Connect with us

Government

Nigeria Loses N127bn Annually to Cybercrime

Published

on

cybercrime
  • Nigeria Loses N127bn Annually to Cybercrime

Nigeria loses N127billion to cybercrime annually, it was learnt Monday.

An expert has also expressed fear that Nigeria may lose more if the government and security agencies fail to draft out strategies to tackle the menace.

Speaking in Abuja on Monday during a workshop on Cybercrime and Forensic Investigation, the Inspector General of Police (IGP), Ibrahim Idris noted that the Force is worried with the spate of the crime.

The IGP who was represented by AIG Umaru Shehu said: “The criminals are constantly looking for ways to take advantage of the loopholes in the new cyber technology. They devote more energy and resources into committing national and international crime that are difficult to prevent and detect.

On how they operate, he said: “It should be noted that, these criminals are well organized and are willing to invest in modern technology so that they can commit identity theft and privacy invasion, fraudulent electronic transaction, cause havoc through insertion of computer virus and malware infections in personal and corporate computers to get upper hand or blackmail and distributed denial of service attack.

“More worrisome, is the radicalization and violent extremism, terrorism perpetrated through cyberspace, website hacking and defacement.

Commeneting of some of the impacts of the crime, the Police chief said: “Compared to traditional crime where criminals can rob one or two banks in a day, ICT has made it possible to rob hundreds of banks in less than an hour, while the perpetrators seats comfortably in their homes or offices.

He however assured that the Force is building on existing forensic and cybercrime facilities in order to successfully tackle the crime.

Also speaking on the impact of cybercrime, the representative of Department for International Development (DFID) Prof. Olu Ogunsakin said: “the impact of cybercrime on Nigeria is so vast that annually, we lose about N127billion to criminals that use the internet to sabotage the economy and in essence, I think this will continue to rise until the government and security agencies come together to find a way to curb the menace.

“We should make sure that the public is quite aware of the impact of cybercrime because it is something that is borderless and it affects everybody and somebody irrespective of location.

“This crime is borderless and it is something that affects the economy especially the infrastructure that we are trying to doing and in turn it affects everything.

Prof Ogunsakin while stating that Nigeria can curb the menace if it develops cyber technique on how to eradicate the growing menace added that there is need to collaborate with countries that have strategies.

“All over the world, you will also realize that a lot of countries are suffering from it, so we need to collaborate with people because as of now, we do not have a national strategy on how to deal with this crime and we need to start from somewhere”.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

Published

on

Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

Continue Reading

Government

Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

Published

on

Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

Continue Reading

Government

President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

Published

on

power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending