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Using Blockchain To Re-Tool Nigeria’s Economy, By Chimezie

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Africa is home to 16.3 percent of humanity but home to less than one percent of the world’s billion-dollar companies and only about four percent of global GDP. Africa cannot afford, nor does it have to miss the possibilities of the fourth Industrial Revolution (4RI) to better her lot.

 

Blockchain, one of the most disruptive technologies of the 4IR is a type of distributed ledger technology best known as the architecture that underpins cryptocurrencies like bitcoin, but its potential applications go much further. Indeed, it promises to revolutionize the business and financial environment by reinventing processes, improving productivity and quality, reducing costs, and enhancing transparency.

 

According to Chuta Chimezie, coordinator Blockchain Nigeria User Group, combining blockchain with other technologies such as analytics and machine learning could make it even more powerful. He said that the profound changes the technology can deliver in unlocking value apply as much to the financial services industry as any other – and as much to the Nigeria as anywhere else in the world. Therefor, understanding blockchain’s potential is vital to banks, entrepreneurs, businesses and government agencies at different tiers across the country.

 

He stated that decentralized economics is already opening the door to a global, equitable “econosphere” enhancing the common man’s equality of opportunity to lift himself out of the poverty trap of debt bondage. For the first time in human history, mankind’s ingenuity and technological advancements have created the environment for the freedom to transact with hard money, sound money, ideal money, even pure money.

 

He said Nigeria’s most valuable asset is not its crude oil reserves, adding that its the 200million citizens, and their natural labour, harnessed equitably through DLT, which can collectively produce a powerful economic force, raising the GDP of the nation 10times without any external foreign intervention or investment.

 

Every Nigerian person has the right to be informed of this “fourth industrial revolution”, and take their rightful economic place.

 

He posited that the upcoming Blockchain, AI and Digital Assets conference in Lagos will highlight the new global emerging phenomenon of decentralized money, transacting, finance, investment, which will be accessible to the common man and oligarchs in equal measure. Decentralized economics is already opening the door to a global, equitable “econosphere”enhancing the common man’s equality of opportunity to lift himself out of the poverty trap of debt bondage.

 

According to him, at the event scheduled to hold in Lagos from 24 to 25 May 2019, attendees will discover how blockchain, Artificial Intelligence (AI), IoT, big data and virtual financial assets are altering and disrupting incumbents and creating new opportunities for forwarding thinking individuals.

 

Chimezie said that it would be an interactive event around the technologies of the fourth industrial revolution (4IR) to provide attendees with actionable insights that can be applied immediately to accelerate progress in any chosen career path.

 

Dr. Isa Ali Ibrahim Pantami, Director-General/ CEO National Information Technology Development Agency (NITDA), will be guest of honor and Mr. Andrew Nevin, Chief Economist at PwC, will deliver a keynote.

 

Panel discussants will be Akeem Ogunseni, Senior Manager Tax Services at EY; Boye Ademola, partner, Technology Advisory & Digital Transformation lead at KPMGAdvisory Services; Wole Oyeniran, Enterprise Platforms/Systems Integration Leader, West Africa, at Deloitte Consulting; Dr. Segun Aina, Chairman Fintech Associates/ President Fintech Association of Nigeria, Shamim Khan, Director, Lex Futurus (UK) Blockchain Regtech & Law Limited, Salisu Kaka Assistant Director, Head Blockchain at NITDA, and Ian Friend, cofounder/ COO Ferrum Network, NYC, among many others.

 

Others are Shamim Khan, Director, Lex Futurus (UK); Olutoyin J Oloniteru MD/CEO, Spindlar Cyberlaw Centre & Chairman, CEIAfrica; Tola Joseph Fadugbagbe CEO Cryptocurrency Master Class, Lagos, Nigeria, and Dr. Shadrach Egbokwu.

 

Chimezie said the conference would feature a melding of the AI and Blockchain/ Virtual Financial Assets communities in Nigeria and across the world, exploring the possibilities at the intersection of these technologies.

 

He also stated that the conference will bring together business leaders, government and regulatory agencies, data practitioners, AI and blockchain tech pioneers who are applying artificial intelligence to solve today’s problems and creating tomorrow’s opportunities, while leveraging available tools, to create entirely new values.


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Interpol Sting Sniffs Out Cyber Crime in Nigeria, Others

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An Interpol-coordinated operation has led to the arrest of 1 209 suspected cyber criminals that targeted nearly 88 000 victims. Dubbed Operation Serengeti 2.0, the crackdown recovered $97.4 million and dismantled 11 432 malicious networks used for cyber crime, says the law enforcement organisation.

The operation was set up to combat cyber-crime across the African continent, focusing on several criminal activities targeting organisations and individuals in the region.

The participating countries were Angola, Benin, Cameroon, Chad, Côte D’Ivoire, Democratic Republic of Congo, Gabon, Ghana, Kenya, Mauritius, Nigeria, Rwanda, Senegal, South Africa, Seychelles, Tanzania, the UK, Zambia and Zimbabwe.

Run between June and August, the operation brought together investigators from the 18 African countries and the UK to tackle high-harm and high-impact cyber crimes, including ransomware, online scams and business e-mail compromise.

According to Interpol, private sector collaboration partners assisted with intelligence, guidance and training to help investigators act on intelligence and identify offenders effectively.

The intelligence was shared with participating countries ahead of the operation, providing critical information on specific threats, as well as suspicious IP addresses, domains and C2 servers.

Valdecy Urquiza, secretary-general of Interpol, comments: “Each Interpol-coordinated operation builds on the last, deepening cooperation, increasing information sharing and developing investigative skills across member countries.

“With more contributions and shared expertise, the results keep growing in scale and impact. This global network is stronger than ever, delivering real outcomes and safeguarding victims.”

The first edition of operation Serengeti was held from September to October 2024 and cracked down on cyber crimes such as ransomware operations, digital extortion and online scams.

The criminal activities caused nearly $193 million in damages and, as a result of an effort uniting nearly 20 participating countries, more than 1 000 suspected cyber criminals were arrested, at the time.

The outcomes of Serengeti 2.0 saw authorities dismantle 25 crypto-currency mining centres in Angola, where the suspects were illegally validating blockchain transactions to generate crypto-currency.

The crackdown also identified 45 illicit power stations that were confiscated, along with mining and IT equipment worth more than $37 million, which has now been earmarked by the government to support power distribution in vulnerable areas.

In Zambia, authorities dismantled a large-scale online investment fraud scheme, identifying 65 000 victims who lost an estimated total of $300 million.

“The scammers lured victims into investing in crypto-currency through extensive advertising campaigns promising high-yield returns. Victims were then instructed to download multiple apps to participate,” reads the statement.

According to Interpol, authorities arrested 15 individuals and seized key evidence, including domains, mobile numbers and bank accounts. Investigations are ongoing with efforts focused on tracking down overseas collaborators.

Also in Zambia, authorities identified a scam centre and, in joint operations with the Immigration Department in Lusaka, disrupted a suspected human trafficking network. They confiscated 372 forged passports from seven countries.

“Despite being one of the oldest-running internet frauds, inheritance scams continue to generate significant funds for criminal organisations.

“Officers in Côte d’Ivoire dismantled a transnational inheritance scam originating in Germany, arresting the primary suspect and seizing assets, including electronics, jewellery, cash, vehicles and documents. With victims tricked into paying fees to claim fake inheritances, the scam caused an estimated $1.6 million in losses.”

Operation Serengeti 2.0 was held under the umbrella of the African Joint Operation against Cyber Crime, funded by the UK’s Foreign, Commonwealth and Development Office.

The collaborating partners were Cyber Crime Atlas, Fortinet, Group-IB, Kaspersky, The Shadowserver Foundation, Team Cymru, Trend Micro, TRM Labs and Uppsala Security.

 


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NDPC Begins Probe of Banks, Others for Data Breaches

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Nigeria Data Protection Commission (NDPC) has began a comprehensive investigation of companies in the various sectors of the economy in order to expose data breaches and mete out appropriate sanctions.

NDPC Begins Probe of Banks, Others for Data Breaches

The NDPC said companies in the insurance, banking, hospitality, pension, gaming and insurance brokers amongst others would be probed to determine their compliance with the NDP Act 2023..

The compliance notice, the commission said, forms part of a sector-by-sector investigation to enforce adherence to the law, which came into effect last year to safeguard citizens’ rights and strengthen Nigeria’s participation in the global digital economy.

“The Nigeria Data Protection Commission, in furtherance of its mandate under the Nigeria Data Protection Act, 2023, has commenced a sector-by-sector investigation of organisations suspected of non-compliance with the provisions of the Act,” the commission said in a statement on Sunday.

The statement, signed by Babatunde Bamigboye, head of Legal, Enforcement and Regulations at the NDPC, explained that the notice was issued pursuant to sections 5(i), 6(a), 6(c), 46(3), and 47(1)-(2) of the Act.

According to the statement, the list of affected organisations would be published in national newspapers on Monday, August 25, 2025.

“These organisations are required to, within 21 days of issuance, provide the following: evidence of filing NDP Act Compliance Audit Returns for 2024, evidence of designation or appointment of a Data Protection Officer, summary of technical and organisational measures for data protection within the organisation, and evidence of registration as a Data Controller or Processor of Major Importance,” the statement continued.

The commission warned that any organisation that failed to comply with the notice risked facing serious regulatory sanctions.

“Failure to comply with this Compliance Notice may result in enforcement actions, including the issuance of an Enforcement Order, administrative fines, and/or criminal prosecution in accordance with the NDP Act, 2023,” the statement added.

The NDPC stressed that its actions were designed not only to enforce compliance but also to protect Nigerians’ data rights.

It said the NDP Act was enacted to “safeguard the fundamental rights, freedoms, and interests of data subjects as guaranteed under the Constitution of the Federal Republic of Nigeria, 1999,” while also providing a legal framework to ensure Nigeria’s “trusted and beneficial participation in regional and global economies through responsible use of personal data.”

The Commission further reaffirmed its resolve to entrench accountability in the country’s data protection ecosystem.

“The NDPC remains committed to ensuring a culture of accountability and trust in Nigeria’s data protection and privacy ecosystem, while safeguarding the rights of data subjects and strengthening the nation’s digital economy,” the statement added.

The commission has so far demonstrated its readiness to enforce the law by slamming heavy penalties on erring organisations.

Multichoice Nigeria was fined N766.2m for what the commission described as patently intrusive, unfair, unnecessary and disproportionate data practices, including illegal cross-border transfers of subscriber information.

 

 

 

 

 

 

 

 


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Timely, Effective Threat Intelligence is a Priority for IT Professionals

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Cybersecurity teams today face increasingly sophisticated attacks powered by artificial intelligence (AI), automation, and advanced persistent threats (APTs), making traditional reactive security measures insufficient.

To effectively counter these evolving dangers, organisations must adopt a proactive approach that leverages threat intelligence (TI). By anticipating potential threats, detecting malicious activities early, and mitigating risks before they escalate, businesses can strengthen their defenses and maintain resilience in a rapidly changing environment. This shift from reactive to proactive security strategies is essential for staying ahead of cybercriminals and safeguarding critical assets.

In its recent study, Kaspersky surveyed IT professionals across industries and regions to understand how businesses use threat intelligence to bolster their defenses. The findings reveal that while an overwhelming majority (81%) of organisations in the Middle East, Turkiye, and Africa (META) region and 80% in South Africa, are satisfied with their available threat intelligence, there is still significant room for improvement – particularly in integration, speed, and relevance.

The critical role of threat intelligence

Threat intelligence goes beyond data collection, it provides actionable insights into adversary tactics, techniques and procedures (TTPs). By studying attacker behaviour, security teams can detect threats earlier, refine defensive strategies and respond more effectively both during and after incidents.

The study highlights that 37% of companies in the META region and 35% in South Africa rely on specialised TI vendors for curated intelligence, while close to a third (31% and 28% respectively) engage in threat data exchanges with other organisations. Another 30% in the META region and 35% in South Africa gather intelligence from open sources, demonstrating the widespread recognition of TI’s value.

The importance of TI in cybersecurity cannot be overstated, as it helps organisations stay ahead of evolving threats and adapt their defenses accordingly. It enables proactive risk management and enhances the ability to anticipate potential attacks before they occur.

The most effective threat intelligence must be timely, reflecting the latest threats, a priority for 40% of respondents in the META region. It must also be actionable, seamlessly integrating into security workflows, which is a key concern for 40% of professionals in the META region.

Additionally, 36% of respondents emphasised the need for better analysis, including prioritisation and de-duplication, to make intelligence truly usable in real-world scenarios.

Key areas for improvement

While most organisations already benefit from TI, experts have identified several areas where enhancements could make a substantial difference. The single most pressing need, cited by 24% of respondents in the META region, is easier integration into existing processes, which would allow threat intelligence to be more seamlessly incorporated into daily security operations. 12% highlighted the importance of better analysis to improve accessibility, meaning that intelligence should be easier to interpret and act upon for security teams.

Meanwhile, 8% called for more robust comparative threat analysis across different systems, enabling organisations to better understand the context and relationships between various threats. Speed is another critical factor, with 12% emphasising the need for faster intelligence delivery to ensure timely responses to emerging threats.

Beyond these integration and usability concerns, professionals also prioritise quality and accuracy. 32% surveyed in the META region stress the importance of high-quality intelligence, which is precise, relevant, and reliable, to avoid false positives and missed threats.

Additionally, 32% seek more comprehensive coverage to ensure no critical threats slip through the cracks, emphasising the need for a broader scope of intelligence sources and insights to maintain a strong security posture.

Navigating today’s threat landscape demands reliable, expert-curated intelligence. While many organisations recognise its value and are satisfied with their current capabilities, they are searching for significant opportunities for improvement – particularly in areas such as integration, speed, and relevance.

By investing in these key areas, organisations can enhance their ability to respond swiftly and accurately to emerging threats, ultimately reducing risk and strengthening their security posture. Partnering with trusted providers like Kaspersky, which offers expert-curated insights and real-time intelligence, empowers businesses to navigate today’s challenging threat landscape with confidence.

To enable your InfoSec professionals to gain in-depth visibility into cyber threats targeting your organisation, use Kaspersky Threat Intelligence, which provides rich and meaningful context across the entire incident management cycle and helps identify cyber risks in a timely manner.


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