By Adedapo Adesanya

The United Kingdom Government has backed solutions offered by stakeholders from the government and private sector to address Nigeria’s cybersecurity challenges.

Recently, industry players met in Abuja and Lagos at the Nigeria Cybersecurity Stakeholder Roundtable organised with support from the UK’s Department for Business and Trade (DBT) to discuss practical steps towards eradicating the scourge.

According to a statement shared with Business Post, the roundtable had in attendance, top cybersecurity and tech experts from diverse sectors to engage in critical deliberations on current and emerging digital security issues. It emphasised the critical role of collaboration in addressing Nigeria’s cybersecurity challenges.

It emphasised the critical role of collaboration and information sharing in addressing Nigeria’s cybersecurity challenges including fostering a synergised approach to addressing Nigeria’s cybersecurity challenges, leveraging the collective expertise of participants.

They also agreed to establish a platform for continuous collaboration and knowledge exchange among stakeholders from various sectors to enhance cybersecurity practices.

It was also noted that efforts to identify and assess cross-cutting needs and challenges across regulatory, supply, and demand sides, to inform future cybersecurity strategies and policies.

The stakeholders also agreed to create a platform that enables demand and supply side actors to have visibility and access to state-of-the-art cybersecurity solutions that benefit all.

Key takeaways from the roundtable include the importance of public-private partnerships in combating cyber threats, the need for continuous education and training for cybersecurity professionals, the development of effective strategies to combat cybercrime and the promotion of cybersecurity awareness among individuals and organisations.

Commenting, Country Director for the UK’s Department for Business and Trade (DBT) in Nigeria, Mr Mark Smithson said: “As a recognised global leader in cyber security innovation across a range of applications, the UK is uniquely placed to partner with Nigeria to raise awareness and tackle emerging threats and cybersecurity challenges affecting our two countries.

Also speaking at the event, the Director General of the National Information Technology Development Agency (NITDA), Mr Kashifu Inuwa Abdullahi stated: “Cybersecurity is a shared responsibility that requires coordinated action at every level. Together, we must take proactive steps to safeguard our digital sovereignty, protect our critical information assets, and build a resilient, secure future for all.”

On his part, the chief executive of the Central Securities Clearing System (CSCS) Plc, Mr Haruna Jalo-Waziri, emphasised: “As we all know, cyber threats are becoming more sophisticated, diverse, and pervasive. Here in Nigeria, businesses face an alarming volume of attacks, with financial services being particularly vulnerable. Addressing these emerging threats demands a security culture rooted in continuous education and awareness.

“Cybersecurity is not a challenge any organization can tackle in isolation; it requires coordinated efforts, cross-industry partnerships, and a collective commitment to protecting our digital future.”

Also speaking on the need for robust cybersecurity frameworks in Lagos, Chief Executive Officer of Nigerian Exchange Limited, Mr Jude Chiemeka stressed that such measures are essential to unlock growth potential and restore investor confidence in Nigeria’s digital future. He Sid:

“Cybersecurity threats present a serious economic risk that could undermine Nigeria’s vision as Africa’s digital powerhouse,” he said, highlighting the concerning impact on Nigerian banks, which lost N14.65 billion ($33 million) to electronic fraud in 2021 – a 187 per cent increase from the previous year.

By Modupe Gbadeyanka

The 2024 edition of the much-anticipated Zenith Bank Tech Fair is scheduled to commence on Thursday, November 21, 2024, a statement from the bank has said.

The programme is tagged Future Forward 4.0: Embedded Finance, Cybersecurity and Growth Imperatives – The Impact of AI, and will take place at the Eko Convention Centre of Eko Hotels and Suites, Lagos, from 8.00 am to 600 pm.

Goodwill messages are expected from the Vice President of Nigeria, Mr Kashim Shettima and the Governor of Lagos State, Mr Babajide Sanwo-Olu, while the keynote address titled Banking Transformation in a Digital World is to be delivered by a renowned strategy and digital implementation specialist. Mr Robin Speculand.

Also, the chairman of Zenith Bank, Mr Jim Ovia, and the chief executive of the company, Ms Adaora Umeoji, will speak at the fair, which is designed to showcase leading technological innovations that cut across Artificial Intelligence (AI), cybersecurity, risk management, compliance, financial intelligence, cloud computing, communication technologies, and a start-up pitch competition known as Zecathon aimed to identify innovative startups, panel discussions, masterclasses and exhibitions.

Further, there will be a panel of discussion to be moderated by the Client Technology Lead for Microsoft Incorporated, Mr Wole Odeyele, with six discussants, including the founder of Nistad, Ms Ada Jabaru; the founder of MainOne, Ms Funke Opeke; the chief executive of Orda, Guy Futi; the founder of  ZamzamPay, Auwal Adam Sa’ad; the Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi; and the Director General of the National Identity Management Commission (NIMC), Bisoye Coker-Odusote.

The masterclass will be divided into seven classes, and facilitated by key industry players that cut across renowned tech giants such as Microsoft, Oracle, CyberSoc, IBM, Google, Huawei and Amazon Web Services.

By Adedapo Adesanya

Ventures Platform, an early-stage venture capital fund investing in innovative startups across Africa, has called for increased investment in Africa amidst global economic shifts.

This was the crux of the second edition of its Africa Prosperity Summit held on Friday, November 15 2024, in Lagos, Nigeria.

The invitation-only event themed Funding the Next Billion: Africa’s VC Investment Landscape in a Post-ZIRP Era brought together over 150 Pan-African and global investors, venture fund managers, family offices, development finance institutions (DFIs), fund of funds, Limited Partners and key ecosystem players actively investing in Africa.

The event served as a call to action for global and local investors, entrepreneurs, policymakers, and thought leaders to reassess opportunities in emerging markets amidst rising global interest rates and economic shifts. Africa, with its dynamic entrepreneurial spirit and growing youth demographic, presents significant investment potential.

However, realising this potential requires a deep understanding of local contexts and a commitment to fund innovations, which the 2024 Africa Prosperity Summit sought to address.

Speaking at the summit, Mr Kola Aina, Founding Partner, Ventures Platform emphasized that Africa’s massive population boom is happening at the same time global venture capital is on a decline.

He references that since the post-COVID peak of venture capital investments in 2021 -influenced by the Zero Interest Rate Policy (ZIRP) era – global venture capital flows have declined by 70 per cent.

“The situation in Africa is no better – Africa has experienced a 67 per cent decline in venture capital funding, despite its requirement of 10x more capital to address infrastructure gaps and non-consumption and be at par with Asia in terms of VC investments.

“Africans are simply unable to consume the goods and services that they need, talk less of want. If we do nothing about this today, by 2050, the 1 billion Africans that will be born – will end up being chronic non-consumers,” he argued.

“At Ventures Platform, we believe that by investing in the right kinds of entrepreneurship and innovation, we can produce two powerful outcomes – high-quality jobs that will drive up incomes across Africa, and scaling up affordability and accessibility to products/services for millions of people across Africa. The combination of these two powerful forces is an effective way of driving up consumption across Africa.”

Also speaking at the event, Mr Efosa Ojomo, the Director of Global Prosperity at the Clayton Christensen Institute highlighted Africa’s potential as the modern investment frontier, drawing parallels to historical transformations in global economies.

He emphasised how venture capital can accelerate market creation on the continent, stating, “Venture capital is designed to de-risk an economy – or at least, a sector. Unlike other financial vehicles like private equity or bonds, VC takes on the highest risk.

“In Africa, where raising funds for critical infrastructure is particularly challenging, venture capital must go beyond funding to actively build entrepreneurial ecosystems in the early stages.”

In the second keynote by Mr Charlie Robertson, Head of Macro-strategy at FIM Partners, provided a comprehensive analysis of global macroeconomics and its impact on investment and industrialization.

Engaging investors, fund of funds, startup founders, and policymakers, he explored the risks, challenges, and opportunities Africa faces in comparison to other regions.

“As Africa charts its path to prosperity, the critical levers of education, electricity, and fertility rates will define its economic trajectory. Countries like Egypt, Ethiopia, and Nigeria are already making strides with central bank policies that have corrected currency misalignments, paving the way for current account improvements and reduced investment costs.

“With fertility rates beginning to decline and the potential for service-led growth through affordable solar power and advanced connectivity, Africa is poised to leapfrog traditional industrialization barriers. This is a pivotal moment for investors to recognize the continent’s unique opportunities and actively shape its future prosperity.”

This year’s edition also witnessed Ventures Platform launching its inaugural ClimateTech White Paper titled “Innovating for a Sustainable Future: Harnessing Venture Capital and Startup Entrepreneurship to Combat Climate Change in Africa”.

The landmark paper which was launched by three key drivers – Urgency, Climate disparity, and Opportunities for VCs and Startups, examines the roles of venture capitalists and startups in climate change mitigation and adaptation. It also provides a comprehensive guide for non-climate VCs and entrepreneurs, including the development of a proprietary framework for a coordinated climate response in the African tech sector.