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Elumelu, UBA Group Chairman Donates Technology Centre to AAU 

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Tony O. Elumelu, chairman of UBA Group, has  made the donation of a multipurpose information technology centre to his alma mater, Ambrose Ali University.

Elumelu, UBA Group Chairman Donates Technology Centre to AAU

Tony Elumelu

Through the UBA Foundation, the corporate social responsibility arm of the United Bank for Africa Plc (UBA), Elumelu has championed the construction of a state-of-the-art multipurpose information technology building, which will benefit the  students of Ambrose Alli University in Ekpoma, Edo State.

The hall, to be named The Tony O. Elumelu multipurpose hall, is furnished with computers, desks and chairs, measures 839 square meters and has adjoining offices and conveniences.

Elumelu highlighted his motivation: “Education is crucial to Nigeria’s human capital – whether our young people join our national institutions, the private sector or, as I did, take the entrepreneurial path, no one can afford to be cut off from the digital world.

“It has been a personal mission to ensure that the hall was delivered to specification, for the benefit of the students at the AAU. Success brings with it the duty to give back, and I am just grateful that I am now in a position to meaningfully help the next generation”.

The multipurpose hall was formally handed over to the University, at a ceremony attended by members of the University’s governing council and staff, led by Vice-Chancellor, Prof Ignatius Onimawo.

Speaking at the commissioning, Mr. Chris Ofikulu, UBA’s Directorate Head, South Bank, who represented the UBA Group Chairman, highlighted the contribution of UBA, through its Foundation, to education and development across Africa.

‘As a pan-African bank, operating in 20 countries across our continent, UBA is committed to being a socially responsible institution, and a role model for businesses in Africa. The UBA Foundation actively promotes the socio-economic improvement of the communities in which UBA operates, with a particular emphasis on development in the areas of “Education, Environment, and Economic Empowerment”. We believe in intervening and building capacity within communities, facilitating projects that will act as catalysts for social and economic development’ he stated.

“Tony Elumelu is a product of this great university and is conscious of the need to give back and there is no substitute for world class educational infrastructure, and this is what has informed the construction of these facilities, that will help equip the future leaders of our great nation Nigeria.” he said.

Prof Ignatius Onimawo, AAU Vice Chancellor, who expressed his heartfelt gratitude towards the gesture by the UBA Group Chairman, noted that one of the most pressing needs of the University for 2020 had been met, and thanked UBA and Elumelu.

He challenged students to make proper use of the facilities provided by UBA, and to ensure that they emerge great leaders and mentors like Elumelu, whose commitment to catalysing entrepreneurial growth across Africa, through the Tony Elumelu Foundation, and institutionalising African philanthropy, had created a strongly positive role model.

‘We at Ambrose Ali University are so proud of our son Tony Elumelu and every time we see him doing good across Africa, we feel joy and accomplishment,’ said Onimawo.


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E-Business

Companies Plan to Increase IT Security Budgets by 9 Percent in the Next Two Years

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Companies are planning to increase their investments in information security against the background of growing financial losses from cyber incidents. This trend was revealed in the recent Kaspersky’s IT Security Economics report.

Kaspersky IT Security Economics is an annual report that unpicks the changes in budgets, breaches and business challenges affecting IT Security decision makers. It is based on interviews with IT and IT security professionals working in organisations of various sizes and industries.

The survey was conducted across 27 countries in Europe, the Asia-Pacific region, the Middle East, Turkiye and Africa region (including Egypt, Saudi Arabia, Pakistan, South Africa, Turkiye, the UAE), Latin and North America.

According to the research, companies plan to increase their IT security budgets by up to 9%. The median cybersecurity budgets for large enterprises were $5.7M with $41.8M allocated for IT generally, while SMBs invested $0.2M in IT security from a median IT budget of $1.6M.

Possible reasons for the increased investment can be found in the analysis of financial losses from cyber incidents. Large enterprises experienced an average of 12 incidents this year, spending $6.2M to recover from them — 1.1 times higher than the budget allocated for IT security overall.

Despite the greater resources and advanced security infrastructures, the sheer scale and complexity of large enterprise organisations make them more susceptible to costly breaches.

While these enterprises are often better equipped to detect incidents quickly, the time required to fully respond and mitigate these threats can span for hours, underscoring the challenge of managing widespread, complex IT environments.

As for SMBs, these organisations experienced an average of 16 incidents this year, while spending $0.3M for remediation, which is 1.5 times higher than their overall IT Security budget.

SMBs are the most disproportionately affected group in terms of budgetary impact. They often lack robust cybersecurity policies and procedures, which leaves them vulnerable to incidents involving employees, public cloud misconfigurations, and high-level permissions.

In the Middle East, Turkiye and Africa region organiations of all sizes reported to have experienced on average 13 incidents within a year.

“This data illustrates the continuation of the current trend of increasing cybersecurity spending across all market segments. This growth is driven by at least three key factors.

“Firstly, and obviously, the constant growth in the complexity of cybersecurity threats forces companies to adopt more advanced solutions to enhance the detection of attack traces and automate responses.

“Secondly, increasing concerns from governments regarding digital sovereignty leads to the emergence of new regulations and regulatory requirements and, as a result, increased expenses.

The third factor influencing the growth of cybersecurity budgets and costs is the constant increase in salary expectations for professionals in various cybersecurity fields,” comments Veniamin Levtsov, Vice President, Center of Corporate Business Expertise at Kaspersky.

To protect companies against a wide range of cyber threats, Kaspersky recommends:

  – Use all-encompassing solutions, such as those from the Kaspersky Next product line, that provide real-time protection, threat visibility, advanced investigation and response capabilities for companies of any size and industry.

  – Adopt a managed security service such as Kaspersky Managed Detection and Response if companies lack qualified InfoSec professionals. It will provide the necessary expertise and give them the best possible advanced automated security services. Thanks to its analysis of corporate data gathered every day, in real time, 24/7, it can shield businesses against sophisticated cyberattacks.

  – Educate your employees. Dedicated training courses can help, such as those provided in the Kaspersky Automated Security Awareness Platform.

 


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Digital Jewels Africa, CIBN Collaborate to Strengthen Cybersecurity in Nigeria’s Banking Sector

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Chartered Institute of Bankers of Nigeria (CIBN) in partnership with Digital Jewels Africa (DJA),  IT Governance, Risk, and Compliance (GRC) firm, organized a high-impact workshop recently in Lagos.

The workshop Themed “A Cyber Resilience Table Top Simulation Exercise for Board Members and Executive Management of Banks,” aimed to tackle the increasing cybersecurity challenges in Nigeria’s banking industry. It equipped senior executives and board members with effective tools and strategies to combat evolving cyber threats.

In his address, the First Vice President of CIBN, Mr. Dele Alabi, FCIB (representing the President and Chairman of Council. Prof. Pius Deji Olanrewaju, Ph.D,FCIB, emphasized the critical role of cybersecurity in today’s digital economy.

“As leaders in the banking sector, it is our responsibility to stay proactive in identifying and mitigating cyber risks. This workshop provides the tools and insights necessary to strengthen our cyber resilience,” he stated.

Also speaking at the workshop, Mrs. Adedoyin Odunfa, the Group Managing Director and CEO of Digital Jewels Africa, delivered an engaging presentation highlighting critical issues in the ever-changing cyber risk landscape. She discussed emerging threats, including third-party vulnerabilities and insider threats, and stressed the importance of safeguarding data, which she referred to as the “Digital Crown Jewels” of modern organizations.

“Enhancing our cyber resilience posture is essential to making it harder for attackers and minimizing their rewards,” she noted.

Mrs. Odunfa further proposed actionable strategies to bolster resilience, such as adopting automated controls and fostering collaboration within the banking ecosystem. “This initiative represents a major leap in empowering Nigeria’s banking leaders with the knowledge and skills necessary to protect their institutions, ensuring continued trust and stability in the financial sector,” she added.

Participants engaged in dynamic discussions about the implications of emerging technologies like Artificial Intelligence (AI) and explored strategies to address AI challenges, including job displacement, privacy concerns, and security risks. The workshop emphasized the importance of strategic governance frameworks, talent development, and collaborative efforts to fortify defences against cyberattacks.

The 2nd part of the session involved a closed door immersive incident response simulation which provided deep insights and practical actionable next steps in handling cyber incidents within Banks.


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Nigeria’s VAT Revenue Hits N1.78 Trillion in Q3 2024, NBS Reports

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National Bureau of Statistics (NBS) has announced that Nigeria generated N1.78 trillion in value-added tax (VAT) revenue during the third quarter (Q3) of 2024, representing a 14.16 percent increase compared to the N1.56 trillion collected in the second quarter (Q2) of the same year.

The report highlights a significant year-on-year growth, with Q3 2024 VAT revenue showing an 88 percent increase from the N948 billion recorded in Q3 2023. VAT, a consumption tax managed by the Federal Inland Revenue Service (FIRS), is distributed among the three tiers of government through the Federation Accounts Allocation Committee (FAAC).

“On the aggregate, Value Added Tax (VAT) for Q3 2024 was reported at N1.78 trillion, showing a growth rate of 14.16% on a quarter-on-quarter basis from N1.56 trillion in Q2 2024,” the NBS stated.

According to the breakdown, local VAT payments accounted for N922.87 billion, foreign VAT payments contributed N448.85 billion, and import VAT totaled N410.62 billion in Q3 2024.

The report also noted variations in growth rates among sectors. “On a quarter-on-quarter basis, Human health and social work activities recorded the highest growth rate with 250.39%, followed by the activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 102.09%,” NBS said.

Conversely, some sectors experienced declines. “Water supply, sewerage, waste management, and remediation activities had the least growth rate with –41.92%, followed by activities of extraterritorial organizations and bodies with –36.14%.”

In terms of sectoral contributions, manufacturing led with 22.21 percent, followed by information and communication with 20.89 percent, and mining and quarrying activities at 18.90 percent. On the lower end, activities of households as employers and extraterritorial organizations each contributed 0.01 percent, while water supply, sewerage, waste management, and remediation activities accounted for 0.03 percent.


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