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Rising Cyber Terrorism Spreads Panic in Nigeria
The rise and rise of cyber attacks on organizations suggest that Nigeria now face even more perilous times than the activities of the Boko Haram, the dreaded Islamist sect, Nigeria CommunicationsWeek investigations have shown.
Economic Financial Crimes Commission (EFCC), Central Bank of Nigeria (CBN), Nigeria Labour Congress (NLC), the Nigeria Police Force, Defence headquarters and many other sensitive public and private websites have been hacked, suggesting that the fight is moving from conventional battlefields into the digital world.
The potential threat posed by cyber-terrorism has provoked considerable alarm.
The attacks are the new face of terrorism but now taken to the internet and it is what is commonly known as cyber-terrorism.
It is hacking or attack of networks and computers to obtain or modify information for political and/or social objectives or rather, a way to quickly and easily distribute propaganda and get a lot of attention drawn to it.
Cyber-terrorism include acts of deliberate, large-scale disruption of computer networks, especially of personal computers attached to the Internet, by the means of tools such as computer viruses.
Recently, Kaspersky Lab, a leading computer security firm warned that a new cyber surveillance virus has been found in the Middle East that can spy on banking transactions and steal log in information for social networking sites, email and instant messaging.
Numerous security experts have pointed to the dangers of cyber-terrorists hacking into government and private computer systems and crippling the military, financial, and service sectors of advanced economies.
Peter Iwuegbu, an ICT security expert said that cyber-terrorism is clear and present danger and that Nigeria need to wake up.
Nigeria CommunicationsWeek gathered that by crippling a country’s economy, a cyber terrorist can also potentially weaken the country for a military attack.
The Monterey Group, a premium cyber security consulting firm for performance-oriented public and private sector clients said there are three levels of cyber-terror capability.
The first is simple-unstructured- the capability to conduct basic hacks against individual systems using tools created by someone else. The organization possesses little target analysis, command and control, or learning capability.
There is also advanced-structured- the capability to conduct more sophisticated attacks against multiple systems or networks and possibly, to modify or create basic hacking tools.
The organization possesses an elementary target analysis, command and control, and learning capability.
Elsewhere, there is the complex-coordinated- the capability for coordinated attacks capable of causing mass-disruption against integrated, heterogeneous defenses (including cryptography) – ability to create sophisticated hacking tools and highly capable target analysis, command and control, and organization learning capability.
Only recently, Oracle Corp and Computer Warehouse Group (CWG), an indigenous IT conglomerate warned that the cashless regime may by hampered by cyber threats if adequate safe guards are not put in place.
The companies said that this can be achieved by deploying best-in-class IT security solutions that can protect network and their databases from external intrusions and attacks.
James Agada, chief executive officer, ExpertEdge, said: “If we believe that we are prone to having more attacks as we drive further our cashless policy initiative, we should be prepared.
Today we are talking of e-commerce and cashless economy, which implies that the volume and value of information that you have increase. And because it has monetary value, the data are likely to be targeted by hackers and this can rob an organization several millions and billions of naira.”
But nearly half of firms globally are not prepared for cyber threats on their networks; a research by B2B International in conjunction with security company Kaspersky Lab has shown.
According to the research, while firms recognise the threat from cyber crime, over 40% are not actively engaged in protecting themselves from an attack.
“According to the survey, in 41% of cases the answer is ‘no’ – corporate infrastructure lacks the necessary protection to handle online attacks,” Kaspersky Lab said.
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).
Sam Darwish
According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.
From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.
Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.
It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.
In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.
As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.
As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.
With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.
The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.
Despite this defeat, Darwish remains an important figure in the worldwide telecom business.
IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.
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