LegiShield has submitted a 127-page amendment package proposing automatic fraud protection for 60 million Nigerians, resilient payment infrastructure, and startup safeguards. At zero cost to government.
America has turned inward. Aid is drying up. Tariffs are rewriting global trade. In every moment of disruption, a space opens for nations with institutions that work, frameworks that protect their people, and infrastructure that does not collapse under pressure.
Africa did not follow Silicon Valley into digital payments. It followed Lagos. Flutterwave. Paystack. Interswitch. Nigerian ideas. Nigerian people. Proof that when Nigeria leads, the continent moves.
"This is that moment. Senate Bill 959 is the vehicle to secure our digital sovereignty."
Without amendments, the bill leaves 60 million consumers exposed, leaves ₦40 Trillion in government revenue unprotected against ransomware, and treats agile startups like legacy banks.
When fraud hits a Nigerian's account, they have no automatic right to restoration. The EU fixed this in 2018. The UK in 2024. No African country has done it yet.
How to protect the consumerNigeria's payment system processes ₦40 trillion in government revenue annually with no backup requirement. One ransomware attack—like the one that shut Kenya's central bank for 3 days in 2023—could halt the entire system.
How to secure gov paymentsSB 959 as written could subject early-stage fintechs to bank-level supervision. Kenya and South Africa are recruiting Nigerian founders—not with better infrastructure, but with lighter-touch regulation.
How to keep startups in NigeriaThree amendments. Each one self-financing. Each one a first for Africa. These solve the gaps in SB959.
How a settlement-layer micro-levy creates automatic consumer fraud protection, invisible to consumers, self-sustaining by design.
How a Dual-Primary Architecture eliminates single points of failure and ensures 60-second automatic failover against ransomware and outages.
How phased implementation, regulatory sandbox exemptions, and proportionality safeguards protect Nigeria's fintech leadership.
Three levels of depth. You can choose yours.
An introduction to the critical need for amendments, focusing on immediate opportunities and risks facing the digital economy.
A comprehensive overview of the proposed amendments, detailing the consumer, security, and innovation gaps and solutions.
A detailed, clause-by-clause analysis of the proposed amendments, supported by legal precedent and technical specifications.
The E-Channel Fraud Indemnity Fund was previously piloted by NIBSS under the leadership of Mr. Ade Sonubi (later Acting Governor, CBN) with private sector backing.
Result: Not one user ever lost money.
The knowledge exists. The capability exists. The precedent exists. What does not yet exist is the law.
127 pages. Amendment clauses ready for adoption. Constitutional grounding. International precedent from the EU, UK, Singapore, and the US. Zero cost to government.
Read OnlineLegiShield today submitted a comprehensive amendment package for Senate Bill 959, proposing automatic fraud protection for millions of Nigerians, resilient payment infrastructure, and safeguards for the nation's burgeoning fintech sector. This submission has ignited a crucial conversation about modernizing Nigeria's financial regulations.
“Sixty million Nigerians use electronic payments daily. When fraud hits their accounts, they have no automatic right to restoration. The EU gave their citizens that right in 2018; it is up to you to do so now.”
— Ade Atobatele, CEO LegiShield