By Rukayat Moisemhe

Some experts have emphasised the need for cybersecurity literacy to enhance strategic risk management in the capital market.

This, they said, would enable the Nigerian capital market to harness the advantages of Artificial Intelligence (AI).

They gave the advice at the 2024 Company Secretaries and Registrars’ Forum organised by the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) on Thursday in Lagos.
The News Agency of Nigeria (NAN) reports that the theme of the event was: “The Implications of Artificial Intelligence and Cybersecurity on capital market Operations.”

Mr Simon Aranonu, the Executive Director, Large Enterprises Directorate, Bank of Industry (BoI), said the advancements in AI technology had permeated every facet of the capital market industry, revolutionising processes and boosting efficiency.

Aranonu noted that corporate governance presented an opportunity for board members and top management teams to continually refine their communication skills, bring cyber-literacy to the boardroom, and enhance their organisations cyber resilience.

He stated that while capital markets around the globe were the most data-sensitive segment of the financial industry, AI was reshaping how traders, investors, and financial institutions perceive, analyse, and interact with the markets.

According to him, in recent years, capital markets have witnessed a surge in diverse investment opportunities, with massive support from private sector institutions in collaboration with the Federal Government.

Aranonu stated that the integration of new and innovative had resulted in increased economic activities, while making the markets susceptible to cyber attacks.

“Currently, Nigeria’s capital market is expected to reposition the economy along a path of sustained growth by broadening asset classes, improving liquidity, and deepening transactions.

“The more investments that come into the capital market, the better the economic growth and development outlook.

“Accordingly, proactive measures must be put in place to safeguard the volume of transactions in the capital market,” Aranonu said.

He listed impacts of AI and cybersecurity practices in capital markets to include: algorithmic trading, fraud detection, risk management and compliance automation, portfolio management among others.

Aranonu stressed that there were preventive strategies for individuals, firms and the general society to prevent and mitigate the impact of cybercrime.

“As we look forward to a cyber-secure future, driven by technology and innovation, there will be opportunities as well as challenges in our day-to-day operations.

“However, we are presented regularly with more tools to combat the threats as they arise.

“Leveraging advanced technologies, fostering global collaboration, and prioritising cybersecurity education and awareness can mitigate risks and ensure a secure digital future.

“What is very clear is that it is increasingly important to stay ahead in the ever-evolving world of AI and cybersecurity,” he said.

Mrs Funmi Ekundayo, President, ICSAN, said the forum serve as an avenue to expose participants to modern day practical solutions to problems on company secretarial practices, registrars’ functions and related issues.

Ekundayo said the event’s theme underscored the institute’s predisposition with engagement of current issues that expand the frontiers of knowledge through strategic brainstorming and intellectual endeavors.

She noted that it was chosen because of its relevance not only to current corporate secretarial practices, but governance practices, especially with the right focus set on capital market operations.

“The depth, scope and utilitarian values of AI to our modern life is so engrossing and multidimensional that it will be an understatement to say we have entered the Age of Artificial Intelligence.

“According to a study by Statista, the global AI market is set to grow up to 54 per cent every single year, the magnitude of that projected growth and the concomitant impact in our everyday life can best be imagined.

“As a result, some pessimists have even cautioned that its wide applicability in all fields should be strictly monitored in order to forestall the possibility of this phenomenon surpassing human intelligence, and taking over the world from mankind.

“As remote as that postulation may be, it only goes to underscore the truism of limitless possibilities that Artificial Intelligence offers,” she said.

Ekundayo noted that while everything in life has both advantages and disadvantages, it had become important to fashion out ways to harness the benefits it offered while whittling down any harm it may bring. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Jessica Dogo

Mr Joshua Yari, Component Lead of the Enabling Environment Nigerian Energy Support Programme (NESP), said Nigeria had invested 48 million Euros in the second phase of its Energy Support Programme.

Yari said this during a one-day Energy Summit organised by the Energy Commission of Nigeria (ECN) in collaboration with Abloom Trust Nigeria Ltd in Abuja.

The News Agency of Nigeria (NAN) reports that the theme of the summit was titled: “Prospects of Energy Transition Plan’’.

Yari explained that the programme was co-funded by the European Union and the German Federal Ministry for Economic Cooperation and Development.

He further stated that the Nigerian government would be investing about 19 million Euros in the third phase of the NESP.

“The World Bank, with the Nigerian Electrification Programme, is bringing in 750 million dollars to support the Nigerian government in terms of integration of renewable energy and energy efficiency, especially in rural areas,’’ he said.

Yari mentioned that the energy transition plan had five focal areas, adding that one of them was to create an enabling environment to support and foster investments within Nigeria.

“This means that one key aspect of improving investments is partnerships between governments, private sector, and the international development community.

“This administration has been clamoring for partnerships, especially the inclusion of the private sector in terms of investment.

“We hope to see the private sector come in to play a key role in implementing the focal areas of the Energy Transition Plan,’’ he said.

In his remarks, Director-General, ECN, Dr Mustapha Abdullahi, said collaborating with stakeholders was crucial to achieving the goals of the energy transition in the country. 

Abdullahi said collaboration would provide the avenue for robust discussions, knowledge sharing, and formulation of actionable policy recommendations to guide the country’s energy transition journey.

He said Nigeria must address challenges such as investment barriers, grid integration issues, robust policy frameworks, and some hurdles of energy transition goals.

The director-general added that some of the solutions included innovative policy measures, regulatory reforms, and investments in grid modernisation to address the challenges and pave the way for a sustainable energy transition.

“It is imperative that we come together to explore opportunities and address these challenges.

“Energy transition is not merely a buzzword. It is a fundamental shift in our approach to energy production and consumption.

“I am confident that your insights and contributions at this summit will inspire us to explore innovative solutions, a sustainable, and resilient energy future for our nation,” he said.

Also, Mr Ogbugo Ukoha, Executive-Director of the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), said the impact of the environment was promising as Nigeria migrated from heavy consumption of petrol and optimised gas utilisation in the country.

“We extend our collaboration and hands of fellowship and look forward to paving a pathway to the development that we are all looking forward to,” he said. (NAN)

Edited by Deborah Coker/Deji Abdulwahab

The Ezeribe Foundation is to partner with GetBundi College of Technology to train 20 youths from Obowo Local Government Area of Imo in digital skills.

The digital skill education will be undertaken through the GetBundi Education Technology platform, a hybrid digital skills education platform for youths across Africa.

A statement by Mrs Juliet Ijei, the course coordinator for GetBundi, indicated that the four-month training exercise would be on Web Development and Data Analytics.

“Of the four months, one month shall be committed to onboarding, while three months shall be dedicated to online live classes with a masterclass every month from industry experts.

“We handhold our students and facilitate their learning process along their curriculum, with monthly performance-based tests that allow them take their theoretical understanding, which is knowledge, and turn it into the practical application, which is skill.

“Our curriculum is designed to make our students job ready,” Ijei said.

The fully-funded programme is one of the many ways Ezeribe Foundation is supporting education across Obowo Local Government Area.

“Recognising the importance of digital skills in today’s job market, Ezeribe Foundation is committed to improving the employability of Obowo youths in helping them to acquire digital skills.

“Such skills are very crucial for Nigerian youths in today’s world as they enhance employability, foster innovation and promote economic development.

“The Foundation has further pledged to continue to support the youths in Obowo to acquire skills needed to make them instantly employable.

“Beyond funding the programme, the foundation is providing functional laptops for each of the trainees with access to the internet .

“If you’re between 18-35 and from Obowo Local Government Area, you’re eminently qualified for the programme,” the statement said.

Ijei thanked Ezeribe Foundation for its support to the youths.

“We believe that Nigerian youths possess the ability and creativity to lead the African digital transformation, if given the best chances to learn.

“That is why we developed GetBundi platform and crafted the courses to help them learn and commercialise innovation.

“We are sure this is a life changing opportunity for the beneficiaries. We want more Nigerians to emulate the founders of Ezeribe Foundation and support the youths in their local communities and states.

“Youth empowerment should not be left for the government alone,” the statement added.

GetBundi is a hybrid digital skills education institution for African youths and an online STEM education platform for post primary schools.

It delivers high-quality, engaging and accessible education content from proficient educationalist and industry experts across the world.

GetBundi College of Technology is approved by the Federal Ministry of Education in Nigeria and the National Board for Technical Education as a tertiary institution. (NAN)(www.nannews.ng)

&Edited by Rabiu Sani-Ali

By Ijeoma Olorunfemi

UNESCO says Nigeria needs more investments to achieve the Sustainable Development Goals (SDGs), agenda of 2030.

Mr Abdourhamane Diallo, Head of Office and Representative of UNESCO to Nigeria, said this on Thursday at a two-day workshop on Capacity Development Training of Executives of the Federal Ministry of Education (FME).

The workshop was facilitated by UNESCO’s International Bureau of Education (IBE), an expertise organisation of UNESCO dedicated to curriculum development.

Diallo said that Nigeria was grappling with lots of issues that deterred it from attaining the SDGs, which included Goal 4 targeted at quality education.

“We have about six years to the time limit of achieving the SDGs. We are not there yet because the challenges are very high.

“The population is increasing, we have the problem of access, there is increasing number of out of school children.

“We need to accelerate investments, because the government cannot do it alone, and in the spirit of the SDGs, we need the private sector, Civil Society Organisations, everybody to be involved.’’

He added that UNESCO was supporting the roadmap of the country to fast track the attainment of the SDG 4, by building the capacity of entities in charge of curricula development.

According to him, curricula development is critical to SDGs and at the heart of education.

He added that as a fall out from the workshop, a curriculum Community of Practice (COP) would be developed to ensure that knowledge gained and ways of curricula development could be cascaded to necessary quarters.

Dr Muyibat Olodo, Director, Technology and Science Education Department, FME, reaffirmed that education was very key to the development of any nation.

Olodo said that delivering education to citizens without the right curriculum, cannot address the targeted purpose.

“In developing the curriculum, you have to take into consideration what the society wants, the employer’s needs, what the individual wants for gainful employment, which review of the curriculum is very important.

“The people going to develop the curriculum also need to know what is required globally to deliver an efficient curriculum for the education sector,’’ she said.

She added that the federal government would sustain curriculum review and update, to meet up with emerging demands across the globe.

Mrs Florence Ssereo, Senior Project Officer, Curriculum Transformation, Norms and Capacity Development, UNESCO-IBE, said the FME reached out to UNESCO in May 2023 for the training.

Ssereo recalled that the training began in May and had been in three phases, both physically and virtually, with 49 participants.

She mentioned that the course of the training took place in eight modules, adding that her organisation deliberated on policy dialogue and formulation, curriculum change, design, development, curriculum governance, evaluation, among other concerns.

Dr Garba Gandu, Director, Nigerian Educational Research and Development Council (NERDC) Centre, said the training would translate into finding ways to update schools’ curriculum.

Gandu added that the council had been better informed and would collaborate with relevant stakeholders to ensure best practices for curriculum cycle from planning to implementation.

Some of the recommendations from the workshop included for the FME to engage state and local stakeholders of education in consequent capacity development on curriculum.

“FME should ensure effective monitoring of teachers on the implementation of the curriculum implementation in Nigeria.

“FME should encourage the sensitisation and advocacy on issues affecting the implantation of curriculum, foster industrial support and resource allocation for the establishment and sustenance of Community of Practice in Nigeria.

“UNESCO-IBE should offer continuous technical support to the Community of Practice in Nigeria for effective implementation of the curriculum and sharing of best practices on curriculum.’’(NAN)www.nannews.ng

Edited by Deji Abdulwahab

By Ijeoma Olorunfemi

The Nigeria Data Protection Commission (NDPC) has stressed the importance of regarding the National Identification Number (NIN) as crucial data for sustainable development.

Mr Babatunde Bamigboye, Head of Legal, Enforcement, and Regulations at NDPC, made this assertion in Abuja on Thursday, addressing concerns about the alleged data breach by expressverify.com, a licensee of the National Identity Management Commission (NIMC).

Bamigboye highlighted that the commission was actively investigating the reported incident of unauthorised NIN verification by expressverify.com. He explained that while genuine businesses might have permitted expressverify.com to use NIN verification credentials, the circumstances surrounding this permission were still under scrutiny.

The NDPC emphasised the need for thorough scrutiny of data processing by licensees, ensuring only those compliant with regulatory standards are allowed to conduct NIN verification in the future.

Bamigboye urged the public to recognise NIN as essential data for sustainable development.

Regarding the response to the expressverify.com incident, Bamigboye noted that NIMC had temporarily restricted access to its database as part of established remediation protocols.

While recognising the impact on genuine verification requests, he said limited access was granted to establishments providing critical public services like education and security.

“Ongoing investigations aim to determine how expressverify.com obtained credentials from legitimate third parties and hold responsible parties accountable under existing laws”.

Bamigboye stressed the importance of strengthening technical and organisational measures for data protection, urging citizens to avoid sharing personal information indiscriminately online.

Bamigboye announced plans for training sessions to educate personnel and licensees on their responsibilities under the Nigeria Data Protection Act and NIMC’s Privacy Policy. (NAN) www.nannews.ng

Edited by Deji Abdulwahab

By Funmilola Gboteku

Heirs Technologies, a digital solutions company, says it has started empowering young tech enthusiasts through its i-Academy initiative to mitigate tech-talent attrition in Nigeria.

The Chief Executive Officer, Heirs Technologies, Mr Obong Idiong, said this at a news conference on Wednesday in Lagos.

He said the six months’ training programme would provide young tech enthusiasts with the skills and knowledge needed to launch a successful career in the technology industry.

Idiong also noted that the company was targeting 100 interns this year as against only 30 youths that were trained last year.

“Students will learn front end software development, backend software development and additional soft skills in a hybrid learning approach,” he said.

According to Idiong, as part of the curriculum, interns are exposed to real-life applications and projects.

He added that during the projects, the company ensures interns are well-equipped to design programmes both individually and in teams.

On community engagement, Idiong said the company was partnering indigenous organisations, schools and others to address community needs.

“We plan to offer basic or introductory training programmes for employees and local communities in the long run.

Speaking on local content, the managing director said Heirs was looking at multiple strategies to see the indices that could be substituted.

“If you look at the fintech space in Nigeria, we are doing a lot. We have local solutions that address some of the challenges in that space.

“We are looking at what we can do differently. We are trying to substitute foreign providers with our local providers in Nigeria.

“Heirs Technology is not here to do things that others are doing, we want to build something that will really change the game and add value to businesses,” Idiong said.

He added that Heirs was focusing on enabling local and multinational companies through local solutions.

Idiong said Heirs had plans to supervise talents that understood the business landscape.

“We are also establishing clear business ethics and transparency in communication of business operations and implementing sustainable practices, reduce waste and promote energy efficiency.

On other services rendered, Idiong said the company ‘s IT consulting services was aimed at helping businesses improve their operations, by advising them on how to use Information Technology (IT) effectively. (NAN)

Edited by Salif Atojoko

By Jessica Dogo

The Energy Commission of Nigeria (ECN) has trained women on how to mitigate cooking challenges and improve health and environmental degradation through clean cooking stoves in the country.

Its Director-General, Dr Mustapha Abdullahi, said this on Wednesday at the opening of gender sensitisation training on the adoption of clean cooking solutions, organised for women by ECN in Abuja.

The News Agency of Nigeria (NAN) reports that the two-day programme focuses on Clean Cookstoves for Sustainable Energy Development for Women aimed at addressing energy challenges through a gender-sensitive lens.

The director-general said the programme would enhance the socio- economic well-being of women and their families.

“This workshop serves as a platform for knowledge exchange, capacity building, and collaborative action towards promoting the widespread adoption of clean cooking solutions.

“This is tailored to the needs and realities of women who bear the brunt of air pollution from the traditional method of cooking.

“Through interactive sessions, insightful discussions, and practical demonstrations, we will explore innovative technologies, and best practices to accelerate the transition towards clean and sustainable cooking solutions.”

Abdullahi said that the training underscored the commission’s commitment to mainstreaming gender considerations in energy policies and initiatives, adding that women were not only disproportionately affected by energy poverty.

According to him, it also possesses unique knowledge, skills, and perspectives that are invaluable in shaping effective solutions.

He urged participants to actively engage, share experiences, and forge partnerships that would contribute to the success of collective efforts.

“Together, we can pave the way for a brighter, healthier, and more equitable future, where clean cooking solutions empower women, protect the environment, and drive sustainable development for generations to come,’’ he said.

In his remarks, Dr Charles Odii, the Director-General, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), said the adoption of innovation and technology would bring about significat advancement breakthrough in Various fields.

Odii, who was represented by Assistant Chief Enterprise Officer, Mrs Idorenyi Etim, assured of continued and mutual relationship between SMEDAN and ECN for the growth and development of the nation’s Micro, Small and Medium Enterprises (MSME) sub-sector.

“This will harness knowledge, expertise and resources to develop initiative solutions that solve problems, improve efficiency, drive progress and deliver,’’ he said.

Alhaji Abdulkareem Aliyu, a resource person, presented a paper titled: “Mainstreaming in Climate Change in Nigeria: Energy Sector”.

According to him, women can play a critical role in responding to climate change due to their local knowledge of sustainable resources at household level.

“Mainstreaming gender in Nigeria’s climate action, particularly within the energy sector of renewable and biomass, is not a social justice issue but a necessity for achieving renewable development.

“By dismantling existing barriers and empowering women, we unlock their invaluable knowledge, leadership and resource management skills.

“This fosters stronger community resilience, unlocks green job opportunities and ensures that climate solutions benefit everyone.

“Nigeria’s transition towards a clean energy must be inclusive and that can only be achieved by placing gender equality at the heart of climate action strategies.”

Speaking on behalf of the participants, Mrs Ngozi Uche, who thanked the commission for the gesture, said the programme would help them to sensitise others to adopt cookstoves as methods of cooking. (NAN) (www.nannews.ng)

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Edited by Deji Abdulwahab