E-Business
ISPON Urges Nigerian Banks to Invest in Tech Startups

The Institute of Software Practitioners of Nigeria (ISPON), an umbrella body for indigenous software companies in the country, has recommended that Nigerian banks should emulate their foreign counterparts by investing in technology startups.
As technology startups increasingly penetrate traditional banking segments, including payments, wealth management and billing, major global banking giants are not sitting on the sidelines. Six major American banks – Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo – have made strategic investments in 30 technology companies since 2009, according to CB Insights data.
In a statement issued by ISPON and signed by Pius Okigbo, its president, the institute commended Nigerians banks for their foresights in funding various tech startups in the 1990s and 2000s such as Interswitch, ValuCard (Unified Payments Limited), ATMC, NIBSS, Credit Registry and CRC Credit Bureau, all financed by various consortia of Nigerian banks.
ISPON suggested that a second wave of investments in tech startups would require the establishment of Special Purpose Vehicles [SPVs] following global precedents, as was the case with Citi Bank that incorporated Citigroup Venture Capital business through which it invested in i-Flex Solutions Limited, driving the “FLEXCUBE’ suite of products to adoption by more than 100 financial institutions in over 40 countries.
Okigbo noted the six major American banks have invested in 30 tech companies since 2009, according to CB Insights data.
Out of the six banks, he added, Citigroup has been the most active primarily through its Citi Ventures, which has invested in fintech startups ranging from Betterment, Jumio and Square.
Goldman Sachs has already ventured into fintech startup with thematic investments across payments technology and big data finance.
Therefore, ISPON urged the banks to study how Deutsche Bank is building a strong ecosystem for innovations and take a lesson from it. Deutsche Bank would open three innovation laboratories in Berlin, London and Silicon Valley, as part of a EUR1 billion spend on digital initiatives over the next five years.
According to him, the giant German bank would help the organisation to develop new products and services from three global tech hubs, strengthening its ability to innovate and deepening relationships with smart tech startups.
“Nigerian banks should take advantage of the huge innovation awakening that is sweeping across Africa and particularly Nigeria to refocus their plans and place their bets on fintech startups. It is particularly sad that no bank is participating in DEMO Africa, a flagship launch pad for emerging technology and trend hosted in Lagos in 2014. Many venture capitalists from around the world were present”, he said.
Meanwhile, Okigbo informed that DEMO Africa has already released a list of 30 technology start-ups from across Africa that will pitch at the 2015 edition of the event.
Topping the list of the technology startups with eight representatives is Nigeria and followed by Kenya with six. South Africa is third with three representatives while Ghana, Egypt, Cameroon and Zimbabwe each have two. Uganda, Tanzania and newcomer, Ivory Coast has one start-up each.
The presence of Ivory Coast on the list of giants is “a strong signal that more African nations are warming up” to the ability of the continent to craft own solutions to various needs.
The highest represented category on the 2015 list is finance and banking with eight products. Other categories are education, transport and logistics, retail, communication and media and entertainment.
He noted that, “We expect Nigerian banks at the Demo Africa 2015. There is no better opportunity for the banks to cherry pick the nascent tech startups they can place their bets,”
E-Business
Firm Warns of Phishing Attacks via Compromised Amazon Simple Email Service Accounts

Kaspersky has detected phishing and business email compromise (BEC) attacks that are leveraging Amazon Simple Email Service (SES) – a cloud-based email service designed for businesses and developers to send and receive high-volume marketing, notification, and transactional emails (for instance, password resets).

Because these emails are sent via a trusted service, they originate from reputable IP addresses, frequently include legitimate “.amazonses.com” identifiers. This makes phishing messages nearly indistinguishable from legitimate correspondence at a technical level. Users should treat unexpected emails with extreme caution.
The attacks are driven by the theft and exposure of credentials from Amazon Web Services (AWS). The attackers are using leaked AWS Identity and Access Management Keys – often found in public repositories, misconfigured cloud storage, and exposed configuration files. With automated tools, threat actors can identify valid keys and abuse them to send large volumes of malicious emails through legitimate infrastructure operated by Amazon.
Attackers disguise malicious links behind trusted domains such as amazonaws.com using redirects and by creating highly convincing HTML email templates. In many cases, phishing pages are hosted on infrastructure that appears legitimate, further increasing the likelihood of credential theft from victims.
One of the campaigns observed by Kaspersky in early 2026 involved emails impersonating document-signing platforms like DocuSign. Victims were prompted to review and sign documents, only to be redirected to fraudulent login pages hosted on an Amazon Web Services page designed to capture credentials.
Researchers also identified business email compromise attacks carried out via Amazon SES in which attackers impersonated employees and fabricated entire email threads with suppliers. These messages, often sent to finance departments, requested urgent payments and included PDF attachments containing only banking details – with no malicious links – making detection challenging.
“We’ve seen attackers abuse trusted platforms before – like in cases with Google Tasks and Google Forms – where scammers rely on built-in notification mechanisms to deliver phishing links from legitimate domains like @google.com, effectively bypassing email filters and exploiting user trust.
“However, the abuse of Amazon SES represents a more advanced stage of this trend: instead of merely leveraging a platform’s notification features, attackers compromise cloud credentials and gain direct control over a trusted email-sending infrastructure. This allows them to scale attacks, fully customise messages, and deliver phishing emails that are hard to distinguish from legitimate business communications,” commented Roman Dedenok, Anti-Spam Expert at Kaspersky.
E-Business
NITDA says Digital Infrastructure Key to Startup Investment, Growth

National Information Technology Development Agency (NITDA) has reaffirmed that a strong and reliable digital infrastructure is fundamental to attracting investment, boosting competitiveness, and achieving sustainable growth within Nigeria’s startup ecosystem.

NITDA
This position was underscored at the Africa Fintech Foundry Ecosystem Roundtable 7.0, a virtual engagement themed “The Capital Reset: What Technologies Are Still Fundable in Africa?”
Speaking on behalf of Kashifu Inuwa, Director General of NITDA, the Special Assistant on Digital Transformation to the DG, Muhammad Aminu, emphasised that investors are increasingly drawn to startups operating in environments supported by dependable digital infrastructure and clear, predictable policy frameworks.
He explained that digital infrastructure goes far beyond basic internet access. According to him, it encompasses cloud computing systems, digital identity frameworks, payment infrastructure, data exchange platforms, interoperability standards, cybersecurity architecture, and emerging artificial intelligence technologies.
He noted that, “These foundational systems significantly lower operational barriers for startups, enabling founders to focus on innovation, customer acquisition, and scaling, rather than having to build essential infrastructure independently.”
From an investment standpoint, Aminu observed that robust digital infrastructure reduces uncertainty, lowers operational risk, enhances scalability, and considerably cuts the cost of expansion, thereby making startups more attractive to both local and international investors.
He further highlighted several ongoing government initiatives aimed at strengthening Nigeria’s digital ecosystem. These include sovereign cloud projects, data interoperability frameworks, cloud adoption policies, cybersecurity and data governance reforms, as well as the implementation of the Nigeria Startup Act.
In addition, he stressed that regulatory clarity and consistency in policy direction remain critical in attracting sustained investment into the technology sector.
Aminu also noted that NITDA is giving priority to human capital development through the 3 Million Technical Talent (3MTT) programme, describing skilled manpower as a vital component of digital infrastructure.
In conclusion, he stated that a strong, well‑structured digital infrastructure framework not only lowers the cost of innovation but also boosts investor confidence and supports the long‑term growth and expansion of Nigeria’s startup ecosystem.
E-Business
CPN Begins Crackdown on Quack IT Professionals, Vows Tougher Action against Cybercrime

Computer Professionals (Registration Council of Nigeria), also known as CPN has begun a nationwide crackdown on quackery and unlicensed practices in a bid to strengthen professional standards in the country’s information technology sector.

CPN has also vowed tougher action against cybercrime in the country.
These were the major decisions taken at its 2026 Information Technology Professionals’ Assembly and Annual General Meeting (AGM) on Friday
Essien Eyo, president and chairman of Council of CPN, speaking at a virtual press conference, said the council would continue to enforce strict compliance with professional regulations to safeguard the integrity of Nigeria’s computing ecosystem.
He warned that the council would not tolerate unlicensed practice in the sector, stressing that regulatory enforcement would be strengthened in line with its statutory mandate.
“The Act makes it mandatory for all persons and organisations seeking to engage in computing and professional services to be registered and licensed by the council.
“It is illegal to engage in computing and professional practice without satisfying the requirement of registration and possession of a valid licence,” Eyo said.
He added that the council was determined to rid the sector of quackery and ensure that only qualified professionals are allowed to operate.
“CPN is committed to ensuring high professional ethics and standards, and we will continue to intensify efforts to eliminate quackery, arbitrary practice and lack of standards in the IT sector,” he stated.
Eyo disclosed that the 2026 IT Professionals’ Assembly, scheduled for May 13 and 14 at the NAF Conference Centre, Kado, Abuja, would serve as a key platform to advance regulatory compliance, professional development and industry collaboration.
The event, now in its 20th edition, has the theme, “Digital Resilience and Inclusion for Smart Economy,” and aligns with Nigeria’s broader digital economy and Renewed Hope Agenda.
He explained that the theme reflects the urgent need to build a secure, inclusive and resilient digital ecosystem capable of withstanding modern technological disruptions.
“In an era defined by rapid technological change, cybersecurity threats, economic disruptions and evolving digital demands, resilience ensures that digital infrastructure and institutions can withstand shocks and sustain growth,” Eyo said.
“At the same time, inclusion guarantees that no segment of society is left behind in accessing digital opportunities.”
He said the assembly would also focus on emerging digital risks, ethical technology deployment, inclusive policy frameworks and strengthening collaboration among government, industry, academia and civil society.
Eyo further noted that the event would feature the induction of new members into the computing profession and would be delivered in a hybrid format to ensure wider participation.
“The 2026 IT Professionals’ Assembly is not just an event but a strategic platform for shaping Nigeria’s digital destiny,” he said.
He confirmed that the keynote address would be delivered by Bosun Tijani, minister of Communications, Innovation and Digital Economy.
Also speaking, Aliu Abdullahi, vice president of Council, said the establishment of CPN was a Federal Government response to the need for proper regulation of Nigeria’s growing IT sector.
He said the council’s mandate includes setting professional standards, accrediting academic programmes, conducting examinations, regulating practice, enforcing ethics and maintaining the national register of computing professionals.
Abdullahi reiterated that all individuals and organisations engaged in IT training, computing services and related activities must be duly registered and licensed by the council.
He urged media organisations to support public awareness of the council’s activities, especially the forthcoming assembly, which he described as critical to strengthening Nigeria’s digital governance and professional integrity.
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