Connect with us

E-Business

Digital Encode Founders @ BoICT 22 Lecture Explore Impact of Blockchain in Digitization

Published

on

Kindly share this post

Dr. Oluseyi Akindeinde, chief technology officer and Dr. Adewale Obadare, chief visionary officer both founders of Digital encode, is a leading consulting and integration firm founded in 2003 that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

The dual was at this year’s Beacon of ICT lecture to offer insight on impact of Blockchain Technology in a Digitalized Nigeria.

Delivering the keynote speech, Dr. Oluseyi Akindeinde, reiterated the importance of technology in advancing human living conditions.

According to him, “ If we look at the advancement of digital technology from computer system. Blockchain is the third most important piece of technology that has been invented over time.

“The first being the personal computer, the second being the internet and the third blockchain technology. Before I say what blockchain is, I want to explain what blockchain is not.

“There is this misconception that every time you talk about blockchain the next thing people talk about is cryptocurrency. Before computer there was calculator. Is like when computer came we then started to look at computer as calculator. No. people saying that blockchain is cryptocurrency are misrepresenting it.

“It is same as thinking that the internet is about email only. Cryptocurrency is one bit of blockchain. When we say something is technology, there are three fundamental things that technology needs to fulfil. First, does it make you money – if there is a piece of technology people will want to see if it does affect their bottom line.

“Second; Is it system oriented – system in computer science means save yourself stress, time, Energy and money. If any technology does not save stress, time, energy and money such technology is useless. Third; does it solve a problem?

Akindeinde however, describe blockchain technology as is software. But different from the software we are used to because blockchain software is underpin by advanced cryptography and mathematics.

He further explained that blockchain came about because of fundamental problem with the internet.

“When you are on the internet it gives one the ability to move information from one place to the other. For instance, I can sit down in my house and send email. That email will get to where I am sending it to.

“As I send that email it is not valuable. There is no value to the email because I can send that particular email to multiple people. When you can send multiple emails from one source, inherently, there is no value. Anything that is of value has to be scarce.

“Around 2008, somebody sat down and asked, is there a way we can move value just as I am here now, my driver’s license is valuable to me. Money is valuable as well.

“How can I move value on the internet? The only way we can move value on the internet is to have a third party. If you have a third party in the middle of two people transacting you have counterpart risk. So, how do I take out that counterpart risk.

“How do I simulate what happens in the real world? In the real world, if I go to a store to buy something, I will pay the store keeper and collect the goods. That money I paid serves as a payment and settlement. I don’t need anybody to do clearing and settlement, that money assumes all that.

“The problem with that is if I am not in the same area or environment with the store keeper, there is no way I can move that money so I need someone who is going to sit in-between me and that person that will validate that I have that money. We are trying to solve the problem of double spending. We can represent this value digitally. How can I digitally represent value?

“Representing value digitally is not copy and paste. It is actually moving value, trying to eliminate counterpart risk by removing third party to get value.

“We have different authentication systems on the internet that operate in silos. Self- sovereign Identity is what is used in blockchain. Can’t we have authentication system that resides with the individuals rather than with a server at one location or the other,” he said.

Dr. Adewale Obadare, chief visionary officer, Digital Encode, responding to question onn why United States of America has not fully adopted Blockchain technology. Said that the problems we have in Africa is not the same as in United States.

He cited example of EMV technology in electronic card – chip & pin cards where US is still using Magnetic stripe, because they have compensation control such as social security number among others. If anyone steals money they will track the person down, we don’t have that here.

“The disconnect here is that USA has done their risk management, because of the number of ATMs and cards in circulation they decided to be doing it in phases.

“But, in Nigeria because we don’t have much ATMs and cards it was easier for central bank of Nigeria to implement migration to chi and pin. The same thing with the blockchain, we don’t have to suffer what the USA had suffered before we leapfrog,” he said.

Cyber security Efforts in Nigeria

Dr. Wale Obadare and Dr. Oluseyi Akindeinde, both founders of Digital encode have expressed worries over the implementation of none impactful cyber security solutions to organizations by vendors which has resulted in increased loss of money and data by organizations.

They cautioned organisations on over dependence on cyber security products for protection against cyber -attacks.

Obadare, further said that major challenge organizations face in the fight against cybercriminal and cyber warfare is lack of trained manpower.

“I have been in cyber security ecosystem for many years now and have identified lack of trained manpower in most organizations. Cyber security is not a certificate that speaks for you, but a continuous training to be ahead of the smart criminals, most organizations find it difficult to continually update their IT security staff to be able to face cyber threats,” he said.

Akindeinde, emphasized on the need for a national cyber security framework against industry specifics frameworks.

“There are a number of frameworks aimed at assisting most organizations in preventing cyber attacks. A prime example is the ISO 27001 ISMS. A more specific one for the financial / payments sector is the PCI DSS. This is a regulatory framework. I think it’s a case of the level of maturity of cybersecurity in the banking sector. Other sectors have not got to that advanced stage of maturity which is why the banks seem to be at the forefront of preventing and addressing issues related to Cybersecurity,” he said.

At Digital Encode, technology serves two purposes: to save money and solve a problem. Digital Encode also provides advisory services toward improvements in Information Security Management, Network Security, Vulnerability Management, Penetration Testing, Computer Forensics, Risk Management and Business Continuity Management.

Digital Encode’s unique methodology is rooted in the concept that a company should run its IT organization as a business. Throughout the well -defined process, Digital Encode translates strategic business objectives into sound, achievable technology solutions. This approach ensures that the technology never obscures the business goals.

Digital Encode has managed several projects for banks in the country among them included penetration testing and vulnerability assessments for PCIDSS certifications.

It has also assisted many organisations to deliver ISO 27001:13 certification which is a testament to their teamwork, focus, drive and will to succeed.

Recently, Digital Encode got licensed under the Data Protection Compliance Organisations (DPCO) by the National Information Technology Development Agency (NITDA).

With the development, Digital Encode is recognised by NITDA to provide training, auditing, and consulting services throughout the country in line with the Nigeria Data Protection Regulation (NDPR) principles.

Among the objectives behind the regulation were the protection of the privacy rights and freedoms of Nigerian citizens, on the one hand, and the promotion of local and foreign investments in the digital economy by safeguarding the information systems infrastructure against breaches and implementing internationally compatible rules.

Recognitions

Digital Encode and founders were conferred with several awards in recognition their efforts in pioneering effective cybersecurity strategy in Nigeria and Africa as well as its quality-driven operations and global best practice standards in Information Security Management and Compliance Advisory ecosystem among them included; the ‘Africa’s Most Innovative Quality Cyber-Security Consulting Company’ by African Quality Institute.

The company bagged Excellence Award in Compliancy Advisory Company and Cybersecurity Mastery Award at the prestigious Beacon of ICT Awards 2022 organised by Nigeria CommunicationsWeek .

Dr. Oluseyi Akindeinde, chief technology officer and Dr. Adewale Obadare, chief visionary officer both founders of Digital encode, emerged as Man of the Year and Cybersecurity Mastery Personalities of the Year.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

Kaspersky Reveals Malware Attacks on SMBs Disguised as AI Services Surged by Five Times in 2026

Published

on

Kindly share this post

From January to April 2026, Kaspersky security solutions detected more than 33,300 attacks on small and medium-sized businesses (SMBs), in which malicious or unwanted software for PCs were disguised as popular artificial intelligence (AI) services. This number has surged by almost five times when compared to the same period in 2025.

A new Kaspersky report reveals threat analysis and mitigation strategies to help SMBs protect themselves against the evolving threat landscape.

Kaspersky experts explored the extent to which threat actors target small and medium-sized businesses with malware disguised as legitimate AI services, considering the growing popularity of such tools for the business workflow. At the beginning of 2026 the most common lures in cyberattacks involved malware posing as ChatGPT (42%), Claude (24%), and DeepSeek (20%).

Among unique malicious files detected in the SMB sector and masqueraded as AI services, Kaspersky experts observed mainly different Trojware (Trojans and Trojan-like malware), including those capable of downloading and running other malware on compromised devices.

Trojware disguises itself as harmless files to trick users into installing them. Their functionality may vary depending on the type of the malware. It may include stealing, deleting, blocking, modifying or copying users’ data, as well as other malicious capabilities. Given this, Trojware represents a highly dangerous cyberthreat to entrepreneurs and businesses.

However, in 2026 Kaspersky telemetry detected even more attacks on SMBs, in which malicious or unwanted software for PCs were disguised as messenger apps and video conferencing software: Telegram, WhatsApp, Zoom and Microsoft Teams. From January to April Kaspersky solutions blocked almost 415,000 such attacks.

The number of attacks changed marginally compared to the previous year’s figures. Thus, Kaspersky experts note that the lure of fake communication apps remains a widespread cyberthreat.

“The threat landscape is evolving with new lures constantly appearing. For example, for the first four months of this year our solutions for small and medium-sized businesses detected hundreds of attacks, in which malicious or unwanted software were disguised as OpenClaw – an AI tool that rapidly gains popularity in 2026.

Corporate employees are increasingly using various AI services and other tools in their workflows, including those that are publicly available. Thus, to be on the safe side, SMB employees – as well as all users – should exercise caution when looking for software on the Internet. Always check the correct spelling of the website and links in suspicious emails, and use robust security solutions,” says Vasily Kolesnikov, security expert at Kaspersky.

“As adversaries constantly refine their methods to exploit human error, the need for up-to-date security awareness training for businesses of all kinds and sizes is undeniable. However, the reality is that micro-organisations often struggle to allocate time and budget to regularly update their staff on the latest threats and malicious trends.

“We believe this issue can be largely addressed through solutions tailored for small businesses which deliver robust core protection while also providing accessible security education,” adds Rodion Pyanov, product manager, Kaspersky Small Office Security.

 


Kindly share this post
Continue Reading

E-Business

LG Showcases AI-Powered Smart Living Innovations @ Africa Technology Expo 2026

Published

on

Kindly share this post

LG Electronics has reaffirmed its commitment to advancing innovation and smart living across Africa by participating as a supporting sponsor at the Africa Technology Expo (ATE) 2026, where the company is showcasing its latest portfolio of premium consumer electronics and home appliance innovations.

The two-day expo, themed around strengthening Africa’s enterprise technology ecosystem through collaboration and innovation, has brought together industry leaders, technology innovators, multinational companies, policymakers, and entrepreneurs to explore opportunities for cross-border partnerships and digital transformation across the continent.

As one of the supporting sponsors of this year’s event, LG’s interactive exhibition booth has become a major attraction, offering visitors firsthand experience of the company’s latest AI-powered technologies designed to enhance everyday life while delivering greater comfort, convenience, energy efficiency, and connectivity.

Among the innovations on display are the latest LG QNED TV, delivering exceptional picture quality and immersive entertainment; the iconic MoodUP™️ Refrigerator, which combines intelligent cooling with customizable LED door panels; the innovative LG WashTower™️, an all-in-one premium laundry solution that maximizes space and efficiency; the energy-efficient LG ARTCOOL Air Conditioner and LG Air Tower, designed to provide smarter climate control; alongside LG’s advanced Dehumidifier and other intelligent home solutions.

Speaking on LG’s participation, Mr. H.S. ji, Managing Director, LG Electronics West Africa, said: “Africa Technology Expo provides an excellent platform to engage with innovators, businesses, and consumers who are shaping the future of technology across the continent. At LG, innovation goes beyond creating advanced products, it is about developing meaningful solutions that improve everyday life.

“Our participation reflects our commitment to supporting Africa’s digital transformation while introducing intelligent technologies that make homes and workplaces smarter, healthier, and more energy-efficient.”

The Africa Technology Expo was established to foster stronger collaboration among African businesses, emerging enterprises, and multinational organisations. During the opening ceremony, the organisers emphasized the need for deeper continental collaboration to unlock Africa’s innovation and economic potential, noting that previous editions of the expo have facilitated approximately $192 million in business deals among participating companies.

LG’s presence at the event aligns with this vision by demonstrating how cutting-edge consumer technology can support economic growth, digital inclusion, and sustainable development across Africa.

Visitors to the LG booth are participating in live product demonstrations, interactive experiences, and expert consultations, gaining valuable insights into how LG’s AI-powered ecosystem seamlessly connects home appliances and entertainment products to deliver a smarter lifestyle.

As technology continues to reshape industries and everyday living, LG remains committed to driving innovation that empowers consumers, supports enterprise growth, and contributes to Africa’s evolving digital economy.


Kindly share this post
Continue Reading

E-Business

Want a Business Loan Without Interest? SMEDAN Launches N500m Fund

Published

on

Kindly share this post

Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has secured a 12 million-dollar commitment from the South Korean Government to establish a Skills Acquisition Centre in Abuja to boost entrepreneurship and strengthen Nigeria’s Micro, Small and Medium Enterprises (MSMEs).

Want a Business Loan Without Interest? SMEDAN Launches N500m Fund

SMEDAN

The Director-General of SMEDAN, Mr Charles Odii, disclosed this in a statement on Sunday to commemorate the 2026 World MSME Day with the theme: “Empowering MSMEs through Innovation and Sustainable Industrial Development.”

Odii said the proposed centre would provide vocational and entrepreneurial training for thousands of young Nigerians and improve the productive capacity of small businesses across the country.

He said the agency was awaiting the allocation of land by the Federal Capital Territory Administration (FCTA) to commence the project.

According to him, SMEDAN is determined not to allow Nigeria to lose the opportunity presented by the South Korean Government’s intervention.

“We need land in the FCT to build the Skills Acquisition Centre. If the FCT Administration is unable to provide one, we will use our office premises in Idu, Abuja, because we do not want Nigeria to miss this 12 million-dollar commitment and opportunity offered by the Korean Government to support skills and vocational training,” he said.

Odii described MSMEs as the backbone of Nigeria’s economy, noting that the agency’s interventions were aimed at empowering small businesses to drive employment and economic growth.

“Small businesses are the heartbeat of Nigeria’s economy. They contribute significantly to employment generation and economic growth.

“By providing infrastructure, skills and financing, we are creating an enabling environment for them to grow, thrive and contribute meaningfully to national development,” he said.

The SMEDAN boss also announced the launch of a N500 million zero-interest Grow Fund to improve access to affordable finance for MSMEs.

He said the facility would be disbursed through cooperative societies, trade associations and business membership organisations under a revolving loan arrangement.

Odii explained that the association-based lending model was designed to improve accountability, ensure effective monitoring and guarantee that funds reached genuine entrepreneurs.

“We visited traders at the market because it is not enough to sit in offices and formulate policies without understanding the realities of the people we are meant to serve.

“We met with butchers, pepper sellers, vegetable traders, provision store owners and market leaders, and they all said one thing: they need access to affordable finance.

“That was why we immediately decided to launch the N500 million Grow Fund. We are not giving the money directly to individuals. We are giving it to associations that know their members and can monitor how the funds are used,” he said.

According to him, beneficiaries will access loans ranging from N250,000 to N500,000, depending on their business needs, without paying interest.

“The funding is meant to support and improve businesses. It should be used for working capital, workspaces, tools and other productive business needs.

“It is a revolving fund. When one beneficiary repays, another entrepreneur can access the same money. This way, the impact of the intervention continues to expand and more small businesses can benefit,” he added.

Odii said the agency planned to expand the fund through partnerships with state governments, development partners and financial institutions willing to provide matching funds.

He also disclosed that SMEDAN had commenced consultations on a new National MSME Policy, expected to be relaunched in November, to strengthen the policy framework for the sector.

He reaffirmed the agency’s commitment to supporting small businesses through skills development, access to finance and policies that would enhance their competitiveness and contribution to Nigeria’s economic development.


Kindly share this post
Continue Reading

Trending