• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Decent first 2021 auction for DMO, but drive to finance FGN deficit still poses a challenge

      1hr

      Finance

      Exposing Nigeria’s vulnerabilities: Covid-19, crude oil downsides from weak global macro environment

      1hr

      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

      Companies

      Total Nigeria, Mixta, Valency, list new CPs on FMDQ platform to enhance financial markets development

      January 19, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Frontpage

      SDG: Covid-19 magnifies financing gap in developing countries by 70%, says OECD

      < 1 min

      Frontpage

      Africa startups received $2.44bn investment with marginal drop in 2020

      11 hrs

      Markets

      Nairobi Stock Exchange pushes expansion plans with more listings in 2021, says CEO

      January 23, 2021

      Africa Investment Forum

      Africa’s $60bn losses in illicit capital flows due to multinationals’ tax avoidance, says AfDB Adesina

      January 22, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      Nigeria’s electricity DisCos create imbalance costing N20.5bn in 3 weeks  

      14 hrs

      Companies

      Appeal Court suspends order against shutting of SEPLAT headoffice

      January 23, 2021

      Frontpage

      OPEC welcomes push for electric vehicles, but says fossil fuel remains strong

      January 21, 2021

      National: Governance, Policy & Politics

      Nigeria ramps up domestic LPG consumption above 1MMT, says PPPRA

      January 20, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Misconstruing Data Protection Officer function within organisations

      January 25, 2021

      Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

Frontpage

Nigeria loses N127bn to cybercrimes in one year, ranks 3rd in global Internet crimes behind UK, U.S

August 22, 20171.6K views0 comments

The Nigerian Communications Commission (NCC) says Nigeria currently ranks third globally in cyber crimes behind the UK and the U.S., losing estimated N127 billion in 2015 alone.

Umar Danbatta, NCC’s chief executive officer, disclosed this Tuesday in Lagos at the ongoing 2017 annual general conference of the Nigerian Bar Association (NBA) themed “African Business: Penetrating through Institution Building”.

According to the News Agency of Nigeria (NAN), Danbatta as a panelist at a breakout session with the sub-theme: “The Business of cyber law, Internet policy and privacy rights”, moderated by Augustine Alegeh (SAN) a former NBA president, said the number of internet users in Nigeria has hit 91.6 million, adding that about N127 billion was the estimated loss to cybercrime in Nigeria in 2015.

“Nigeria ranks third in global internet crimes behind the UK and U.S.,” he said, adding that a critical factor militating against Africa’s economic resurgence is the weakness of its institutions.

Read Also:

  • Exposing Nigeria’s vulnerabilities: Covid-19, crude oil downsides from…
  • Will 2020 Be Seen as the Year of the SPAC Bubble?
  • Experts optimistic African insurers can top global list, if…
  • Access Bank unfolds ambitious expansion into Africa, global markets…
  • Nigeria: The WHEAT importation albatross

He equally disclosed that Nigeria ranks 169 out of 199 on the World Bank’s ease of doing business rankings.

“We are in a middle of a revolution and the rise of what we call the networked society,” he noted, saying that the NCC stipulates the laws of engagement that will make the cyberspace safe and ensure the confidence as well as the safety of the cyberspace.

“There are benefits and risks of the use of cyberspace and both has to be properly managed,” he pointed out.

NAN reports that other panelists at the breakout session include Bayo Adekanmi, chief transformation officer at MTN Nigeria and Ibikun Abidoye, legal counsel of Chocolate City Group.

Others are Sascha Grimme, associate solicitor at Cooley LLP, a UK-based Lawfirm; and Bisi Adebutu of Premier Lotto, also known as ‘Baba Ijebu.’

In his remarks, Adebutu gave insight into the challenges Premier Lotto is facing in conducting transactions on the cyberspace.

“Premier Lotto has moved from the streets to the Internet, we have faced certain challenges including paying those who do business with us,” he said, adding that the cyber laws are not favourable to his business, Premier Lotto, which ranks as the fourth most visited site in the country.

“We have no easy way of verifying or identifying the owner of cards used to transact business. In Nigeria, the business of giving is just emerging, and it is important that we respect the privacy of our clients when they interact with us through the use of usernames and passwords,” he pointed out.

He said gaming is very popular on the Internet and fraud is one to the challenges the industry faces, that when an individual trying to perpetuate fraud identified his access is immediately blocked.

“We also have challenges of having to discipline offenders and the cyber laws have to be properly identified and implemented to appropriately punish offenders,” Adebutu said.

In her contributions, Grimme said threats and perpetrators of cyber crimes and the motives behind the cyber attacks have to be properly identified.

“There are challenges in identifying perpetrators of cyber crimes; even when identified, there have been instances where they stay in different jurisdictions making prosecution difficult.”

Adekanmi on his part noted that there is an ongoing online revolution happening in modern times, and that online security was very important.

“There is going to be what I call a technology apocalypse, you will wake up one day and someone is living your life somewhere. Someone once said that identity theft is worse than kidnapping, there is a thin line between privacy and security in modern business,” the MTN executive said.

Abiloye, who discussed copyright challenges in the nation’s music industry, said the general perception of copyright is that its incentive is to encourage people to create.

“There is a public slant to copyright; there are a lot of cases about unfair use of copyright. In Nigeria, we have an endorsement culture and there have been instances where individuals use unauthorised images to promote a product,” she noted, adding that Internet and technology are moving at a pace faster than the music industry.

During the session, Folake Solanke, the first female senior advocate of Nigeria, queried the MTN executive and the NCC CEO on what actions the organisations were taking about unapproved phone charges as a result of unsolicited text messages.

Responding, Adekanmi said some of the developments are beyond technology companies.

We download a lot of free apps on our mobile phones. We get these apps for free but unknown to a lot of people, it is actually in exchange for our personal information which are then given to advertising companies.” The MTN executive said using the popular app Truecaller to buttress his point.

He said that the app has a large database of names and other personal information of users, which are accessed by third parties for advertising.

Danbatta, in response to Solanke’s question, said the NCC launched a campaign on March 15 to provide a solution to unsolicited text messages.

“We have provided a facility to stop subscribers from receiving unsolicited text messages as well as a facility for subscribers to subscribe to text messages.

“Send STOP to 2442 to unsubscribe to text messages; if the messages keep coming, dial 622 which is a toll-free number and the NCC will wade into the matter and ensure those messages stop,” he said.

Share on Facebook Tweet Email
TagsCyber crimes Nigeria cyber attack Nigeria cybercrime Nigeria cyberspace
PreviousNigeria’s capital importation rises 95% to $1.79bn in Q2 as portfolio investors make bold return to bourse
NextAngola votes for first new leader in 38 years amid economic crisis

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • SDG: Covid-19 magnifies financing gap in developing countries by 70%, says OECD
  • Nigerian university agriculture institute researchingflood resistant maize
  • CBN’s MPC keeps MPR at 11.50% in line with analysts’ expectations
  • Lagos opens gateway to 1000 potential youth entrepreneurs with coconut-based art and craft training
  • Decent first 2021 auction for DMO, but drive to finance FGN deficit still poses a challenge

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Nigeria’s government reiterates commitment to address country’s reliance on fish import

Frontpage June 4, 2018

1
2

MPC retains rates, renewed buying interests in stocks rebound to drive benchmark into green

Frontpage November 25, 2020

3

Oil prices slip over speculation on US sanctions against Iran

Frontpage May 8, 2018

4

Coronavirus puts Nigeria’s Tin Can Customs’ N540bn under check after unit raised 2020 revenue target by 70.3%

Frontpage February 26, 2020

5

Expectations of a near term MPC rate cut wane on rising yields in developed markets

Frontpage June 28, 2018

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.