The Lagos State Police Command is questioning four officials of the United Bank for Africa (UBA)  for alleged thefts of £138,924 (over N270 million) from international airlines’ accounts.

CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.

The fraud was uncovered when the bank detected unauthorized transactions and alerted the police.

The arrested officials include Shuaib Oluwatobiloba Olaleye, 27, who was arrested on March 12, 2025, in Ogun State, with a Toyota Camry 2012/2013 recovered from him. Oladunjoye Adegoke, 33, was arrested on March 13, 2025, in Victoria Island, Lagos, with a Toyota Camry (Pencil Light) recovered.

Austin Alfred, 38, Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, 36, a processor in the same department, were also arrested for facilitating the illegal transfer of funds to foreign accounts.

Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection. Authorities are now working to identify additional accomplices and recover the remaining funds.

The suspects are in custody and will face prosecution as the investigation continues.

The police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes. 

The Impact Investors Foundation (IIF), has launched a comprehensive Nigeria Impact Investing Research and Industry Collaborative (NIIRIC) Stakeholder Mapping Report to identify critical gaps and collaboration opportunities in Nigeria’s research, innovation, and commercialisation landscape.

In a statement, Ifeoluwa OgunfuwaAssistant Manager, Impact Investors Foundation, disclosed that the pivotal study officially launched in Lagos at a virtual event, provides an in-depth assessment of Nigeria’s research ecosystem, identifying key public and private stakeholders involved in research and innovation, as well as those who utilize research findings.

It reads: ” Funded by the UK International Development of the UK Government in the third phase of the Research and Innovation Systems for Africa (RISA) Fund’s Sustainable Systems for Research and Innovation Financing Project (SSRIF II), this report provides vital data to drive policy reforms, strategic investments, and cross-sector collaboration among key stakeholders, including academia, government, industry, and investors.

The Nigerian research and innovation ecosystem is a dynamic yet under-optimised network involving key stakeholders across academia, government, private sector, non-governmental organizations (NGOs), financial institutions, and international bodies. 

The gap between academia and industry remains a significant challenge, compounded by inadequate funding, outdated infrastructure, and a lack of coordination among research bodies.

This report provides actionable recommendations to foster an environment where research is not only published but also translated into impactful, scalable businesses.

The study called for an alignment between academia, industry, government, and other stakeholders to unlock Nigeria’s full potential in innovation-driven economic growth.

Key findings from the report include the following:

• A lack of structured pathways for commercialization is a barrier that limits its impact on economic development.

• The absence of a centralized platform has led to fragmented efforts and missed opportunities for scaling innovations.

• Weak intellectual property protection, limited funding, and unclear commercialization guidelines remain barriers to private-sector engagement.

• Strategic partnerships and dedicated financing mechanisms can accelerate the transformation of research into market-ready solutions.

“This report is a game-changer for Nigeria’s research ecosystem. “

Etemore Glover, CEO of Impact Investors Foundation, said: “By mapping out key players and identifying the challenges they face, we now have a clear direction for collaboration to bridging gaps and creating a thriving research commercialization framework,”

“We aim to leverage the report’s insights to scale innovations that positively impact the community.

Oretanya Oreva, Director, Lagos Business School Sustainability Center and Lead, Capacity Building, NIIRIC Steering Committee, added : “Our priorities are to promote local innovation and self-sufficiency, both locally and nationally, and to cultivate a robust collaboration ecosystem between researchers and industry.”

Google says its investment in data centre infrastructure in Johannesburg, part of a greater R18 billion investment in Africa, should help create 300,000 jobs and contribute R1.7 trillion to the South African economy by 2030.

Mybroadband reports that the tech powerhouse added that South Africa also has the unique opportunity to rapidly develop its nascent artificial intelligence sector to become an AI leader on the African continent and the global stage, given its youth bulge and high unemployment rate.

This is according to Google’s Europe, Middle East, and Africa President Tara Brady, who spoke during a press conference on Wednesday at the launch of the company’s Johannesburg cloud region.

“I do believe that when you have a large number of organisations willing to invest in training, you could leapfrog many other countries and become an AI leader,” Brady said. Brady was commenting on the 300,000 jobs Google said their infrastructure investment in Johannesburg would help create by 2030.

He added that Google has identified a unique advantage in South Africa due to its high unemployment rate, which is not seen in other countries around the world.

“When you have such high unemployment, it means that we can put those people to work, which is an opportunity that we don’t have in other regions,” Brady said.

“So if South Africa wants to, we are prepared to invest in AI together here.

South Africa’s official unemployment rate was last reported at 31.9%, with youth unemployment for those aged between 15 and 35 sitting at 44.6%, according to Statistics South Africa’s labour force survey for Q4 2024.

Google CEO Sundar Pichai announced in 2021 that the tech giant would invest $1 billion (R18 billion) over five years in digital transformation on the continent.

Brady said that while a “large chunk” of this was dedicated to the cloud region, it also focused on skilling people in Africa and aiding tech startups in the region.

South Africa’s minister of communications and digital technologies, Solly Malatsi, who did not attend the event but delivered a prerecorded address, emphasised the importance of these skilling initiatives in the country’s vision of a digital future.