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Nigerian Businesses Must Continually Raise Cyber Security Culture levels – David-West

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Prof. Olayinka David-West, Associate Dean, Lagos Business School Pan-Atlantic University, has stressed the importance of investing in cyber security measures and building a cyber security culture to mitigate risks associated with security breaches on businesses.

David-West, also Fellow, Chartered Risk Management Institute of Nigeria (CRMI), said this at the 2023 CRMI induction ceremony with theme: “Cyber Security Challenges in Modern Day Risk Management” on Thursday in Lagos.

Report says that CRMI which existed for over two decades as Risk Management Association of Nigeria (RIMAN) is committed to promoting the highest standard of risk management practices in Nigeria.

At the induction, HRH Muhammad Sanusi II, Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) and 43 persons were inducted as Fellows of the institute, while 42 others attained Chartered Risk Managers status.

According to David-West, the shift to the new digital world and increasing reliance on technology must be matched to tackle risks on businesses from cyber security breaches.

She said that in 2022 alone, there were over 600 billion cyber attacks which cost businesses and individuals over 600 billion dollars in damages and loss of productivity.

She, added that there was a shortage of professional cyber security skills in Nigeria, and noted that business organisations and individuals must be abreast with measures necessary to protect their network and data.

“We must develop plans to mitigate security breaches via technical and non technical controls such as long passwords, firewalls, intrusion detection systems, among others.

“We must be mindful of updating devices and using public USB ports for charging to avoid being breached.

“Organisations must train employees on phishing attacks and means to avoid infiltration of whole network.

“We should also begin to allocate budget to address cyber security to ensure security of businesses and persons and partner with security service providers to help improve cyber posture to provide 24/7 monitoring,” she said.

President, CRMI, Mr Ezekiel Oseni, said the induction of chartered risk manager and fellowship status of the institute was on deserving individuals who have demonstrated exceptional competence and expertise in the risk management profession.

Oseni said the institute was dedicated to advancing the field of risk management through education, research, and by building a community of risk management experts who can exchange knowledge and best practices across all sectors.

He added that the institute acknowledging the volatility of the business environment and increasing adoption and advancement of artificial intelligence was committed to promoting the highest standards of risk management practices in Nigeria.

“One of the ways to get our institutions, whether private or public, prepared for mitigation of risks and exploration of opportunities in the field.

“This is by having highly skilled and knowledgeable, tried, and tested risk management professionals in organisation as first and second line of defence.

“I am happy to announce that those to be conferred with the professional CRM status and FCRM status were not handpicked.

“They went through rigorous examinations or process and they were found to possess exceptional knowledge, skills and competence, and experience in the practise of risk management,” he said.

The CRMI president urged all employers of labour in the private and public sectors sector to create functional risk management department staffed with chartered risk managers to address the dearth of professional risk managers in the country.

Oseni tasked the new inductees to take advantage of the opportunities available to them through the institute, to continue their professional development, and to stay up-to-date with the latest trends and best practices in risk management.

“We believe that with the support and guidance of our institute, they will be able to make a significant contribution to their profession and society at large.

“As the ambassadors of the institute, you represent the institute as well as ethical and professional risk management practice.

“Therefore, keep the flag of this institute flying higher and higher and live to its expectations by exercising duty of care, diligence and integrity in all that you do as professionals,” he said. (NAN)

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Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

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Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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