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E-Business

SAP Explains How GRC Unified Approach Mitigates Business Risks

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According to Salman Akorede, GRC Presales Consultant, SAP West Africa Region
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Governance describes the activities that ensure business is done according to established standards and goals; however, risk involves strategically creating value and protecting value, said SAP.

According to Salman Akorede, GRC Presales Consultant, SAP West Africa Region, compliance refers to the controls in place to ensure compliance with laws, regulations and directives affecting businesses.

Speaking on why effective GRC a challenge for so many businesses, he said, organizations are confronted with an increasing need to respond to their stakeholders – government and regulatory agencies, and react to changes in their internal operational environments – mergers and acquisitions, processes, business relationships, strategy, information technology, financial reporting requirements and employees.

He added that changes in their external environments – economic uncertainties, geo-political, environmental, societal, industry and market forces, are part of the issues.

Akorede said, “This is an extremely complex environment and all these changes translate into risks and the critical need to make appropriate responses, with changes to business policies and procedures in a timely and accurate manner by using current and reliable information.

“In Nigeria, as well as elsewhere in the world, governmental regulations and compliances are only increasing. Everyday there are more organizational and industry risks that have to be managed together with other operational risks. These governance, risks and compliance challenges are often managed at department, operational, functional or role levels rather than through an integrated and coordinated approach as offered by a GRC technology solution.

“Managing risk and compliance in silos as described above is complex, confusing and costly. For each new regulation or risk discipline, organizations typically implement a new technology point-solution. This fragmented approach clearly limits an organization’s ability to streamline risk and compliance processes and reduce costs. It also obscures the opportunity to integrate risk and compliance to gain a holistic view of the organization’s risk landscape”.

He hinted that this is a problem for organizations, because fractional, disintegrated and disconnected functional business activities, information and data are spread across many people and systems.

Organizational practices across the enterprise will therefore be inconsistent.  Without an integrated solution, organizational practices may also not be in alignment with set missions, goals and objectives.

He added that, in response to the challenge of managing the multitude of risks, forward thinking organizations are embracing integrated Governance, Risks and Compliance (GRC) technology initiatives to prevent unplanned financial losses and erosion of shareholders’ wealth.

“By contrast, some organizations still have a siloed view when it comes to these solutions and view GRC initiatives as reactive and isolated quick-fixes. These organizations are not necessarily aware that implementing disconnected applications for selected processes, departments and systems only adds to fragmented and incomplete GRC management and reporting.

“By following a unified approach to governance, risk and compliance using integrated technology, organizations can quickly maximize strategic and operational performance, cost-effectively manage regulations and policies and proactively mitigate business risks.

“SAP solutions for GRC help companies to proactively balance risk and opportunity, including access control, process control, risk management, audit management, fraud management and global trade services in an integrated manner on a single harmonized IT platform”.

Ultimately, SAP’s goal is to enable organizations of all sizes to pinpoint all relevant risks and potential compliance issues to enable them to make optimal decisions in light of both the opportunity ahead and the related risks.

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

E-Business

FG Launches Online Citizenship, Business Management Platform

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Ministry of Interior has announced the launch of a new Online Citizenship and Business Management Platform in line with the Renewed Hope Agenda of President Bola Tinubu.

FG Launches Online Citizenship, Business Management Platform

A statement signed by Dr Magdalene Ajani, permanent secretary, Ministry of Interior’s said the initiative forms a key part of its ongoing reforms aimed at promoting transparency, enhancing operational efficiency, and significantly improving service delivery to the public.

The new digital platform is designed to streamline the application and processing of citizenship and business-related services, ensuring faster turnaround times and improved user experience.

The platform allows users to apply for and manage business permits, ensuring that both local and foreign businesses operate legally in Nigeria.

It includes an Expatriate Quota System to manage work permits for foreign employees, helping companies hire skilled workers while complying with Nigeria’s immigration laws.

The Citizenship Administration and Management System provides a streamlined online process for applying, tracking, and managing Nigerian citizenship applications and related services.

Members of the public, corporate entities, and other stakeholders are expected to access the platform through the ministry’s website: https://interior.gov.ng , Direct Portal Access: https://candb.interior.gov.ng , or contact candb-support@interior.gov.ng for support and inquiries.

“The Ministry of Interior remains committed to establishing a more efficient, transparent, and secure framework for citizenship administration, while continuously enhancing service delivery through digital transformation,” the statement read in part.

 

 

 

 

 

 


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E-Business

NITDA, CISCO Empower Youth with Digital Skills

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Fifty selected young unemployed Nigerians have completed a four-week intensive digital skills bootcamp under the Digital Literacy for All (DL4ALL) initiative, gaining practical training in Data Science, Artificial Intelligence (AI), and IT Essentials.

The programme, a collaborative effort between the National Information Technology Development Agency (NITDA) and Cisco, was hosted at NITDA’s South West Zonal Office in Victoria Island, Lagos.

Speaking on behalf of the Director General of NITDA, Kashifu Inuwa , the Head of the South West Zonal Office, Mrs. Chioma Okee-Agugwo, described the initiative as a vital component of Nigeria’s digital future. “This is not just a closing ceremony. It is the launchpad for new journeys—anchored in digital knowledge and powered by innovation,” she remarked.

According to the Director General, the initiative is rooted in NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) and reflects key focus areas including Digital Literacy, Emerging Technologies, and Youth Empowerment. It also aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which seeks to accelerate economic diversification through digitisation, innovation, and skills development.

Inuwa noted that the DL4ALL initiative forms part of Nigeria’s broader commitment to digital inclusion—ensuring that no one is left behind in the evolving digital economy. It also supports the ambitious goal of achieving 70% digital literacy by 2027, championed by the Honourable Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani. This national vision aims to equip millions of Nigerians with the skills required to thrive in a tech-driven world.

He further emphasized the importance of empowering youth with globally relevant skills. “They are no longer just consumers of technology. They are creators, innovators, and future employers,” he said.

The NITDA boss explained that throughout the bootcamp, participants engaged in hands-on learning experiences designed to build both technical proficiency and digital leadership capabilities.

“This is only the beginning,” he stated. “Through our zonal strategy, we are bringing innovation closer to local communities. This is how we democratise access and unlock Nigeria’s full digital potential.”

Inuwa expressed appreciation to Cisco for delivering high-impact training and called on stakeholders to continue investing in partnerships, people, and platforms that drive digital inclusion.

He asserted that the newly certified participants are now equipped to contribute meaningfully to Nigeria’s digital economy—armed with the skills to build solutions, secure infrastructure, and launch tech ventures that solve real-world problems.

At the end of the bootcamp, participants demonstrated their knowledge through impressive presentations that showcased the integration of skills acquired across Data Science, AI, and IT Essentials. Many spoke passionately about how the programme had expanded their technical competence and sparked a drive to create job opportunities—not only for themselves but also for others—as entrepreneurs and digital solution providers in their communities.


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Cyberattack Could Cost it Up to $400m – Coinbase

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Coinbase forecast a hit of between $180m and $400m from a cyberattack that breached account data of a “small subset” of its customers, the crypto exchange said in a regulatory filing on Thursday.

Cyberattack Could Cost it Up to $400m - Coinbase

The company received an anonymous email on May 11, claiming to have information about certain customer accounts as well as internal documents.

While some data — including names, addresses and emails — was stolen, the hackers did not get access to login credentials or passwords, Coinbase said.

Still, it will reimburse customers who were tricked into sending funds to the attackers.

Hackers had paid multiple contractors and employees working in support roles outside the US to collect information.

The company has fired those involved, it said.

Separately, the New York Times reported that the US Securities and Exchange Commission (SEC) was investigating whether the company had misstated its user numbers.

Coinbase shares extended losses after the report and were last down 6.5%.

“This is a hold-over investigation from the prior administration about a metric we stopped reporting two-and-a-half years ago, which was fully disclosed to the public,” said Paul Grewal, Coinbase’s chief legal officer.

“While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close.”

The SEC declined to comment.

The latest developments come days before the company is set to join the benchmark S&P 500 index, casting a shadow over what was expected to be a landmark moment for the crypto industry.

Security remains a challenge for the crypto industry despite its growing mainstream acceptance.

In February, Bybit disclosed a hack in which about $1.5bn worth of digital tokens were stolen — widely described the biggest crypto heist ever.

“The cyberattack may push the industry to adopt stricter employee vetting and introduce some reputational risks,” said Bo Pei, an analyst at US Tiger Securities.

Funds stolen by hacking crypto platforms amounted to $2.2bn in 2024, according to a report from Chainalysis, a US-based blockchain analysis firm.

“As our nascent industry grows rapidly, it draws the eye of bad actors, who are becoming increasingly sophisticated in the scope of their attacks,” said Nick Jones, founder of crypto firm Zumo.

Coinbase has refused to pay a ransom of $20m demanded by the attackers and is working with law enforcement agencies. Instead it has established a $20m reward for information on the hackers.

The company is also opening a new support hub in the US and taking other measures to prevent such cyberattacks, it said.

 

 

 


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