News
Data Breaches Cause 90% Organisations Commercial Misfortunes- Gemalto

A new study has found that about 90% of organizations that experienced data breaches suffered negative commercial consequences, while 87% of IT decision-makers feel their organization’s perimeter security is effective at keeping out security threats, even as other 30% of IT decision-makers admit their company has fallen victim to a data breach
Gemalto, the world leader in digital security, on Wednesday released the latest findings of the 2015 Data Security Confidence Index (DSCI).
The report reveals a widening gap emerging between the perception and the reality of perimeter security effectiveness amongst global IT decision makers.
The research shows increasing levels of investment in this area of data protection, despite an exponential growth in the number of data breaches.
The number of global data breaches continues to increase – according to Gemalto’s Breach Level Index (BLI), more than 1,500 data breaches led to one billion data records compromised in 2014 alone, a 49% increase in data breaches and a 78% increase in data records stolen or lost compared to 2013.
Despite this the DSCI research shows that almost nine out of ten (87%) IT decision makers feel their organization’s perimeter security systems are effective at keeping out unauthorized users. The study shows that IT decision makers are looking to further increase their investment in perimeter security with 64% looking to do so in the next 12 months.
Interestingly, when thinking of the most recent breaches, the average amount of breached data protected by encryption was below 8%, highlighting the need for a more robust data protection strategy.
Low Confidence in Ability to Prevent Breaches and Unauthorized User Access
Nevertheless, a third (33%) believe unauthorized users are still able to access their networks and a further 34% are not confident in the security of their organization’s data, should a breach occur.
In fact, the DSCI survey reveals that as a result of recent high profile breaches, 71% of organizations have adjusted their security strategy, but are still focused on perimeter security.
Adding to the confusion, nearly three quarters of IT decision makers (72%) stated that their investment in perimeter security has increased over the past five years, though 30% admitted that in the past 12 months their company has been victim to a breach, showing the need to approach security differently.
Although high-profile data breaches have driven over seven in 10 (71%) organizations to adjust their security strategy, more than three in five (62%) respondents are no more confident than they were this time last year in the security industry’s ability to detect and defend against emerging security threats.
“With the number of sophisticated breaches on the rise, relying on perimeter security systems alone is no longer enough. Traditional security staples such as firewalls and anti-virus should be part of a much greater security strategy. IT decision makers need to take into account that if someone is motivated enough they will breach a network, no matter how well it is protected,” said Tsion Gonen, vice president of Strategy for Identity and Data Protection at Gemalto.
Commercial Impacts of Data Breaches
As a result of these attacks, nine out of 10 organizations (90%) suffered negative commercial consequences, including delays in product or service development (31%), decreased employee productivity (30%), decreased customer confidence (28%), and negative press (24%).
This highlights the severe consequences of data breaches, which can be damaging both to an organization’s reputation and bottom line, as well as to customers’ confidence in entire industry sectors.
“Organizations still place too much emphasis on perimeter security, even though it has proven to be ineffective.
“Decision makers should place greater importance on customer data, and look to adopt a ‘secure the breach’ approach that focuses on securing the data after intruders penetrate the perimeter defenses. This means they need to attach security directly to the data itself using multi-factor authentication and data encryption, as well as securely managing encryption keys. That way, if the data is stolen, it is useless to the thief,” added Gonen in the report distributed by APO (African Press Organization) on behalf of Gemalto.
News
FG Seeks Stakeholders’ Collaboration to Bridge Digital Gap

The Federal Government has called for collaboration among stakeholders to bridge the digital divide in Nigeria, as it launches a series of flagship projects aimed at boosting digital inclusion.
According to Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, the government is committed to ensuring that all Nigerians have access to digital services, regardless of their location or socio-economic status.
Speaking at an industry-focused stakeholders’ engagement session in Lagos, Tijani said the projects, which include Project BRIDGE, Project 774 and the Universal Access Project, were designed to extend digital connectivity to underserved and unserved communities, promote digital literacy and drive economic growth.
Themed, “Fostering Connectivity in Unserved and Underserved Communities: Collaborating for Sustainable Growth,” the event organized by the Universal Service Provision Fund (USPF) of the Nigerian Communications Commission (NCC), in-collaboration with the International Telecommunication Union, (ITU) and supported by the UK Foreign, Commonwealth & Development Office, brought together chief executives of telecoms companies, development partners and trade associations, among other notable industry players.
The minister noted that though Nigeria has made significant strides in expanding connectivity and strengthening its digital technology infrastructure, millions of Nigerians were yet to have access to reliable connectivity.
He said: “Over the last 25 years, Nigeria has made significant strides in expanding connectivity and strengthening our digital technology infrastructure. In recent years, broadband penetration has been growing significantly, bringing more millions of Nigerians online and enabling new opportunities for innovation, entrepreneurship and digital inclusion.
“Today, however, there are still millions of Nigerians on the fringes of digital transformation, who are yet to have access to reliable connectivity. Many communities, particularly rural areas, face significant barriers, including inadequate infrastructure and limited digital literacy.”
These gaps, Tijani added, not only hinder personal and business growth but also limit the full potential of Nigeria’s digital economy. He stressed that the Universal Service Provision Fund has been a critical instrument in the FG’s mission to extend connectivity to these communities, supporting infrastructure expansion, fostering local innovation and driving inclusive policies.
According to him, the federal government, through the Ministry of Communications, Innovation and Digital Economy, is also actively in driving transformative projects aimed at unlocking digital opportunities for millions of Nigerians.
He listed some of the government’s flagship initiatives to close the divide to include, Project BRIDGE, Project 774,
Universal Access Project, National Broadband Alliance of Nigeria (NBAN) and the 3 Million Technical Talent.
The minister further explained that Project BRIDGE, a 90,000km fibre optic expansion, was designed to significantly improve broadband penetration across Nigeria by extending fiber optic infrastructure to all regions; while Project 774 ensures that every local government secretariat in Nigeria benefits from high-speed connecivity, fostering grassroots digital transformation.
He described the Universal Access Project as a game-changing initiative targeted at connecting over 20 million Nigerians, who currently have no access to digital services.
“The National Broadband Alliance of Nigeria (NBAN) is our multi-stakeholder’s effort to drive collaboration across government and private sector to drive universal high quality broadband access. The 3 Million Technical Talent programme ( 3MTT) is strengthening our talent pipeline to deliver a workforce to improve the digital ecosystem.
“These projects are not just focussed on infrastructure; but also about enabling businesses, empowering individuals and unlocking the full economic potential of Nigeria’s digital landscape as we work towards a $1trillion economy.
“However, bridging this digital divide is not a task for the government alone. Sustainable and impactful progress require strong partnerships across the public and private sectors, development agencies, civil society and local communities.
“To ensure effective collaboration, we must focus on four key pillars, including community engagement, leveraging existing infrastructure, capacity building and sustainable solutions.
“We stand at a defining moment in Nigeria’s digital transformation. We have the vision, the policy framework and the will to connect every Nigerian to the digital economy. But, we need your partnership to explore alternative innovative ways to deliver on all elements of our plans.
“There is a clear role for everyone, including government at all levels, private sector, development partners and local communities in this journey,” the minister stated.
Earlier in his address, Dr. Aminu Maida, the Executive Vice Chairman of the NCC, said the theme of the programme reflected collective commitment to ensuring equitable access to telecommunications services for all Nigerians, especially those in unserved and underserved communities.
“Today’s meeting is particularly aimed at bringing key industry stakeholders together to provide valuable insights on strategies that can be adopted to enhance USPF interventions and serve as a feedback mechanism to build partnerships for Nigeria’s digital future.
“It goes without saying that the USPF acknowledges the crucial role of collaboration, strategic partnerships and complementary efforts to achieve sustainable development,” Maida stated.
He reiterated that the NCC, through the USPF, has been at the forefront of initiatives aimed at providing universal access and universal service. According to him, these efforts align with broader national and global goals, including bridging the digital divide, promoting universal access, fostering economic growth and social inclusion, and achieving Sustainable Development Goals “SDGs 4” (Quality Education) and 9 (Industry, Innovation and Infrastructure).
“Without doubt, to achieve digital inclusion, government agencies, mobile network operators, infrastructure providers, equipment manufacturers, development partners and telecom trade groups must work closely together.
It is for this reason that a multistakeholders’ approach is essential to explore innovative financing models to attract investment in rural telecommunications, leverage emerging technologies and alternative power solutions for sustainable connectivity and promote policies that incentivize collaborative participation in connectivity projects.
“I want to use this platform today, to urge all stakeholders to take decisive steps toward strengthening partnerships.
Let us harness our collective expertise, resources and innovative capabilities to build a resilient and sustainable telecommunication infrastructure that will empower millions of Nigerians.
We must remember that collaboration remains the cornerstone of sustainable development in this sector,” Maida submitted.
News
AMCON Vows to Recover N455bn Debt from Arik Air, Affiliates

Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to recovering over N455 billion in debts owed by Arik Air Limited (in receivership) and its affiliated companies.

L-R: Chief Financial Officer, Aero Contractors Mr. Charles Grant; Head, Corporate Communications Department of Asset Management Corporation of Nigeria (AMCON) Mr. Jude Chiedozie Nwauzor; Hauwau Ibrahim of Corporate Communications Department; Head of Litigations, Mr. Norbert Enenmoh; Head of Legal Department, Mr. Albert Nwanozie; Acting Company Secretary Mrs Oyinlola Adebayo; Mr Issa Usman of Litigation Unit; and the Technical Assistant to the MD/CEO of AMCON Mr Mohammed Yusuf at a media luncheon with Judicial Editors at Marriot Hotel in Lagos…at the weekend
Jude Nwauzor, Head of Corporate Communications at AMCON, disclosed this during a media briefing in Lagos, stating that Sir Johnson Arumemi-Ikhide, promoter of Arik Air, Ojemai Investment Limited, and Rockson Engineering Nigeria, has been uncooperative in settling the debts.
Nwauzor described the refusal to repay the loans as a “disservice to the commonwealth and the Nigerian people,” adding that AMCON remains undeterred by alleged smear campaigns against the agency.
“These debts must be recovered one way or the other. The leadership of AMCON, under Mr. Gbenga Alade, will not deviate from its mandate to recover the huge debt owed to the Corporation by recalcitrant obligors,” he said.
According to AMCON, the debts, transferred from various banks due to non-performance, include N227.6 billion owed by Arik Air, N163.5 billion by Rockson Engineering, and N14 billion by Ojemai Investment.
Nwauzor refuted claims by Arumemi-Ikhide that the loans were performing and that the receivership was premature, describing such narratives as misleading.
“If the loan was performing, why was it sold and restructured? Why did he agree to the restructuring if there was no default? The simple answer is that he did not fulfill the agreed terms,” Nwauzor added.
Arik Air was taken over by the Federal Government through AMCON in February 2017 due to its debt profile exceeding N300 billion. Despite legal challenges, the receivership management, led by Captain Roy Ilegbodu, has continued to operate the airline effectively.
AMCON reiterated its resolve to recover the debts in line with its mandate, emphasizing the importance of accountability and transparency in the process.
News
Renaissance Energy Completes Acquisition of SPDC

Renaissance Africa Energy has completed the “acquisition of the entire (100%)” equity holding in Shell Petroleum Development Company of Nigeria (SPDC).
This is according to a statement on Thursday by the spokesman of Renaissance Africa Energy Holdings Tony Okonedo who said the acquisition was completed on the same day.
“This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited,” the statement added.
“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be ‘Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.’
We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act,” said Tony Attah, managing director/CEO of Renaissance.
He added: “We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic accelerator for the country’s industrial development”.
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