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Rise in Cyberattacks Worries Capital Market Registrars

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The Institute of Capital Market Registrars has expressed concern over the rise in cyberattacks especially in the finance sector globally.

Oluseyi Owoturo, the President and Chairman of the Council of the ICMR, said this in a statement in Lagos on Friday. Owoturo said that an increased threat of cyberattacks had given rise to renewed efforts by capital market stakeholders to safeguard data.

He said capital market firms require protection from cybersecurity threats, just like other firms in today’s digitalised business ecosystem.

“An escalation in threats from cybersecurity offenders has given rise to renewed efforts by capital market firms towards, mitigating risks and safeguarding data.

“Furthermore, there is a sustained rise in digital transactions and subsequent rise in cyberattacks particularly in finance, globally,” he said.

According to him, criminals are becoming increasingly sophisticated in their use of technology to perpetrate financial crimes; finding and exploiting loopholes in financial systems.

He said that data theft had increased by 160 per cent since 2019 and server access had increased by 233 per cent with the majority of these attacks targeted at the finance and insurance sector.

“These reports have made the importance of cybersecurity crucial as it is the key to protecting information,” he added.

Owoturo said it was based on this development that the ICMR and the Fintech Association of Nigeria were partnering to organise a virtual conference later this month with the theme, ‘Cyber Security Threats and Counter Measures: Implications for Security Data Management & Online Stocktrading’.

He said that the webinar would expose participants to the effects of cybersecurity on the capital market.


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Corruption: ICPC Threatens Sanctions as 330 MDAs Fail Financial, Governance Tests

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Independent Corrupt Practices and Other Related Offenses Commission (ICPC), has revealed that none of the Ministries, Departments, and Agencies (MDAs), in the country complied fully with ethical standards, policies, and anti-corruption measures in the passing year.

Corruption: ICPC Threatens Sanctions as 330 MDAs Fail Financial, Governance Tests

This was following the findings from the Commission’s Ethics and Integrity Compliance Scorecard (EICS) for the MDAs.

The Commission warned that henceforth, non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives.

According to the EICS scorecard released on Thursday in Abuja by Demola Bakare, ICPC spokesperson, no MDA out of 330 MDAs that were assessed through physical deployment by ICPC teams achieved full compliance.

The EICS serves as a preventive tool used to assess and enhance the compliance of MDAs with ethical standards, policies, and anti-corruption measures.

Findings from the report indicated that no MDA achieved full compliance, while 29.55 per cent of MDAs captured attained substantial compliance, and 51.62 per cent had partial compliance.

The report also observed that 15.91 per cent showed poor compliance, while 292 per cent were non-compliant.

According to the report, common gaps included a lack of whistle-blower policies, strategic plans, and effective stock verification units, adding that many MDAs failed to conduct any forms of system studies or render financial and audit reports.

Commenting on the report, Bakare noted: “This year, 2024, the tool covered 323 responsive MDAs, with 15 MDAs non-responsive and categorised as high corruption risk.

“It is imperative to inform you that this initiative has yielded some positive and value-driven impacts, and these are, but not limited to, increased awareness and compliance with anti-corruption measures, enhanced competition among MDAs to meet criteria, and improved procurement processes and data reliability.

“The Commission recognises the MDAs with substantial compliance and will continue deploying these tools to promote integrity and accountability.

“Non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives. We are certain that these efforts will continue to underline ICPC’s dedication to enhancing good governance and preventing corruption.”


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Dangote Refinery Denies Liquidity Challenges, Dismisses NNPCL’s $1Bn Loan Claim

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Dangote Petroleum Refinery and Petrochemicals (DPRP) has dismissed claims that the Nigerian National Petroleum Company Limited (NNPCL) used a $1 billion loan secured through a crude forward sale agreement to support the refinery during a liquidity crisis.

Dangote Refinery Denies Liquidity Challenges, Dismisses NNPCL’s $1Bn Loan Claim

In a statement on Wednesday, Anthony Chiejina, company’s chief branding and communications officer, said the NNPCL’s stance was a distortion of the facts.

“We would like to clarify that this is a misrepresentation of the situation as $1bn is just about 5% of the investment that went into building the Dangote Refinery,” Chiejina said.

Chiejina stated that the refinery’s decision to enter into a partnership with the NNPCL was based on the recognition of “their strategic position in the industry as the largest offtaker of Nigerian crude” and at the time, the sole supplier of petrol into Nigeria.

“We agreed on the sale of a 20% stake at a value of $2.76 billion. Of this, we agreed that they will only pay $1 billion while the balance will be recovered over a period of 5 years through deductions on crude oil that they supply to us and from dividends due to them,” Chiejina said.

“If we were struggling with liquidity challenges we wouldn’t have given them such generous payment terms. As at 2021 when the agreement was signed, the refinery was at the pre-commission stage.”

According to the statement, the agreement would have been cash-based rather than credit-driven if the refinery struggled with liquidity issues.

The refinery’s spokesman said the NNPCL was subsequently unable to supply the agreed 300,000 barrels a day of crude (bpd).

He stated that the shortfall was because the NNPPC “had committed a greater part of their crude cargoes to financiers with the expectation of higher production which they were unable to achieve”.

“We subsequently gave them a 12-month period for them to pay cash for the balance of their equity given their inability to supply the agreed crude oil volume,” he said.

“NNPCL failed to meet this deadline which expired on June 30th 2024. As a result, their equity share was revised down to 7.24%. These events have been widely reported by both parties,” he said.


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9mobile Addresses Recent Service Outages, Apologizes for Inconvenience

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9mobile has apologized for the recent service outages experienced by its valued customers which has affected their ability to provide voice, data, internet services. “We understand the frustration these disruptions have caused and deeply regret the inconvenience.

“Our technical team has identified the root causes of the outages including a fire incident at our Main Data Centre in Lagos last night which severely impacted services especially in the Lagos and South-West.  We are grateful for the swift intervention of the Lagos State Fire Service, which helped prevent further damage.

“Prior to the fire incident, our network experienced major fibre interruptions leading to varying degrees of outages. We had a fibre cut on the backbone links in Lagos which led to a total data outage across the country.

“This was followed closely by two vandalism incidents in Lagos and Abuja, leading to total service outage in South-West and data service outage in the North.  Services have now been fully restored in the North & South-South States while restorations work is ongoing in others. We expect to fully restore services as soon as possible”

At 9mobile, customer satisfaction is remains top priority. “We value the trust you place in us and appreciate your patience and understanding during this challenging time. Customers who continue to experience issues can reach out to our customer service team via our social media touchpoints or our experience centres”.

Once again, we sincerely apologize for the disruption and thank you for your continued support.


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