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IST Orders NDIC to Pay IPO Subscriber

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Investment and Securities Tribunal (IST) has ordered the Nigeria Deposit Insurance Corporation (NDIC) to pay a subscriber to an aborted initial public offering (IPO), in a landmark judgment that places the burden of uncompleted transactions on the NDIC.

IST Orders NDIC to Pay IPO Subscriber

The IST ordered NDIC to pay Winners Medical Diagnostic and Research Institute Limited N5 million for the aborted share purchase transaction.

According to The Nation, in addition, the NDIC is to pay N5 million at two per cent interest above the Central Bank of Nigeria (CBN) MRR from March 2006 when NDIC took over All States Trust Bank until the full payment of the principal sum.

The IST also awarded to Winners Medical Diagnostic and Research Institute, cost of N500,000 to be paid by NDIC.

But NDIC said it would instruct its solicitors to appeal the judgment.

The case involved Winners Medical Diagnostic and Research Institute and eight others, including NDIC, in which Winners Medical Diagnostic and Research Institute  bought 2.5 million shares in the 2005 IPO of the former All States Trust Bank Plc, now Ecobank Plc, at N2 per shares of 50 kobo each and paid N5 million.

The Tribunal found that it was wrong for the NDIC to classify the Winners Medical Diagnostic and Research Institute as a creditor, as it had no contractual relationship with the All States Trust Bank Plc for which it was expecting payments, but was rather a subscriber to its aborted IPO, whose money is by the capital market law, rules and regulations termed “return money”, to be refunded by the entity in custody of the money.

The Tribunal added that “NDIC having not denied that it took over the subscription money for the aborted All States Trust Bank Initial Public Offer, should be in a position to refund to Winners Medical Diagnostic and Research Institute Ltd the sum of N5, 000, 000, it paid for the un-allotted shares of All States Trust Bank”.

According to the IST, Winners Medical Diagnostics & Research Institute subscribed to 2, 500, 000 units of shares in the 2005 IPO of the former All States Trust Bank Plc, now Ecobank at N2 per shares of 50 kobo each and paid N5 million, which was acknowledged by the First Bank Plc and NDIC.

Though acknowledging the existence of the share-IPO suspense account, Ecobank Nigeria said it was not part of the private sector deposit liabilities of All States Trust Bank it inherited.

Reacting to the judgment, the NDIC said the decision of the tribunal was in error as it misconstrued and consequently misapplied the provisions of the legislations governing bank liquidation.

“The share/IPO subscription fee which was paid by Winners Medical Diagnostic and Research Institute to the defunct bank for the allotment of shares only qualifies the claimant as a creditor to the defunct bank as the subscription fee would be treated as money had and received by the defunct bank,” NDIC stated.

NDIC noted that it was an undisputed fact that Winners Medical Diagnostic and Research Institute was not a customer to the defunct bank but a subscriber to its shares, which unfortunately, were not allotted to it before the bank went under.

The NDIC said it was not contending the indebtedness of the defunct bank to Winners Medical Diagnostic and Research Institute for the IPO subscription fee.

“Rather, the position and contention of the NDIC is that the law on priority of claims must be strictly followed in the distribution of the assets of the defunct bank.

“To pay Winners Medical Diagnostic and Research Institute Ltd as ordered by the Tribunal without following due process as prescribed by law would amount to illegality on the part of the liquidator (NDIC) as it would be a clear violation of the express provision of the laws quoted above” NDIC stated.

According to NDIC, the tribunal also erred when it ordered the NDIC in its corporate capacity to pay the claimant the judgment sum as any award of damages should be against the defunct bank as it is still a legal entity until dissolved and its name struck out of the register of companies at the CAC.

 

 

 

 

 

 

 

 


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E-Business

Firm Warns of Phishing Attacks via Compromised Amazon Simple Email Service Accounts

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Kaspersky has detected phishing and business email compromise (BEC) attacks that are leveraging Amazon Simple Email Service (SES) – a cloud-based email service designed for businesses and developers to send and receive high-volume marketing, notification, and transactional emails (for instance, password resets).

Because these emails are sent via a trusted service, they originate from reputable IP addresses, frequently include legitimate “.amazonses.com” identifiers. This makes phishing messages nearly indistinguishable from legitimate correspondence at a technical level. Users should treat unexpected emails with extreme caution.

The attacks are driven by the theft and exposure of credentials from Amazon Web Services (AWS). The attackers are using leaked AWS Identity and Access Management Keys – often found in public repositories, misconfigured cloud storage, and exposed configuration files. With automated tools, threat actors can identify valid keys and abuse them to send large volumes of malicious emails through legitimate infrastructure operated by Amazon.

Attackers disguise malicious links behind trusted domains such as amazonaws.com using redirects and by creating highly convincing HTML email templates. In many cases, phishing pages are hosted on infrastructure that appears legitimate, further increasing the likelihood of credential theft from victims.

One of the campaigns observed by Kaspersky in early 2026 involved emails impersonating document-signing platforms like DocuSign. Victims were prompted to review and sign documents, only to be redirected to fraudulent login pages hosted on an Amazon Web Services page designed to capture credentials.

Researchers also identified business email compromise attacks carried out via Amazon SES in which attackers impersonated employees and fabricated entire email threads with suppliers. These messages, often sent to finance departments, requested urgent payments and included PDF attachments containing only banking details – with no malicious links – making detection challenging.

“We’ve seen attackers abuse trusted platforms before – like in cases with Google Tasks and Google Forms – where scammers rely on built-in notification mechanisms to deliver phishing links from legitimate domains like @google.com, effectively bypassing email filters and exploiting user trust.

“However, the abuse of Amazon SES represents a more advanced stage of this trend: instead of merely leveraging a platform’s notification features, attackers compromise cloud credentials and gain direct control over a trusted email-sending infrastructure. This allows them to scale attacks, fully customise messages, and deliver phishing emails that are hard to distinguish from legitimate business communications,” commented Roman Dedenok, Anti-Spam Expert at Kaspersky.

 


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NITDA says Digital Infrastructure Key to Startup Investment, Growth

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National Information Technology Development Agency (NITDA) has reaffirmed that a strong and reliable digital infrastructure is fundamental to attracting investment, boosting competitiveness, and achieving sustainable growth within Nigeria’s startup ecosystem.

NITDA says Digital Infrastructure Key to Startup Investment, Growth

NITDA

This position was underscored at the Africa Fintech Foundry Ecosystem Roundtable 7.0, a virtual engagement themed “The Capital Reset: What Technologies Are Still Fundable in Africa?”

Speaking on behalf of Kashifu Inuwa, Director General of NITDA, the Special Assistant on Digital Transformation to the DG, Muhammad Aminu, emphasised that investors are increasingly drawn to startups operating in environments supported by dependable digital infrastructure and clear, predictable policy frameworks.

He explained that digital infrastructure goes far beyond basic internet access. According to him, it encompasses cloud computing systems, digital identity frameworks, payment infrastructure, data exchange platforms, interoperability standards, cybersecurity architecture, and emerging artificial intelligence technologies.

He noted that, “These foundational systems significantly lower operational barriers for startups, enabling founders to focus on innovation, customer acquisition, and scaling, rather than having to build essential infrastructure independently.”

From an investment standpoint, Aminu observed that robust digital infrastructure reduces uncertainty, lowers operational risk, enhances scalability, and considerably cuts the cost of expansion, thereby making startups more attractive to both local and international investors.

He further highlighted several ongoing government initiatives aimed at strengthening Nigeria’s digital ecosystem. These include sovereign cloud projects, data interoperability frameworks, cloud adoption policies, cybersecurity and data governance reforms, as well as the implementation of the Nigeria Startup Act.

In addition, he stressed that regulatory clarity and consistency in policy direction remain critical in attracting sustained investment into the technology sector.

Aminu also noted that NITDA is giving priority to human capital development through the 3 Million Technical Talent (3MTT) programme, describing skilled manpower as a vital component of digital infrastructure.

In conclusion, he stated that a strong, well‑structured digital infrastructure framework not only lowers the cost of innovation but also boosts investor confidence and supports the long‑term growth and expansion of Nigeria’s startup ecosystem.

 


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CPN Begins Crackdown on Quack IT Professionals, Vows Tougher Action against Cybercrime

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Computer Professionals (Registration Council of Nigeria), also known as CPN has begun a nationwide crackdown on quackery and unlicensed practices in a bid to strengthen professional standards in the country’s information technology sector.

CPN Begins Crackdown on Quack IT Professionals, Vows Tougher Action against Cybercrime

CPN has also  vowed tougher action against cybercrime in the country.

These were the major decisions taken at its 2026 Information Technology Professionals’ Assembly and Annual General Meeting (AGM) on Friday

Essien Eyo, president and chairman of Council of CPN, speaking at a virtual press conference, said the council would continue to enforce strict compliance with professional regulations to safeguard the integrity of Nigeria’s computing ecosystem.

He warned that the council would not tolerate unlicensed practice in the sector, stressing that regulatory enforcement would be strengthened in line with its statutory mandate.

“The Act makes it mandatory for all persons and organisations seeking to engage in computing and professional services to be registered and licensed by the council.

“It is illegal to engage in computing and professional practice without satisfying the requirement of registration and possession of a valid licence,” Eyo said.

He added that the council was determined to rid the sector of quackery and ensure that only qualified professionals are allowed to operate.

“CPN is committed to ensuring high professional ethics and standards, and we will continue to intensify efforts to eliminate quackery, arbitrary practice and lack of standards in the IT sector,” he stated.

Eyo disclosed that the 2026 IT Professionals’ Assembly, scheduled for May 13 and 14 at the NAF Conference Centre, Kado, Abuja, would serve as a key platform to advance regulatory compliance, professional development and industry collaboration.

The event, now in its 20th edition, has the theme, “Digital Resilience and Inclusion for Smart Economy,” and aligns with Nigeria’s broader digital economy and Renewed Hope Agenda.

He explained that the theme reflects the urgent need to build a secure, inclusive and resilient digital ecosystem capable of withstanding modern technological disruptions.

“In an era defined by rapid technological change, cybersecurity threats, economic disruptions and evolving digital demands, resilience ensures that digital infrastructure and institutions can withstand shocks and sustain growth,” Eyo said.

“At the same time, inclusion guarantees that no segment of society is left behind in accessing digital opportunities.”

He said the assembly would also focus on emerging digital risks, ethical technology deployment, inclusive policy frameworks and strengthening collaboration among government, industry, academia and civil society.

Eyo further noted that the event would feature the induction of new members into the computing profession and would be delivered in a hybrid format to ensure wider participation.

“The 2026 IT Professionals’ Assembly is not just an event but a strategic platform for shaping Nigeria’s digital destiny,” he said.

He confirmed that the keynote address would be delivered by Bosun Tijani, minister of Communications, Innovation and Digital Economy.

Also speaking,  Aliu Abdullahi, vice president of Council, said the establishment of CPN was a Federal Government response to the need for proper regulation of Nigeria’s growing IT sector.

He said the council’s mandate includes setting professional standards, accrediting academic programmes, conducting examinations, regulating practice, enforcing ethics and maintaining the national register of computing professionals.

Abdullahi reiterated that all individuals and organisations engaged in IT training, computing services and related activities must be duly registered and licensed by the council.

He urged media organisations to support public awareness of the council’s activities, especially the forthcoming assembly, which he described as critical to strengthening Nigeria’s digital governance and professional integrity.


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