News
Tim Akano, CEO New Horizons Urges INEC to Carry Out Stress Test on BVAS Before Election
In order to ensure that there is stronger security protection for data transmission before the February 25th, 2023, general election, the Independent National Electoral Commission (INEC) has been advised by Mr. Tim Akano, the Chief Executive Officer of New Horizons Nigeria, to conduct a stress test on Data-in-Motion or in Transit on Bimodal Voter Accreditation System (BVAS), before the election proper.
Speaking on a topic themed “understanding privacy and online risk in the digital world today,” to mark this year’s World Data Privacy Day, organized by the Data and Knowledge Privacy Protection Initiative.
And February 25th, 2023 general election will be the first time in the history of the country that live data will be used to determine who will be the next president of the country.
According to Akano, the inferno that can burn us as a country is the use of live data that is vulnerable to attack, noting it is in the best interest of INEC in particular and Nigeria, in general, to pay more than casual attention to what we call the man in the middle attack, which hackers can exploit to intercept, modify, or retransmit election data while in motion or in transit.
He continued: “there is nothing more important in Nigeria today than the success of the February election, and we are a country of about 222 million, and nothing must go wrong because entire West African coast, from Benin Republic to Togo to Ghana, does not have the infrastructure to sustain us.”
Akano pointing out instances where conflicting results in other countries had lead to untold bloodbath, said between 2007 and 2008, Kenya witnessed an untold bloodbath arising from conflicting election results. In 2010 and 2011, Mr. Devil himself took over the affairs of Ivory Coast when conflicting election results were announced.
In 2016, Russia was alleged to have influenced the American presidential elections through technology, and in the recent Osun governorship Tribunal judgment, three types of BVAS results on the same election were alleged to have been tendered and this should not because Maths is exact, absolute.
According to the 2022 Securonix Threat. The report, reveals that insiders were involved in 57 per cent of data breaches and there are new technological solutions to this if INEC cares to prevent that.
While commending INEC for the end-to-end encryption they have done for the technology, however, call on INEC Chairman on the need to urgently to talk to some Nigerian Cyber security practitioners and appoint some devil’s advocate who will conduct a stress test on BVAS DIM (Data- in- Motion) before the wholesale adoption on February 25th, saying it is common practice for big companies such as Microsoft and Oracle to carry out test on new develop software by calling on strong hackers to test it and see if they can hack into it easily, and if they can, then they go back to their lab to ensure they work on it.
Akano, going forward, advised INEC to carry out an upgrade after the election to ensure that the issue of overvoting does not arise from BVAS by building in a technology that uses artificial intelligence (AI) which will alert you when overvoting arises from the pooling unit.
News
NELFUND Says UTME, NIN, BVN Mandatory for Student Loans
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.”
News
Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC
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.
News
Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge
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).
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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