E-Business
Experts Ring Fear as Cyber Thieves Exploit Security Lapses

Experts in IT security have warned of a possible cyber racket insurgence in Nigeria, unless controls needed to protect sensitive data and critical infrastructure from abuse by insiders are firmly installed, Nigeria CommunicationsWeek can report. The independent Oracle users’ group survey, which first revealed that attackers exploited legitimate database access through SQL injection and stolen credentials, said laxity in the industry remains since the 2011 report. The Independent Oracle Users Group had more than 300 database and information security professionals recently surveyed on their data security practices with disturbing results. 60 per cent of respondents say data breach was most likely. Hamilton Iyoha, pre-sales consultant, Oracle Corporation, Nigeria, said over one billion records have been breached from database serves over the past six years. Iyoha said at a one-day ‘Data Security and Optimisation Summit’ hosted by Computer Warehouse Group (CWG), that the figure doubles every two years. He noted that ICT revolution in Nigeria would spur latent hullabaloo and cyber crime owing to porous nature of companies’ database in the country. Iyoha said hackers usually deploy SQL injection technique to attack databases through a website usually carried out by including portions of SQL statements in a web form entry field in an attempt to get the website to pass a newly formed rogue SQL command to the database. SQL injection is a code injection technique that exploits a-security vulnerability in a website’s software. The vulnerability happens when user input is either incorrectly filtered for string literal escape characters embedded in SQL statements or user input is not strongly typed and unexpectedly executed. Thus, unprotected site oftentimes dump the database contents to the attacker. Iyoha said: “With the fast growth in data generation, demand for data security will also increase in manifold. Actually, 48 per cent of data breaches are caused by insiders, 89 per cent records stolen using SQL injections. Hackers use stolen credentials; all this call for stringent security applications. “As it is now, existing IT security is not addressing database security, because only 20 per cent of companies that participated in the survey have a kind of forecast estimate,” he noted. Iyoha said CWG/Oracle partnership has provided the society with a preventive and detective control security solution that demands authentication, access control and auditing capable of blocking threats. “About 75 percent of organizations genuinely doing business encrypt their database traffic. Another 22 per cent encrypt only their database backup files; however, Oracle Advanced Security (OAS) was produced in such a way that it protects data from unauthorized users, particularly on enterprise solution base,” said Iyoha. Peter Boglo, the senior technology pre-sales consultant, Oracle, despite huge spends on IT security by Nigeria financial institutions, and operators in the oil and gas sector, tangible results are hard to come by because of inappropriate spend. “Nigerian companies, banks, IT firms, those in oil and gas spend more money on information security management and they have not gotten maximum result. So, the Oracle database 11g is an epoch-making event that spans the full range of customers need. Information security is a prerequisite for growth, confidence building and protection of stakeholders in the digital economy,” said Boglo. He notes that the “National Identity Management Scheme requires user provisioning, role management, entitlement management, and risk based access control virtual directive. Therefore, our database must be protected to avoid the impending cyber attacks.” Christy Elendu, manager, Oracle Channels Analyst representing the country manager, said that the company spent about $4.3 billion in 2011 on research and development aimed at producing best software to tackle global security threats. “Oracle has been there since 1971 which we started with proprietary system to open and standard systems and CWG has been a worthy partner. And we are committed to hardware engineering, new opportunities for partners, better solution for customers.
E-Business
NITDA, CISCO Empower Youth with Digital Skills

Fifty selected young unemployed Nigerians have completed a four-week intensive digital skills bootcamp under the Digital Literacy for All (DL4ALL) initiative, gaining practical training in Data Science, Artificial Intelligence (AI), and IT Essentials.
The programme, a collaborative effort between the National Information Technology Development Agency (NITDA) and Cisco, was hosted at NITDA’s South West Zonal Office in Victoria Island, Lagos.
Speaking on behalf of the Director General of NITDA, Kashifu Inuwa , the Head of the South West Zonal Office, Mrs. Chioma Okee-Agugwo, described the initiative as a vital component of Nigeria’s digital future. “This is not just a closing ceremony. It is the launchpad for new journeys—anchored in digital knowledge and powered by innovation,” she remarked.
According to the Director General, the initiative is rooted in NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) and reflects key focus areas including Digital Literacy, Emerging Technologies, and Youth Empowerment. It also aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which seeks to accelerate economic diversification through digitisation, innovation, and skills development.
Inuwa noted that the DL4ALL initiative forms part of Nigeria’s broader commitment to digital inclusion—ensuring that no one is left behind in the evolving digital economy. It also supports the ambitious goal of achieving 70% digital literacy by 2027, championed by the Honourable Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani. This national vision aims to equip millions of Nigerians with the skills required to thrive in a tech-driven world.
He further emphasized the importance of empowering youth with globally relevant skills. “They are no longer just consumers of technology. They are creators, innovators, and future employers,” he said.
The NITDA boss explained that throughout the bootcamp, participants engaged in hands-on learning experiences designed to build both technical proficiency and digital leadership capabilities.
“This is only the beginning,” he stated. “Through our zonal strategy, we are bringing innovation closer to local communities. This is how we democratise access and unlock Nigeria’s full digital potential.”
Inuwa expressed appreciation to Cisco for delivering high-impact training and called on stakeholders to continue investing in partnerships, people, and platforms that drive digital inclusion.
He asserted that the newly certified participants are now equipped to contribute meaningfully to Nigeria’s digital economy—armed with the skills to build solutions, secure infrastructure, and launch tech ventures that solve real-world problems.
At the end of the bootcamp, participants demonstrated their knowledge through impressive presentations that showcased the integration of skills acquired across Data Science, AI, and IT Essentials. Many spoke passionately about how the programme had expanded their technical competence and sparked a drive to create job opportunities—not only for themselves but also for others—as entrepreneurs and digital solution providers in their communities.
E-Business
Cyberattack Could Cost it Up to $400m – Coinbase

Coinbase forecast a hit of between $180m and $400m from a cyberattack that breached account data of a “small subset” of its customers, the crypto exchange said in a regulatory filing on Thursday.
The company received an anonymous email on May 11, claiming to have information about certain customer accounts as well as internal documents.
While some data — including names, addresses and emails — was stolen, the hackers did not get access to login credentials or passwords, Coinbase said.
Still, it will reimburse customers who were tricked into sending funds to the attackers.
Hackers had paid multiple contractors and employees working in support roles outside the US to collect information.
The company has fired those involved, it said.
Separately, the New York Times reported that the US Securities and Exchange Commission (SEC) was investigating whether the company had misstated its user numbers.
Coinbase shares extended losses after the report and were last down 6.5%.
“This is a hold-over investigation from the prior administration about a metric we stopped reporting two-and-a-half years ago, which was fully disclosed to the public,” said Paul Grewal, Coinbase’s chief legal officer.
“While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close.”
The SEC declined to comment.
The latest developments come days before the company is set to join the benchmark S&P 500 index, casting a shadow over what was expected to be a landmark moment for the crypto industry.
Security remains a challenge for the crypto industry despite its growing mainstream acceptance.
In February, Bybit disclosed a hack in which about $1.5bn worth of digital tokens were stolen — widely described the biggest crypto heist ever.
“The cyberattack may push the industry to adopt stricter employee vetting and introduce some reputational risks,” said Bo Pei, an analyst at US Tiger Securities.
Funds stolen by hacking crypto platforms amounted to $2.2bn in 2024, according to a report from Chainalysis, a US-based blockchain analysis firm.
“As our nascent industry grows rapidly, it draws the eye of bad actors, who are becoming increasingly sophisticated in the scope of their attacks,” said Nick Jones, founder of crypto firm Zumo.
Coinbase has refused to pay a ransom of $20m demanded by the attackers and is working with law enforcement agencies. Instead it has established a $20m reward for information on the hackers.
The company is also opening a new support hub in the US and taking other measures to prevent such cyberattacks, it said.
E-Business
Q1 2025 .ng Domain Name Statistics Reflect Nigeria’s Advancing Digital Landscape

The Nigeria Internet Registration Association (NiRA) presents its report on .ng domain name registration and renewal statistics for the first quarter of 2025, highlighting the continued expansion of Nigeria’s digital footprint. The data underscores a consistent and significant adoption of the nation’s Country Code Top-Level Domain (ccTLD), reinforcing its pivotal role in the burgeoning Nigerian digital economy.
During the period spanning January to March 2025, a total of 40,791 .ng domain names were recorded. This figure comprises 22,236 new registrations and 18,555 renewals, indicating a healthy balance between the acquisition of new digital identities and the sustained commitment of existing domain name holders to their online presence.
Analysis of the registration trends within the quarter reveals a notable upward trajectory, with a 13.92% increase in domain name registrations observed between February and March 2025.
This growth signifies an increasing recognition of the importance of a localized online identity by a diverse range of stakeholders, including individuals, startups, Small and Medium-sized Enterprises (SMEs), and larger organizations.
Notably, the .com.ng extension continues to be the dominant choice, accounting for over 60% of both new registrations and renewals. This reaffirms its status as the preferred domain name extension for Nigerian businesses seeking to establish a credible and locally relevant online brand presence while maintaining global accessibility. The sustained popularity of .com.ng underscores its perceived value among Nigerian entrepreneurs and enterprises seeking to secure their digital real estate.
This upward trajectory isn’t happening by chance. The Nigeria Internet Registration Association (NiRA) has remained intentional in its drive for digital inclusion and domain adoption. Through public education, training via the .ng Academy, outreach campaigns, and partnerships with stakeholders across the tech ecosystem, NiRA has consistently advocated for the importance of owning a local domain. The current standing of .ng as the second most registered ccTLD in Africa reflects the efficacy of these efforts.
Digital adoption in Nigeria is no longer just about being online—it’s about owning your digital identity. And with a .ng domain, Nigerians are better positioned to assert that identity, connect with local and international audiences, and gain better control over their digital footprints.
As we look toward the rest of 2025, the Q1 results serve as a strong signal: more people are embracing the digital future, and the .ng domain is increasingly becoming their first step.
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