E-Financial
Cisco Warns Banks, Others of Increased Cyber- Attacks

The increasing threats of cybercrime menace may impact more on the activities of banks and other financial institutions, oil and gas and other sectors of the economy, except urgent measures are implemented.
Speaking at the presentation of the 2014 Cisco Mobility Report in Lagos, Dare Ogunlade, Cisco’s Country Manager, Nigeria, Liberia, Sierra Leone and Ghana, noted that cyber insecurity was posing great danger to individuals, businesses and governments across the globe, growing at an average 14 per cent on a year-on-year basis.
Ogunlade said while agriculture, mining, electronics and pharmaceutical industries characterised the list vulnerable sectors on a global scale, the Nigerian case is a peculiar one where banks, operators in the oil and gas industry and government appear to be the most vulnerable.
According to him, the advent of Bring Your Own Device (BYOD), a practice where workers bring their personal PC and other devices to an office environment and connect same to an organisation’s network to work, has made cyber-attacks to increase astronomically.
“Hackers work in collaborations with each other’s to actually launch attacks on organisations and the trend is becoming a lot more difficult because organisations have not really come to terms with the complexity of cyber-attacks,” he said.
He noted that 91 per cent of Java-based applications were compromised because it is the most popular language of the Internet with open source capability. While lamenting lack of security experts, who can identify threats and nip them in the bud in most organisations, Ogunlade described security solution as an end–to-end practice, which organisations must deploy but decried that it currently suffers inadequate skills.
“Organizations across Africa must realize that it is no longer if they will targeted by cyber-attacks, but rather when. Chief Information Security Officers face growing pressure to protect terabytes of data on an increasingly porous network, manage information safely especially on the cloud, and evaluate the risks of working with third-party vendors for specialized solutions – all in the wake of shrinking budgets and leaner IT teams”, he stressed.
Explaining the severity and complexity of cyber-attacks, Adeola Kukoyi, a Cisco security technology expert, said that 60 per cent of data is stolen in hours, 54 per cent of breaches remain undiscovered, while 100 per cent of companies are connected to domains that host malicious files or services. Kukoyi, thus, unveiled a 10-point checklist provided in the Cisco’s security report to help organisations guide against cyber-attacks.
He listed that the checklist to include assessment of the totality of companies’ networks; re-evaluation of acceptable use policy and business code of conduct; determination of what data must be protected; knowing where the company’s data is and understanding how and if is being secured.
Kukoyi advised firms to among other things,”assess your company user education practices, use egress monitoring (monitor what is being sent out of your organisation and by whom and to where), prepare from the inevitability of BYOD, create an incident response plan, implement security measures to help compensate for lack of control over social networks, and monitor the dynamic risk landscape as well as
Cisco Warns Banks, Others of Increased Cyber- Attacks
The increasing threats of cybercrime menace may impact more on the activities of banks and other financial institutions, oil and gas and other sectors of the economy, except urgent measures are implemented.
Speaking at the presentation of the 2014 Cisco Mobility Report in Lagos, Dare Ogunlade, Cisco’s Country Manager, Nigeria, Liberia, Sierra Leone and Ghana, noted that cyber insecurity was posing great danger to individuals, businesses and governments across the globe, growing at an average 14 per cent on a year-on-year basis.
Ogunlade said while agriculture, mining, electronics and pharmaceutical industries characterised the list vulnerable sectors on a global scale, the Nigerian case is a peculiar one where banks, operators in the oil and gas industry and government appear to be the most vulnerable.
According to him, the advent of Bring Your Own Device (BYOD), a practice where workers bring their personal PC and other devices to an office environment and connect same to an organisation’s network to work, has made cyber-attacks to increase astronomically.
“Hackers work in collaborations with each other’s to actually launch attacks on organisations and the trend is becoming a lot more difficult because organisations have not really come to terms with the complexity of cyber-attacks,” he said.
He noted that 91 per cent of Java-based applications were compromised because it is the most popular language of the Internet with open source capability. While lamenting lack of security experts, who can identify threats and nip them in the bud in most organisations, Ogunlade described security solution as an end–to-end practice, which organisations must deploy but decried that it currently suffers inadequate skills.
“Organizations across Africa must realize that it is no longer if they will targeted by cyber-attacks, but rather when. Chief Information Security Officers face growing pressure to protect terabytes of data on an increasingly porous network, manage information safely especially on the cloud, and evaluate the risks of working with third-party vendors for specialized solutions – all in the wake of shrinking budgets and leaner IT teams”, he stressed.
Explaining the severity and complexity of cyber-attacks, Adeola Kukoyi, a Cisco security technology expert, said that 60 per cent of data is stolen in hours, 54 per cent of breaches remain undiscovered, while 100 per cent of companies are connected to domains that host malicious files or services. Kukoyi, thus, unveiled a 10-point checklist provided in the Cisco’s security report to help organisations guide against cyber-attacks.
He listed that the checklist to include assessment of the totality of companies’ networks; re-evaluation of acceptable use policy and business code of conduct; determination of what data must be protected; knowing where the company’s data is and understanding how and if is being secured.
Kukoyi advised firms to among other things,”assess your company user education practices, use egress monitoring (monitor what is being sent out of your organisation and by whom and to where), prepare from the inevitability of BYOD, create an incident response plan, implement security measures to help compensate for lack of control over social networks, and monitor the dynamic risk landscape as well as keep users and employees informed.”
keep users and employees informed.”
E-Financial
Senate Passes Harmonised Report on Tax Reform Bills

The Senate on Wednesday adopted the harmonised conference committee report on the four tax reform bills.
The resolution of the Senate followed its consideration and approval of the recommendations of the conference committee of both chambers set up to harmonize the Bills.
The Chairman of the Senate Committee on Finance and leader of the Senate delegation in the conference committee, Senator Mohammed Sani Musa, presented the report.
The four tax reforms Bills which were transmitted to the National Assembly in November last year by President Bola Ahmed Tinubu include: The Joint Revenue Board (Establishment) Bill, 2025 (SB. 583); Nigeria Revenue Service (Establishment) Bill, 2025 (SB. 584); Nigeria Tax Administration Bill, 2025 (SB. 585); and Nigeria Tax Bill, 2025 (SB. 586).
E-Financial
Fidelity Bank Plc Wins 2025 DBN Innovation Award for MSME Support

In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs.
“This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production.
This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
E-Financial
UBA Launches *919# Advance Top-Up Feature for Instant Access to Customers

United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.
The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.
Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.
“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.
UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.
Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”
Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.
“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.
She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.
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