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Nigerian Fintech Startup, Theeper, Ceases Operations After Raising $2.1 Million

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Theeper, a Nigerian fintech startup, has announced its decision to shut down its operations nearly two years after raising $2.1 million in a Seed round. The founders of the company cited compliance issues and slow acceptance of wallets as viable payment options in Nigeria as the main reasons behind the decision.

The founders, Kosisochukwu Chike Ononye (CEO) and Michael Okoh (CTO), expressed their regrets in a statement released on Monday, noting that despite their mission to create innovative methods for transferring money between digital wallets and making payments directly from these wallets, they faced significant challenges.

Compliance issues hindered the company from launching key wallet providers or maintaining their services. Additionally, the overall acceptance of wallets as a payment option did not grow as rapidly as anticipated, leading to the need for extensive efforts in educating users about their services.

Faced with these challenges, the founders explored options such as a hard pivot, mergers and acquisitions, or returning capital to investors. Ultimately, they decided that returning remaining capital to investors was the best course of action.

The decision to wind down operations means that Theeper will be placed on maintenance mode temporarily while the platform is maintained until a new home for it is discovered. Despite the setback, the founders expressed gratitude for the journey and the support received from investors.

Theeper initially launched its beta in April 2021 with the aim of enabling users to send money directly between different fintech platforms, bypassing traditional bank accounts. The company later expanded its offerings to include solutions for businesses, such as Direct Charge and Checkout.

The startup had shown promising growth, achieving an average transaction growth of 161% month-on-month by the time of its $2.1 million Seed round closure in June 2022. However, challenges in educating users about the need for wallet interoperability and convincing them to adopt their solution posed significant hurdles.

Despite hints at expansion to other African countries like Kenya, South Africa, and Egypt, Theeper struggled to overcome the barriers posed by compliance issues and slow market acceptance.

Overall, Theeper’s decision to wind down operations reflects the challenging landscape faced by fintech startups in Nigeria and underscores the importance of addressing compliance issues and market readiness when launching innovative solutions.

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Crime

Traffickers Now Target Tech-Savvy Nigerian Youth for Online Fraud -NAPTIP

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By Oso Abidemi 

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has raised the alarm that human traffickers are now targeting Nigerian youths with computer and IT skills for cyber-enabled crimes across Southeast Asia.

NAPTIP Director-General, Binta Adamu Bello, disclosed this after the agency rescued and repatriated 23 suspected victims of human trafficking from Thailand in a major international operation.

According to a statement issued by NAPTIP’s Head of Press and Public Relations, Vincent Adekoye, the rescue was carried out through collaboration between Nigeria, Myanmar and the United Kingdom, targeting an organised criminal cartel believed to be recruiting young Nigerians for online scams.

Bello said the victims were deceived, recruited and trafficked to countries such as Myanmar, Thailand, Laos and Cambodia, where they were forced into cybercrimes including romance scams, cryptocurrency-related fraud and investment scams.

“This is a new dimension of the human trafficking phenomenon that targets vibrant and intelligent Nigerians,” she said.

Bello explained that traffickers deliberately seek out boys and girls who are skilled in computer and IT, particularly those who do not smoke or drink alcohol, and lure them with promises of scholarships and employment opportunities.

She added that upon arrival, victims are trained in scamming methods, with some enrolled in language schools, especially Chinese before being deployed as translators and customer care agents to deceive targets.

The NAPTIP boss said victims were made to target individuals and organisations in countries including the United States, United Kingdom, Ethiopia and Canada.

She described the conditions as brutal, noting that the victims were kept in hostels under strict surveillance and punished if they failed to meet daily scam targets.

Bello further revealed that those who resisted were allegedly tortured or killed in what traffickers refer to as “the dark room,” while others, particularly younger victims were exposed to organ harvesting.

“This troubling development in trafficking in Southeast Asia calls for urgent action,” she said, adding that NAPTIP has reactivated its international networks to dismantle the syndicate behind the operations.

Bello also commended civil society groups in the region, including Eden in Myanmar, as well as the British Government and the Nigerian embassy in Bangkok, for supporting the rescue operation and facilitating the victims’ repatriation, including the issuance of Emergency Travel Certificates.

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Education

FG Calls for Ethical Use of AI, Stronger Data Privacy

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By Oso Abidemi 

The Federal Government has urged stakeholders to prioritise the ethical deployment of artificial intelligence (AI) and strengthen Nigeria’s data privacy regime, warning that unchecked technological innovation could undermine citizens’ rights and public trust.

The call was made by the Permanent Secretary, Federal Ministry of Communications, Innovation and Digital Economy, Engr. Nadungu Gagare, at the opening of the Data Privacy Summit 2026 organised by the Nigerian Data Protection Commission (NDPC), in Abuja on Wednesday.

Represented by the Director, National Frequency Management Council Secretariat, Engr. Adetunji Adeyemo, Gagare said the rapid expansion of AI, machine learning, blockchain and the Internet of Things (IoT) has elevated data into a core asset of the modern economy, making personal data protection more critical than ever.

He said the ministry remains committed to building an ecosystem where innovation thrives alongside robust regulatory safeguards, stressing that public confidence is essential for the growth of digital services.

“Trust is the currency of the digital age. Without it, even the most advanced technological solutions will fail to reach their full potential,” he said.

Gagare disclosed that the Federal Government, in collaboration with the NDPC, is strengthening regulatory frameworks, building capacity for data protection professionals, and increasing public awareness of data rights and responsibilities.

While acknowledging the growth of the data economy in sectors such as fintech and e-commerce, he cautioned that emerging technologies must be developed responsibly to prevent privacy violations and misuse of personal information.

He called for stronger collaboration among regulators, industry players and civil society to harmonise standards and protect Nigerians’ privacy while supporting responsible innovation.

In his remarks, the National Commissioner of the NDPC, Dr. Vincent Olatunji, said the signing of the Nigeria Data Protection Act by President Bola Ahmed Tinubu on June 12, 2023, marked a major milestone in Nigeria’s data governance.

He noted that the law established the NDPC as an independent regulator and improved Nigeria’s standing in the global data protection ecosystem.

Olatunji said the summit offers a platform to balance innovation with privacy protection, expressing optimism that its outcomes would strengthen Nigeria’s data protection architecture and support the country’s digital economy agenda.

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Abuja Reports

NVRC 2025 Grand Finale: Nigeria’s Young Innovators Shine in Abuja

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By Oso Abidemi 

Nigeria’s emerging tech talents took centre stage on January 31, 2026, as the National VEX Robotics Coding Competition (NVRC) 2025 concluded its grand finale at Cherry Field School, Gwarimpa, Abuja.

The competition, organised by PiePixelz Co. Ltd and Bring It On Africa in partnership with the Federal Ministry of Education, the FCT Secondary Education Board, VEX Robotics, Airtel and other stakeholders, brought together top-performing student teams from across the Federal Capital Territory and beyond to showcase skills in robotics, coding and problem-solving.

Participants competed in elementary, middle and high school categories, with projects assessed on task completion, code efficiency, creativity, problem-solving and presentation.

International judges from VEX partners in the United States supported the evaluation process.

In the elementary category, Britarch School emerged first, followed by Excelsior British School. Government Secondary School, Gwagwalada, won the middle school category, with Britarch School and Heroes Skills Acquisition Academy placing second and third respectively.

Government Day Secondary School, Karu, clinched the high school title to emerge National Champion. Government Secondary School, Garki Area 10, and Government Secondary School, Mabushi, finished second and third.

Special awards went to schools in Kubwa, Yangoji and Dukpa, while Hajia Fatima Gambo Baba of the FCT Secondary Education Board received the Distinguished Service Award for Robotics Education Development.

About 68 teams participated, with 40 valid final submissions. All schools received certificates of participation.

The national champion will represent Nigeria in an international online VEX Robotics coding challenge expected to conclude in March 2026, while the top three high school teams received VEX Robotics software licences.

Education leaders and partners at the event emphasised the importance of robotics and STEM education in preparing Nigerian youth to solve local and global challenges.

Speaking at the event, the CEO of PiePixelz Co. Ltd and Lead Robotics Coach, Mr Ihemdi Pius Emeka, said the competition highlighted the creativity and potential of Nigerian students.

Mr Ihemdi Pius Emeka

He noted that the initiative aims to equip young people with future-ready digital skills.

PiePixelz Co. Ltd expressed special appreciation to its key partners and leaders, Bldr. Ejike Ihemdi and Ahmed Ola Abiola, Directors of PiePixelz Co. Ltd, as well as Nweke Chigbo Joseph, President of Bring It On Africa, for their visionary leadership, unwavering support and strategic guidance, which were instrumental to the success of NVRC 2025.

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