E-Financial
Legal Framework Hobbles Cybersecurity Efforts
Cyber security stakeholders have expressed concerns over lack of clear legal framework in the country in the fight against cyber- attacks, Nigeria CommunicationsWeek has been told.
They identified obsolete cybercrime law been implemented in the country, absence of cyber security trained judiciary and law enforcement personnel as well as data protection law that need to be reviewed and strengthen for an effective fight against cyber-attacks.
According to Remi Afon, president, Cyber security Experts association of Nigeria (CSEAN), “Cybercrime is dynamic and changes from time to time. When the cybercrime law was passed a few years ago, there was no mention of cyptocurrency. A lot of cyber criminals were not in the dark web. So there is a need for cybercrime laws to keep changing to keep pace with the activities in cyberspace.
“Nigeria is vulnerable. A lot of our information is online these days. Even the government has started connecting their system online. The only way we can tackle this problem is to have a strong legislation, which will make organizations to be compelled to make sure their assets are secured, and whenever there is a breach, there also is a notification. Many cyber crime activities are taking place in Nigeria on a daily basis, but because they are not reported, nobody notices them.”
He further expressed worry over absence of Data Protection law in the country which requires urgent attention.
“It is quite unfortunate that the government is so slow about the data protection law. They are not doing anything about it at the moment. There is a need to have a data protection law as a matter of urgency. Otherwise, it is not going to be a crime for anybody to compromise other people’s data.
“We have cybercrime laws, but there is a need to make sure organizations are held accountable if data in their possession are compromised. It is the responsibility of government to have the law in place. Our own responsibility is to sensitize the citizens,” he added.
Oluseyi Akindeinde, chief technical officer, Digital Encode, a company that assists Banks and other organizations to achieve cyber security standards, said that one can assess cybercrime law based on the conviction recorded since it became law.
“How many people have been prosecuted or jailed due to cyber hacks in Nigeria. I guess this will give us the extent to which we can begin to assess the implementation of the law,” he said.
He stated that organizations in Nigeria have braced up for cybersecurity challenges in the face of recent spate of ransomware attacks that have heightened the level of protection instituted by most organizations especially in the financial services sector
He noted that most government transactions don’t really happen online which is responsible for the level of apathy from government towards cyber security. “Having said that, I’m aware the office of the NSA is also aware of this imminent wave of attacks.”
Akindeinde expressed the need for a national cyber security framework against industry specifics frameworks.
Ahmed Adesanya, IT Security and Connectivity consultant, blame poor implementation of the cybercrime law on absence of a regulator or institution for the purpose of implementing it.
“I have a concern of not assigning its implementation to a regulator. This has been a road block to its implementation.”
Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
Union Bank of Nigeria has reacted to the recent judgment delivered by Justice Abike Fadipe of the Ikeja High Court involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the bank.
The bank expressed strong disagreement with the ruling and confirmed that its legal team has been directed to file an appeal immediately. It said the court’s position on issues such as debt consolidation, locus standi, and third-party liability contradicts existing legal principles and the bank’s understanding of the facts.
In a statement released by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank reiterated that the relevant debt obligations had been transferred to the Asset Management Corporation of Nigeria (AMCON), adding that all actions taken were in line with the law and standard banking procedures.
Union Bank assured stakeholders, customers, and the general public of its continued commitment to ethical practices, legal compliance, and professional conduct. It said it remains dedicated to protecting stakeholder interests and upholding the integrity that has defined its operations for more than a century.
The bank concluded by thanking all stakeholders for their trust and support as it navigates the ongoing legal process.
PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
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