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Nigeria Loses N127bn Annually to 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”.

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.


Mali Sworn In Bah Ndaw as Transition President



Malian Mutinying Soldiers

Mali’s interim president, Bah Ndaw, chosen to head a transitional government following a coup last month, was sworn in during ceremonies in the capital Bamako on Friday, AFP journalists witnessed.

A committee appointed by the junta which seized power on August 18, toppling President Ibrahim Boubacar Keita, selected Ndaw, a 70-year-old retired colonel, as interim president.

Ndaw is due to lead a transition government for a maximum of 18 months before organising national elections.

Colonel Assimi Goita, who led the military junta, was also sworn in as interim vice president.

The ceremony on Friday took place in a theatre filled with officials dressed in military fatigues, senior judges, and foreign diplomats.

During the ceremony, Supreme Court Chief Prosecutor Boya Dembele said the challenges facing both men were “enormous”.

“It will truly require a reformulation of the state,” said the judge, dressed in red fur-lined robes.

The swearing-in comes as the fragile Sahel state’s neighbours have leaned on the military junta to appoint civilians as interim president and prime minister.

The 15-nation Economic Community of West African States (ECOWAS) slapped sanctions on the poor country on August 20 to push for a swift return to civilian rule.

A decision by the bloc on whether to ease the measure is possible on Friday, according to former Nigerian president and ECOWAS mediator Goodluck Jonathan.

“We are optimistic that this event will signal the beginning of the return to normalcy in Mali,” he said on Twitter on Thursday night, referring to the swearing in of interim-government leaders.

Last month’s coup followed weeks of mass protests against Keita, spurred by frustrations over a brutal jihadist conflict, perceived corruption and the country’s slumping economy.

Mali has struggled to quell an eight-year-old Islamist insurgency which has claimed thousands of military and civilian lives.


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Imo State Bans Traffic Agents, Task Forces Over Bribery




Uzodinma Bans Traffic Agents, Task Forces Over Bribery

The Executive Governor of Imo State, Hope Uzodinma, has restricted all traffic agents and task forces from operating in the state over bribery and extortions.

Declan Emelumba, the state commissioner for Information and Strategy, disclosed this at the Government House in Owerri on Thursday.

Checks revealed that the task force team that operates from Heroes’ Square still demands as much as N27,000 fines from people arrested. A shocking situation that has plunged the limited resources of hardworking Imo people.

However, the information commissioner, who described the task force as “illegal”, said the state government has sanctioned its personnel.

Emelumba said, “The governor has since banned all traffic agents and task forces in line with the desire of the people.”

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FG Puts Nine-year Presidential Jet Up For Sale



president buhari

The Federal Government has put up for sale a jet in the presidential fleet, Hawker 4000 aircraft with registration number, 5N-FGX/: RC 066.

The business-size jet which entered into service in December 2011, has capacity for nine passengers and three crew members.

Findings indicate that only 73 Hawker 4000 aircraft were manufactured by Hawker Beechcraft between 2001 and 2013 and they were sold for $22.91m each as of 2012.

The FG in a published advert on Wednesday disclosed that the aircraft with a range of 3,190-nautical mile had flown for 1,768 hours.

It said the aircraft could be inspected at the Presidential Air Fleet’s hangar located at the Nnamdi Azikiwe International Airport, Abuja.

Interested buyers were requested to submit their closed bid to the Chairman, Committee for Sale of Aircraft, Office of the National Security Adviser, care of Special Services Office, Office of the Secretary to the Government of the Federation.

In an advertisement published in some national dailies on Wednesday, prospective buyers were directed to submit a refundable bank draft for $50,000 to the committee with the bid.

It also said that all the bids should be quoted in dollars.

The notice read, “Please note that all bids must be submitted within one week of this publication.

“Background check is required as a pre-qualification for the bid. Prospective bidders who want to inspect the aircraft will be granted access within one week from this advertisement.”

The Presidency had similarly in 2016 put up for sale two presidential aircraft, a Falcon 7X executive jet and Hawker 4000, in line with the directive of the president, Major General Muhammadu Buhari (retd.), that aircraft in the Presidential Air Fleet should be reduced to cut down on waste.

The government also said some aircraft in the fleet would be handed over to the Nigeria Air Force for its operations. It could not be confirmed if this had been done.

According to the Presidency, the PAF has 10 aircraft and they include Boeing Business Jet (Boeing 737-800 or Air Force One), one Gulfstream 550, one Gulfstream V (Gulfstream 500), two Falcons 7X, one Hawker Sidley 4000, two AgustaWestland AW 139 helicopters and two AgustaWestland AW 101 helicopters.

Reports said each of the two Falcon 7X jets were purchased in 2010 for $51.1m, while the Gulfstream 550 costs $53.3m.

The Senior Special Assistant, (Media and Publicity) to the President, Garba Shehu, had yet to respond to inquiries on the number of presidential aircraft sold so far, as of the time of filing this report.

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