General News
Electronic Fraud is Online Equivalent of Stealing – Akindeinde
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Oluseyi Akindeinde is the chief technical officer of Digital Encode, a cyber- security company involved in the implementation of security measures and certification for banks and others.
Akindeine is a thoroughbred cyber-security expert with over 10 years working experience in cyber-security space in Nigeria.
He started his career with a company called Datasphir from where he joined Digital Encode as a co-founder.
His company has initiated and implemented measures aimed at fighting cybercrime and electronic fraud such as managing of Nigerian Electronic Fraud Forum and cyber-security operation centre.
He spoke to chike onwuegbuchi on issues around fighting cybercrime in the country.
State of Cybercrime and Fight in Nigeria
Cybercrime is still on the rise despite efforts to curtail it. To be honest it is not unexpected as most transactions are concluded online end-to-end.
Organizations have done quite a lot in reducing this menace but in my opinion, people (as opposed to technology and process) still remain the critical part of this.
Impacts of Cybercrime Law
For one, it is expected that anyone found to have committed any type cybercrime act will be brought to book and made to face the consequences.
Cybercrime or electronic fraud, is the online equivalence of stealing and such same measures should be meted out to anyone found to have committed the act.
Things to Ensure Maximum Benefit of the Law
Oh yes there are and it has already been set in motion by the formulation of the Cybercrime Advisory Council by the office of the National Security Adviser (ONSA). Part of the mandate of the advisory council is to reinforce and enhance the implementation of the Cybercrime (Prohibition, Prevention, etc.) Act, 2015 and the National Cybersecurity Policy and Strategy adopted on the February 5, 2015, which outline the legal, institutional and technical frameworks needed to drive the nation’s preparedness to fight cybercrime and protect Nigeria’s national interests in its engagements in cyberspace.
Computer Emergency Response Team (CERT)
Of course it is needed. Just as we have people securing and safeguarding Land, Sea and Air, we need a national CERT to secure our cyberspace.
The battles of the future will not be fought by fighter jets but in cyberspace. Furthermore, efforts should be put in capacity building and training of the people who would man the CERT.
Banks on Implementation of Security Certification such as PCI DSS
Again Fraud cannot be totally eliminated once you have the ‘people’ factor. No matter the amount of technical controls you put in place, if someone is going to fall for a social engineering attack, those controls cannot stop it.
It is incumbent on the financial institutions to sensitize the public on the dangers of phishing and social engineering tricks.
Personal information should never be given online as NO bank will request for it. This includes, Passwords, Passcodes, PINs. These are to remain private and never handed to anyone.
Cyber-Security Operation Centre (CSOC) and Fight against Cybercriminal
It’s the first independently operated SOC. It’s our attempt at assisting organisations, especially financial institutions, monitor their systems and networks for anomalous traffic patterns.
We not only monitor but also alert at imminent danger if any.
We do this all day, every day freeing the Financial Institutions to conduct business without thinking about security. We also assist in cybercrime investigation, recovery and digital forensics.
Digital Encode and the Nigerian Electronic Fraud Forum (NeFF)
NeFF was inaugurated by the bankers’ committee in 2011 to address and proactively manage the incidences of electronic fraud and related matters in the industry. The forum is made up of the CBN, the deposit money banks (DMB), law enforcement agencies (LEA) and other stakeholders in the financial services sector.
Our mandate is to assist the forum in gathering, analysing and reviewing fraud data, conducting forensics and predictive analytics as well as training and capacity building for industry personnel.
Digital Encode in Cyber Security Space
We are the foremost cybersecurity company in Nigeria and we constantly assist organisations achieve optimum security by providing services such as Advanced penetration tests, compliance to global information security standards such as PCIDSS, ISO 27001 and CoBIT.
Emergence as the Cyber Security Company at Beacon of ICT Awards
It’s a fantastic award for our organisation and it only goes to show recognition for what we have been doing. We truly appreciate it.
General News
NCAA Orders Airlines to Enforce $10,000 Currency Declaration Rule

The Nigeria Civil Aviation Authority has ordered all international airlines flying into Nigeria to enforce the $10,000 currency declaration rule.
The authority said the rule is required for passengers to declare cash or negotiable instruments above the limit, as part of efforts to strengthen anti-money laundering compliance.
According to the NCAA, the directive, referenced as NCAA/CPD/ABV/298, dated 24 April 2025 seeks to address gaps in the enforcement of existing currency declaration obligations for inbound passengers.
This was announced in a statement issued by the Director of Public Affairs and Consumer Protection, Michael Achimugu, via his official X account on Tuesday.
“International carriers must take two key actions, which include “Make inflight or pre-landing announcements informing passengers of their legal obligation to declare any currency or Bearer Negotiable Instruments exceeding $10,000 USD or its equivalent upon arrival in Nigeria.
“Distribute currency declaration forms onboard for passengers to complete before landing. The NCAA has received reports indicating that some airlines are yet to comply with this directive”, the statement read.
The NCAA said these requirements are consistent with international best practices and are vital to preventing the illegal movement of large sums of money across borders.
The Authority warned that full cooperation from international airlines is essential, saying, “Please note that the cooperation of all international airlines operating in Nigeria is critical to supporting the country’s efforts to align with global financial standards.”
Accordingly, the authority emphasised that full implementation of this directive, particularly as it concerns inbound passenger declarations, is of utmost importance.
“Compliance will be closely monitored, and non-compliant airlines will face appropriate sanctions,” it added.
General News
Appeal Court Nullifies Registration of ‘KPMG Professional Services’

The court of appeal in Lagos has asked the Corporate Affairs Commission (CAC) to revoke the certificate of registration of “KPMG Professional Services”.
In a unanimous decision delivered on Thursday, the appellant court granted the reliefs sought by KPMG Nigeria against CAC and KPMG Professional Services.
The judgment was read by Abdullahi Mahmud Bayero, the judge.
The two other judges are Abimbola Obaseki-Adejumo and A.M. Talba.
In 2002, KPMG Professional Services was registered as a company with CAC despite the existence of KPMG Nigeria, comprising its audit, tax, and consulting arms.
The KPMG Nigeria has long been registered in Nigeria before 2002.
KPMG Audit was registered in 1969, KPMG Tax Consultants in 1990, and KPMG Consulting in 1969.
Displeased with the registration of KPMG Professional Services, KPMG Nigeria approached the federal high court.
The consulting firm had argued that the name “KPMG Professional Services” was deceptively similar to its long-established identity.
In 2005, the lower court dismissed KPMG Nigeria’s case, citing an alleged merger between KPMG Nigeria and Akintola Williams Deloitte as reason the company could no longer assert rights to the name.
The lower upheld the second respondent’s (KPMG Professional Services) counterclaim and ordered that KPMG Nigeria’s name be struck off the CAC register.
The lower court had premised its decision on newspaper articles stating that KPMG Nigeria reportedly merged with Akintola Williams Deloitte.
Delivering the judgment, Bayero ruled that the lower court erred by relying on newspaper articles to ascertain that KPMG Nigeria allegedly merged with another company.
The judge said the documents showing the alleged merger were not presented before the lower court, and the form of the alleged merger could not have been known.
“In any event, the only branch of KPMG, if any, that entered into a merger with Akintola Williams as stated in the newspaper articles 18, is KPMG Audit,” the judge ruled.
“The other spheres were totally unaffected. It would therefore be wrong to state that the merger (which has not been shown to this Court) of KPMG Audit with Akintola Williams means all the other areas of business, including KPMG Consulting and KPMG Tax Consultants, also ceased to exist.
“Even if the Appellants (KPMG Nigeria) had ceased to do business as the Court seemed to have held, the 2nd Respondents (KPMG Professional Services) should not have been carrying on business until the Appellant’s certificate of registration is withdrawn or set aside.
“They cannot use the name until the Appellant’s certification of registration is withdrawn or set aside. They cannot use the name until the name is removed from the 1st Respondent’s (CAC) Register of Names.
“The 1st Respondents can only assign the name to the 2nd Respondents after first taking it away from the Appellants.”
The court ruled that CAC erred by registering KPMG Professional Services despite the existence of a business name, which is already registered.
The judge reversed the earlier ruling of the lower court and reaffirmed the primacy of statutory protection for existing business names under Nigerian corporate law.
General News
Air Peace Launches Abuja–London Heathrow, Gatwick flights October 26

Air Peace has announced the launch of direct flights from Abuja to London Heathrow and Gatwick airports, with operations scheduled to begin on October 26, 2025.
The airline said in a statement on Sunday that round-trip fares for the Abuja–London service will start from N1m, making it the first Nigerian carrier to offer direct connections from the capital to both of London’s major international airports. This was contained in a press release issued on Sunday by the airline’s spokesperson, Efe Osifo-Whiskey.
“Direct international flight services from Abuja to both London Heathrow and London Gatwick Airports, effective October 26, 2025.
“Air Peace becomes the first Nigerian carrier to offer direct services from Abuja to both of London’s major international airports, further solidifying its role as a leader in regional and intercontinental aviation.
“Travellers originating from any of Air Peace’s domestic destinations across Nigeria can now book through fares via Abuja to either Heathrow or Gatwick using a single ticket, eliminating the need for multiple bookings or baggage re-checks,” the statement read.
Similarly, the new route opens convenient access for inbound passengers from the UK to cities across Nigeria.
“Travellers from London can access multiple destinations across Nigeria using a single Air Peace ticket through Abuja every morning. These destinations are Lagos, Port Harcourt, Enugu, Benin, Warri, Owerri, Kano, Yola, Gombe and Asaba, for now. Other destinations will be added later,” Osifo-Whiskey stated.
Air Peace is also offering what it describes as unprecedented value in pricing and service.
Osifo-Whiskey said, “It provides a distinct competitive advantage, enabling passengers to travel between Nigeria and the United Kingdom with greater ease, efficiency, and value, due to the possibility of choosing multiple cities entry and exit points.
“Has the cheapest fares ever, starting from only 1 Million Naira round trip. Huge baggage allowance.”
The Abuja–London launch comes months after the airline began Lagos–London Heathrow flights, which started earlier in 2024.
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