E-Financial
CBN Orders Banks to be Security Certified By 2015
The Central Bank of Nigeria (CBN) has mandated all commercial banks to be information security-certified by 2015.
Tunde Lemo, deputy governor (Operations), stated this during conferment of ISO 27001 certificate to the CBN by the British Standards Institution (BSI).
Also showing great admiration for the CBN attainment, Dr. Andrew Peacock, the UK High Commissioner described the achievement as one of the highest standards of information security management in the world. He also noted that it is a confidence building measure as well as a remarkable achievement.
The High Commissioner stated that the British government plans to double trade volume with Nigeria to about £8 billion in 2014 provided British investors were convinced the Nigerian economy was adequately regulated. He also said the CBN information security certification would open doors for such investment opportunities in the country.
The acquisition of the coveted certification puts the CBN at par with the institutions like the World Bank and International Monetary Fund (IMF) that had adopted the standard. The central bank also becomes the first organisation in the country to attain such level of certification.
Essentially, the information security and management system allows the CBN to install processes including controls, technology and people awareness to ensure that particularly classified information held in custody on behalf of its stakeholders and clients is properly protected.
Lemo said: “CBN regulates banks and other financial institutions. For those ones we regulate particularly commercial banks, we have made it mandatory for them to be so certified before the end of 2015.”
The CBN Governor, Mallam Sanusi Lamido Sanusi, also said information security had become critical to the central bank’s operations, adding that going forward, any unauthorised disclosure or compromise would be have consequences.
Represented at the occasion by Alhaji Suleman Barau, CBN Deputy Governor, Corporate Services, Sanusi said all its stakeholders and partners would now have more confidence in the bank’s ability to protect the data in its possession.
He said the CBN would do all within its powers to sustain controls and retain the certification.
However, the certification which is for an initial period of three years is presently limited to the CBN headquarters but with the possibility of extension to its branch offices in future.
Mark Basham, managing director of BSI, Europe, Middle East and Africa (EMEA), said follow-up audit would be conducted every six months to ensure the CBN standards and controls are still intact and within the requirements for which the standard was awarded.
The certificate could either be withdrawn or re-issued at expiration.
Elsewhere, Dr. Sarah Alade, CBN deputy governor, Economic Policy, congratulated some of the banks which had already adopted the standards.
She however noted “the Central Bank of Nigeria has taken the lead by certifying to a much wider scope and achieving this in less than one calendar year.” She said the driving force for the adoption was the need to have formalised processes to protect the organisation’s key information assets as some of them are information of national relevance.
Afolabi Oke, executive director, Global InfoSwift (the consulting firm which prepared the CBN for the award) said he proud of the apex bank’s reposition.
“We are indeed very proud to be part of the Central Bank of Nigeria’s success story. This is an affirmation that the CBN has adopted and complied with one of the most reputable international information security management system standards in the world.”
E-Financial
Banks Lose N10Bn to Cyber Fraud in 2023’
Stakeholders in the banking and financial ecosystem, yesterday, decried the surge in cyber fraud as Deposit Money Banks (DMBs) lost N10 billion in the second quarter of 2023, representing almost 300 per cent year-on-year compared to the previous year.
At a Mastercard forum convened to tackle fraud and cybersecurity threats in the financial sector, Kari Tukur, vice president, Customer Solutions Centre, East and West Africa at Mastercard, said despite the massive awareness and innovations aimed at combating cybersecurity, the amount lost last year by DBMs was “staggering”.
She said, “With Nigeria’s rapidly growing economic expansion, we are starting to see an increase in the adoption of digital financial services, and the financial landscape is also evolving at an astronomical speed.
“What was staggering for me was in spite of the huge investment around innovation, funding in the cyber space, DBMs lost almost N10bn in Q2 last year, and that was almost 300 per cent growth year-on-year when compared to the previous year.”
She noted that there was the need for collaboration among stakeholders “to combat this rising sophistication of cyber security threat.”
Tukur further stated that Mastercard was deeply committed to cyber security and fraud prevention within the payment industry, disclosing that the company invested $250m “to assist small businesses in addressing their cyber security needs.”
She disclosed that Mastercard payment portals incorporated multiple layers of security such as tokenisation technology, encryption and biometrical to stay ahead of cyber attackers.
She added that, “The sector continues to struggle with the aforementioned challenges, necessitating vigilance, proactive action and comprehensive security strategy, and Mastercard remains committed to providing safe, secure and seamless payment services and experiences for our partners and customers in Nigeria and beyond.”
Celestina Appeal, chairman, Committee of e-Business Industry Heads (CeBIH), stated that the total loss to the banking industry in the last couple of years totalled hundreds of billions of naira while Nigeria’s Consumer Awareness and Financial Enlightenment Initiative had projected a $6trn loss by 2030 to cybercrime within and outside Nigeria.
Represented by Mr Temitope Onibaniyi, secretary of the committee, she stated that the committee was ever-willing to collaborate with industry stakeholders to fight against the perpetrators who “constantly rob banks and other stakeholders in the payments industry of their hard-earned money.”
She said the need for collaboration could not be overemphasised as no individual organisation was immune to cyber security attacks.
E-Financial
Tinubu Rejigs SEC Board, Makes New Appointments
President Bola Tinubu has approved the appointment of some Nigerian professionals to the Board of the Securities and Exchange Commission (SEC).
This is contained in a statement issued by Ajuri Ngelale, special adviser to the President on Media and Publicity.
Tinubu appointed Mr. Mairiga Aliyu Katuka as the Chairman of the board of SEC, while Mr. Emomotimi Agama has been appointed as the Director-General of the board.
The president also appointed Frana Chukwuogor as Executive Commissioner (Legal and Enforcement) of the board.
Tinubu further appointed Mr. Bola Ajomale as the Executive Commissioner (Operations) of the board, while Mrs. Samiya Hassan Usman is the Executive Commissioner (Corporate Services) of the board.
Also appointed into the board are Mr. Lekan Belo as Non-Executive Commissioner and Mr. Kasimu Garba Kurfi as Non-Executive Commissioner.
According to Ngelale, the president anticipated that “all members of the Board of this critical commission will bring to bear their wealth of experience and competence in advancing the commission’s core mandate of developing and regulating a capital market that is dynamic, fair, transparent, and efficient, to bolster investor confidence and contribute immeasurably to the nation’s economic development.”
E-Financial
Ecobank Repays $500m Eurobond
Ecobank has announced the successful repayment of its $500 million five-year Eurobond issued in 2019. According to a statement filed on the Nigerian Exchange Limited (NGX), the Eurobond garnered considerable interest from a diverse range of global investors, including long-term development partners such as FMO and Proparco, who served as anchor investors.
Commenting on this achievement, Ecobank Group Financial Officer, Ayo Adepoju, said: “The bond was listed on the main market of the London Stock Exchange with a coupon rate of 9.5 per cent. The principal and interest repayment, totalling $524 million, was distributed to bondholders through the transaction agent on the bond maturity date of April 18, 2024.
“This inaugural bond we are retiring today was critical in introducing our firm to a wider array of global investors and contributed to the increased visibility of our brand in the capital markets.”
Against the backdrop of challenges posed by the global operating environment, including disruptions in the world supply chain and financial markets, Adepoju highlighted the Group’s resilience. He cited strong liquidity, a robust balance sheet, and a solid leadership team as key factors enabling Ecobank’s success.
He added that the successful repayment of the Eurobond underscores Ecobank’s commitment to financial stability and investor confidence, positioning the firm for continued growth and success in the global market.
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