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Nigeria at Risk of Attack, Experts Warn

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  • Nigeria at Risk of Attack, Experts Warn

Cyber experts in the country on Sunday said that the Federal Government and sectoral regulators must become more alert and fortify security in the cyberspace after last Friday’s wave of cyberattacks that hit 200,000 targets in at least 150 countries.

They said the cyberattacks, which had been on before now, could spread to Nigeria and urged banks to get more sophisticated.

The Director-General, Delta State Innovation Hub, Chris Uwaje, said the attackers “are part of the invisible elements” attacking economies, adding, “There are some from Syria, Kenya and Iran that are launching attack on Nigeria’s cyberspace.”

He said Nigeria must build sophisticated software capability with human resource and called for the introduction of software army in the country and national software legislation that must be backed by law.

“In the United States, you can’t develop software without the involvement of the Federal Bureau of Intelligence and you can’t sell without being certified. There must be a cohesive Office of the Information Technology-General of the Federation so that we can monitor everything the IT and cybersecurity in Nigeria.

“The issue is critically serious and Nigeria must act fast by enthroning the National Software Board, the Establishment of National IT Bill and the Enactment of Software Deployment Act and an institutional framework to be controlled and managed by the Office of the Information Technology General of the Federation. It must be noted that most government servers are also under serious threats of hacking,” Uwaje stated.

The cyber experts warned that going by the porous nature of Nigeria’s cyberspace, voluntary or involuntary insider compromise and poor Information Technology standards, the country’s financial system might be headed for a face-off with North Korea’s cyber criminals.

According to them, while banks have not come out to lament any loss or attack, the success of the attacks on financial institutions has always been more of insider collusion.

Our correspondent gathered that there were conjectures that the North Korean hackers were aimed at mobilising funds for the cash-strapped country to develop its North nuclear programme.

A report has quoted the Acting Director, Corporate Communications, Central Bank of Nigeria, Isaac Okorafor, as saying, “We have not had anything like that in Nigeria and I am not aware of such attacks on any Nigerian bank.”

However, the Director of Banking and Payments System, CBN, as well as the Chairman, Nigeria Electronic Fraud Forum, ‘Dipo Fatokun, said that hacking and cyberattack “are ongoing challenges across the world against banks.”

Admitting that the threats were real, he said that the regulator was on top of the situation with various policies and standards to ward off the attempts, saying there is no cause for fear.

He, however, said, “We have the IT standards for banks and we are monitoring compliance. But we continue to reiterate the need for data protection. It has only been the major route for cyber attack and hacking.”

The President of the Information Systems Audit and Control Association Nigeria, Tope Aladenusi, said no bank had confirmed any attack, adding that it was only a report.

Aladenusi said there was no evidence to suggest how it was done, but there were claims that the Internet Protocol address system of the attack was from North Korea.

He said the supposed malware called Lazarus was used to access people’s and organisations’ systems, saying, “The malware tries to compromise some vulnerable systems, whether in banks or organisations, and subsequently attacks other systems.”

Aladenusi, who also heads the cybersecurity arm of Delloitte Nigeria, advised that organisations must make it difficult for hackers to come near their systems by putting up measures including security tools and governance.

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.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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