E-Financial
Prolexic Gets Arab National Bank Job to Mitigate DDoS

Prolexic, the global leader in Distributed Denial of Service (DDoS) protection services, said that Arab National Bank (ANB), a commercial bank serving more than 2 million customers across Saudi Arabia, has selected its 24/7 monitoring and mitigation services to protect the bank’s online banking and e-trading websites.
ANB selected Prolexic after evaluating several local and global DDoS mitigation service providers and their capabilities.
Prolexic scored highest in ANB’s list of 18 technical and service requirements, which included: DDoS protection to cover all types of DDoS attacks and methods; Activation either on-demand or always-on; Low latency that will not significantly impact site performance; No impact on legitimate business traffic when DDoS protection is on; and DDoS mitigation of both national and international traffic
“Arab National Bank is aware of the risk of DDoS in the financial services sector and has taken proactive action to minimize its impact,” said Stuart Scholly, president at Prolexic.
“More than 10 of the world’s largest banks trust Prolexic for DDoS protection, and we are delighted to welcome Arab National Bank to our global financial services client base.”
“Prolexic could give us 24/7 monitoring plus the bandwidth capacity and flexibility to route both national and international traffic through its global scrubbing centers,” said head of Information Security at Arab National Bank, Alrebdi Al Rebdi.
“That, plus a time-to-mitigate SLA, gave us the confidence that Prolexic could protect ANB against DDoS.”
Prolexic’s PLXrouted service met ANB’s criteria for providing maximum protection against the broadest range of DDoS attack types and sustained high-bandwidth attacks.
PLXrouted is offered as a flexible, asymmetric, on-demand service and enables Prolexic customers to easily activate protection for an entire subnet by redirecting Internet traffic to the Prolexic network during a DDoS attack and routing off of the Prolexic network during non-attack periods. Prolexic’s DDoS protection service for ANB also includes 24/7 monitoring by Prolexic’s Security Operations Center (SOC). ANB also works with a local Prolexic global partner, Cyberia, which provides dedicated engineers to provide local support. ANB has not come under DDoS attack since PLXrouted was implemented.
“Financial services firms must educate themselves on the different types of DDoS attacks, because most people do not completely understand the huge impact they can have on our business,” said ITG-head of Telecoms at Arab National Bank, Jamil M. Barakat.
“As we have learned at ANB, it is critically important to have a good and reliable DDoS mitigation solution in place.”
E-Financial
FG Asks Banks to Report Individuals with N25m Monthly Transactions to FIRS

Federal government has mandated banks and financial institutions to begin reporting monthly transactions exceeding N25 million for individuals and N100 million for firms to the tax authorities.
Under the new provisions of the Nigerian Tax Act, financial institutions are required to submit quarterly returns to the Federal Inland Revenue Service (FIRS).
The agency will be renamed to the Nigeria Revenue Service (NRS) from January 2026, when the new tax system will take effect.
“Every person who has an obligation to deduct and remit tax under this Act or any other Returns for tax legislation shall render monthly returns to the appropriate tax authority, as specified deduction of tax in the regulation issued for that purpose,” the Act reads.
“Without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand be delivered by the relevant tax authority, quarterly returns to the relevant tax authority specifying the names and addresses of new customers;Nigerian fashion trends
“…and existing customers in the case of (i) an individual, all transactions where the cumulative transactions in a month amount to N25,000,000 or more, or (ii) a body corporate, all transactions where the cumulative transactions in a month amount to N100,000,000 or more.”
Prior to the new tax law, banks were mandated to report deposits of N5 million — a measure intended to curb illicit financial flows, according to TheCable
Experts said the shift is part of efforts to tighten anti-money laundering reporting in the financial sector.
In 2023, Nigeria was listed on the grey list by the Financial Action Task Force (FATF) over deficiencies in tackling money laundering and terrorism financing.
Since then, the country has been making efforts to exit the grey list, which subjects it to increased monitoring by the FATF.
In November 2024, Hafsat Bakari, chief executive officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), said Nigeria has achieved upgrades in five key recommendations from the FATF.
E-Financial
NIBSS: Active Bank Accounts in Nigeria Hit 320m

Nigeria Inter-Bank Settlement System (NIBS) has revealed that the number of active bank accounts in the country increased to 320 million in the first quarter of 2025.
NIBSS also announced that the country’s cashless transactions rose to N295 trillion in the that quarter, up from N237.11 trillion in the corresponding quarter of 2024.
NIBSS disclosed this in its latest report on the country’s financial sector.
According to the data, the report highlighted the growing reliance on digital payments nationwide.
Details from the report showed that electronic payment channels were used 2.21 billion times in Q1, while point-of-sale, PoS terminals recorded 776.94 million transactions.
The NIBSS report corroborates ACI Worldwide data, which indicated that the volume of Nigeria’s real-time payment transactions will reach 19.7 billion by 2028, up from 7.9 billion in 2023.
“In Nigeria, real-time payments are quickly becoming a viable alternative to cash, historically the dominant choice for payments in the country,” ACI said.
E-Financial
Edun, Finance Minister Inaugurates NDIC New Management

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, has inaugurated Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations), at the Ministry of Finance, Abuja.

Mr Wale Edun, minister of Finance and coordinating minister of the Economy, flanked by Mr Thompson Oludare Sunday, new managing director/chief executive officer of the Nigeria Deposit Insurance Corporation (NDIC), and Dr Kabir Sabo Katata, executive director (Operations),
In his speech during the occasion, the Minister submitted that the NDIC, as a component of the financial safety-net has a crucial role to play in the nation’s march to economic stability and prosperity.
He therefore charged the Management team to bring their diverse wealth of experience to bear on their new assignment while assuring them of the ministry’s full support in the task ahead.
Responding, Mr Sunday who spoke on behalf of the Management team, expressed appreciation to His Excellency, President Bola Ahmed Tinubu for their appointment.
He assured the Hon Minister of the readiness of the Management under his leadership to live up to expectations of the President in particular and the nation in general in the discharge of their duties.
The Management later received by the Corporation’s Head Office with a warm welcome by the workforce.
A statement signed by Hawwau Gambo, head, Communication & Public Affairs Department, revealed that Addressing the workers on behalf the Management team, Mr. Sunday promised to work in harmony with the staff to move the Corporation to its next level performance.
He stressed that the Management’s focus would be based on the public policy objectives, functions and mandate devolved on the Corporation by the enabling law that established it.
Thompson Oludare Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience.
Having cut his teeth with the Central Bank of Nigeria (CBN) in 1989, he went ahead to acquire high-end knowledge in Central Banking, spending 24 unbroken years in banking supervision.
While his vast experience is in the regulation and supervision of licensed institutions, his deep expertise span corporate governance, risk management and compliance as veritable tool for ensuring the safety and soundness of institutions.
He is a highly analytical and cross functional team worker with strong interest in building individual and institutional capacity for transformation and excellence.
Thompson’s skills and experience were horned by several key responsibilities and special assignments he handled for the apex Bank before his retirement as a Director 2021.
Kabir Sabo Katata, ED (Operations), is a quantitative energy strategist and computational finance expert with strong power trading and risk management experience.
He has over twenty-eight years’ experience in the design and management of technically innovative systems in multiple industries including telecommunications, IT, energy (petroleum & power), finance and government.
He is a specialist in sophisticated financial optimization, the application of modern statistical techniques and mathematics to energy, deposit insurance and banking sectors.
Dr. Katata joined the service of the Nigeria Deposit Insurance Corporation in 2012 as an Assistant Director in the Research, Policy and International Relations Department and rose to the pinnacle of his career as Director in January 2022, before his new appointment as Executive Director (Operations).
- E-Business2 days ago
Huawei Unveils AI Computing System to Challenge Nvidia’s Flagship Product
- E-Financial2 days ago
Union Bank Rewards Customers with ₦5 Million Each in Save and Win Palli Promo Season 4 Grand Finale
- E-Financial2 days ago
Edun, Finance Minister Inaugurates NDIC New Management
- General News2 days ago
New Tax Law Empowers NRS to Fine Offenders up to N10m
- News2 days ago
Lawyers Drags NLS to Court for Alleged Election Fraud, Data Violation
- Broadcasting2 days ago
Court Upholds AVRS Legal Rights to Licence Audiovisual Works in Hotels
- Telecom2 days ago
NASENI, Nigerian Air Force Renew Strategic Partnership to Drive Indigenous Defense Technologies
- General News2 days ago
Taskforce Arrests Six for over Fake Lottery Scam