Technology

Ohwobete Faults Nigeria’s Cyber-Security Strategy

Published

3 years ago

25/08/2022

By Modupe Gbadeyanka

The federal government has been tasked to initiate and implement an efficient national cyber-security infrastructure that would provide adequate protection for governments, organisations and individuals in the country from palpable and ever-present cyber threats and attacks.

This charge was given by cyber-security experts and stakeholders in the financial service sector at an event put together by the Committee of Chief Information Security Officers of the Nigerian Financial Institutions (CCISONFI).

At the programme themed CybertechNX Business launch and Cyber Capability Expose, one of the speakers, Professor Austine Ohwobete, acknowledged that Nigeria presently has a semblance of a cyber-security strategy, but pointed out that the plan is full of holes, gaps, and lacking in implementation timelines and milestones.

The expert, who is a Professor of Information Technology/Security at the University of Arizona Global Campus, United States, stated that, “We need a national cyber-security policy and strategy that is functioning and not one that you spend money to just write on paper and let it be. Nobody hears about it. There is no organisation; no implementation environment that has been set up for its actualisation. But that is needed.

“A national cyber-security initiative will go a long way in making sure that there are frameworks and blueprints that people will need to adhere to keep their environment safe.”

“At this point, I think that there is a cyber-security strategy at the national level but there are a lot of holes and gaps in it and also there is a problem of implementation.

“For example: what is the implementation plan and what are the milestones? For now, it remains an initiative that is yet to get to the level of implementation. So, we need to do that because it is critical,” the Managing Director of Cyber Technologies Next Generation Company Limited (CybertechNX), further stated.

Mr Ohwobete, who is also the chief executive officer and cyber-strategist at Crypto Forensics Technologies, California, USA, introduced himself as a cyber-evangelist that would do in the country’s cyber environment what evangelists do best.

“So, starting from this point of stepping my foot into the (Nigerian) cyber security environment, I am going to start evangelising and talking to the government and identifying risk areas that governments and organisations need to look into.

“My responsibility, as a citizen, is to help identify gaps that need to be closed and internationally recognised practices and frameworks that are lacking within the Nigerian environment that is needed to be implemented.”

According to him, this has to start from the top, noting that, “The tone set at the top and the infrastructure level will determine to what extent organisations at the lower level of the eco-chain will take to make sure that they follow what is being done.

“So, organisations are responsible for securing their own neck of the wood. But the federal government needs to come up with cyber policies and cyber initiatives that will set the standard that organisations need to follow. That is what I think will be done.”

Meanwhile, the President of the Information Security Society of Africa (ISSAN) and Group Head, Operations and Technology, Ecobank Nigeria, Mr David Isiavwe, said that evolving and sustaining premium cyber-security is very important because over $7 trillion is available to be stolen worldwide, including Nigeria, on the cyberspace.

He said that there is an urgent need to evolve a strengthened cyber-security system in Nigeria because of the growing digitalisation of the country’s economic and social interactions as people now work from home and anyone with a smart cell phone could hop into cyberspace from anywhere and attack nation-states, organisations, and individuals.

“These meant that the threat landscape has just expanded significantly across the borders of any organisation and country,” he said.

According to him, the first thing the ISSAN is doing is advocacy. “We are engaging all key stakeholders to ensure that there is adequate constant collaboration. Everybody must work together because the entire cyberspace is as secure as its weakest link.

”We are also saying that every individual should be careful. Once a message doesn’t look right and it has a link, please do not touch the link until you have confirmed to know the person that actually sent that message. We want people to know how to protect themselves.

“Secondly, we are also taking steps to ensure that organisations also put in place the rudiments and the basics that are required to ensure that they are protected.

“Thirdly, there must be management buy-in right from the board level, which I call ‘the tone at the top.’ If the board and senior management do not support it, it will just be a joke and there will be no security. Then we are building and focusing on human capacity development by engaging with experts to ensure that organisations remain secure and safe,” he said.

On his part, the chairman of CCISONFI, Mr Abumere Igboa, opined that there was a constant need to address the related challenges of ensuring continuous cybersecurity and data privacy through a strong national cyber-security infrastructure.

He added that the lack of a proper identity management framework is leading financial institutions to rely on other means for identifying information such as BVN, stressing that only through concerted efforts by all industry stakeholders and government that can eliminate or reduce the activities of cybercriminals.

Technology

Unlocking Competitive Advantage: The Critical Role of Data Management in Today’s Business Climate

Published

6 hours ago

14/05/2025

Business Post Contributor

In an era defined by digital transformation and rapid technological advancement, data has emerged as one of the most valuable assets an organization can possess. From driving operational efficiency to enabling strategic decision-making, data management is no longer a luxury—it is a necessity. Yet, in many regions such as Nigeria, this understanding has yet to fully take root.

Globally, forward-thinking organizations are treating data as a strategic asset, building data-driven cultures, and investing in robust governance frameworks to ensure data quality, security, and utility.

Chief Data Officers (CDOs) are increasingly becoming key figures in the C-suite, responsible for overseeing data governance, compliance, analytics, and innovation.

However, in Nigeria—a country with a rapidly expanding digital economy—only four banks have appointed a CDO, highlighting a significant gap in data leadership and awareness.

This gap presents both a challenge and an opportunity. Without sound data management practices, organizations risk regulatory penalties, reputational damage, and operational inefficiencies.

On the flip side, those who invest in proper data governance, data quality, metadata management, and master data strategies can unlock significant value and build a sustainable competitive advantage.

Berkeley Data Strategists: Leading the Change

Berkeley Data Strategists is proud to be at the forefront of this transformation. We are currently engaged with First Bank of Nigeria to empower their data team through the globally recognized Certified Data Management Professional (CDMP) program.

This initiative provides practical, best-practice-based training aligned with DAMA-DMBOK2 standards, equipping First Bank’s team with the tools and knowledge to build a mature, agile, and secure data environment.

This partnership is a bold step in the right direction, positioning First Bank as a leader in data governance maturity within the Nigerian financial sector. By investing in CDMP certification and embedding best-in-class practices, First Bank is setting a benchmark for other institutions to follow.

A Call to Action for Nigerian Banks

We urge all banks and financial institutions across Nigeria to follow First Bank’s lead. The risks of poor data management are simply too high—and the benefits of getting it right are too great to ignore.

Whether your organization is at the beginning of its data journey or seeking to elevate its existing capabilities, Berkeley Data Strategists is here to support you with tailored frameworks, expert-led training, and hands-on implementation support.

Contact us today to learn how we can help you transform your data into a trusted, strategic asset—because in today’s world, data is not just an IT issue—it’s a business imperative.

For consultation, training, and CDMP certification support, reach out to Berkeley Data Strategists at CEO@berkeleydatastrategists.com or visit www.berkeleydatastrategists.com.

Technology

NASENI to Adopt ‘Nigeria First Policy’ in Science, Technology

Published

10 hours ago

14/05/2025

Adedapo Adesanya

By Adedapo Adesanya

The National Agency for Science and Engineering Infrastructure (NASENI) will adopt President Bola Tinubu’s Nigeria First Policy in science and technology to drive local entrepreneurs, manufacturers, and innovators.

The Vice Chairman of NASENI, Mr Khalil Halilu, described the policy as a bold move toward accelerating Nigeria’s industrial revolution and economic growth.

In a statement by NASENI’s Director of Information, Mr Segun Ayeoyenikan, on Monday in Abuja, he commended the directive to the Bureau of Public Procurement (BPP) to revise and enforce guidelines favouring local suppliers, emphasising that increased government patronage of Nigerian-made goods would drive demand across critical sectors.

Mr Halilu called the policy forward-thinking and revolutionary, noting that NASENI had long championed local content through its initiatives.

He cited examples of Nigerian-assembled vehicles, energy systems, smart irrigation tools, and electronic devices as proof of the competitiveness of local manufacturing.

He also highlighted NASENI’s ongoing Made-in-Nigeria Strategic Focus Group meetings, which aimed to identify challenges and promote solutions to improve consumer trust in local products.

“We are determined to be at the forefront of implementing the President’s vision,” Mr Halilu said, urging local producers to maintain high standards.

He ended by affirming NASENI’s readiness to lead the charge: “We have seen the capacity and competence of our local manufacturers, they are ready.”

President Tinubu’s protectionist Nigeria First Policy has been hailed by many quarters to boost local capacity; however, critics have lamented that such policies don’t take into account Nigeria’s supply gaps in order to meet the demand, which could lead to higher cost of production and prices for consumers.

Technology

Verto Wins $1m Milken-Motsepe Prize in Fintech

Published

1 day ago

13/05/2025

Adedapo Adesanya

By Adedapo Adesanya

UK-based business-to-business cross-border payments platform, Verto, has been announced as the winner of the $1 million Milken-Motsepe Prize in fintech.

The award recognises companies expanding access to capital and financial services for small businesses in emerging and frontier markets. It was presented at the Milken Institute Global Conference in Los Angeles on May 5.

In a statement shared with Business Post, Verto emerged as the winner after a rigorous multi-stage evaluation process that assessed affordability and accessibility, ethical practices, scalability, technological innovation, and the potential for equitable financial access.

Verto’s platform enables businesses in emerging markets to seamlessly send and receive payments across borders, including exotic currencies in emerging markets. By eliminating intermediary fees, supporting 49 currencies, and ensuring rapid transaction settlement in markets where this was not previously possible, Verto helps businesses and SMEs in underserved markets access economic prosperity and greater financial inclusion.

The Milken-Motsepe Prize in FinTech, a $2 million initiative by the Milken Institute and the Motsepe Foundation, attracted over 3,000 entrepreneurs from 126 countries.

Launched in May 2024, the prize saw 400 initial applications narrowed down to 10 semifinalists who pitched their innovations at the Milken Institute Middle East and Africa Summit in Abu Dhabi in December 2024. Verto was selected as one of three finalists, ultimately claiming the Grand Prize.

Speaking on the milestone, Verto CEO, Mr Ola Oyetayo said, “Winning the Milken-Motsepe Prize in Fintech validates our mission to break down barriers in cross-border payments but also provides us with the resources and recognition to accelerate our efforts in empowering businesses across emerging markets. It is a testament to the hard work and dedication of the entire Verto team.”

Dr Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation, commented, “Across the African continent, technology and innovation are disrupting traditional finance and banking approaches. Investment in this space is profitable and, more importantly, necessary for financial inclusion.

“My heartfelt congratulations to the winners and all the finalists for demonstrating feasible and impactful solutions that will drive economic activity and shared prosperity in the global South, while influencing the financial sector all over the world.”

This Fintech prize marks the third award under the Milken–Motsepe Innovation Prize Programme, which has awarded over $6 million to more than 50 innovators since 2021. Participating teams have collectively raised nearly ten times the Grand Prize in additional investments, impacting over 530,000 community members globally.