E-Business
Yuguda, SEC DG Explains How Credit Rating Agencies Influence Investment Decisions

Lamido Yuguda , The Director General Securities and Exchange Commission, SEC, has said credit rating agencies, CRAs, play an important role in infrastructural development by providing independent assessments of the creditworthiness of subnational governments and other borrowers; information, which are utilised by investors to make informed investment decisions on optimal capital allocation.

Yuguda, who stated this in his goodwill message at the 2023 edition of DataPro Annual International Rating Webinar with the theme, Role of Sub-nationals & Credit Rating Agencies in Infrastructure Development; held in Lagos, added, “The synergy between the subnational governments and credit rating agencies will potentially play a major role in promoting sustainable infrastructural developments, create a favourable investment climate and advance the country’s quest for rapid transformation.”
According to the SEC DG, “In the past few years, there were some concerns on the roles of rating agencies in the global financial system. For example, rating agencies were challenged with respect to their roles in the 2008 financial crisis. Some critics had argued that rating agencies were too lenient in their ratings of subprime mortgage backed securities, which contributed to the crisis.
“The Commission is not unaware of these concerns, and is committed at ensuring that registered rating agencies operate in a fair and transparent manner. We have taken a number of steps to protect investors and promote confidence in the debt capital market by strengthening our oversight function on rating agencies through Issuance of new regulations and amending existing ones to improve the quality and transparency of the entire credit ratings.
He explained, “Other notable reforms in the debt capital market introduced by SEC include developing rules on book building, shelf registration, green, social, and sustainability bonds, checklist templates to guide market operators for fixed income transactions, reviewing cost of registration fees for fixed income and collaboration with the Association of Issuing Houses in Nigeria (AIHN) to streamline the issuance process.
“These initiatives have enhanced the average issuance period and improved the price discovery process for the debt issues. As a result, the value and volume of debt issuances by sub-national and corporates have tremendously increased over the years. For instance, the value of state bond issued and registered by the SEC from 1978 to 2022 rose from N20million to N1.13trillion respectively.
Keynote Speaker, Mr. Kehinde O. Ogundimu, CEO, Nigeria Mortgage Refinance Company Plc, said, “The development of infrastructure in cities and regions across the world is critical to economic growth and social well-being. Consequently, securing the funding needed to support infrastructure development is a major issue for governments and policymakers around the world.
Ogundimu asserted, “The world spends more than $2.5 trillion a year on infrastructure, an amount significantly lower than $3.7 trillion a year that will be needed through 2035 just to keep pace with projected GDP growth.
“Successful infrastructure delivery demands close alignment and collaboration between a wide range of participants, each with its own agenda and interest. This means that no single player acting alone can effect real change in infrastructure development.
He continued, “Mobilising private funding for infrastructure projects is crucial to bridge the infrastructure gap across the globe. Consequently, we need improved transparency in the infrastructure project generation process, higher certainty concerning the framework conditions for project execution and reduced risk for the operation phase.
“A long-term infrastructure pipeline and better, broader, and more independent cost benefit analysis are the major levers to pull to accomplish this goal.
“Accordingly, experts have recommended the following: Alignment of infrastructure funding and capital market development through long-term bond market development, superannuation, and pension fund preferences, and Enhancing investment attractiveness through higher asset utilization: For this, price signals should guide supply and demand for infrastructure; full cost recovery should improve the attractiveness of private investment; and new technologies can enhance asset utilisation.
“The economic benefits associated with infrastructure investment can be powerful and sustainable. Increased infrastructure investment can bring a wide range of long-lasting and mutually reinforcing benefits.
In the short term, spending on infrastructure projects can create jobs and increase real GDP growth, while the ongoing maintenance and repair activities that are necessary to support infrastructure systems can create permanent and well-paying jobs for the middle-class.
Delivering his welcome address, Mr. Abimbola Adeseyoju, Founder, DataPro Limited, said the goal of the webinar is to provide an annual platform for all stakeholders within the Capital Market and others in affiliated sectors of the economy to brainstorm on how the African continent and by extension the West African countries and Nigeria can utilize the value proposition of the Credit Rating Industry as an enabler of economic development and prosperity.
E-Business
Galaxy Backbone @ 20, Unveils New Identity

Galaxy Backbone (GBB) has unveiled a new corporate identity, signalling what the organisation described as a new phase of growth and readiness to support the future of digital governance in Nigeria.

The unveiling of the identity was part of activities marking 20 years of providing critical digital infrastructure and services to government institutions.
According to GBB, the rebranding signals the organization’s strategic evolution from a core government ICT infrastructure provider to a broad national digital transformation enabler connecting governments, businesses, and institutions.
Speaking at the 20th anniversary celebration and awards ceremony in Abuja, Senator George Akume, secretary to the Government of the Federation, urges GBB to lead the next phase of Nigeria’s digital transformation.
Represented by Dr Ibrahim Kana, permanent secretary, General Services Office, Akume, described the organisation as a key driver of modern governance, cybersecurity and digital service delivery across Nigeria.
He said Galaxy Backbone has evolved from a modest initiative into the nation’s foremost provider of secure government connectivity, cloud infrastructure, data hosting and shared ICT services, helping to improve efficiency, transparency and collaboration across Ministries, Departments and Agencies.
‘Digital transformation is no longer an option but a necessity. Nations that embrace technology and innovation are better positioned to achieve sustainable economic growth, improve governance outcomes and enhance the quality of life of their citizens,” he said.
Senator Akume stressed that digital transformation is now essential for economic growth and effective governance. He urged Galaxy Backbone to strengthen its role in emerging technologies, including artificial intelligence, cloud computing, blockchain and big data analytics, to support Nigeria’s digital economy and public sector modernisation.
“The next phase of Nigeria’s digital transformation will require greater innovation, stronger cybersecurity capabilities, expanded broadband infrastructure and deeper collaboration among stakeholders,” he added.
Earlier in his remarks, Professor Ibrahim Adeyanju, managing director of Galaxy Backbone, said the organisation’s journey began with a bold vision to connect government institutions and make digital infrastructure a strategic national asset. He noted that two decades later, the organisation has become a critical pillar of Nigeria’s digital ecosystem.
“Twenty years ago, a bold idea was born. An idea that government could be more connected, that technology could transform governance, and that digital infrastructure could become a strategic national asset,” Adeyanju said.
Professor Adeyanju said Galaxy Backbone’s achievements were made possible through the support of the Federal Government, stakeholders, partner agencies and generations of staff who helped build the institution.
He added that the organisation’s greatest strength remains its workforce and reaffirmed its commitment to innovation, service delivery and talent development.
E-Business
NDPC to Review Data Law to Address AI, Privacy Concerns

Nigeria Data Protection Commission (NDPC) has said that it plans to seek a review of the Nigeria Data Protection Act (NDPA) 2023 to address emerging technologies such as Artificial Intelligence (AI), robotics and big data, amid growing concerns over privacy, cybersecurity and data governance in an increasingly digital economy.

The proposed review comes as regulators across the world grapple with the rapid adoption of AI-driven technologies and the challenges they pose to existing legal frameworks designed to protect personal data and privacy rights.
Experts believe the move signals Nigeria’s determination to align its data protection regime with global technological developments and emerging regulatory standards.
Speaking during activities marking the third anniversary of the signing of the Nigeria Data Protection Act into law, Dr. Vincent Olatunji, national commissioner and chief executive officer of the NDPC, said the current law requires updates to adequately reflect technological realities that have evolved significantly since its enactment.
According to him, the pace of innovation has made it necessary for policymakers to move beyond broad references to emerging technologies and provide clearer regulatory guidance.
“We are in the era of emerging technologies. At the time the law was drafted, we could only make broad references to emerging technologies, but today we can specifically mention Artificial Intelligence, robotics and big data,” Olatunji said.
The NDPC boss noted that technologies which were once considered futuristic have now become central to economic activities, digital services and public administration.
“Ten years ago, nobody was talking about AI the way we are doing now, but today it has become central to virtually every aspect of digital transformation. We need to be more specific about what constitutes emerging technologies and provide examples because the technologies keep evolving,” he added.
Industry stakeholders say the review is timely, given the increasing deployment of AI tools across sectors including banking, telecommunications, healthcare, education and public services.
They argue that clearer rules are needed to govern automated decision-making, algorithmic accountability, data ownership and cross-border data transfers.
The proposed amendment also aligns with the National Assembly’s ongoing work to assess the existing law and identify areas to strengthen in light of evolving cyber threats and technological advancements.
Senator Afolabi Salisu, chairman, Senate Committee on ICT and Cybersecurity, had earlier indicated that lawmakers were reviewing the legislation to ensure it remains relevant in addressing developments such as AI and emerging cybercrime threats.
Analysts believe the review could further strengthen investor confidence in Nigeria’s digital economy by providing clearer regulatory certainty for businesses operating in data-intensive sectors.
The NDPA 2023 established the NDPC as the country’s primary data protection regulator and created a legal framework for the collection, processing, storage and transfer of personal data.
Since its enactment, the Commission has ramped up enforcement, compliance monitoring, and awareness campaigns to strengthen data governance across public and private institutions.
Olatunji, however, cautioned against excessive reliance on AI technologies, stressing that human oversight remains critical in data processing and decision-making systems.
“We still need the human component. We should not leave everything to artificial intelligence,” he said.
He further noted that issues relating to digital footprints, privacy rights and responsible data use would continue to demand regulatory attention as technology becomes more integrated into everyday life.
Technology policy experts say the emergence of generative AI, machine learning systems and autonomous technologies has created new legal and ethical questions that many existing privacy laws were not originally designed to address.
These include concerns around automated profiling, bias in AI systems, consent management, surveillance and accountability for decisions made by intelligent systems.
Meanwhile, the NDPC has in recent months demonstrated a growing focus on AI governance, including participation in international initiatives aimed at promoting responsible and privacy-conscious deployment of artificial intelligence technologies.
Stakeholders believe that any amendment to the Act should strike a balance between protecting citizens’ privacy rights and supporting innovation within Nigeria’s rapidly expanding digital economy.
Hence, the proposed review signals the likelihood of stricter compliance obligations for business and increased scrutiny of how personal data is collected, processed and utilised.
While experts advise organisations to begin strengthening internal governance frameworks, data management systems and privacy compliance programmes in anticipation of future regulatory changes.
Consequently, the planned review of the Data Protection Act underscores the growing recognition that regulatory frameworks must evolve alongside technological innovation, while for policymakers, the challenge will be ensuring that the law remains flexible enough to encourage innovation while robust enough to protect citizens in an era increasingly defined by data and artificial intelligence.
E-Business
FG Bans Use of Gmail, Other Personal Emails for Civil Service Operations

Federal government has banned the use of personal email accounts, such as Gmail, Yahoo Mail, or Hotmail, for official public-sector transactions, mandating that civil servants transition to a secure, institutional digital platform.

This ban requires all government officials to use secure institutional platforms with the approved .gov.ng domain to safeguard sensitive data.
The announcement was made in Abuja by Didi Esther Walson-Jack, head, the Civil Service of the Federation, during a digital transformation summit held to celebrate the 20th anniversary of Galaxy Backbone.
According to Walson-Jack, the government has activated more than 115,000 official GovMail accounts to ensure that communication within the federal civil service remains secure, professional, and easy to track.
She said government activities should no longer rely on personal email services or informal channels that make record-keeping difficult.
The Head of service explained that official information must remain within government systems even when an officer leaves a position.
This, she said, will help preserve important records and prevent the loss of government information tied to individual workers.
The Head of Service also disclosed that the Federal Government achieved a major target by completing the digitalisation of work processes across all 38 federal ministries and extra-ministerial departments before the end of December 2025.
She described the development as proof that reforms can succeed when there is clear leadership and commitment from government institutions.
According to her, the achievement shows that the civil service is capable of adapting to modern methods of operation.
Walson-Jack recalled that in the past, government files could easily be delayed, misplaced, or trapped in lengthy approval processes.
She said the shift to digital systems now makes it easier to monitor documents, improve accountability, and measure progress in government operations.
Walson-Jack added that the paperless civil service initiative is aimed at making government work more efficient by cutting delays, reducing unnecessary bureaucracy, improving transparency, and allowing records to be retrieved and processed faster.
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