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FCMB Begins Treating Youths In Crypto As Fraud Suspects

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First City Monument Bank (FCMB) has put out an alert on accounts held by people between the ages of 18-30, asking staff to be on the lookout for money launderers and other criminal activities.

An internal email cited by Crystal News titled “Compliance Advisory on Cryptocurrency Dealing/Transactions” is in furtherance of the Central Bank of Nigeria’s ban on the trading of cryptocurrency in the country.

Accounts “with high volume transactions operated by individuals between the age brackets of 18-30 years as signatories,” should be flagged for possible fraudulent activities by staff members, the memo said.

Other account types with similarly discriminatory guidelines include youth savings accounts, business savings accounts, personal business accounts, amongst others. The bank did not define what constitutes a high volume of transactions, but the account types listed captured all of its available packages for Nigerian youths.

The internal email urges staff to monitor the listed accounts for red flags “in order to make the Bank safe and protected from the activities of criminals, organized gangs, money launderers and terrorist financiers.”

FCMB Begins Treating Youths In Crypto As Fraud Suspects

This compliance advisory comes after the CBN ordered all Nigerian commercial banks to freeze the accounts of certain individuals for purportedly trading in cryptocurrency. The Gazette reported that two individuals, Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor and a company TVS Hallmark Service Limited had been named in a Post-No-Debit directive issued by the banking industry regulator.

But the FCMB’s memo marked the latest escalation in the enforcement of the CBN’s directive. Section 42 of the Nigerian Constitution prohibits discrimination against citizens under whatever guise. FCMB did not return calls and e-mails seeking comments about the leaked memo to staff members.

It was unclear whether or not other banks have instituted similar controversial policies against young people, but a spokesman for the CBN Osita Nwanisobi said banks were not asked to enforce the ban on cryptocurrencies on the basis of age or other forms of discrimination.

Despite Nigerian youths growing interest in the cryptocurrency space, the CBN had in February ordered all financial institutions to close all accounts used in trading cryptocurrencies and other related transactions, citing security concerns.

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Governor Dauda Lawal Approves 120-Day Rapid Intervention Plan to Revamp Zamfara State’s Educational Sector

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Governor Dauda Lawal has approved a 120-day Rapid Intervention Action Plan aimed at addressing systemic failures in Zamfara State’s education sector.

The Governor presided over the State Executive Council meeting on Monday at the Government House in Gusau, where key decisions were taken.

During deliberations at the 65th Council meeting, issues related to education, health, works, and other sectors were discussed and approved.

The Council endorsed a 120-day rapid intervention plan built on prior diagnostic activities conducted by the Ministry of Education and the Education Quality Assurance Agency (EQAA). The plan, presented by the overseeing Commissioner for Education, Abdulmalik Abubakar Gajam, includes payroll audits, school mapping exercises, and infrastructure assessments. It proposes targeted, time-bound interventions across governance, infrastructure, digital transformation, teacher development, and student welfare.

The Council also approved the formation of a joint committee to immediately assess all illegal or unapproved structures built around schools in the state, with a view to relocating them and securing school environments. The committee will be led by the Ministry of Education, Science and Technology (MOEST).

Additionally, the Council approved a single, unified Education Sector Bill (covering Early Childhood Care Development Education to Tertiary level), to be developed in consultation with stakeholders including agencies, institutions, civil society, traditional rulers, and development partners. A draft bill will be presented to the State House of Assembly for enactment within the emergency timeframe.

The Governor further approved the transfer of non-teaching staff—such as messengers, labourers, gardeners, cooks, guards, drivers, health workers, and artisans—from the Ministry’s payroll to appropriate MDAs (CPG, MoH, Establishment) or private firms.

Among other important issues, the Council approved the composition of the Zamfara State Steering Committee on the State of Emergency on Education and authorised the Committee to constitute a Technical Working Group (TWG) and co-opt stakeholders including the NUT, UNICEF, UBEC, traditional and religious leaders, private school proprietors, and CSOs.

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Ooni of Ife Applauds Gbenga Daniel’s Impact at 70

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Ooni Gbenga Daniel Tribute celebrates the senator’s 70th birthday, highlighting his leadership, service, and contributions to society

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NIMechE Salutes Gbenga Daniel at 70 Milestone

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NIMechE Gbenga Daniel Tribute celebrates the senator’s 70th birthday, highlighting his impact in engineering, leadership, and national development

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