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Osinbajo Highlights Need to Tackle Cybercrime in Nigeria

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The Vice President, Yemi Osinbajo, has urged stakeholders in Nigeria’s cyberspace to help curtail cybercrime in the country by sharing cybersecurity best practices and ensuring speedy implementation of requisite policies.

Mr Osinbajo said this yesterday through the Minister of Communications, Adebayo Shittu, in Abuja. He spoke in his address declaring open the Cyber Secure Nigeria 2019 conference. The theme of the conference was “Implementing Cyber Security and Data privacy practices in Nigeria.”

Mr Osinbajo said nobody, organisation or entity is immune to cybercrime victimisation as a result of the sophistication and severity of cybercrime, particularly in 2018. He said this was the reason for all to jointly end the menace to ensure a secure Nigeria.

Otherwise, he said, every internet user would be a victim.

Mr Osinbajo said cybersecurity has become so essential, as individual and national development increasingly rely on Information Communication Technology (ICT).

He said this calls for stringent regulations to be enacted and implemented to ensure criminal elements do not take advantage of hapless internet users.

“The collection and processing of personal data raise significant privacy and data protection concerns for every citizen; the legal remedy to this problem is data protection to ensure privacy,” he said.

The vice president said the conference was an apt and welcome development in line with the policy thrust of the federal government through the Ministry of Communications and in view of the rampant activities of cybercriminals and internet scammers, popularly known in Nigeria as “yahoo yahoo”.

He urged the conference to generate ideas on combating cyberthreat, curtailing cyber-crime and ensuring data privacy practices in Nigeria, as well as to produce a useful outcome for submission to the federal government.

He promised that the federal government would assess various submissions emanating from the conference and put them to use

Earlier in his address, the President, Cybersecurity Experts Association of Nigeria, Remi Afon, called on the federal government to establish a national cybersecurity centre to coordinate and implement cyber regulations.

He said the cybersecurity threats landscape has evolved rapidly and has increased in number and sophistication.

He said this needs to be quickly checked for secure cyberspace in Nigeria through the concerted efforts of the critical stakeholders.

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Ship Owners to Benefit from $200m Cabotage Fund- Amaechi

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Chibuike Rotimi Amaechi, minister of Transportation, has announced that Ship owners will now benefit directly from the $200 million Cabotage Vessel Financing Fund (CVFF).

Ship Owners to Benefit from $200m Cabotage Fund- Amaechi

Dr. Dakuku Adol Peterside, DG, NIMASA

A committee chaired by Dr. Dakuku Adol Peterside, director general, Nigerian Institute of Maritime Safety and Administration (NIMASA), has also been set up with guidelines for disbursement of the funds.

Amaechi made this known at a meeting organised by NIMASA for Cabotage Stakeholders in Lagos, Thursday. Speaking to newsmen shortly after the meeting, Amaechi said, “In the past, the money was applied to building maritime university and faculties of maritime in other universities across the country. This would be the first time the money is applied to Ship Owners directly.

“We have also agreed today to set up a committee that will come forward with the proposed guideline which will be presented to the National Assembly. It is the committee that will determine if it will be a single digit or not; and the committee would be chaired by the DG of NIMASA ,” he said.

Amaechi explained that as part of efforts to mitigate the risk involved in disbursing the funds, financial institutions would be involved and the fiscal risk would be borne by the banks involved.

“The banks will be involved in developing the criteria for the disbursement of the fund, so the risk will be borne by the lending institutions,” the minister said.

Amaechi also noted that the committee would determine the percentage interest to be inserted in the procurement of CVFF.

Earlier, director general, NIMASA and head of the Committee, said the meeting was convened on the instance of the minister to discuss the singular issue of CVFF disbursement.

He said after extensive discussions with the relevant stakeholders, it was decided that the committee should come up with the draft guidelines.

Dakuku said, “the minister will study this draft and pass on to the National Assembly for approval in line with the Cabotage Act. Thereafter, we will move to the next phase of actual disbursement, using the banks as platform.”

He also disclosed two factors that would determine the disbursement of CVFF, “One factor will be how soon the National Assembly approves the draft guidelines and the other factor will be that the provisions of the guidelines will have to be followed adequately by the participating banks. So stakeholders have to meet these requirements before the disbursement of CVFF.”

Responding, Mrs. Margaret Orakwusi, chairperson, Ship Owners Forum (SOF) expressed satisfaction at the development, noting that she would look forward to the disbursement of the fund and a better shipping industry where the fund would be utilized judiciously.

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Here’s How to Get More Value from your DStv & GOtv Subscriptions

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After Detty December, the New Year usually starts out with our pockets in recovery mode and so we embrace every deal or offer on items we consider important, just until the dry spells vanish. Thankfully, one of the deals we get to enjoy this January is the DStv and GOtv Step Up offer, because even though the holidays are over, great entertainment should always remain available.

 

MultiChoice Nigeria has brought back its Step Up offer to both active and disconnected DStv and GOtv users. With Step Up, customers who renew their subscription will be upgraded to a higher package for 30 days’ access to a wider viewing experience. DStv and GOtv customers will be able to enjoy a wide array of content on their upgraded packages including world-class sporting action alongside exciting local content, international movies, series, telenovelas, music, news and kids’ entertainment for less.

 

So if you are a DStv customer on Access, Family, Compact, Compact Plus or a GOtv customer on Lite, Value and Plus this is one deal you should take advantage of.

 

Also, Customers signed up on the new DStv Confam, DStv Yanga, GOtv JOLLI and GOtv JINJA packages equally qualify for the Step Up offer. The recently launched packages come loaded with top local and international channels, offering quality TV entertainment at great value.

 

MultiChoice Nigeria has not only expanded and increased access to entertainment for its customers with the addition of the DStv Confam, DStv Yanga, GOtv JOLLI and GOtv JINJA packages, it has also introduced Step Up, which enables viewers on lower packages to enjoy quality prgramming on higher packages at no extra cost!

 

 

 

 

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CBN hikes Cash Reserves Ratio to 27.5 percent

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The Central Bank of Nigeria, CBN, has increased the Cash Reserves Ratio, CRR, of banks from 22.5 per cent to 27.5 per cent.

The alteration was done by the Monetary Policy Committee of the CBN.

The Cash Reserve Ratio is the share of a bank’s total deposit that is mandated by the CBN to be maintained with the latter in the form of liquid cash.

The CRR is used by the CBN to ensure that a part of Deposit Money Bank’s cash is with the Central Bank and is hence, secure.

Godwin Emefiele, Central Bank of Nigeria, CBN’s Governor, while addressing journalists shortly after the committee’s meeting said the move was aimed at mopping up excess liquidity from the banking system which had become a threat to inflation.

According to him, nine members of the committee voted to alter the CRR from 22.5 per cent to 27.5 per cent.

He explained that apart from the CRR that was increased, the committee decided to retain the Monetary Policy Rate at 13.5 per cent.

Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

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