E-Business
Prof. Obadare Underscores Critical Role of Cybersecurity in Nigeria’s AI-Driven Digital Growth

Prof. Obadare Peter Adewale, founder and CVO of Digital Encode, represented by Oluwakayode O. Olatunji, CISO and Group Head of InfoSec & GRC Advisory, emphasized the need for Nigeria to understand the threat landscape and the critical role of cybersecurity in protecting against these threats.
Nigeria CommunicationsWeek reports that the emphasis made by Prof. Obadare is essential for driving sub-sectoral digital growth through Artificial Intelligence (AI).
In his presentation at the one-day ICT Growth Conference organized by the Nigeria Information Technology Reporters’ Association (NITRA) at the Citi Height Hotel, Lagos, he noted that many African countries lag behind in cybersecurity.
Read Also: Oluyemi Obadare Accepted into Forbes Business Council
Even in Nigeria, the financial sector has been at the forefront of leveraging AI and cybersecurity, contributing about 25%-30% of AI involvement based on local statistics.
He highlighted the potential of AI across various sectors, including finance, health, energy, transportation, defense, medical, and agriculture.
He underscored AI’s ability to predict productivity and its diverse benefits but quickly cautioned against the dangers of AI misuse, stemming from issues such as bias and fairness, inadequate transparency, security vulnerabilities, data privacy concerns, and ethical and moral dilemmas.
The cybersecurity expert discussed the use of AI in threat landscape profiling, crime detection and prevention, and reporting capabilities.
He stressed the importance of responsible AI usage and the need for continued investment in AI and cybersecurity.
Identifying AI Governance, Architecture, Implementation, Operations, and Monitoring (GAIOM) as key elements for effective cybersecurity strategies in responsible AI development, he emphasized the importance of AI architecture, including business and data architecture, technology-infrastructure architecture and the necessity of a security architecture which includes cybersecurity and data privacy protection respectively.
Data protection and privacy are crucial components of AI implementation. The process of implementing AI, from setting goals to security monitoring, is vital.
The role of education and investment in education for driving AI adoption and economic growth cannot be overemphasized.
To fully realize the impact of AI on national development, he advocated for explicitly defined governance objectives, an AI ethical framework, an interdisciplinary approach, robust local content data management, all-inclusive regulatory compliance, tailored best practice risk assessment and mitigation, transparency and explainability, sustained human capacity development, and robust processes to address AI implementation challenges.
He also argued that monitoring AI usage and ensuring its alignment with set goals during the implementation process is critical.
In addition, he called for increased public sector and government investment in education to drive AI adoption and economic growth, noting that the role of education in providing the necessary skills and knowledge for AI implementation cannot be ignored.
He introduced the concept of “knowledge banking,” where knowledge can be monetized to address various economic sectors.
He pointed out that in countries using AI to drive their economies, education is a fundamental prerequisite, and positively disruptive education leads to the needed transformation by developing tailored skill sets.
“When we examine this, it becomes evident that many challenges we face in this part of the world will become easier to address.
“As a country, we have the potential to be a leading light in the knowledge economy because Nigeria is blessed with brilliant men and women,” he said.
Prof. Obadare, who was recently appointed a Professor of Practice by MIVA Open University, Abuja, also proposed a disruption of the educational sector to improve data quality.
He emphasized that relying too heavily on outsourced data libraries can lead to AI biases and stressed the importance of maintaining excellent data quality as a local content treasure.
“To address this, we need to disrupt the educational sector, particularly from primary to tertiary institutions, to focus more on institutional or research-based education.
“For example, during the COVID-19 pandemic, much of the global data was sourced from Johns Hopkins Hospital research center, indicating the importance of local research centers.
“We should encourage partnerships with the private and public sectors to create local content hubs, which would attract global tech companies like Meta and Google to invest in our ingenuity.
“Our tertiary education sector should be research-oriented and local content-focused to improve data quality and upskill the workforce, adapting to the challenge of training AI rather than traditional skills,” he concluded.
E-Business
NDPC, Mastercard Partner to Strengthen Data Protection

Nigeria Data Protection Commission (NDPC) has signed a Memorandum of Understanding with Mastercard to enhance data protection in Nigeria.

Dr. Vincent Olatunji, commissioner, NDPC and Derek Ho,deputy chief privacy officer, Mastercard
The agreement was sealed during a workshop where 150 Data Protection Officers (DPOs) were trained on Data Protection Impact Assessments (DPIAs).
Dr. Vincent Olatunji, commissioner, NDPC, said the event kicks off activities for the 8th NADPA conference, highlighting government efforts to train more certified DPOs.
Olatunji also disclosed the Federal Government’s commitment to increasing the number of certified DPOs with the required skills to manage data protection.
He noted that Nigeria’s digital-savvy youth are key to driving this agenda.
“Human capital is really key to us, and the ecosystem we are regulating is very special. It is still new, still emerging, and we need all we can to build the capacity of officers.
“We want to build the capacity of our people so we can be able to deliver on our mandate and fully deepen privacy in Nigeria.
“We are targeting to build the capacity of 250,000 DPOs annually, and we are working with partners like Mastercard to achieve that,” he said.
Derek Ho,deputy chief privacy officer, Mastercard, also stressed the need for collaboration to build trust in the digital economy and urged participants to embrace training as data protection keeps evolving.
E-Business
CSCS Launches *7270#, USSD Code Service

Central Securities Clearing System PLC (CSCS) has announced the launch of *7270#, its Unstructured Supplementary Service Data (USSD) code service, set to go live on May 8th, 2025.
The USSD code service is an innovative solution designed to enhance the ease and accessibility of investment services for all users.
Also, this service leverages the network capabilities of MTN Nigeria to bring unparalleled convenience to investors.
Driven by a relentless commitment to innovation, CSCS aims to revolutionize information access within the Nigerian capital market through this USSD code service.
As the Central Securities Depository (CSD), CSCS focuses on enhancing investor experiences and providing deeper market insights with unparalleled convenience.
The CSCS USSD code service offers seamless access to essential market information directly from mobile phones, eliminating the need for internet connectivity or specialized trading platforms.
Investors can now effortlessly retrieve Clearing House Number (CHN), check Direct Cash Settlement (DCS) status, view stock positions, account balances, and account status confirmations.
Haruna Jalo-Waziri, managing director/chief executive officer of CSCS, said ” We are excited to launch the *7270# USSD code service, a significant step in leveraging mobile technology to democratize access to account and portfolio information.
“This service empowers every investor, regardless of their location or resources, to stay informed about their investments. At CSCS, we believe that financial inclusivity is key to driving economic growth.
“Our partnership with MTN Nigeria on this project represents a significant leap toward a more inclusive financial landscape, leveraging the spread of the MTN network.
“This collaboration enhances the investing experience, reinforcing our shared commitment to empowering individuals with the tools they need to manage their financial futures effectively.” he added.
The CSCS USSD code service will initially be available to MTN users only. However, CSCS plans to expand this service to other networks soon.
This innovative service offers investors streamlined and secure access to critical market information at their fingertips.
Aisha Umar Mumuni, chief digital officer of MTN Nigeria, said, “This collaboration with CSCS on the *7270# USSD service underscores MTN’s commitment to harnessing the power of mobile technology to simplify complex processes for our users.
“By making critical investment information available at the touch of a button, we are helping to democratize access to the capital markets and, in the process, enhance investor engagement and market transparency,” she said.
CSCS continues to lead the way in technological advancements, reinforcing its position as a pivotal player in the Nigerian capital market ecosystem.
This initiative underscores our dedication to enhancing market efficiency and empowering investors with the tools they need for informed decision-making.
E-Business
Expert Urges FG to Leverage Digital Assets to Drive Diversification Goal

The need to maximise local digital assets, amid dwindling Oil revenues and a struggling economy, has been reiterated by the Chief Executive Officer of Quomodo Systems Africa, Oluwole Asalu, who maintained this measure remains the path to prosperity.
Asalu, while addressing the press in Lagos, recently asserted that global shift towards digital economies, presents a pivotal opportunity for Nigeria at this time to mobilise sufficient resources towards effective governance.
He emphasised harnessing the burgeoning local digital economy to expedite national diversification goals, while break away from overdependence on oil output.
Asalu, boasted further that Nigeria’s tech-savvy, youthful population and increasing recognition from global tech giants already position its digital sector as a driver of inclusive growth and job creation.
“Nigeria’s overreliance on oil is no longer tenable. As global markets shift towards renewable energy, the urgency to diversify has never been greater. Technology stands out as the most promising avenue, not merely as a sector, but as an enabler of growth across all facets of the economy,” he explained.
According to him, Nigeria’s tech talent remains the new oil, a renewable resource with the potential for significant returns, if strategically harnessed.
Like India’s successes in information technology services, Asalu want Nigeria to tap into lucrative outsourcing industry to draw foreign investment.
“Foreign investment in Nigeria’s tech sector is rising. Programmes like Digital Explorers have led European firms such as Telesoft to establish operations in Nigeria. Tech giants like Microsoft and Facebook have followed suit, injecting capital and creating jobs,” he stated.
He again pointed to the emergence of three unicorns within Nigeria’s tech ecosystem as a breakthrough and sign of maturity.
“Nigeria’s tech ecosystem is already showing signs of maturity, with three unicorns emerging from its soil. These success stories, powered by local innovation, underscore the viability of a home-grown, world-class tech sector,” he affirmed.
He however emphasized urgent need to close existing gap in skills and infrastructure, in addition to embracing governance and collaboration to fully harness digital potential cum future.
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