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Stakeholders Proffer Smarter Way to Fight Back Cyber Threats
Ifeanyi Jude Muonagor, the Head of Security Operations Centre at the Central Bank of Nigeria, (CBN), said the bank’s deployment of cyber deception solution in 2017, has yielded positive results.
Muonagor, who spoke virtually at a one day event held in Lagos on the topic, ‘Importance of deception technology and identity security,’ said 80 per cent of system breaches have been linked to compromised credentials.
The event was organized by a Nigerian tech firm, InfoData Professional Services, in collaboration with Attivo Networks.
Muonagor said cyber-attack is so easy to conduct, making it hell for security personnel to deal with all the various incidents coming through with security protection mechanism that have not been full proof.
“But with deception solution, it helps the security professional to gain the knowledge of what the attacker was coming to do,” he said.
He added: “In 2017, we (CBN) identified the need for cyber deception technology and we moved with a particular solution. I will not mention names because I am not campaigning for any particular vendor. But we found out that there were fewer activities because of the deployment model.”
In his presentation, a Cyber Security Expert and Lead System Engineer at Attivo Networks, Osama Al-Shatnawi, said cyber-attacks do more damage than conventional warfare. “Everything can be done literally.
A single bank lost $70 million dollars through a cyber-attack. I can tell you about electricity companies. Just look at what happened to Ukraine.
Power was cut for the whole nation because of the cyber-attack. Any damage can happen due to cyber-attacks and that is why we need to take security seriously.”
Al-Shatnawi said based on different market analysis that have been done by different entities using Attivo with other solutions in place, their detection and protection capability has enhanced by 42 per cent.
Wayne Forsman, the Territory Manager at Attivo Networks, explained why cyber security breaches were on the increase.
“Conventionally, we set up a wall around our network, web security, email, next-generation firewalls. But effectively, by not protecting Active Directory (a Microsoft tool used to access networks and other applications), you’ve left the door open.”
He said 80 per cent of current attacks are through Active Directory, the reason why it must be protected. “In order to secure something, you really need to know about it. First, we have an Active Directory assessor which gives you full visibility into Active Directory.
“It will give you all the vulnerability and mitigation steps to effectively make Active Directory more secure. However, you also need to protect your information, the various profiles created for a user to have rights to a system – passwords, username.
“You need to protect that information. As for the current gaps, no solution is protecting the information on the Active Directory, which is the gap Attivo has closed.”
According to the President of Infodata Professional Services Global, Chuks Ulu Udensi; “Our commitment to delivering security solutions that are intuitive, intelligent and relevant to the realities of today’s business-critical infrastructure is further bolstered by our partnership with Attivo Networks”.
He said Solutions such as identity detection and response (IDR), IEV and others within the Attivo ThreatDefend®️ Platform gives users the ability to deploy decoy and deception technologies as well as an expanded portfolio of solutions that address the challenges of increased attack destructiveness for a globally distributed workforce as cloud-based solutions drive enterprise business productivity, profitability and efficiencies.
Mr. Ulu Udensi further reiterated Infodata’s commitment to the African Technology Landscape, noting: “We will continue to build, adopt and develop resources and solutions that ensure that our customer’s enterprise infrastructure is stable, secure, predictive and adaptive to the realities of today’s global constantly-evolving threat landscape.
InfoData Regional Solutions Manager, Eze Osiago, explained why the partnership with Attivo Solutions. “Attivo deceptive solution is one of its kind.
We have EDRs that do prevention but scenarios where the attacker is already inside, we currently do not have solutions that will detect the malicious insider or the attacker who is already inside.
“So, Attivo is that missing gap that comes in to say let’s do a scan around and spot anomalies to spot people who are misusing privileges,” he said.
Among the participants at the event were security professionals for various Nigerian financial institutions and other firms.
Michael Nnamdi, a systems security expert with Polaris bank said he gained so much about identity protection and Active Directory security.
“I will say that the idea by Attivo is really an interesting one. The idea of trying to protect these credentials, knowing that it is actually the gate to the kingdom,” he said.
Another participant, Kingsley Ozokwo from the information security department at Stanbic IBTC, said learning about how better to secure the Active Directory, is a very valuable experience.
“Active Directory is a major asset for any organization. The fact that there is a lot that can go wrong in that space is the reason we are here. I enjoyed the fact that this is moving us away from the traditional block and restrict, which is virtually what security is all about, to learn from the attackers themselves,” he said.
Africa Prudential Plc has reaffirmed its commitment to sustainable growth and digital transformation after posting another strong half-year financial performance, driven by robust growth in its core registrar business, technology-driven solutions and increased activity in Nigeria’s capital market.
Speaking during the company’s H1 2026 Investor Call on Tuesday, the management outlined plans to deepen revenue diversification and accelerate innovation as part of efforts to reduce reliance on interest income and strengthen long-term profitability.
The company reported gross earnings of ₦4.28 billion for the first half of 2026, representing a 27 per cent increase from ₦3.34 billion recorded in the corresponding period of 2025.
Profit before tax rose by 22 per cent to ₦2.41 billion, while profit after tax climbed 18 per cent to ₦1.59 billion.
Net operating income also increased by 27 per cent to ₦4.21 billion, while total assets grew by 13 per cent to ₦46.53 billion. Shareholders’ funds similarly rose by 13 per cent to ₦12.52 billion.
According to the company, the impressive performance was driven by sustained growth in its registrar business, increased corporate actions across the Nigerian capital market, stronger treasury earnings supported by the prevailing interest rate environment and rising adoption of its technology-enabled products and services.African Mineral Wealth
Managing Director and Chief Executive Officer, Dr. Catherine Nwosu, said Africa Prudential is steadily evolving from a traditional share registrar into a diversified technology and business solutions provider serving the broader capital market ecosystem.
Addressing concerns from investors about the sustainability of earnings if interest rates decline, Nwosu said the company was deliberately expanding its non-interest income sources.
“Interest rates influence our treasury income positively, but that is why we are deliberately diversifying our revenue streams. Our strategy is to grow recurring fee-based business lines such as our digital solutions, Know Your Customer (KYC) services, AGM technology, probate services and the SabiVest mobile app. Over time, this will reduce our reliance on interest income and create a more balanced and resilient earnings mix,” she said.
She noted that increasing activity in the Nigerian capital market presents fresh opportunities for technology-driven solutions.
“With capital market activity nearly doubling over the past year, demand for seamless digital investor experiences, improved market efficiency and stronger compliance standards continues to grow. We are investing in technology-enabled solutions that position us to capitalise on these opportunities while delivering sustainable value to our shareholders,” she added.
Looking ahead, the company identified five strategic priorities for the second half of 2026, including driving sustainable growth through its core registrar business and new revenue streams, accelerating technology-led product innovation, strengthening brand leadership, investing in talent development and reinforcing corporate governance.
The investor call attracted institutional investors, shareholders, analysts, regulators and other capital market stakeholders, reflecting strong interest in Africa Prudential’s earnings outlook, revenue diversification strategy and long-term growth plans.
News
IHS Nigeria Donates Business-Support Equipment to Empower People with Disabilities in Abuja Community
Communications infrastructure company, IHS Nigeria, has donated business support equipment to empower people with disabilities within the Karonmajiji community in the Federal Capital Territory, Abuja. This is part of the company’s commitment to drive inclusive community development and sustainable livelihood support under its Project Empower initiative.
The equipment was distributed to beneficiaries during a ceremony held in the community on Monday, July 27. The initiative was conceived following a community needs assessment and is designed to empower active traders by providing them with business tools rather than cash grants, thereby strengthening their businesses and ensuring long-term economic impact and accountability.
Speaking at the event, Director, Sustainability, IHS Nigeria, Titilope Oguntuga, described the initiative as a reflection of the company’s commitment to advancing inclusive development by equipping persons with disabilities with the tools and opportunities needed to build resilient livelihoods.
She explained that rather than providing short-term financial assistance, IHS Nigeria adopted an asset-based approach by donating 50 pieces of business support equipment, including sewing machines, freezers, generators and hairdressing kits, to the selected beneficiaries.
According to her, the intervention is designed to create lasting value by supporting entrepreneurship, promoting self-reliance and strengthening household incomes, while contributing to the achievement of the United Nations Sustainable Development Goals, particularly SDG 1 (No Poverty), SDG 8 (Decent Work and Economic Growth) and SDG 10 (Reduced Inequalities).
In his opening remarks, the Chief of the Karonmajiji Disabled Community, Alhaji Sulaiman Muhammed Katsina, represented by the Secretary of the Community, Alhaji Mohammed Dantani commended IHS Nigeria for its commitment to empowering persons with disabilities through practical and sustainable interventions.
He described the initiative as a demonstration of genuine partnership with the community and expressed appreciation for the company’s continued engagement with the Association, noting that the donation of the equipment was a significant investment in improving the livelihoods of persons with disabilities and would create meaningful economic opportunities for the beneficiaries and their families.
The event brought together traditional rulers, government representatives, leaders and members of the Karonmajiji Disabled Community Association, implementing partners, including Field of Skills and Dreams Vocational Technical and Entrepreneurship (FSD VTE) Training Institute and other community stakeholders, reaffirming a shared commitment to promoting inclusion and sustainable community development.
Project Empower reinforces IHS Nigeria’s commitment to advancing sustainable development through strategic partnerships that promote economic inclusion, strengthen community resilience and create opportunities for underserved communities.
The Chartered Institute of Bankers (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) have enjoined banks to further deepen and prioritize financial inclusion, women’s empowerment and sustained growth through strategic mandates and frameworks, aimed at closing the financial gap and empowering more small, and medium enterprise (MSME) owners.
Both organisations made this call during a courtesy visit to the newly invested 24th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Dele Alabi, Ph.D, FCIB, as part of plans to congratulate him on his investiture as well as seek a stronger alliance between both bodies.
The visit followed Alabi’s investiture where he unveiled his “IMPACT” Vision, themed “Consolidating Our Local Impact, Enhancing Our Global Relevance.”
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest, include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Alabi explained that under him, the institute will be prioritising financial inclusion and women empowerment, because of its realisation that women are often the primary financial managers and caregivers in families. Access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
He added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms. “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do,” he noted.
ACAMB President, Jide Sipe, who led the delegation, spoke in unison with the CIBN president, as he noted that, closing the inbalances in financial access help economies grow faster, reduces inequality, and encourages greater civic participation by all.
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