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NIMC, CBN at Loggerheads over BVN Scheme

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Chris Onyemenam, DG/CEO at National Identity Management Commission
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Central Bank of Nigeria (CBN) and National Identity Management Commission (NIMC) last week failed to agree on who should have full control over the Biometric Bank Verification Number (BVN) scheme, which gives each bank customer a unique identity across the Nigerian Banking industry that can be used for easy identification and verification at point of banking operations.

CBN had earlier in the year commenced the BVN as answer to calls by the Bankers’ Committee. The apex bank went ahead to budget $55 million, approximately N8.579 billion for the project expected to last for 18 months.

NIMC, however, by its establishing Act 2007 is empowered to, “Create, manage, maintain and operate the National Identity Database established under section 14…including the harmonisation and integration of existing identification databases in Government agencies and integrating them into the National Identity Database,” however, CBN and the bankers committee are not ready to discontinue the BVN scheme.

CBN and NIMC at different fora in Lagos last week, expressed the bragging right over the biometric registration.

Barrister Chris Onyemenam, director general of NIMC said that any biometric registration, especially, after the Presidential directive on harmonization of existing database by different Ministries, Departments and Agencies (MDAs), should be regarded as null and void.

At the media parley in Lagos, Onyemenam, “by implication any other biometric capturing that involves Nigerians, outside what NIMC project should be regarded as null and void. We have explained this at different fora. NIMC Act 2007 is coherent on this; it is an issue that ought not generate problem, let’s do the right thing and stop duplication of biometric data”

Elsewhere, Mr. Kofo Abdusalam-Alada, head, International and Development Law at CBN speaking at 5th Annual e-fraud in Lagos said that “BVN will not go the way of other attempts. CBN will need to put up a fight in certain direction. I’m not going to mention that direction, but BVN has to succeed. I used to get emails from my banks for the registration. BVN will help to solve many challenges such as one with 24 accounts; we will track all of them down”

Nodding in agreement, Bukola Smith, chairperson, Payment Sub-Committee, Committee of Chief Internal Auditors of Banks, said “Initially, we all know there is an agency for national identity management, which has taken up the project of having biometric registration for Nigerians. That has gone on for a long run; a lot of money has been spent. At some point in time, the banks got frustrated and I understand that at one of the bankers Committee meetings, heads of banks started asking, ‘when are we going to complete this project?

“We are talking about fraud issues, a number of things-standardization, we need to progress this project’. So, my understanding is that it was the Bankers Committee been spearheaded by managing directors of various banks that said, ‘look, we need to start this project’. Then, they put down money and said, CBN, you need to also come on board. They appointed a number of people that will work. NIBSS was appointed and another consultant, for this project. I don’t know what Kofo is trying to get at, but all the same, it is not as that CBN initiated it; CBN appears to be driving it now because they are the center coordinating body.

CBN and the NIMC had for several months on the appropriate supporting policy on the national identification number, the ‘NIN’ as a minimum know-your-customer (KYC) instrument, but the policy was withdrawn by CBN barely three weeks after it was released in 2012 and the apex bank gave no reasons.

Although the CBN later agreed to share its database from the BVN with NIMC, there are fears that this will also take some time to harmonise.


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Nigerian Terra Industries Secures $11.8m for Expansion

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Terra Industries, a Nigerian defence technology startup, has raised $11.75 million to expand its development of defensive systems that protect critical facilities across Africa.

The fundraising round was led by Silicon Valley venture firm 8VC, which was founded by Palantir co-founder Joe Lonsdale.

Other investors in the round include Valour Equity Partners, Lux Capital, SV Angel, and Nova Global, as well as African-focused funds Tofino Capital, Kaleo Ventures, and DFS Lab.

Terra Industries, founded in Abuja by Nathan Nwachuku and Maxwell Maduka, provides multi-domain security solutions for both air and land. Its solutions are intended to detect and respond to threats including terrorism, sabotage, and armed attacks on infrastructure.

The company’s product portfolio includes surveillance drones, ground-based robotic systems, and fixed monitoring towers deployed around sensitive locations.

Co-founder and CEO Nathan Nwachuku said the company has now fully embraced its identity as a defence-focused startup, citing the growing urgency of security challenges across Africa.

He said safeguarding critical infrastructure from terrorist threats has become unavoidable.

Nwachuku argues that protecting Africa’s infrastructure requires a different approach, one that combines local manufacturing, end-to-end system control, and software capable of independently identifying and responding to threats over large areas.

The company aims to position itself as a defence prime, similar to the role played by firms such as Anduril Industries and Palantir in the United States.

Nwachuku also disclosed that the company had earlier raised $800,000 in pre-seed funding.

With the new funding, Terra plans to increase manufacturing capacity within Africa, establish additional defence production facilities, and expand its artificial intelligence and software teams.

While software offices are planned for San Francisco and London, the company said manufacturing operations will remain on the continent.

 


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Kaspersky Warns Telecom Threats from 2025 will Carry into 2026 as New Technology Adds New Risk

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Kaspersky Security Bulletin reviews what shaped telecom cybersecurity in 2025 and what is likely to persist in 2026. Advanced Persistent Threat (APT) activity, supply-chain compromise, DDoS disruption and SIM-enabled fraud continued to pressure operators in 2025, while newer technology deployments introduce additional operational risk.

In 2025, telecom operators faced four broad threat categories. Targeted intrusions (APTs) continued to focus on gaining stealthy access to operator environments for long-term espionage and leverage through privileged network positioning.

Supply chain vulnerabilities remained an entry point: telecom ecosystems rely on many vendors, contractors and tightly integrated platforms, so weaknesses in widely used software and services can provide a path into operator networks. Finally, DDoS remained a practical availability and capacity problem.

Kaspersky Security Network showed that last year, between November 2024 and October 2025, 12,79% of users in the telecommunications sector encountered web threats and 20,76% faced on-device threats. 9,86% of telecom organisations worldwide experienced ransomware.

At the same time, the telecommunications sector is moving from rapid technological development to broad implementation — and the report argues that this shift creates new opportunities and new operational risks for 2026.

Kaspersky highlights three areas where technology transitions could introduce disruption if rolled out unevenly or without strong controls: AI-assisted network management, where automation can amplify configuration errors or act on misleading data; post-quantum cryptography transitions, where rushed deployment of hybrid and post-quantum approaches could cause interoperability and performance issues across IT, management and interconnect environments; and 5G-to-satellite integration (NTN), where expanding service footprints and partner dependencies introduce new integration points and potential failure modes.

“The threats that dominated 2025 — APT campaigns, supply chain attacks, DDoS floods — aren’t going away. But now they intersect with operational risks from AI automation, quantum-ready cryptography, and satellite integration.

Telecom operators need visibility across both dimensions: maintaining strong defences against known threats while building security into these new technologies from day one. The key is continuous threat intelligence that spans from endpoint to edge to orbit,” said Leonid Bezvershenko, senior security researcher at Kaspersky Global Research & Analysis Team.

 


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Study Reveals 88.5% of Phishing Attacks Focus on Stealing Account Credentials

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Kaspersky analysed phishing and scam campaigns observed from January through September 2025 and found that 88.5% of attacks globally sought credentials for various online accounts.

Another 9.5% targeted personal data such as names, addresses, and dates of birth, while 2% focused on bank card details.

According to data from Kaspersky, over 38 million phishing links were clicked in Africa in the previous year (from November 2024 to October 2025) – all of which were detected and blocked by Kaspersky solutions.

Not everyone uses protective solutions on their devices however, and phishing remains one of the most prevalent cyber threats, with attackers luring users to fake websites where they unwittingly surrender their login credentials, personal information, or bank card details.

Kaspersky research shows that most phishing pages transmit stolen information via email, Telegram bots, or attacker-controlled panels, before it enters underground resale channels.

Data stolen through phishing is rarely used only once: credentials from multiple campaigns are consolidated into data dumps and sold on dark web markets, in some cases for as little as $50. Buyers sort and verify the data to check whether accounts remain active and reusable across different services.

According to Kaspersky Digital Footprint Intelligence, average 2025 prices ranged from $0.90 for global Internet portals to $105 for crypto platforms and $350 for online banking access. Personal documents such as passports or ID cards sold for about $15 on average, with pricing influenced by account age, balance, linked payment methods, and security settings.

As datasets are enriched and combined, attackers can build detailed digital profiles that may later support targeted attacks on executives, finance staff, IT-administrators or individuals with valuable assets or personal documents.

“Our analysis shows that credentials account for nearly 90% of phishing attempts. Once collected, logins, passwords, phone numbers, and personal details are aggregated, checked, and resold, sometimes years after the initial theft.

Combined with new information, even old credentials can enable account takeovers and targeted attacks against both individuals and organisations.

By leveraging open-source intelligence and old breach data, attackers can craft highly personalised scams, turning one-time victims into long-term targets for identity theft, blackmail, or financial fraud,” said Olga Altukhova, senior web content analyst at Kaspersky.


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