E-Business
CWG, MAG Tech Introduce Effective Approach to IT Risks and Security
Computer Warehouse Group (CWG PLC), the leading technology Company in Africa and MAG Tech, a specialized information security and intelligence Company, recently organized an information security session in Lagos where all the decision makers charged with security in financial sector, and technology experts converged to deliberate on the new concept that will curb Cyber-attacks and fraud in the industry.
This is in a bid to reduce the level of threat and Cyber- attack in the financial sector.
The session themed, ‘Security Operations Centre (SOC) – Financial Services in the Cyber Attack Era’ created a rich avenue for the stakeholders to extensively discuss and understand the new concept, Security Operations Centre (SOC) as the ultimate information security platform required to drastically minimize the Cyber-attack and threats currently being encountered by the financial institutions.
Speaking at the session, James Agada, chief technology officer of CWG, said that CWG as a Technology Company goes beyond enabling businesses with products and solutions to concepts that will ensure 100% security of all the customers’ transactions.
According to Agada, product and product knowledge are not adequate to achieve the end result of any business solution, and hence the need for the new concept, which is centered on how to detect and react to fraudulent transactions.
Agada further expressed that 50% of the transactions in the industry are running on the servers that are being managed by CWG’s seasoned and trained engineers.
“Our aim is to ensure that these skills are internalized in Africa as information security is crucial to us and our customers” He said.
Nadav Arbel – MAG Tech’s chief technical officer, in his presentation on Darknet and Crime stated that Cyber-attack is originated from the Darknet which is the illegal part of the internet.
According to Arbel, Cyber-attack occurs when there is data leakage which may be caused by misconfiguration of a server or other sources.
He stated further that no one can run a business efficiently without being on the internet and as long as your business is connected on the internet, you will experience some form of cyber-attack and threat. Hence the solution is your ability to detect and prevent it.
“Security Operations Centre has been conceptualized for detection and prevention of darknet’s negative impact on businesses” He added.
One of the highlights of the session was a testimonial from one of the leading banks in Africa where Mag Tech has implemented a SOC.
According to the testimony, the bank was struggling with Cyber-attacks and threats until a Security Operations Center was designed and implemented.
Presently, they can monitor all the transactions on their network across the globe through the SOC concept from their office in Lagos.
The number of intra-bank and inter-bank Cyber-attacks and threats detected and prevented can also be tracked through SOC.
The testifier concluded by encouraging the other banks to have a strategic roadmap to tackle IT Risks & Security issues by looking at implementation of a standard & effective Security Operations Center.
In his words, “Any bank that wants to be in business and roll out innovative products powered by IT infrastructure must take into consideration the Security Operations Centre, as information security is very key in the financial industry”.
He further explained that the concept enables the bank to help their customers from being defrauded and the banks can jointly eliminate or maximally reduce the level of Cyber-attacks and threats in the system when all the banks are monitoring through SOC.
This SOC concept is effective and is a necessity for all the banks that want to remain in business considering the huge amount of losses banks incur as a result of cyber-attacks. “The cost of implementing SOC concept is very minimal compared to the losses through Cyber-attacks” he said.
The event was attended by almost all the banks in Nigeria, and has provided a platform for banks to share information on effective security operations centre implementations to curb fraud and enhance the growing use of the internet for banking and financial inclusion within a safe and secure framework.
National Identity Management Commission (NIMC) has clarified that all its verification service platforms remain fully functional and accessible to all authorized partners, including security agencies.
Abisoye Coker-Odusote, DG, NIMC
In a statement on Thursday, the Commission firmly denied claims that it had denied the Police Service Commission (PSC) access to its verification server.
Dr. Kayode Adegoke, head of Corporate Communications, NIMC, described the reported “inability of the Police Service Commission to access the NIMC verification server” as misleading and inaccurate.
He suggested that any challenges faced by the PSC may be due to internal issues within the commission itself, not from NIMC’s end.
The statement reads: “To set the record straight, the NIMC granted verification access to all Nigerian Police formations for the verification of the National Identification Number (NIN). The NPF, PSC and other security agencies have been enjoying uninterrupted verification services for over five years.
“NIMC has provided top-notch verification services for recruitment into the Nigeria Police Force, as conducted by the PSC and at no time have there been any complaints or issues regarding NIN Verification by the NPF or PSC.
“The Commission has a robust and harmonious working relationship with the Nigerian Police Force and the Police Service Commission. The Information Communications and Technology (ICT) department of the Nigeria Police Force is actively managing the long-standing verification and integration service between the NIMC and all Nigeria Police formations.Entertainment tourism packages
“NIMC will continue to provide flawless verification services for the purpose of recruitment, security mapping, cybercrime control, and any other security matters.
“The framework by which NIMC provides services to the security agencies was recently restructured for standardization and effective implementation, following consultation with the Office of the National Security Adviser, and NPF has confirmed the verification services have continued to be available. We therefore believe that any service interruption experienced by PSC may be due to internal matters.
“NIMC is committed to providing excellent verification services to the PSC, NPF and all its partners but the terms and conditions inherent must be adhered to for uninterrupted flow of service.”
Nigerian government, through the Office of the National Security Adviser (ONSA) and the National Information Technology Development Agency (NITDA), has announced a strategic collaboration to strengthen cybersecurity and clean up the nation’s cyberspace.
Recognizing that cybercrime knows no borders, Nigeria also reaffirmed its commitment to fostering stronger global partnerships within the cybersecurity ecosystem.
This announcement was made during a press conference before the inaugural National Cybersecurity Conference, which is scheduled to take place in Abuja from July 9th to 11th, 2025.
Sa’ad Abubakar, national cybersecurity coordinator from the Office of National Security Advisor, said fighting cybercrime must take the whole of society and the whole of the government approach.
According to him, “Apart from the deterrent approach whereby government agencies such as Economic and Financial Crimes Commission (EFCC) arrest individuals, take them to court and prosecute them, the youth can be nurtured into better citizens who can showcase their capacity in better ways and be useful to the country.”
Similarly, Kashifu Abdullahi, director-general, NITDA, also stressed the need for collaborative efforts in fighting cybercrimes.
According to him “Then, in addition to that, we also want to build a stronger global collaboration with the global cyber security ecosystem, because when you look at cybercrime in general, it doesn’t respect the borders.
“Someone can commit a crime from Ghana using a Nigerian ID in the US. So you can look at him physically in a different jurisdiction, pretending to be in another jurisdiction, committing the crime in another jurisdiction.
“So without that kind of synergy and working together, it will be difficult to address these challenges. The third one is challenge. The third one is getting an alternative to cybercrime for our kids in Nigeria. We have this as a major challenge.”
Inuwa further highlighted the upcoming conference’s importance, noting that it would tackle key issues through workshops, discussions on emerging threats, cross-border cybersecurity collaboration strategies, and training programmes.
He also announced that the National Cybersecurity Conference 2025 would feature the Cybersecurity Excellence Awards, recognising top contributions in the field.
The DG extended an invitation to global partners to collaborate with Nigeria in building a safer digital future.
The press conference was attended by notable figures, including Ahmad Sa’ad Abubakar, National Coordinator of, the National Cybersecurity Coordination Centre (NCCC); Hanniel Jafar, Representative of the President, of Cyber Security Experts Association of Nigeria (CSEAN); Ankit Shukla, Managing Director, QNA Marketing Management LLC and members of the press and other stakeholders.
XIAN Telecom has acquired an 8% stake in pan-African e-commerce company Jumia Technologies, citing the platform’s fintech and logistics strengths as key drivers of its backing.
This marks the first major telecom investment in Jumia since MTN Group’s exit in 2020.
AXIAN, a fast-growing telecom and digital services provider with operations across Africa, disclosed the purchase in a Schedule 13D filing with the U.S. Securities and Exchange Commission.
While the financial terms were not disclosed, AXIAN Telecom CEO, Hassan Jaber, described the move as a strategic alignment with Jumia’s growth trajectory and digital ecosystem.
“Jumia’s achievements in digital retail and fintech, particularly through JumiaPay and its logistics network, make it a very attractive investment for us. We believe in Jumia’s potential to promote financial and economic inclusion, which aligns with our core values,” said Jaber.
Once dubbed the “Amazon of Africa,” Jumia became the first African-founded tech company to list on the New York Stock Exchange in 2019.
But years of underperformance, leadership changes, and competitive pressures dented investor confidence.
In October 2020, South Africa’s MTN Group offloaded its 18.9% stake for $138 million, well below the $698 million value it once held post-IPO.
Since then, Jumia has undergone a significant transformation. Under CEO Francis Dufay, appointed in 2022, the company exited low-performing markets like South Africa and Tunisia, cut costs, and doubled down on core markets – Nigeria, Kenya, Egypt, and Morocco.
The firm is now focused on high-growth verticals, including everyday essentials and digital financial services.
Jumia’s regional CEO for East Africa, Vinod Goel, recently revealed plans to scale up international brand offerings and open its logistics network to third-party businesses.
Jaber underscored that AXIAN Telecom’s investment signals renewed confidence in Jumia’s long-term potential.
The telecom firm’s CEO said the company views Jumia as a key player in advancing Africa’s digital economy, aligning with AXIAN’s mission through its fintech and digital infrastructure brands such as Yas and Mixx by Yas.
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