News
More Knocks for CyberSecurity Law, Traitors Cause Havoc
The Cyber Security Law (2015) has been described as not sophisticated to combat the growing trend of cyber related crimes in the country.
Mr. Peter Asolo, an IT security expert in an email interview with Nigeria CommunicationsWeek, said that the reason many think the law is not so much in alignment with the actual threats been experienced in the field of Internet and network is based on but not limited to its assumed cyber space is only confined to the computers designated by the President as those carrying important National data.
Asolo’s remarks came on the heels of third quarter IT Threat Evolution report released by Kaspersky Security Network (KSN) and obtained by Nigeria CommunicationsWeek, detailing the key security incidents of the quarter, especially in Nigeria.
According to Kaspersky Security Network (KSN), in the third quarter of 2015 overall 45.3% of KSN participants in Nigeria encountered malware that spread in local networks, via USBs and storage disks, while 13.8% faced cyberthreats emanating from the Internet. This puts the country on the 64th and 128th place worldwide by the percentage of users who encountered the two types of malware.
Globally according to KSN data, Kaspersky Lab solutions detected and repelled a total of 235.4 million malicious attacks from online resources located all over the world.
Kaspersky Lab’s web antivirus detected 38.2 million unique malicious objects: scripts, exploits, executable files, etc. – this is 46.9% higher than in Q2.
There were 5.68 million registered notifications about attempted malware infections that aim to steal money via online access to bank accounts.
The overall trend so far for 2015 has continued in Q3: exploits for Adobe Flash Player and Internet Explorer are most popular with cybercriminals.
Speaking on the report, David Emm, principal senior security researcher at Kaspersky Lab’s Global Research and Analysis team, said, “The developments in Q3 demonstrate that the global threat landscape is continuing to evolve at a fast pace. Malicious mobile programs are on the rise, and with 5.6 million cases of attempted theft from online bank accounts, and cybercriminals continually developing sophisticated attacks, the use of high quality cybersecurity products has never been more important. It’s vital that all those using the Internet – both individuals and organisations – protect themselves from these growing threats.
Reacting to the report viz-a-viz the role Cyber Security Law (2015) ought to play in the fight against the trend, Asolo told Nigeria CommunicationsWeek that knocks against the Law are valid following its gives the idea of having to focus on tangible financial crimes via the ATM and payment devices only.
He said, “The Law in itself seem lost on the vast information age and the real definition of cyber space. For real professional hardware and software practitioners, there is nothing within the law that shows any type of protection for them during and after the cause of their profession. There was no clear information to how it can be proven that a cybercrime has been committed not until it causes one ambiguous damage or the other.
“As laudable as the Act may sound it is very ambiguous and not clear for anybody who had worked the cyber space from the onset in Nigeria. What this bring to fore is that the law may have been hurriedly put together to meet some specifics as it concerns the menace of cyber café e-rats or some other financial crimes been committed at that time”.
He recommended for an encompassing approach to engaging professionals from the field in enacting a well-rounded law for this sensitive component of the society, as the fact that innovative legal framework need to be complemented with reality is key.
“One starts to wonder who will implement cyber law when the legal system itself knows little or nothing about computing and systems. Despite the fact that an average person life now revolves computer, how prepared are the law departments in our schools?
“As the first indigenous innovator of a complete ERP for the judiciary I can tell you the huge gap between the courts and computers. I believe as a people we should always put into consideration the logical and applicable of laws when they are been drafted. It is also important to state that I did not see any comprehensive regulation as it affects software use and its resultant risks by individual users.
“Does it mean it is only registered businesses the law is targeting? As it stands today, the majority of the Internet users are individuals who are not well catered for by the law. How about innovative technology entrepreneurs like myself whose jobs are been duplicated with reckless abandon? Talking of intellectual property theft, most guilty are many government establishments themselves. How does this law answer all this questions and more that are the real issues and threats facing most participant within the cyber space?”
On mobile threats, the report found that 323,374 new malicious mobile programs were detected by Kaspersky Lab mobile security products in Q3.
This is a 10.8% increase on Q2 2015 and a 3.1-fold increase since Q1 2015.
There were more than 1.5 million malicious packages installed on mobiles during the quarter, 1.5 times more than in the previous quarter, among other findings.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
PalmPay Group (“PalmPay”), a multinational fintech company providing digital financial services across high-growth emerging markets, is pleased to appoint Samuel Oluyemi as Chief Operating Officer (“COO”) of its Nigeria practice, effective immediately.
The appointment comes at a pivotal moment for PalmPay as it looks to reach more underserved communities and continuously strengthen the reliability and security of its services. It also comes as Nigeria’s broader financial services sector continues to modernize, bring millions more Nigerians into the formal financial system, and strengthen the cybersecurity and fraud-prevention standards that underpin public confidence in digital payments.
As COO of PalmPay Nigeria, Mr. Oluyemi will oversee PalmPay’s Nigerian operations — where the company provides a full suite of digital financial services to individuals and businesses — and communicate with regulators to ensure the company’s growth happens harmoniously with the country’s financial, digital, and social inclusion goals.
Mr. Oluyemi brings more than two decades of experience at the Nigeria Inter-Bank Settlement System (“NIBSS”). During his tenure as the Business Development Lead, he championed the development of key national payment services — including the Digital Validation of Nigerian International Passport (e-Passport Validation), Electronic Dividend Mandate Management System (“e-DMMS”), and the Electronic Pensions Contribution Collection System (“EPCCOS”) — and played a pivotal role in introducing and driving early adoption of NIBSS Instant Payment (“NIP”), Nigeria’s first online, real-time, inter-bank transfer system in 2011 and its subsequent extension to the Other Financial Institutions (“OFI”) segment of the Nigeria Payments System.
He holds an MSc in Monetary Economics from the University of Ibadan with extensive local and international professional training.
“Samuel joins PalmPay at an important stage in our journey to strengthen the foundations that will support our long-term goal of driving financial inclusion,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “His extensive experience makes him well positioned to help us scale sustainably while maintaining the operational discipline, governance and customer-first culture that define PalmPay.”
“PalmPay has established itself as one of the most impactful fintech companies in emerging markets by making financial services more accessible and affordable for millions of people,” said Mr. Oluyemi.
“I am excited to join the company and look forward to working alongside an exceptional team to strengthen operational excellence and support PalmPay’s vision of building a leading digital financial services platform. Together, we will continue delivering secure, reliable, and customer-focused financial solutions while contributing to the continued evolution of Nigeria’s digital financial ecosystem.”
As Nigeria’s digital financial services sector continues to mature, this appointment reflects a broader commitment guiding PalmPay across all markets it serves: building financial services that are secure, reliable, and effective enough to earn a permanent place in people’s everyday lives.
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