Infotech
Internet fraudsters: US loses $5.3bn to Nigeria, other West Africa countries in 3 years
By Bukola Olanrewaju
Reports by Federal Bureau of Investigation (FBI), indicates that $5.3 billion have been lost to Nigeria and other West Africa countries internet fraudsters in three years.
The report by cyber security firm CrowdStrike, claimed that these Internet fraudster has shifted their base to hijacking corporate emails.
“It is a much more lucrative venture that works by gaining access to corporate e-mail login details or passing off almost – identical addresses as the real deal, a scam known as business e-mail compromise (BEC)”, CrowdStrike noted.
These Nigerian rackets now dwarf other types of online criminal theft, amounting to at least $5.3 billion of losses between October 2013 and the end of 2016, said CrowdStrike and the FBI’s Internet Crime Complaint Centre (IC3).
“There’s a disproportionate amount of criminal gains they get from it. The lion’s share of ill-gotten, fraudulent money is around these business e-mail compromise attacks. It’s a huge problem for our customer set,” Adam Meyers, vice-president of intelligence at California-based CrowdStrike, told Reuters.
Nigeria has become one of the hubs of BEC. Nigerian online fraudsters, known as “Yahoo boys”, became notorious for trying to pass themselves off as people in financial need or Nigerian princes offering an outstanding return on an investment.
The Founder and Chairman of a Nigeria Information Technology Security Solution Organization, WiniGroup, Tim Akano stated that, “cyber theft is a moving target that keep looking for loopholes to breach vulnerable organization of its valuables and confidential data”.
Speaking further, he said, “Data is money and when it is being compromised, money is lost.
Due to the vulnerable nature of most Nigerian organization’s data, Akano identified the value of money Nigeria lose yearly to cyber theft which has continue to have adverse effect on its economy.
“Central Bank of Nigeria and Nigeria Deposit Insurance Corporation (NDIC) has continue to announce billions of Nigeria currency that has being lost to cyber theft”, he said this is what we are trying to protect.
Furthermore, he advised organisations to be internally vigilant.
“The important number one role of any organisation in the protection of it’s data is internal vigilance”, said Akano.
He also encouraged organisations to continue to improve and keep working on securing and strengthening their systems against hackers.
The Chief Executive officer of Basscomm, Mr Demola Onanuga also explained that “cyber security is a fast growing environment in the Information Technology (IT) space. This is because; when one looks at the internet space, more people are getting online and more transactions are carried out in the cloud daily with lots of applications.
Infotech
Nigeria’s IT sector will remain strong inspite of challenges – DG NITDA


The Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa has stated that Nigeria’s IT sector will remain strong inspite of challenges.
Speaking during an event ‘CONNECT THE DOT’S CONFERENCE’, with the Theme ”Igniting Resilience and Empowering Youth”, which was held in Abuja, the DG said the agency is focusing on building resilience in the face of challenges for the development of Nigeria’s information technology sector.
He stated that NITDA is working on various initiatives to ensure that the country’s IT industry remains strong and resilient in the face of challenges.
“We must be resilient in the face of challenges, and this is particularly important in the IT industry,” Inuwa said.
“We are working on various initiatives to promote resilience in the sector, including the establishment of IT hubs in universities, and the promotion of local content development.”
He also highlighted the importance of digital transformation in building resilience, stating that NITDA is working to ensure that more Nigerians have access to digital technologies and skills, which will enable them to adapt to the changing digital landscape.
He further reiterated the agency’s commitment to building a strong and sustainable IT industry in Nigeria, and pledged to work with relavant bodies towards achieving its goals.
Business
NCC pledges support to Meta on digital economy initiatives


By Blessing Emmanuel, Abuja
The Nigerian Communi cations Commission (NCC) has pledged its readiness to support digital economic initiatives of investors, including Meta (formerly Facebook), that align with Nigeria’s vision for a robust digital economy.
During a visit to the NCC’s headquarters in Abuja, a delegation from Meta, led by Kojo Boakye, the company’s Vice President for Africa, the Middle-East, and Turkey, met with Dr. Aminu Maida, the Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC).
The NCC EVC emphasised the importance of compliance with industry laws, regulations, and guidelines for creating a level-playing field that encourages healthy competition and sustainable growth in the Nigerian telecoms sector.
Boakye congratulating Dr. Maida on his appointment, shared Meta’s ongoing efforts to land the 2Africa submarine cable in Nigeria.
According to Boakye, “The 45,000-kilometer-long cable, scheduled to go live in 2023, will be one of the world’s largest subsea cable projects, interconnecting Europe (via Egypt), Asia (via Saudi Arabia), and Africa.
“With a design capacity of up to 180 terabytes per second (Tbps), the 2Africa cable aims to deliver much-needed Internet capacity and reliability across Africa, supporting the growth of 4G, 5G, and fixed broadband access.”
Boakye sought NCC’s support in navigating legal and regulatory processes for the cable’s landing in Nigeria, emphasising the positive impact it will have on connectivity and affordability.
The Meta delegation also outlined plans to simultaneously land the 2Africa cable in Lagos and Akwa-Ibom States through a consortium.
Boakye emphasised that this approach aims to connect those currently without access while enhancing and providing affordable access for those already connected.
Responding, Dr. Maida assured Meta of NCC’s commitment to supporting initiatives that align with Nigeria’s digital economy agenda and welcomed the potential benefits the 2Africa cable could bring to the country’s telecommunications landscape.
Infotech
Minister Tijani reels out 100 days achievement, hails Tinubu


The Minister of Communications, Innovation and Digital Economy has reeled out his 100 days achievements as a Minister of the Federal Republic of Nigeria.
In a recent address, Minister Tijani expressed gratitude to President Bola Ahmed Tinubu GCFR for the unique honour bestowed upon him, and highlighted the collective accomplishments, outlining the path ahead for the Ministry.
Commending the unwavering support from directors, agency heads, and the entire team (NCC, NITDA, NigComSat, NDPC, NIPOST, GBB, etc), he emphasised the dynamic and cohesive force that has been shaped within the Ministry during this period.
Highlighting his achievements in office, Dr Tijani said, “The Ministry’s mandate, structured around five pillars – Knowledge, Policy, Infrastructure, Innovation, Entrepreneurship & Capital, and Trade – forms the core of the Strategic Blueprint. This blueprint guides the Ministry’s role in realizing the President’s Renewed Hope Agenda.
“In the first 100 days, the Knowledge pillar has been instrumental in driving initiatives, most notably the Three Million Technical Talent (3MTT) program. With over 1.6 million talented Nigerians applying in a month, partnerships, including a N1 Billion commitment from IHS Nigeria and UNDP’s funding for 3,000 internships, have significantly amplified the impact.
“The National AI Research Scheme received 2,118 proposals, showcasing the depth of talent in applying technology to critical sectors. Collaborations with the Raspberry Pi Foundation led to the establishment of Code Clubs in 17 locations, fostering technological talent from a young age.
“Under the Policy pillar, collaboration with NITDA resulted in the launch of the Startup Support and Engagement Portal, aligning with the Startup Act. White Papers on top AI talent of Nigerian descent and the 1:10:100 Implementation approach outline strategic directions.
“The Infrastructure pillar achieved milestones, including mapping over 2,500 innovation spaces and revamping NigComSat’s platforms. Extending coverage to underserved locations aligns with the commitment to providing digital opportunities. Engagements at global forums such as the Mobile World Congress and ITU-World Radio Conference underscore Nigeria’s global presence.”
On innovation, entrepreneurship and capital, Dr Tijani noted that “significant partnerships were forged under the Innovation, Entrepreneurship & Capital (IEC) pillar, including the $116 million financing for AFD’s I-DICE program and a $100 million Global AI partnership.”
“Initiatives like the 4IRTA platform and the Young Innovative Builders program demonstrate dedication to leveraging technology for sustainable development,” he narrated.
The Minister explained further that the achievements of his 100 days in office were a result of collective efforts that have shaped the first 100 days.
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