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Cyber Crime Killing Nigeria’s Economy-Ajayi

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Engineer Lanre Ajayi is the president, Association of Telecommunication Companies of Nigeria (ATCON) and former president, Nigerian Internet Group (NIG).
He is also the managing director of Pinet Informatics. Ajayi started his career with Nitel where he worked for 11 years before starting Pinet Informatics as part of his contribution to the development of the sector. Today, Ajayi wears many caps at both national and international IT bodies.
Ajayi spoke to peter ugwu on the sidelines of threats to internet usage in Nigeria and the potentials when well guarded.    

Potentials of the Internet
Some people would say ‘The Internet is everything’, and that is why my company’s slogan has been ‘Internet for everyone’.
Truly, the internet is everything and for everyone. In the contemporary society, it is linked with virtually our daily activities; therefore, we perform things better, faster and more efficiently today because of the enablement of the internet.
There is obviously, nothing one cannot do online. The experiences of what the internet can do are evident in e-governance, e-health, e-commerce, e-banking/e-payment, e-learning, in fact, anything you can think of, today.
Due to the efficiency of online business, it benefits both the service provider and the agent or client. They both benefit from cost efficiency, time management in delivery of services, so I cannot imagine a limit to what can be done with and through the internet. The potentials are almost unlimited.

The Content Issue
Yes, for the fact that we have not utilized opportunities provided by the internet though content development, then it has formed a tool in the hands of fraudsters.
Originally, the internet was not meant for defrauding people; just like the guns that were meant for hunters to kill animals, but currently, guns kill more human beings than animals.
Likewise, the internet is being hijacked by cyber traitors and they will continue to threaten the system until we begin to develop the appropriate content that will channel people’s minds away from the antics of the fraudsters.
Finding solution to the impasse is educating people; internet users, drawing their attentions to the appropriate opportunities that lie in the internet.
Most fraudsters on the internet, primarily, want to make ends meet. Their focus gets diverted to making money through illegal means. But if they are shown the positive ways of making, even, greater amount of money via the internet, we will be doing ourselves much favour.
I am sure they would want to go in the right direction, the onus is on us as stakeholders in the information and communication technology sector to lead the crusade; to show our youths the right path to follow, and that is my providing them with the tools to write applications or develop acceptable contents for the internet.
When the opportunities are there and bottlenecks are removed the system-administrative, financial, political, regulations, and others, then the coast will be clear for them to sail.

Cyber Security Bill
Some people may argue that the rate of cyber threats in Nigeria does not in any way equate the number of attacks in the United States or Europe.
To me, there are enough cyber attacks that should make government that is the National Assemble, rise up to the challenge, especially by giving the cyber security bill an accelerated hearing.
The ‘419’ messages, or scam mails, physic mails aimed at intercepting innocent internet users information, bank account, personal details, credit card personal information numbers (PIN), etc., are top cyber threats we see today.
Companies’ websites and data banks are been compromised on daily basis. These require urgent and adequate attention. 
Today the ‘419ers’ are known world over as perpetuating ‘Nigerian mails’, which is a huge dent on Nigeria’s image in all areas. If that is not contained, it will rubbish Nigeria’s yarning for foreign investors.
Presently, it threatens the relationships between Nigeria and other business community. That in no man way constitutes a clog on the wheel of the nation’s development.
The increase constitutes a lowered standard of living because it will affect the economy and no nation will progress without a progressing economy.
So, government has a role to play likewise industry players to round up these criminals among us; they are sabotaging our efforts as a nation.
We should not just assume there is no cyber attack in Nigeria or that it is minimal. There are enough reasons for us to be worried.
We need to be proactive in preventing other attacks from happening and react quickly to the existing incidents…

Delayed Cyber Security Bill
Actually, that is not enough. We need the cyber security bill to come on stream. However, I will not premise required actions expected from the government, on the Bill.
We have other laws that can be used at the interim to punish offenders and serve as deterrent to others.
Once caught, the person is a criminal, the medium of committing the crime does not count much hence the crime has been established. It is a criminal offence.
So, we do not have to necessarily wait for the Bill to start fight against cyber crimes. The Bill may help, but not a pre-requisite to combating the crimes.
How about the technological know-how, software, skilled manpower needed to fight the criminals, are they been engaged?
The present criminal laws in Nigeria I do not believe excluded internet frauds; let us enforce the existing laws while expecting the new ones.

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Solutions, Aside Laws
The basic way to tackle this challenge is through public education. The way the National Orientation Agency (NOA), non-governmental organizations (NGOs) and other agencies spread information about voter education, fight against HIV/AIDS, and other health related challenges, we can adopt such measure in educating the layman on the importance of shunning cyber laws.
On the other hand, ICT experts have the role of showcasing the expertise that will attract the mind of the youths off the route.
A lot of people are into the fraudulent act for the sheer lack of awareness on the alternate (good) use of the internet.
And the crime fighting government agencies should hype news on how criminals were nabbed, prosecuted and jailed or punished.
If people know they can be rounded up and prosecuted, no matter where they may hide to perpetuate the act, the fear of maximum punishment awaiting them can discourage the person form continuing.
But in a situation whereby one is caught and give a slap on the wrist as punishment how will you discourage others?
The few successful prosecutions we have should be stressed on to showcase event to the international community that we are serious about the fight against internet fraud. More importantly, public education on the good use of the internet should be looked at.

Place of the Government on Internet Content Development
Well, government has rolled out several measures to redirect and refocus to the youths and the industry towards harnessing those potentials we are talking about, but I have not actually felt the impact.
May be we should wait a little while to see how the programmes, roadmaps and policies unleashed, especially the present administration, impact on the system.
Presently, we have programmes for software developers, which is a sub-sector that will pull some youths off the street.
So, the lauded programmes should be transformed to productivity. And I believe if we conduct the impact analysis of those measures it could lead to revisiting the policies or drafts that constituted them for better strategies and results.

The Internet and Entrepreneurial Opportunities
Most millionaires today are people who tapped into the openings available on the internet. They are into software development, online trading, researching, and other services.
The entrepreneurial opportunities available there are huge but Nigerians are yet to harness them in full.
We can point at companies like Konga.com, Jumia.com and few others that are offering online services, but there are areas that are lying fallow.
However, with the environment become favourable companies will definitely come into that.

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NIHSA Warns States of Possible Flood within Seven Days

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Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.

NIHSA Warns States of Possible Flood within Seven Days

According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.

“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.

“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.

“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.

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“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.

NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.

“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.

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First Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy

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First Trustees Limited, a subsidiary of FirstHoldCo Plc., and a leading provider of fiduciary and trusteeship services in Nigeria, is encouraging individuals, professionals, entrepreneurs, and investors to view Estate Planning not as an end-of-life exercise, but as a strategic investment tool for protecting, preserving, and transferring wealth across generations.

As more Nigerians focus on wealth creation through businesses, real estate investments, and other income-generating assets, experts are emphasizing that building wealth is only one part of the equation.

Equally important is creating structures that ensure those assets remain protected, properly managed, and seamlessly transferred to succeeding generations in accordance with the asset owner’s wishes. Importantly, Estate Planning is not solely for the wealthy, it is a prudent step for anyone with assets, dependants, or a business to protect, regardless of age, profession, or net worth.

Speaking on the importance of Estate Planning, Ereifemi Akeredolu, Managing Director/CEO, First Trustees Limited, noted that Estate Planning should be considered a core pillar of every long-term financial strategy.

“Many people focus on creating wealth but give litle thought to preserving it. Estate Planning is a wealth protection strategy that helps individuals safeguard their assets, secure their family’s future, and ensure that the value they build today continues to benefit future generations.”

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Using tools such as Trusts, Wills, and advanced succession plans, individuals can build structures that support wealth preservation, business continuity, asset protection, and intergenerational wealth transfer.

For entrepreneurs and business owners, Estate Planning serves as a powerful tool for ensuring business sustainability, helping organizations remain stable and operational regardless of unforeseen circumstances.

First Trustees continues to emphasize and educate on the importance of Estate Planning as a comprehensive strategy for proactive planning. It remains one of the most important financial decisions an individual can make: it provides clarity, minimizes uncertainty, and protects assets from unnecessary erosion and disputes. It also creates financial security for loved ones, supports business succession and continuity, and facilitates long-term investment and legacy planning.

 

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Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory

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Nearpays, Nigerian fintech, has won the AI for Good Innovation Factory grand finale — the first African startup ever to take the global title in the competition, which runs as part of the United Nations’ AI for Good Global Summit.

Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory

The competition drew more than 500 startups worldwide, each pitching AI solutions aimed at social and economic challenges.

The summit itself is organised by the UN through the International Telecommunication Union (ITU) in partnership with several UN agencies, convening governments, researchers, startups, and technology companies around AI’s role in development.

Nearpays’ route to the title ran through Johannesburg, where it won the African regional competition, before advancing to the global finals in Geneva.

There, the company progressed through the semi-finals and claimed the grand finale — a first for the continent.

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The company describes the win as bigger than a corporate milestone, calling it a victory for African innovation and proof that technology built to solve local problems can compete, and win, on the world stage.

Nearpays was founded to close a stubborn gap in African payments: small and medium-sized businesses that can’t afford or access traditional point-of-sale terminals.

Cost, availability, and deployment hurdles have kept many merchants — particularly in rural and underserved communities — locked out of digital payments.

Its answer is SoftPOS: an AI-powered platform that turns compatible Android smartphones into payment acceptance devices, letting merchants take contactless card payments with nothing more than their phones. AI is embedded across the platform, supporting payment processing, compliance, fraud detection, and business operations.

Crucially, the platform was built for African infrastructure realities — it works both online and offline, so merchants can keep accepting payments even without internet connectivity.

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The company credited its team’s years of product development and customer engagement for the result, and thanked the UN, the ITU, and the AI for Good initiative for building a platform where innovators can apply AI to real-world problems.

It also said it hopes the win encourages more African founders to build technology that answers local needs while competing internationally.

For Nearpays, the title closes one chapter and opens another, as the company pushes on with expanding digital financial infrastructure across Afric

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