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Inlaks Launches Hyosung Cash Recycler Machine @ its Maiden Digital Summit

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L-R: Jean-Paulin Fonkoua, Chairman, Afriland Bank.; Femi Adeoti, MD/CEO Africa Operations, Inlaks and Folashodun Shonubi, Deputy Governor, Central Bank of Nigeria (CBN) at the launch of the Monisafe 500 Teller Cash Recycler (TCR) during the Inlaks Digital Summit in Lagos on Friday
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Leading Systems Integrator, Inlaks played host to hundreds of African industry professionals amongst who are their customers in Nigeria and around sub-Sahara Africa to exchange best practices and experiences related to the latest achievements in the field of banking, technology and other fields.

The summit themed “Unlocking the Opportunities in the Digital Banking Age” featured over 15 industry experts in plenary sessions and as speakers led by the keynote speaker; Mr. Folashodun Shonubi, Deputy Governor, Central Bank of Nigeria (CBN).

The keynote speaker delivered a speech on “Bank Branches and the Future: The Regulator’s Perspective”, which highlighted that transactions are moving closer to customers with the adoption of various banking channels, including agency banking and POS machines.

This brings to bear that though the traditional means of banking is not going away for a while, acceptability remains critical in the customer’s decision which may be influenced by available infrastructure and culture.

Also speaking at the event, Femi Adeoti, the MD/CEO, Inlaks (Africa Operations), in his welcome address said that financial service providers need to adapt to the current digital trend and have a concrete strategy to keep them relevant. In his words, “Fintech service providers and banks have to work well together to create a seamless financial experience for consumers in the near future; this can be achieved with the adoption of a future-proof strategy to ensure relevance for years to come”.

He added, “Inlaks is constantly devising ways to populate the Nigerian financial market with highly scalable technology solutions to advance development in the banking industry. The adoption of digital banking strategies comes with great demands, opportunities and challenges. As a foremost fintech solutions provider to key financial organizations in Nigeria, the Digital Summit is a platform to empower our clients across Africa with the requisite knowledge needed for a seamless transformation”.

Authenticating the unique role Inlaks plays in the financial sector in Sub-Saharan Africa, a new product; The MoniSafe 500, the first of its kind in Nigeria, was launched into the market. The MoniSafe 500 Teller Cash Recycler from Hyosung TNS INC. is a powerful solution in the transformation of the retail banking branch channel.

The new machine was unveiled by the Deputy Governor, Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi alongside Mr. Clarence Blay, representative of the Deputy Governor 1, Bank of Ghana, Mr. Maxwell Opoku-Afari highlighting the importance of the machine as key in decongesting banking halls, boost operational excellence in banking activities by using highly scalable technology solutions as the TCR and ultimately customer experience.

Also, in a presentation delivered by the Deputy Managing Director, First Bank of Nigeria, Mr. Francis Shobo highlighted the problems of the manual cash operations and the benefits of TCR at FBN since its adoption, noting that about 100 machines are available for the bank’s customers in more than 95 branches.

The event rounded up on a grandeur note with an award and dinner ceremony aimed at recognizing the major contributions and support of long-standing clients and OEM partners.

Some of the major partners of the summit were Temenos, Hyosung TNS Inc, KPMG, CeBIH, Fintech 1000, Kennedia Consulting and Businessday.

Most interestingly, a guest at the summit, Ifeoma Chukwuneke, was the lucky winner of the electronic raffle draw with the price of an all-expense paid trip to South Korea.


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E-Business

Elon Musk Seeks $134Bn from OpenAI, Microsoft for ‘Wrongful Gains’

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Elon Musk, billionaire Tesla owner, has asked a United States (US) federal court to award him up to $134 billion in damages from OpenAI and Microsoft, stating that the companies earned “wrongful gains” from his early support of the artificial intelligence startup.

Elon Musk Seeks $134Bn from OpenAI, Microsoft for ‘Wrongful Gains’

Elon Musk,

This is according to a court filing, reported by Reuters.

In filings ahead of a trial expected to start in April in Oakland, California, Musk stated that OpenAI benefited between $65.5 billion and $109.4 billion from his contributions when he helped co-found the organisation in 2015, and Microsoft gained between $13.3 billion and $25.1 billion through its involvement.

He has asked a United States (US) federal court to award him up to $134 billion in damages from OpenAI and Microsoft, stating that the companies earned “wrongful gains” from his early support of the artificial intelligence startup.

This is according to a court filing, reported by Reuters.

In filings ahead of a trial expected to start in April in Oakland, California, Musk stated that OpenAI benefited between $65.5 billion and $109.4 billion from his contributions when he helped co-found the organisation in 2015, and Microsoft gained between $13.3 billion and $25.1 billion through its involvement.

Musk’s legal team argues that his early financial and strategic contributions, including approximately $38 million in seed funding, the recruitment of key personnel, and assistance in connecting founders with contacts, laid the foundation for the later success of OpenAI and Microsoft’s commercial AI efforts.

“Without Elon Musk, there’d be no OpenAI. He provided the bulk of the seed funding, lent his reputation, and taught them all he knew about scaling a business. A pre-eminent expert quantified the value of that,” Musk’s lead trial lawyer Steven Molo told Reuters.

“Just as an early investor in a startup company may realise gains many orders of magnitude greater than the investor’s initial investment, the wrongful gains that OpenAI and Microsoft have earned—and which Mr Musk is now entitled to disgorge—are much larger than Mr Musk’s initial contributions,” the filing said.

Musk, who left OpenAI’s board in 2018 and now leads AI company xAI, alleges that OpenAI violated its founding non-profit mission when it restructured to include a for-profit arm tied to Microsoft’s investment and commercial strategy.

Meanwhile, OpenAI has labelled the lawsuit “baseless” and part of a “harassment campaign” by Musk, and Microsoft’s legal team has said there is no evidence the company “aided and abetted” OpenAI in any wrongdoing.

Both companies have asked the judge to limit what Musk’s expert witness may present at trial, arguing that the damages calculations are unreliable and could mislead a jury.

According to Reuters, Musk’s filing says he may pursue punitive damages and other penalties, including a possible injunction, if the jury finds the companies liable, though it did not specify what form any injunction would take.


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Nigeria Targeted with 4,622 Cyber-attacks Per Week in December 2025

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In December 2025, organisations globally faced sustained cyber pressure, as the average number of cyber-attacks per organisation per week reached 2 027, a 1% increase from the previous month and a 9% increase from December 2024.

This is according to December 2025 Global Cyber Attack Statistics by Check Point Research, the threat intelligence arm of Check Point Software Technologies.

According to the statistics, Latin America was the hardest hit, with companies experiencing an average of 3 065 cyber-attacks per week, a 26% year-over-year increase.

In contrast, Africa saw a decline in attacks, with Nigeria (4 622 attacks per week) and Angola (4 002 attacks per week) being the most targeted countries on the continent.

The report’s findings highlight the evolving cyber threat landscape, with ransomware and GenAI-driven data risks posing significant challenges to companies worldwide.

Ransomware attacks jumped 60% year over year, with 945 publicly reported incidents in December. Qilin was the most active ransomware operator, responsible for 18% of publicly disclosed attacks.

“Ransomware continues to scale through industrialised operations, while unmanaged GenAI usage is creating widespread data exposure at enterprise level,” said Omer Dembinsky, data research manager at Check Point Research.

The report noted the education sector was the most targeted industry globally, with 4 349 cyber attacks per week; followed by government (2 666 attacks per week); and associations and non-profits (2 509 attacks per week).

The widespread adoption of GenAI tools has introduced new cyber security risks, with one in 27 GenAI prompts posing a high risk of sensitive data leakage.

Experts warn that companies must prioritise prevention-first security, real-time AI threat intelligence and strong governance over AI tools to mitigate these risks.

Hendrik de Bruin, head of security consulting at Check Point Software, added: “Strengthening ransomware resilience, deploying AI-powered prevention and enforcing clear GenAI governance will be critical to reducing cyber risk in the year ahead.”


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Half of Global Companies Build SOCs to Enhance Cybersecurity, with a Focus on Human Expertise

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Among the primary reasons for establishing a Security Operations Center (SOC) are strengthening cybersecurity posture, enabling faster detection and response and gaining a competitive edge.

Interestingly, despite the increasing demand for automated cybersecurity solutions, businesses rely on skilled security professionals to make key decisions, as human expertise remains essential for effective security management.

A Security Operations Center (SOC) is a dedicated organisational unit responsible for continuous monitoring and safeguarding of a company’s IT infrastructure. Its core mission is to proactively detect, analyse and respond to cybersecurity threats.

To identify the main drivers, strategic priorities, and potential challenges in SOC planning and implementation, Kaspersky has conducted a comprehensive global study involving senior IT security specialists, managers and directors from companies with 500 or more employees.

All participants operate without a SOC but have plans to establish one in the near future. The study spans 16 countries across APAC, META, LATAM, Europe, and Russia, providing valuable insights into the emerging trends and best practices in SOC development worldwide.

The findings of the research reveal that 50% of companies intend to establish SOCs to strengthen their cybersecurity posture, and 45% are motivated by the need to address increasingly sophisticated and dangerous threats.

Other drivers include budget optimisation, the necessity for faster detection and response, and the expansion of software, endpoints and user devices – factors that demand more comprehensive and layered security measures.

These are cited by 41% of organisations. Additionally, 40% seek better protection of confidential information, 39% aim to meet regulatory requirements and one-third (33%) expect SOC capabilities to provide a competitive edge. Larger enterprises tend to cite each of these reasons more often, reflecting the broader operational and regulatory pressures they experience.

Continuous monitoring becomes the leading SOC requirement

Among the key functions organisations plan to delegate, 24/7 security monitoring leads at 54%. This around-the-clock vigilance enables early detection of anomalies, prevents escalation and sustains cyber resilience in real-time. This demand highlights a strategic requirement for proactive risk management, as organisations aim to defend against persistent threats that can strike at any moment.

Companies intending to fully outsource SOC operations show a stronger interest in applying “lessons learned” methodologies, whereas those developing internal SOCs focus more on access management to maintain tighter control.

Human expertise drives SOC technology choices

While SOCs use advanced technology, the choices made by organisations show that human analysts are very important. Among the solutions that organisations plan to include in SOC are – Threat Intelligence Platforms (48%), Endpoint Detection and Response (42%) and Security Information and Event Management systems (40%) – sophisticated solutions that automate data collection and reduce operational load, however, they depend heavily on skilled security professionals who provide critical context, interpret complex findings and make final decisions when guiding appropriate responses.

Other solutions chosen include Extended Detection and Response (38%), Network Detection and Response (37%) and Managed Detection and Response (33%). Large enterprises tend to adopt more technologies (5.5 per SOC on average), while smaller ones integrate fewer (3.8).

“To successfully build a SOC, companies must prioritise not only the right mix of technology but also the careful planning of processes, clear goal-setting and effective resource distribution.

“Well-defined workflows and continuous improvement are essential to ensure that human analysts can focus on critical tasks, making the SOC a proactive and adaptable component of their cybersecurity strategy,” comments Roman Nazarov, Head of SOC Consulting at Kaspersky.

 


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