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Wema Bank Affirms Commitment to SMEs Growth

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Wema Bank Plc has once again reaffirmed its commitment to empowering and educating Small and Medium Enterprises (SMEs) with skills and knowledge on current business trends.

Dotun Ifebogun, the Divisional Head, Retail Business, Wema Bank Plc., said this on Friday February 25th at the bank’s first quarter SME webinar series themed ‘From Talent to Wealth: Building your Talent into a Successful Business.’

The webinar, one of the banks’ avenues to bridge the enterprise knowledge gap and grow Nigeria’s SME space, was moderated by Creative consultant and experiential communication coach, Chioma ‘BBB’ Okpala. Featured as panellists were the Chief Digital Officer of Wema Bank, Olusegun Adeniyi; the Deputy General Manager, Creative Industries, Bank of Industry, Uche Cynthia Nwuka and Director, Siren and Suave Entertainment Limited, Oluwole Idowu.

In his opening remarks, Ifebogun stressed the significance of SMEs to the economic growth of any country, and highlighted Wema Bank’s strides in the SME segment and the importance of participating in such knowledge sharing sessions.

“We understand the need to focus on this segment of the economy, and we will continue to support SMEs with funds, help them harness their skills and equip them with knowledge on current business trends to help them upscale. This is our first SME webinar of the year 2022, but the 5th edition we’ve done since we started the SME webinar series”, he said.

Speaking on ‘Developing talent and building it into a successful business, Director, Siren and Suave Entertainment Limited, Oluwole Idowu, said innovators and serious-minded entrepreneurs need first to identify their talents, then market and make revenue from it.

According to Idowu, entrepreneurs and creative artists must market themselves with the channels and tools available and slowly build an online presence.

“As a creative person, you need to put yourself out there continuously; have an Electronic Press Kit (EPK) to showcase your talent and update it frequently. You must make sure that your brand image and perception align with your message. It is easy to get to the top but staying at the top isn’t easy. Build and grow slowly,” he advised the participants.

Idowu further counselled creative artists to see themselves as a product and sell themselves as one. He also told them to be intentional when choosing a manager because it is crucial to harnessing their talent and building a brand.

Reiterating the importance of identifying talent and applying creativity in building a business, Uche Cynthia Nwuka, the Deputy General Manager, Creative Industries, Bank of Industry, said individuals need to identify their talent and conduct market research in the industry they are interested in, as well as develop their character.

“As an SME business, you need to be skilled in your area of interest, understand the key elements of business growth, conduct extensive market research, understand your financial needs, have knowledge of growing a customer base and learn to update yourself. Your talent will drive your business idea, and a good business idea will generate revenue,” she said.

Nwuka further noted that character is a decisive game-changer that can make or mar a business if not well guided. “Talent gets you to the room, while character will keep you in the room,” she concluded.

Olusegun Adeniyi, the Chief Digital Officer, Wema Bank, wrapped up the session, speaking on leveraging technology to build your talent into a successful business.

“Technology is the biggest enabler in today’s world, around which businesses revolve. We have experienced digital disruptions, leading to success stories and improved services across all sectors. In this digital age, building your talent into a successful business requires a high level of creativity and innovation,” he said.

Adeniyi highlighted some of the opportunities for creatives in the entertainment, hospitality, digital marketing, fintech and health care sectors, and also took participants through current industry trends and how the internet has created a broad playing field for business competition.

He urged young innovators and SMEs to focus on building in-demand skills, creating channels to market themselves, protecting themselves through legal guidance, and giving back to society.

The SME-centric Wema Bank has a rich history of supporting SMEs and has, over the years, introduced several initiatives in the SME segment like ALAT for Business platform, funding unique start-ups and creatives through its Hackaholics program, SME Business School, SME loan offerings and many more.

 


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Firms Seek Specialized Expertise to Combat AI Cyber Threats – Study Reveals

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As concerns about the use of AI in cyberattacks increase, companies worldwide are racing to bolster their cybersecurity strategies, according to a Kaspersky survey.

In a new study the cybersecurity company revealed that 92% of IT and Information Security professionals surveyed in the Middle East, Turkiye and Africa (META) region expect the use of AI by malicious actors to escalate over the next two years.

This growing threat is prompting organisations to prioritise cyber defense expertise, with many turning to cybersecurity vendors for specialised support and training.

In its latest study titled “Cyber defense & AI: Are you ready to protect your organisation?” Kaspersky gathered insights from IT and Information Security professionals across SMEs and large enterprises. The findings underscore the urgent need to prepare for AI-driven cyberattacks.

To combat these evolving threats, companies place high value on cybersecurity expertise, with 94% of respondents in the META region highlighting the importance of growing internal expertise through training for in-house employees, and 93% underscoring the need for external expertise provided by cybersecurity vendors. This need spans sectors from retail to critical infrastructure, emphasising a universal demand for advanced threat protection.

To reinforce their cyber protection, organisations are actively integrating both internal and external expertise. Currently, 36% of companies surveyed in the META region are either implementing or planning to deploy external support to adapt to the evolving threat landscape, while 34% are doing the same through internal training initiatives. Additionally, 61% already use external cybersecurity expertise, and 62% have training programs in place, underscoring a dual approach in fortifying their protection.

Cybersecurity vendors’ expertise can come in various forms, from specialised professional services that help organisations deploy their protection solutions, to advanced expert centers that focus on specific security challenges.

One of these centers is the Kaspersky AI Technology Research Center. It brings together the company’s AI research and development efforts, to deepen the protective capabilities of cybersecurity solutions.

Vladislav Tushkanov, Group Manager at the Kaspersky AI Technology Research Center, says: “Our latest survey shows that businesses are acutely aware of the rising threat from AI-driven cyberattacks and are looking to reinforce their protection through comprehensive solutions, including the use of vendors’ extensive cybersecurity expertise.

The Kaspersky AI Technology Research Center plays a pivotal role by helping us leverage AI advancements to enhance our threat protection strategies and explore innovative ways of using AI in cybersecurity. It also enables us to address security concerns specific to AI itself, ensuring that businesses are prepared for the latest AI-driven threats.”

 


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EFCC Dismantles Fake Hotel Review Syndicate, Arrests 105 in Crackdown

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Economic and Financial Crimes Commission (EFCC) has dismantled a fake hotel review syndicate and arrested four Chinese nationals and 101 Nigerians for their roles in the elaborate internet fraud scheme.

EFCC Dismantles Fake Hotel Review Syndicate, Arrests 105 in Crackdown

Victims were allegedly first lured into rating hotels in exchange for small sums of money.

Eventually they would be encouraged to make bookings in any of the rated hotels for as much as $500.

They were told that the company would pay them back with chunky interest into a crypto wallet bearing their names.

However, the victims would in the end not be able to open the wallet.

EFCC announced that the suspects operated out of Naka Hall Plaza on Abutu Garba Street in Gudu, Abuja, where agents recovered 100 compact workstations.

Dele Oyewale, spokesman, EFCC, said the suspects used fake foreign identities to target unsuspecting victims, primarily U.K. residents.

Authorities said the criminal network was allegedly led by the Chinese nationals, who recruited and trained Nigerian youths with advanced technical skills to act as customer service representatives.

These representatives followed a predesigned script to deceive their victims online.

The operation follows a separate crackdown weeks earlier, in which 792 suspects — including 148 Chinese nationals — were arrested for involvement in cryptocurrency and romance scams.

The foreign nationals allegedly used corporate apartments disguised as business centers to train their Nigerian accomplices. These accomplices were reportedly taught to initiate romance and investment scams and use their own identities to carry out fraudulent activities.

The EFCC also highlighted a concerning trend of foreign nationals instructing Nigerians in internet-related crimes.

 


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AfDB to Partner LAMATA to Expand Existing Rail System

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The African Development Bank (AfDB), has disclosed plans to work with the Lagos Metropolitan Area Transport Authority (LAMATA), to boost the state’s transport system with the development of another rail line.

This was contained in a statement signed by, the Head, Corporate Communication, LAMATA, Mr. Kolawole Ojelabi in Lagos.

Ojelabi said that the AfDB Vice President, Private Sector Infrastructure and Industrialisation, Mr. Solomon Quaynor, gave the assurance during a visit to LAMATA.

He added that the bank was interested in partnering LAMATA to expand the capacity of the existing rail system.

“Quaynor was also in the company of the Non-Sovereign Operations and Private Sector Equity Specialist, Mr Mayowa Ayodele ahead of a visit of the technical team to assess the Purple line,” he said.

The Purple Line is a 60-kilometre railroad along the Redemption Camp in Ogun State, traversing Berger, Agege and Alimosho and terminate at Volkswagen to join the Blue Line.

“The visit follows a recent pitch for investment on 60-kilometre Lagos Rail Mass Transit (LRMT) Purple Line at the African Development Bank forum in Morocco, where the Lagos delegation was led by Governor Babajide Sanwo-Olu.

“This is to further discuss collaboration on the project and other lines outlined in the Lagos Strategic Transport Master Plan. The delegation toured the LRMT Blue Line and expressed satisfaction with the progress of the Blue Line rail system,” he said.


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