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Committee Led by NCC Chairman to Intercept Cyber Attacks on INEC Server

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Telecommunications - Investors King

Nigeria’s Ministry of Communications and Digital Economy, headed by Minister Prof. Isa Ali Pantami, has taken a proactive step to safeguard Nigeria’s cyberspace and ICT infrastructure during today’s election.

The Ministry has formed a committee led by Prof. Adeolu Akande, Chairman of the Nigeria Communications Commission (NCC), with the mandate to protect against cyber attacks.

According to Prof. Pantami, President Buhari gave the directive because of the significant role of ICT in the upcoming election. The committee will work tirelessly to monitor the INEC server and other critical ICT infrastructures.

Prof. Pantami has also disclosed that he will be a member of the newly inaugurated committee. The committee will be responsible for receiving complaints about any attacks on critical infrastructure and escalating them to relevant public or private institutions for necessary remedial actions. This move will go a long way in ensuring a free and fair election, and protecting Nigeria’s cyberspace and ICT infrastructure from any form of attack.

While speaking on other responsibilities of the committee, he said;

“Our main responsibilities in this committee are more advisory. Firstly, when it comes to intercepting potential attacks that may come to our cyberspace. The committee will coordinate the NCC’s computer security incident response team at NCC, the computer emergency readiness and response team at the National Information Technology Development Agency (NITDA), and the Galaxy Backbone National Cybersecurity Centre.

“These three centers must work together, complement each other and ensure they intercept any potential attacks on our cyberspace, particularly on our critical infrastructure during the election so that we could either take action or provide necessary advice to the government”.

The committee further stated that it will collaborate closely with key institutions, such as the Office of the National Security Adviser (ONSA), the Central Bank of Nigeria (CBN), the Independent National Electoral Commission (INEC), and mobile network operators (MNOs) to safeguard Nigeria’s cyberspace against potential attacks, vandalism, and fiber cuts during the upcoming election.

They assured that they will utilize their full capacity to ensure the protection of cyberspace during the 2023 general elections.

In 2019, during the Annual Investment Meeting (AIM) in Dubai, President Muhammadu Buhari emphasized that cyberspace is being used for election manipulation, subversion of citizens’ democratic rights, and the spread of violence among the populace, Investors King reports.

The president reiterated the need for a collective effort from both public and private sectors to tackle these cyber threats to safeguard Nigeria’s cyberspace.

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Telecommunications

MTN Nigeria to Convene Extraordinary General Meeting to Address Capital Loss

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Karl O Toriola - Investorsking.com

MTN Nigeria, one of the country’s leading telecommunications giants, has announced plans to hold an Extraordinary General Meeting (EGM) with its shareholders to deliberate on strategies for managing the significant capital loss it incurred in 2023.

The decision was disclosed in a corporate notice filed with the Nigerian Exchange Limited on Tuesday and the EGM is scheduled to take place later this month in Lagos.

The primary agenda of the meeting will be to discuss and explore possible measures to mitigate the loss of capital suffered by the company during the financial year ended December 2023.

The telecom giant posted a net loss after tax of N137 billion, largely driven by a N740 billion foreign exchange loss.

Consequently, MTN Nigeria’s retained earnings and shareholders’ fund plummeted to negative N208 billion and N40.8 billion, respectively.

In a statement, Karl Toriola, the Chief Executive Officer of MTN Nigeria, acknowledged the daunting operating environment characterized by inflationary pressures, currency devaluation, and foreign exchange shortages.

Toriola explained that the adverse impact of these factors on the company’s financial performance necessitates a comprehensive reassessment of strategies to navigate the complexities ahead.

Toriola further expressed the company’s commitment to sustaining commercial momentum and accelerating service revenue growth, despite the challenging economic landscape.

The decision not to declare a final dividend for 2023 reflects MTN Nigeria’s prudent approach to prioritizing financial stability and long-term resilience amid ongoing uncertainties.

The upcoming EGM signifies a pivotal moment for the company and its shareholders to collaboratively chart a course towards recovery and sustainable growth.

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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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