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Mastercard and CEBIH join forces to bolster cybersecurity in Nigeria

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L-R: Temitope Onibaniyi, Secretary, Emerging Payments, Committee of e-Business Industry Heads (CeBIH), Kingsley Iyanu, Secretary, Publicity and Advocacy, CeBIH; Kari Tukur, Vice President, Customer Solutions Center, East & West Africa, Mastercard; Oscar Muomah, Member, CeBIH, and Sunday Olaniyan, Member, CeBIH, at the Mastercard Fraud & Cyber Resilience Forum in Lagos on April 18, 2024.
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Mastercard, in collaboration with the Committee of E-Banking Industry Heads for Nigeria (CeBIH), recently hosted the second edition of its annual Fraud Forum in Lagos, Nigeria. Building on the success of the inaugural edition in 2023, this year’s forum convened key industry players ranging from financial institutions, payment service banks, and fintech companies, to discuss critical issues such as threats and vulnerability, intel-sharing, and best practices in combating industry risks.

The cybersecurity event, attended by key public and private sector actors, also covered the regional threat landscape based on Mastercard’s strategic threat intelligence data. This timely intervention is crucial in a region where cyberattacks remain prevalent, especially amidst Nigeria’s rapid economic expansion and widespread adoption of digital financial services.

Recent data from the Financial Institutions Training Centre (FITC) revealed a staggering 276% increase in fraud-related losses within Nigeria’s deposit banks, underscoring the need for continuous vigilance and proactive cybersecurity strategies within the financial sector. In response to the escalating threats amid Nigeria’s bourgeoning financial landscape, key government bodies have called for enhanced collaboration within the payment systems’ ecosystem to curtail the rise in E-Fraud in the country.

“We are excited to continue the Fraud Forum in Nigeria,” said Kari Tukur, Vice President, Customer and Solutions Center, West & East Africa, Mastercard. “With cyberattacks posing serious challenges within the Nigerian financial ecosystem, we take pride in establishing a platform where key stakeholders can convene, network, and exchange best practices to safeguard against potential vulnerabilities. Mastercard remains committed to creating unique and essential solutions to help business owners protect themselves and their customers against vulnerabilities, and this platform provides us with an opportunity to drive knowledge regarding these solutions as we aim to elevate cybersecurity standards and ensure the resilience of the Nigerian financial ecosystem.”

The forum delved into various aspects of cybersecurity, including common attack methods used by cyber criminals, their motivations, the assets they target, and the best practices to safeguard against attacks. Attendees gained valuable insights into the regional cyber threat landscape, with a focus on the financial services sector, which has become a prime target for cybercriminals in recent years. It also presented an avenue for Mastercard to showcase its latest fraud prevention techniques and tools, including the Mastercard Decision Intelligence, a real-time authorization decisioning solution that empowers issuers to approve more genuine transactions while effectively managing risk.

“We are delighted to partner with Mastercard on another edition of the Mastercard Fraud Forum in Nigeria. This event continues to serve as a pivotal platform for industry leaders, stakeholders, and experts to convene and address the evolving landscape of fraud and cybersecurity challenges, especially in a period marked by increased sophistication. With this year’s edition, we continue to deepen our commitment to fostering collaboration and implementing effective strategies to combat fraud and safeguard the integrity of the financial ecosystem.” Temitope Onibaniyi, Secretary, Emerging Payments of CeBIH, representing Celestina Appeal, the CeBIH Chairman, added.

The forum aligns with Mastercard’s goal of providing clarity to the complex cybersecurity landscape, in a bid to foster an ecosystem where digital transactions are built on trust. As part of its commitment to combating fraud, Mastercard also announced that it will be sponsoring the CeBIH Quarterly Sessions for the second consecutive year, bringing together industry experts to discuss the latest trends in fraud prevention and share best practices for protecting customers.

 

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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MTN Urges Nigerian to Regards Telecom Infrastructure as National Assets

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Ikenna Ikeme, general manager of Regulatory Affairs at MTN Nigeria, has called on citizens and authorities to regard telecommunications infrastructure as vital national assets rather than merely the property of telecom providers.

MTN Urges Nigerian to Regards Telecom Infrastructure as National Assets

Ikeme made these remarks while sharing his perspective as a member of the telecommunications industry and his experience in the regulatory field with participants of the MTN Media Innovation Programme in Lagos.

Highlighting the urgency, Ikeme stated that network infrastructure is often targeted during disputes with telecom companies, leading to deliberate acts of vandalism or service disruptions.

He stressed that such critical assets deserve the same level of protection as any essential national facility, arguing, “You cannot destroy national infrastructure or shut it down whenever there is a grievance.

With the protection of the government, the current administration has declared telecommunications infrastructure as critical national infrastructure, deserving of this level of security. “

Ikeme expressed optimism that this development would reduce destructive incidents and foster a more stable environment for telecommunications services.

Looking ahead, Ikeme reaffirmed MTN’s commitment to long-term investment in Nigeria, stating that, ‘we intend to remain, to grow, and to keep contributing positively to the nation’s development.’

In closing, Ikeme touched on the evolving landscape of telecommunications in Nigeria, noting the importance of media support in promoting constructive narratives.


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Bitget Launches $6M Global Crypto Trading Contest with New Competitive Segments

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Bitget, a cryptocurrency exchange and Web3 company, has launched its annual global trading competition with a total prize pool of six million USDT.

In a statement made available to our correspondent on Sunday, the company disclosed that the contest includes new segments such as team battles, bot trading, copy trading, and on-chain trading. Participants from over 100 countries are expected to join the competition.

According to Bitget Chief Executive Officer Gracy Chen, the event is designed to promote community participation and trading activity across multiple formats. She said the competition will include region-based leaderboards, early registration rewards, and opportunities for top traders.

Chen said, “Every year during KCGI we witness traders across the globe strategise, synchronise, and innovate. There’s a lot of community and teamwork involved; KCGI is our way of showing gratitude to our top traders. That said, we’re excited to kick off this year’s competition with six million USDT up for grabs and a range of dynamic challenges ahead. We’re inviting our community to lead, win, and shape the future of trading.”

She noted that participants may get rewards beyond trading performance, including access to LALIGA matchdays, MotoGP passes, and other non-cash prizes.

The competition introduces four main categories: Team Battle, Copy Trading Showdown, Bot Trading Competition, and On-chain Arena. Each category focuses on a different aspect of digital asset trading and strategy execution.

“The official Team Battle segment begins July 24, but the smart money moves early. Traders who register now not only secure their seat, but they also set the tone for the event. Get in early. Build your team. Shape the leaderboard. KCGI 2025: This isn’t just trading; it’s a full-on battle with rewards.” She said.


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Operators Seek Action Over Persistent Vandalization of Telecommunications Infrastructure Across Nigeria

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The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has expressed deep concern over the increasing wave of vandalization and theft of telecommunications infrastructure across the country.

According to a statement signed by Engr. Gbenga Adebayo, chairman, ALTON, “since the Federal Government’s decisive interventions earlier this year to support industry sustainability, our members have committed unprecedented levels of investment in network optimization and capacity upgrades. New systems are being deployed, transmission equipment modernized, power systems overhauled, and thousands of kilometers of fiber optic networks currently being laid and expanded.

“Our industry has not seen this scale of investment in recent years. We are working round the clock to improve the quality of service nationwide and we cannot afford these setbacks.

“Unfortunately, between May and July, 2025, multiple incidents of vandalism were recorded across cell sites in Rivers, Ogun, Osun, Imo, Kogi, Ekiti, Lagos, Federal Capital Territory Abuja and many other states.

“These acts of sabotage have significantly disrupted network services, causing widespread connectivity blackouts leading to degradation of services and severely impacting millions of subscribers”.

He noted that, the affected infrastructure, primarily belong to ALTON members, as well as other network operators and those who depend on operators for connectivity.

He said identified critical components targeted to include; power cables, rectifiers, fiber optic cables, feeder cables, diesel generators, batteries, and solar systems are vandalized and stolen from active sites.

“These are not mere materials, but they are the backbone of our digital economy, security systems, and national communications grid.

“We are alarmed at the frequency, intensity, and geographical spread of these incidents. States such as Delta, Rivers, Cross Rivers, Akwa Ibom, Ogun, Ondo, Edo, Lagos, Kogi, FCT, Kaduna, Niger, Osun, Kwara and Federal Capital Territory, Abuja have recorded the highest number of attacks on telecom infrastructure. These attacks have led to prolonged downtimes, network congestion, widespread blackouts, and degradation of service quality.

The public he said, must be reminded that telecommunications infrastructure is classified as Critical National Infrastructure (CNI) under the National Security framework. This classification is backed by Federal Government Gazette No. 133, Volume 108, dated 17th March 2021. Vandalism, sabotage, or illegal possession of these assets is a serious criminal offense with grave consequences.

ALTON expressed concerned about the rising market for stolen telecom equipment, such as:

– Power Cables, Power rectifiers, which are stolen from base station and sold into open markets

– Batteries which are stolen from base stations and sold for home and office inverters.

– Solar panels that are stripped from telecom sites and resold to unsuspecting households.

– Diesel fuel being siphoned from sites and traded on the grey market.

“We urge the public to be vigilant and refrain from purchasing suspicious items. If you buy stolen telecom equipment, you are not just complicit you are part of the crime.

We appeal to every Nigerian to please join us in the fight against the vandalization of telecom infrastructure.

“These assets serve us all, they enable our banking systems, security infrastructure, emergency response, education, health services, and the very platforms that power daily communication. An attack on telecom infrastructure is an attack on our economy and our security.

“A second, recurring and deeply worrying issue is the widespread damage to underground fiber optic cables caused by road construction and related civil infrastructure projects along major highways and urban roads. These activities have led to significant service outages and financial losses,” he added.

ALTON called on: – the Office of the National Security Adviser (ONSA), the Inspector General of Police, the Director General, Department of State Services (DSS), and the Commandant General of the Nigeria Security and Civil Defence Corps (NSCDC)

to immediately deploy the necessary resources to protect telecommunications infrastructure and prevent a total breakdown of communications across the country.

“We commend the Nigerian Communications Commission (NCC) for its proactive efforts in safeguarding national telecom infrastructure, particularly through the creation of a dedicated reporting portal.

“This initiative empowers citizens to play an active role in protecting critical assets by reporting incidents of vandalism or suspicious activity via protect@ncc.gov.ng or by dialing 622.

“Such forward-thinking measures are vital to ensuring the resilience and security of our communications network. This is a desperate and urgent hour. The industry cannot fight this battle alone. We need coordinated national action by the security agencies, the government at all levels, regulators, the media, civil society, and the public. Our national security, economic stability, and digital future depend on it,” the statement noted.


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