The Central Securities Clearing System PLC (CSCS) has called for the immediate integration of artificial intelligence (AI) into Nigeria’s cybersecurity framework to address escalating cybercrime.

This appeal came during the conclusion of the 2024 Cybersecurity Conference in collaboration with the Office of the National Security Adviser (ONSA), which gathered experts from the military, technology, finance, and government sectors.

In his keynote address, Nigeria’s Vice President, Kashim Shettima emphasized the critical role of cybersecurity in ensuring economic stability, stating, “It is not just a technical issue.”

He reiterated the government’s commitment to enhancing cybersecurity initiatives and incorporating AI solutions to protect vital national infrastructure. Shettima commended the efforts of ONSA and CSCS leadership in fostering a secure digital environment that promotes investment and innovation.

CSCS CEO, Haruna Jalo-Waziri pointed to the alarming economic impact of cybercrime citing the 2024 Cybersecurity Ventures Report which revealed that “cybercrime will cost the global economy over $10.5 trillion this year, up from $3 trillion just a few years ago. This underscores the need for enhanced cybersecurity, especially with the 45 per cent increase in ransomware attacks globally, as reported by Check Point Research.”

He further cautioned on the effect of social media in amplifying misinformation. He therefore called for the building of trusted networks and the creation of air gaps “that protect critical systems from emerging risks.

On his part, the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama discussed AI’s pivotal role in capital markets, asserting, “AI-driven systems enhance surveillance, detect fraud, and manage risks.” He stressed that the effectiveness of these technologies hinges on the strength of underlying infrastructure.

While admitting the benefits of AI integration, National Cybersecurity Coordinator Ahmad Saad Abubakar warned that increased reliance on interconnected systems heightens vulnerability. “Our susceptibility to cyber threats is amplified by AI,” he noted, urging for proactive measures to mitigate potential risks.

Temi Popoola, Chairman of the CSCS Board and CEO, NGX Group, highlighted the critical importance of data security for maintaining public trust, stating, “A single cyberattack today can disrupt entire nations.” He outlined CSCS’s investments in advanced technologies like blockchain and quantum-resistant cryptography.

Stakeholders collectively called for enhanced collaboration between public and private sectors to cultivate human capital equipped with AI-driven tools, essential for navigating the complex cyber landscape.

As part of its ongoing commitment to continually empower the Nigerian media and enable it play the critical watchdog role in the society, Polaris Bank is organizing an open workshop for all classes of Journalist across the media spectrum as one of its critical CSR intervention meant to positively impact key stakeholders. 

The 2024 media workshop with the theme: “Integrating AI tools in Contemporary Media practices for Innovation and Excellence” falls within the Bank’s intervention programs under its Education/Capacity Building Strategic Corporate Social Responsibility(CSR) pillar which deepens media relations, and contribute to the overall development of Nigeria’s media landscape.

Scheduled to hold on Thursday, October 24th, 2024, the media workshop aims to equip media practitioners with the latest tools and skills to navigate evolving challenges of modern journalism.

With a focus on available and relevant Artificial Intelligence (AI) tools and use, participants will learn how to integrate these technologies into their day-to-day work, streamlining news gathering processes and ensuring accuracy in storytelling.

The workshop will also dive deep into contemporary new media tools and practices, while addressing available opportunities that enhances career development.

Focus will also be shed on key topics such as; data journalism, fact-checking, and solutions journalism—ensuring media professionals are equipped to thrive in the digital era.

Building on the success and feedback from previous workshops, especially that of 2023 edition, where hundreds of Journalists participated, the 2024 workshop promises to offer even greater value.

This year’s event will highlight cutting-edge trends, such as media entrepreneurship and career development strategies in a competitive media landscape.

To deliver an impactful workshop, the Bank has assembled top faculty and distinguished subject experts as facilitators, including Dr. Chike Mgbeadichie, a Senior Lecturer at the School of Media and Communication, Pan-Atlantic University, Lekki, Lagos and Lekan Otufodunrin, Executive Director of the Media Career Development Network.

Their extensive knowledge and experience in media and communication will guide participants in understanding how to stay relevant, adapt to technological advancements, and maintain responsible journalism practices.

This initiative reflects Polaris Bank’s long-standing commitment to capacity building, particularly in empowering media practitioners to address the challenges of the digital age.

By providing access to the latest knowledge and tools, the workshop aims to support the continuous development of the Journalists, and media landscape in Nigeria while fostering sustainable and impactful journalism.

Interested media practitioners can register to attend: Register Here.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2023, 2022 and 2021 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

FBN Holdings Plc has officially announced the appointment of Adebowale (Wale) Oyedeji as the new Group Managing Director (GMD), effective November 13, 2024.

This appointment, which is subject to the approval of the Central Bank of Nigeria and ratification by shareholders at the next Annual General Meeting, marks a new chapter for the financial institution.

Wale Oyedeji replaces Nnamdi Okonkwo, who will retire after completing his term.

With over 30 years of banking experience across corporate banking, treasury, and commercial banking, Oyedeji brings extensive leadership expertise to the role.

His most recent position was as Managing Director/CEO of Nova Commercial Bank, where he played a key role in the institution’s transformation and expansion into retail banking.

Oyedeji’s academic background includes a Bachelor of Science degree in Agricultural Economics from the University of Ibadan and a Master of Science in Financial Economics from the University of London.

He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of the prestigious Advanced Management Program at Harvard Business School.

Oyedeji’s career spans significant leadership roles, including serving as Managing Director of Guaranty Trust Bank UK between 2008 and 2011, and as an Executive Director for the Corporate Banking Group of Guaranty Trust Bank Plc.

He also held a position as an Independent Non-Executive Director at Stanbic IBTC Bank, further solidifying his expertise in the banking sector.

At FBN Holdings, Oyedeji will lead the implementation of the company’s new 5-year strategic plan, overseeing operations at both the Holdco and its various subsidiaries.

Speaking on his appointment, the Group Chairman of FBN Holdings, Mr. Femi Otedola, said, “the Board is pleased to welcome Wale Oyedeji to the Holdco and looks forward to him building on the solid foundation of our 130-year-old franchise and sustaining its undisputed leadership position.”

This leadership transition is expected to enhance FBN Holdings’ long-term strategy and continue its legacy as one of Nigeria’s premier financial institutions.

Oyedeji’s appointment comes amid a year of substantial leadership changes at FBN Holdings, as the company continues to reshape its governance and strategic direction.

Earlier in the year, it was reported that billionaire businessman Femi Otedola was appointed as the new Chairman of FBN Holdings, marking the beginning of a new era for the institution. Otedola, who became the largest individual shareholder in FBN Holdings in 2021, has played a key role in reshaping the company’s leadership.

In March 2024, FBN Holdings further expanded its leadership team with the appointment of five elite directors, reinforcing its corporate governance and strategic vision under Otedola’s leadership.

These changes were part of a broader effort to stabilize the institution following years of leadership turbulence.

More recently, reports revealed the appointment as acting and subsequent confirmation of Olusegun Alebiosu as MD/CEO of First Bank, a subsidiary of FBN Holdings.

Meanwhile, Nnamdi Okonkwo, the outgoing GMD, has been instrumental in guiding FBN Holdings through these boardroom shifts, playing a pivotal role in restoring investor confidence and steering the institution back to profitability.

As Okonkwo exits, Wale Oyedeji is expected to take the reins and build upon this momentum, continuing to lead FBN Holdings through its strategic evolution.

With this latest appointment, all eyes will be on Oyedeji as he leads FBN Holdings into its next chapter, navigating the competitive landscape and regulatory pressures of Nigeria’s banking sector.