Nigerian bank directors have unanimously tasked the country’s financial institutions to constantly share information on cybersecurity that will help the fight against hacking and other forms of cyber crime in the banking sector.
One of the bank directors, Osaretin Demuren, who was speaking under the auspices of Bank Directors’ Association of Nigeria (BDAN), said hacking has become one of the top risks facing not just the financial sector, but in some other sectors of the economy as well.
Demuren, who is BDAN’s President, however acknowledged that the impact of hacking was more felt in the financial sector. According to her, once the system was hacked into, it left an impact. And this is the more reason why people should be aware of cyber-risks to businesses, and be accountable.
According to her:
“Five years ago, nobody paid attention to it, but now, with the penalty that people will face if there is a breach with corporate governance, ignorance or lack of knowledge is not an excuse. So you need to be well equipped.
“Gone were the days when you needed to manage information. You need to share information so that we demystify what this is all about. Until we demystify the hackers, and people know what it is all about, because what they want is the financial benefit, they will find another area of attack.”
Meanwhile, Joseph Tegbe, Partner & Head, Technology Advisory and Markets, at KPMG Nigeria, emphasised the need to establish accountability for cyber-risk.
He also called for the protection of what mattered, assess the maturity of cybersecurity programme, manage third-party cyber-risk, and prepare to effectively respond to cyber incidents.
“We are at a time in which effective board oversight of cyber-risk is a necessity; if digital innovations will deliver optimal value to the business.”
Recall that in a bid to counter the high rate of internet fraud in Nigeria, the Central Bank of Nigeria (CBN) had said it is developing a Risk-Based Cyber Security Framework for financial institutions.
Why war against cyber-crime should be stiffened
As global concerns for cybercrime continue to rise, the need for cybersecurity in the country has become highly sacrosanct.
The Bank Directors Association of Nigeria was inaugurated at the 13th Annual Bank Directors Seminar held in Abuja in June 1997. At the time of its establishment, a fifteen man Governing Council headed by Major General G.O. Ejiga Rtd was constituted.
House of Reps to make Youths globally competitive
House of Representatives is determined to make Youth globally competitive.
“Facts don’t lie, a government that has devoted N500bn to youth empowerment every year. There’s Trader Moni, N-Power, and several others, they are all there,” he added.
Gbajabiamila added that the President Muhammadu Buhari’s administration has done a lot about youth empowerment and is ready to do more.
COVID-19: Ogun orders full reopening of churches, mosques, hotels
Religious centres and other public places have been reopened following the success recorded in flattening the curve of COVID-19.
The Ogun State Government has ordered the full reopening of churches, mosques, businesses, hotels, and entertainment centres across the state.
This was disclosed by the State Governor, Dapo Abiodun, in a statement signed by his Chief Press Secretary, Kunle Somorin, via the state’s Twitter handle on Wednesday.
Abiodun stated that the religious centres and other public places had been reopened, following the success recorded in flattening the curve of COVID-19.
According to him, the government is aware that many people are just recovering from the economic hardship imposed by COVID-19, as their activities had been affected by the lockdown, while necessary measures had been put in place to combat the pandemic.
He stated, “In the process of rebuilding the economy, the State Government was irrevocably committed to the successful implementation of the “Building our Future Together” agenda, and would ensure everything possible for people to have increased prosperity that would place the State on a sound footing towards continued development.
“Government would improve on testing, just as it continues to monitor the development and not hesitate to do selective lockdown should there be any flagrant disobedience to the set COVID-19 protocols.”
COVID-19: Ogun orders full reopening of churches, mosque, hotels
Pleased with the drop of COVID-19 infections in Ogun State, @dabiodunMFR, has announced that all hotels, viewing centres, marquees, event centres, suites, guest houses, motels, and establishments providing…. pic.twitter.com/sMiUe3DUt5
— Ogun State Government – OGSG (@OGSG_Official) October 28, 2020
What you should know
Governor Abiodun had closed religious centres, businesses and schools in March, as part of moves to flatten the curve of the coronavirus.
He later announced the reopening of only worship centres and schools in August.
Abiodun pegged the number of worshippers for each service at 200, and insisted that services must not exceed one and a half hours.
CBN reveals framework for the N75 billion Youth Investment Fund
The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.
The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.
This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.
The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.
The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.
Objectives of the scheme:
Improve access to finance for youths and youth-owned enterprises for national development.
Generate much-needed employment opportunities to curb youth restiveness.
Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.
Explore Data on the Nairametrics Research Website
The fund targets young people between the ages of 18 and 35 years.
Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.