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Electronic Fraud is Online Equivalent of Stealing – Akindeinde

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Oluseyi Akindeinde is the chief technical officer of Digital Encode
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Oluseyi Akindeinde is the chief technical officer of Digital Encode, a cyber- security company involved in the implementation of security measures and certification for banks and others.
Akindeine is a thoroughbred cyber-security expert with over 10 years working experience in cyber-security space in Nigeria.
He started his career with a company called Datasphir from where he joined Digital Encode as a co-founder.
His company has initiated and implemented measures aimed at fighting cybercrime and electronic fraud such as managing of Nigerian Electronic Fraud Forum and cyber-security operation centre.
He spoke to chike onwuegbuchi on issues around fighting cybercrime in the country.
 
 
State of Cybercrime and Fight in Nigeria
Cybercrime is still on the rise despite efforts to curtail it. To be honest it is not unexpected as most transactions are concluded online end-to-end.
Organizations have done quite a lot in reducing this menace but in my opinion, people (as opposed to technology and process) still remain the critical part of this.

Impacts of Cybercrime Law
For one, it is expected that anyone found to have committed any type cybercrime act will be brought to book and made to face the consequences.
Cybercrime or electronic fraud, is the online equivalence of stealing and such same measures should be meted out to anyone found to have committed the act.

Things to Ensure Maximum Benefit of the Law
Oh yes there are and it has already been set in motion by the formulation of the Cybercrime Advisory Council by the office of the National Security Adviser (ONSA). Part of the mandate of the advisory council is to reinforce and enhance the implementation of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015 and the National Cybersecurity Policy and Strategy adopted on the February 5, 2015, which outline the legal, institutional and technical frameworks needed to drive the nation’s preparedness to fight cybercrime and protect Nigeria’s national interests in its engagements in cyberspace.

Computer Emergency Response Team (CERT)
Of course it is needed. Just as we have people securing and safeguarding Land, Sea and Air, we need a national CERT to secure our cyberspace.
The battles of the future will not be fought by fighter jets but in cyberspace. Furthermore, efforts should be put in capacity building and training of the people who would man the CERT.

Banks on Implementation of Security Certification such as PCI DSS
Again Fraud cannot be totally eliminated once you have the ‘people’ factor. No matter the amount of technical controls you put in place, if someone is going to fall for a social engineering attack, those controls cannot stop it.
It is incumbent on the financial institutions to sensitize the public on the dangers of phishing and social engineering tricks.
Personal information should never be given online as NO bank will request for it. This includes, Passwords, Passcodes, PINs. These are to remain private and never handed to anyone.

Cyber-Security Operation Centre (CSOC) and Fight against Cybercriminal
It’s the first independently operated SOC. It’s our attempt at assisting organisations, especially financial institutions, monitor their systems and networks for anomalous traffic patterns.
We not only monitor but also alert at imminent danger if any.
We do this all day, every day freeing the Financial Institutions to conduct business without thinking about security. We also assist in cybercrime investigation, recovery and digital forensics.

Digital Encode and the Nigerian Electronic Fraud Forum (NeFF)
NeFF was inaugurated by the bankers’ committee in 2011 to address and proactively manage the incidences of electronic fraud and related matters in the industry. The forum is made up of the CBN, the deposit money banks (DMB), law enforcement agencies (LEA) and other stakeholders in the financial services sector.
Our mandate is to assist the forum in gathering, analysing and reviewing fraud data, conducting forensics and predictive analytics as well as training and capacity building for industry personnel.

Digital Encode in Cyber Security Space
We are the foremost cybersecurity company in Nigeria and we constantly assist organisations achieve optimum security by providing services such as Advanced penetration tests, compliance to global information security standards such as PCIDSS, ISO 27001 and CoBIT.

Emergence as the Cyber Security Company at Beacon of ICT Awards
It’s a fantastic award for our organisation and it only goes to show recognition for what we have been doing. We truly appreciate it.
 
 
 
 
 


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Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

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Anonymous Nigeria, hacktivism, known for launching coordinated cyberattacks and protests in support of socio-political movements, has threatened to leak stolen South African government data unless its demands were met.

Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

The group, called for the department to stop xenophobic attacks on Nigerians in South Africa, or it will expose the data.

“They call themselves correctional services, but they can’t correct the citizens. What a shame,” the group said in its Telegram channel, MyBroadband reported.

“They killed a lot of Nigerians while the so-called correctional services watched and the ministry of justice.”

It is immediately know if Anonymous Nigeria is affiliated to Nullsec Nigeria.

But in a post on a hacker forum, Nullsec Nigeria included a link showcasing an example of data stolen from the department.

It included two bid invitation notices, bid results, a copy of the bids received, and a notice of a bid awarded in various formats.

“We’ll expose all your evil deeds for the world to see, unless this attack stops. But if not, we’ll leak everything they got,” Nullsec Nigeria said.

“Unless the government of South Africa ends these xenophobic attacks on Nigeria, we’ll expose everything about you, your evil deeds will be exposed, and the world shall know.”

MyBroadband asked the Department of Correctional Services about the claimed breach and Nullsec Nigeria’s demands, but it did not immediately respond to our questions.

Nullsec Nigeria also claimed responsibility for breaching several other entities in South Africa, while responding to an X post about its OpSouthAfrica campaign in its Telegram channel.

“I wanna express something here. I saw a report on the #OpSouthAfrica hack by Nullsec Nigeria, but it was stolen by another person,” it said. “Tag the real breachers next time.”

In a separate thread on the hacker forum, Nullsec Nigeria also claimed responsibility for breaching the Ephraim Mogale Local Municipality’s systems.

It claimed to have hacked the local government’s website and threatened to expose “everything you got for others to see how heartless you are. You killed mothers, brothers, students.”

Nullsec Nigeria said the breach and the threats were in response to the xenophobic attacks on and killing of Nigerians and the South African government’s supposed silence on the issue.

“These attacks are still going on in the dark, and we’ll expose them all. If the South African government doesn’t act first, the whole of South Africa will suffer,” it said.

“This is just a wave. These documents are about 11GB, but we decided to pull just this one.”

Its post included two images: one for a public hearing and another, a handwritten tender document for the appointment of an insurance service provider.

It also included a link to several other documents, including an old annual report, council resolutions, financial statements, and various other notices.

The Nigerian Government recently announced plans to bring citizens back to the country from South Africa after violent protests over foreign nationals in the country erupted earlier in May.

President Cyril Ramaphosa condemned the protests and criminal acts directed at foreign nationals in his From the Desk of The President weekly newsletter on 11 May 2026.

He emphasised the recent demonstrations and attacks did not represent the views of the South African people, nor the government’s policy.

“These are the acts of opportunists who are exploiting the legitimate grievances, particularly those of the poor, under the false guise of ‘community activism’,” The President said.

“Some of these people are assuming functions that only state officials are permitted to perform, including stopping people to check identification and conducting searches of private property.”

He added that such lawlessness would not be tolerated, regardless of who the perpetrators or victims were.


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World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


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Lagos Plans New Cybersecurity Centre

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The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.

According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.

The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.

Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.

Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.

The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.

The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.

The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.

 


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