E-Financial
Cisco Warns Banks, Others of Increased Cyber- Attacks
The increasing threats of cybercrime menace may impact more on the activities of banks and other financial institutions, oil and gas and other sectors of the economy, except urgent measures are implemented.
Speaking at the presentation of the 2014 Cisco Mobility Report in Lagos, Dare Ogunlade, Cisco’s Country Manager, Nigeria, Liberia, Sierra Leone and Ghana, noted that cyber insecurity was posing great danger to individuals, businesses and governments across the globe, growing at an average 14 per cent on a year-on-year basis.
Ogunlade said while agriculture, mining, electronics and pharmaceutical industries characterised the list vulnerable sectors on a global scale, the Nigerian case is a peculiar one where banks, operators in the oil and gas industry and government appear to be the most vulnerable.
According to him, the advent of Bring Your Own Device (BYOD), a practice where workers bring their personal PC and other devices to an office environment and connect same to an organisation’s network to work, has made cyber-attacks to increase astronomically.
“Hackers work in collaborations with each other’s to actually launch attacks on organisations and the trend is becoming a lot more difficult because organisations have not really come to terms with the complexity of cyber-attacks,” he said.
He noted that 91 per cent of Java-based applications were compromised because it is the most popular language of the Internet with open source capability. While lamenting lack of security experts, who can identify threats and nip them in the bud in most organisations, Ogunlade described security solution as an end–to-end practice, which organisations must deploy but decried that it currently suffers inadequate skills.
“Organizations across Africa must realize that it is no longer if they will targeted by cyber-attacks, but rather when. Chief Information Security Officers face growing pressure to protect terabytes of data on an increasingly porous network, manage information safely especially on the cloud, and evaluate the risks of working with third-party vendors for specialized solutions – all in the wake of shrinking budgets and leaner IT teams”, he stressed.
Explaining the severity and complexity of cyber-attacks, Adeola Kukoyi, a Cisco security technology expert, said that 60 per cent of data is stolen in hours, 54 per cent of breaches remain undiscovered, while 100 per cent of companies are connected to domains that host malicious files or services. Kukoyi, thus, unveiled a 10-point checklist provided in the Cisco’s security report to help organisations guide against cyber-attacks.
He listed that the checklist to include assessment of the totality of companies’ networks; re-evaluation of acceptable use policy and business code of conduct; determination of what data must be protected; knowing where the company’s data is and understanding how and if is being secured.
Kukoyi advised firms to among other things,”assess your company user education practices, use egress monitoring (monitor what is being sent out of your organisation and by whom and to where), prepare from the inevitability of BYOD, create an incident response plan, implement security measures to help compensate for lack of control over social networks, and monitor the dynamic risk landscape as well as
Cisco Warns Banks, Others of Increased Cyber- Attacks
The increasing threats of cybercrime menace may impact more on the activities of banks and other financial institutions, oil and gas and other sectors of the economy, except urgent measures are implemented.
Speaking at the presentation of the 2014 Cisco Mobility Report in Lagos, Dare Ogunlade, Cisco’s Country Manager, Nigeria, Liberia, Sierra Leone and Ghana, noted that cyber insecurity was posing great danger to individuals, businesses and governments across the globe, growing at an average 14 per cent on a year-on-year basis.
Ogunlade said while agriculture, mining, electronics and pharmaceutical industries characterised the list vulnerable sectors on a global scale, the Nigerian case is a peculiar one where banks, operators in the oil and gas industry and government appear to be the most vulnerable.
According to him, the advent of Bring Your Own Device (BYOD), a practice where workers bring their personal PC and other devices to an office environment and connect same to an organisation’s network to work, has made cyber-attacks to increase astronomically.
“Hackers work in collaborations with each other’s to actually launch attacks on organisations and the trend is becoming a lot more difficult because organisations have not really come to terms with the complexity of cyber-attacks,” he said.
He noted that 91 per cent of Java-based applications were compromised because it is the most popular language of the Internet with open source capability. While lamenting lack of security experts, who can identify threats and nip them in the bud in most organisations, Ogunlade described security solution as an end–to-end practice, which organisations must deploy but decried that it currently suffers inadequate skills.
“Organizations across Africa must realize that it is no longer if they will targeted by cyber-attacks, but rather when. Chief Information Security Officers face growing pressure to protect terabytes of data on an increasingly porous network, manage information safely especially on the cloud, and evaluate the risks of working with third-party vendors for specialized solutions – all in the wake of shrinking budgets and leaner IT teams”, he stressed.
Explaining the severity and complexity of cyber-attacks, Adeola Kukoyi, a Cisco security technology expert, said that 60 per cent of data is stolen in hours, 54 per cent of breaches remain undiscovered, while 100 per cent of companies are connected to domains that host malicious files or services. Kukoyi, thus, unveiled a 10-point checklist provided in the Cisco’s security report to help organisations guide against cyber-attacks.
He listed that the checklist to include assessment of the totality of companies’ networks; re-evaluation of acceptable use policy and business code of conduct; determination of what data must be protected; knowing where the company’s data is and understanding how and if is being secured.
Kukoyi advised firms to among other things,”assess your company user education practices, use egress monitoring (monitor what is being sent out of your organisation and by whom and to where), prepare from the inevitability of BYOD, create an incident response plan, implement security measures to help compensate for lack of control over social networks, and monitor the dynamic risk landscape as well as keep users and employees informed.”
keep users and employees informed.”
The Federal Inland Revenue Service (FIRS) has clarified that the Memorandum of Understanding (MoU) recently signed with France’s Direction Générale des Finances Publiques (DGFiP) is a strictly technical assistance and capacity-building framework.
The clarification comes after talks of concerns that the MOU is a means for foreign interests to gain control over Nigeria’s sovereign tax data.
On Thursday, the Federal Inland Revenue Service (FIRS) signed an MoU with France’s Direction Générale des Finances Publiques (DGFiP).
“At no point does it grant France access to Nigerian tax data, digital infrastructure, or operational control of our systems. All Nigerian laws regarding data protection, sovereignty, and cybersecurity remain fully in force, and the MoU includes robust confidentiality and data protection provisions,” Umar Ahmed, director, Intergovernmental Affairs, Federal Inland Revenue Service, said in a recent release.
The DGFiP is one of the world’s most sophisticated tax administrations, with over 100 years of institutional experience, a workforce exceeding 90,000 professionals, and globally recognised expertise in digital tax systems, institutional governance, taxpayer services, and public finance management.
Ahmed said that the partnership is advisory, non-intrusive, and mutually beneficial, designed to strengthen FIRS’ institutional capacity as it transitions into the Nigerian Revenue Service (NRS).
“The collaboration provides Nigeria with a unique opportunity to learn from international best practices in workforce management, digital transformation, tax policy development, and regional cooperation, while ensuring that Nigeria retains full control over its tax administration and data,” he said.
Ahmed said that local technology providers are not being sidelined; FIRS continues to engage and collaborate with Nigerian innovators, including NIBSS, Interswitch, PayStack, and Flutterwave.
“The MoU is not intended to deliver technical services, but rather to provide capacity-building, advisory support, and knowledge sharing based on DGFiP’s extensive institutional experience. The collaboration focuses on institutional strengthening, workforce development, digital transformation guidance, taxpayer education, policy modernisation, and regional integration—all fully aligned with Nigeria’s sovereignty and national interests,” he said.
The director said that the service is far from compromising national control. This agreement represents a strategic initiative to modernise Nigeria’s tax administration, enhance institutional capacity, and strengthen the country’s long-term economic resilience.
“Nigeria remains fully in command of its tax systems, data, and policy direction. FIRS remains steadfast in its commitment to transparency, professionalism, and collaboration in the pursuit of national development,” Ahmed said.
House of Representatives yesterday passed second reading a bill seeking to introduce a single, non-renewable six-year tenure for the Governor and Deputy Governors of the Central Bank of Nigeria (CBN), challenging the current CBN Act 2007 that allows an initial five-year term with reappointment option.
CBN
The legislation, jointly sponsored by Jesse Okey Joe Onuakalusi (Oshodi/Isolo Federal Constituency) and Majority Leader Julius Ihonvbere, proposes sweeping reforms to modernise the apex bank’s governance, unify the exchange rate system, ban foreign currencies for domestic transactions except via authorised channels, and align operations with international best practices.
Key provisions include separating the roles of CBN Governor and Board Chairman to curb power concentration, capping Ways and Means advances at 10 per cent of the previous year’s actual revenue to check inflationary financing, mandating 90 days’ notice with impact assessment and National Assembly briefing for currency redesign, and enhancing the Monetary Policy Committee with independent external experts plus macro-prudential tools and stress testing.
Onuakalusi, opening the debate, described the changes as “structural and forward-looking reforms” to protect the economy, restore monetary policy confidence, and bar the CBN Governor and deputies from partisan politics, stressing that the current Act no longer suits today’s realities amid past controversies like Godwin Emefiele’s tenure and the disruptive naira redesign.
He said: “The Central Bank of Nigeria is too critical an institution to operate under a framework that no longer reflects Nigeria’s economic realities or international best practices.
“This bill is not targeted at any individual or administration. It is a structural reform for economic stability, transparency, accountability, and sustainable governance.”
Deputy Speaker Benjamin Kalu put the bill to a voice vote, with lawmakers unanimously endorsing its passage at second reading. A similar Senate bill for a single six-year tenure had passed second reading in February 2024.
E-Financial
Sterling Bank, Pan-Atlantic University Partner to Certify Non-Oil Export Academy Graduates
Sterling Bank Limited has signed a Memorandum of Understanding (MoU) with Enterprise Development Centre (EDC) of Pan-Atlantic University (PAU) to certify graduates of its Non-Oil Export Academy.
L-R: Kola Oluyemi, Group Head, Sterling Academy; Dr. Nneka Okekearu, Director, Enterprise Development Centre (EDC), Pan Atlantic University (PAU); Abubakar Suleiman, MD/CEO, Sterling Bank; Dr. Nnenna Ugwu, Head, Alumni Engagement and Support Services, EDC at PAU; and Akporee Idenedo, Divisional Head, Commercial Banking, Sterling Bank at the recent MoU signing to certify graduates of Sterling Bank’s Non-Oil Export Academy.
This strategic partnership underscores the Bank’s commitment to diversifying Nigeria’s economy by supporting non-oil export growth.
This landmark agreement follows the recent launch of the Sterling Bank Non-Oil Export Academy, designed to position Nigerian exporters for global competitiveness.
The launch was preceded by a series of nationwide training programs in Lagos, Ondo, and Kano states, culminating in a grand finale themed “Excel in Non-Oil Export.”
The initiative aims to equip exporters with practical tools to thrive in international markets, thereby reducing Nigeria’s reliance on oil revenues.
Speaking at the signing ceremony in Lagos, Sterling Bank’s Managing Director and CEO, Mr. Abubakar Suleiman, affirmed that the Bank is intentional about creating an ecosystem where non-oil exporters are well-informed and equipped to advance national interests.
“We are not just training people to understand how to export; we want to train them to be competitive exporters of non-oil products,” Suleiman said.
“Our goal is to build a community of knowledgeable, certified, and confident exporters who can collaborate to solve challenges beyond their immediate capacity. Our North Star is to reach a point where hundreds of people have completed this programme and are ready to compete on a global scale.”
Dr. Nneka Okekearu, Director of the Enterprise Development Centre (EDC), expressed enthusiasm for the collaboration. “Having spent the last twenty-three years deepening the competencies of entrepreneurs, we thoroughly understand what is needed and are excited to be part of this initiative,” she noted.
Dr. Okekearu emphasized that the export market has been neglected for too long. “With the right structure, standards, and mindset in place, entrepreneurs passing through this programme will help create not only a better Nigeria but more sustainable communities,” she added, noting that she looks forward to the case studies that will emerge from the programme’s participants.
Beyond sectoral outcomes, the initiative reinforces Sterling Bank’s commitment to support the development of human capital that positively shapes and impacts the wider economy. The Academy will run four cohorts within the year, commencing in 2026.
With this partnership, Sterling Bank and the Enterprise Development Centre are laying the foundation for a new generation of globally competitive Nigerian exporters, professionals equipped not only with knowledge, but with the certification, confidence, and networks needed to scale.
As both institutions align their expertise to strengthen non-oil export capacity, this collaboration signals a bold step toward a more resilient, inclusive, and diversified economy.
The Non-Oil Export Academy therefore serves as a catalyst for national transformation, empowering businesses and communities to unlock Nigeria’s full potential on the world stage.
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