Tag: Cybersecurity

  • Nigerian CEOs Express Record Optimism for 2026 Economic GrowthI

    Nigerian CEOs Express Record Optimism for 2026 Economic GrowthI

    In a report published by ThisDay, a survey conducted by PwC Nigeria reveals that 91% of Nigerian Chief Executive Officers expect the country’s economy to improve significantly in 2026. This surge in confidence, up from 64% in the previous year, is attributed to the stabilizing impact of disciplined monetary reforms and the successful transfer of several oil and gas assets to indigenous operators.

    The optimistic outlook was echoed in reports by The Sun and Vanguard, which analyzed the impact of these sentiments on the capital market. The Sun reported that “business leaders are now pivoting from survival mode to growth strategies,” while Vanguard quoted a leading economist saying, “The 2026 horizon looks bright if the current fiscal discipline is maintained.”

    Despite the optimism, the survey also flagged rising cyber risks as a major threat to corporate stability. CEOs noted that as operations become more digitized, the exposure to high-level data breaches has increased, necessitating greater investment in national cybersecurity infrastructure.

    Echotitbits take: High CEO confidence is a leading indicator of increased capital expenditure and job creation. However, the government must address the “cyber risk” warning mentioned by these leaders to ensure that the digital economy doesn’t become a new bottleneck for growth.

    Source: ThisDay — https://www.thisdaylive.com/2026/02/02/pwc-nigeria-91-ceos-expect-nigeria-economic-growth-in-2026/, February 6, 2026

    Photo credit: ThisDay

  • Alleged N7.7 Billion Telecom Fraud Leads to Arrest of Six Suspects

    Alleged N7.7 Billion Telecom Fraud Leads to Arrest of Six Suspects

    Reporting by The Punch indicates that Nigerian police uncovered a telecommunications fraud scheme involving the illegal diversion of airtime and data valued at N7.7 billion. Six suspects were arrested after an investigation into alleged compromise of a company’s internal systems to reroute digital assets, which were then liquidated through underground channels.

    The scale of the alleged theft has renewed calls for stronger cybersecurity controls in the telecom sector and tighter internal governance to reduce insider and vendor risks. Police said investigations are ongoing to determine whether additional collaborators exist within the industry.

    Daily Post also covered the arrests and Channels TV framed the incident as one of the largest digital-asset related thefts in recent memory—amplifying calls for stronger data protection and enforcement.

    Echotitbits take: As Nigeria digitizes payments and services, insider-enabled cybercrime is becoming a systemic risk. Expect regulators (including the NCC) to push tougher baseline security requirements—especially around privileged access, audit logging, and incident response disclosures.

    Source: Premium Times – https://www.premiumtimesng.com/news/top-news/852943-police-uncover-n7-7-billion-telecom-fraud-arrest-six-suspects.html 2026-01-29

    Photo Credit: Premium Times

  • OPay disowns festive ‘cash giveaway’ rumor and urges users to stop sending money to strangers

    OPay disowns festive ‘cash giveaway’ rumor and urges users to stop sending money to strangers

    Photo Credit: The Punch
    2025-12-27 06:00:00

    Reporting by Punch indicates fintech platform OPay issued a public warning against a viral claim suggesting it is distributing money to users during the festive season.

    The company cautioned users not to transfer money to strangers and not to share sensitive personal data such as BVN, PINs, or OTP codes, describing the circulating message as a scam vector.

    Fraud analysts say the season’s spike in “giveaway” narratives is a predictable social‑engineering tactic, and rapid public debunking can reduce victims’ losses.

    Echotitbits take:
    This is a reminder that the weakest link is often human behaviour, not the app. Watch for more coordinated anti‑fraud messaging from banks/fintechs, and push for faster takedowns of scam accounts on social platforms.

    Source: The Punch — December 26, 2025 (https://punchng.com/opay-debunks-viral-cash-giveaway-claim-warns-users-of-scammers/)
    The Punch December 26, 2025

  • Cybersecurity: #EndSARS Protesters Used Social Media to Spread Subversive Contents – NSA

    Cybersecurity: #EndSARS Protesters Used Social Media to Spread Subversive Contents – NSA

    The National Security Adviser (NSA), Major Gen. Babagana Monguno (rtd) has accused the #EndSARS protesters of using the social media to spread subversive contents that escalated the tension and looting that followed the protest by Nigerian youths, which is widely adjudged peaceful.

    The NSA disclosed this when he spoke at the Multi-Stakeholders workshop for the Validation of the Draft National Cybersecurity Strategy 2020, in Abuja.

    He said: “We are witnesses to the use of social media to disseminate subversive content to incite violence and heightened tension, causing unrest and sparking widespread looting and destruction across the country.”

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    The national security chief also revealed that the Federal Government plans to unveil the National Cyber security Policy and Strategy (NCPS) 2020 to check digital threats and enhance national security and economic growth for the over 200 million population.

    In his keynote address, the NSA said the government has been proactive to develop policies that will check threats from the use of cyberspace.

    Represented by the Permanent Secretary, Special Services in the Office of the Secretary to the Government of the Federation (OSGF), Aliyu Ganda Mohammed, the retired General recalled that his Office inaugurated a multi stakeholders committee on September 10, 2020 to review the NCPS 2014.

    He noted that the review is aimed at strengthening the existing cyber policy, which is meant to be reviewed every five years, as stipulated.

    Monguno further stated that: “There is no gainsaying that cyberspace has become an engine for the enhancement of Nigeria national security, economic transformation and national development.”

    While he admitted that the sophistication of cyberspace comes with inherent challenges, the NSA said: “The threats posed by cyber terrorists, and the use of the internet has brought social media circulation of hate speech and seditious messages. It is almost impossible to overstate the challenges.”

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    The Minister of Communications and Digital Economy, Isa Ali Pantami who was represented by the Director General of National Information Technology Development Agency (NITDA), Inuwa Abdullahi, said never before has cybersecurity become more critical than it is today and that it was due to convergence between offline and online lives.

    “Anybody that uses any device that connects to the internet needs to understand and protect himself and have to join the cyber security campaign.”

    He said the agencies under the ministry are leveraging on this to protect people. “We can collaborate to do it together,” he urged the participants.

    Also speaking at the Multi-Stakeholders workshop, the Chairman of the NCPS 2014 Review Committee, Mr Abdul-Hakeem Ajijola, warned that a non-regulated cyberspace, as exemplified in recent times with fake news in the social media, could result in civic unrest.

    “The current draft document is a result of multi stakeholder efforts with due cognizant of a whole of society approach while leveraging technology for the well-being of Nigeria and for Nigerians.

    “I assure our commitment and resolve to delivering an implementable policy for Nigeria”, Ajijola stated.

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    Senate Committee, ICT and Cybercrime Chairman, Hassan Ibrahim Hadejia, who also spoke at the event expressed excitement that Nigeria is taking the issue of cybercrime very seriously.

    “In ICT, if you are reactive, you are finished, you always have to make sure that you are one step ahead”, he said.

    in order to effect change in the sector, he proposed that both government agencies and the private sector collaborate.