General News
Former Bank Manager, 2 Others Arraigned over N860m Fraud
The Economic and Financial Crimes Commission, EFCC, last Tuesday arraigned before Justice M. O. Obadina of the Lagos State High Court, Ikeja one Alex Nkenchor, a former manager with Union Nigeria Plc along with two others for allegedly defrauding the bank to the tune of N860million. They were arraigned on a 10count charge bordering on issuance of dud cheques and stealing.
Others arraigned with Nkenchor are his brother in-law, Ebi Odeigah, and GMT Securities and Assets Nigeria Limited.
The accused were alleged to have at different times in July 2008 defrauded Union Bank Nigeria Plc of the said amount through dud cheques issued by Odeigah and GMT Securities and Assets Nigeria Limited. The fraud was perpetrated at the Golden Plaza, Falomo, Branch of Union Bank where Nkenchor was the branch manager. He was alleged to have given value to three uncleared Zenith Bank cheques totaling N860m raised in favour of Union Bank by Odeigah, managing director of GMT Securities and Assets Nigeria Limited. On each occasion, once the cheques are presented, Nkenchor who is married to the Odeigah’s sister will raise a bankers’ draft in favour of GMT Securities and Assets Nigeria Limited even when he knew that there were no sufficient funds in their account with the bank.
Count one of the charge reads; “Ebi Odeigah and GMT Securities and Assets Nigeria Limited on or about 31st July, 2008 at Lagos within the Ikeja Judicial Division with intent to defraud, knowingly and fraudulently issued a Zenith Bank of Nigeria Plc cheque No. 000004184 dated 31st July, 2008 for the sum of four hundred million naira (400,000,000.00) payable to Union Bank of Nigeria Plc, which when presented for payment was dishonoured on the grounds that no sufficient funds were standing to the credit of the account on which the cheque was drawn”. The offence is punishable under section1 (1) of the Dishonoured Cheques (offences) Act, Cap. D11 Laws of the Federation of Nigeria, 2004.
When the case came up for arraignment, all the accused persons however pleaded not guilty to the charges and they were ordered to be remanded in Ikoyi Prison. Justice Obadina thereafter adjourned proceedings to October 20, 2009, when the written bail application of the accused persons would be considered.
General News
Government, Development Industries Report Threefold Decrease in Critical Cyber Incidents in 2024
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According to the latest Kaspersky Managed Detection and Response (MDR) analyst report, government and development industries experienced a significant decrease in the number of high-severity incidents with direct human involvement in 2024, whereas the food, IT, telecom and industrial sectors demonstrated an increase.
The annual Managed Detection and Response (MDR) analyst report provides insights into detected incidents, their nature and their distribution across various industries and geographic regions.
Additionally, it emphasises the most common tactics, techniques and tools used by attackers over the previous year. The data is based on analysis of incidents detected by Kaspersky MDR.
Compared to 2023, the mass media, development and telecoms industries experienced a significant increase in the number of incidents.
However, when examining high-severity incidents – those that feature direct human involvement – the distribution reveals notable differences.
In 2024, the MDR team identified that the majority of high-severity incidents occurred in IT (23%), followed by the government (18%) and industrial sectors (18%).
The report highlights a significant decrease in high-severity incidents within the government and development sectors, while the number of such incidents in the food sector increased.
Additionally, a relatively large rise was observed in the industrial sector, alongside a slight increase in retail, IT and telecoms. Interestingly, despite the mass media sector facing a substantial increase in overall incidents, this trend did not translate into a corresponding rise in high-severity incidents.
This observation shows that many attack attempts were swiftly detected and mitigated, effectively preventing their severity from escalating beyond medium levels.
“In 2024, we revealed a shift in the landscape of cyber threats, with high-severity incidents increasingly concentrated in the food sector, underscoring the necessity for cybersecurity measures in this area.
While the overall number of incidents surged in sectors like telecom and mass media, the resilience demonstrated in swiftly detecting and neutralising potential threats highlights the importance of proactive measures.
As attackers refine their tactics, organisations must adapt by investing in robust cybersecurity solutions that combine advanced technologies with expert oversight,” comments Sergey Soldatov, Head of Security Operations Center at Kaspersky.
To strengthen your company’s protection against sophisticated attacks, deploy robust cybersecurity solutions and hire qualified practitioners to manage them or adopt managed security services such as Managed Detection and Response and Incident Response.
These security services encompass the complete incident management cycle from threat identification to continuous protection and remediation. They assist in safeguarding against evasive cyberattacks, investigating incidents and offering expert support even if a company lacks security workers.
General News
Ghana Shines as Host of QNET’s Groundbreaking V-Africa 2025 Event
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Ghana took center stage as the host of QNET’s highly anticipated V-Africa 2025, a regional edition of the company’s flagship convention.
From February 20 to 23, 2025, the Accra International Conference Centre welcomed over 4000 participants from across the Sub-Saharan Africa region to experience four days of empowerment, networking, and innovation.
The convention spotlighted QNET’s exclusive product offerings, which provide immersive entrepreneurship training and contribute significantly to Ghana’s tourism and economic growth. V-Africa 2025 showcased Ghana as a hub for entrepreneurial excellence.
Trevor Kuna, Chief Marketing Officer for QNET, expressed his enthusiasm: “Hosting V-Africa 2025 in Ghana is a testament to our commitment to supporting entrepreneurs in Africa.
This event isn’t just about showcasing our brand—it’s about empowering individuals to achieve their dreams while contributing meaningfully to local economies. We look forward to welcoming media representatives to witness QNET’s transformative impact firsthand.”
Empowering Entrepreneurs, Celebrating Culture
The itinerary for V-Africa 2025 included product workshops, dynamic training sessions on business building and entrepreneurship, and an exhibition featuring QNET’s signature product brands, such as HomePure range of home care products, Amezcua’s wellness range, Swiss watch brand Bernhard H. Mayer’s new Collection, and more.
Attendees gained invaluable insights into QNET’s ethos of wellness, sustainability, and entrepreneurship, setting the stage for lasting business growth.
Biram Fall, QNET’s Regional General Manager for sub-Saharan Africa, elaborated on the event’s local significance: “V-Africa 2025 will leave a lasting legacy by empowering Ghanaian entrepreneurs and supporting Ghana’s tourism industry.
“This is more than a business convention—it’s a platform for connection, growth, and transformation.”
Driving Tourism and Economic Growth
As one of the largest events of its kind in Ghana, V-Africa 2025 attracted participants from 25 countries, providing a boost to the local hospitality, transportation, and tourism sectors.
QNET’s commitment to Ghana includes partnering with local stakeholders to ensure the event delivers long-term benefits to the community.
General News
FlashChange CEO Seeks Regulatory Clarity in the Blockchain and Cryptocurrency Industry
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FlashChange, a forward-thinking financial service company that is redefining how digital assets are traded and managed has recently participated at the Lagos Tech Fest, a two-day event that brought together key stakeholders, industry leaders, and tech enthusiasts to discuss the future of technology in Africa.
The CEO of FlashChange, Bidemi Oke made a strong argument for more transparent regulations in the blockchain and cryptocurrency industry at the event, where he stressed the necessity of structured legislation to promote innovation, safeguard investors, and propel economic progress.
Speaking during a panel discussion alongside other panelists on Crypto in Nigeria: Fintech Integration, Real-World Applications and Opportunities, Oke emphasised the difficulties companies encounter because of legislative ambiguity. He urged legislators to work with industry players to create rules that promote responsible expansion while guarding against abuse.
“The potential for blockchain and cryptocurrencies to transform finance and promote financial inclusion throughout Africa is enormous. However, companies and investors continue to have doubts about the industry’s future in the absence of clear regulations. We must develop a framework that strikes a balance between innovation and consumer protection,” Oke remarked.
As one of Nigeria’s top cryptocurrency exchange platforms, FlashChange, has been leading the charge to encourage secure and effective digital asset transactions. While maintaining adherence to international standards, the business keeps pushing for laws that encourage the expansion of the sector.
The Lagos Tech Fest provided a forum for thought-provoking conversations about how technology, finance, and regulation interact in Nigeria. Many industry participants who agreed that a methodical and forward-thinking approach to blockchain governance was necessary found resonance in Oke’s support for regulatory clarification.
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