Technology

Ohwobete Faults Nigeria’s Cyber-Security Strategy

Published

2 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

P2Vest, Others Invest $1.6m in Billboxx for Cash Flow Solutions

Published

2 days ago

12/12/2024

Dipo Olowookere

By Dipo Olowookere

To tackle the critical cash flow challenges faced by Small and Medium Enterprises (SMEs) across Africa, investors like P2Vest, Norrsken Accelerator, Afrinovation Ventures, Kaleo Ventures, and 54 Collective (formerly known as Founders Factory Africa), have invested about $1.6 million into Billboxx.

The integrated billing-to-payment platform, founded in 2023, successfully closed the pre-seed funding round, which is a mix of debt and equity, due to its innovative approach and commitment to building a more financially secure future for SMEs – the backbone of the African economy.

Manual invoicing and deferred payments often result in delayed payments, stifling many SMEs, but Billboxx’s integrated billing-to-payment platform streamlines billing processes, reduces inefficiencies from manual invoicing and mitigates the impact of deferred payments.

By providing automated billing and invoicing, secure payment facilitation, and tailored cash flow financing, Billboxx empowers businesses to achieve consistent cash flow and focus on growth.

Since its inception, the company has facilitated over $4 million in invoice payments through its MVP launched in May 2023.

The platform boasts strategic integrations with a leading commercial bank in Nigeria, a prominent African payment gateway, and multiple lending partners, enabling seamless payment facilitation via bank transfers, cards, and financing options.

“Cash flow difficulties are the leading cause of business failures in Africa, with delayed invoice payments being a major contributor.

“Billboxx is dedicated to solving these issues with an integrated platform that ensures consistent cash flow and financial resilience for businesses.

“This funding round enables us to expand our impact and empower more SMEs to thrive,” the co-founder and chief executive of BillBoxx, Mr Justus Obaoye, said.

Another co-founder and chief technical officer, Mr Abdulazeez Ogunjobi, noted that, “Delayed invoice payments pose a significant threat to SME growth and survival.

“Our platform not only streamlines the billing-to-payments workflows but also offers strategic embeddings to expedite payments. We aim to alleviate payment concerns and allow SMEs to focus on their core business.”

One of the investors, Bongani Sithole of 54 Collective, said, “We’re enthusiastic about the innovative work the Billboxx team is building. These 3x founders with successful exits under their belts are leveraging their leadership and business experience to tackle a massive pain point for SMEs across Africa.

“We invested in the company due to the large market size of the opportunity, impressive early traction gained from strong early partnerships with notable large corporates and startups, and the solid tech product the team has developed. We’re delighted to back Justus and Abdulazeez as they continue to scale Billboxx.”

Mr Obaoye and Mr Ogunjobi previously co-founded two startups: Charistouch (Carido), successfully acquired by Cars45, and Fixit45, a spin-off from Cars45.

Their leadership experience in large corporations and scaleups such as Schlumberger, Bolt, and OLX add to their strategic insight and entrepreneurial prowess.

Technology

The Rise of Web3 Developers: Why This Career Path is the Future of Tech

Published

3 days ago

10/12/2024

Business Post Contributor

As technology advances, the internet is undergoing a revolutionary shift toward decentralization. Known as Web3, this next phase of the internet is redefining how we interact with digital systems by emphasizing transparency, user ownership, and autonomy.

At the heart of this evolution are Web3 developers—professionals whose expertise in blockchain and decentralized systems is driving innovation and creating exciting new opportunities. Pursuing a Web3 career is not just about adapting to industry trends; it’s about shaping the future of technology. In this article, we’ll explore why Web3 developers are in high demand and how you can step into this promising field.

What is Web3?

Web3 represents the decentralized evolution of the internet. Unlike its predecessor, Web2, where centralized platforms dominate, Web3 leverages blockchain technology to create an ecosystem that is transparent, secure, and community-driven.

Some of the defining features of Web3 include:

Decentralization: Control is distributed among users rather than being concentrated in a single organization.
Transparency: Blockchain technology ensures that all transactions and operations are open and verifiable.
Automation: Smart contracts allow for self-executing agreements, reducing the need for intermediaries.

This paradigm shift has unlocked immense opportunities, particularly for developers who can create, manage, and enhance Web3 applications.

Why a Web3 Career is the Future

Rapid Growth in Blockchain Technology

Blockchain is no longer just about digital currencies; its applications have expanded to include finance, healthcare, logistics, and gaming, among others.

This rapid adoption is driving an unprecedented demand for Web3 developers to build decentralized applications (dApps) and integrate blockchain solutions across various sectors.

High Demand and Competitive Compensation

The demand for Web3 talent has outpaced supply, making it one of the most lucrative fields in tech. Web3 developers often earn significantly more than traditional developers due to their specialized skills.

Many roles offer remote and flexible working arrangements, enabling global opportunities.

Opportunities for Innovation

Web3 is still in its infancy, making it a playground for innovators. From creating decentralized finance systems to building virtual economies in the metaverse, developers have the chance to work on groundbreaking projects that redefine industries.

Key Skills for a Successful Web3 Career

To excel as a Web3 developer, mastering certain skills is essential:

Programming Knowledge: Proficiency in languages like Solidity, Rust, or Go, commonly used in smart contract and blockchain development.
Blockchain Fundamentals: A deep understanding of how decentralized networks function and their architecture.
Smart Contracts: The ability to design and implement self-executing contracts.
Cryptography: Knowledge of encryption techniques to ensure security in applications.

Soft skills such as adaptability and problem-solving are equally important, given the fast-paced nature of the industry.

Benefits of Pursuing a Web3 Career

A career in Web3 comes with a range of unique advantages:

Global Reach: The decentralized nature of Web3 opens doors to international opportunities without geographical limitations.
Future-Ready Skills: Web3 expertise is increasingly sought after, offering a secure and sustainable career path.
Collaborative Ecosystem: Unlike traditional tech environments, Web3 thrives on open collaboration and community-driven development.
Freedom to Innovate: Developers have the flexibility to experiment and contribute to transformative projects.

Steps to Start Your Web3 Journey

Breaking into a Web3 career may seem challenging, but with a focused approach, it’s entirely achievable. Here’s how to get started:

Understand the Basics

Learn the core concepts of blockchain technology, decentralized systems, and smart contracts.
Explore educational resources, tutorials, and online communities for foundational knowledge.

Develop Technical Skills

Master programming languages and frameworks commonly used in blockchain development.
Familiarize yourself with Web3-specific tools and libraries to streamline your workflow.

Build Projects

Start small by creating basic decentralized applications or experimenting with smart contracts.
Showcase your work in a portfolio to demonstrate your capabilities for a potential employer.

Engage with the Community

Join forums, developer meetups, and hackathons to network with others in the field.
Stay updated on industry trends by following Web3-focused discussions and publications.

Continue Learning

The Web3 space is constantly evolving, so staying up-to-date with advancements is crucial.
Seek out certifications or courses to deepen your expertise and credibility.

Challenges and Future Outlook

While the opportunities in Web3 are immense, they come with challenges. The fast-evolving technology requires developers to continually upskill. Additionally, the regulatory landscape for blockchain and decentralized systems is still developing, which may introduce uncertainties. A Web3 career offers more than just a job—it provides a chance to shape the next wave of technological innovation. As industries embrace decentralization, the demand for Web3 developers will only grow. Whether you’re a seasoned tech professional or someone looking to enter the field, now is the perfect time to explore this exciting career path. By stepping into the world of Web3, you’re not just advancing your skills—you’re becoming part of a movement that’s redefining how we connect, transact, and collaborate online. The future of technology is here, and it’s decentralized. Will you be part of it?

Technology

HubPharm Wins FCMB HERccelerate Women in Tech Programme

Published

4 days ago

09/12/2024

Adedapo Adesanya

By Adedapo Adesanya

HubPharm has emerged as the winner of First City Monument Bank (FCMB)’s HERccelerate Showcase Day held recently at Hub One, FCMB’s Innovation Hub in Yaba, Lagos.

The tech accelerator, powered by FCMB’s SheVentures and Hub One and delivered by 8thGear Hub & Venture Studios, was designed to empower women-led startups in Nigeria with the skills and resources needed to secure funding and scale.

HubPharm was the best out of 10 finalists with Midddleman, a platform simplifying payments for African e-commerce businesses sourcing from China coming second, while Onit, a productivity tool designed for African SMEs, secured third place.

The Showcase Day brought together the finalists selected from over 1,000 applications who pitched their innovative solutions to a panel of judges.

Ms Tope Kareem, the co-founder of the startup explained that HubPharm is a digital platform with a retail pharmacy chain which has delivered over 100,000 medications across 15 cities, ensuring 98 per cent on-time delivery with AI-driven logistics.

We plan to explore more options and ensure Nigerians, both at home and abroad, know the importance of prioritizing their health. This funding will enable us to keep growing and making an impact,” she noted.

Speaking on the HERccelerate initiative, Mrs Nnenna Jacob-Ogogo, Group Head of SheVentures, described it as “a testament to what we can achieve when we invest in women. While this is the first pilot of its kind, it is clear that women in tech have the talent, resilience, and vision to drive innovation.”

She also highlighted SheVentures’ broader impact, noting that over the past five years, they have “scaled businesses through four key pillars: access to finance, knowledge, markets, and networks. Our Zero Interest Loan program has provided over N800 million in funding to women entrepreneurs so far, an unprecedented achievement in the industry.”

The top 10 finalists will get free access to Hub One’s coworking space for a year, valued at over N5 million and will also be supported to scale their businesses.

FCMB’s HERccelerate programme is setting a new standard for supporting women in tech, with plans to accelerate over 200 startups in the next five years. By fostering innovation and inclusion, FCMB is shaping a brighter future for women entrepreneurs in Nigeria.