E-Business
Angst Over $2m Spent by Banks on None Core Banking Software

Indigenous software stakeholders have decried a trend in the country’s financial sector software consumption where banks spend as much as $2million to implement foreign none core banking software.

Nigeria CommunicationsWeek investigations have revealed that a bank in the country spent $2million to implement foreign software that is not its core banking application for a module.
Dr.Yele Okeremi, president, Institute of Software Practitioners of Nigeria (ISPON) in his response, said that if you look at 20 banks implementing at $2Million that is $40million for just one module. “The question is if we put $20million on the table which is half of the amount are we saying we cannot get two to three Nigerian firms to create alternatives to this software.
“If we leave our financial system in the hands of foreigners it opens us up as a government to crisis. Meaning that our financial system can be shut-down from overseas, that is the easiest way to topple a government. If anybody wants to topple any government, just shut-down the payment systems, if money cannot move from one person to another then you see that Nigerians can be very angry and if you are leaving this in the hands of foreigners it means we do not have national security.
“What smart countries are doing is to ensure that anything that is critical to their national security is domesticated.
When you look at our economy, a lot of thing is going on in oil and gas. How much have we domesticated and that is why the wealth of the nation is not in the hands of Nigerians. It is even bad for them to even have access, now we are giving them free control. These are issues that threaten national security but we don’t understand it.
“I’m not against importing software but, it is not right to import anything on a long term basis if you can do it competitively by yourself. Even when you import software it should be with the view to developing capability to domesticate it.
He added that: “it is not going to be possible to say people should not sale foreign software except if they can prove the country doesn’t need foreign software, which is impossible to prove just as long as people can prove that Nigeria has a need for it and Nigeria doesn’t have a solution at the moment then there is room for people to sale foreign software and anybody as far as I’m concerned that derives value using software is a member of ISPON.
However, the issue about local software should not be seen as ISPON challenge rather it should be seen as national challenge if the national leadership is smart. The idea we are discussing here are even issues of national security and sovereignty.
However, let us analysis whether some of the things we have or even the ones that we are importing are things we are capable of creating for ourselves in a comparative competitive manner, if we can find comparative advantage, meaning why should we be paying millions of dollars?
Bimbo Abioye, group managing director, FinTrak Software, said: “As developers of application in Nigeria, the challenge that we have is absence of regulation, despite coming up with products that are even better and have been successfully deployed where foreign options have failed still for whatever reasons operators would opt for foreign software.
“Even for mere travelling abroad for training, it is as small as that. For technical training which allows them to go shopping and collect estacode both in the private and public sectors.
“Where under heavens foreign solutions are to be acquired, technical training must happen in Nigeria. Because our hearts bleed when we see what happens and at eNigeria 2017 I made one comment, that Nigeria ranks among the poorest nations on earth despite the abundant resources and one index that was given to us is that Nigeria is also ranking first among the most foolish nations on earth.
“Because it is difficult to expect that when you spend $1billion every year enriching foreign nations, providing employment overseas, why won’t your youths be unemployed and they are finding job in Kidnapping and other crimes and nobody is immune from that.
“Where ever foreign software will be bought for whatever reason there should be software import tax which should be punitive as high as 35 per cent. When I go to Ghana they tax my software 33 per cent. We can use this fund to develop the ecosystem and provide single digit loan for software companies in Nigeria.
E-Business
FG Determined to Protect Rights, Privacy Online- NITDA

Federal government is determined to protect Nigerians’ rights and privacy in the digital space, according to Dr Ayodele Bakare, assistant director, Cybersecurity Department, National Information Technology Development Agency (NITDA),

To achieve that, Bakare, said that the government has developed several policy and regulatory frameworks to strengthen cybersecurity.
Bakare, stated all these during an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.
He said that cybersecurity governance in Nigeria was implemented through a collaborative approach involving multiple government institutions with different responsibilities.
According to him, the Office of the National Security Adviser (ONSA) provides overall coordination of national cybersecurity efforts through the National Cybersecurity Coordination Centre, which serves as its operational arm.
“At the national level, cybersecurity implementation is done collectively, and different government organisations are responsible for implementing different aspects of the national cybersecurity framework.
“At the top, however, the Office of the National Security Adviser coordinates these efforts through the National Cybersecurity Coordination Centre,” he said.
Bakare said that one of the key policy instruments guiding the country’s cybersecurity efforts was the National Cybersecurity Policy and Strategy Framework.
He also highlighted the legal framework provided by the Cybercrimes Prohibition and Prevention Act 2015, which was recently amended in 2024 to strengthen Nigeria’s response to cyber threats and digital crimes.
According to him, NITDA has also introduced sector-specific regulations to enhance cybersecurity in the country.
“One such regulation is the National Public Key Infrastructure Regulation, which is one of the core infrastructures required to ensure trust and security in digital communications and transactions,” he said.
Bakare said that NITDA played a pioneering role in Nigeria’s data protection landscape through the Nigeria Data Protection Regulation 2019, which laid the foundation for the current data protection framework.
He said the regulation had since evolved into a full legal framework implemented by the Nigeria Data Protection Commission.
Bakare disclosed that the agency was also finalising an Information Security Regulation that would soon be made available to the public.
He further explained that the regulation would provide organisations and individuals with clear guidelines on their responsibilities in safeguarding information and digital assets.
“Nigeria has continued to strengthen its legal and policy environment for cybersecurity, a development reflected in the country’s performance in the Global Cybersecurity Index.
“One of the pillars of the index focuses on legal measures and assesses the availability of national cybersecurity laws and regulations.
“Nigeria recorded a strong performance under the legal measures pillar, reflecting the country’s efforts to establish the necessary frameworks to support cybersecurity governance,” he told NAN.
He said that sustained collaboration among government agencies and stakeholders remained essential to effectively implement the existing policies and strengthen Nigeria’s digital security architecture.
E-Business
Firm Warns of Malware Aiming to Steal Data from Individuals, Organisations in Nigeria

According to Kaspersky telemetry, in 2025, spyware and password stealers attacks showed the biggest year-over-year growth in Nigeria among different analysed malware types.

Spyware, which is a type of malicious software installed on users’ devices to collect their data, grew in the number of attacks by 28% compared with the previous year. Password stealers, designed to gather users’ account information, increased in the number of attacks by 22%.
Exploits decreased slightly in the number of attacks in Nigeria, however they remain an acute threat that should not be underestimated. These are programs designed by cyber attackers to take advantage of vulnerabilities in an application or operating system to gain unauthorised access to it and to cause unintended behaviour to occur on software.
Ransomware, though very targeted in distribution, remains a high-risk threat for organisations, who should also guard themselves from supply chain and trusted relationship attacks.
Overall, Kaspersky security tools blocked more than 4 million online attack attempts on users in Nigeria in 2025. Online threats typically include different types of malware attacks, such as for example, password stealers, exploits, spyware, etc. Another 9 million on-device threats were blocked in the country, including malware delivered via infected USB drives.
“Operations coordinated by INTERPOL, such as Serengeti to which Kaspersky has contributed, demonstrate how international cooperation and threat intelligence sharing can strengthen the fight against cybercrime across Africa. At the same time, both organisations and individual users in the region play an important role in improving cybersecurity by staying informed about evolving threats and practicing good cyber hygiene.
“Dedicated security solutions, including Kaspersky Next for organisations and Kaspersky Premium for individuals, can further help reduce exposure to cyber risks,” said Moses Munguti, Technical Expert & Team Lead in Africa at Kaspersky.
Malware often reaches a device through phishing messages and websites employing social engineering techniques. If an operating system, browser, or application is outdated, attackers may exploit security flaws to install malware. To significantly reduce the risk of infections with malware, Kaspersky experts advise individuals and organisations to follow these best practices:
- Be cautious with links and attachments received, verify the sender before opening files or clicking links.
- Download software only from official sources.
- Install updates for systems and applications as soon as they become available.
- Use strong, unique passwords and enable multi-factor authentication wherever possible.
- Install reputable security software that can detect malware before it compromises the system.
- Regularly back up important data.
- Staying informed about current cyber threats and maintaining good digital hygiene helps keep devices and data safe.
E-Business
Nigus International, Elmirate Capital Ink $200m MoU for Nigeria’s Defense Tech, Satellite Hub

Nigus International Investment Limited and Elmirate Investment LLC (Elmirate Capital) have inked a strategic memorandum of understanding to launch a next-generation defense technology, satellite systems, and advanced manufacturing platform in Nigeria, backed by up to $200 million in planned investment.

Nigus International
The partnership, channeled through a new Special Purpose Vehicle called Nigus Tactical Systems Ltd, aligns with Nigeria’s push for sovereign defense capabilities under the Defense Industries Corporation of Nigeria (DICON) Act 2023.
It targets local production of drones, armored vehicles, munitions, cyber defense tools, and satellite networks to cut import reliance and boost regional security.
“Africa is entering a pivotal phase where technological capability defines economic strength and national security,” said HRH Prince Malik Ado-Ibrahim, Executive Chairman of Nigus International.
“This platform supports innovation, advanced manufacturing, and technology transfer to build a sustainable industrial base for national and regional needs.”
Pankajj Ghode, Managing Director of Elmirate Capital, added: “We’re proud to partner with Nigus to position Nigeria as a technology and aerospace hub.
“Our $200 million commitment connects global expertise in defense, cybersecurity, and aerospace with local talent for resilient growth.”
Key focus areas include Class C manufacturing platforms for tactical/ISR drones, unmanned aerial systems, ammunition, munitions, armored vehicles, and protected mobility; counter-terror surveillance with data analysis and border security tech; military cyber defense and cyber ranges; plus earth observation satellites, secure networks, and geospatial intelligence for defense and civilian use. The initiative aims to create high-value jobs, foster technology transfer, and establish Nigeria as a regional tech hub.
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