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Yuguda Seeks Robust Strategy on Cyber Risks to Boost Market Confidence

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robust strategy on cyber risks

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.

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Airtel Commits to Boosting Nigeria’s Digital Infrastructure

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Airtel Nigeria Nxtra Data Centre

By Modupe Gbadeyanka

A leading telecommunications firm, Airtel Nigeria, has reaffirmed its long-term commitment to strengthening the country’s digital infrastructure and data access to bridge gaps in connectivity and unlock new opportunities in the country.

The company gave this reassurance during a recent inspection tour of its ongoing Nxtra Data Centre at Eko Atlantic, Lagos.

The data centre is being established to deliver hyperscale and edge facilities across key African markets. With a load of 38 Megawatts, the Lagos facility is expected to serve as a major hub for data hosting, cloud services, content distribution, artificial intelligence, and enterprise solutions in West Africa.

“This Nxtra Data Centre in Lagos represents a critical part of our long-term vision for Nigeria’s digital ecosystem. Today’s visit allows us to review progress, engage our stakeholders, and ensure that our infrastructure investments continue to meet global standards and local needs.

“This data centre will deliver critical high multi megawatt capacity in line with hyperscale customers and enable high density environment. We are putting the infra to bring the cloud to Nigeria,” the chief executive of Airtel Africa Plc, Mr Yashnath Issur, said.

Also commenting, the chief executive of Airtel Nigeria, Mr Dinesh Balsingh, said, “Since the announcement of this project, our focus has been on building a world-class facility that supports Africa’s digital transformation agenda.

“We are encouraged by the progress recorded so far and remain committed to delivering a secure, energy-efficient, and future-ready data centre for Nigeria,” reiterating that the data centre is progressing steadily towards the previously announced 2028 go live date.

On his part, the chairman of Eko Atlantic, Mr Gabbi Massoud, disclosed that, “Eko Atlantic as a city with high quality infrastructure will contribute positively to boost the economy of Nigeria and is a perfect place for the development of the digital infrastructure of Nigeria.

“The Nxtra data centre reflects the calibre of projects we seek to attract — long-term, technology-driven investments built to the highest global standards.

“Today’s visit affirms the rigour of the planning and execution process by Nxtra, and the commitment of Eko Atlantic to facilitate and promote the Nigeria’s evolving digital ecosystem.”

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Google Partners African Universities to Launch WAXAL Speech Dataset

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Google WAXAL Speech Dataset

By Modupe Gbadeyanka

A speech dataset designed to catalyze research and build more inclusive Artificial Intelligence (AI) technologies has been launched by Google in partnership with a consortium of leading African research institutions, which are mainly universities.

The main universities involved in the project known as WAXAL are Makerere University in Uganda, the University of Ghana, and Digital Umuganda in Rwanda.

A statement from Google on Monday said the dataset bridges a critical digital divide for over 100 million speakers by providing foundational data for 21 sub-Saharan African languages, including Hausa, Luganda, Yoruba, and Acholi.

While voice-enabled technologies have become common in much of the world, a profound scarcity of high-quality speech data has prevented their development for most of Africa’s over 2,000 languages. This has excluded hundreds of millions of people from accessing technology in their native tongues.

The WAXAL dataset was created to directly address this gap. Developed over three years with funding from Google, the project features 1,250 hours of transcribed, natural speech, and Over 20 hours of high-quality, studio recordings designed for building high-fidelity synthetic voices.

The WAXAL dataset, which is available starting today, covers Acholi, Akan, Dagaare, Dagbani, Dholuo, Ewe, Fante, Fulani (Fula), Hausa, Igbo, Ikposo (Kposo), Kikuyu, Lingala, Luganda, Malagasy, Masaaba, Nyankole, Rukiga, Shona, Soga (Lusoga), Swahili, and Yoruba.

Commenting on the development, the Head of Google Research for Africa, Ms Aisha Walcott-Bryantt, said, “The ultimate impact of WAXAL is the empowerment of people in Africa.

“This dataset provides the critical foundation for students, researchers, and entrepreneurs to build technology on their own terms, in their own languages, finally reaching over 100 million people.

“We look forward to seeing African innovators use this data to create everything from new educational tools to voice-enabled services that create tangible economic opportunities across the continent.”

Also commenting, a Senior Lecturer at Makerere University’s School of Computing and Information Technology, Ms Joyce Nakatumba-Nabende, said, “For AI to have a real impact in Africa, it must speak our languages and understand our contexts.

“The WAXAL dataset gives our researchers the high-quality data they need to build speech technologies that reflect our unique communities. In Uganda, it has already strengthened our local research capacity and supported new student and faculty-led projects.”

An Associate Professor at the University of Ghana, Mr Isaac Wiafe, said, “For us at the University of Ghana, WAXAL’s impact goes beyond the data itself. It has empowered us to build our own language resources and train a new generation of AI researchers.

“Over 7,000 volunteers joined us because they wanted their voices and languages to belong in the digital future.

“Today, that collective effort has sparked an ecosystem of innovation in fields like health, education, and agriculture. This proves that when the data exists, possibility expands everywhere.”

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Nigeria Grows Data Protection Industry to N16.2bn

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Data Protection Bill

By Adedapo Adesanya

The Nigeria Data Protection Commission (NDPC) has disclosed that the country’s data protection ecosystem has grown to N16.2 billion within just two years of formal regulation.

The disclosure was made by the chief executive of the data regulating agency, Mr Vincent Olatunji, during a media workshop and capacity-building engagement held in Lagos recently.

He further said  the growth reflects rising enforcement, compliance activity, and increasing confidence in Nigeria’s digital governance framework, even though the NDPC was not designed as a revenue-generating agency.

Mr Olatunji explained that regulatory compliance fees and enforcement actions under the Nigeria Data Protection Act (NDPA), 2023, have created significant economic value while also contributing to government revenue and job creation across the country, noting that regulatory fees and sanctions after investigations have contributed over N16.2 billion to federal revenue while supporting an estimated 23,000 jobs nationwide.

“These investigations have resulted in 11 major enforcement actions, including significant financial penalties and corrective directives.”

“The message is clear: violations of data privacy will attract serious consequences, regardless of the size or status of the organisation involved,” Mr Olatunji stated, adding that the commission has concluded 246 investigations into data protection and privacy breaches across multiple sectors, signalling that enforcement will remain central to Nigeria’s data governance strategy.

Business Post reports that NDPC has over the last two years carried some sanctions against some top companies including a N766.2 million fine on MultiChoice Nigeria in July 2025 as well as Fidelity Bank, which was fined N555.8 million in 2024 for processing personal data without informed consent.

The NDPC Commissioner linked the Commission’s enforcement milestones to Nigeria’s broader ambition of building a $1 trillion digital economy.

He stressed that accountability and trust are foundational to digital transformation and long-term investment.

“Privacy enforcement is the foundation of digital confidence. By holding violators accountable, we are safeguarding citizens while creating the secure environment required for innovation, investment and sustainable growth,” he said.

He said the Commission has significantly expanded compliance structures across the economy to support this objective, moving beyond sanctions to system-wide institutional strengthening.

The NDPC has registered 38,677 Data Controllers and Processors of Major Importance, licensed 307 Data Protection Compliance Organisations, and received more than 8,155 Compliance Audit Returns.

In addition, the Commission has issued the General Application and Implementation Directive, which takes effect from September 2025, translated the NDPA into three major Nigerian languages, and launched a multi-sector compliance sweep covering banking, insurance, pensions, and gaming, with 1,348 entities already served with compliance notices.

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