Technology
Yuguda Seeks Robust Strategy on Cyber Risks to Boost Market Confidence
By Aduragbemi Omiyale
The need for the development of a robust strategy on cyber risks to protect the funds of investors and boost market confidence has again been emphasised by the Director-General of the Securities and Exchange Commission, Mr Lamido Yuguda.
While presenting a paper recently at the Central Securities Clearing System (CSCS) Plc Cyber Securities conference, Mr Yuguda said stakeholders must urgently work on this policy because cyber risks pose a significant threat to market confidence, integrity and efficiency because people’s hard-earned income and other financial instruments are saved and invested in it.
“In the Nigerian capital market, we clearly take issues on cybersecurity very seriously due to the increasing volume of data and information that are stored electronically, coupled with the increased adoption of digitization and digitalization options in processing market transactions on a daily basis.
“Today, more of our market activities are conducted through the use of technology than ever before. While this has significantly raised efficiency levels, it has introduced our market’s exposure to a new set of risks, including cybersecurity risk, which we must recognize and manage,” he said.
The DG said that the experience of the COVID-19 pandemic, which necessitated the activation of business continuity plans through remote operations has further increased the rate at which stakeholders embrace technology and underscores the critical need to protect our systems from existing and potential threats that are present in cyberspace.
Mr Yuguda stated that cyber-attacks on financial institutions are often with the aim of gaining access to sensitive and confidential information for illicit financial gains. With the increased interconnectivity among financial institutions, a cyber-attack from one location or entity may have an impact on the entire system, thereby compromising the functions and safety of several sectors of the economy.
It is in this regard he stated that SEC appreciates the efforts of the federal government, through the Office of the National Security Adviser, in developing the National Cybersecurity Policy and Strategy 2021.
“The policy is focused on achieving its objectives through strengthening cybersecurity governance and coordination, protection of critical national information infrastructure, enhancing cybersecurity incident management, strengthening legal and regulatory framework, enhancing cyber defence capability, promoting a thriving digital economy, and enhancing international cooperation, among others.
“In November 2021, the capital market community received updates from the Office of the National Security Adviser (NSA) at a workshop it sponsored for the Capital Market, and a detailed presentation on the national cybersecurity policy was also made at the Capital Market Committee (CMC) meeting in the fourth quarter of 2021.
“The International Organization of Securities Commissions (IOSCO) to which Nigeria is a full member, has also done considerable work in making its members aware of the increasing risks around Cybersecurity. The IOSCO Board has provided guidance through its ‘Guidance on Cyber Resilience for Financial Market Infrastructures’ report, indicating the various plans or measures that industry stakeholders could adopt to ensure cybersecurity.
“It encourages regulated entities to adopt practices that are appropriate to their unique functions. Nevertheless, it notes that these should cover the identification of critical assets, protection measures and controls to enhance security, detection of abnormal activity or patterns, response plans in the event of an attack, and recovery plans to resume operations.”
He disclosed that the SEC Nigeria is developing policy and regulatory responses to emerging cyber risks in its Rules and Regulations on capital market activities and products that leverage technology, as well as in the Minimum Operating Standards for capital market operators, for which clear provisions for cybersecurity have been made.
He stated that, “Due to the importance of data protection, the Federal Government created the Nigeria Data Protection Bureau (NDPB) in February 2022. The NDPB has issued a Compliance Notice introducing the National Data Protection Adequacy Programme (NaDPAP), which guarantees every citizen of Nigeria a Right to Privacy. This is one of the concerted efforts by the NDPB to create more awareness of the obligations of Data Controllers/Processors under the NDPR 2019.
“Therefore, awareness and action at the national level should spur the various sectors of the economy to protect themselves from cyber threat by ensuring that they adhere to either industry standards or national policy carefully.”
In further recognition of the role technology will continue to play in the markets, the DG disclosed that the commission was set to release its Guidelines on Minimum Operating Standards for Information Technology for Capital Market Operators (CMOs). The guidelines will cover, among other important areas, the Computing Environment, Information Technology/Information Systems Management and Governance, IT Business Continuity and Disaster Recovery.
He assured that the commission, through these guidelines, will encourage the establishment of an Information Security and Cybersecurity Policy to be in place to form part of the Enterprise IT Policy of capital market intermediaries, platforms and other financial market infrastructures.
“Within the guidelines, we expect stakeholders to conduct regular penetration tests at least annually to detect vulnerabilities and check the resilience of their networks and systems to threats and malicious activities.
“Cybersecurity is a critical issue for the financial sector, and the capital market is up to the task of ensuring that it provides the necessary safety nets for investors and stakeholders,” he added.
Mr Yuguda, therefore, stated that the CSCS had come a long way and today stands as a pillar in our market, given the fact that it is a critical and technology-driven market infrastructure, it is not only appropriate but well placed for it to organize discussions around cybersecurity.
By Modupe Gbadeyanka
Bharti Airtel has crossed 650 million mobile subscribers worldwide to emerge as the world’s second-largest telecommunications firm.
The Indian company has operations in several countries, including Nigeria, where it has continued to scale infrastructure at a pace unmatched in its recent history.
Over the past three years, the telco has increased its national site count from just above 13,000 to nearly 17,200 sites, including more than 1,560 added in the last 12 months.
This expansion deepens capacity in high-demand corridors and extends high-speed coverage to previously underserved regions.
The latest industry data from the Nigerian Communications Commission (NCC) underscores the significance of this growth. As of December 2025, Nigeria recorded 145,141 base stations across 2G, 3G, 4G and 5G layers.
Of this national infrastructure, Airtel accounts for 46,918 base-station layers, reflecting its substantial contribution to the country’s radio access network and its push to absorb rising data consumption.
Nearly 99 per cent of Airtel Nigeria’s sites are now 4G-enabled, positioning the operator as one of the few with a near-ubiquitous high-speed broadband footprint. Thousands of sites have been upgraded for capacity in the past year alone, enabling improved speeds and more stable performance during peak usage.
That expansion underpins Nigeria’s rising internet adoption. According to the latest regulator figures, Nigeria’s internet penetration recently climbed above 50 per cent, with Airtel recording among the largest monthly increases in new internet subscribers, driven by network upgrades across states and rural corridors.
Strategic Connectivity and Redundancy
Airtel is also tackling a critical infrastructure challenge for the Nigerian digital economy: reliance on a single international internet gateway. The company is advancing plans for its second submarine cable internet breakout point at Kwa Ibo in Akwa Ibom State, early in the 2Africa cable system rollout, to provide faster and more resilient national connectivity across regions. This significant investment aligns with global best practices in network diversity and redundancy, ensuring a more stable digital experience for consumers and enterprises alike.
Digital Finance at Scale: SmartCash
Airtel’s digital finance arm, SmartCash, has gained traction in Nigeria’s competitive mobile money ecosystem, now serving over 3 million active users. The platform is supported by an expansive agent network and digital services that lower barriers for everyday financial transactions and savings.
Outstanding Human Touch: Retail Reach
Across Nigeria, Airtel’s retail distribution network stands as one of the sector’s most extensive, with approximately 4,000 exclusive outlets bringing services, support, and products closer to customers in small towns, communities, and high-traffic urban hubs. That footprint drives both access and engagement in a market where localised presence remains a competitive differentiator.
As Nigeria’s digital economy continues to evolve, Airtel is committed to sustained innovation — from expanded fibre backbones and advanced mobile broadband to future-ready services that include satellite-enabled solutions and enterprise-grade digital platforms. These efforts help ensure that connectivity, commerce, and creativity thrive across Nigeria and beyond.
By Adedapo Adesanya
Nigeria has set 2028 and 2029 as the timeline for the deployment of its new satellites, NIGCOMSAT-2A and 2B, respectively.
The Managing Director of NIGCOMSAT, which is Nigerian Communications Satellite Limited and the premier satellite operator in Nigeria, Mrs Jane Nkechi Egerton-Idehen, disclosed this at the second Nigerian Satellite Week in Abuja on Monday. She noted that the development is expected to boost military intelligence, surveillance, and regional connectivity.
“For 2A and 2B, we have started the process. We have closed the tender and are now back into the financing and implementation stage. 2A is built to come up in 2028, and 2B for 2029.
“When they are up and running, they are expected to provide security within the borders and neighbouring countries. They will support the security agencies because data collection and intelligence in real time is important. Satellites like communication satellites allow that, irrespective of where they are,” she said.
In his remarks, the Minister of Communications and Digital Economy, Mr Bosun Tijani, said the satellites form part of the nation’s strategy to strengthen digital infrastructure.
Mr Tijani explained that the satellites will complement ongoing investments in 90,000 kilometres of fibre-optic cable and nearly 4,000 telecom towers, which are being rolled out nationwide and extended to neighbouring countries, including Cameroon, Niger, Chad, Burkina Faso, and the Republic of Benin.
He stressed that satellite technology is critical for national development, affecting education, agriculture, business, and emergency response.
“The president’s approval of NIGCOMSAT-2A and 2B demonstrates a clear commitment to building the future. These satellites will enhance security, connect remote communities, and extend our fibre-optic network into neighbouring countries,” he said.
“Some of these neighbouring countries pay up to ten times more for internet capacity than Lagos. Extending our fibre network will not only improve connectivity but also enhance border security and regional collaboration.
“Satellite technology affects everything, from how a child in a rural community accesses the internet to how farmers make critical decisions and how businesses operate across distance,” the Minister said.
Also speaking, the Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, welcomed the development, saying the military will leverage the satellites for operational efficiency.
“The Nigerian Army will continue to use space assets to improve intelligence gathering, surveillance, and operational coordination across all theatres of operation,” he said at the event, represented by Major General Kennedy Osemwegie, Commander of the Nigerian Army Cyber Warfare Command (NACWC).
By Modupe Gbadeyanka
A partnership to advance digital payments and financial inclusion across East Africa has been strengthened between Interswitch and KCB Group.
Both parties have agreed to expand digital payment infrastructure and deliver innovative financial solutions that meet the evolving needs of individuals, businesses, and institutions across the region.
The aim is to accelerate seamless, secure, and inclusive digital payments in East Africa, where the leading Africa-focused integrated payments and digital commerce enabler, Interswitch, recently announced an expansion of Verve card acceptance footprint, leveraging its consolidated partnership with KCB Group, Kenya’s largest financial services group by assets, following a similar move in Uganda through the local KCB Franchise in February 2022.
During a recent executive engagement at KCB Group headquarters in Nairobi, the chief executive of Interswitch, Mr Mitchell Elegbe, held high-level discussions with KCB leadership, including its chief executive, Paul Russo.
At the core of the strengthened collaboration is the integration of Interswitch’s robust payment rails, card scheme, and emerging digital token solutions with KCB Group’s expansive regional footprint and trusted banking franchise.
This integration enables the acceptance of Verve cards and tokenised payment solutions across KCB’s extensive merchant point-of-sale network in Kenya and Uganda, significantly enhancing everyday usability for customers while strengthening KCB’s digitally driven retail payments offering.
The consolidated partnership is expected to drive increased merchant acquisition, improve interoperability across payment ecosystems, and expand access to secure, cashless transactions. It also reinforces both organisations’ shared objective of deepening financial inclusion and accelerating digital commerce across East Africa.
“Our collaboration with KCB Group represents a powerful alignment of vision and capability. By combining our technology-driven payment solutions with KCB’s strong regional presence, we are unlocking new opportunities to scale access, drive innovation, and deliver greater value to customers across East Africa,” Mr Elegbe stated.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn