Telecoms and IT

Financial Sector Loses ₦14b to Fraudsters, Ponzi Scheme in 2016

The nation’s financial sector lost N2.19 billion to fraudsters in 2016, according to Annual Report of the Nigeria Electronic Fraud Forum (NeFF), released in Abuja.

According to the report, the actual money lost to fraudsters is slightly less than the N2.256 billion recorded in 2015.

However, the volume of fraud cases jumped to 19,531, against 10,743 cases in 2015, an indication that the financial system had increasingly suffered attacks from fraudsters.

Nigerian Benson Wins £25,000 for Tutoring App

A 27-year-old Nigerian, Godwin Benson has won an engineering award given by UK’s Royal Academy of Engineering for the tutoring app developed by him.

According to the BBC, Benson, a systems engineer, beat 16 participants to clinch the £25,000 ($32,000) prize money.

At the awards ceremony in Nairobi, Kenya on 23 May 2017, the four finalists delivered presentations, before Africa Prize judges and a live audience voted for the most promising engineering innovation.

Telecoms Sector Contributes ₦15tr to GDP –NCC

Nigeria’s telecommunications sector contributed over N15 trillion to the country’s Gross Domestic Product (GDP) since the liberalisation of the sector, according to the Nigerian Communications Commission (NCC).

The Executive Vice-Chairman of NCC, Prof. Umar Danbatta, made the disclosure at an interactive session with newsmen in Lagos on Tuesday.

Danbatta said the sector’s contribution to the GDP increased from eight per cent in the fourth quarter of 2016 to nine per cent in the first quarter of this year.

Smart City Development: the Need for Public Private Partnership

The Minister of Foreign Affairs, Mr Geoffrey Onyeama, has stressed the need for Public Private Partnership (PPP) in driving Information Communication Technology (ICT) and development of smart cities in Nigeria.

He told the News Agency of Nigeria on the sidelines of Transform Africa Summit 2017 in Kigali, Rwanda, that unless the huge infrastructure deficit in Nigeria was addressed, achieving the Smart Africa Initiative would be difficult.

Why Payment Systems in Nigeria must be Secured

The Central Bank of Nigeria (CBN) on Wednesday reiterated the need to secure payment systems in the country to stem fraudulent activities in the financial sector.

The Director, Banking and Payment Department, CBN, Mr Dipo Fatokun stated this while presenting a keynote address on emerging regulations to protect online, mobile and payment services in Abuja.

Nigeria Should Simplify Taxes, Cut Fees to Boost Tech Sector –Google

Nigeria's government should simplify taxes and reduce fees involved in laying fibre optic cables to encourage development of infrastructure for the technology industry, Google's manager in the West African country said on Tuesday.

Juliet Ehimuan-Chiazor told Reuters boosting the technology industry would help diversify Nigeria's oil-dependent economy, the largest in Africa and which is now in its second year of a recession caused mainly by low crude prices.

Towards Affordable Internet in Nigeria

The Minister of Communications, Adebayo Shittu, on Tuesday signed the renewal of Memorandum of Understanding (MOU) with the Alliance for Affordable Internet (A4AI), to ensure affordable internet in Nigeria.

Shittu signed the three-year MOU during the A4AI Nigerian Coalition meeting in Lagos.

He said that the Federal Government recognised the urgent need to increase access to and usage of internet and broadband in Nigeria.

GSM subscriptions in Nigeria hit 154 million

No fewer than 154 million Nigerians are now active subscribers of the General System on Mobile Communications (GSM), the Executive Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta has said.

Speaking on Friday during the NCC day at the ongoing Enugu International Trade Fair, Danbatta said that the country’s social media space had continued to thrive.

Customs adopts electronic auction of seized goods

Nigeria Customs Service (NCS) has decided to adopt electronic platform to conduct the auction of seized goods to ensure transparency.

Mr Joseph Attah, NCS spokesman, told the News Agency of Nigeria at the weekend in Abuja that the platform was presently undergoing user acceptability test.

“What that means is that in the very near future in a matter of weeks, the NCS will officially deploy its trade portal.

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