Nigeria’s technology ecosystem must strengthen safeguards against financial crime as the sector attracts increasing investment and becomes more deeply integrated with high-value payments, foreign exchange and cross-border transactions, founder of JobkonnectNaija, Oladotun Roy, has said.
In an opinion article, Roy argued that the long-term sustainability of Nigeria’s technology economy would depend not only on innovation and capital inflows but also on trust, contract enforcement and the ability of institutions and businesses to prevent sophisticated financial crimes.
He cited the dispute involving Zacuten Technologies and Plaude Technologies as an example of the risks associated with high-value cross-border transactions.
According to Roy, Zacuten alleges that it was defrauded in a $13.07 million transaction, with $8.95 million reportedly processed while more than $4 million remains outstanding.
He said Zacuten alleges that the outstanding payment resulted from deceptive representations, non-payment and fraudulent financial instruments.
Roy also referenced allegations involving Plaude’s CEO, Olatomiwa Adebayo Idowu, and other executives, noting that the claims are subject to ongoing legal and investigative processes.
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Roy argued that financial crime becomes more difficult to address when transactions involve multiple jurisdictions, complex corporate structures and counterparties operating across national borders.
He noted that the situation becomes particularly challenging when individuals connected to a disputed transaction are outside Nigeria, making legal enforcement, asset recovery and service of legal processes more complicated.
The JobkonnectNaija founder also pointed to other reported disputes involving Plaude, including a federal complaint filed in California by Prudent Energy & Services Limited over an alleged $2.75 million foreign exchange transaction.
He further referenced public allegations by Tubim Energy concerning an alleged transaction involving naira payments and the delivery of dollars.
Roy stressed, however, that allegations should be subjected to proper investigation and judicial determination.
The article also referenced action by the Police Special Fraud Unit (SFU), which secured a Federal High Court order freezing certain accounts and assets linked to Plaude Technologies Limited, Omberra Commodities Limited and associated individuals.
According to Roy, the SFU investigation involves allegations including conspiracy, fraudulent conversion, obtaining money under false pretences, stealing and money laundering, involving about ₦8.585 billion.
He said the case illustrates the importance of strengthening the ability of Nigerian institutions to identify financial risks before they escalate into major commercial losses.
“Crossing a border should never serve as a valid strategy for escaping justice,” Roy argued, calling for stronger cooperation between Nigerian law enforcement agencies and their international counterparts.
Roy urged the Economic and Financial Crimes Commission (EFCC), Police SFU and relevant regulators to deepen cooperation with international law enforcement agencies to tackle cross-border financial crime.
He advocated stronger use of mutual legal assistance frameworks, extradition procedures and international asset-tracing mechanisms to ensure that suspects and assets connected to financial crimes cannot easily escape accountability by moving across jurisdictions.
According to him, recovering stolen or fraudulently obtained funds should be treated as an important component of Nigeria’s efforts to maintain investor confidence.
Roy also called on technology companies involved in high-value transactions to treat compliance and due diligence as core elements of their business operations rather than regulatory obligations.
He recommended independent verification of counterparties’ financial capacity, confirmation of ultimate beneficial ownership, direct verification of financial instruments with issuing institutions and checks for relevant regulatory or law-enforcement concerns before major transactions are completed.
“Relying on unverified representations or paper guarantees in multi-million-dollar deals creates unacceptable corporate risk,” he said.
He further called for stronger intelligence-sharing between banks, fintech companies and law enforcement agencies to help identify suspicious transaction patterns and repeat offenders.
Roy warned that the consequences of financial crime in Nigeria’s technology sector could extend beyond individual businesses and affect the country’s broader investment climate.
He said international investors consider factors such as contract enforcement, financial integrity and the protection of businesses when deciding where to deploy capital.
According to him, repeated cases of alleged fraud could increase due-diligence requirements, risk premiums and scrutiny faced by legitimate Nigerian technology companies seeking international partnerships.
He maintained that Nigeria’s digital economy cannot be built solely around user growth, funding announcements and technological innovation.
“The ultimate driver of growth will be institutional integrity,” Roy said, stressing that protecting legitimate businesses from financial crime would be essential to positioning Nigeria as a trusted destination for global capital and innovation.
