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E-Business

Mass Resignation of Software Engineers Disrupts Banks Digitisation Move

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The mass resignation of software engineers in most commercial banks across the country for greenerpasture abroad, is currently threatening digitisation in the banking sector.

Mass Resignation of Software Engineers Disrupts Banks Digitisation Move

According to  Leadership, this is coming as a disincentive to the cashless banking initiative, where every banking transaction is expected to be digitised.

However, the development is obstructing seamless operation of electronic and mobile banking systems across banks.

It was learnt that about 500 software engineers have, since the beginning of this year, till now, secured better offers abroad, majorly in Canada and European countries where the emolument far outweighs what they are being paid in the Nigerian banking sector as they are paid in foreign currency at a time the nation’s Naira has seriously depreciated.

Aside these 500 engineers, about 1,000 other staff have so far  resigned their appointments in deposit money banks to pick up juicy offers abroad, even as there are indications that more  engineers and bank staff will also join them in the months ahead as the nation’s economy becomes harsher and operating environment becomes unbearable.

The development has disrupted the succession plan of many banks as more bank staff seek greener pastures outside the country.

This mass exodus, investigation shows, was responsible for hitches in electronic and mobile banking operations of most banks in the country as they struggle to find suitable replacements for those that have left their services.

Complaints from bank customers on electronic and mobile banking platforms have intensified in recent months, making it obvious, the challenges facing the banking system.

Over the last few months, thousands of Nigerians have moved out of the country either as students or have gotten jobs outside the country.

These have affected most industries across the economy but the banking industry is beginning to feel the brunt of it. The situation has gotten so bad that it came up as an issue for discussion at the Bankers’ Committee meeting which held in April this year.

For example, a major bank in the country, having noticed the trend of resignations, had earlier moved up its promotion process as a way to encourage the staff to remain.

The bank had even increased its package for the workers and promoted 450 staff. Unfortunately, less than two weeks after the promotion, over 150 of those promoted resigned and left the country.

With no bank spared the exodus of talents, the bank chief executives had resorted to finding a solution to the brain drain by coming together to train more staff for their depleting human resource.

Abubakar Sulieman, managing director and chief executive of Sterling Bank, at the end of the Bankers Committee meeting in April this year had noted that banks in the country will be collaborating with the Chartered Institute of Bankers of Nigeria (CIBN) to increase training particularly in the software engineering area.

Sulieman affirming that the issue had come up at the Bankers Committee, said: “we extensively discussed the impact of the great resignation, where with so many of varied experience talent, especially in the areas of software engineering, either leaving the industry or leaving the country.”

Thus, he said, the banks had committed to using industry platform, the CIBN, to drive the process of training more skills in the areas where there has been evident deficit.

This, he said, is “in the hope that this would improve the availability of talent within the banking sector to drive innovation. This will be funded by the industry and will be part of our contribution towards talent development.

Speaking with Leadership at the weekend on this development, Mr. Ken Opara, president of CIBN, noted that, the industry is currently suffering from talent drain.

According to him, “this year alone, there is a whole lot of resignations and people leaving the industry particularly the younger ones. The figure is quite high.

Opara had noted that the talent drain in the sector is “basically because they feel that they need an environment where they can guarantee their job security and have a flexible working environment and also the fact that you don’t need to always dress officially to do your job, you don’t need to wear suit or tie. Where you don’t necessarily need to be in the office to do your job and can work remotely. The concept of remote working is what appeals to them.

“The concept of flexible working hours where you can work in one place and in other places is also what appeals to them. The concept of having to dress casual is also part of what appeals to them.

Then of course the fact that they don’t need to be in a particular place for a long period of time as much as possible.”

For the Information and Communication sector, the story is not so different as a lot of tech developers are either leaving Nigeria in search for ICT job that pays better or working remotely, LEADERSHIP findings have revealed.

Recruiting in the tech industry is on the rise, with foreign companies reporting they are hiring “at or beyond pre-pandemic levels,” the Robert Half Technology’s 2022 IT salary report revealed.

The most in-demand tech jobs for 2022 are Information security analyst, security analysts, Software developer, Network and computer systems administrator, Computer programmer, web developer, Computer and information systems manager and system analyst, among others, said CIO.

Martins Akingba, managing director and CEO, eStream Network, told Leadership Newspaper that brain drain is a major challenge in the ICT sector, as a lot of developers have migrated to other countries in search of greener pastures.

However, the CEO said majority of business owners have decided to go into automation. “We implement processes on systems that automate our operations, such that even when people go, it will not disrupt our business,” he explained.

Though, there is no statistic that revealed tech workers’ migration, the President of Institute of Software Practitioners of Nigeria (ISPON), Mr. Chinenye Mba-Uzoukwu, told LEADERSHIP that there is a trend in recent times.

The reason for that is not far-fetched, Mba-Uzoukwu said, adding that, most institutions in Nigeria have not fully deployed local solutions to local problems.

Majority of the IT-enabled organisations in the country still depend on foreign countries for solutions.

When asked if there are software developers to meet the needs of organisations in the country, Mba-Uzoukwu said: “Nigeria as a country is blessed with great software developers. We have programmers who have come up with several solutions to our local problems, but organizations sometimes don’t patronise them, as they prefer to import solutions or software from China and other countries.”

Banks’ Senior Staff Lament Redundancy

Engr. Gbenga Adebayo, president and founder of Royal FM 95.1Mhz Ilorin, ,  at the 5th Students Union leadership Summit of Kwara State University, said, it will be difficult to talk about a better Nigeria without considering the negative impact of mass migration of youthful population on the economy and its future.

Adebayo said migration may imposes high human capital cost for the country by leaving the country without the human capital necessary to achieve long-term economic growth.

He revealed that the migration problem is due to lack of employment and social guarantees on the young population and not due to any political persecution.

“The most negative impact on our country is the fact that young graduates (and our highly skilled professionals) leave the country for better opportunities. Today many of our engineers, IT specialists, doctors, nurses, engineers, and very brilliant professionals are lost to other countries,” he added.

Adebayo said, Nigeria has great potentials, adding that, “we are blessed with many natural resources, we are free of many natural disasters, a large proportion of our population are young people an age bracket that mist of you in this hall belong to, if you JAPA the country will rely on foreigners for needed skills in the future.


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E-Business

Millions of Nigerians @ Risk as NASIMS Leaks over 23m FG Records

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National Social Investment Management System (NASIMS) has leaked millions of federal government records in a major system oversight  which could be exploited by cyber criminals.

Millions of Nigerians @ Risk as NASIMS Leaks over 23m FG Records

NASIMS is the central management platform for the administration and coordination of Social Investment Programmes under the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development

The major leak exposed everything from home addresses to work backgrounds of  tens of millions of Nigerians

According to the Cybernews research team, the exposed AWS S3 bucket stored over 23 million files, including passports, birth certificates, educational certificates, and N-Power-submitted applications.

N-Power is a social welfare scheme to combat youth unemployment. N-Power applicants use the NASIMS platform to apply to take part in the program.

“The implications of exposing 23 million application-related documents of N-Power candidates could be severe for the affected individuals. Identity theft, fraud, and targeted phishing attacks are the most likely risks for the leaks’ victims,” Cybernews research team said.

According to Cybernews research team, “Worryingly, the instance remains open to the public, even after multiple attempts to reach NASIMS administrators and relevant authorities in Nigeria. We have also reached out to the ministry behind NASIMS for a comment and will update the article once we receive a reply”

What data leaked, and why is it dangerous?

Documents stored on the exposed instance include different sets of citizens’ data. However, the team surmised that the leak revealed:

Full names

Dates of birth

Places of birth

National Identification Number (NIN)

Email addresses

Phone numbers

Home addresses

Work background

Education background

Exposing sensitive and personal data poses numerous threats to the individuals involved.

Most pressingly, attackers might utilize the information for identity theft and various fraud schemes. For one, malicious actors could try opening fraudulent bank accounts or use stolen identities for illicit activities, masking their own IDs.

“Another way attackers can exploit similar data sets is by exploiting the identities to access financial services or execute unauthorized transactions, potentially causing long-term financial damage to the victims,” Cybernews research team said.

Cybercrooks could also exploit the leak to carry out targeted phishing and social engineering attacks.

For example, malicious actors could attempt to masquerade as legitimate organizations in order to deceive individuals into providing even more sensitive data – such as login credentials – or downloading malware.

“The implications of exposing 23 million application-related documents of N-Power candidates could be severe for the affected individuals. Identity theft, fraud, and targeted phishing attacks are the most likely risks for the leaks’ victims.”

The leaks’ nature empowers attackers to craft spear-phishing attacks custom-made for each individual or group of individuals. Such attacks are hard to distinguish, as they often include targets’ personal details and other data points meant to lure in unsuspecting victims.

 

“Criminals could use the exposed data to offer fake job opportunities or promise assistance with the N-Power application process in exchange for payments or additional personal information, exploiting the candidates’ vulnerabilities,” the team explained.

Additional attack vectors involve risks to victims’ physical safety. For example, criminals could exploit leaked data to locate and target victims for various malicious purposes, such as stalking, harassment, or even burglary.

To avoid similar leaks in the future, Cybernews research team advised:

Change the access controls to restrict public access and secure the bucket. Update permissions to ensure that only authorized users or services have the necessary access.

Monitor retrospectively access logs to assess whether the bucket has been accessed by unauthorized actors.

Enable server-side encryption to protect data at rest.

Use AWS Key Management Service (KMS) to manage encryption keys securely.

Implement SSL/TLS for data in transit to ensure secure communication.

Consider implementing security’s best practices, such as regular audits, automated security checks, and employee training.

 

 

 

 

 

 

 

 

 

 

 

 


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MTN, Lagos State Launch ‘MyLagosApp’ to Enhance Productivity, Connectivity

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MTN Group, in collaboration with the Lagos State Government (LASG), has launched MyLagosApp, an innovative mobile application designed to improve productivity, enhance connectivity, and transform the lifestyle of Lagos residents.

MTN, Lagos State Launch ‘MyLagosApp’ to Enhance Productivity, Connectivity

It also aims to provide a centralised digital hub for accessing essential services, fostering a more efficient and connected Lagos.

Speaking at the official inauguration in Lagos, Karl Toriola, chief executive officer MTN Nigeria, described the app as a one-stop platform for information, services, entertainment, and hospitality.

He highlighted its role in facilitating e-governance and providing essential services to both residents and visitors.

“This app offers access to various services, including restaurant and accommodation reservations, transport options—both land and water—library access, and e-governance solutions. It is designed to simplify life for Lagosians while promoting efficiency and productivity,” Toriola said.

He emphasised that technological innovations like MyLagosApp drive economic growth by increasing productivity and improving societal well-being. He noted that Lagos, classified as a hyper-city with over 20 million residents, has the potential to become Africa’s most important city.

Toriola also revealed that Lagos State’s economy is larger than that of Kenya and reaffirmed MTN’s commitment to deepening investment in Nigeria. He disclosed plans to build a new headquarters in Eko Atlantic City and establish West Africa’s most advanced data centre, addressing the region’s need for large-scale tech infrastructure.

At a Fireside Chat, Oluwaseun Osiyemi, Lagos State Commissioner for Transport, noted that MyLagosApp would support the state’s multimodal transport policy, leveraging user data and feedback to enhance urban mobility.

Aisha Mumuni, chief digital officer, MTN, reiterated the company’s dedication to seamless connectivity despite power challenges, calling for increased collaboration to boost digital literacy.

Tokunbo Wahab, Commissioner for Environment and Water Resources, highlighted Lagos’ daily waste production of 13,000 tonnes and suggested that the app could aid waste management through advocacy, enforcement, and regulation.

 


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Kaspersky Uncovers Cybercriminals Blackmailing YouTube Creators to Spread Cryptocurrency Mining Malware

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Cybercriminals are targeting popular YouTube creators with fake copyright claims, forcing them to distribute cryptocurrency mining malware disguised as Internet restriction bypass tools to thousands of viewers.

Kaspersky Global Research and Analysis Team (GReAT) researchers have uncovered a sophisticated malicious campaign where threat actors blackmail YouTube content creators into distributing malicious software.

The attackers file two fraudulent copyright complaints against creators, then threaten a third strike – which would delete their YouTube channels. To avoid this, creators unknowingly promote malicious links, believing them legitimate to save their channels.

Kaspersky’s telemetry confirmed over 2,000 end users infected with the malware after downloading the tool, though the actual number of affected users is likely much higher. One compromised YouTube channel with 60,000 subscribers published several videos containing malicious links that garnered more than 400,000 views. The infected archive hosted on a fraudulent website recorded over 40,000 downloads.

The malware, dubbed as SilentCryptoMiner, exploits the growing demand for Internet restriction bypass tools. Kaspersky’s telemetry shows a significant increase in the use of legitimate Windows Packet Divert drivers—a technology commonly used in bypass utilities—with detections rising from approximately 280,000 in August to nearly 500,000 in January, totaling more than 2.4 million detections over six months.

The attackers specifically targeted users seeking these bypass tools by modifying a legitimate Deep Packet Inspection (DPI) circumvention utility originally published on GitHub.

Their malicious version maintains the original functionality to avoid suspicion, but secretly installs SilentCryptoMiner, which harvests computing resources to mine cryptocurrency without users’ knowledge or consent, significantly degrading device performance and increasing electricity costs.

“This campaign demonstrates a concerning evolution in malware distribution tactics,” said Leonid Bezvershenko, security researcher at Kaspersky’s GReAT. “While initially targeting Russian-speaking users, this approach could easily spread to other regions as Internet fragmentation increases globally.

“The scheme effectively leverages trusted content creators as unwitting accomplices, which works in any market where users seek tools to circumvent online restrictions.”

When security solutions detect and remove the malicious components, the modified installer encourages users to disable their antivirus protection with messages like “File not found, turn off all antiviruses and re-download the file, it will help!” — further compromising system security.

Kaspersky GReAT identified several indicators of compromise, including connections to domains like swapme[.]fun and canvas[.]pet, along with specific file hashes. The attackers demonstrate persistence, rapidly creating new distribution channels when previous ones are blocked.


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