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Stakeholders Proffer Smarter Way to Fight Back Cyber Threats
Ifeanyi Jude Muonagor, the Head of Security Operations Centre at the Central Bank of Nigeria, (CBN), said the bank’s deployment of cyber deception solution in 2017, has yielded positive results.
Muonagor, who spoke virtually at a one day event held in Lagos on the topic, ‘Importance of deception technology and identity security,’ said 80 per cent of system breaches have been linked to compromised credentials.
The event was organized by a Nigerian tech firm, InfoData Professional Services, in collaboration with Attivo Networks.
Muonagor said cyber-attack is so easy to conduct, making it hell for security personnel to deal with all the various incidents coming through with security protection mechanism that have not been full proof.
“But with deception solution, it helps the security professional to gain the knowledge of what the attacker was coming to do,” he said.
He added: “In 2017, we (CBN) identified the need for cyber deception technology and we moved with a particular solution. I will not mention names because I am not campaigning for any particular vendor. But we found out that there were fewer activities because of the deployment model.”
In his presentation, a Cyber Security Expert and Lead System Engineer at Attivo Networks, Osama Al-Shatnawi, said cyber-attacks do more damage than conventional warfare. “Everything can be done literally.
A single bank lost $70 million dollars through a cyber-attack. I can tell you about electricity companies. Just look at what happened to Ukraine.
Power was cut for the whole nation because of the cyber-attack. Any damage can happen due to cyber-attacks and that is why we need to take security seriously.”
Al-Shatnawi said based on different market analysis that have been done by different entities using Attivo with other solutions in place, their detection and protection capability has enhanced by 42 per cent.
Wayne Forsman, the Territory Manager at Attivo Networks, explained why cyber security breaches were on the increase.
“Conventionally, we set up a wall around our network, web security, email, next-generation firewalls. But effectively, by not protecting Active Directory (a Microsoft tool used to access networks and other applications), you’ve left the door open.”
He said 80 per cent of current attacks are through Active Directory, the reason why it must be protected. “In order to secure something, you really need to know about it. First, we have an Active Directory assessor which gives you full visibility into Active Directory.
“It will give you all the vulnerability and mitigation steps to effectively make Active Directory more secure. However, you also need to protect your information, the various profiles created for a user to have rights to a system – passwords, username.
“You need to protect that information. As for the current gaps, no solution is protecting the information on the Active Directory, which is the gap Attivo has closed.”
According to the President of Infodata Professional Services Global, Chuks Ulu Udensi; “Our commitment to delivering security solutions that are intuitive, intelligent and relevant to the realities of today’s business-critical infrastructure is further bolstered by our partnership with Attivo Networks”.
He said Solutions such as identity detection and response (IDR), IEV and others within the Attivo ThreatDefend®️ Platform gives users the ability to deploy decoy and deception technologies as well as an expanded portfolio of solutions that address the challenges of increased attack destructiveness for a globally distributed workforce as cloud-based solutions drive enterprise business productivity, profitability and efficiencies.
Mr. Ulu Udensi further reiterated Infodata’s commitment to the African Technology Landscape, noting: “We will continue to build, adopt and develop resources and solutions that ensure that our customer’s enterprise infrastructure is stable, secure, predictive and adaptive to the realities of today’s global constantly-evolving threat landscape.
InfoData Regional Solutions Manager, Eze Osiago, explained why the partnership with Attivo Solutions. “Attivo deceptive solution is one of its kind.
We have EDRs that do prevention but scenarios where the attacker is already inside, we currently do not have solutions that will detect the malicious insider or the attacker who is already inside.
“So, Attivo is that missing gap that comes in to say let’s do a scan around and spot anomalies to spot people who are misusing privileges,” he said.
Among the participants at the event were security professionals for various Nigerian financial institutions and other firms.
Michael Nnamdi, a systems security expert with Polaris bank said he gained so much about identity protection and Active Directory security.
“I will say that the idea by Attivo is really an interesting one. The idea of trying to protect these credentials, knowing that it is actually the gate to the kingdom,” he said.
Another participant, Kingsley Ozokwo from the information security department at Stanbic IBTC, said learning about how better to secure the Active Directory, is a very valuable experience.
“Active Directory is a major asset for any organization. The fact that there is a lot that can go wrong in that space is the reason we are here. I enjoyed the fact that this is moving us away from the traditional block and restrict, which is virtually what security is all about, to learn from the attackers themselves,” he said.
Sir Stanley Amuchie, chief operations and information officer, Fidelity Bank Plc has been named “Outstanding Banker of the Year” for his incisive record of digital transformation in the financial sector.
Sir Stanley Amuchie,
He was crowned at Africa’s Beacon of ICT Merit and Leadership Lectures and Awards, held at the weekend in Lagos.
Africa’s Beacon of ICT Merit and Leadership Lectures and Awards, is an annual, highly respected event in Nigeria’s technology sector organized by Nigeria CommunicationsWeek.
The awards recognize and celebrate organizations, public authorities, and individuals who have made extraordinary contributions to digital transformation and ICT growth across the continent.
Amuchie bagged “Outstanding Banker of the Year” according to the organizers for being one of Nigeria’s most accomplished and sought-after financial executive and technocrat.
He graduated as a First-Class student in Industrial Chemistry from the University of Benin and holds a Master’s degree in Corporate Governance from Leeds Beckett University in the UK.
With over two decades of experience, he is currently the executive director/chief operations & Information Fidelity Bank Plc.
Amuchie started his career at Arthur Andersen, Lagos, Nigeria (now KPMG Professional Services) in September 1995 where he rose to the level of a Senior manager before exiting the organization in February 2000 to work in the banking industry.
He had earlier been the General Manager/Group Zonal Head, Zenith Bank Plc. Prior to this position, he was in Financial Control & Strategic Planning Department of the Bank from February 2000 to May 2018 where he rose to the rank of Group Chief Financial Officer of the Bank.
In addition to his then responsibilities, he was a Director of Zenith Nominees Limited, a global Custody Subsidiary of Zenith Bank Plc.
He was at various times in-charge of the co-ordination of the Group’s Foreign Operations and Real Estate Operations.
Prior to the Bank’s election to operate as a Commercial bank with foreign authorization, he held the following positions in the subsidiaries of the Bank; Chairman – Zenith Securities Limited; Director – Zenith Trustees Ltd, Director – Zenith Bureau De Change Ltd.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA), and an
Honorary Senior Member of the Chartered Institute of Banker’s of Nigeria (HCIB).
He has attended various local and foreign Leadership courses in institutions like
Insead Business School in France and Harvard Business School in USA. Currently, he is an Executive Director Chief of Operations and Information Fidelity Bank PLC.
He is the Founder/President of The Goodlight Foundation.
Pan-African talent accelerator ALX is expanding its footprint and shifting to a fully self-paced learning model to train and integrate young Africans into the workforce, as the global economy reorganises around artificial intelligence (AI).
Partnering with the MasterCard Foundation, the technology training provider and career accelerator designed to equip African talent, says it enables learners to access tech training for $5 a month.
It emphasises a shift in demographics saying that by 2035, more young Africans will enter the workforce annually.
ALX notes that its model has graduated 347,100 learners, with 63% finding employment within six months. Women represent over half of all graduates. To increase flexibility, the organisation emphasises that learning is now entirely self-paced.
“Learners progress through modular blocks, earning credentials as they go, ensuring that the training fits around their existing responsibilities,” says Shana-Michelle Rabonda, Chief Operating Officer of ALX.
Rabonda adds that global employers are taking notice: “We are building a direct pipeline to the global digital economy. When companies look for elite tech talent, they are looking at Africa.”
Due to this demand, firms such as Absa, Stanbic Bank, MTN, and KPMG now employ between 50 and 180 ALX graduates each. Meanwhile, community entrepreneurs have created over 60,100 jobs through AI startups like Signvrse and Edulga.
With Africa’s AI market projected to grow to $16.5 billion by 2030, ALX operates alongside competitors like Moringa School and GoMyCode to secure mindshare.
“With the right skills and networks, young Africans can seize these opportunities,” Rabonda emphasises. “Africa’s youth should not just be consumers of AI; they should be creators shaping innovations that will define the global economy.”
A Federal High Court sitting in Lagos has ordered the advertisement of a winding-up petition filed against telecommunications service provider, Swift Network Plc, over its alleged inability to settle a debt exceeding N115 million.
The order followed an application filed by Optics and Wireless Limited through its counsel, Bimbo Adebayo-Ogunlaja, urging the court to permit the publication of the winding-up petition instituted against the company.
In the petition, Optics and Wireless Limited alleged that Swift Network Plc is indebted to it in the sum of N115,482,302.88, being the outstanding payment for network devices supplied to the telecommunications firm since April 2024.
The petitioner is also seeking the payment of N70,530,062 as accrued interest arising from a loan facility allegedly obtained to finance the transaction between both parties, as well as general damages for breach of contract.
According to court documents, the dispute arose from a series of transactions carried out between April 2024 and February 2025, during which Swift Network Plc, through its procurement officer, allegedly requested the petitioner to manufacture and supply various network devices based on purchase orders issued by the company.
The petitioner stated that payment for the supplied items was expected either immediately after delivery or within 30 days of supply, but alleged that Swift Network repeatedly failed to honour the agreement despite receiving the products.
Optics and Wireless Limited further claimed that it became apparent after the final order for servers in April 2025 that the respondent was either unwilling or unable to settle the accumulated debt.
The petitioner also informed the court that its solicitors, Messrs Zionla Legal Practitioners & Solicitors, subsequently issued a statutory notice of demand dated December 11, 2025, demanding payment of the outstanding sum and accrued interest.
According to the petitioner, all efforts to recover the debt proved unsuccessful, adding that the situation has exposed the company to serious financial challenges and possible legal action from the bank that allegedly granted it the loan facility used to execute the supply contracts.
Optics and Wireless Limited argued that Swift Network Plc is insolvent and unable to meet its financial obligations, urging the court to wind up the company in line with the provisions of the Companies and Allied Matters Act and the Winding-Up Rules.
Among the reliefs sought, the petitioner asked the court to order that Swift Network Plc be wound up by the court and that any voluntary winding-up process involving the company should continue under the supervision of the court.
Justice Lewis Allagoa subsequently adjourned the matter till July 10 for further hearing.
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