Technology
Yuguda Seeks Robust Strategy on Cyber Risks to Boost Market Confidence
By Aduragbemi Omiyale
The need for the development of a robust strategy on cyber risks to protect the funds of investors and boost market confidence has again been emphasised by the Director-General of the Securities and Exchange Commission, Mr Lamido Yuguda.
While presenting a paper recently at the Central Securities Clearing System (CSCS) Plc Cyber Securities conference, Mr Yuguda said stakeholders must urgently work on this policy because cyber risks pose a significant threat to market confidence, integrity and efficiency because people’s hard-earned income and other financial instruments are saved and invested in it.
“In the Nigerian capital market, we clearly take issues on cybersecurity very seriously due to the increasing volume of data and information that are stored electronically, coupled with the increased adoption of digitization and digitalization options in processing market transactions on a daily basis.
“Today, more of our market activities are conducted through the use of technology than ever before. While this has significantly raised efficiency levels, it has introduced our market’s exposure to a new set of risks, including cybersecurity risk, which we must recognize and manage,” he said.
The DG said that the experience of the COVID-19 pandemic, which necessitated the activation of business continuity plans through remote operations has further increased the rate at which stakeholders embrace technology and underscores the critical need to protect our systems from existing and potential threats that are present in cyberspace.
Mr Yuguda stated that cyber-attacks on financial institutions are often with the aim of gaining access to sensitive and confidential information for illicit financial gains. With the increased interconnectivity among financial institutions, a cyber-attack from one location or entity may have an impact on the entire system, thereby compromising the functions and safety of several sectors of the economy.
It is in this regard he stated that SEC appreciates the efforts of the federal government, through the Office of the National Security Adviser, in developing the National Cybersecurity Policy and Strategy 2021.
“The policy is focused on achieving its objectives through strengthening cybersecurity governance and coordination, protection of critical national information infrastructure, enhancing cybersecurity incident management, strengthening legal and regulatory framework, enhancing cyber defence capability, promoting a thriving digital economy, and enhancing international cooperation, among others.
“In November 2021, the capital market community received updates from the Office of the National Security Adviser (NSA) at a workshop it sponsored for the Capital Market, and a detailed presentation on the national cybersecurity policy was also made at the Capital Market Committee (CMC) meeting in the fourth quarter of 2021.
“The International Organization of Securities Commissions (IOSCO) to which Nigeria is a full member, has also done considerable work in making its members aware of the increasing risks around Cybersecurity. The IOSCO Board has provided guidance through its ‘Guidance on Cyber Resilience for Financial Market Infrastructures’ report, indicating the various plans or measures that industry stakeholders could adopt to ensure cybersecurity.
“It encourages regulated entities to adopt practices that are appropriate to their unique functions. Nevertheless, it notes that these should cover the identification of critical assets, protection measures and controls to enhance security, detection of abnormal activity or patterns, response plans in the event of an attack, and recovery plans to resume operations.”
He disclosed that the SEC Nigeria is developing policy and regulatory responses to emerging cyber risks in its Rules and Regulations on capital market activities and products that leverage technology, as well as in the Minimum Operating Standards for capital market operators, for which clear provisions for cybersecurity have been made.
He stated that, “Due to the importance of data protection, the Federal Government created the Nigeria Data Protection Bureau (NDPB) in February 2022. The NDPB has issued a Compliance Notice introducing the National Data Protection Adequacy Programme (NaDPAP), which guarantees every citizen of Nigeria a Right to Privacy. This is one of the concerted efforts by the NDPB to create more awareness of the obligations of Data Controllers/Processors under the NDPR 2019.
“Therefore, awareness and action at the national level should spur the various sectors of the economy to protect themselves from cyber threat by ensuring that they adhere to either industry standards or national policy carefully.”
In further recognition of the role technology will continue to play in the markets, the DG disclosed that the commission was set to release its Guidelines on Minimum Operating Standards for Information Technology for Capital Market Operators (CMOs). The guidelines will cover, among other important areas, the Computing Environment, Information Technology/Information Systems Management and Governance, IT Business Continuity and Disaster Recovery.
He assured that the commission, through these guidelines, will encourage the establishment of an Information Security and Cybersecurity Policy to be in place to form part of the Enterprise IT Policy of capital market intermediaries, platforms and other financial market infrastructures.
“Within the guidelines, we expect stakeholders to conduct regular penetration tests at least annually to detect vulnerabilities and check the resilience of their networks and systems to threats and malicious activities.
“Cybersecurity is a critical issue for the financial sector, and the capital market is up to the task of ensuring that it provides the necessary safety nets for investors and stakeholders,” he added.
Mr Yuguda, therefore, stated that the CSCS had come a long way and today stands as a pillar in our market, given the fact that it is a critical and technology-driven market infrastructure, it is not only appropriate but well placed for it to organize discussions around cybersecurity.
Technology
Emergent Ventures, Others Invest $2.2m in Potpie
By Dipo Olowookere
About $2.2 million pre-seed round to help engineering teams unify context across their entire stack and make AI agents genuinely useful in complex software environments has been announced by Potpie.
Potpie was established by Aditi Kothari and Dhiren Mathur, who were determined to unify context across the entire engineering stack and enabling spec driven development.
As generative AI adoption accelerates, most tools focus on surface-level code generation while ignoring the deeper problem of context.
Large language models are powerful, but without access to system-level understanding, tooling history, and architectural intent, they struggle in real production environments.
Traditional approaches rely on senior engineers to manually hold this context together, a model that breaks down at scale and fails when AI agents are introduced.
The platform enables teams to automate high-impact and non-trivial use cases across the software development lifecycle, like debugging cross-service failures, maintaining and writing end-to-end tests, blast radius detection and system design.
It is designed for enterprise companies with large and complex codebases, starting at around one million lines of code and scaling to hundreds of millions.
Rather than acting as another coding assistant, Potpie builds a graphical representation of software systems, infers behaviour and patterns across modules, and creates structured artefacts that allow agents to operate consistently and safely.
A statement made available to Business Post on Monday revealed that the funding support came from Emergent Ventures, All In Capital, DeVC and Point One Capital.
The capital will be used to support early enterprise deployments, expand the engineering team, and continue building Potpie’s core context and agent infrastructure, it was disclosed.
“As AI makes code generation easier, the real challenge shifts to reasoning across massive, interconnected systems. Potpie is our answer to that shift, an ontology-first layer that helps enterprises truly understand and manage their software,” Kothari was quoted as saying in the disclosure.
A Managing Partner at Emergent Ventures, Anupam Rastogi, said, “In large enterprises, the real challenge is not generating code, it is understanding the system deeply enough to change it safely.
“Potpie’s ontology-first architecture, combined with rigorous context curation and spec-driven development, creates a structured model of the entire engineering ecosystem. This allows AI agents to reason across services, dependencies, tickets, and production signals with the clarity of a senior engineer. That is what makes Potpie uniquely capable of solving complex RCA, impact analysis, and high-risk feature work even in codebases exceeding 50 million lines.”
Technology
Expert Reveals Top Cyber Threats Organisations Will Encounter in 2026
By Adedapo Adesanya
Organisations in 2026 face a cybersecurity landscape markedly different from previous years, driven by rapid artificial intelligence adoption, entrenched remote work models, and increasingly interconnected digital systems, with experts warning that these shifts have expanded attack surfaces faster than many security teams can effectively monitor.
According to the World Economic Forum’s Global Cybersecurity Outlook 2026, AI-related vulnerabilities now rank among the most urgent concerns, with 87 per cent of cybersecurity professionals worldwide highlighting them as a top risk.
In a note shared with Business Post, Mr Danny Mitchell, Cybersecurity Writer at Heimdal, said artificial intelligence presents a “category shift” in cyber risk.
“Attackers are manipulating the logic systems that increasingly run critical business processes,” he explained, noting that AI models controlling loan decisions or infrastructure have become high-value targets. Machine learning systems can be poisoned with corrupted training data or manipulated through adversarial inputs, often without immediate detection.
Mr Mitchell also warned that AI-powered phishing and fraud are growing more sophisticated. Deepfake technology and advanced language models now produce convincing emails, voice calls and videos that evade traditional detection.
“The sophistication of modern phishing means organisations can no longer rely solely on employee awareness training,” he said, urging multi-channel verification for sensitive transactions.
Supply chain vulnerabilities remain another major threat. Modern software ecosystems rely on numerous vendors and open-source components, each representing a potential entry point.
“Most organisations lack complete visibility into their software supply chain,” Mr Mitchell said, adding that attackers frequently exploit trusted vendors or update mechanisms to bypass perimeter defences.
Meanwhile, unpatched software vulnerabilities continue to expose organisations to risk, as attackers use automated tools to scan for weaknesses within hours of public disclosure. Legacy systems and critical infrastructure are especially difficult to secure.
Ransomware operations have also evolved, with criminals spending weeks inside networks before launching attacks.
“Modern ransomware operations function like businesses,” Mitchell observed, employing double extortion tactics to maximise pressure on victims.
Mr Mitchell concluded that the common thread across 2026 threats is complexity, noting that organisations need to abandon the idea that they can defend against everything equally, as this approach spreads resources too thin and leaves critical assets exposed.
“You cannot protect what you don’t know exists,” he said, urging organisations to prioritise visibility, map dependencies, and focus resources on the most critical assets.
Technology
NCC Begins Review of National Telecommunications Policy After 26 Years
By Adedapo Adesanya
In a consultation paper released to the public, the commission said it is seeking input from stakeholders, including telecom operators, tech companies, legal experts, and the general public, on proposed revisions designed to reposition Nigeria’s telecommunications framework to match current digital demands. Submissions are expected by March 20, 2026.
The NTP 2000 marked a turning point in Nigeria’s telecom landscape. It replaced the 1998 policy, introducing full liberalisation and a unified regulatory framework under the NCC, and paved the way for the licensing of GSM operators such as MTN, Econet (now Airtel), and Globacom in 2001 and 2002.
Prior to the NTP, the sector was dominated by Nigerian Telecommunications Limited (NITEL), a government-owned monopoly plagued by obsolete equipment, low teledensity, and poor service. At the time, Nigeria had fewer than 400,000 telephone lines for the entire country.
However, the NCC noted that just as the 1998 policy was overtaken by global developments, the 2000 framework has become structurally misaligned with today’s telecom reality, which encompasses broadband, 5G networks, satellite internet, artificial intelligence, and a thriving digital economy worth billions of dollars.
“The rapid pace of technological change and emerging digital services necessitate a comprehensive update to ensure the policy continues to support economic growth while protecting critical infrastructure,” the Commission stated.
The review will target multiple chapters of the policy. Key revisions include: Enhancements on online safety, content moderation, digital services regulation, and improved internet exchange protocols; a modern framework for satellite harmonisation, coexistence with terrestrial networks, and clearer spectrum allocation to boost service quality, and policies to address fiscal support, reduce multiple taxation, and lower operational costs for operators.
The NCC is also proposing entirely new sections to the policy to address emerging priorities. Among the key initiatives are clear broadband objectives aimed at achieving 70 per cent national broadband penetration, with a focus on extending connectivity beyond urban centres to reach rural communities.
The review also seeks to formally recognise telecom infrastructure, including fibre optic cables and network masts, as Critical National Infrastructure to prevent vandalism and enhance security.
In addition, the commission is targeting the harmonisation of Right-of-Way charges across federal, state, and local governments, alongside the introduction of a one-stop permitting process for telecom deployment, designed to reduce bureaucratic delays and lower operational costs for operators.
According to the NCC, the review aims to make fast and affordable internet widely accessible. “The old framework was largely voice-centric. Today, data is the currency of the digital economy,” the commission said, highlighting the need to close the urban-rural broadband divide.
The consultation process is intended to gather diverse perspectives to ensure the updated policy reflects current technological trends, market realities, and consumer needs. By doing so, the NCC hopes to maintain the telecommunications sector’s role as a key driver of economic growth and digital inclusion.
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