General News
Cyber Risks Have Become New Norm in Business Life- Aimufia
Cyber incidence has become new norm with the increase in number of people that use mobile phones to assess the internet.
Odalo Aimufia, CIO, Leadway Assurance, made the remark while speaking on “Cyber Risk: Overview of the Threat Landscape,” stating that in recent years people assess the cyberspace through mobile phone, “whether it’s in developing or developed world, we have more and more people assess the internet through their mobile phones and that has exponentially raised the issue of how do we secure ourselves”.
Aimufia who was part of discussants at Leadway Assurance Company Limited’s Cyber Risks seminarheld recently in Lagos.
Leadway Assurance, Nigeria’s foremost insurance service companies organized the Seminar in partnership with Chubb Limited, world’s largest publicly traded property and casualty Insurer.
He added that most organizations that are forward looking have in their agenda something around cyber space and protection.
“It’s either the company is trying to go digital and as they go digital they exposure themselves to third party, so the question is how do we do it in a safe way.What are the possible repercussions of this digitalization programs,” he said.
Aimufia stated that a survey carried out last year shows that 41% of CEOs indicated that companies are likely to go digital in the next few years and a similar survey carried out last year also shows that 72% of these CEO’s identify Cyber risks as one of their top most priorities in their organizations, which means that cyber security is the one of the top three things that keeps these CEOs awake at nights.
He added that Cyber crime is a major threat to businesses, as 94% of people survey indicated that cyber crime is a major threat to their business.
The Leadway Assurance CIO noted that these cyber threats are not always external alone, it has become internal too, as more people
However, other facilitators at the Cyber Risks Seminar expressed that cyber risks are huge threats and that there is need to mitigate or nib them in the bud.
Ms. Adetola Adegbayi, executive director, General Business, Leadway Assurance, while speaking on “Cyber Risk: Crime and Infidelity” expressed that value is what leads to crime, “we have positive and negative value depending on how we behold what is of value to us”.
“I will start by considering what Value is, it is essentially value that leads to crime, Value is why people exploit, people need to earn money, and when you see something of value you decide what you want to do with it and you set all your business around it, hopefully if everything goes well and the market is right you make money.
“And that any value that is developing on a positive side there’s also a negative side of value, the negative side of value is crime,” she said.
She added that as the general world is being automated, crime world is being automated, that people in the crime world is striving to be ahead in their act.
She narrated an incident where a staff of a financial institution was blackmailed into compromising the system in order to rescue a family member who kidnapped.
She said “Crime has become suffocated that it could be committed when an internal person in an organization is being threaten to commit crime, when either their family member have been kidnapped and they need to compromised the system by transfer money from with the system to the person who is holding their family member at ransom,”
She enumerated so many ways through which crimes are been committed and stressed need for us to put control measures in place in order to mitigate it.
Federal Competition and Consumer Protection Commission (FCCPC) has warned Lagos traders against enforcing the unlawful “no return, no refund” policy, declaring it illegal under the Federal Competition and Consumer Protection Act (FCCPA) 2018.
FCCPC
Dr Olubunmi Otti, FCCPC Southwest Zonal Coordinator, issued the directive during the inauguration of new executives of the Phone and Allied Products Dealers Association (PAPDA) on Wednesday, stressing consumer education as the strongest defence against market exploitation.
“There is no such thing as ‘no return, no refund’. If a product does not fulfil its intended purpose, the consumer has the right to return it,” Otti declared, adding the commission mediates complaints for refunds, replacements, or exchanges.
Non-compliant businesses face fines, product withdrawals, seizures, prosecutions, or shutdowns. Otti noted thousands of monthly complaints via the FCCPC portal in the Southwest alone, with sensitisation expanding to Alaba Market and Trade Fair Complex.
She urged consumers: “When your rights are violated, do not just say, ‘You give it to God.’ Bring your complaints to the FCCPC. The law empowers us to protect you,” while calling for traders’ collective responsibility to ensure quality products and services.
African Development Bank Group (AfDB) has approved a €6.5 million investment in the Saviu II venture capital fund to boost technology start-ups across Francophone West and Central Africa.
The Bank Group will contribute €4.5 million as equity investment and an additional €2 million as a first-loss hedging tranche on behalf of the European Commission under the Boost Africa Programme.
The investment is expected to strengthen early-stage financing for innovative businesses with strong technological and digital components, particularly in French-speaking countries.
Saviu II, the second investment vehicle managed by Saviu Partners, plans to invest between €500,000 and €3 million in about 20 seed-stage or early institutional fundraising start-ups. The fund will primarily target B2B technology-oriented companies with scalable models.
At least 60 per cent of the fund’s commitments will focus on French-speaking countries in West and Central Africa, including Côte d’Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund may also co-invest in promising East African technology firms seeking expansion into Francophone markets.
In addition, Saviu II will dedicate a special funding envelope for pre-seed investments, mainly through minority equity stakes, often in collaboration with incubators, venture studios and other ecosystem partners.
Industry observers say the AfDB’s backing is expected to de-risk early-stage investment and crowd in more private capital into Africa’s growing digital economy.
Saviu Partners previously launched Saviu I in 2018 with a capitalization of €10 million.
The first fund invested in 12 start-ups, mainly based in French-speaking West Africa, offering not just funding but hands-on support in business development, recruitment, international expansion and fundraising.
Nigerian Electricity Regulatory Commission (NERC) has ruled in favor of electricity consumers, directing distribution companies (DisCos) to refund ₦20.33 billion in outstanding costs for meters bought under the Meter Asset Provider (MAP) framework.
NERC
Signed on February 27, 2026, by Musiliu Oseni, chairman,NERC and Dafe Akpeneye, commissioner Order No. NERC/2026/025 amends a 2023 directive.
It requires DisCos to disburse the funds via energy credits over 12 months starting March 1, 2026, addressing years of slow refunds.
As of December 31, 2025, DisCos owed this amount due to delays in reimbursing prepaid customers who funded their own meters.
DisCos must automate credits for the full MAP meter cost upon activation, disbursed monthly over 120 months based on the customer’s tariff—credits cannot offset legacy debts.
Prepaid customers will receive a monthly token by the 4th day equivalent to the reimbursement value; for arrears, they’ll get two tokens per month.
Postpaid customers will see a distinct credit line on bills subtracted from totals, with two line items monthly for arrears.
NERC mandates monthly reports on reimbursement values using an approved template, plus dedicated email channels for complaints with resolution status included.
The order aims to end delays, improve notifications, and boost sector trust. DisCos must accelerate arrears recovery over 12 months without further excuses.
This follows NERC’s February 2026 compliance review, amid ongoing power sector challenges highlighted by Power Minister Adebayo Adelabu.
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