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Nigeria: Gradually Enforcing Regulation

The rule of law is more about enforcing existing rules than creating new laws. Any society that does not abide by some code of conduct whether in public or private matters tends to become chaotic, and virtually ungovernable.
This is precisely what happened when the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices Commission (ICPC) simultaneously went into deep slumber until being surreptitiously awoken with the coming of the new Government of President Muhammadu Buhari.
According to Yury Fedotov, executive director, United Nations Office on Drugs and Crime, “Corruption represents a major threat to rule of law and sustainable development the world over. It has a disproportionate, destructive impact on the poor and most vulnerable, but it is also quite simply bad for business”.
There is something disturbingly eerie about not enforcing the rules. I am quite certain that if you have lived in any of the big cities in Nigeria, you may have had cause to ironically question your sanity when you sit dutifully and patiently in your lane on a busy traffic day and you see what should ordinarily be the folly of ‘mad people’ driving against oncoming cars to beat the traffic.
You can’t help fuming inwardly when they suffer absolutely no consequence, and as a result, car after car drive past you to partake in the maddening spree.
The smart aleks, when challenged, cursorily pass their actions off by reminding you that “this is Nigeria”; whatever that is supposed to mean.
That is where normality seems crazy and madness assumes the new normal. The whole society eventually descends into a macabre dance of impunity. Conscience is thrown out, and on sale to the highest bidder.
To buttress the importance and impact of enforcement, consider that Insurance regulation in Nigeria, vide the Insurance Companies Act of 1961 was not far behind Banking regulation vide the The Central Bank Act of 1958 (which was only fully implemented in July 1959).
While our banks have thrived, expanding across the continent and beyond, mostly due to stringent regulation and effective supervision, insurance has fallen very far behind because the regulators have not made the required bold calls. Very recently, Mohammed Rafiu, House Committee Chairman on banks and other financial institutions shockingly revealed that only 30% of cars in Nigeria are insured. And that there is flagrant disregard for the five other compulsory insurance categories in the country.
Nigeria is a classic example of a nation rich in laws but weak in enforcement.
This is why the recent spates of regulatory enforcement brings good cheer to locals and foreigners alike, albeit some of the fines for infringements have tended to be quite excessive; most especially the $5.1b record fine on GSM giant MTN, by the Nigerian Communication Commission (NCC) for mobile phone SIM card registration infractions.
There have been other high profile regulatory actions by the Standards Organisation of Nigeria (SON) on Guinness and the Financial Reporting Council (FRC) on Stanbic Bank.
Enforcement of regulation however, must be undertaken within the full ambit of the law and respect for fundamental human rights. The right of appeal must be guaranteed up to the highest level of jurisprudence.
The blind application of the law without regard to status, colour or creed is what enshrines deterrence and increases the value of the real estate of the postcode.
There is no doubt that the recent imposition of a hefty $15b fine by the US Government on German carmaker, Volkswagen, for emission results falsification will cause contemporaries to think twice before yielding to any temptation to similarly cut corners.
It is the pursuit of deterrence that drives developed countries from sparing any high ranking members of the society who fall foul of the law, not least their Presidents, who are rather held to higher account.
The celebrated case of former American President, Richard Nixon in the Watergate scandal is a good example.
On this score we have a lot to do to change the negative perception of the Nigerian (and indeed African) postcode.
Creating an orderly and equitable society is more edifying and sustainable than the sheer desperation displayed by our brothers and sisters who feel stymied by a skewed society, thus seeking to migrate to other climes by any means possible, not excluding dangerously hanging from the tyres of an aircraft, to braving raging storms at sea on makeshift rafts.
As Nigeria turns to ICT and Telecoms for the next wave of economic growth, in the wake of the oil price collapse, it is imperative that we create an enabling regulatory environment that will attract entrepreneurs and enable them to thrive. In ensuring an enabling environment, I shall like to deviate from the well-worn songs of inadequate power supply and other infrastructure deficiencies and rather focus on one critical area where we could very easily be blindsided; the role of the National Office for Technology Acquisition and Promotion (NOTAP).
NOTAP was established in 1979 in response to Nigeria’s need to facilitate the emergence of a strong Innovative, Science and Technology based economy.
NOTAP systematically tracks the inflow of technology into Nigeria and strategizes for its adaptation and domestication. Essentially, NOTAP is the gate-keeper that approves all foreign exchange payments to global technology suppliers.
Specifically with regard to the Software space, and following reports of flagrant flouting of the rules of the NOTAP Act by the major global software vendors, NOTAP along with the CBN convened a workshop in September 2007, with all major software vendors operating in Nigeria to reiterate the rules and emphasize the need for strict adherence.
Part of the communique following the workshop included the following: Every foreign software licensor should set up a Technical Support Centre for software development beyond their current sales and marketing offices.
Review the Annual Technical Support (ATS) fees from 10% of cost of the software license to a percentage ranging from 15% to 23%.
A minimum of 40% of the ATS fee should be paid to Local Value Added Resellers (VAR) in local currency and the VAR must be indigenous.
Collaboration with NOTAP to develop a checklist to ensure that Local VARs are not mere ‘commission agents’ but actually acquire marketable competent skills from the foreign licensors with a view to developing variants of the software which can complement the foreign software to meet the needs of the local market, while shouldering their fair share of the workload.
While the global vendors ensured that they benefitted from the doubling of ATS fees from 10% to 23% they did nothing about the setting up of technical support centers in the country nor ensure that 40% of the increased ATS is paid to local companies who are the channels for delivery of the technical support services.
Once again, lack of enforcement is at the heart of the collapse of an otherwise fair trade regulation.
Unfortunately, this is not without the mal-acquiescence of the local companies who will rather engage in cut throat competition by sabotaging the system to collect a paltry 5-10% of ATS fees than insist on the NOTAP stipulated 40% that had been instituted to protect them from unfair trade, and help them to grow and thrive and contribute to the economy.
What the indigenous companies do not realize is that this unhealthy competition and sabotage of the regulation can only lead to a race to the bottom.
Take a typical case where a local software Value Added Reseller (VAR) receives a paltry 5% of the ATS fees, and is also expected to bear the full tax liability on the transaction (including that of the global software company who pays absolutely no taxes in Nigeria on the transaction).
Now the applicable withholding tax on Software and Services is 10% of the transaction value. In essence, the local company has already incurred a deficit of 5% in operating margin (a clear and outright loss, without even factoring in operating expenses).
This is one of the main reasons why most of the local companies are dying at a time when many economies are booming on the back of technology entrepreneurship, think Google, UBER and Alibaba.
This scenario however, does not entirely exonerate NOTAP, as they are charged with enforcement of the regulation and have all means, power and instruments of sanction to achieve effective enforcement. What seems lacking is the will to succeed at our jobs upon which the sustainability of the polity depends; and this does not apply to NOTAP alone. Many examples abound.
As a nation, we have two choices; throw our hands helplessly up in the air and justify our tardiness with the cliché ‘this is Nigeria’, or we can buckle down to enforce the rules and make our country an attractive postcode.
Austin Okere is the Founder of CWG Plc, the largest Systems Integration Company in Sub-Saharan Africa & Entrepreneur in Residence at CBS, New York. Austin also serves on the World Economic Forum Business Council on Innovation and Intrapreneurship.
News
Dr. Olusola Teniola, Honoured with Yoruba Study Group Golden Leadership Excellence Award

ipNX Director, Dr. Olusola Teniola, has been awarded the prestigious Golden Leadership Excellence Award by the Yoruba Study Group. Dr Teniola, who leads Strategic Business Initiatives (SBI) at ipNX, the leading Nigerian technology and telecommunications company, was conferred with this award at the ipNX Corporate Headquarters, Victoria Island, Lagos.

Dr. Teniola was recognised as an Icon of Excellence & Most Outstanding Administrator of the Year 2025/2026 for his remarkable contributions to the advancement of Nigeria’s telecommunications industry, as well as his unwavering commitment to making data more affordable and accessible to millions of Nigerians.
The award celebrates his embodiment of the revered Omoluabi ethos of Yorubaland, defined by integrity, diligence, excellence, and strong character. His leadership and impact have been particularly notable through his work with the Association of Telecommunications Companies of Nigeria (ATCON) and the Alliance for Affordable Internet, where he has played a pivotal role in shaping policies and initiatives that drive digital inclusion and connectivity across Nigeria.
In its citation, the Yoruba Study Group commended Dr. Teniola for his “exemplary contributions to the advancement and management of telecommunications in Nigeria, his unquantifiable efforts in ensuring affordable data for the teeming masses, and his outstanding record of quality service delivery.”
Reacting to the recognition, Dr. Teniola said “I am deeply honoured to receive this award from the Yoruba Study Group. This recognition is not just a personal milestone, but a reflection of the collective efforts of industry stakeholders committed to advancing Nigeria’s digital future. I remain dedicated to driving initiatives that promote affordable access to connectivity, foster innovation, and empower more Nigerians to participate meaningfully in the digital economy, while upholding the values of integrity, excellence, and service.”
The Yoruba Study Group, a socio-political organisation founded in 2019, is dedicated to promoting Yoruba traditions, values, and cultural heritage. ipNX described the award as a testament to Dr. Teniola’s enduring impact on both the technology sector and society at large.
“Dr. Teniola exemplifies the highest standards of leadership, innovation, and service. His contributions continue to strengthen Nigeria’s digital economy while reflecting the values of excellence and integrity that we uphold at ipNX,” said Mobolaji Caxton-Martins, Head Marketing and Corporate Communications, ipNX Nigeria.
This recognition not only highlights Dr. Teniola’s professional achievements but also underscores his commitment to fostering inclusive growth, strengthening industry collaboration, and advancing Nigeria’s position in the global digital landscape.
News
Joshua Ichor, Nigerian Innovator Bags Europe’s €60m Fellowship

Joshua Ichor, a Nigerian geoscientist and innovator, has secured a rare invitation into the prestigious EWOR Fellowship, one of Europe’s most selective founder programmes built for outlier entrepreneurs with the potential to create billion-euro companies.

Joshua Ichor
The invitation places Ichor inside EWOR’s elite founder ecosystem, a powerful European platform associated with a reported €60 million commitment to backing exceptional founders building the next generation of globally significant companies.
EWOR describes itself as a fellowship for founders who “think in decades and build in days.” The platform says it backs the top 0.1% of founders building potential €10 billion+ companies, with mentorship from unicorn-builders and a founder-first model designed for exceptional entrepreneurs.
For Ichor, the selection is more than another milestone. It is a signal that one of Europe’s most ambitious founder networks sees major global potential in the Nigerian innovator.
While the technology Ichor is currently building has not been disclosed to the public, sources close to the development describe it as a powerful and ambitious piece of technology with the potential to scale internationally.
The project remains under wraps as Ichor continues to refine the product, strategy, and long-term market direction.
According to the fellowship invitation, EWOR believes Ichor is among the few founders with what it takes to build a company that could be valued at €1 billion or more.
That belief places him in a rare class of founders being watched not only for what they have done, but for what they are quietly building next.
EWOR has earned attention for its radical selectivity and founder-first approach.
Its own platform highlights a 0.1% acceptance rate, describing the fellowship as a community of outlier founders who push and sharpen one another.
EWOR’s public materials also reference the fellowship as “Harder than Y Combinator,” built by unicorn founders for founders seeking a higher level of ambition.
The fellowship connects selected founders with a powerful network of unicorn builders, investors, and operators.
Ichor is expected to build alongside a high-calibre founder community that includes names such as Ricky Knox, known for two nine-figure exits; Andrew Nutter, associated with a €180 million revenue company and Sequoia Scout experience; Nick D’Aloisio, widely known for achieving a major technology exit as a teenager; and Jörgen Tveit, who raised one of Europe’s biggest-ever pre-seed rounds by a first-time founder.
The EWOR ecosystem also gives founders access to sessions with globally recognized operators and investors, including Fabrice Grinda, founder of OLX; Kevin Hartz, founder of Eventbrite and Xoom; Mark Ghermezian, founder of Braze; and Michael Baum, founder of Splunk.
For a Nigerian geoscientist to enter this circle is a major statement. It shows that African technical talent is increasingly stepping into the same rooms as some of the world’s most ambitious venture-backed founders.
Ichor’s current technology remains confidential, but the conviction from EWOR suggests that the opportunity is significant.
The details are not yet be public, but the direction is clear: Joshua Ichor is building something with global ambition.
EWOR’s wider network includes some of the world’s leading startup investors and venture names, including A16Z, Accel, Atomico, Balderton, Earlybird, EQT, FJ Labs, Lakestar, Sequoia, Speedinvest, World Fund, and others.
Its platform says fellows raise at 50–300% higher valuations than average, further underlining the strength of the ecosystem around selected founders.
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More than 50 Percent of Leaked Passwords End with a Number – Research Reveals

To mark the occasion of World Password Day, Kaspersky experts analysed 231 million unique passwords in major password leaks from 2023 to 2026, and uncovered several key patterns.

First, 68% of modern passwords can be cracked within a day. Second, it turned out that the vast majority of compromised passwords either begin or end with a digit – a common pattern that makes them potentially vulnerable to brute force attacks.
And third, users also favour positive and trending words; for example, over the past couple of years, use of the word “Skibidi” in analysed passwords surged 36 times, mirroring the rise of that Internet trend.
In recent years, secure passwords’ rules have become a widely discussed topic. More and more services now demand passwords that are at least 10 characters long, include an uppercase letter, and contain a number or a symbol.
Yet a comparative analysis of leaked passwords from the past few years shows that even following some of those rules does not guarantee resistance to brute‑force or AI‑driven attacks.
Kaspersky experts share practical advice on how to make passwords more complex and secure, and how not to repeat common mistakes.
Be creative with using symbols and numbers
Among the leaked passwords that contain just one symbol, the “@” sign tops the list, appearing in 10% of cases. The next most common symbol is a dot (.), found in 3% of passwords. Among all analysed passwords “@” takes second place in terms of prevalence, and in third place is “!”.
Numbers also follow similarly predictable patterns:
53% of examined passwords end with digits;
17% begin with digits;
Nearly 12% include a numeric sequence that resembles a date (from 1950 to 2030);
3% of leaked passwords include keyboard sequencies like “qwerty” or “ytrewq”, but most of them are digital sequencies like “1234”.
Alexey Antonov, Data Science Team Lead at Kaspersky, notes that commonly used symbols, numbers, or dates – especially when placed in obvious positions (such as at the beginning or end of a password) – significantly simplify brute force attacks for cybercriminals. That’s why it’s highly recommended to give preference to less popular characters, and avoid numeric or keyboard sequences.
“Bruteforce works by systematically trying every possible character combination until the correct password is found. When attackers already know which characters users tend to favour, the time required to crack a password drops dramatically. To avoid the temptation of choosing predictable symbols, entrust password creation to dedicated generators that produce random letters, numbers, and symbols with equal probability”, says Alexey Antonov.
Between… Eden and hell: Try to avoid using words in a password
The research shows that emotional and trending words frequently become the basis for a password. For example, from 2023 to 2026 the use of the word “Skibidi” in passwords increased 36 times – mirroring the rapid rise of that Internet trend.
Kaspersky experts have also conducted analysis of the occurrence of positive and negative words in passwords, and it turned out that there are more positive ones. Among those regularly appearing are positive words like “love”, “magic”, “friend”, “team”, “angel” and “star”, “eden”. Interestingly, positive words are much more common than negative ones. However, words like “hell”, “devil”, “nightmare” and “scar” also occur.
“Using a single‑word password, even with a trailing number or a special character, is a weak choice. The pattern is too predictable, making it easy for attackers to guess. Instead, craft a passphrase that strings together several unrelated words, each supplemented with internal numbers and symbols, and sprinkle in a few intentional misspellings.
The longer and more random and unpredictable the password is, the harder it is to crack. As an additional way to protect yourself, enable two-factor authentication (2FA) wherever possible,” recommends Alexey Antonov.
Is password length important?
It’s well known that longer passwords are harder to crack, and the analysis of leaked passwords confirms this principle. However, with the rise of AI driven tools, length alone no longer guarantees security: even lengthy passwords can be compromised if they follow predictable patterns.
The research shows that short passwords of up to eight characters that appeared in the leak are typically cracked by brute force attacks in under a day. However, thanks to AI-powered smart algorithms, more than 20% of 15-character passwords can be broken in less than a minute.
What’s more 60.2% of all analysed passwords – regardless of length – can be cracked in about an hour; 68.2% – in a day.
In the examples provided, the calculations assume a single RTX 5090 GPU and the MD5 algorithm. In real‑world scenarios, attackers can rent multiple GPUs – ten, a hundred, or even more. Under such conditions, the cracking rate would increase potentially by several orders of magnitude.
In modern terms, truly secure passwords not only meet the gold standard of 16+ characters, but also consist of random, non-repeating letters, numbers, and symbols, and are unique for each account. To help users create such passwords, Kaspersky has added a password generation feature to the Kaspersky Password Generator website. Now users can not only check their passwords for leaks, but also generate secure passwords for free.
For easy and secure password management, auto-fill, and cross-device synchronisation consider using a password manager in which all credentials are stored in a secure vault and protected by a single master password. This eliminates the need to remember hundreds of passwords while keeping them safe from breaches.
What’s more, not only passwords, but also passkeys can be created and stored directly in Kaspersky Password Manager, which allows not only to sign in to supported services with a single tap, but also to access passkeys on all devices owing to secure synchronisation.
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