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African Banks Strong Despite Meltdown- Pera

Published

16 years ago

December 8, 2009

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Emilio Pera, banking and Capital Markets director at Ernst & Young has said that banks across sub-Saharan Africa, with the possible exception of Nigeria, have not faced collapse on a major scale in spite of global economic meltdown.
He noted that while they have felt the effects of slowing revenue growth and reduced trading income, “this has not led to the collapse of any of the major banking institutions.”
“There are a number of lessons the banks have learnt from the recent crisis. First and foremost, banks have had to acknowledge that liquidity risk is a crucial risk area that has to be given more attention. An area the G20 also committed to modify in the Basel II Capital Framework. Prior to the outbreak of the financial liquidity crisis, banks tended to concentrate on three major risk categories, namely credit, operational and market risk. This is increasingly going to be complemented by a fourth risk category, namely liquidity risk. Major banks, including some South African institutions, have incurred losses from proprietary trading positions, which proved difficult to unwind in an illiquid market,” he added.
“Indeed, some major Nigerian banks had to be rescued by central bank intervention due to those banks building up significant portfolios of credit with direct exposure to equity markets. This meant that those banks had taken on significant market positions, knowingly or unknowingly, even if the banks were not themselves directly exposed to stock-exchange equities.”
This according to Pera raises two concerns, “On the one hand, there was undoubtedly a credit risk issue in that too much credit was extended to equities, resulting in concentration risk. But in addition to that, liquidity risk was in all likelihood overlooked, or at the very least under acknowledged. Having concentrated risk in one or two market segments is already a major risk in its own right. But having major exposure to capital markets is another matter, and one that banks (and other financial services companies) across the globe have been grappling with.”
Currently, the Nigerian stock exchange index is 38% off its levels of 12 months ago, indicating why creditors that borrowed funds to purchase shares have struggled to repay loans.
Ernst & Young reports that many sub-Saharan banks have not incurred losses as a result of the banking crisis. “Rather profits have slowed dramatically in the last reporting periods. This is true for banks in all of the major hubs, including East and Southern Africa, and with the exception of Nigeria, the western hub too,” Pera said.
In this environment of slowing revenue growth, banks have been forced to re-examine their cost structures. But, he points out: “It’s about more than just cost-cutting. Whilst cost cutting is essential to getting financial services companies through a short-term crisis, firms need to take a longer-term view of their core business. This in turn, will help them determine what business processes need improvement and refinement.”
“In addition, financial services companies may need to re-examine their core versus non-core business, and decide what should best be divested from, and where to concentrate resources for future growth. In reality, some costs may need to be increased in the short-term as longer-term efficiencies are sought.”
“Information Technology is one area where if anything, financial services companies understand they may need to increase their spending in order to benefit over the longer term. IT is critical to ensuring enhanced data quality, finance and risk integration, and greater client insight. All of these components have become critical in light of the recent crisis,” he added.

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NIGCOMSAT Adopts Government’s Performance System

Published

10 hours ago

January 28, 2026

Ebere Melum-Nwogbo

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Nigerian Communications Satellite (NIGCOMSAT) Ltd, in a strategic move to modernise its operations and foster a results-oriented workforce, has officially adopted the Federal Government’s Performance Management System (PMS).

NIGCOMSAT Adopts Government’s Performance System

The initiative, aimed at driving efficiency and institutionalising accountability, was marked by an intensive staff training program designed to align the agency’s operations with national performance goals and the Presidency’s vision for a digital-first public sector.

According to a statement from Stephen Kwande, the Agency’s acting head of Corporate Affairs, “the transition to PMS is a departure from historical evaluation methods. The new system is designed to provide real-time performance tracking and instill a stronger work ethic across all directorates”.

Welcoming participants, Mrs. Jane Nkechi Egerton-Idehen, managing director/CEO of NIGCOMSAT, represented by Abiodun Attah, executive diirector, Technical Services, described the adoption as “long overdue.”

She emphasised that the system is critical for ensuring that NIGCOMSAT contributes effectively to Nigeria’s broader digital economy targets.

In her opening remarks, Mrs. Chinwe Udogu, general manager, Human Resources Management, expressed NIGCOMSAT’s enthusiasm for the program, urging staff to dedicate themselves fully to the three-day training.

She noted that the exercise was pivotal in repositioning the company to achieve its highest aspirations.

The training consultant, Mrs. Njoku Chioma, said the program is expected to drive culture change, automate work processes, and strengthen institutional performance.

The three-day training, jointly organised by the Office of the Head of Service of the Federation and NIGCOMSAT Management, covers key themes including:

• Overview of the FCSSI25 as an institutional performance-driven Federal Civil/Public Service

• Service culture and workplace attitude in the Nigerian public sector

• Implementation of the Performance Management System in NIGCOMSAT

• Application of Artificial Intelligence tools to enhance performance in the Nigerian public sector

The move comes at a time when NIGCOMSAT is expanding its footprint, with recent initiatives like the 2026 SpaceTech Accelerator Programme and partnerships for grassroots digital skills training.

By strengthening its internal management framework, the agency aims to ensure that its technical advancements in satellite technology are matched by an equally efficient administrative engine.

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

Published

13 hours ago

January 27, 2026

Chike Onwuegbuchi

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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

Published

1 day ago

January 27, 2026

Ebere Melum-Nwogbo

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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.