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Friday, November 15, 2024
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5 EASY WAYS TO RELIEVE STRESS

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Stress is a state of worry or mental tension caused by difficult situations, as defined by the World Health Organization (WHO). While we all encounter stress in various forms daily—whether from work, school, or relationships—our bodies are naturally equipped to respond to these challenges. Here are five effective methods to help manage stress, providing both quick relief and long-term benefits.

  1. Use Cold Water
    Applying cold water to your body can be an immediate stress reliever. If you feel overwhelmed or too hot, splash cold water directly on your head or armpits. This activates the dive reflex, calming the nervous system by slowing your heart rate and breathing. Aim to visit the pool at least three times a month to further enhance your relaxation.
  2. Go Outing with Friends
    Social connections play a crucial role in reducing stress and promoting overall well-being. Plan outings with friends or loved ones on your free days—whether it’s a dinner, picnic, or just hanging out. These activities can lift your mood and alleviate anxiety.
  3. Practice Deep Breathing
    Engaging in deep breathing exercises can activate your parasympathetic nervous system, which helps the body relax. Focus on inhaling deeply into your belly and extending your exhale longer than your inhale. This simple practice can significantly improve your stress management.
  4. Exercise Regularly
    Physical activity is a powerful stress reliever. Regular exercise releases endorphins, which can improve mood and reduce feelings of anxiety. Whether it’s a brisk walk, a workout session, or yoga, find a routine that works for you.
  5. Maintain a Healthy Lifestyle
    Eating well, staying hydrated, and getting enough sleep are vital for managing stress. A balanced diet and adequate rest can enhance your resilience to stressors and improve your overall mental health.

By incorporating these strategies into your daily routine, you can better manage stress and enhance your overall well-being.

EXXONMOBIL TO COMPLETE $1.28 BILLION SALE TO SEPLAT ENERGY

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ExxonMobil is set to conclude the sale of its shares in Mobil Producing Nigeria Unlimited for $1.28 billion to Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange and the London Stock Exchange.

Engr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), confirmed that the government has approved ExxonMobil’s divestment of its assets to Seplat.

In a statement, Oge Udeagha, ExxonMobil’s Regional Communications Manager for Africa, expressed appreciation for the regulator’s announcement and stated that they are eager to receive the Ministerial Consent to finalize the sale.

Chioma Afe, Director of External Affairs & Social Performance at Seplat Energy, also confirmed the acquisition, thanking President Bola Tinubu for granting approval and acknowledging the efforts of various ministries and regulators involved in the transaction.

At the launch of the Project 1MMBOPD Initiative, Komolafe highlighted that divestment is a common practice in global business, affirming Nigeria’s commitment to the principle of free entry and exit in the oil sector, as reiterated by President Tinubu in his recent speech. Further updates regarding the transaction will be communicated in line with regulatory requirements

AKL LUMI TO INVEST $9BN IN CRUISE SHIPS FOR IPADA INITIATIVE

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AKL Lumi is set to invest approximately $9 billion for the construction of six ultra-luxurious cruise ships as part of the IPADA Initiative/Carnival 2024. This significant investment, contracted with the African Diaspora Central Bank (ADCB), aims to enhance Nigeria’s industrial capabilities by building four of the cruise ships domestically, while the remaining two will be constructed in the Caribbean, fostering stronger ties between Africa and the global African Diaspora.

The initiative also includes plans to establish a series of African-themed luxury resorts across the Caribbean, further promoting cross-continental tourism. This financial commitment is viewed as a transformative step for Nigeria and Africa, emphasizing the potential for economic growth through tourism.

The integration of AKL Lumi and the ADCB’s regional currency into this initiative highlights the extensive economic impact anticipated from the project. The IPADA Initiative, conceptualized by Otunba Wanle Akinboboye, envisions a journey for descendants of Africans who were forcibly taken to Europe and the Caribbean, allowing them to return to their ancestral roots aboard modern luxury cruise ships.

The official launch of the IPADA Initiative is scheduled for November 29 to December 8, 2024, at the La Campagne Tropicana Beach Resort in Lagos. This event is expected to attract heads of state, dignitaries, and influential figures from the African Diaspora, marking a pivotal moment for the continent.

President Bola Ahmed Tinubu, who serves as the Grand Patron and Chief Host of the initiative, is actively engaging with African envoys in Nigeria to promote participation and cooperation in this historic event, which aims to significantly boost Nigerian and African tourism and economic development.

CULTIST VIOLENCE RESURGES IN EDEOHA COMMUNITY, FOUR DEAD

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Cultists have resumed hostilities in the Edeoha community and neighboring areas, resulting in the deaths of four individuals and widespread panic. This resurgence of violence follows a history of cult-related activities in the region, including the murder of former Divisional Police Officer Bako Anghashim.

Reports indicate that armed youths reignited their campaign of terror, killing two people at Odiokwu junction in Ula-Ehuda, Ahoada East LGA. Hector Ekakita, Public Relations Officer of Igbu-Akoh Kingdom, confirmed that residents observed suspicious movements of individuals dressed in military-like attire the previous night, only to find two youths shot dead the following morning.

Ekakita expressed concern over the recent killings, which occurred just hours after five others were murdered in Edeoha. He called on Rivers State Commissioner of Police Mohammed Mustapha to urgently enhance security in the area, as remnants of cult groups appear to be re-establishing their presence.

The situation has led to heightened tension in the community, prompting some residents to flee in fear. Meanwhile, Grace Iringe-Koko, spokesperson for the Rivers State Police Command, has yet to confirm the latest fatalities.

AFRICAN UNION APPOINTS DR. MARTINS ABHULIMHEN AS AMBASSADOR FOR CLEAN WATER INITIATIVE

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The African Union (AU) has appointed social justice advocate Dr. Martins Abhulimhen of the Jose Foundation UK as its Ambassador to lead the initiative aimed at providing clean water for communities across Africa.

Under the ‘Jose Water for Africa Initiative,’ the Foundation will work to ensure that millions of African communities gain access to clean and potable water.

In a statement released in Abuja, Dr. Abhulimhen was recognized for his commitment to social justice, education, and philanthropy, highlighting his efforts to empower marginalized communities and bridge the gap between the rich and poor.

The Jose Foundation is collaborating with Mr. Jas Sohl, the Designated Honorary Consul for Cambodia to the UK, to implement “JOSE Water” (Impact Solutions). This collaboration will focus on delivering centralized and decentralized water technology to Nigeria and surrounding regions of Africa, alongside initiatives in sanitation and hygiene (WASH).

Mr. Sohl brings 25 years of experience in technology and impact investing, with a distinguished background in climate technologies. His extensive portfolio includes recognition as a Smart Tech Award-winning impact investor and a role as an international business mentor for British Water, where he promotes growth and innovation across Asia and India.

ZENITH GENERAL INSURANCE SUPPORTS GIRL CHILD EDUCATION WITH LIBRARY DONATION

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In a demonstration of its commitment to empowering communities, Zenith General Insurance has made a cash donation to the Lagoon School Library project in celebration of this year’s International Day of the Girl Child.

Ugonwa Ohuche, Head of the Primary Section at Lagoon School, praised Zenith Insurance for their generous contribution, calling it a laudable and impactful gesture. She emphasized that the donation would significantly benefit the pupils, particularly in a school dedicated to girls.

“The donation made by Zenith Insurance to Lagoon School is such a lovely gesture. It will positively impact the pupils,” Ohuche stated. She highlighted the importance of the library project under the theme “Girls’ Vision for the Future,” noting that it represents a foundation for the empowerment of the girl child.

Ohuche also urged other corporate entities to follow Zenith’s example by supporting projects that empower women and girls in Nigeria.

Edith Agu, Senior Manager, Marketing and Branch Head at Zenith General Insurance, explained the motivation behind the donation, emphasizing the company’s passion for supporting the future of the girl child and its commitment to gender sensitivity in its initiatives.

KEYSTONE BANK REAFFIRMS FINANCIAL STRENGTH AMID FAKE NEWS

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Keystone Bank Limited has reaffirmed the Central Bank of Nigeria (CBN)’s assurance that it remains safe, healthy, strong, and resilient, with no plans for the apex bank to withdraw its license. This clarification follows the spread of fake news on social media, particularly on WhatsApp.

In a statement issued by Managing Director and CEO Mr. Hassan Imam, the bank urged customers and stakeholders to disregard these false allegations. He emphasized the bank’s ongoing financial strength and growth, stating, “We are strong and have continued to grow our balance sheet while delivering exceptional value to our stakeholders.”

Mr. Imam also announced that Keystone Bank is pursuing legal action against those spreading misinformation, highlighting the institution’s commitment to accountability. He noted that the bank consistently meets its obligations and regulatory requirements, and its retail banking services have received industry recognition, ranking second according to the KPMG BICX 2023 Report. Additionally, Keystone Bank was named ‘Retail Bank of the Year’ at the Africa Industrial and Development Conference and Awards 2024.

The recent appointment of a new Board of Directors, comprising experienced bankers and professionals, further enhances the bank’s governance structure, reinforcing its commitment to transparency and excellence in service delivery.

UBA PLC ANNOUNCES 20% GROWTH IN PROFIT BEFORE TAX FOR 9M’24

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United Bank for Africa (UBA) Plc has announced impressive financial results for the nine months ending September 2024, showcasing a 20% growth in profit before tax to N603.48 billion, up from N502.09 billion in the same period last year.

Profit after tax increased by 16.9%, rising from N449.26 billion in 2023 to N525.31 billion in 9M’24. The bank reported a significant 83.2% growth in gross earnings, reaching N2.398 trillion compared to N1.308 trillion a year earlier. Net interest income also saw a remarkable increase of 149%, from N443.0 billion in Q3 2023 to N1.103 trillion in the current period.

UBA’s total assets rose sharply to N31.801 trillion, marking a 54% increase from N20.653 trillion at the end of December 2023. The bank also saw total deposits grow by 52.7% to N26.50 trillion, up from N17.355 trillion in the previous financial year.

The bank attributes its robust performance to technology-led initiatives aimed at enhancing customer experience, which have played a crucial role in driving growth across various metrics. Overall, UBA’s strong financial results reflect effective management and strategic focus, positioning the bank favorably for continued growth in Nigeria’s competitive banking sector.

Nigeria’s Gas Flaring Crisis: 20,100 Gigawatts of Power Potential Lost in 2024

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Recent reports indicate that Nigeria has lost approximately 20,100 Gigawatts per hour (GWh) in power generation potential due to persistent gas flaring by oil companies during the first nine months of 2024. This marks a 5.5% increase compared to the 19,000 GWh lost in the same period in 2023.

Impact on Electricity Generation

The continued gas flaring has significantly hampered Nigeria’s ability to generate adequate electricity, with power generation struggling to exceed 4,000 megawatts (MW) to meet the needs of households and businesses. Limited gas supply to Electricity Generation Companies (GENCOs) is a major factor contributing to this challenge.

Increase in Gas Flaring

Data shows that Nigeria’s gas flaring rose by 8% in the first nine months of 2024, reaching 200.5 million standard cubic feet (MSCF), up from 190.2 MSCF in the same period last year. The National Oil Spill Detection and Response Agency (NOSDRA) has valued the flared gas at approximately $701.8 million.

Financial Implications

According to NOSDRA, oil companies that are non-compliant with gas flaring regulations face fines totaling around $401 million. The breakdown of gas flaring incidents indicates that onshore companies flared 105.5 MSCF, a 10% increase, while offshore companies flared 95 MSCF.

Environmental Concerns

The gas flaring during this period has resulted in an estimated 10.7 million tonnes of carbon dioxide emissions. Despite ongoing efforts to curb gas flaring, this practice has persisted in Nigeria since the 1950s, contributing to environmental degradation through the release of carbon dioxide and other harmful gases into the atmosphere.

The situation highlights the urgent need for regulatory reforms and effective measures to address gas flaring in Nigeria, which not only hampers electricity generation but also poses significant environmental challenges.

AIICO Insurance Reaffirms Commitment to ESG and Sustainable Development Goals

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AIICO Insurance Plc has emphasized its dedication to adopting Environmental, Social, and Governance (ESG) principles to support the achievement of the 17 Sustainable Development Goals (SDGs) set by the United Nations for 2030.

Understanding ESG and Its Importance

ESG serves as a framework for evaluating a company’s sustainability and ethical practices:

  • Environmental (E): Focuses on a company’s environmental impact, including energy management, waste reduction, pollution control, and compliance with environmental regulations.
  • Social (S): Concerns a company’s relationships with employees, suppliers, customers, and communities, addressing human rights, diversity, equity, and employee safety.
  • Governance (G): Involves leadership practices, executive compensation, audits, internal controls, and ensuring ethical and transparent operations.

The Role of SDGs

The SDGs are a set of 17 global objectives established by the United Nations in 2015 to tackle critical challenges such as poverty, inequality, climate change, and environmental degradation, providing a framework for a sustainable future.

AIICO’s Initiatives

At a recent training workshop for the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, Mrs. Abimbola Shobanjo, Head of Corporate Responsibility and Sustainability at AIICO, outlined the company’s commitment to ESG and its contributions to the SDGs. Key initiatives include:

  • Climate-Smart Practices: Implementing green office practices, managing resources sustainably, calculating baseline emissions, and reducing paper consumption while adopting hybrid work arrangements.
  • Social Initiatives: Promoting diversity and inclusion, enhancing employee engagement, and fostering a supportive workplace culture.
  • Governance Commitment: Upholding ethical business practices, ensuring strong leadership, conducting regular audits, and adhering to both local and global regulations.

Community Engagement and Impact

AIICO’s contribution to the SDGs is further demonstrated through various initiatives, including:

  • Pink by AIICO
  • ActionAid Nigeria
  • AIICO Revive
  • AIICO Blood Drive
  • World Malaria Day Campaigns
  • Health & Safety Programs
  • Global Money Week
  • Girls in Tech Initiative
  • Academic Support and Outreach Programs for School Children

AIICO Insurance’s efforts underscore its commitment to integrating ESG principles into its operations and contributing positively to societal and environmental goals.

FG SEES SIGNIFICANT REVENUE BOOST FROM VAT AND CIT IN H1 2024

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The Federal Government (FG) is experiencing a substantial increase in its finances, with revenue from Value Added Tax (VAT) and Company Income Tax (CIT) rising by 85% year-on-year (YoY) to N6.44 trillion in the first half of 2024 (H1’24). This marks a notable increase from N3.48 trillion in the same period last year (H1’23).

Additionally, leading commercial banks in Nigeria contributed significantly to this revenue, paying N579.38 billion in income tax in H1’24, representing a remarkable 109.6% YoY increase from N276.39 billion in H1’23.

Breakdown of Bank Contributions

Data from the financial statements of banks shows that Zenith Bank led the contributions with N149.03 billion, followed by:

  • Ecobank: N132.5 billion
  • Guaranty Trust Bank: N98.2 billion
  • Access Bank: N67.6 billion
  • United Bank for Africa: N51.06 billion
  • Stanbic IBTC: N30.64 billion
  • First Bank of Nigeria: N21.4 billion
  • Fidelity Bank: N19.6 billion
  • First City Monument Bank: N4.3 billion
  • Wema Bank: N3.97 billion
  • Sterling Bank: N1.08 billion

Revenue Highlights

The National Bureau of Statistics (NBS) reported that revenue from VAT soared by 100.6% to N2.99 trillion in H1’24, up from N1.49 trillion in H1’23. Similarly, CIT revenue increased by 73.3% to N3.45 trillion in H1’24, compared to N1.99 trillion in H1’23.

In May, the Accountant-General of the Federation, Oluwatoyin Madein, noted at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria that tax revenue is currently the highest income source for the country. He highlighted that the Federation Accounts Allocation Committee eagerly anticipates monthly figures from the Federal Inland Revenue Service to allocate funds to the three tiers of government.

This significant boost in tax revenue underscores the government’s efforts to enhance its financial standing and manage economic challenges effectively.

ATCON REJECTS REINTRODUCTION OF EXCISE DUTY ON TELECOMS

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The Association of Telecommunications Companies of Nigeria (ATCON) has firmly opposed the Federal Government’s plans to reintroduce a five percent excise duty on the telecommunications sector, warning that such a move could impose significant burdens on the industry.

This development comes in the wake of President Bola Tinubu’s July 2023 executive orders, which included a suspension of the excise tax to mitigate the negative effects of tax hikes on businesses and households. However, leaders of the Presidential Tax Reform Committee recently indicated that the proposed Nigeria Tax Bill 2024, currently before the National Assembly, includes provisions for an excise duty on telecommunications, as well as on services like gaming, betting, and lotteries.

The proposed excise duty would be calculated based on the charges set by service providers, regardless of whether those charges are monetary or otherwise.

ATCON President Tony Emoekpere expressed strong concern over this potential policy reversal, highlighting that it could lead to increased costs for consumers and hinder growth in a sector crucial to Nigeria’s digital economy. He remarked, “We had received assurances from the former minister that this issue was settled. It’s alarming to see it re-emerge now, especially as the industry has been pushing for a tariff increase to cope with rising operational costs.”

Emoekpere revealed that ATCON plans to engage with the Ministry of Communications to address the sudden revival of the excise duty proposal. He stated, “The previous minister had successfully shelved this idea, so it’s surprising to see it come up again. We will reach out to the ministry to understand why this proposal is resurfacing and push to prevent its implementation.”

The association’s stance underscores its commitment to advocating for the telecommunications industry’s growth and sustainability amidst ongoing economic challenges.

SEC DG URGES ADAPTATION TO FATF STANDARDS AT COMPLIANCE SUMMIT

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Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), emphasized the necessity for capital market stakeholders to adapt to regulatory frameworks in line with the evolving Financial Action Task Force (FATF) standards. Speaking at the Compliance Summit 2024 in Lagos, he warned that non-compliance could jeopardize the integrity of Nigeria’s capital markets and pose risks to both national and global financial systems.

The summit, themed “Navigating Regulatory Challenges: Aligning with Changes in FATF Standards in the Era of Virtual Asset Service Providers,” focused on the increasing prominence of virtual assets and the regulatory challenges they present. Agama highlighted the importance of proactive engagement with FATF standards, stating that collaboration between regulators, virtual asset service providers (VASPs), and stakeholders is essential for effective implementation.

He noted, “This event demonstrates our collective commitment to ensuring that the Nigerian capital market remains at the forefront of global financial integrity and efficiency.” The summit provided a platform for stakeholders—including regulators, operators, financial institutions, and technology innovators—to collaborate and share insights.

Agama outlined key updates in FATF standards that impact VASPs, including:

  • Expanded VASP Definition: Custodial wallet providers, exchanges, and peer-to-peer platforms are now officially recognized as VASPs.
  • Travel Rule: VASPs are required to share customer information during transactions, enhancing transparency.
  • Licensing and Registration: VASPs must obtain licenses and register, ensuring accountability.
  • Enhanced AML/CFT Measures: Strengthened regulations are in place to combat money laundering and terrorist financing.

He reiterated the importance of harnessing collective expertise to navigate the regulatory challenges ahead, reinforcing that adherence to these standards is crucial for the growth and stability of the financial sector.

PDP SLAMS APC CHAIRMAN’S THREAT OVER ONDO STATE

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The Peoples Democratic Party (PDP) has condemned the National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, for his recent statement about ‘capturing’ Ondo State and the entire South West.

PDP National Publicity Secretary, Debo Ologunagba, described Ganduje’s comments as “reckless and threatening” during a press briefing at the party’s National Secretariat in Abuja. He emphasized that the term “capture” implies a forceful occupation and warned against any attempts to impose control over the region.

Ologunagba stated, “The South-West has always been the bastion of opposition and democracy. Ganduje’s threat is worrisome and reminiscent of historical attempts to dominate the region, which led to political crises in the past.”

He drew parallels to past political upheavals, citing the ‘wetie’ crisis of the 1960s and the controversies surrounding the National Party of Nigeria in the 1983 elections. “Any attempt by the APC to force itself upon the people of Ondo State will be resisted by the people,” he asserted.

Additionally, the PDP reiterated calls from Oyo State Governor Seyi Makinde for the redeployment of Ondo State Resident Electoral Commissioner (REC) Mrs. Toyin Babalola. Ologunagba accused her of showing partisanship and colluding with APC members, raising concerns about her impartiality in the electoral process.

PDP RECONCILIATION COMMITTEE PREPS FOR NEC MEETING

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Ahead of the National Executive Committee (NEC) meeting set for Thursday, the Chief Olagunsoye Oyinlola-led Peoples Democratic Party (PDP) Reconciliation Committee is preparing to brief the party’s National Working Committee (NWC) on its findings and recommendations.

This comes before a crucial gathering of the PDP Governors Forum (PDP-GF) scheduled for today. The Reconciliation Committee convened at the PDP National Secretariat in Abuja to finalize its report for presentation to the NWC, which will then review it for ratification by the NEC.

Oyinlola spoke to reporters after a three-hour meeting with the PDP National Assembly caucus, emphasizing the importance of unity within the party. He noted, “For any party to be able to go into battle and win, it must be united. That’s what we are striving for.”

Regarding the upcoming Ondo governorship election, Oyinlola mentioned that the committee’s strategies were focusing on reconciliation among party members with grievances. When asked about potential recommendations for suspending members, he dismissed the notion as rumors, stating that clarity would come after the NWC meeting.

In related developments, the PDP-GF meeting is expected to discuss whether the NEC meeting will proceed as scheduled or if a new date is necessary, along with the agenda for the gathering.

SIT-AT-HOME DIRECTIVE GROUNDS COMMERCIAL ACTIVITIES IN SOUTH EAST STATES

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Commercial activities in many areas of the South East were largely halted yesterday due to the continuation of the sit-at-home directive by the Indigenous People of Biafra (IPOB), protesting the imprisonment of their leader, Mazi Nnamdi Kanu.

Despite the successful implementation of the weekly directive, IPOB denied announcing a sit-at-home exercise for October 21 and 22 in any part of Igbo land.

In Aba, Abia State, schools, banks, and markets remained closed, and major roads—including Azikiwe, Faulks, and Aba-Owerri—were nearly deserted. Patrols by combined teams of soldiers and police were visible throughout the city.

Compliance was high in Umuahia as well, with streets largely empty and limited human and vehicular traffic. Many students stayed home, as schools did not open, and private institutions had informed families in advance that they would not resume classes on Monday and Tuesday. Banks also remained closed, with only a few street shops operating.

A police convoy, including an Armoured Personnel Carrier and patrol vans, was seen patrolling major streets, though the overall atmosphere in the city remained peaceful, with no reports of violence.

NECO WARNS AGAINST ENROLLING CANDIDATES BY PROXY TO COMBAT EXAMINATION MALPRACTICE

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The National Examinations Council (NECO) has issued a stern warning to school owners and stakeholders to refrain from enrolling candidates for its examinations by proxy. This fraudulent practice, the council notes, can lead to identity theft and the issuance of fake results.

In a statement released by Azeez Sani, NECO’s acting Director of Information and Public Relations, the council reiterated its commitment to eradicating examination malpractice. “We have implemented measures to check impersonation in all our examinations,” Sani stated.

Among the measures introduced are biometric data capturing devices, customized answer booklets, and the embossing of candidates’ photographs and dates of birth on original certificates. Additionally, NECO launched the e-Verify online platform last year, allowing for the verification of results.

The public is reminded that any certificate claiming to be issued by NECO that cannot be verified through the e-Verify platform is considered fake. NECO is urging state ministries of education and school owners to ensure that only the personal details of legitimate candidates are used for registration in all NECO-conducted examinations.

Furthermore, candidates found guilty of impersonation in the recently released 2024 Senior School Certificate Examination (SSCE) internal results have had their results withheld. This is part of NECO’s robust policy to combat all forms of examination malpractice.

NGX HIGHLIGHTS ROLE OF AI IN ENHANCING CYBERSECURITY AT CONFERENCE

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The Nigerian Exchange Limited (NGX) underscored the vital importance of Artificial Intelligence (AI) and robust infrastructure in strengthening cybersecurity measures during a recent conference organized in collaboration with the Office of the National Security Adviser (ONSA).

Temi Popoola, Chairman of Central Securities Clearing Systems Plc (CSCS), opened the event by addressing the escalating risks posed by cyberattacks, which threaten to disrupt national operations. He cited recent high-profile incidents, including a breach of Microsoft’s Azure cloud platform that exposed sensitive U.S. government data and coordinated ransomware attacks targeting Nigerian financial institutions.

Popoola emphasized that AI’s predictive and responsive capabilities are essential tools in combating these cyber threats. With global cybercrime projected to reach $10.5 trillion annually by 2025, he stated, “The synergy between AI and infrastructure is not just an option; it is our lifeline.” He urged organizations to prioritize cybersecurity at the board level, integrating it into their core decision-making processes.

Haruna Jalo-Waziri, CEO of CSCS, echoed this sentiment, stressing that cybersecurity is not merely a technical issue but a strategic imperative requiring collective action from all stakeholders in the financial ecosystem. He reaffirmed CSCS’s commitment to utilizing AI-driven solutions to bolster defenses and ensure system integrity. “There is an urgent need for robust cybersecurity measures. We must improve our understanding of these threats and learn to act quickly and decisively,” he stated.

Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), highlighted the necessity of embedding cybersecurity into Nigeria’s financial markets amidst ongoing digital transformation. “Protecting investor data and ensuring the integrity of financial transactions is critical. The SEC is dedicated to fostering a resilient market ecosystem through collaboration, regulation, and the adoption of advanced technologies like AI,” Agama remarked.

Saad Abubakar, Head of International Cooperation at the Directorate of Cybersecurity, ONSA, concluded the discussions by emphasizing the importance of a multi-stakeholder approach in tackling the evolving cybersecurity landscape. He stated that collaborative efforts are essential for effectively addressing these challenges.

DSS REORGANIZATION SPARKS CONTROVERSY OVER CSO REPLACEMENT

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The Department of State Services (DSS) is facing significant backlash following its decision to replace Adegboyega Fasasi, the Chief Security Officer (CSO) to President Bola Tinubu, with Rasheed Lawal, a deputy director in the agency. This move, orchestrated by the newly appointed Director-General, Mr. Tosin Ajayi, is interpreted by some as a necessary step in reorganizing the service, while others view it as a politically motivated witch-hunt.

Critics allege that the replacement aims to undermine the political influence of Fasasi, suggesting it is part of a broader strategy to disrupt established power dynamics within the agency. They have vowed to oppose the redeployment, asserting that it threatens the integrity of the security apparatus.

Conversely, supporters of the move argue that it is a commendable effort by Ajayi to restore professionalism within the DSS. Reports indicate that Fasasi had received multiple promotions over the past year without completing essential professional training, which is now being addressed through this reassignment for further education.

Sources within the intelligence community have expressed concerns that this situation mirrors past conflicts, particularly recalling the Major Al-Mustapha incident during the Sani Abacha era, where personnel were perceived as operating outside the command structure.

In response to allegations of unfair treatment toward Fasasi, a well-placed source emphasized that the narrative being pushed by political figures does not accurately reflect the reality of the situation, hinting at deeper complexities within the agency’s inner workings.

NAIRA SHOWS MIXED PERFORMANCE IN FOREIGN EXCHANGE MARKETS

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The Naira experienced contrasting movements in the foreign exchange markets yesterday. In the parallel market, the Naira appreciated to N1,715 per dollar, up from N1,725 per dollar over the weekend.

Conversely, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira depreciated to N1,603.16 per dollar, down from N1,600.78 per dollar last Friday, reflecting a depreciation of N2.38.

Data from FMDQ indicated that the volume of dollars traded in the official market increased by 2.4%, rising to $359.22 million from $350.72 million traded last weekend. This growth in trading volume comes amidst the narrowing margin between the parallel market and the NAFEM rate, which decreased to N111.84 per dollar from N124.22 per dollar last week.

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