Ict/Telecom
NCC Tasks Judiciary On Cybercrime Act
The Executive Vice-Chair
man of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, on Monday called on the judiciary to ensure implementation of the Cybercrime Act 2015.
Danbatta made the call in Lagos at a workshop for Judges on Legal Issues in Telecommunications, organised by the NCC in collaboration with the National Judicial Institute (NJI).
He said that implementation of the Act would ensure reduction if not total eradication of cybercrimes in the country.
According to the executive vice-chairman, implementation of the Cybercrimes Act entails that the judiciary understands the law, to keep abreast of developments in cyberspace.
“The knowledge of the law will ensure that forbiddens in the Act are adequately addressed.
“The implementation of the cybercrime law is domiciled in the Office of the National Security Adviser but the NCC plays an important role in the articulation of the law.
“We have an important department of the commission: the New Media Information Security Department.
“It has played an active role in engaging the judicial arm of government to ensure implementation of the Act.’’
Danbatta noted that proliferation of the e-payment system, following the Federal Government’s adoption of the cashless policy had led to massive increase in mobile and online transactions in recent times.
He said that the proliferation of e-payment system came with a resultant increase in financially-related cybercrimes.
Danbatta noted that cyber criminals had continued to develop new strategies to circumvent cyber- security models, regardless of their sophistication.
“We are hopeful that in the continuing course of implementation of the Cybercrime Act 2015, cyber security will be strengthened,’’ he said.
Danbatta said the annual workshop, which was in its 12th year, was conceptualised to bridge knowledge gaps in topical and emerging areas of telecommunications.
He said the workshop had a view to keep the judiciary abreast of key and relevant issues in the telecommunications industry.
According to him, such vital knowledge of the industry will ensure that the judiciary is able to competently navigate relevant legal issues presented for adjudication.
The NJI Administrator, Justice Rosaline Bozimo, said that the courts were often approached for determination of legal issues and remedies arising from operations of telecommunications stakeholders.
Bozimo listed service providers, customer grievances, financial service operations, kidnapping and terrorism related matters as issues requiring legal remedies.
She said that electronically generated evidence and data that were presented for determination required clear understanding of the operation of the sector.
The administrator stressed that the electronically generated materials necessitated continuing judicial education in telecommunications.
“This workshop, therefore, serves as an avenue for judges, regulators and other stakeholders to share knowledge, exchange ideas and experiences on pertinent legal and technical issues in the sector.
“This is with a view to further understanding and overcoming these challenges,’’ she said.
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
