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Nigeria Loses N127b Yearly to Telecoms Infractions

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Telecommunications - Investors King

Nigeria loses about N127 billion yearly as a result of infractions of the laws, rules and cybercrimes, the Administrator, National Judicial Institute (NJI), Hon Justice Rosaline Bozimo said yesterday in Lagos.

She spoke at the opening of the seventh Annual Workshop for Judges on Legal Issues in Telecoms organised by the Nigerian Communications Commission (NCC) in conjunction with the NJC. She lamented that while the telecoms sector has grown with over 150miilion active mobile lines, allegations of fraudulent deductions from customers’ accounts, unsolicited messages and others have become a great concern in the industry.

She said another issue that is plaguing the country is the scourge of kidnapping which she said is on the rise, adding that security agencies have to struggle to identify devices and location of kidnappers and their victims.

“The Boko Haram terrorists use mobile lines to coordinate their terror activities. These, among other challenges, may require data and information generated from telecoms services (providers) to serve as evidence in the course of prosecution of related cases. Thus, the need for continuing education of judges in respect of the operations of the telecoms industry is essentially necessary in order to enable them make better informed decisions,” Justice Bozimo said.

In his key note address, the Chief Justice of Nigeria (CJN), Hon. Justice Mahmud Mohammed, said the NCC has advanced the use of information communications technology (ICT) for different aspects of national development.

Represented by Hon Justice Walter Ononghen (Justice of the Supreme Court), the CJN said: “With these new technologies and services, traditional business models and concept of regulation are now being challenged. In this context, policymakers, regulators and courts face significant challenges as the telecoms industry is growing fast into the more complex areas and form. The judiciary, as an arbiter cannot be left behind the times. We are currently undergoing various technological reformations and an ethical resurgence that is repositioning the third arm of government for better justice delivery.”

According to him, in keeping with best practices and the demands of a technology age, judges must possess a sound knowledge of the law and procedures while becoming proficient in the use of ICT to expedite justice delivery.

“The modern judiciary that we are creating through the introduction of the renowned Nigeria Case Management System (NCS) makes knowledge of ICT pre-requisite to progress on the bench and we are determined to make the phased transition from paper to based system to an automated one,” the CJN added.

Also speaking, the CEO, NCC, Prof Garba Dambatta, said the programme was conceptualised to bridge the knowledge gaps in topical and emerging areas of telecoms with a view to keeping the judiciary abreast of relevant issues in the industry.

“The emergence of over-the-top (OTT) services which is a non-traditional means of communication has left telecoms regulators all over the world grappling with the issues of whether to regulate or not while balancing the expectations of relevant stakeholders in the industry,” Prof Dambatta said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Canon Gets Closer to Inspire Creative Communities Across Africa

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canon - Investors King

Canon Central and North Africa (CCNA) is inviting film and photography communities across Africa to connect and collaborate. They are excited to announce the first three: SYNC School in Cairo, Egypt; Peexoo, a Nigerian photography hub, and the Photographers’ Association of Kenya (PAK). More are welcome as the global imaging leaders would like to develop creative collaborations in every country in the region.

Canon has been a long-standing supporter of film and photography education groups. These relationships can now go deeper by sharing Canon expertise, knowledge and technology, with regular masterclasses, training opportunities, photo booths and competitions.

Canon is committed to build closer ties with its customers and the collaborations are a way to inspire and enrich the next generation of image-makers. “Our mission is to empower people to see the bigger picture, on a grand yet local level,” explains Amine Djouahra, sales and marketing director for Canon Central & North Africa. “In this rapidly changing, image-based culture, we want to explore new and innovative ideas with a wider audience.”

There has been an enthusiastic response: “SYNC is a community based school of 94,000 for creatives in Egypt with photographers, filmmakers and content creators. We are thrilled to build this relationship with Canon and learn, grow and create together,” said SYNC’s founder and creative director, Mustafa Sharara.

Peexoo, a photography hub powered by artificial intelligence, brings together 2,000+ photographers and videographers from across Nigeria. “We change perceptions through film and photography,” said Peexoo Co-Founder, tech-preneur Steven Kelechi Nwadike. “We are ecstatic that Canon is joining us on this journey.”

The Professional Photographers’ Association of Kenya (PAK) is the leading photographic society in the country, representing professionals, amateurs and hobbyists. “We are proud to partner with Canon at this time, a collaboration which will uplift, inspire and encourage our photographic community,” said Victor Otieno, PAK Treasurer.

Through the collaborations, community members gain exclusive access to masterclasses with Canon ambassadors including Emmanuel Oyeleke and Yagazi Emezi who will present a masterclass to Peexoo members and Menna Hossam who will present “Fine art and fashion photographer: Challenges of this genre & the future of creating enchanting images in the era of social media”, to SYNC School members.

Regular competitions will be used to challenge and inspire with exciting prizes such as Canon’s mini phone-to-printer Zoemini, the portable Selphy and the G-Series printers, as well as a compact Powershot SX720 and mirrorless M50 cameras.

Hands-on ‘touch and try’ sessions with cutting-edge Canon R system technology, EOS cameras and lenses are in the plan with special, members-only discounts available on Canon equipment.

Canon’s interest in developing and recognising excellence both in amateur and professional photographers goes beyond this. The Canon Future Focus programme for students is in its fifth year and the inaugural Redline Challenge for amateur photographers received great response in entries from African region.

“We believe in enriching local creatives and welcome the opportunity to connect and support the next generation of visual storytellers. By investing expertise, technology and opportunities in them, we hope to enhance their art, skills and future careers,” said Amine Djouahra.

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Cyberattack Volume Grew in 78% of Businesses Globally, Remote Working Main Catalyst

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Cyber Security - Investors King
Data presented by the Atlas VPN team reveals that 78% of businesses globally experienced an increase in the volume of cyberattacks because of a shift towards remote work.
Even though social media platforms are flooded with news of companies proudly presenting the fact that they are permanently shifting to a remote-work environment, they usually do not mention the fact that the pivot has created major issues for their security.
Unpatched personal devices, erratic employee behavior, and inadequately protected home networks create many loopholes for threat actors to exploit.
Carbon Black, a company that provides workload protection services surveyed 3,542 CIOs, CTOs, and CISOs to find out if WFH (work from home) resulted in an increase in cyberattacks. Respondents were from various industries and 14 different countries. The survey was published in June 2021. Here, we will analyze the increase in attacks on a country-by-country basis.
The study shows that a whopping 96% of enterprises in France saw a significant increase in the number of attacks due to the shift to a WFH environment.
The second most affected country is Australia, where 89% of cybersecurity professionals reported that attacks increased due to employees working remotely. The United Kingdom and Japan share third and fourth place, with 86% of respondents stating that they noticed a significant jump in cyber threats in the past year.
As many as 84% of businesses in Saudi Arabia, 83% in the Netherlands, 82% in Singapore, and 80% in the United Arab Emirates said that attacks jumped substantially. Canada is in line with the global average, where 78% of enterprises reported a growth in the cyberattack volume.
Interestingly, the United States is at the lower side of the scale, with 63% of cybersecurity professionals reporting an increase in cyber threats in the past year.

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Kuda Provides Funding Opportunities for Startups

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Kuda Microfinance Bank - Investors King

Kuda Technologies has said it is opening up new funding opportunities for startups.

It said this on Tuesday in a statement titled ‘ Target Global and Kuda host startup founders in Nigeria, open up new funding opportunities’.

It said Target Global, a Berlin-based international venture capital firm with over 1.5 billion euros in assets under management, recently brought together founders of several Nigerian startups and local tech investors at an interactive session in Lagos, Nigeria.

According to the statement, Kuda Technologies is Target Global’s first investment in Africa, which is a proof that early-stage Nigerian startups are attracting foreign direct investment.

It said the event, co-hosted by Kuda Technologies, highlighted the growing stream of foreign direct investment into Nigeria’s startup scene and opened up new avenues for fundraising to local founders.

Speaking at the event, a Partner at Target Global, Ricardo Schaefer, reiterated the firm’s commitment to funding Nigerian startups.

He said, “I’m grateful to Kuda for letting us invest and I am very excited, not just because of Kuda, but also because of all the companies and founders I have met in Nigeria.

“It is historic what is happening in tech here and we [Target Global] want to invest more in Nigeria, we want to spend more time here. We are excited about any founder with big ambitions and we are looking for startups with big outcomes.”

The statement said Target Global led Kuda’s record-setting $10m seed round in November 2020, which helped to put the digital-led bank on the world map as a serious challenger to traditional banks in emerging markets.

Kuda had since raised an additional $25m in a Series A round to drive its ambitious expansion plans.

The Chief Executive Officer, Kuda Technologies, Babs Ogundeyi, said Target Global had been a valuable partner in Kuda’s rise to relevance, even beyond making sizable investments in both its seed and Series A fundraising rounds.

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