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Cyber Risks Have Become New Norm in Business Life- Aimufia

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L-R: Head of Construction, Power Gen. & Cyber, CHUBB Africa & Eurasia, Gilbert Flepp; Executive Director, General Business, Leadway Assurance, Ms. Adetola Adegbayi; General Manager, CHUBB Tunisia, Kamal Kaabi and MD/CEO, Leadway Assurance, Mr. Oye Hassan-Odukale at the Cyber Risks Seminar organized by Leadway Assurance in partnership with Chubb and Munich Re on Thursday, 12 October, 2017 in Lagos.#CyberRisksSeminar
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Cyber incidence has become new norm with the increase in number of people that use mobile phones to assess the internet.

Odalo Aimufia, CIO, Leadway Assurance, made the remark while speaking on “Cyber Risk: Overview of the Threat Landscape,” stating that in recent years people assess the cyberspace through mobile phone, “whether it’s in developing or developed world, we have more and more people assess the internet through their mobile phones and that has exponentially raised the issue of how do we secure ourselves”.

Aimufia who was part of discussants at Leadway Assurance Company Limited’s Cyber Risks seminarheld recently in Lagos.

Leadway Assurance, Nigeria’s foremost insurance service companies organized the Seminar in partnership with Chubb Limited, world’s largest publicly traded property and casualty Insurer.

He added that most organizations that are forward looking have in their agenda something around cyber space and protection.

“It’s either the company is trying to go digital and as they go digital they exposure themselves to third party, so the question is how do we do it in a safe way.What are the possible repercussions of this digitalization programs,” he said.

Aimufia stated that a survey carried out last year shows that 41% of CEOs indicated that companies are likely to go digital in the next few years and a similar survey carried out last year also shows that 72% of these CEO’s identify Cyber risks as one of their top most priorities in their organizations, which means that cyber security is the one of the top three things that keeps these CEOs awake at nights.

He added that Cyber crime is a major threat to businesses, as 94% of people survey indicated that cyber crime is a major threat to their business.

The Leadway Assurance CIO noted that these cyber threats are not always external alone, it has become internal too, as more people

However, other facilitators at the Cyber Risks Seminar expressed that cyber risks are huge threats and that there is need to mitigate or nib them in the bud.

Ms. Adetola Adegbayi, executive director, General Business, Leadway Assurance, while speaking on “Cyber Risk: Crime and Infidelity” expressed that value is what leads to crime, “we have positive and negative value depending on how we behold what is of value to us”.

 

“I will start by considering what Value is, it is essentially value that leads to crime, Value is why people exploit, people need to earn money, and when you see something of value you decide what you want to do with it and you set all your business around it, hopefully if everything goes well and the market is right you make money.

“And that any value that is developing on a positive side there’s also a negative side of value, the negative side of value is crime,” she said.

She added that as the general world is being automated, crime world is being automated, that people in the crime world is striving to be ahead in their act.

She narrated an incident where a staff of a financial institution was blackmailed into compromising the system in order to rescue a family member who kidnapped.

 

She said “Crime has become suffocated that it could be committed when an internal person in an organization is being threaten to commit crime, when either their family member have been kidnapped and they need to compromised the system by transfer money from with the system to the person who is holding their family member at ransom,”

 

She enumerated so many ways through which crimes are been committed and stressed need for us to put control measures in place in order to mitigate it.


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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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NSE, Indian Firm Donate Design Software to Universities

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Nigerian Society of Engineers (NSE), in collaboration with MIDAS IT, India, have donated engineering software valued at over $15 million to 15 Nigerian Universities.

NSE, Indian Firm Donate Design Software to Universities

MIDAS IT is also conducting a technical workshop to train the universities on the use of the engineering software in designing structures, especially in the area of civil engineering.

Mrs Margaret Oguntala, president of NSE, at the handover ceremony, in Abuja, said the collaboration, which is in line with the Society’s mission, is aimed at training young Engineers who would lead the profession in the future

She advised the benefiting universities to use the software productively and to ensure that the students transition from academic concepts to real-world applications.

“I would like to emphasize that the future of our profession lies in the hands of our young ones. It is our collective duty to guide, support, and inspire them to rise to their full potential.

“Through structured mentorship and active knowledge-sharing, we can equip the next generation to lead the engineering profession with vision, competence, and excellence.

“As the world continues to embrace the Fourth Industrial Revolution, it has become increasingly critical for us as a country to create deliberate pathways for our young innovators to transition from classroom concepts to real-world applications.

“I therefore urge the benefiting universities in this programme to intensify their efforts in closing the gap between academia and industry. By doing so, we will ensure that our engineering graduates are well-prepared to function effectively and confidently in the professional space from the moment they leave the university,” she said.

Minister of Innovation, Science and Technology, who was represented by the Okoro Ikechukwu, director of ICT, said the Ministry would always support any action that strengthens the link between Education, innovation, and industry.

“We are always committed to supporting initiative that strenghtens the linkage between education, innovation, and industry, and of course, to drive our collective vision for a knowledge-based and technology-enabled Nigeria. We are always open for partnerships in this regard,” he said.

Mr Bello Goronyo, minister of State for Works,  said, “I am particularly pleased to see that this handover is accompanied by a Technical Training Workshop. The best software in the world is useless without skilled hands to operate it.

“This crucial step ensures that the knowledge transfer is complete, empowering our lecturers and coordinators to fully integrate these tools into their curricula for maximum impact.

“The Federal Government’s agenda prioritizes quality infrastructure and local content development and is committed to facilitating a fertile ground for collaboration between industry, government, and academia to advance our technological competitiveness.

“Today’s event is a vibrant demonstration of that commitment,” he said.

Naga Ravi Anne, managing director, Africa and UAE Region of MIDAS IT, emphasised the importance of providing the right tools that would facilitate training for children.

He added that this first stage of donation is focused on supporting civil engineering and that they would consider providing software for mechanical engineering in the next stage.

Abdulrahman Salawu, Vice Chancellor of Confluence University of Science and Technology, on behalf of the 15 universities, promised to use the software effectively, adding that the universities would work towards developing their own software.

 


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New Science Minister Charts Roadmap for Innovation, National Development

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Kingsley Tochukwu Udeh, Nigeria’s newly appointed minister of Innovation, Science and Technology, has pledged to reposition the ministry as a catalyst for national development through a renewed focus on innovation, research, and technology-driven solutions.

Speaking at a leadership strategic meeting with directors and heads of agencies under the ministry in Abuja on Friday, Udeh said the session was convened to chart a 12-month strategic plan aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

“We have identified the key things that we, as an ecosystem — the ministry and its agencies — want to achieve in the next 12 months in line with the Renewed Hope Agenda,” Udeh said.

“We understand the importance of our mandate. If we are to rise to become one of the leading nations of the world, we must take innovation, science and technology seriously — and we have resolved to do exactly that.”

Udeh emphasised that science, technology and innovation (STI) are central to Nigeria’s transformation, not only in economic growth but also in addressing challenges such as insecurity, unemployment, and underdevelopment.

“It will be innovation, science and technology that provide solutions to advance our progress and development — that even tackle the hard-headed monster of insurgency and terrorism,” he stated.

The minister said the meeting produced a set of “quick wins” that would begin to show visible impact from next week. He also underscored the need for synergy and teamwork among all agencies under the ministry to deliver measurable results.

“We have agreed as a leadership that we will work as a team, identify quick wins, and begin to make remarkable impacts immediately. What will make us relevant is the impact we make in the lives of Nigerians,” Udeh added.

Udeh, who was confirmed by the Senate in November 2025 following his nomination by President Tinubu, replaces Uche Geoffrey Nnaji, who resigned in October.

The meeting concluded with a pledge of unity among the ministry’s leadership and a commitment to ensuring that Nigeria’s innovation and technology ecosystem drives inclusive national progress.


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Senate Committee Says $300Bn Lost to Oil Theft

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Pic Credit: mikeozekhomeschambers
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The Senate ad hoc committee investigating persistent crude oil theft in the Niger Delta has disclosed that a forensic audit conducted by independent consultants revealed that suspected oil thieves stole more than $300 billion worth of oil, which ought to have been Nigeria’s proceeds from crude oil sales.

Senate Committee Says $300Bn Lost to Oil Theft

Senator Ned Nwoko, chairman of the committee  made the disclosure this while presenting an interim report of the committee during Wednesday’s plenary, adding that the findings were based on a forensic review conducted by consultants engaged by the committee.

The Senator representing Delta North Senatorial District explained that the stolen funds were traced to both local and international transactions, however, requested that the committee should be given the mandate to track, trace, and recover all proceeds of stolen crude oil both locally and internationally

“The ad hoc committee should be given the mandate to track, trace, and recover all proceeds of stolen crude oil both locally and internationally, as forensic review by the consultant shows over $22 billion, $81 billion, and $200 billion remains unaccounted,” he said.

Nwoko who did not disclosed identity of the consultants, stated that the period covered by the forensic report, the identities of the suspected perpetrators and the companies allegedly involved.

The federal lawmaker, however, pointed out that the report was interim, suggesting that more findings would be made public in the committee’s final submission, adding that the committee recommended that the Nigerian government establish a special court dedicated to prosecuting oil-related offences and offenders appropriately.

 

 

 

 


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