Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Business

Digital Encode Founders @ BoICT 22 Lecture Explore Impact of Blockchain in Digitization

Published

on

Kindly share this post

Dr. Oluseyi Akindeinde, chief technology officer and Dr. Adewale Obadare, chief visionary officer both founders of Digital encode, is a leading consulting and integration firm founded in 2003 that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

The dual was at this year’s Beacon of ICT lecture to offer insight on impact of Blockchain Technology in a Digitalized Nigeria.

Delivering the keynote speech, Dr. Oluseyi Akindeinde, reiterated the importance of technology in advancing human living conditions.

According to him, “ If we look at the advancement of digital technology from computer system. Blockchain is the third most important piece of technology that has been invented over time.

“The first being the personal computer, the second being the internet and the third blockchain technology. Before I say what blockchain is, I want to explain what blockchain is not.

“There is this misconception that every time you talk about blockchain the next thing people talk about is cryptocurrency. Before computer there was calculator. Is like when computer came we then started to look at computer as calculator. No. people saying that blockchain is cryptocurrency are misrepresenting it.

“It is same as thinking that the internet is about email only. Cryptocurrency is one bit of blockchain. When we say something is technology, there are three fundamental things that technology needs to fulfil. First, does it make you money – if there is a piece of technology people will want to see if it does affect their bottom line.

“Second; Is it system oriented – system in computer science means save yourself stress, time, Energy and money. If any technology does not save stress, time, energy and money such technology is useless. Third; does it solve a problem?

Akindeinde however, describe blockchain technology as is software. But different from the software we are used to because blockchain software is underpin by advanced cryptography and mathematics.

He further explained that blockchain came about because of fundamental problem with the internet.

“When you are on the internet it gives one the ability to move information from one place to the other. For instance, I can sit down in my house and send email. That email will get to where I am sending it to.

“As I send that email it is not valuable. There is no value to the email because I can send that particular email to multiple people. When you can send multiple emails from one source, inherently, there is no value. Anything that is of value has to be scarce.

“Around 2008, somebody sat down and asked, is there a way we can move value just as I am here now, my driver’s license is valuable to me. Money is valuable as well.

“How can I move value on the internet? The only way we can move value on the internet is to have a third party. If you have a third party in the middle of two people transacting you have counterpart risk. So, how do I take out that counterpart risk.

“How do I simulate what happens in the real world? In the real world, if I go to a store to buy something, I will pay the store keeper and collect the goods. That money I paid serves as a payment and settlement. I don’t need anybody to do clearing and settlement, that money assumes all that.

“The problem with that is if I am not in the same area or environment with the store keeper, there is no way I can move that money so I need someone who is going to sit in-between me and that person that will validate that I have that money. We are trying to solve the problem of double spending. We can represent this value digitally. How can I digitally represent value?

“Representing value digitally is not copy and paste. It is actually moving value, trying to eliminate counterpart risk by removing third party to get value.

“We have different authentication systems on the internet that operate in silos. Self- sovereign Identity is what is used in blockchain. Can’t we have authentication system that resides with the individuals rather than with a server at one location or the other,” he said.

Dr. Adewale Obadare, chief visionary officer, Digital Encode, responding to question onn why United States of America has not fully adopted Blockchain technology. Said that the problems we have in Africa is not the same as in United States.

He cited example of EMV technology in electronic card – chip & pin cards where US is still using Magnetic stripe, because they have compensation control such as social security number among others. If anyone steals money they will track the person down, we don’t have that here.

“The disconnect here is that USA has done their risk management, because of the number of ATMs and cards in circulation they decided to be doing it in phases.

“But, in Nigeria because we don’t have much ATMs and cards it was easier for central bank of Nigeria to implement migration to chi and pin. The same thing with the blockchain, we don’t have to suffer what the USA had suffered before we leapfrog,” he said.

Cyber security Efforts in Nigeria

Dr. Wale Obadare and Dr. Oluseyi Akindeinde, both founders of Digital encode have expressed worries over the implementation of none impactful cyber security solutions to organizations by vendors which has resulted in increased loss of money and data by organizations.

They cautioned organisations on over dependence on cyber security products for protection against cyber -attacks.

Obadare, further said that major challenge organizations face in the fight against cybercriminal and cyber warfare is lack of trained manpower.

“I have been in cyber security ecosystem for many years now and have identified lack of trained manpower in most organizations. Cyber security is not a certificate that speaks for you, but a continuous training to be ahead of the smart criminals, most organizations find it difficult to continually update their IT security staff to be able to face cyber threats,” he said.

Akindeinde, emphasized on the need for a national cyber security framework against industry specifics frameworks.

“There are a number of frameworks aimed at assisting most organizations in preventing cyber attacks. A prime example is the ISO 27001 ISMS. A more specific one for the financial / payments sector is the PCI DSS. This is a regulatory framework. I think it’s a case of the level of maturity of cybersecurity in the banking sector. Other sectors have not got to that advanced stage of maturity which is why the banks seem to be at the forefront of preventing and addressing issues related to Cybersecurity,” he said.

At Digital Encode, technology serves two purposes: to save money and solve a problem. Digital Encode also provides advisory services toward improvements in Information Security Management, Network Security, Vulnerability Management, Penetration Testing, Computer Forensics, Risk Management and Business Continuity Management.

Digital Encode’s unique methodology is rooted in the concept that a company should run its IT organization as a business. Throughout the well -defined process, Digital Encode translates strategic business objectives into sound, achievable technology solutions. This approach ensures that the technology never obscures the business goals.

Digital Encode has managed several projects for banks in the country among them included penetration testing and vulnerability assessments for PCIDSS certifications.

It has also assisted many organisations to deliver ISO 27001:13 certification which is a testament to their teamwork, focus, drive and will to succeed.

Recently, Digital Encode got licensed under the Data Protection Compliance Organisations (DPCO) by the National Information Technology Development Agency (NITDA).

With the development, Digital Encode is recognised by NITDA to provide training, auditing, and consulting services throughout the country in line with the Nigeria Data Protection Regulation (NDPR) principles.

Among the objectives behind the regulation were the protection of the privacy rights and freedoms of Nigerian citizens, on the one hand, and the promotion of local and foreign investments in the digital economy by safeguarding the information systems infrastructure against breaches and implementing internationally compatible rules.

Recognitions

Digital Encode and founders were conferred with several awards in recognition their efforts in pioneering effective cybersecurity strategy in Nigeria and Africa as well as its quality-driven operations and global best practice standards in Information Security Management and Compliance Advisory ecosystem among them included; the ‘Africa’s Most Innovative Quality Cyber-Security Consulting Company’ by African Quality Institute.

The company bagged Excellence Award in Compliancy Advisory Company and Cybersecurity Mastery Award at the prestigious Beacon of ICT Awards 2022 organised by Nigeria CommunicationsWeek .

Dr. Oluseyi Akindeinde, chief technology officer and Dr. Adewale Obadare, chief visionary officer both founders of Digital encode, emerged as Man of the Year and Cybersecurity Mastery Personalities of the Year.


Kindly share this post

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

E-Business

Kaspersky Reports Nearly 900m Phishing Attempts in 2024 as Cyber threats Increase

Published

on

Kindly share this post

Kaspersky’s security solutions blocked over 893 million phishing attempts in 2024 – a 26% increase from 2023, when the total stood at nearly 710 million.

The surge in attempts (shown in the graph below) between May-July is traditionally tied to the international holiday season when fraudsters frequently try to lure travelers with scams involving fake airline and hotel bookings, deceptive tour packages and too-good-to-be-true offers.

Experts observed a range of phishing and scam schemes aimed at stealing data, money and installing malicious software. In 2024, cybercriminals often mimicked the websites of well-known brands like Booking.com, Airbnb, TikTok, Telegram, and others. One ongoing campaign, for example, has been targeting TikTok Shop users.

Cybercriminals created fake login pages designed to steal sellers’ credentials. Additionally, scammers capitalised on trending news, orchestrating fraud schemes involving the hype topics, for example cryptocurrency game Hamster Kombat and TON wallets.

Fraudulent schemes also tended to capitalise on fake celebrity images in 2024, falsely promoting giveaways of valuable prizes to fans that were never delivered. The trend persists in 2025.

“While the core mechanics of phishing and scams remain unchanged, attackers constantly refine their disguises. They capitalise on trending news, hype-driven topics, and even combine branding from multiple companies on a single phishing page to enhance efficiencies of their campaigns.

“AI-driven tools help them to create highly convincing fake websites, making fraud harder to detect. These evolving tactics pose a growing risk – not just to financial security but also to personal identity protection. As a result, vigilance and the use of robust cybersecurity solutions have never been more crucial,” says Olga Svistunova, a security expert at Kaspersky.

Spam and malicious email campaigns

According to Kaspersky data, both individuals and corporate users encountered malicious email attachments more than 125 million times in 2024.

Cybercriminals used various tactics in email campaigns targeting businesses, as observed by experts. These included sending emails with password-protected archives containing malicious content and SVG images disguised as harmless graphics, and many other schemes. Attackers lured victims into clicking on malicious content through fake court appeals, fake deals, counterfeit official notifications and more.

Nearly every second email in a corporate mailbox – 47% of global traffic, marking a 1.27 percentage point increase from the previous year – was spam. South African users encountered 20% more malicious emails in comparison to the previous year.

While spam includes different email threats, including those mentioned above, it is not always malicious and consists mostly of unsolicited advertisements.

Experts note that corporate spam trends of the last year prominently feature advertisements for AI solutions, related webinars, online promotion services, follower-boosting schemes and more.

 


Kindly share this post
Continue Reading

E-Business

Group Applauds Nigeria’s AI Push, Urges Seizure of $15Bn Digital Economy Opportunity

Published

on

Kindly share this post

Nigeria’s growing investment in Artificial Intelligence (AI) and digital transformation is positioning the country as one of Africa’s most ambitious tech-driven economies, with AI projected to contribute $15 billion to Nigeria’s economy by 2030.

As global technology companies deepen their focus on Africa, Young Professionals for Tinubu (YP4T) has acknowledged the deliberate policy moves by President Bola Ahmed Tinubu’s administration to ensure AI becomes a real driver of economic growth, job creation, and youth empowerment.

Following the President’s high-level discussions with global technology leaders, including his recent meeting with Google CEO Sundar Pichai, there is increasing recognition that Nigeria is taking active steps to secure its place in the global AI economy. But beyond diplomatic engagements, the administration has backed its vision with tangible programs that are already making an impact.

The 3 Million Technical Talent (3MTT) initiative has already begun producing a pipeline of AI-trained professionals, while the National AI Strategy Framework has laid the groundwork for AI integration across finance, agriculture, healthcare, and education.

The administration’s efforts to attract investment into Nigeria’s AI and technology ecosystem have also led to direct support for startups and digital enterprises, ensuring young Nigerians have access to the resources and capital necessary to innovate and compete internationally.

Global partnerships with companies such as Microsoft, Meta, and Nvidia have further reinforced Nigeria’s commitment to AI as a pillar for economic transformation.

“AI is no longer a theoretical concept—it is a defining force in global economies, and Nigeria is now actively securing its place in that future,” said Victor Benjamin, West/South South Director of YP4T.

“For years, young Nigerians have sought opportunities in technology and digital innovation. What we are seeing now is a deliberate effort by the administration to turn that aspiration into reality through strategic policies, funding, and industry collaboration.

“This is a critical time for Nigerian professionals and businesses to position themselves in the AI-driven economy.”

While many African economies continue to grapple with integrating AI and digital transformation into their long-term growth plans, Nigeria’s current trajectory signals a shift toward becoming a leader in AI adoption and development.

The impact of AI is already being felt in precision agriculture, AI-driven financial inclusion, digital healthcare, and education technology, demonstrating how these investments are directly improving productivity, economic diversification, and access to essential services.

However, experts warn that Nigeria must sustain these efforts to fully unlock the potential of AI-driven growth. With a youth population expected to exceed 100 million by 2050, ensuring that young professionals have the skills, tools, and infrastructure to build AI-powered solutions is key to job creation and economic stability.

“As a network of young professionals actively engaged in shaping Nigeria’s future, we see these investments as fundamental to building a globally competitive workforce,” continued Benjamin.

“This is not just about innovation; this is about securing economic opportunities for millions of young Nigerians. AI and digital transformation must be central to Nigeria’s long-term growth strategy, and every young Nigerian should be paying attention to these opportunities.”

With AI projected to add billions to Nigeria’s GDP in the coming years, industry stakeholders, government institutions, and the private sector must work together to ensure these initiatives translate into real economic gains.

As Nigeria continues to attract international AI investment, YP4T remains committed to mobilizing young Nigerians to engage, innovate, and lead in this digital revolution.


Kindly share this post
Continue Reading

E-Business

Microsoft Plans $1m Investment to Train One Million Nigerians in AI Innovation

Published

on

Kindly share this post

Microsoft has announced a $1 million initiative to train one million Nigerians in artificial intelligence (AI) over the next two years.

Microsoft Plans $1m Investment to Train One Million Nigerians in AI Innovation

Ola Williams, country manager for Microsoft Nigeria and Ghana, announced on Wednesday during the Microsoft AI Tour in Lagos.

“I am so delighted to announce that as Microsoft in Nigeria, we will be investing one million dollars in the next two years to empower one million Nigerians with AI tools,” Williams said.

She said the initiative aims to equip Nigerians with AI skills to help them build solutions, establish businesses, and compete globally.

“This is a significant investment in our drive to ensure that everyone has access to the right skills required not just to use AI but to build solutions on AI, build businesses on AI that will be a sustainable means of livelihood for Nigerians and give Nigerian youths the opportunity to compete globally with their counterparts,” she added.

The announcement comes on the heels of a partnership between the federal government and Google to advance AI and digital innovation in the country.

The presidency described the partnership as a major step toward strengthening Nigeria’s digital economy and expressed commitment to ensuring technological transformation translates into real benefits for businesses and citizens.


Kindly share this post
Continue Reading

Trending