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BitPesa Holds Forum on Future of Finance in African Markets

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BitPesa, Nigeria’s foremost cross-border payments platform and treasury solutions, is set to organize an executive forum on future of finance in African frontier markets.

The company, in a press statement, made available in Lagos, stated that key players in the financial market, investors and SMEs value-chain, including importers and exporters, are expected to attend the maiden future of finance executive forum in Lagos slated for 29th of this month, which is targeting solutions on growing businesses, de-risking business operations and navigating volatility in money market.

The statement explained that the forum would capture the state of Nigeria’s macroeconomic business ecosystem and also the African frontier markets, particularly, protecting investors’ investments from losses that stem from foreign exchange (FX) exposure.

It explained that definitely, the forthcoming general elections in Nigeria are posers for SMEs operators and other investors businesses because it will not only affect the country’s macroeconomic business ecosystem but also, brew more micro-economic concerns for the business environment during the period.

The firm pointed out that having been in Nigeria since 2015, and completed thousands of transactions within and outside Africa, it has helped key businesses access foreign currencies towards expansion of their operations with ease.

It explained that renowned financial experts are expected to discuss on the topic, titled: ‘Beating the volatility: Preparing for the election economy,’ where how SMEs, importers and exporters could navigate the uncertainty about the Naira.

The statement further stated that the forum will focus on deconstructing the election economy, and teach participants how to de-risk their business operations and navigate the ups and downs.

The release explained that BitPesa’s Head of Treasury, Michael Nderitu, who has built forex desks for multiple institutions, will be moderating the event, while Elizabeth Rossiello, CEO and Founder of BitPesa, World Economic Forum Tech Pioneer and Endeavor Entrepreneur, will be speaking on general trends and regulation in the forex market.

Before BitPesa, Elizabeth has been an advocate in Africa and Europe for monetary policy autonomy, giving training to regulators focused on risk management for independence. She has also advised the CBN on policies and white papers across topics, including blockchain.

The statement added that the second keynote will be about navigating roadblocks in the Nigerian Import-Export Market. While imports and exports are an integral part of the Nigerian economy, they are also influenced by external perceptions, and thus the post-election economy will also affect this industry.

 


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Nearly 90% of Organizations Prefer Outsourced or Hybrid Models for their SOC

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Most companies choose to outsource at least part of their Security Operations Center (SOC), with a significant number adopting SOC-as-a-Service (SOCaaS), according to global research by Kaspersky.

This strategic move enables organisations to benefit from round-the-clock protection, ensure compliance with regulatory standards and leverage advanced cybersecurity solutions and qualified expertise that are often beyond their internal capabilities.

As cyberthreats become increasingly sophisticated, organisations are rethinking how they build and operate their Security Operations Centers. With this in mind, Kaspersky carried out a comprehensive global survey to identify the main motivations, strategic goals, and potential challenges associated with its planning and implementation¹.

The findings of this research revealed that 64% of companies plan to outsource part of their SOC, combining internal capabilities with external expertise.

Meanwhile, over a quarter of respondents (26%) are ready to fully implement an SOC-as-a-Service (SOCaaS) model. By contrast, only 9% plan to build their SOC entirely in-house, highlighting the growing challenges of maintaining round-the-clock monitoring and attracting qualified specialists.

SOC outsourcing enables organisations to delegate selected SOC functions or even the entire operational cycle to a trusted external provider. This approach can include a variety of services:

Design and architecture of the SOC.

    Deployment and maintenance of SOC technologies.

    Monitoring and analysis by external security analysts.

    Consulting and training services.

Full SOCaaS delivery, where the provider handles detection, investigation and response around the clock.

Most companies prefer maintaining strategic tasks internally, whilst leveraging external teams and advanced technologies for operational and highly technical workloads. Among organisations planning to outsource SOC functions, the most commonly delegated tasks to third-party providers included solution installation and deployment (55%), solution development and provisioning (53%), and SOC design (47%).

When engaging external SOC specialists, companies also showed a clear preference for augmenting specific roles, with first-line analysts (61%) and second-line analysts (52%) being the most in-demand among external specialists. These figures illustrate that companies focus more on frontline and intermediate security tasks, such as monitoring and responding to threats.

Why do organisations choose SOC outsourcing?

The leading motivator for SOC outsourcing is the need for 24/7 protection (55%) – an operational requirement many internal teams cannot sustain alone. Another highly cited benefit is reducing workload on internal IT security specialists (47%), enabling teams to focus on strategic tasks.

Additionally, access to advanced solutions and technologies (42%) and external support to ensure compliance with regulatory requirements and standards (41%) further drive the decision to outsource, highlighting the value of specialised expertise and cutting-edge tools such as XDR, MDR, MXDR and others.

Budget optimisation is important for only 37% of companies – indicating that the primary value of outsourcing lies in improved protection, not just cost savings.

“The trend towards outsourcing SOC functions, whether fully or partially, is primarily driven by the necessity for enhanced operational focus and strategic agility. By shifting routine and technical tasks externally, organisations are able to concentrate on high-value activities such as strategic decision-making and orchestrating responses to sophisticated threats.

“Moreover, this approach often results in considerable cost efficiencies, allowing for optimised resource allocation. Ultimately, this model transforms the SOC into a critical strategic capability, directly contributing to business continuity,” comments Sergey Soldatov, Head of Security Operations Center at Kaspersky.


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DHQ Indicts Brigadier General Abubakar Sadiq, 15 Others in Alleged Coup Plot againt Tinubu

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Defence Headquarters (DHQ) has made public the full names of 16 officers of the Armed Forces of Nigeria indicted by a Special Investigative Panel over alleged serious misconduct, including an alleged coup plot against President Bola Tinubu.

DHQ Indicts Brigadier General Abubakar Sadiq, 15 Others in Alleged Coup Plot againt Tinubu

The officers suspected to be involved in the coup plot include a brigadier general, a colonel, four lieutenant colonels, five majors, two captains, a lieutenant, a lieutenant commander and a Squandron Leader.

Major General Samaila Uba, director of Defence Information, disclosed this on Monday, stating that the panel had concluded its investigation and established that the affected officers had cases to answer.

According to him, the indicted officers will face a military Court Martial in line with established procedures and existing regulations.

Major Gen. Uba said the probe examined the circumstances surrounding the conduct of the officers and identified actions “inconsistent with the ethics, values and professional standards expected of members of the Armed Forces of Nigeria.”

He stressed that the exercise was purely disciplinary and aimed at preserving internal discipline, cohesion and operational effectiveness, adding that the Armed Forces remain loyal to the Constitution and Nigeria’s democratic order.

  • Brigadier General Musa Abubakar Sadiq (Nasarawa, 44th Regular Course)
  • Colonel M. A. Ma’aji (Niger, 47th Regular Course)
  • Lieutenant Colonel S. Bappah (Bauchi, 56th Regular Course)
  • Lieutenant Colonel A. A. Hayatu (Kaduna, 56th Regular Course)
  • Lieutenant Colonel Dangnan (Plateau, 56th Regular Course)
  • Lieutenant Colonel M. Almakura (Nasarawa, 56th Regular Course)
  • Major A. J. Ibrahim (Gombe, 56th Regular Course)
  • Major M. M. Jiddah (Katsina, 56th Regular Course)
  • Major M. A. Usman (Federal Capital Territory, 60th Regular Course)
  • Major D. Yusuf (Gombe, 59th Regular Course)
  • Major I. Dauda (Jigawa, DSSC 38)
  • Captain I. Bello (DSSC 43)
  • Captain A. A. Yusuf
  • Lieutenant S. S. Felix (DSSC)
  • Lieutenant Commander D. B. Abdullahi (Nigerian Navy)
  • Squadron Leader S. B. Adamu (Nigerian Air Force)

 


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Court Fines Airtel N210m for Unauthorised Use of ‘Nigeria Go Survive’ Song

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Justice Ibrahim Ahmad Kala of the Federal High Court, Lagos, on Monday awarded a total of N210 million in damages against Airtel Networks Limited for copyright infringement arising from the unauthorised use of a musical work titled “Nigeria Go Survive.”

Court Fines Airtel N210m for Unauthorised Use of ‘Nigeria Go Survive’ Song

The award comprises N200 million as general damages and N10 million as costs.
In addition to the monetary award, the court issued mandatory and perpetual injunctions restraining Airtel, its management, agents, servants, privies, successors-in-title and assigns from reproducing or further using the musical work, or any substantial part of it, for advertising, promotion, telemarketing, or other business purposes without the licence or authorisation of the copyright owner.

Justice Kala specifically ordered Airtel to remove “Nigeria Go Survive” from its list of songs used for advertising, business, telemarketing and promotional purposes across its network with immediate effect.

The judge held that Airtel’s use of the song without licence or authorisation amounted to restricted acts under the Copyright Act and constituted an infringement of the plaintiff’s copyright.

The judgment was delivered in suit No: FHC/L/CS/1822/2022, filed by Veno Marioghae Mbanefo, producer of the song.

In resolving the sole issue for determination, the court held that the plaintiff proved her case on the balance of probabilities.

Justice Kala noted that a perpetual injunction is granted after infringement has been established and is intended to protect the proprietary rights of the copyright owner and restrain continued infringement.

Accordingly, the court made the following orders: “That Airtel’s unauthorised use of “Nigeria Go Survive” for advertising, promotion and telemarketing amounts to copyright infringement.
“Mandatory injunction prohibiting Airtel from reproducing or using the musical work, or any substantial part of it, for business and promotional purposes.

“Perpetual injunction restraining Airtel from any further unauthorised use of the work.

“General damages N200 million awarded to the plaintiff for losses suffered as a result of the infringement. And N10 million awarded in favour of the plaintiff, considering the duration of the case, legal representation, expenses incurred, and the current value of the naira.

In the writ of summons filed by her legal team led by Clement Onwvenwunor, SAN, the plaintiff sought, among other reliefs, declarations that Airtel’s use of the song without attribution, licence or authorisation breached her statutory rights under Section 12 of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

She also claimed substantial damages for copyright infringement and, in the alternative, requested an order directing Airtel to render an account of profits allegedly made from the infringement under the supervision of the Nigerian Communications Commission (NCC).

Airtel Networks Limited, represented by counsel led by Babatunde Amoo, urged the court to dismiss the suit.

However, after reviewing the exhibits and submissions of counsel, Justice Kala resolved all issues in favour of the plaintiff.

The court refused the plaintiff’s alternative prayer for an account of profits but granted all substantive reliefs relating to infringement, damages and injunctive orders.


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