajiya Fatima and her daughter Amina, were seized on Sunday, September 7, at night when a five-man armed gang stormed the party chairman’s residence in Sakpefu.

Eyewitness accounts revealed that the attackers scaled the compound fence and opened fire indiscriminately to terrify residents before breaking into one of the rooms.

“They entered into one of the rooms where they found his wife and daughter and took them away, shooting into the air,” a party executive told reporters, adding that the chairman narrowly escaped being kidnapped himself.

Another APC member confirmed that the gunmen operated for several minutes before whisking the women to an undisclosed location.

“The bandits abducted his wife, Hajiya Fatima, and his daughter, Amina, and took them to an unknown destination,” the source explained, according to Vanguard.

The latest abduction has heightened anxiety in Patigi, a region already grappling with recurring cases of kidnapping.

Residents have repeatedly urged the government and security operatives in recent months to intensify efforts to curb the menace.

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Ace Comedian Ali Baba evicted from Victoria Island property over legal dispute

Veteran Nigerian comedian Atunyota Alleluya Akpobome, popularly known as Ali Baba, has been evicted from his luxurious, multi-million-naira property located in Victoria Island due to a court dispute.

The property, which was purchased for ₦220 million by Ali Baba, is the subject of an ownership dispute at the Federal High Court.

Amid the legal dispute, Ali Baba and his company, XQZMOI TV, were evicted from the property located at 324A Akin Ogunlewe Street.

The eviction was carried out by bailiffs of the Federal High Court following a writ of possession signed on August 15, 2025.

The property in question was initially sold to Ali Baba by the Assets Management Corporation of Nigeria (AMCON) in 2021 for ₦220 million.

At the time, AMCON claimed it was recovering debts allegedly owed by Harold Expansion Industries Nigeria Limited.

But Harold Expansion disputed the debt and counterclaimed that they had already made repayments. Their lawyer, Benjamin Olayiwola Sadibo, insisted that the property was sold wrongfully.

On July 31, 2025, Justice Ambrose Lewis-Allagoa of the Federal High Court delivered a verdict that changed everything as he dismissed AMCON’s case, ruling that the corporation had failed to provide convincing evidence of the alleged debt.

The Justice stressed that AMCON did not even present a statement of account to back its claims a fatal omission for a creditor. Worse still, AMCON did not file a defence against Harold Expansion’s counterclaim, leaving the court with no choice but to side with the company.

In addition to ordering the property to be returned to the family of its original owner, the judge also imposed ₦500 million in damages on AMCON.

Ali Baba’s culpability in the case came as a result of the timing of the purchase. Records show that he purchased the property while the case was still in court, despite an existing preservation order.

He was said to have been a tenant of the property’s original owner before AMCON evicted the family and sold it.

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Police summon El-Rufai, other Kaduna ADC chieftains over alleged criminal conspiracy

Anti-Open Grazing

The Kaduna Command of the Nigerian Police has summoned former Governor of the state, Malam Nasiru El-Rufai, and other top chieftains of the African Democratic Congress (ADC).
In the summons letter dated September 4, 2025, the ADC members were invited for questioning over alleged incitement of public disturbance, criminal conspiracy, mischief, and causing grievous hurt.

Signed by the Deputy Commissioner of Police in charge of the Criminal Investigation Department (CID), Uzainu Abdullahi, the letter said the invited individuals are required to come and clarify the allegations against them.

“This Department is currently investigating the above-mentioned case involving the following members of your party. You are requested to come along with them to SCID to clarify allegations reported against them by the complainants on 8th September, 2025.

“Mal. Nasir El-Rufa’i, Bashir Sa’idu, Jafaru Sani, Ubaidullah Mohammed, aka 30, Nasiru Maikano, Aminu Abita, and Ahmed Rufa’i Hussaini, aka Mikiya,” the letter reads.

Sani, one of the invited members and ADC North-West Vice Chairman, told Daily Trust that he learned of the invitation through social media.

“Yes, most of us only saw the statement on social media,” he said, declining further comments.

The development followed the heated exchanges between the Kaduna State government and El-Rufai over the violence that rocked an ADC meeting in the state last week.

The government accused the former Governor of plotting to cause destabilisation in the state through provocative actions and inflammatory statements.

In a statement signed by Dr. Suleiman Shuaibu, the Commissioner for Internal Security and Home Affairs, the government said it wouldn’t sit idle and watch El-Rufai plunge the state back into violence, division, and insecurity.

“This Government will not fold its arms and allow a discredited former leader, who left the state in ruins, to ignite chaos and plunge the state into another era of ethno-religious tension, insecurity, and economic stagnation,” the statement read.

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