Business
Top six things you should know about Nigeria’s digital currency, eNaira
President Muhammadu Buhari launched Nigeria’s digital currency at the Presidential Villa, Abuja on Monday.
The digital currency was billed to be unveiled on October 1 but was shifted due to other activities slated for the Independence Day celebration.
In announcing the launch of the e-Naira, the CBN stated that the product, which was put together following many years of research, will advance the boundaries of payments system in order to make financial transactions easier.
The apex bank further said that the launch of the digital currency is a major step forward in the evolution of money and vowed to ensure that the e-Naira, like the physical Naira, is accessible by everyone.
Here are six things we all need to know about the e-Naira:
Beyond CBDC
According to the CBN, the e-Naira is not just another CBDC (Central Bank Digital Currency); the platform is said to be a people-oriented digital currency leveraging technology to connect individuals and businesses for easy trading and financial inclusion. The apex bank said it pushed the boundaries, bridged gaps, and told actual humane stories in the process of making the platform. “We are the foremost audience-centric digital currency brandishing a face,” the CBN noted on the e-Naira official website.
Built with current realities
In further explaining how the e-Naira was built, the CBN notes that from conception, the e-Naira has followed a careful thought and implementation process, beginning with understanding current realities in Nigeria’s evolving payment landscape, working with clear objectives and principles built from those realities, meticulously laying out the aspects of the architecture and infrastructure and keeping note of real-time risk management protocols.
Issues regarding cashless policy, National Financial Inclusion strategy, Bank Verification number, Shared Agent Network Expansion Facility, License categorization for the Payment System and Establishment of NIBSS Payment Infrastructure, were all put into consideration.
General benefits
The e-Naira is expected to foster economic growth by offering easier access to capital and financial services which will increase economic activities at low/no interest transaction rate.
It is also expected to provide secure and cheaper diaspora remittance option and make such transactions faster.
Due to its traceability, the e-Naira makes it more difficult for individuals or organizations to indulge in fraud.
While the impossibility of being forged, makes it very strong and reliable, the e-Naira provides financial inclusion by making financial services available to communities without enough banking opportunities.
Local and international trade are expected to be increased with the emergence of the e-Naira, and the nation’s digital currency is expected to aid revenue collection by reducing the cost of handling cash.
Exceptional digital experience
With the e-Naira, diaspora payments are expected to become cheaper and safer as to ensure individuals get more value for every Naira they earn. As regards local payments, people can boycott the queues and pay taxes, and bills from the comfort of their home in an easier and dependable fashion.
Also with the e-Naira, the CBN assures that financial government aids will get straight to the people, as it knocks the middle men out the way and individuals can claim funds directly.
An extra benefit attached is the secure banking which the e-Naira promises.
Those worried about the safety and security of banking details can be rest assured that the transparency makes everything traceable.
Beyond faster and better transactions, the CBN promises that the eNaira makes it possible to send funds, save money, and save time while at it.
More for Individuals, Businesses
Going through the features, one notices that there are specific solutions that are all-encompassing for individuals and organizations. It offers local and international Non-Governmental Organizations and Religious Institutions money transaction solutions that ensures that, at the end of the day, their focus is trained more on carrying out their projects than on the security and usage of the money backing each project.
While everyone can donate every time, the e-Naira is expected to make expense-tracking and report-development for social projects for NGOs, nearly automated. This is as the traceability of each eNaira ensures that balancing ledgers and knowing the exact identity of the recipient of each eNaira occurs at near-real time and in tandem with the very transfer of funds itself.
For business owners, eNaira payment options are expected to help keep customers coming back as they pay for services with such ease. Also with eNaira, the customer base spreads beyond the shores of Nigeria because overseas payment is not just possible but fast and even cheap. According to the CBN, “the more the patronage, the more profit!”.
Furthermore, eNaira makes it easier for business owners to get support allowance from the government because the CBN has their wallet information and can make direct deposits on behalf of the government.
Government is also expected to experience an increase in revenue and this according to the apex bank is due to the fact that through reduction in cash handling costs and more transparent taxing systems, eNaira makes more funds available for development projects such as better feeder roads, affordable education, and more equipped health facilities.
It is projected that spending eNaira will make for a richer Government and a richer people.
Unified Payment System
Customers can move money from their bank account to their eNaira wallet with ease. They can also make in-store payment using their eNaira wallet by scanning QR codes.
Individuals can monitor their eNaira wallet, check balances and view transaction history with ease and the platform allows users to send money to one another through a linked bank account or card.
The cost for sending and receiving money faster, easily, will come at a very minimal costs, the CBN promises. There is always a transaction history and as such, customers can verify their payments anytime and anywhere.
On the eNaira official pages, the CBN stated that intra/inter financial institutions transactions are not only possible, they are faster and cheaper. In addition to this, customers can enjoy speedy transactions across boundaries and a hitch-free foreign exchange.
In conclusion, the eNaira serves as both a medium of exchange and a store of value, offering “better payment prospects in retail transactions when compared to cash payments”. It also has an exclusive operational structure that is “both remarkable and nothing like other forms of central bank money,” CBN notes in its official page.
According to the CBN, the objective is to see eNaira enable households and businesses to make fast, efficient, and reliable payments, while benefiting from a resilient, innovative, inclusive, and competitive payment system.
Source: Channels Television
Sedabuk Oil and Gas Industry Limited has been listed among the 100 Safe Companies to Do Business With in Africa for 2025 by Emerging Elites Magazine International, in recognition of the firm’s integrity-driven operations, strict compliance culture, and employee-focused policies.
The award was presented to the Managing Director of the company, Engr. Adunola Oseni, at a ceremony attended by members of Sedabuk’s management and staff, alongside the editorial board and team of Emerging Elites Magazine in Lagos.
Presenting the award, the Editor-in-Chief of Emerging Elites Magazine International, Princess Olivia Chukwuma, said Sedabuk emerged after a “thorough, transparent and merit-based selection process” designed to identify African businesses that exemplify excellence and ethical conduct.
According to her, the 100 Safe Companies to Do Business With in Africa Award is an international initiative created to recognise indigenous African companies with proven records of integrity, safety, and best business practices, noting that awardees are continuously monitored and recertified every three years if standards are sustained.
The MD of Sedabuk Oil and Gas Industry Limited, Engr. Adunola Oseni, poses with the Certificate of Award shortly after the company was recognised among Africa’s 100 safest companies to do business with.
Chukwuma said Sedabuk was selected for its employee-centric culture, stressing that the company has no record of unpaid salaries since inception, maintains fair wages, and prioritises staff welfare through initiatives such as its “One Nutritional Meal a Day” programme, which she described as “rare and commendable” in Nigeria’s oil and gas sector.
She also cited the firm’s zero-tolerance policy for fraud, recalling a June 2022 incident in which a pump attendant was sanctioned for under-dispensing fuel while affected customers were compensated, an action she said “clearly reflects Sedabuk’s philosophy of integrity in service delivery.”
Other factors that earned the company the award, she said, include its reputation for honouring contracts, absence of contract-related court cases, strict adherence to safety standards, and voluntary compliance with regulatory obligations, taxes, and statutory dues without coercion.
“With these attributes and more, Sedabuk Oil and Gas has become a beacon of hope—a new breed of Nigerian company that is trustworthy, valuable, and safe to do business with,” Chukwuma said, as she inducted the firm into the Hall of Fame of the 100 Businesses Safe to Do Business With in Africa 2025.
MD, Engr.Adunola Oseni and staff of Sedabuk Oil and Gas Industry Limited during the presentation of a Certificate of Award by The Emerging Elites Magazine International, honouring the company’s adherence to safety standards and best business practices.
Responding, the Managing Director, Engr. Adunola Oseni described the recognition as “a validation of our core values and a strong motivation to do more,” adding that the award belonged to the entire workforce of the company.
“We will continue to uphold integrity, safety, and transparency in all our operations, remain committed to staff welfare and regulatory compliance, and set standards that others in the industry can emulate,” the Sedabuk boss said.
Sedabuk Oil and Gas Industry on Tuesday reinforced its reputation as a people-centred organisation as it rewarded outstanding employees with cash prizes totalling over ₦10 million at its 2025 Employee Recognition and Awards ceremony held in Lagos.
The event, which attracted over 300 staff members alongside top management officials from across the company’s divisions and subsidiaries, was organised to celebrate excellence, dedication, and loyalty within the Sedabuk workforce.
Speaking at the ceremony, the Managing Director, Engr. Adunola Oseni, described the occasion as one of the proudest moments in the company’s journey, noting that Sedabuk’s steady growth has been deliberately anchored on staff welfare and well-being. She said the company, from inception, made a firm commitment to put its people first, stressing that no organisation can truly thrive if its workforce is neglected.
Oseni disclosed that Sedabuk has never owed or delayed salaries since it commenced operations, describing prompt payment as a mark of respect and responsibility. She added that the company reviewed and increased salaries twice in 2025, improved wages across the board, and sustained its seven-year-old One-Day-Meal Programme to ensure employees do not work hungry.
The managing director announced cash awards spanning retail operations, station-based roles, marts, laundromats, and group-wide excellence categories, explaining that the initiative was not just about financial rewards but about recognising hard work and reinforcing a culture of appreciation. According to her, a loyal and motivated workforce remains the company’s most valuable asset.
She assured staff that management is entering 2026 with stronger welfare policies, better incentives, and more opportunities, with the aim of positioning Sedabuk as one of the best organisations to work in Nigeria. Oseni further urged employees to raise the bar in the coming year by working harder, smarter, and together.
Several employees emerged winners across key categories, including Pump Attendant of the Year, Station Captain of the Year, Mart and Laundromat Excellence Awards, and Special Recognition honours.
The highlight of the ceremony was the Group Chairman’s Spirit of Excellence Award, where Adediran Segun Aderonke emerged Sedabuk Star of the Year with a ₦2 million prize, while Ibiloye Olayinka won the Most Outstanding Employee of the Year award with ₦1 million.
In his remarks, the Group Head, Human Resources and Administration, Mr. Adeleye Olusanjo, lauded the managing director for her consistent leadership and unwavering commitment to staff welfare, assuring employees that more incentives and improved support structures are already being planned for 2026.
The event was attended by senior executives, including the General Manager, Finance and Strategy, Mr. Aderoju Sola; the Group Head, Operations and Logistics, Mr. Rufus Enioshunwa; and the Group Head, Corporate Audit, Risks and Ethics, Mrs. Tolulope Omotola, among others.
Established in 2018, Sedabuk Oil & Gas Industry Ltd operates over 12 petrol stations across Lagos, Ogun, and Oyo states.
The Securities and Exchange Commission (SEC) has raised a red flag over two cryptocurrency products — Zugacoin and Samzuga GPT — warning the Nigerian public to steer clear of them.
In a strongly worded statement issued on Wednesday, the apex capital market regulator described the digital assets as unauthorised crypto schemes with no legal backing or regulatory approval in Nigeria.
According to the Commission, neither the promoters nor issuers of Zugacoin and Samzuga GPT are registered to operate in any capacity within the Nigerian capital market.
“Preliminary investigations revealed that Zugacoin and Samzuga GPT are meme coins,” the SEC said. “Meme coins generally have no use case, intrinsic value, or tangible projects backing them.”
The regulator added that the only perceived value of such coins often stems from aggressive promotion by their creators or community hype, making them prime candidates for “pump-and-dump” fraud — a deceptive scheme where promoters artificially inflate the price of a coin through misleading information before dumping it at peak value, leaving unsuspecting investors with massive losses.
“Once the promoters dump their coins and stop hyping the coin, the coin price typically falls and investors lose money,” the SEC warned.
The Commission urged members of the public to avoid engaging in the purchase or promotion of Zugacoin, Samzuga GPT, or any similar crypto assets, noting that anyone who chooses to invest in such schemes does so entirely at their own risk.
To further safeguard investors, the SEC advised the public to always verify the legitimacy of any virtual, crypto, or digital assets and their promoters through its official platforms:
https://home.sec.gov.ng/fintech-and-innovation-hub-finport/registered-fintech-operators/
www.sec.gov.ng/cmos
This warning is the latest in the SEC’s ongoing crackdown on fraudulent digital asset operations targeting unsuspecting Nigerians amid a rise in crypto-related scams.
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