Technology
ISSAN Seeks Collaborative Efforts to Check Rising Cyber Threats
By Modupe Gbadeyanka
An urgent review of the National Cybersecurity Protection Act of 2015 has been called for by the Information Security Society of Africa, Nigeria (ISSAN).
According to the cybersecurity stakeholders, the review will make the law meet the current realities as it will capture the latest trends in the industry.
Speaking at the Quarter 1, 2022 ISSAN Cybersecurity Conference themed Payment Systems Platform Security in Lagos, the president of ISSAN, Dr David Isiavwe, said as the COVID-19 pandemic is gradually easing out, organisations are now settling for a hybrid way of working and providing services for customers while being mindful of the enlarged cyber threat.
He noted that new forms of attacks are being contrived and implemented by criminals through various means on individuals, nation-states and corporate bodies, stressing that cyber security gatekeepers are not spared as large sums of money are usually at risk in every successful attack.
“What we see on the horizon is that Business Email Compromise (BEC) attacks are becoming alarming; Ransomware attacks are not relenting. There are more phishing and password targeted attacks.
“Denial of Service (DoS) and Distributed Denial-of-Service (DDoS) attacks remain a growing problem. The loss globally is colossal. In Africa, Nigeria is expected to lead in terms of estimated loss due to our size. There is, therefore, the urgent need to brainstorm on how to keep payment systems platforms safer,” he said.
For a way forward, Dr Isiavwe, who is also a General Manager at Ecobank Nigeria, emphasised that banks and organisations need to be proactive, keep customers educated and updated on new threats and trends in cyberspace, automate and continuously monitor their systems and infrastructure, and also place a high premium on artificial intelligence, machine learning, robotics, and data analytics.
In his keynote address, Director, Payment System Management Department, Central Bank of Nigeria (CBN), Mr Musa Jimoh commended the activities of ISSAN on enhancing a safer and secured payment ecosystem, stressing that the apex bank is committed to initiatives that would promote and enhance payment system security to check cyber fraud in the nation’s financial system.
He maintained that the financial sector cannot afford to fail as the payment system is vital to the functioning of any economic system.
According to him, “Data security is important for customers and a tool for financial inclusion. Banks are the custodian of customers’ information based on trust and should therefore put structures in place to prevent breaches and information theft. They should not compromise customers’ credentials as it would give cybercriminals access to defraud them.”
Mr Jimoh further stated that the entrance of Fintechs to the financial landscape has engendered stiffer competition, noting that “all responsible officers in charge of information security in organizations should keep track and always check and see the right things are done for the entities that are allowed to connect to their infrastructure.
“Banks should address infrastructure deficiencies, ensure operational resilience, introduce second or multi-factor authorisation, ensures banking payment infrastructure are formidable, address privacy violations, carry out end to end encryption to protect stored data, and also adhere to KYC provisions to avoid terrorism financing and money laundering.”
In her technical presentation, Managing Director, CreditRegistry Plc, Dr Jameela Ayedun, recommended a collaborative approach by banks, CBN, government agencies such as National Identity Management Commission (NIMC), Nigerian Communications Commission (NCC), Nigeria Inter-Bank Settlement System (NIBSS) and others to enhance cyber security.
According to her, “Cyber security is the responsibility of all. The cybercriminals are still on a rampage therefore we must protect our payment systems and not give anything to chance.
“We must educate our consumers and should not be a silent victim. The payment service providers must have the basic requirements. The government also has a role to play in this regard. We should emphasise the privacy and integrity of our payment systems.”
Also, in his technical presentation titled: Anatomy of the New Fraudsters – A Nigeria Perspective, Head, Growth and Partnership – West Africa, BPC Technologies, Emmanuel Obinne, observed that cyber frauds transcend borders and boundaries. He gave a rundown of different types of frauds and maintained that relevant cyber laws should be put in place to check cyber criminality.
According to him, “Fraud management is a journey and not a destination. Proper laws should be in place to punish cybercriminals. Organizations should regularly upgrade their payment systems and security to avoid vulnerability. This will also fast track authorization and authentication of transactions. Second-factor authorization is also important to check fraud. The customers must constantly be educated to make them have more confidence in the payment system.”
Other panellists at the hybrid summit were Chairman, Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Yinka Tiamiyu; Chief Information Security Officer, Heritage Bank, Ighoakpo Eduje, and Managing Partner, Technology Advisors LLP, Basil Udotai. The session was moderated by the Head, Internal Audit, FBN Holdings, Dr Bode Oguntoke.
By Adedapo Adesanya
The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has set a target of increasing the Information Communication Technology sector’s contribution to the Nigerian economy to 21 per cent from currently below 18 per cent.
Speaking during a visit to his alma mater, Anglican Grammar School, Onikolobo, Abeokuta, he said President Bola Tinubu was making significant efforts to raise Nigeria’s Gross Domestic Product (GDP) through increased contributions from the digital economy.
As of the fourth quarter of 2024, Nigeria’s ICT sector contributed 17.68 per cent to the country’s real GDP, marking an increase from 16.66 per cent in Q4 2023.
He said if the target is actualised, it would translate to further growth in Nigeria’s economy.
“This means more jobs and opportunities. For the first time in the history of this country, an administration is investing in 90,000 kilometers of fibre optic cables across the nation.
“This infrastructure will bring high-speed internet to schools through cables—not through jungles—enabling better learning environments,” he said.
Encouraging the students, Mr Tijani said background should not be a barrier to success.
“I once sat where you sit today. The lessons of kindness and empathy I learnt here shaped who I am.
“You can become ministers, ambassadors, governors, or even the President. You can shake the world,” he said.
To support education, Mr Tijani announced a fellowship programme for the top three students in JSS 1–3 and SS 1–2.
Each will receive N100,000 annually, along with laptops and school uniforms.
This will benefit around 70 students each year.
He also revealed plans to refurbish and digitally equip a school building and adopt the science laboratory.
The minister attended an ‘Innovation and Startups Roundtable’ with digital technology entrepreneurs and solution providers in Ogun State.
There, he underscored the need for technology-driven agriculture to address food insecurity and boost local food production.
“Given our large population and reliance on traditional farming, we cannot meet local food demand without embracing digital tools,” he said.
“Technology such as mobile apps, sensors, and drones can help farmers monitor crops, control pests, track soil changes, and ultimately improve productivity.”
Mr Tijani noted that countries like Ukraine had sustained agricultural output even amid conflict, due to their heavy investment in agricultural technology, encouraging Nigerian farmers to adopt similar innovations to reduce dependence on food imports and preserve foreign exchange.
By Adedapo Adesanya
The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has lauded the Chinese multinational corporation and technology company, Huawei Technology Company Limited, for its investment in Nigeria’s digital sector.
He highlighted Huawei’s strong commitment to building national digital infrastructure and commended the company’s efforts in launching an Innovation Centre and fostering local talent development at the Huawei Day Nigeria 2025 Government Forum, held in Lagos.
He expressed appreciation for Huawei’s ongoing contributions to Nigeria’s digital transformation and emphasized the importance of continued collaboration between the ministry and Huawei.
The Huawei Day Nigeria 2025 Government Forum brought together top government and industry leaders to explore the transformative impact of digital technologies on governance, security, and public service delivery.
The forum featured a series of presentations with key leaders sharing their vision for the future of Nigeria’s digital landscape and the pivotal role of ICT in driving national progress.
The government forum organised as part of the activities in the ongoing Huawei Day Nigeria 2025 had speakers from various government MDAs share insights and best practices on digital transformation urban security， intelligent traffic and video surveillance, and ICT talent cultivation.
On his part, Mr Olusegun Olulade, the Executive Director, Centricity and Marketing of Galaxy Backbone stressed the importance of E-Government Network & Cloud in enabling Nigeria’s digital services.
He disclosed that “Galaxy Backbone’s cloud infrastructure is crucial for supporting Nigeria’s digital programmes by enhancing secure communication and data exchange across government ministries and agencies.
“It enables seamless interoperability, real-time data sharing, and improved decision-making, while ensuring robust cybersecurity.”
Furthering the discourse, Huawei Global Public Sector BU Chief Technology Officer, Mr Augustine Chiew, highlighted the cruciality of smart cities for Urban Digital Transformation.
“Smart city initiatives are reshaping urban environments by leveraging AI-powered surveillance, IoT platforms, and scalable cloud solutions to enhance traffic management, public safety, and overall quality of life.
“Cities like Lagos and Abuja are benefiting from these innovations, with a strong focus on sustainability, energy efficiency, and real-time connectivity, driving more efficient and livable urban spaces.
“Huawei smart city solutions accelerate public service digitalisation, serving 700+ smart cities in 100+ countries across the globe.
“Taking Lagos as an example, Huawei’s intelligent traffic solution has increased traffic efficiency, reduced traffic accidents, and decreased economic losses, which boosts city service efficiency and citizen satisfaction.”
The event had other speakers including the Director of Lagos State Vehicle Inspection Service, Mr Akin-George Fashola, who examined the importance of creating effective transportation systems in Lagos State.
He emphasised the need for the integration of big data analytics with video surveillance to enhance security operations and build public trust.
“This will contribute to multi-agency collaboration and improve emergency response capabilities, particularly in high-traffic and densely populated areas,” he said.
The government forum was an interactive platform for discussions on the impact of digital technologies on governance and public services in Nigeria.
The event underscored the need for enhanced collaboration between the public and private sectors to overcome infrastructure challenges, accelerate digital adoption, and build a more inclusive digital ecosystem.
Other speakers at the event include Deputy Comptroller General (ICT), Nigerian Immigration Service, Mr Mohammed Tukur Umar; Head, Infrastructure and Operations, Federal Inland Revenue Service, Mr Lanre Olaifa; ICT Director of the Lagos State Ministry of Innovation, Science and Technology, Mr Adeyinka Sorungbe; Head of Computer Engineering Department, Ahmadu Bello University, Professor Muhammed Muazu; and top Huawei executives.
By Aduragbemi Omiyale
Hadron by Tether has set a new standard for compliant tokenization with the integration of Chainalysis’ compliance and monitoring tools.
This upgrade brings institutional-grade oversight to Hadron by Tether by further strengthening its position as a trusted and regulation-ready marketplace for token issuance and asset management.
With this, the system can now monitor transactions to flag suspicious activity and enable ongoing compliance, and also streamlines onboarding and due diligence processes.
“With Hadron by Tether, we’re building the gold standard for compliant, secure, and scalable tokenization.
“By integrating Chainalysis directly into the platform, we’re offering institutional-grade transparency, compliance, and risk mitigation without compromising on decentralization or control,” the chief executive of Tether, Mr Paolo Ardoino, said.
“Chainalysis has always believed that trust is the foundation for the future of digital assets.
“We’re proud of this work with Hadron by Tether that will bring digital assets and blockchain technology to more institutions and organizations underpinned by our technology and blockchain intelligence that make the solution ready for a compliance-first world,” the chief executive of Chainalysis, Mr Jonathan Levin, stated.
Designed for institutions, corporations, and governments, Hadron by Tether enables the creation, management, and deployment of tokenized assets such as stablecoins, bonds, funds, and commodity-backed tokens across multiple blockchains.
With the integration of Chainalysis, participants now gain access to enhanced risk detection, real-time transaction monitoring, and full Know Your Transaction (KYT) support – ensuring adherence to global regulatory standards from day one.
This latest enhancement follows Tether’s broader commitment to security and accountability. As the issuer of USD₮, the most widely used stablecoin in the world, Tether has collaborated with over 255 law enforcement agencies across 55 countries and helped freeze more than $2.7 billion in illicit assets to date.
The same compliance ethos is now embedded in Hadron by Tether, empowering asset issuers to operate with confidence in an increasingly regulated environment.
The Chainalysis integration represents a major step in making Hadron by Tether not only a powerful platform for tokenization, but also a future-proof infrastructure layer for digital assets.
Tether previously announced it had adopted Chainalysis’ ecosystem monitoring solution to enhance surveillance across secondary markets and bolster compliance across all Tether tokens.
Now, those same advanced tools are directly accessible to Hadron participants, reinforcing a unified compliance standard across Tether’s expanding digital asset ecosystem.
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