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CIBN Urges CEOs to Address Cybersecurity Challenges



  • CIBN Urges CEOs to Address Cybersecurity Challenges

The Chartered Institute of Bankers of Nigeria has urged chief executive officers to get the essential cybersecurity knowledge that would ensure companies take appropriate actions to secure valuable information assets.

The President, CIBN, Dr Uche Olowu, said this during the industry roundtable for information security stakeholders of banks in Nigeria with the theme, ‘Cyber resilience in organisations’.

According to him, this does not mean that every CEO needs to become a cybersecurity expert, but rather, CEOs should increase their knowledge of core cybersecurity concepts and leverage leadership skills to conceptualise and manage risk in strategic terms, understanding the business impact of risk.

He said, “For financial sector institutions, cybersecurity has become an issue from the top down. Board of directors, chief executive officers and senior executives must ensure that they are making the right decisions about cybersecurity for their institutions.

“Shareholders and company board of directors are now asking questions about companies’ approach to cybersecurity and the readiness to face an attack. CEOs must make it clear that security is not just an Information Technology problem – it is a priority for the business.

“CEOs need to be able to answer tough questions and prove that they are working with the senior leadership team to develop a cybersecurity strategy, and that they understand the cybersecurity landscape and how it can affect key business functions in the company.”

He said that the emergence of financial technology had provided major gains for the finance sector, and innovations such as Artificial Intelligence, Unstructured Supplementary Service Data, robotics, and blockchain technology had improved efficiency, convenience and speed as well as the profit margins.

Despite the obvious benefits provided by financial technology, he said there were also risks of cyber threats and fraudulent activities.

“Criminal activities such as credit card fraud, phishing, Automated Teller Machine fraud and identity theft have increasingly become infamous in banking operations,” he said.

The CIBN boss said that statistics put the cost of cybercrime globally at $700bn annually, a figure projected to rise to about $2tn by 2019, due to the rapid digitisation of consumer lives and company records.

He said, “In the case of Nigeria, about N198bn is said to be lost to the ever-increasing cases of cybercrimes per annum, usually perpetrated through the financial system.

“According to the Central Bank of Nigeria, while a variety of organisations are exposed to cybercrime, the financial sector is particularly vulnerable given its crucial role of financial intermediation in a highly connected global financial system.”

He added, “Nigerian banks or financial services sector companies should no longer ask if they are going to be hacked; they should rather ask when.”

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


FG Reopens Osubi Airport Warri for Daylight Operations




FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm




Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

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Shut Down Depots Selling Petrol Above Approved Price – Marketers




Shut Down Depots Selling Petrol Above Approved Price – Marketers

The Federal Government should close down depots that are selling petrol above the approved price, oil marketers said on Thursday.

National President, Independent Petroleum Marketers Association of Nigeria, Sanusi Fari, said the sale of petrol above government approved price by depot owners would soon lead to a hike in the commodity’s pump price.

Fari told journalists in Abuja that the government through its agencies such as the Department of State Services and the Department of Petroleum Resources should curb the development to avoid crisis in the downstream oil sector.

He said some private depot owners were selling at N165 per litre to independent marketers, way above the government stipulated price of N148 per litre.

Fari said, “Our challenge is the inconsistency in the pricing of petrol. Up till a week ago, government was still insisting that the February price for petrol remained unchanged.

“And most of the private depot owners are selling above the government stipulated price. As at today ( February 25, 2021) private depot owners are selling at N165 per litre to independent marketers.”

He added, “In the last six years, only NNPC imports refined products into this country and these tank farms buy their products from NNPC under a controlled price.

“This has affected our businesses seriously because government is insisting that we sell at the rate of N165, which is not going to work.”

The IPMAN president said filling station owners buy the product at N165 per litre from the private depots and incur other expenses such as transportation, rent, etc.

“So government cannot expect us to sell less than what we buy,” he said.

Fari added, “This is why we are calling on government and agencies that are saddled with the responsibility to control petrol pricing to urgently clamp down on depots that are selling above the stipulated price.”

The Nigerian National Petroleum Corporation, the country’s sole importer of patrol, recently stated that it never hiked the cost of petrol to depots.

It also enjoined the depot owners to sell the product at the approved rate and called on the DPR to enforce the stipulated price across the depots.

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