BusinessworldNews

Rice of Politics: How Local Elections Are Stealing Food from the Poor

2025-07-10T02:26:00.000-07:00

By Businessworldng

In a dusty corner of Bodija Market, Ibadan, Risi Lawal stares at the last bag of rice in her stall. It's the third day she hasn’t sold a full bag — not because customers aren't coming, but because they simply cannot afford it anymore. “They say I’ve joined the politicians,” she murmurs, her voice laced with frustration. “But it’s not me — it’s the system.”

With local government elections fast approaching in Nigeria, a quiet crisis is unfolding in markets across the country. Politicians, in their bid to win hearts — and votes — are bulk-buying rice in massive quantities to distribute as campaign gifts. The ripple effect? A steep and sudden spike in rice prices, leaving everyday Nigerians struggling even harder to feed their families.

Just weeks ago, a 50kg bag of rice sold for ₦55,000. Today, that same bag is going for between ₦67,000 and ₦72,000. The surge is not driven by fuel prices or international import restrictions — it’s driven by politics. "The market is dry, and yet prices are flying," Risi says. "What do they want us to eat? Sand?"

In a country where rice is not just a staple food but a symbol of survival, this trend has sparked anger, especially among market women and low-income families. For many, rice was already a luxury item. Now, even small measures are becoming unattainable. Families are scaling down to less nutritious meals or skipping meals altogether, while sellers lose both trust and income.

Experts say the issue exposes a deeper flaw in Nigeria’s election culture — where food becomes a tool of manipulation, rather than a right. “This is vote-buying disguised as generosity,” says Dr. Funke Oladele, a development economist. “It distorts the market, hurts the poor, and ultimately deepens inequality.”

To change the narrative, stakeholders are calling for policy reforms: better price monitoring during election seasons, limits on campaign-induced commodity hoarding, and stronger support for local food producers. Until then, Nigeria’s poor will continue to pay the price — not just at the polls, but at the dinner table.

FBN Holdings N149.58bn Rights Issue Closes Dec 30th

2024-12-28T01:38:00.000-08:00

FBN Holdings N149.58bn Rights Issue Closes Dec 30th

Trading in FBN Holdings (FBN) Plc's N149.575 billion rights issue will close on Monday, December 30.

The Holding Company disclosed this in a statement to the investing public. FBNH had earlièr notified the investing public that "FBN Holdings has obtained the approval of the Securities and Exchange Commission (SEC) to extend the period of the rights issue by 18 days. Consequently, trading in the Company’s Rights will now close on December 30 2024."

FBNH is under going a rights issue for 5.983 billion ordinary shares priced at N25.00 each, on the basis of one new ordinary share for every existing six ordinary shares held as at the close of business on October 18, 2024, opened on November 4, 2024 and supposed to close on December 12, 2024.

The Company earlier said the proceeds of its recent N150 billion rights issue will be used to increase the tier 1 capital of its banking subsidiary, First Bank, as it grows its digital banking operations, and international activities.

The Holdings Company said the financial services group was proactive and commenced the capital plan in 2023 before the Central Bank of Nigeria’s recapitalisation plan was unveiled.

“Our core values are expressed in the acronym E.P.I.C., which encompasses being entrepreneurial, professional, innovative and customer-centric. We would prioritise driving growth through expansion, integration, innovation and sustainability.

"We seek to raise 150 billion via a rights issue. This plan had commenced in 2023 before the recapitalisation exercise because we knew our numbers and the firepower we needed. While we were at it, the Central Bank of Nigeria came in with the new capital requirement of N500 billion, which showed that we are ahead of the curve,"the statement read.

As of September 30, 2024, the Corporation’s financial highlights include total assets of N27.49 trillion, N12.72 trillion in loans and advances, N21.22 trillion in customer deposits, N2.60 trillion in shareholders’ funds.

FBNH achieved N2.25 trillion in gross earnings with a return on equity (ROE) of 20.27 percent.

FBN Holdings Plc is a financial holding company and one of the largest financial services organisations in Africa.

It is a diversified and leading financial services Group offering a broad range of products and services through its subsidiaries, across commercial banking, merchant banking, capital markets, trusteeship and insurance brokerage to millions of customers.

WIMBIZ 23rd Annual Conference to host Keynote Speaker Prof. Yemi Osinbajo and Conference Chairperson, Prof. Folashade Ogunsola and Others

2024-10-11T03:25:00.000-07:00


	L-R: Conference Sub-Committee Communications and Publicity Chair; Mabel Adeteye; Executive Director, WIMBIZ, Omowunmi Akingbohungbe; Conference Chair, Opeyemi Oduwole at the Press Conference organized at the WIMBIZ Headquarters Ikoyi on Wednesday, October 9, 2024. Photo: WIMBIZ	L-R: Conference Sub-Committee Communications and Publicity Chair; Mabel Adeteye; Executive Director, WIMBIZ, Omowunmi Akingbohungbe; Conference Chair, Opeyemi Oduwole at the Press Conference organized at the WIMBIZ Headquarters Ikoyi on Wednesday, October 9, 2024. Photo: WIMBIZ

L-R: Conference Sub-Committee Communications and Publicity Chair; Mabel Adeteye; Conference Chair, Opeyemi Oduwole; Executive Director, WIMBIZ, Omowunmi Akingbohungbe at the Press Conference organized at the WIMBIZ Headquarters Ikoyi on Wednesday, October 9, 2024. Photo: WIMBIZ

The Women in Management, Business, and Public Service, has announced that its highly anticipated 23rd Annual Conference will feature an inspiring keynote address by former Vice President of Nigeria, Prof. Yemi Osinbajo, with Prof. Folashade Ogunsola the first vice chancellor of Lagos State University serving as Chairperson. The hybrid event, themed “Dream. Dare. Do.,” is set to take place with both virtual and physical attendance options, bringing together women from various sectors around the world in different countries like the United Kingdom, United States, Canada, Ghana, Cameroon, United Arab Emirates and lots more come together to engage in transformative dialogue and learning.

At a press briefing which was held in Lagos, Omowunmi Akingbohungbe, Executive Director, WIMBIZ, underscored the significance of the conference, which remains the flagship event of the organisation. In her remarks, she emphasised WIMBIZ’s long standing commitment to empowering women, particularly in leadership roles. She highlighted that the conference has played a key role in inspiring over 330,000 women throughout its history.

“The theme of this year’s WIMBIZ conference, ‘Dream. Dare. Do.,’ reflects the urgency for women to step into their power, especially in these challenging economic times,” said Opeyemi Oduwole Chair, Conference Planning Group (CPG). She cited examples of companies like Disney and FedEx, which thrived after economic downturns, demonstrating that adversity often sparks opportunity. “The conference is that charge we need to dare, dream, and do it.”

The 23rd edition promises a diverse agenda, including five plenary sessions, three hands-on workshops, and a business pitch competition. Among the plenary sessions, “Diversifying into Entertainment: A Viable Business Opportunity” will examine Africa’s burgeoning media and entertainment industries. Another session, “Overcoming Emotional Hurdles in Women’s Bold Journey,” will provide tools for managing stress, building resilience, and achieving work-life balance.

In her remarks, Mabel Adeteye – Chair, CPG Comms & Publicity Committee, WIMBIZ provided crucial details about the registration process, encouraging all interested participants to visit the WIMBIZ website. The conference will also be accessible through the WIMBIZ app, which enables users to engage with sessions, read comments, and network with other online attendees.

Omowunmi Akingbohungbe also spoke passionately about WIMBIZ’s advocacy efforts, which lie at the heart of the organisation’s mission. “We are constantly advocating for equal representation of both genders in leadership positions across all sectors. We have seen quite some improvement in the financial sector with 30% female CEOs in the Banking Industry,” she stated, underscoring the need for a balanced mix of perspectives in today’s workforce.

In addition, Omowunmi further mentioned some of the sponsors for this year's Conference, Doyenne Circle, First Bank, Standard Chartered, Wema Bank, BMO Advisory, Ardova Plc, MTN Foundation and others.

Opeyemi concluded the press conference with a powerful reminder of the importance of networking, stating, “Your network is one of the most powerful assets you’ll ever have in life.” She encouraged all women to attend the conference, emphasising that the connections made could be instrumental in shaping their future.

As the conference approaches, anticipation continues to build for what promises to be a landmark event in the empowerment of women leaders across Africa. For more information on registration, visit the WIMBIZ website or download the WIMBIZ app.

About WIMBIZ:

WIMBIZ (Women in Management, Business, and Public Service) is a non-profit organization dedicated to promoting and supporting women in leadership roles. WIMBIZ is of African roots with a global perspective of connecting and inspiring women across the globe to catalyze their growth to leadership positions and contribution to nation-building. With a history spanning 23 years, WIMBIZ has implemented various programs that inspire, empower, and advocate for greater representation of women in both the public and private sectors.

We have a global network of over 2,886 accomplished women who contribute to their initiatives in management, business, and public service. WIMBIZ collaborates with reputable domestic and international organizations to deliver impactful programs, positively influencing over 330,493 women to excel in their careers and businesses.

www.wimbiz.org

Contact:

WIMBIZ Communications Team

communications@wimbiz.org,

+234 810 639 6789

WIMBIZ 23rd Annual Conference to host Keynote Speaker Prof. Yemi Osinbajo and Conference Chairperson, Prof. Folashade Ogunsola and Others

2024-10-11T03:22:00.000-07:00

WIMBIZ 23rd Annual Conference to host Keynote Speaker Prof. Yemi Osinbajo and Conference Chairperson, Prof. Folashade Ogunsola and Others


	L-R: Conference Sub-Committee Communications and Publicity Chair; Mabel Adeteye; Executive Director, WIMBIZ, Omowunmi Akingbohungbe; Conference Chair, Opeyemi Oduwole at the Press Conference organized at the WIMBIZ Headquarters Ikoyi on Wednesday, October 9, 2024. Photo: WIMBIZ

“The theme of this year’s WIMBIZ conference, ‘Dream. Dare. Do.,’ reflects the urgency for women to step into their power, especially in these challenging economic times,” said Opeyemi Oduwole Chair, Conference Planning Group (CPG). She cited examples of companies like Disney and FedEx, which thrived after economic downturns, demonstrating that adversity often sparks opportunity. “The conference is that charge we need to dare, dream, and do it.”

About WIMBIZ:

www.wimbiz.org

Contact:

WIMBIZ Communications Team

communications@wimbiz.org,

+234 810 639 6789

AfDB signed $125.2m loan with Tanzanian government to provide Water to Districts suffering from Drought

2022-06-30T05:15:00.001-07:00

A $125.2 million loan agreement, signed between the African Development Bank and the Tanzanian government, will provide water for more than two million residents in the country’s Bahi, Chemba and Chamwino districts, which have suffered droughts and recorded high population growth.

#Tanzania’s Minister of Finance and Planning, Mwigulu Nchemba, and the Bank’s Country Manager, Patricia N. Laverley, signed the loan agreement on 16 May in Dar es Salaam.

"This has been a long-awaited project by the people of Dodoma. It is a project that the President, Samia Suluhu Hassan, wishes to see implemented. The signing of this loan agreement will bring great benefits to the people and also provide access to safe water for industrial use,” said Nchemba.

Cumulatively, the African Development Bank has invested $2.5 billion in 23 development projects in various sectors in Tanzania, including agriculture, water, and road infrastructure.

Odu'a Investment grew by 4.4% in revenue from N3.84bn in 2020 to N4.01bn in 2021

2022-06-22T10:14:00.000-07:00

By Oladipo Oluwatosin

During the 40th Annual General Meeting held in ONDO state, the Odu'a Investment growth record was declare with a 4.4% acceleration in revenue in 2021 against 2020 record.

In a press release by Richard Olatunde, Chief Press Secretary to the Governor of Ondo State, (today) Wednesday June 22, 2022 the AGM approved a total of N418.40m as dividends to shareholders. This is an improvement over the N364m dividends paid to shareholders in the previous year.

Mr Bimbo Ashiru from Ogun state was also unveiled as the company's new chairman following the expiration of the tenure of outgone chairman, Dr Segun Aina.

Earlier, the outgone chairman of the company, Dr Segun Aina, revealed that Odu'a Investment grew revenue from N3.84 billion in 2020 to N4.01 billion in 2021, which represented a 4.4% growth in revenue.

According to him, Profit Before Tax grew significantly by 149.8% from N3.75 billion achieved in 2020 to N9.37 billion, driven by the increased focus on the different areas of the business and gains in investment properties.

"Our earnings per share also improved to N15.9 for 2021 compared to N15.1 in 2020", he added.

Chairman of the South-West Governors' Forum and Ondo State Governor, Arakunrin Oluwarotimi Akeredolu,SAN, on Wednesday attended the 40th Annual General Meeting of Odu'a Investment Company Limited, held at Lagos Airport Hotel, Lagos State.

Governor Akeredolu charged the board to strive more towards repositioning the company for the economic prosperity of the South-West region and its people.

The Governor also enjoined the company to accommodate the Development Agenda for Western Nigeria (DAWN) Commission in the interest of the region and for efficient service delivery.

He called on the company to do more in Ondo State by inaugurating life changing projects especially in Agriculture.

Governor Akeredolu commended the board under the leadership of the immediate past Chairman, Dr Segun Aina, for changing the narratives of the company and shareholders, adding that a lot of strategies have been put in place.

He expressed delight that the outgone chairman was able to carry out those fundamental changes that the owner-States directed him to effect.

Other Governors present at the meeting are, Ogun state Governor, Prince Dapo Abiodun: Ekiti state Governor, Dr Kayode Fayemi represented by his deputy, Bisi Egbeyemi and Oyo State Governor, Engr Seyi Makinde who was represented by his Chief of Staff, Segun Ogunwuyi.

Also in attendance are the Secretary to the Ondo State Government, Princess Oladunni Odu; Commissioner for Finance, Wale Akinterinwa; shareholders and other Odu'a sons and daughters.

The Group Managing Director of the company, Adewale Raji, promised not to relent in their efforts towards transforming the agricultural sector of the South-West geo-political zone through South-West Agricultural Company Limited (SWAGCO Ltd), among other various initiatives.

Vonita's Epic Movie , "ADA OWERRI" IS OUT!!!

2022-06-17T10:26:00.003-07:00

Multi- talented and fast rising Africa's sensational performer, Adaeze vonita Pearl Aku aka VONITA has come out with her new hit movie " Ada Owerri "

The beautiful "shakara" crooner vonita whose song is trending,featured lyta of Marlian Records is the brain behind this new epic.

A natural born actor, singer , song writer and script writer.

Adaeze vonita Pearl Aku

She played the lead role, wrote and produced the movie, featuring some of the legends of Nollywood. Vonita is no doubt the next big thing to come out of the dark continent and the entertainment industry as a whole.

Brief On the Movie : 'ADA OWERRI'

Ada Owerri is a story of a young girl who dropped out of school and had a dream of becoming a successful musician.

She grew up in the ghettos, and did a lot illegal business to survive.

Her mother was a poor widow who suffered a lot of pressure and humiliation from her in-laws, because she didn't bear a male child.

Ada Owerri swore she will be a replacement for a male child and fill the void in her family. So determined that she set out on a journey to Lagos in pursuit of greener pastures.

While in Lagos, she met her old friend in school named Amaka who introduced her to a wealthy Chief, who Ada Owerri later duped and ran back to her village to fulfill the promises she made to her poor mother.

* Watch Ada Owerri live here https://fb.watch/dI8_BR2_qp/

FIRS Partners NCC to Boost National Revenues in Telecoms Sector

2022-05-12T02:07:00.004-07:00

By Oladipo Oluwatosin

NCC, FIRS Inaugurate Joint Committee to Boost National Revenues in Telecoms Sector

The activities of the NCC and the FIRS are acknowledged as pivotal to the achievement of sustainable revenue and growth projections of the Federal Government. In this regard, the telecoms sector has sustained a relatively high contribution to Gross Domestic Product (GDP) over the years – ending fourth quarter of 2021 at 12.6 per cent.

Besides, the FIRS recently acknowledged that some telecom licensees contribute significantly high percentage of total national tax revenue.

It is expected that the Joint Committee will enable both organisations to further optimise revenues for the Federal Government from the telecoms, digital economy and adjacent sectors of the economy.

The press release issued by Dr. Ikechukwu Adinde Director, Public Affairs today expanciate on the synergy.

The Nigerian Communications Commission (NCC) and the Federal Inland Revenue Service (FIRS) have taken their collaboration a notch further by setting up a Joint Committee of senior and management staff of the two agencies towards the implementation of inter-agency strategies for enhancing national revenues in the telecommunications sector.

The NCC’s Executive Commissioner, Stakeholder Management, Adeleke Adewolu, inaugurated the 17-member committee on behalf of the Commission’s Executive Vice Chairman, Prof. Umar Danbatta, and the Executive Chairman of the FIRS, Mr. Muhammad Nami, at the NCC’s Board Room in Abuja on Tuesday, May 10, 2022.

The inauguration of the committee, comprising six officials of NCC and eleven officials of FIRS, was carried out with senior officials of NCC and those of the tax agency led by its Coordinating Director for Compliance Support Group, Dr. Dick Irri, who represented the FIRS’ Executive Chairman, Muhammad Nami at the event.

While inaugurating the Committee on behalf of the heads of the two agencies, Adewolu stated that the terms of reference (ToR) of the Committee include: review the Memorandum of Understanding (MoU) signed between the NCC and the FIRS on June 9, 2020; and carry out inter-agency interaction on the implementation of the NCC’s Revenue Assurance System (RAS), to ensure that it incorporates the needs of FIRS to the extent that RAS can remain the sole interface with telecom service providers’ networks vis-à-vis the Tax Authority’s information needs from the telecoms sector.

Given the Committee’s composition and with the extensive experience and commitment of its members – which had informed their selection by the agencies – Adewolu stated that the managements of NCC and the FIRS expected no less than an excellent output from the Committee, tasking them to work together harmoniously and in the overall national interest.

Also in his comments, Dr. Dick Irri, who led the FIRS delegation to the inauguration, advised the Committee to take the assignments very seriously. “I would like to task you to take this assignment as a national matter as we expect the two agencies to work in harmony, collaborate effectively and have a warm handshake that will make this synergy between the two agencies a great example of collaboration between Federal Government agencies towards enhancing fiscal governance in Nigeria,” he said.

The decision to set up the Committee was one of the major outcomes of the meeting between the FIRS and the NCC on March 8, 2022 organised at the instance of the Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Pantami, to discuss the request by the FIRS for data and documents from the telecoms industry for enhancing national revenues from the sector.

The inauguration is a significant achievement, as it deepens the strategic collaboration between the two government agencies in the pursuit of their statutory objectives. It also vindicates the emphasis placed on achieving mutually-sustainable relationships with relevant stakeholders as detailed in both the NCC’s Strategic Management Plan (SMP), 2020-2024 and the Strategic Vision (Implementation) Plan (SVP 2020-2025) as well as FIRS’ strategic framework.

FSI Partners FUTMinna on Virtual Hackathon to Drive Inclusive financial Solutions for MSMEs

2022-04-06T09:35:00.002-07:00

FSI Partners FUTMinna on Virtual Hackathon to Drive Inclusive financial Solutions for MSMEs

The Financial Services Innovators (FSI), a Nigerian non-profit organisation committed to enabling start-ups within the technology and financial space has reaffirmed its commitment to creating inclusive financial solutions in suburban Nigeria with the announcement of the final round of the 'IncludeMe' virtual hackathon competition.

The ongoing virtual Hackathon, which started on the 11th of March with a webinar entitled MSME challenges in Northern Nigeria, facilitated by Mr Folorunsho Lukman, SMEDAN State Manager, Minna, is aimed at engendering inclusive financial solutions for Micro, Small, and Medium Enterprises, focusing on the banking and insurance services sectors in Northern Nigeria.

Speaking on the innovative Hackathon, The Executive Director, FSI, Aituaz Kola-Oladejo, said:

“We are excited to see this virtual hackathon moving ahead to a logical stage since we started. It has proven to be a unique platform for engaging the brain and minds of our various university students left redundant by the lingering ASUU nationwide industrial action. At FSI, we know that great ideas come from great minds; when tech-enthusiasts come together with a determination to ignite change with their diverse backgrounds and skill levels, the result is better excitingly impressive.”

Kola-Oladejo added that the hackathon is team-based with a minimum of 2 participants and a maximum of 5 participants. The teams will develop technological applications to solve real-life problems in suburban communities. This particular challenge aims to identify tech talents in Nigerian tertiary institutions. A total number of 77 teams registered for the hackathon with a total number of 209 persons.”

“This concluding round which began on the 1st of April with a capacity building programme on Building Minimum Viable Products (MVPs) by Mr Osasenaga Enogieru, the Grants Portfolio Manager of Pledge Inc. 15 team with 43 members are expected to pitch their innovative ideas to a panel of judges on the 12th of April 2022 virtually. The winner of the challenge will be going home with N1,500,000, the 1st runnerup, N1,000,000, the 2nd runnerup, N750,000 whilst the 4th to 10th place will get a consolation prize of N100,000 each”, said Kola-Oladejo, FSI Executive Director.

FSI is working closely with Flutterwave, Capricorn Digital Limited, Committee of e-Banking Industry Heads and the Nigerian Inter-Bank Settlement System Plc and other development partners to empower these Nigerian young university innovators towards creating a highly successful 'IncludeMe' virtual hackathon competition designed to create a sustainable digital economy that enables financial inclusion to flourish in our suburban.

FSI is a shared infrastructure for the financial services ecosystem with the primary goal to enable financial innovation, as well as to discover and nurture talents, from tertiary institutions toward building a robust digital economy.

Robots Are Coming for Your Jobs

2016-05-06T11:00:00.002-07:00

Robots Are Coming for Your Jobs

Some of the richest, smartest and most powerful humans have an important message for the rest of us as they convened this week to discuss pressing global issues: the robots are coming.

At the Milken Institute's Global Conference in Beverly Hills, California, at least four panels so far have focused on technology taking over markets to mining – and most importantly, jobs.

"Most of the benefits we see from automation is about higher quality and fewer errors, but in many cases it does reduce labour," Michael Chui, a partner at the McKinsey Global Institute, said on Tuesday during a panel on "Is Any Job Truly Safe?"

Technology has not only done away with low-wage, low-skill jobs, some of the more than 700 speakers said. They cited robots operating trucks in some Australian mines; corporate litigation software replacing employees with advanced degrees who used to sift through thousands of documents prior to trials; and on Wall Street, the automation of jobs previously done by bankers with MBAs or PhDs.

"Anyone whose job is moving data from one spreadsheet to another ... that's what is going to get automated," said Daniel Nadler, chief executive of Kensho, a financial services analytics company partly owned by Goldman Sachs Group.

"Goldman Sachs will be in here in 10 years, JPMorgan will be here. They're just going to be much more efficient in terms of operating leverage and headcount," he added.

Big banks have slashed tens of thousands of jobs in recent years as businesses like bond trading have become less profitable. Under tremendous pressure from investors to boost profits, but unable to grow revenue much, banks have increasingly turned to technology to reduce costs.

A Citigroup report in March suggested more pain is on the way for financial industry staff. Citi's analysts predicted a 30 per cent drop in banking jobs across the US and Europe over the next decade.

Martin Ford, an author and entrepreneur, argued that while the so-called gig economy has created temporary jobs for independent contractors, the next step is to get rid of them. The ride-hailing service Uber, for example, is investing heavily in building cars that do not need drivers, he said.

David Siegel, co-chairman of the quantitative hedge fund Two Sigma, blamed technology for income problems that have led to political upheavals around the world over the past several years.

"One of the big causes for the stagnation of middle class wages is essentially because of clever computer programs," Siegel said during a panel about artificial intelligence.

Some panellists were less dire in their assessments.

Billionaire investor Steve Cohen said it would take a while before robots replace stock pickers like himself. Kate Mitchell, co-founder of Scale Venture Partners, said freelance sites have allowed workers to supplement their income.

"It's easy to villainise technology," she said, "but there is a lot of opportunity there at the same time."

Abimbola Tooki Deputy Editor BusinessWorld Newspaper 7b Regina Omolara Street off Opebi Road, Opebi-Ikeja, Lagos, Nigeria Mobile 234 802 300 0027 www.businessworldng.com

Organisations Pay the Price of Chasing False Alerts

2016-04-30T11:03:00.001-07:00

The average company spends almost 199 hours a week investigating malware infections on their computer systems.

Another 230 hours a week is spent on cleaning or fixing the organisation's infected devices. With all this time spent on investigations, there are still around 40 per cent of infections that go undetected in an average organisation's network operating system.

This is a significant amount of time for any company to spend on investigating false positive alerts and chasing erroneous cyber alerts such as suspected malware and viruses that turn out to be nothing more than dead ends.

Chasing false alerts often results in a small fraction of serious malware threats being investigated, leaving data exposed and businesses at risk. Too much time is wasted on determining if there is a breach and identifying breaches instead of detecting malware identity, the type and intention of malware and how it bypassed the anti-virus.

Once a breach has been determined, more time is spent implementing a strategy to try to stop the attack. In the past 15 years, threats have become more sophisticated as cyber criminals are using social engineering techniques to gain access into organisations' systems. Unfortunately, many organisations that have been compromised by these serious threats are still not aware of the incidents.

There are six types of criminals who are likely to break into organisations' systems and perform activities ranging from identity theft to fraud to corporate hacking attacks.

1. The anarchist – He gains access into companies' websites and confidential communication information.
2. The banker – He wants bank-related information such as credit card info and client financial credentials. He is also seeking serious financial information. The selling of credit or debit card data on the black market is a well-established and lucrative business for cyber criminals.
3. The contractor – This is the emerging cyber-criminal who steals data and makes a lot of money in the black web market.
4. The arms dealer – He usually carries out fraudulent information and earns a lot more money than a genuine Web developer.
5. The special agent – He is sponsored by a country's government or private companies to investigate crucial information, he spends a lot of time working on only a few projects each year.
6. The insider threat – This is the employee or former employee who can either be negligent or malicious. When sensitive data goes missing under these circumstances the organisation can be fined and not the employee.

There are top five threats which took place in organisations in 2015 across the globe. These are malware, Web-based attacks, Web application attacks, botnets and denial of service. These were based on a report by the European Network information security agency.

It takes an average company around 206 days to identify a data breach and a further 69 days to contain that breach. This is a significant amount of time, the time between the initial compromise and the detection phase is called the dwell time.

Organisations need to begin to consider dwell time as key risk management, if the dwell time declines that means cyber security is improving. Proactive organizations are measured on their dwell time which is 48 hours and are always trying to improve that time.

To be on the safe side, advised organisations should follow the international guidelines stipulated in the Global DP Legislation Readiness Plan. Among the many recommendations, this legislation stipulates organisations should have a data flow mapping strategy of internal and external processing.

It also specifies organisations should review Privacy Impact Assessment and measure risk compliance against the legislation.

Abimbola Tooki Deputy Editor BusinessWorld Newspaper 7b Regina Omolara Street off Opebi Road, Opebi-Ikeja, Lagos, Nigeria Mobile 234 802 300 0027 www.businessworldng.com

2012-06-11T03:47:00.001-07:00

INEC Begins Audit of Political Parties' Accounts

-------------------------------------
From: Simeon Ogoegbulem, Abuja
-------------------------------------

The Independent National Electoral Commission (Inec) has begun the auditing of the accounts of 56 registered political parties in Nigeria, BusinessWorld Intelligence can now reveal. The audit covers the operations and activities of the parties for the year 2011.
BusinessWorld Intelligence can also disclose that already, letters to this effect signed by Alhaji Abdullahi Kaugana, Inec secretary were last week issued to selected external auditors by Mrs. Regina Omo-Agege, Inec's director of Political Party Monitoring and Liaison in her office. In the letters, the external auditors were asked to verify the income and expenditure profile of the political parties for the year 2011 and other activities of the parties and submit the report to the electoral body within three months. Each party is to be audited by a separate external auditor.
Auditing the accounts of political parties is part of the statutory functions of the Inec. Recently, the electoral body released 2010 external auditors' report of political parties. The report which include the financial year statements of the 63 registered political parties, membership registration as well as other details are in sharp contrast to what the parties claim to represent.
Seven of the parties namely; Accord Party, Action Alliance, Democratic Front for Peoples Federation, Hope Democratic Party, Justice Party, Peoples Mandate Party, and Peoples Salvation Party, according to the report, could not submit their reports to the electoral body for audit. And out of 56 that submitted reports, only three were found to have prepared and audited financial statements, while the remaining 53 did not have reports.

Also out of the 63 parties, only four were found to have maintained comprehensive membership register during the year under review. Major parties such as the All Nigeria Peoples Party (ANPP), Congress for Progressive Change (CPC), Labour Party (LP), All Progressive Grand Alliance (APGA), and Action Congress of Nigeria (ACN) were also accused of not having audited reports and comprehensive membership registers.

In the same vein, external auditors' reports on the accounts of political parties for 2007, 2008 and 2009 released by Inec last year indicate that only 14 of the 54 political parties recognized by INEC at the time had adequate financial records.
Some parties, including the People's Democratic Party, were alleged to have consistently flouted the Electoral Act. Other major parties; the Action Congress of Nigeria (ACN), the Labour Party (LP), the Progressive Peoples Alliance (PPA) all had questionable records. According to the report, out of the major political parties, only the All Nigeria People's Party (ANPP) had its financial papers in order.
Nigeria's largest party, PDP, which also has majority representation at the local, state, and federal government levels, could not account for the finances it received in 2008; neither did it conduct any internal audits that year. “The party does not maintain a Donation Register which is contrary to Section 95(2a) of the Electoral Act 2000,” Inec's external auditors reported. For the AC, now Action Congress of Nigeria (ACN), although the party kept its internal audited accounts for the year, it claimed that it spent almost N10 million naira above its income for the year.
After examining the books of the All Progressives Grand Alliance (APGA), the auditors called for an investigation of the party for failing to disclose the cash it received from Inec as grants. “The non-disclosure of the N6 million grant from the electoral body by the party should be investigated,” the auditors said. “The party claimed there was no income during the period under review despite the fact that the Inec released the sum of N6 million to the party during the year under review as grant,”

For the Republican Party of Nigeria (RPN), which claimed it had an income of N21.6 million, the auditors said, “Fraud is imminent. Falsification of records is inevitable. It is not possible to ascertain the accuracy of financial position of the party; hence the account cannot be relied upon.” The United Nigeria People's Party (UNPP) reported that it had an income of N6.6 million but claimed that it had expended a double of that sum.
Analysts say the National Assembly like Inec has a role to play in ensuring accountability in political parties. Both the Nigerian Constitution and the Electoral Act, confer an oversight responsibility on Inec and the National Assembly “to monitor the organization and operation of the Political Parties, including their finances”.

Specifically, Inec is mandated to arrange for 'the annual examination and audit of the funds and accounts of political parties', according to Section 15(d) of the Constitution. Section 226(1) of the Constitution makes it mandatory for the National Assembly to obtain the annual account of all political parties. But analysts believe the National Assembly ought to take the blame if the audit reports were not acted upon and if the erring parties were not sanctioned.

Dana Air Crash: Heads to Roll at Airworthiness Directorate

-------------------
By Pearl Ngwama
---------------------

Indications have emerged that there may be a clean sweep of the directorate of Airworthiness of the Nigerian Civil Aviation Authority (NCAA) sequel to the June 3 air accident involving Dana Air. The directorate which has been bugged by a spate of corruption charges leading to series of terminations is this time again fingered as the major culprit in the event that caused the lives of 153 Nigerians last week.

Sources close to the authority who spoke to BusinessWorld on condition of anonymity, said the problem of NCAA has been that of corruption among the engineers. By industry standard, it is the NCAA engineers who make up the directorate of Airworthiness that certify any aircraft fit to fly, while the Air Traffic Controllers (ATCs) clear the aircraft to take off or land.
Mr. Lateef Lawal, an industry stakeholder explained that it is the duty of NCAA to ensure that an aircraft brought in is in good condition. Thereafter the surveyors from the Airworthiness Department go around unannounced to ensure that the aircraft remains in good condition. He added that the pilots ensure constant log-in of any snag on the aircraft whether in flight or on ground and it is this log-in that the NCAA engineers look at to know if there is any snag to rectify.
Commenting on the Dana Air crash, Capt. Dele Ore noted that it is the duty of the Directorate of Airworthiness to certify any aircraft that operates in the country. Another source close to NCAA, also speaking on condition of anonymity said there is the likelihood of an entire reshuffling of the Airworthiness Department, noting that Dr. Harold Demuren, director general of NCAA has done a good job that needs not be tarnished, but that the bane of NCAA has been that of corruption among the engineers, which in the past had led to a sack exercise in the agency. According to him, if actually the ill-fated aircraft had been problematic, even from the time of manufacturing then the blame should go to the Airworthiness Department, because it is the engineers from the department that certified the aircraft.
Also reacting, Mr. Simon Tumba, an aviation commentator, said that if it is true that Dana Air was deliberately cutting corners to save maintenance costs and risk the lives of its passengers as reported, then NCAA's record over the last few years has been tarnished.
“It appears the law of diminishing returns has set in. It was time the government undertook a minor reorganization of that place to meet strict safety standard and procedure. We are hearing stories that pilots do not log faults in their books, but rather give notes to their engineers so that inspectors cannot trace aircraft faults. NCAA needs new thinking and approach,” he said.
Meanwhile, preliminary investigations and transcription from the cockpit voice recorder of the crashed plane indicated that the aircraft suffered engines failure prior to the accident. Competent sources close to Ministry of Aviation indicated that before the fatal accident the pilot in Command had complained of engine failure to the Control Tower in Lagos and eventually declared emergency.
It was also learnt that the two Control Columns in the cockpit failed to respond to pilot's command which led to the malfunction of the engines.

82 Million Nigerian Women are Poor - World Bank

2012-06-06T09:18:00.000-07:00

By Chris Uba

Life has become solitary, poor, nasty, brutish, and short for about 82.2 million women in Nigeria despite the avalanche of promises by the government to address the issue of gender inequality in the country, according to 2012 gender report on Nigeria by t

he World Bank and the United Kingdom Department for International Development (DFID).

The report, which was made available to BusinessWorld at the weekend has it that despite the fact that women have the potential to productively engage in the economic sector and reap the returns equal to those of men, they have yet to be accorded the right place in the scheme of things in the nation's socio-economic and political arena.

Gender in Nigeria Report 2012: Improving the Lives of Girls and Women in Nigeria painted a gory picture of the condition of women and girls in the country, especially in the rural areas, where they live under deplorable condition.

It said that all policies and promises to uplift the women folks in Nigeria have always ended as grandiloquence and rhetoric as things have continued to skew against women in all spheres of the nation's activities.

“Sixty-79 per cent of the rural workforce is women but men are five times more likely to own land ,” said the report.

According to the report, although women have more than 50 per cent of agricultural labour supply, men are more likely to own land. Specially, male-headed farm households own more than three times the amount of land that female-headed farm households do.

Also, according to the report, women earn less than men even within the same sectors as exemplified by a study in Osun State rural rice production which showed that women earn 60 cent per a dollar that a man earns in that sector.

“There is a 13 per cent gap between men and women in rural areas and a 30 per cent wage gap between men and women in urban areas,” said the report, which also stated that female tertiary graduates earn 20 per cent less than their male counterparts. This pattern of women earning less than men is common across all levels of productivity and profitability.

Additionally, women are crowded in the informal entrepreneurship sector where profits are lower but where more women are hired by female business owners. For instance, 14 per cent of formal entrepreneurs in manufacturing and services and 29 percent of those participating in the informal sector are women.

Also access to funds poses an immense huddle for female-owned firms in Nigeria along with other barriers to starting and expanding businesses.

According to the report, informality of women-owned businesses is also tied to lack of clarity in tax systems. Long queues and multiple visits to tax offices are disproportionately burdensome for women who are poorer and have less time to spend on such bureaucratic processes outside the home.

Sacked CBN Workers to Know Fate July 9

2012-06-06T09:09:00.005-07:00

Sanusi Lamido, CBN Governor

By Onyewuchi Ojinnaka

Aggrieved ex-workers of the Central Bank of Nigeria (CBN) who are in Appeal Court, Lagos to challenge the decision of the High Court delivered against them in respect of their disengagement during the rationalization exercise by the apex bank in 1996 and 1998 respectively will know their fate on July 9, 2012.

The Court of Appeal will on this date deliver judgement on the appeal filed by about 1,132 retrenched workers of the apex bank seeking to reverse the decision of the Federal High Court delivered by Justice Rebecca Ohomojobi.

The presiding judge, Justice K.B Akaahs fixed the date after Mr. Fred Agbaje, counsel to the appellants and Chief E.A. Oshe (SAN) counsel to the respondents had adopted their written addresses.

Justice Ohomojobi of the Federal High Court had in her ruling refused to order for the reinstatement of the workers whose employments were terminated by the CBN as a result of the rationalization exercise it carried out in 1996 and 1998 on the orders of the military administration of late General Sani Abacha.

However, three issues formulated by the sacked workers were resolved in their favour but the judge went ahead to dismiss the suit by declaring that the suit was 'statute barred' (filed out of time), adding that she could not order for their re-instatement because their employment did not enjoy statutory flavour.

Urging the court to uphold the appeal of the appellants, Agbaje argued that it was wrong for the lower court to go back to the issue of statute barred which had already been decided by the Court of Appeal on July 19, 2004 when, while ruling on a preliminary objection filed by the CBN, declared that the matter was not statute barred. He further said that the trial court having already resolved all the issues in favour of the applicants, including its declaration that the directive of the Federal Government to the CBN which led to the termination of appointments of the workers, violates the contract of employment as well as the CBN Act, should have gone ahead to nullify the entire rationalization exercise.

Citing the case of a recent Supreme Court judgement involving the CBN and its former employee, Dr. Victor Igwillo, delivered on May 4, 2007, it was confirmed that employment of all CBN staff enjoyed statutory flavour and as such, due process and the relevant regulatory provisions must be followed in the determination of appointment of each CBN staff.

MF Market: Battling Proposed Revocation, Recapitalisation Exercise

2012-05-24T04:18:00.005-07:00

Fact emerged last week that the Central Bank of Nigeria (CBN) will soon close down inactive microfinance banks in the country, while also emphatic on its December deadline given to Unit-based MFBs to shut down their branches. ZAKA KHALIQ reports.

The birth of microfinance banking in Nigeria in 2005 was necessary, as commercial banks continue to neglect the lower cadre of the economy. And to mop up money in this sector, microfinance banks emerged. They are expected to mobilise deposits in the grassroots, while extending financial assistance to the active poor Nigerians.

With this establishment, artisans, rural women, entrepreneurs, among others, were able to, not only save in them, they also got loans to invest in their existing businesses. Like a million star, they besieged MFBs for various form of banking services. The deposit base of MFBs swelled up, and still yet, more businesses are coming in.

With so much liquidity, and not knowing what to do with it, some MFBs began to gamble with depositors’ fund. Some, it was gathered, invested in shares of the quoted companies on the floor of Nigerian Stock Exchange (NSE), several invested in property and real estate, while others were busy setting up gigantic buildings and acquiring assets with depositors’ money.

Of course, initially, it turned out to be a good investment, but at the later stage, when the price of shares listed on the floor of NSE crashed, most of them were unable to recoup their money, thus, leaving a wide gap to fill in the depositors’ fund. Also, the cost of running those gigantic buildings and exotic cars they purchased, eat deep into their profit, and they were left with little or nothing.

It is at this time that MFBs begin to feel they must have made a wrong investment. As if this is not enough, mis--management of depositors fund by managers of the affected banks became the hallmark. Customers besieged them in their large numbers, wanting to claim their deposits. As a result, most banks were undercapitalised, several were forced to close shops, and even the surviving ones were illiquid to carry out meaningful business activities.

With these writings on the wall, the apex bank descended on the microfinance market in 2010, closing down 103 microfinance banks. Though it was meant to rescue the sub sector, the move further threatened the credibility of MFIs nationwide, as they continue to witness low turn-out from Nigerians. The consequence of the apex bank’s move led to massive withdrawals in the existing banks, with deposit mobilisation hitting a stumbling block. And coupled with low loan repayments, it is obvious that some banks would be unable to survive this trying time.

BusinessWorld findings shows that there are micro banks who just open shops, but are inactive, while some have temporarily closed shops, but have yet to inform the CBN. Customers were withdrawing their savings in these institutions; deposit mobilisation was unimpressive, while loan repayments were also low. Fact however emerged over the weekend that CBN is ready to close down inactive microfinance banks in a move to regulate the industry. This clampdown is expected to commence before the end of the year, which will also coincided with the recapitalisation deadline given to all unit MFBs.

CBN’s Promise to Close More MFBs With the spate of illiquid banks in the microfinance industry, the central bank has recently decided to withdraw their licences. At the recently held meeting of the Committee of Microfinance Banks in Nigeria (Comfbin), South West Chapter, in Ogba, Lagos , recently, Mr. Olufemi Fabamwo, director, Other Financial Institutions Supervision Department, CBN said the apex bank have identified inactive MFBs and will soon close them down. Some of the banks, he said had closed shops, but failed to inform the apex bank, while others are undercapitalised. According to the CBN official, “We have identified some banks that are not operating, but still holding the licence. CBN would soon close them down. They need to shut them down to allow healthy microfinance banks to survive. We want to witness positive change in the industry and we are doing everything possible to ensure that we achieve this target.”

The affected banks, he added, have failed to render their statutory monthly returns to the regulatory body for more than six months, which in itself, is a ground for revocation of licence.

Speaking on the monthly return rendition of MFBs, he said there is 70 per cent compliance, thus, calling on other erring banks to comply with the directive to record 100 per cent compliance.

“In term of rendition of returns, there is a slight improvement. We now have 70 per cent compliance, but we still need to do more to get to 100 per cent. Failure to submit return for six consecutive months is a ground for revocation of licence and we will not hesitate to implement it to the latter.”

Of the banks marked for revocation, findings show that Lagos State houses the majority.

Reaction of Operators Mr. Godwin Ehigimusoe, managing director, Lapo Microfinance Bank while speaking with BusinessWorld over the weekend said CBN has the right to close down any bank that is not performing up to expectation. He said the move of the apex bank to close those institutions was because most of them are not operating, but withholding the licence, stating that closure of inactive MFBs will lead to growth in the sub sector. “The CBN is the regulator and to address the challenges in the industry, some steps need to be taken to resuscitate the industry.

So, this is one of them.” Closure of Branches and Cash Centres of Unit MFBs Meanwhile, massive withdrawal looms in microfinance banks nationwide, as some microfinance houses begin to shut down their branches and cash centres nationwide, amidst the Central Bank of Nigeria (CBN)’s directive mandating them to do so. Credible sources in the industry disclosed that at least 60 per cent of the 898 microfinance houses are ready to forfeit their branches and operate from one source (Head Office).

The most affected by this development are about 400 converted community banks, although some of the newly licensed microfinance banks have also decided to shut down their cash centres.

While few MFBs have already commenced the sale of their outlets, others are making serious plans to sell-off their branches before year end. This closure, it was gathered is expected to send wrong signals to customers of microfinance institutions who will think MFBs nationwide are all ready to close shops.

Operators who spoke to BusinessWorld over the weekend said, public confidence is gradually returning to the market, but, a development like this will only rub-off the market of confidence, thereby leading to the collapse of many banks. Speaking to BusinessWorld over the weekend, Mr. Moses Ajao, managing director, Glory Microfinance Bank said closure of these branches and cash centres will send a wrong signal to customers of MFBs, thereby leading to massive withdrawals.

Reacting to this development, Fabamwo said microfinance banks can avoid the expected massive withdrawal through proper communication and persuasion with their customers. “If you approach them in the right manner, through sending message to them on their phones informing them that you are relocating, then, I don’t see this thing happening. You can also send email to them, among other communication channels. If you have good relationship with your customers, they will reason with you,” he said.

Extension of Recapitalisation Deadline Speaking on the mandate given to all unit MFBs to close all branches and cash centres, Fabamwo said there is no going back on December deadline, advising them to comply or risk sanction.

Listing the option left for MFBs to explore to recapitalise before the deadline, he said MFBs can raise new capital, raise money from both the existing and new shareholders or merge. “There are number of options available to you (MFBs).

You can raise new capital, you can raise money from existing or new shareholders, and you can merge. But I will rather prescribe acquisition. We have finished with the banking sector, we are now focusing on microfinance banking.

After this it will be mortgage institutions and later, finance houses. This will allow us to have a sound financial system,” he said.

While clarifying on the idea of Customers’ Meeting Points or Business Units, he said the set up of either, should be the responsibility of customers of MFBs, especially in group lending.

Of recent, he said MFBs are now setting up branches with three to four million naira all in the name of customers’ meeting points, stating that, henceforth, the regulatory body will no longer condone this.