The Central Securities Clearing System PLC (CSCS) has called for the immediate integration of artificial intelligence (AI) into Nigeria’s cybersecurity framework to address escalating cybercrime.

This appeal came during the conclusion of the 2024 Cybersecurity Conference in collaboration with the Office of the National Security Adviser (ONSA), which gathered experts from the military, technology, finance, and government sectors.

In his keynote address, Nigeria’s Vice President, Kashim Shettima emphasized the critical role of cybersecurity in ensuring economic stability, stating, “It is not just a technical issue.”

He reiterated the government’s commitment to enhancing cybersecurity initiatives and incorporating AI solutions to protect vital national infrastructure. Shettima commended the efforts of ONSA and CSCS leadership in fostering a secure digital environment that promotes investment and innovation.

CSCS CEO, Haruna Jalo-Waziri pointed to the alarming economic impact of cybercrime citing the 2024 Cybersecurity Ventures Report which revealed that “cybercrime will cost the global economy over $10.5 trillion this year, up from $3 trillion just a few years ago. This underscores the need for enhanced cybersecurity, especially with the 45 per cent increase in ransomware attacks globally, as reported by Check Point Research.”

He further cautioned on the effect of social media in amplifying misinformation. He therefore called for the building of trusted networks and the creation of air gaps “that protect critical systems from emerging risks.

On his part, the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama discussed AI’s pivotal role in capital markets, asserting, “AI-driven systems enhance surveillance, detect fraud, and manage risks.” He stressed that the effectiveness of these technologies hinges on the strength of underlying infrastructure.

While admitting the benefits of AI integration, National Cybersecurity Coordinator Ahmad Saad Abubakar warned that increased reliance on interconnected systems heightens vulnerability. “Our susceptibility to cyber threats is amplified by AI,” he noted, urging for proactive measures to mitigate potential risks.

Temi Popoola, Chairman of the CSCS Board and CEO, NGX Group, highlighted the critical importance of data security for maintaining public trust, stating, “A single cyberattack today can disrupt entire nations.” He outlined CSCS’s investments in advanced technologies like blockchain and quantum-resistant cryptography.

Stakeholders collectively called for enhanced collaboration between public and private sectors to cultivate human capital equipped with AI-driven tools, essential for navigating the complex cyber landscape.

FBN Holdings Plc has officially announced the appointment of Adebowale (Wale) Oyedeji as the new Group Managing Director (GMD), effective November 13, 2024.

This appointment, which is subject to the approval of the Central Bank of Nigeria and ratification by shareholders at the next Annual General Meeting, marks a new chapter for the financial institution.

Wale Oyedeji replaces Nnamdi Okonkwo, who will retire after completing his term.

With over 30 years of banking experience across corporate banking, treasury, and commercial banking, Oyedeji brings extensive leadership expertise to the role.

His most recent position was as Managing Director/CEO of Nova Commercial Bank, where he played a key role in the institution’s transformation and expansion into retail banking.

Oyedeji’s academic background includes a Bachelor of Science degree in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London.

He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of the prestigious Advanced Management Program at Harvard Business School.

Oyedeji’s career spans significant leadership roles, including serving as Managing Director of Guaranty Trust Bank UK between 2008 and 2011, and as an Executive Director for the Corporate Banking Group of Guaranty Trust Bank Plc.

He also held a position as an Independent Non-Executive Director at Stanbic IBTC Bank, further solidifying his expertise in the banking sector.

At FBN Holdings, Oyedeji will lead the implementation of the company’s new 5-year strategic plan, overseeing operations at both the Holdco and its various subsidiaries.

Speaking on his appointment, the Group Chairman of FBN Holdings, Mr. Femi Otedola, said, “the Board is pleased to welcome Wale Oyedeji to the Holdco and looks forward to him building on the solid foundation of our 130-year-old franchise and sustaining its undisputed leadership position.”

This leadership transition is expected to enhance FBN Holdings’ long-term strategy and continue its legacy as one of Nigeria’s premier financial institutions.

Oyedeji’s appointment comes amid a year of substantial leadership changes at FBN Holdings, as the company continues to reshape its governance and strategic direction.

Earlier in the year, it was reported that billionaire businessman Femi Otedola was appointed as the new Chairman of FBN Holdings, marking the beginning of a new era for the institution. Otedola, who became the largest individual shareholder in FBN Holdings in 2021, has played a key role in reshaping the company’s leadership.

In March 2024, FBN Holdings further expanded its leadership team with the appointment of five elite directors, reinforcing its corporate governance and strategic vision under Otedola’s leadership.

These changes were part of a broader effort to stabilize the institution following years of leadership turbulence.

More recently, reports revealed the appointment as acting and subsequent confirmation of Olusegun Alebiosu as MD/CEO of First Bank, a subsidiary of FBN Holdings.

Meanwhile, Nnamdi Okonkwo, the outgoing GMD, has been instrumental in guiding FBN Holdings through these boardroom shifts, playing a pivotal role in restoring investor confidence and steering the institution back to profitability.

As Okonkwo exits, Wale Oyedeji is expected to take the reins and build upon this momentum, continuing to lead FBN Holdings through its strategic evolution.

With this latest appointment, all eyes will be on Oyedeji as he leads FBN Holdings into its next chapter, navigating the competitive landscape and regulatory pressures of Nigeria’s banking sector.

In commemoration of the 2024 Customer Service Week, an annual celebration by businesses to appreciate customers’ loyalty and patronage, the MoneyMaster Payment Service Bank team on Friday visited the leaders of Owode Onirin iron and steel market in Lagos.

The team used the opportunity to educate traders and visitors on financial literacy and savings. Various banking channels and services were also introduced to them, while new account holders and transaction were rewarded with airtime and gifts.

Julius Arhebun, Head of Agency Business, MoneyMaster PSB, who spoke on Customer Service Week said: “As a customer-centric financial services brand, MoneyMaster is committed to delivering exceptional services, impactful lifestyle products and financial advisory services that help our customers to achieve their financial goals”.

He added that “As a digital bank, service is a competitive pivot for us and we pride ourselves as a beacon of excellence in customer experience. The bank will continue to introduce initiatives to reward and celebrate the millions of account holders who continue to trust us with their heard earned money”.

Alhaji Gafaru Waheed, Owode Onirin Market leader, praised MoneyMaster’s performance and support: “I’m delighted to associate with MoneyMaster. They’ve been supportive, and I enjoy our banking relationship.”

A leading digital financial services provider, MoneyMaster PSB is committed to deepening financial inclusion, bridging gaps between banked, underbanked and unbanked populations and transforming lives through innovative products and services.