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NIGCOMSAT, FUT Minna Sign MoU to Strengthen Technology in Nigeria

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The Nigerian Communications Satellite (NIGCOMSAT) Ltd. and the Federal University of Technology (FUT), Minna has entered into collaboration with the signing of a Memorandum of Understanding (MoU) with the view to strengthening technological innovations in the country by ensuring that all technological products are duly registered in Nigeria and at the international level before it reaches the market following several breakthroughs the country has achieved in technological innovations.

Abimbola Alale, managing director, Chief Executive Officer, NIGCOMSAT Ltd also said the collaboration is aimed at ensuring that the two government agencies reached out to customers with their products.

While welcoming the Vice Chancellor, Professor Bala Abdullahi at the Ground Control Centre in Abuja, Alale, said that all technology innovations should be registered through the relevant regulatory bodies believing that if scientific research and technological products are duly registered, the country can claim ownership of such products and make money from it.

She noted that FUT Minna, has distinguished itself in research innovations having won many grants and recognitions at the global and national levels.

Alale believes that NIGCOMSAT products and services like Staff Attendance And Control System (SAACS), ‘Internet of thing’, Internet Services, e-voting, etc are very much available to impact positively place the country at par with other technology driven economy emphasising that the collaboration will further be opened to the academic community.

In his remark, the Vice Chancellor, Professor Bala Abdullahi expressed happiness on the collaboration between his institution and NIGCOMSAT saying that FUT, Minna is doing its best to improve the quality of education in the country.

The Vice Chancellor also noted that the MoU is an opportunity for the two government agencies to leverage on what they are doing and ‘NIGCOMSAT is the right outlet to market research products’, the VC said.

In his contribution, the Executive Director, Technical Services, Engr. Kolawole Raji expressed optimism on the MoU and urged all parties to fully implement the terms and letters to encourage home grown technology in line with Executive order 003-005.

Also contributing, the Executive Director, Marketing and Business Development, Hon. Samson Osagie, urged the two agencies to be agents of change and commended those who proposed federal universities of technologies all over the country.

One of the highlights of the MoU is the establishment of an African Centre of Excellence mainly with the view for the academic exchange of post graduates.

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E-Business

Check Point Details Fortnite Flaw that Left Players Open to Account Takeover

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A recent discovery by Check Point Software Technologies Ltd. serves as a reminder that just one small, careless oversight can give hackers all the opening they need to victimize millions and damage a valuable brand.

The company wrote in a blog post that it had identified a vulnerability in the enormously popular Fortnite video game that represented a considerable threat to the video game’s 80 million registered players.

A vulnerability linked to the game’s unvalidated login page “could have allowed a threat actor to take over the account of any user, view their personal account information, purchase virtual in-game currency and eavesdrop on in-game chatter as well as home conversations,” the blog said.

Though this vulnerability was identified and addressed before a hack could occur, the Check Point blog said that Fortnite players have been targeted before by scammers posing as discount sellers of in-game currency, V-bucks.

As the blog pointed out, “With such a meteoric rise in fortune, it is no surprise the popular game has already attracted the attention of cybercriminals set on conning unsuspecting players.”

 

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Expert Identifies Reason Cyber Hackers Pursue Financial Data of Banks

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Ronke Okeremi, managing director and CEO of Arit of Africa, an information communications and technology [ICT] firms in Nigeria, has advanced reasons why financial data of banks is the most prone to cyber-attacks in the world.

She said financial data is the most attractive and hence financial institutions are more likely to be attacked. She therefore asked business owners to execute regular vulnerability assessment to determine areas of threat.

She implored managers of financial and non-financial organisations to improve the levels of cyber security awareness as any organisation can be attacked at some point in time.

While describing cyberattack as any risk of financial loss, disruption or damage to the reputation of an organisation that may arise from some failures of its information technology systems, she said that identity theft has become rampant, as such, she warned financial institutions and banks to be watchful.

She implored organizations to be aware of real and perceived cyber threats and that financial institutions should put in place measures that would allow them to swiftly deal with all or any potential attacks.

“There are solutions that offer early warning threat signals which aims to provide alerts on incoming threats, shutdown and remediate for prevention. These solutions come at a cost to implement but would however prevent firms to a large extent from cyber-attacks.”

She added that the importance of information security is to protect the companies’ ability to function, enable the safe operation of applications implemented on the organisation’s IT systems, protect the data that establishments’ collect and use, and to safeguard the technology assets in the organisation.

“Information security is crucial to all organizations as it will protect their information and assist them to adequately conduct their businesses. Information security is defined as the protection of information and the system as well as hardware that use, store and transmit that information.

“Businesses should carry out frequent and proactive vulnerability assessment on their infrastructure in order to determine threat areas. There are solutions that offer early warning threat signals which aims to provide alerts on incoming threats, shutdown and remediate for prevention. These come at a cost to implement but would however prevent organisations to a large extent from cyber-attacks.

“It is important for businesses to safeguard sensitive financial information, services and products. This further protects their internal and third-party customers from theft, email-borne viruses, worms, trojans, spyware, malware and phishing attacks”, she advised.

 

 

 

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Nigeria’s Online Travel Booking Space in Search of Real Value

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Although boasting a lot of potential, Nigeria’s travel and tourism industry has remained in a state of near-misses and failed projections occasioned by the glaring gap and huge vacuum in the online travel booking space.

 

According to available statistics, the direct contribution of Travel and Tourism to Nigeria’s Gross Domestic Product (GDP) was N2,29bn, approximately 1.9% of total GDP in 2017 –  a figure that is expected to rise by 2.9% in 2018 and 4.3% per annum from 2018-2028, to N3,605.7bn, effectively representing 1.9% of total GDP in 2028.

 

On the other hand, the total contribution of Travel and Tourism to GDP was N6,205.8bn representing 5.1% of GDP in 2017 and is forecast to rise by 1.6% in 2018 and 4.8% per annum to N10,094.5bn from 2018-2018, representing 5.4% of GDP in 2028.

 

While the figures appear promising, it is worth considering where the Nigerian travel industry stands in the global scheme of things.

 

Ranked on a global list of 185 countries, Nigeria presently stands at positions 48 in total contribution and 163 in relative contribution respectively to GDP from the Travel and Tourism sector. In terms of expected real growth in the sector, Nigeria stands at a poorly 168 position and 59 in long-term growth forecast (2018-2028) in the sector.

 

Compared with global indices, Travel and Tourism represents 10.4% of global GDP while one-tenth of jobs worldwide are supported by the industry, representing 9.9% of global employment. Furthermore, one-fifth of all of all global net jobs created in the last decade have been within the Travel and Tourism sector.

 

It is an open secret that travel and tourism is an important global economic activity, with the potential to contribute significantly to a nation’s GDP.

 

Added to this is the immense employment-generation opportunity it holds when harnessed efficiently – a point aptly embellished by Gloria Guevara Manzo, President & CEO of the World Travel & Tourism Council when she enthused that “inclusive growth and ensuring a future with quality jobs are the concerns of governments everywhere. Travel & Tourism, which already supports one in every ten jobs on the planet, is a dynamic engine of employment opportunity.”

 

Here in Nigeria, the engine of economic prosperity inherent in the Travel and Tourism is yet to be unleashed, owing predominantly to the vacuum in the online travel booking space which holds the key to transforming the sector.4

 

In real terms, only a small proportion (about 13%) of Nigerian air travelers currently book travel products online – a damning statistic for a country boasting a population grossing over 190 million.

 

For the four components of the Travel and Tourism sector which include Leisure travel (inbound and domestic), Business travel, Domestic travel and Foreign travel, the outlook remains the same: total contribution of the sector to GDP is nearly three times greater than its direct contribution.

 

Aligned to this is the poor experience of most Nigerians, many of whom have expressed their dissatisfaction with the level of service in the online travel booking space, despite the existence of a glut of players. For many corporate travelers, a segment that represents the overwhelming majority of online travel service consumers, the prevailing opinion is a glaring lack of real value. Same sentiment dominates among leisure travelers – many of whom are frustrated by sub-standard service and the limited choices of packages/offers available among current players – two of the most recurring pain-points that have drained confidence among customers in the sector.

 

Considering the nexus between technology and value-offerings in the online travel booking space, there is a growing need for a strong player backed by cutting-edge technology to fill the vacuum in the sector and take the industry to the next level. Further justifying this need is the undoubted influence of a world-class online platform and innovation in service delivery which has transformed the entire value chain of an allied sector such as e-Commerce in Nigeria, as seen in the rise and dominance of strong local players such as Konga which has re-defined the scope of offerings and customer experience in the industry.

 

The global travel and tourism industry is a multi-billion-dollar establishment which relies heavily on innovative technology and world-class customer experience in delivering a wide range of value offerings to all classes of travelers.

 

Nigeria is due for this disruption which has the potential of growing the sector’s contribution to GDP. Digital innovation is the way forward.

 

 

 

 

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