Ict/Telecom
NSA Lists Dangers Of Cybercrime
The National Security Adviser (NSA), Col. Sambo Dasuki (rtd), said on Tuesday in Abuja that cyber crime had negatively impacted on the image and economies of Africa.
Dasuki, who was represented by Director of Communication, Office of the NSA, Ambassador Haruna Mohammed, said this at the presentation of the “Draft Public Key Infrastructure (PKI) Blueprint for Nigeria’’.
PKI is a collection of security technologies, procedures, processes and policies that collectively provide a framework for addressing, using cryptography, the fundamental security issues of piracy, authentication, integrity, non-repudiation and access control in data communication.
Dasuki said the availability of a trust worthy mechanism for authentication of identity, integration of electronic information, non-repudiation of actions and security of information, were key requirements in development of interactive services between public administration and customers.
He described PKI as a foundation for secured electronic commerce, Internet security, security-authentication, encryption and repudiation.
“In view of the daunting challenges caused by the incessant telecom and regulated crimes in Nigeria, the need to effectively curtail and mitigate the current security challenges associated with the use of Internet and other electronic communication devises cannot be over emphasised.
“Cyber crime incidences and statistics and figures from some African countries, most particularly, Nigeria, Ghana and South Africa have damaging impact on images and economies of these countries.
“Nigeria is equated to be one of the leading cyber crime perpetrators in the world. There is today, increasing dependence on computer systems and networks in Nigeria- citizen, government and businesses to run critical services.
“The ease with which these systems can be compromised to the detriment of all cannot be ignored. ’’
Dasuki said it necessitated the Federal Government to initiate some strong measures, through his office, to protect infrastructure that have impact on the nation’s economic development and collective security.
These infrastructures, according to him, include computer systems, networks and all critical infrastructures.
“Some of these measures include the establishment of a full functional national digital and forensic laboratory in the office of the NSA. This avail the security agencies a platform for detail investigation into cybercrime in the country.
“Two, the establishment of a national Computer Emergency Response Centre for the management detection, response and analysis of all activities in the Nigeria service place.
“Work on search centre has already begun in earnest and scheduled to be completed before the end of this year.
‘Three, as some of you may already be aware, the office of the NSA, drafted a comprehensive Security Bill in 2011, which have been forwarded to the office of the Attorney-General of the Federation and Minister of Justice for review and transition to the National Assembly as executive bill after consideration by Federal Executive Council.’’
Dasuki congratulated the National Information Technology for developing the PKI for the country, saying that the implementation would go a long way to enhance security in the country.
He, however, stressed that PKI should not been seen as replacing all other security technology, rather as a complementary means to achieving security in the country.
“PKI is another tool, which is security architecture that has been introduced to provide increased level of confidence for exchanging information over increasingly insecure internet.’’
Dasuki urged the stakeholders to deliberate on issues on integration of PKI companies, application managements, digital certificate, ensuring capability and getting users to key into the PKI.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter