E-Business
BBBS, Barac Partner on Enterprise Fraud & Cybersecurity Solutions

In a bid to provide real time monitoring and detecting of enterprise fraud and cyber-attacks, Best of Breed Business Solutions (BBBS) has partnered Barac in providing Barac solution to Nigerian Banks and telcos.
Omar Yaacoubi, chief executive officer and co-founder, Barac, said at an event to unveil the solution to Nigerian banks in Lagos that Barac is real time feasibility solution that helps organisations detect threats, fraud and cyber-attacks in real time and with high accuracy across different channels.
“What is unique is that we have seen worldwide that fraud and cybersecurity have become more convergence, where more people in an organisations are stealing data from their organisations to commit fraud, so, cybersecurity, fraud, internal threat, internal monitoring of attacks, internal threat are becoming more and more common.
“At Barac we help solve both problems because fraud is used by cyber attackers or by people inside to get the data, so both of them are very important and both of them need to be covered by one solution.
“Our solution uses artificial intelligent or machine learning and behavioural analytics. Machine learning is going to the data base to understand how the fraud is and how the problem behaves and how do we get to this fraud amount, the date and different information around that.
“This is combine with behavioural analytic which is more about the person, how do this person behave on different channels how do the user or customer behave so you can understand and detect any abnormal behaviour of the user or customer. That is where we are unique in combining both approaches to give very high accuracy,” he added.
He identified some of the existing challenges that Nigerian Banks are facing in tackling fraud and cyber-attacks which is slow adapting solutions to changes in the behaviour of hackers.
“There are a number of things banks need to do, first is innovative solutions that can adapt to hackers behaviour, sometimes they change their behaviour so the solutions the banks use needs to change their behaviour as well.
“With the current solutions that they have especially with the rule base solutions, banks will not be able to do that because it takes up to six to nine months to change the rules where you have to modify rules, it is very complex this is where solutions with behavioural analytic and machine learning will help to solve the problem.
“Secondly, is opening those silos that the banks have where the transactions system works alone, CRM system works alone, core banking solution will work alone, all those system are unique and will work alone on their own, so, that is where they need solution that communicate.
“They need solution that have holistic view, the solution that can detect attacks across the whole channels that they have, especially as they move into cloud and adding new capabilities and opening their networks to new features like USSD, Fintech companies that have access to the banking data,” he said.
According to Ethelbert Mbama, chief executive officer, Best of Breed Business Solution, “We understand the challenges in Nigeria today with Digital Transformations, engagement in multi channels, opening up platforms with Third Parties and Partners, Reactive mode instead of Proactive mode, Preventive instead of Reactive, Data explosion and most importantly, the changing patterns of Fraudsters as well as the role of Internal employees in conjunction with external fraudsters.
“We have x-rayed major patterns and use cases Fraudsters have been using, like Sim Card Swap, opening multiple accounts in Banks with same picture, linking of debit cards to accounts, disabling of internal applications settings of customers and tampering with internal applications.
We understand the issue of Data quality which generates thousands of false positives that is time wasting in investigations. We equally understand the high cost associated with investments in Fraud and Cyber Security in organizations especially around Infrastructure and multiple Security solutions to handle different kinds of security issues.
“We understand the silo nature of multiple solutions that do not talk to each other, none availability of 360 degrees view of the entire security monitoring and analysis, and huge cost associated in Annual maintenance, upgrades, etc of different applications used to secure the organization.”
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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