Feature/OPED
Bybit Crypto Heist: Five Key Lessons to Prevent a Repeat
Dubai-based cryptocurrency exchange Bybit was the victim of what is being widely reported as the single largest digital theft in history. Hackers extracted approximately $1.5bn (£1.2bn) from an Ethereum wallet and transferred the contents to a new, unlocatable address.
The platform has assured users of its liquidity—despite a significant increase in the volume of withdrawals in the wake of the breach—promising refunds to all affected users even if the stolen money is not recovered.
According to Osama Bari, Chief Technology Officer at D24 Fintech Group, exchanges that comply with a core set of rules will drastically reduce their chances of suffering a similar breach.
1. Multi-party approval systems
The Bybit security breach was primarily caused by vulnerabilities in multi-signature authorization and UI spoofing tactics, where attackers manipulated the interface to display different addresses. Bari said: “Even experienced professionals might overlook such discrepancies without a thorough investigation. Typically, such issues often go unnoticed during routine exchange operations.
“To mitigate such risks, exchanges should implement a threshold-based, multi-party approval system for all transactions.
“Additionally, secure platforms require real-time monitoring systems to analyze deposits and withdrawals, with automated cross-checks for unusual spikes. If required, large transactions must be manually verified with a comprehensive report. Each withdrawal should undergo a transaction audit score assessment before being processed.”
2. Ensure two-factor authentication is in place
Two-factor authentication (2FA) is a security method that requires a second form of identification to access any account information or funds.
Bari: “2FA is no new phenomenon, but its importance as a tool for verifying users and ensuring only the right personnel can manage and withdraw balances or view confidential information cannot be understated.
“This is a basic form of protection that exchanges should absolutely be offering to their customers and can be a vital deterrent for hackers as it increases the difficulty of breaching gated accounts. All financial providers have a duty to protect their users and 2FA is a guaranteed way of raising the level of in-built security they provide.”
3. Custodians are valuable third parties
Custodians safeguard assets for fellow financial institutions to reduce the risk of loss, theft, or damage.
Bari continued: “Exchanges should not underestimate the level of responsibility that comes with holding considerable volumes of assets on behalf of customers. Failure to put the appropriate measures in place to protect these funds, as we’ve just seen with the Bybit hack, could result in disastrous consequences for both the company attacked and the users impacted.
“Turning to external organizations to bolster security is a viable option for exchanges that lack the infrastructure and liquidity to manage millions, or even billions, worth of currency. Partnering with a trusted custodian will ensure that customer investments stay safe, allowing exchanges to focus on other important activities such as enhancing user experience and increasing the financial literacy of their customers.”
4. Perform a liveness check
A liveness check verifies a user’s identity through a biometric measure, for example, their face or fingerprint. 40% of banks have implemented this precaution to tackle fraud, up from 26% five years ago.
Bari: “For crypto exchanges, and financial institutions more generally, a liveness check adds that final layer of protection to dissuade hackers from attempting an attack. Having access to passwords, secure keys, or even primary devices is no longer enough to successfully bypass security measures—customers are protected as their face, fingerprints, and even voices are all unique.”
5. Make security CEXy
Centralized cryptocurrency exchanges (CEXs) are regulated intermediaries that facilitate the trading of fiat and digital currencies.
Bari concluded: “A pivotal element of cryptocurrency’s appeal throughout its history has been its decentralized nature, with many early adopters drawn to this form of tender by its anonymity. However, as crypto has become increasingly mainstream and a viable investment for individuals globally, it’s important to reshape our thinking and start putting security at the top of the list of priorities.
“Due to Bybit’s centralized approach, the exchange was able to freeze $42.85 million in stolen assets within 48 hours through collaborations with other platforms. This highlights the increased resilience of CEXs and how trusted partnerships with other organizations in the crypto field can limit the damage inflicted in a hack.”
Feature/OPED
Championing Ethical Sourcing Within Dairy Communities
Human Rights Day often centres on themes of dignity, equity, and freedom. Yet for many Nigerians, these rights are not debated in courtrooms they are expressed in the ability to access nutritious food, build meaningful livelihoods, and secure a healthy future for their families. Nutrition, in this sense, becomes a fundamental human right.
Despite a growing population and rising nutrition needs, Nigeria faces a pressing dairy reality. The country remains heavily dependent on dairy imports, leaving nutritional access vulnerable and local capacity underdeveloped. This is not just an economic concern; it is a human one. When families cannot easily access affordable, high-quality dairy, the foundations of health and development are weakened.
It is within this context that Arla Nigeria operates not merely as a dairy company, but as a nutrition powerhouse committed to nourishing a nation. Our ambition extends beyond selling products. We are working to build the foundations of a stronger, more resilient local dairy sector that supports food security, economic participation, and national progress.
At the heart of our efforts is the Damau Integrated Dairy Farm in Kaduna Statea fully operational modern farm designed to demonstrate what responsible, efficient, and scalable dairy production can look like in Nigeria. Arla Nigeria produces its own milk on-site, ensuring quality, safety, and consistency as we continue building the systems required for a sustainable local value chain. In fact, until our yoghurt factory launches, the reverse is true: some stakeholders purchase milk from us.
But infrastructure alone is not the story. What truly matters is the human impact surrounding the farm.
Arla Nigeria has been intentional about engaging and empowering the communities around Damau. By creating employment opportunities for local residents, providing skills development, and contributing to community growth, we are ensuring that the benefits of dairy development extend beyond production lines. This is development rooted in people where progress is measured in livelihoods improved and opportunities created.
As Arla Nigeria continues to expand operations, our long-term commitment remains clear: to contribute meaningfully to local milk sourcing and value chain development, strengthening Nigeria’s capacity to feed itself. Backward integration is not a slogan for Arla Foods; it is a structured pathway with building responsibly and sustainably. From farm systems to future household milk initiatives, the goal is to create a model that supports farmers, enhances productivity, and drives economic inclusion in the years ahead.
On Human Rights Day, the conversation often revolves around preventing harm avoiding exploitation, ensuring fair labour, and upholding ethical standards. These are essential, but they are only the beginning. True respect for human rights means creating enabling systems that allow people to thrive.
With Arla Foods, that begins with nutrition. Milk is a super food, rich in essential nutrients that support growth and development. Ensuring access to such nutrition contributes directly to national well-being and productivity. When we help secure a healthier population, we strengthen the foundation for education, economic participation, and long-term prosperity.
This is why Arla believes that dairy is not just food it is nutrition, livelihood, and progress. By investing in sustainable production, community development, and future local sourcing capabilities, Arla Nigeria is contributing to food security and economic growth in a tangible, measurable way.
Ultimately, ethical business is not defined by corporate language or labels. It is defined by the stability, nourishment, and dignity it brings to people’s lives. As Nigeria celebrates Human Rights Day, let us recognise that the right to nutrition and the opportunity to build a better future are among the most powerful rights we can help protect.
Feature/OPED
In Praise of Nigeria’s Elite Memory Loss Clinic
By Busayo Cole
There’s an unacknowledged marvel in Nigeria, a national institution so revered and influential that its very mention invokes awe; and not a small dose of amnesia. I’m speaking, of course, about the glorious Memory Loss Clinic for the Elite, a facility where unsolved corruption cases go to receive a lifetime membership in our collective oblivion.
Take a walk down the memory lane of scandals past, and you’ll encounter a magical fog. Who remembers the details of the N2.5 billion pension fund scam? Anyone? No? Good. That’s exactly how the clinic works. Through a combination of political gymnastics, endless court adjournments, and public desensitisation, these cases are carefully wrapped in a blanket of vagueness. Brilliant, isn’t it?
The beauty of this clinic lies in its inclusivity. From the infamous Dasukigate, which popularised the phrase “arms deal” in Nigeria without actually arming anything, to the less publicised but equally mystifying NDDC palliative fund saga, the clinic accepts all cases with the same efficiency. Once enrolled, each scandal receives a standard treatment: strategic denial, temporary outrage, and finally, oblivion.
Not to be overlooked are the esteemed practitioners at this clinic: our very own politicians and public officials. Their commitment to forgetting is nothing short of Nobel-worthy. Have you noticed how effortlessly some officials transition from answering allegations one week to delivering keynote speeches on accountability the next? It’s an art form.
Then there’s the media, always ready to lend a hand. Investigative journalists dig up cases, splash them across headlines for a week or two, and then move on to the next crisis, leaving the current scandal to the skilled hands of the clinic’s erasure team. No one does closure better than us. Or rather, the lack thereof.
And let’s not forget the loyal citizens, the true heroes of this operation. We rant on social media, organise a protest or two, and then poof! Our collective short attention span is the lifeblood of the Memory Loss Clinic. Why insist on justice when you can unlook?
Take, for example, the Halliburton Scandal. In 2009, a Board of Inquiry was established under the leadership of Inspector-General of Police, Mike Okiro, to investigate allegations of a $182 million bribery scheme involving the American company Halliburton and some former Nigerian Heads of State. Despite Halliburton admitting to paying the bribes to secure a $6 billion contract for a natural gas plant, the case remains unresolved. The United States fined the companies involved, but in Nigeria, the victims of the corruption: ordinary citizens, received no compensation, and no one was brought to justice. The investigation, it seems, was yet another patient admitted to the clinic.
Or consider the Petroleum Trust Fund Probe, which unraveled in the late 1990s. Established during General Sani Abacha’s regime and managed by Major-General Muhammadu Buhari, the PTF’s operations were scrutinised when Chief Olusegun Obasanjo assumed office in 1999. The winding-down process uncovered allegations of mismanagement, dubious dealings, and a sudden, dramatic death of a key figure, Salihijo Ahmad, the head of the PTF’s sole management consultant. Despite the drama and the revelations, the case quietly faded into obscurity, leaving Nigerians with more questions than answers.
Then there is the colossal case of under-remittance of oil and gas royalties and taxes. The Federal Government, through the Special Presidential Investigatory Panel (SPIP), accused oil giants like Shell, Agip, and the NNPC of diverting billions of dollars meant for public coffers. Allegations ranged from falsified production figures to outright embezzlement. Despite detailed accusations and court proceedings, the cases were abandoned after the SPIP’s disbandment in 2019. As usual, the trail of accountability disappeared into thin air, leaving the funds unaccounted for and the public betrayed yet again.
Of course, this institution isn’t without its critics. Some stubborn Nigerians still insist on remembering. Creating spreadsheets, tracking cases, and daring to demand accountability. To these radicals, I say: why fight the tide? Embrace the convenience of selective amnesia. Life is easier when you don’t worry about where billions disappeared to or why someone’s cousin’s uncle’s housemaid’s driver has an oil block.
As World Anti-Corruption Day comes and goes, let us celebrate the true innovation of our time. While other nations are busy prosecuting offenders and recovering stolen funds, we have mastered the fine art of forgetting. Who needs convictions when you have a clinic this efficient? Oh, I almost forgot the anti-corruption day as I sent my draft to a correspondent very late. Don’t blame me, I am just a regular at the clinic.
So, here’s to Nigeria’s Memory Loss Clinic, a shining beacon of how to “move on” without actually moving forward. May it continue to thrive, because let’s face it: without it, what would we do with all these unsolved corruption cases? Demand justice? That’s asking a lot. Better to forget and focus on the next election season. Who knows? We might even re-elect a client of the clinic. Wouldn’t that be poetic?
Now, if you’ll excuse me, I have a new scandal to ignore.
Busayo Cole is a Branding and Communications Manager who transforms abstract corporate goals into actionable, sparkling messaging. It’s rumored that 90% of his strategic clarity is powered by triple-shot espresso, and the remaining 10% is sheer panic. He can be reached via busayo@busayocole.com.
Feature/OPED
How Nigerian Companies are Leading More Responsible Digital Transformation
By Kehinde Ogundare
Artificial intelligence is everywhere–in polished social media posts, in the recommendations that guide our viewing habits, and in the bots that handle customer queries before a human agent steps in. On LinkedIn, AI-assisted writing has become standard practice.
A year ago, more than half of English long-form posts that went viral were estimated to have been written by or assisted by AI. If that’s the norm on the world’s biggest business network, it’s no surprise that AI is driving conversations in Nigerian boardrooms as companies move from experimentation to embedding AI into their daily operations.
Part of the package
The Nigeria Data Protection Act (NDPA), modelled on the European Union’s General Data Protection Regulation, together with the Nigeria Data Protection Commission, requires companies to build privacy into their systems from the outset rather than adding it later. This clear regulatory framework has evolved alongside a rapid rise in AI adoption.
New research from Zoho on responsible AI adoption highlights the impact of the regulations. As per the report, 93% of Nigerian companies have already started using AI in their daily operations; 84% have tightened their privacy controls after adoption, and 94% now have a dedicated privacy officer or team, which is well above global averages.
The survey, conducted by Arion Research LLC among 386 senior executives, shows just how deeply embedded AI has become in Nigeria. One in four companies already uses it across several departments, and nearly a third report advanced integration. Financial services firms are pioneers in this sector, using AI to automate client interactions, streamline operations and sharpen their marketing, while staying compliant with data protection rules.
The NDPA has helped make privacy part of business planning. Four in ten companies now spend more than 30% of their IT budgets on privacy. Regular audits, privacy impact assessments and explainability checks are becoming standard practice.
Skills, compliance and capacity
Rapid adoption brings challenges. More than a third of businesses say that their biggest obstacle is a lack of technical skills, and another 35% cite privacy and security risks. Instead of outsourcing, most are building capacity in-house: nearly 70% of companies are training staff in data analysis, more than half are improving general AI literacy, and 40% are investing in prompt engineering for generative tools.
The understanding of the NDPA regulation, which came into force in 2023, has also improved. 65% of organisations see compliance as essential. Many voluntarily apply data-minimisation and transparency standards even when not required to do so, aligning more closely with international norms and easing collaboration with global partners.
Privacy is increasingly influencing business decisions — from investment priorities to system design. Companies are asking tougher questions: is specific data essential? How can exposure be limited? How can fairness and transparency be proven?
Trusted systems
As privacy becomes part of how technology is built, companies are being more cautious about the tools they use because they now want systems that protect customer data, with clear boundaries between data and model training, straightforward controls, and reliable records for compliance teams.
Demand for business software that balances productivity with privacy is also growing. Zoho, among others, has seen strong customer growth as more organisations are looking for platforms that support responsible data handling.
The study identifies three main reasons behind AI adoption: to make work more efficient by automating routine tasks, to support better decision-making by identifying patterns sooner, and to improve customer engagement through faster, more relevant interactions. But none of this can succeed without trust. Nigeria’s experience shows that privacy and innovation can reinforce each other when they’re built together.
There’s still work to do because some industries are moving faster than others, and smaller businesses often face the biggest hurdles in time, cost and skills. Enforcement is also patchy; while the law is clear, application across sectors and geographies is a work in progress.
The next steps are more practical, requiring investment in skills – from data analysis and AI literacy to sector-specific training – and for governance to be put in place, with clear responsibilities, written policies, and a plan for managing errors or breaches. Privacy impact assessments should become part of every new system rollout, enabled by technology.
As AI becomes fundamental to doing business, Nigerian companies that build it carefully and responsibly will be better able to compete at home and abroad.
Kehinde Ogundare is the Country Head for Zoho Nigeria
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