SEC Sets January 2021 for Implementation of Corporate Governance Guidelines

The Securities and Exchange Commission, has issued a Corporate Governance Guidelines and a template (revised Form 01) for reporting compliance with the Securities and SEC Corporate Governance Guideline, (SCGG) which becomes effective on January 01, 2021. 

Some provisions of the document which can be found at the SEC website www.sec.gov.ng, indicates that Membership of the Board shall not be less than five (5) and to safeguard the independence of the Board, not more than two members of the same family shall sit on the Board of a public company at the same time

The guidelines also stipulate that in appointing a person to the Board, Shareholders should be provided with information on any real or potential conflict of interest, including whether a proposed appointee is an interlocking director, adding “The letters of appointment should cover the following: Synopsis of Director’s rights; Director evaluation programme used by the company, and Any other contractual responsibilities”.

On sustainability, the guideline stated “Companies shall recognise corruption as a major threat to business and to national development and therefore as a sustainability issue for businesses in Nigeria. Companies, Boards and individual directors must commit themselves to transparent dealings and to the establishment of a culture of integrity and zero tolerance to corruption and corrupt practices.

“In order to foster good corporate governance, companies shall engage in increased disclosure beyond the statutory requirements in the CAMA”.

In a bid to minimise risk in the operations of companies, the guidelines states that the annual risk-based internal audit plan shall: address the broad range of risks facing the company, linking this to a risk management framework; ii. identify audit priority areas and areas of greatest threat to the company; indicate how assurance will be provided on the company’s risk management process; and indicate the resources and skills available or required to achieve the plan.

Recall that the Nigerian Code of Corporate Governance (NCCG) of 2018 issued by the Financial Reporting Council (FRC) of Nigeria effectively replaced the Code of Corporate Governance for public companies issued by the Securities and Exchange Commission (SEC).  The FRC had also issued a template for reporting compliance with the NCCG 2018.

According to the SEC, Public Companies are by this circular advised to comply with the requirements of the NCCG 2018 and also note that compliance with the SCGG/revised reporting template is mandatory. 

N 2 billion Fraud: FG Arraigns Promoters Of Dantata Success

DG, SEC, Lamido Yuguda
DG, SEC, Lamido Yuguda
The Federal Government has arraigned Dantata Success and Profitable Company and their promoters before the Federal High Court in Abuja for investment fraud amounting to over N2billion.

Those charged along with the company are Basira Ibrahim Dantata, Lawan Sanni and Gaji Ibrahim Dantata.

The defendants who were arraigned before Justice A. I Chikere of Federal High Court 3, were alleged to have between 2018 and 2019 within the jurisdiction of the court with intent to defraud about 7,250 investing public to subscribe and invest in an unregistered investment scheme amounting to over N2 billion.

According to the charge, they committed an offence contrary to Section 54 of the Investments and Securities Act 2007 and punishable under same section.

When the matter came up in court, one of the defendants Gaji Ibrahim Dantata was not available due to health reasons.

Justice Chikere thereby adjourned the matter to November 5, 2020 for plea and motion filed by the defendants.

Recall that the Securities and Exchange Commission pursuant to its powers under Section 13 (w) of the Investments and Securities Act (ISA), 2007, on 6 February 2019 sealed up the business premises of Dantata Success & Profitable Company (DSPC), a company that had been engaging in illegal activities in the Nigerian capital market. In addition, the Commission obtained court orders to freeze the bank accounts of the company to preserve the funds of investors in line with Section 13 (x) of the ISA 2007.

The company was not registered or authorized by the Commission to engage in any activity in the capital markets, however it targeted and reached Nigerian investors through radio programs in the Kano area of Nigeria and collected large sums of money from investors under the guise of a “structured investment”. The activities of the company contravene the provisions of Section 38(1) and 67(1) of the Investments and Securities Act which respectively, prohibit unregistered and unauthorized entities/persons from operating any investment business or making any invitation to the public to acquire or dispose of any securities of a body corporate or to deposit money with anybody corporate for a fixed period or payable at call.

The Commission also issued a warning to the public that Dantata Success & Profitable Company and any individuals representing them are not registered and therefore not entitled to provide investment advisory or services in Nigeria.

The Commission further warned the public to exercise utmost caution before deciding to subscribe to investment schemes and to always confirm the registration status of any company or individual and the products they are offering before entering into any transaction with them. Information about entities registered by the Commission to provide investment services can be found in the following link http://sec.gov.ng/cmos/.

Union Bank Secures $40m IFC Facility To Boost Trade

Union-Bank
Union-Bank
The International Finance Corporation, IFC, has advanced a $40 million Finance Guarantee Facility to Union Bank Plc to to boost access to finance for local businesses.

The Bank in a statement on Friday disclosed that the facility was approved under the IFC’s global trade finance program (GTFP) and would ensure increased international trade for Nigeria and help protect the country’s economy from the impact of the COVID-19 pandemic.

According to the Lender the facility will assist in establishing working partnerships with nearly 300 major international banks within the GTFP network, thereby broadening access to finance and reducing cash collateral requirements for Nigerian businesses.

The Financial institution also explained that the facility will enable the continued flow of trade credit into the Nigerian market at a time when imports are critical, and the country’s exports can generate the much needed foreign exchange.

The Chief Executive Officer, Union Bank, Emeka Emuwa said; “Union Bank is pleased to join the IFC’s global trade finance program (GTFP). This is a significant achievement as we continue to expand our trade financing offerings to our corporate customers”.

“Even in these peculiar times, we remain focused on contributing to economic growth by developing tailored solutions that help our customers to harness the teeming opportunities that still exist in the Nigerian market.”

IFC’s Country Manager for Nigeria,  Eme Essien Lore said; “Keeping trade moving is essential to growth and job creation, especially during the challenging economic times we are living through today.

“We welcome Union Bank to IFC’s global trade finance program and value a partnership that will make a positive impact on Nigeria’s economy”.

IFC noted that the partnership reflects its growing commitment to Nigeria, with investments focused on sectors including healthcare, agribusiness, manufacturing, technology, and small and medium enterprises (SME) financing.

NSE Closes Global Exchanges Investors Week With Bell Ringing For Financial Literacy

The logo of the Nigerian Stock Exchange in Lagos
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde
The Nigerian n. Exchange (NSE or The Exchange) joined The World Federation of Exchanges (WFE) and International Organization of Securities Commissions (IOSCO) to Ring the Bell for Financial Literacy on Friday, 9 October 2020.

The virtual event marked the end of the IOSCO World Investor Week celebrations at The Exchange.  During the event, the Chairperson, Financial Literacy Technical Committee of the Securities and Exchange Commission (SEC) and Group Chief Executive Officer, Emerging Africa Capital Group, Ms. Toyin Sanni was given the honour of sounding the digital Closing Gong.  

Speaking at the ceremony, Ms. Sanni stated, “It is an honour and a privilege to join the NSE to celebrate the IOSCO World Investor Week, an initiative designed to highlight the importance of investor education and to enlighten the investing public as to what regulators and operators are doing to protect investors. Engagements such as this are prioritized on the back of the understanding that Investors are critical to the market because the funds and assets they bring are the very lifeblood of the market. Now more than ever, with dwindling flows of Foreign Direct Investment, it is important that we encourage and protect domestic investors. That said, I am proud of the work being done to inform, educate advise and protect investors and I encourage capital market operators and regulators to continue to uphold these responsibilities.”

Over the course of World Investor Week 2020, The Exchange embarked on an investor education campaign across its social media platforms, executed an online trivia competition and hosted a virtual financial literacy session for students of Grandsmate Secondary Schools. It would also be recalled that The Exchange launched its comic book, StockTown – available in both print and digital formats http://www.nse-stocktown.com – to promote financial literacy in Nigeria.

Through these channels, NSE is making significant contributions to reducing the level of financial exclusion in Nigeria to 20% in line with its mandate as a member of the National Finance Inclusion Steering Committee led by the Central Bank of Nigeria. The NSE is also a member of the Financial Literacy Technical Committee of the SEC which is currently developing a capital market curriculum for Secondary Schools.

Fixed Income Market : Onyema, Oniha Expose Opportunities for Investment

Nigerian-Stock-Exchange-
Nigerian-Stock-Exchange-
In line with its commitment to further enhance the capacity of capital market players across available asset classes, The Nigerian Stock Exchange (NSE or The Exchange) hosted a two-day webinar on fixed income this week. The webinar – which was held in partnership with the Debt Management Office (DMO) and CSL Stockbrokers – focused on the dealing member firms on Wednesday, 7 October 2020, and members of the investing public on Thursday, 8 October 2020.

Speaking at webinar, the Chief Executive Officer (CEO), NSE, Mr. Oscar N. Onyema, stated, “The Exchange continues to be the foremost platform creating new types of debt instruments in Nigeria with a market capitalization of about N16.4Tn. By offering capital raising opportunities and secondary trading to all classes of issuers including Sovereign, Subnational, Corporates and Supra-national bonds, The Exchange facilitates the interaction between borrowers and lenders in Nigeria driving efficient allocation of capital. With fixed income markets representing one of the largest subset of global financial markets, NSE reiterates its commitment to providing a hybrid market for dealers as well as institutional and retail investors to continue to access increased liquidity in fixed income securities.”

On her part, the Director General, DMO, Ms. Patience Oniha expressed her delight to partner with NSE on the webinar and went on to say, “While we have always had the money market & the capital market, the fixed income market has also grown to become active today with capital raising from government, corporates & multilaterals. This shows that our market is capable of attracting both domestic & international players for the overall good of the economy. In meeting our objectives to finance the budget & deepen capital market activity, we remain committed to using the fixed income platform to support various aspects of the economy. We will also remain responsive to investors’ needs for portfolio diversification by expanding our fixed income market with more sophisticated debt instruments.”

The webinar also featured a presentation from Equity Analyst, CSL Stockbrokers, Olakayode Olayemi who took participants through the fundamentals of fixed income trading, highlighting both the primary and secondary market activities, as well as the investment opportunities and benefits available for investors in the NSE debt market. The session was very interactive with participants engaging actively with The Exchange, DMO and CSL on practical ways to properly navigate the fixed income market.

The Exchange continues to deliver on its mandate to not only provide the Nigerian economy with a reliable, multi-asset hub, but to facilitate financial literacy programs that help investors gain an in-depth understanding of opportunities in various asset classes. Through frequent communications across its touchpoints and engagements such as this webinar,

The Exchange is working assiduously to ensure that investors understand the characteristics of various securities and how they are issued or traded to maximize their benefits.
[10/9, 10:33 AM] charlopsky@gmail.com: Onyema, Oniha Highlight Opportunities for Investors in Fixed Income Market

In line with its commitment to further enhance the capacity of capital market players across available asset classes, The Nigerian Stock Exchange, NSE, hosted a two-day webinar on fixed income this week.

The webinar – which was held in partnership with the Debt Management Office (DMO) and CSL Stockbrokers – focused on the dealing member firms on Wednesday, 7 October 2020, and members of the investing public on Thursday, 8 October 2020.

Speaking at webinar, the Chief Executive Officer (CEO), NSE, Mr. Oscar N. Onyema, stated, “The Exchange continues to be the foremost platform creating new types of debt instruments in Nigeria with a market capitalization of about N16.4Tn. By offering capital raising opportunities and secondary trading to all classes of issuers including Sovereign, Subnational, Corporates and Supra-national bonds, The Exchange facilitates the interaction between borrowers and lenders in Nigeria driving efficient allocation of capital. With fixed income markets representing one of the largest subset of global financial markets, NSE reiterates its commitment to providing a hybrid market for dealers as well as institutional and retail investors to continue to access increased liquidity in fixed income securities.”

On her part, the Director General, DMO, Ms. Patience Oniha expressed her delight to partner with NSE on the webinar and went on to say, “While we have always had the money market & the capital market, the fixed income market has also grown to become active today with capital raising from government, corporates & multilaterals. This shows that our market is capable of attracting both domestic & international players for the overall good of the economy.

In meeting our objectives to finance the budget & deepen capital market activity, we remain committed to using the fixed income platform to support various aspects of the economy. We will also remain responsive to investors’ needs for portfolio diversification by expanding our fixed income market with more sophisticated debt instruments.”

Also featured was a presentation from Equity Analyst, CSL Stockbrokers, Olakayode Olayemi who took participants through the fundamentals of fixed income trading, highlighting both the primary and secondary market activities, as well as the investment opportunities and benefits available for investors in the NSE debt market. The session was highly interactive with participants engaging actively with The Exchange, DMO and CSL on practical ways to properly navigate the fixed income market.

The Exchange continues to deliver on its mandate to not only provide the Nigerian economy with a reliable, multi-asset hub, but to facilitate financial literacy programs that help investors gain an in-depth understanding of opportunities in various asset classes. Through frequent communications across its touchpoints and engagements such as this webinar, The Exchange is working assiduously to ensure that investors understand the characteristics of various securities and how they are issued or traded to maximize their benefits.

NSE Celebrates World Investor Week 2020

Nigerian Stock Exchange logo
Nigerian Stock Exchange logo
The Nigerian Stock Exchange (NSE or The Exchange in union with the International
Organisation of Securities Commission (IOSCO) is celebrating World Investor Week (WIW) 2020 from Monday,
5 October 2020 – Friday, 9 October 2020.

World Investor Week is a week-long global campaign organised by IOSCO to raise awareness of the importance of investor education and protection, and highlight the various initiatives of securities regulators in these two critical areas.

The Exchange will embark on a fully virtual campaign to further promote smart investing and amplify the
opportunities for retail investor participation in Nigeria’s capital market. Activities lined up include an
awareness programme across its social media platforms on NSE’s retail-focused products and services; trivia
contests to reward winners with investments in available products; and virtual engagements with leading
financial experts to drive the conversation about financial literacy. These activities will culminate in a virtual Ring the Bell for Financial Literacy.

Speaking on the importance of WIW, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON noted, “Financial inclusion is a priority for stakeholders in the capital market and The Exchange makes it a primary concern to contribute towards the achievement of Nigeria’s National Financial Inclusion Strategy of reducing the proportion of adult Nigerians that are financially excluded to 20 percent in the year 2020. We recognise that the ability to make well-informed financial decisions plays an important part in the ability of individuals to properly manage their financial affairs, a factor that can have either a negative or positive ripple effect on the economy.

At the NSE, we are, therefore, excited to once again be a part of WIW 2020 and remain committed to promoting financial literacy in the capital market.”
As a member of IOSCO, The Exchange continues to implement and support initiatives that encourage the
wider investing public to develop sustainable investment habits. These efforts include the introduction of
innovative products and services, execution of product-specific trainings and workshops, commemoration of
Global Money Week, excursions to The Exchange under the X-Tours programme, and the annual national NSE Essay Competition.

How NSE Plans To Enhance Its Fixed Income Securities Market

 

NSE
NSR
In line with its ambition to support Nigeria’s economic growth by providing a liquid, efficient and multi-asset securities exchange hub, the Nigerian Stock Exchange, NSE has announced enhancements to its Fixed Income Securities market segment as well as the associated benefits to trade execution via its platform.
 
As part of its liquidity-enhancing efforts, the Exchange introduced a trading fee moratorium as communicated via a release dated 11 August 2016  to stimulate activities and liquidity in the fixed income market. Following the end of the 4-year Fixed Income Securities Trading Fee moratorium, the Exchange has now received the regulatory approval of the Securities and Exchange Commission to revise its fee structure. The revised fees will become effective on 5 October 2020. Under this revised fee structure, The Exchange will charge 0.0005% (N5 per million) on debt instruments traded on its platform.

The revised fee schedule for trading debt instruments on the NSE Fixed Income market with effect from 5 October 2020 is now 0.0005%. This Trading fee shall apply to both buy and sell options.

The NSE offers a hybrid market for the execution of quote and order-driven transactions providing dealers as well as institutional and retail investors access to increased liquidity in Fixed Income Securities. By leveraging best in class market design and infrastructure, the NSE trading venue provides investors integrated straight-through trading and post-trade process that supports efficient execution without any trade failures across all asset classes including Fixed Income Securities. Investors trading via the NSE platform can also enjoy access to diverse listed debt instruments including Federal Government, State Government, Corporates, Supranational and Retail Savings Bonds.

 

The Exchange continues to conduct various trainings, workshops and conferences on Fixed Income Securities products to build domestic capacity and enhance financial literacy while encouraging inclusiveness. We remain committed to our corporate goal of providing investors and businesses a reliable, efficient and an adaptable exchange hub in Africa, to save and to access capital. ​

 

Sustaining Financial Services Post COVID-19: NSE, Experts Examine Nigeria’s Propects

Oscar Onyema
Oscar Onyema
The Nigerian Stock Exchange, NSE, is set to host a financial services webinar with theme as, “The Future of the Financial Services Industry Post COVID-19”.
The webinar slated for Thursday, 8 October 2020, will bring together market stakeholders to share valuable experiences in managing the impact of the pandemic, as well as discuss the future of the Nigerian financial market, with the goal of charting a route to a sustainable future. Interested participants can register to attend at http://bit.ly/nse-financial-webinar.

 

The event will be headlined by the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, CON and the Director-General of the Securities and Exchange Commission, Mr. Lamido Yuguda. It will feature a stellar line-up of speakers across the public and private sectors to discuss emerging financial stability risks, the evolving public policy response, and long-term challenges for the financial system.

Speaking about the webinar, the Chief Executive Officer, NSE, Mr. Oscar Onyema, noted that, “The world is facing unprecedented challenges occasioned by the COVID-19 pandemic.

Considering this, the global financial system remains an area of potential risk, with record levels of market volatility and growing concern around credit losses and its attendant impact on overall asset quality, capital and liquidity. Governments, regulators, and international organizations have moved rapidly to address the economic collapse and financial fallout, but questions remain around how policy should continue to evolve to preserve financial stability. With this webinar, we envision that the insights gathered will lead to actionable solutions, policies and measures that can mitigate current and emerging financial stability risks.”

Some of the other confirmed speakers for the event include Ms. Aishah Ahmad, Deputy Governor, CBN; Mr. Mitchell Elegbe, MD/CEO, Interswitch; Mr. Bolaji Balogun, CEO, Chapel Hill Denham; Mr. Kunle Elebute, Managing Partner, KPMG Nigeria; Prof. Yinka David- West, Academic Director, Information Systems & Digital Transformation, Lagos Business School; Mr. Chinua Azubike, MD/CEO, InfraCredit; and Mr. Eric Idaihi, Partner/Co-Founder, Verod Capital.

Discharge Your Duties Diligently, Zainab Ahmed Charge IST

Finance-Minister-Zainab-Ahmed
Finance-Minister-Zainab-Ahmed

The Investment and Securities Tribunal have been urged to diligently work together in the discharge of its responsibilities.

This charge was handed down by the Honourable Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, on the occasion of the swearing–in in Abuja of Barrister Azi Amos Isaac and Barrister Nosa Smart Osemwengie, as the chairman and member of the Investments and Securities Tribunal (IST) respectively.

Ahmed said “With your appointment, the tribunal now has a full complement of 10 members in line with the enabling law, the Investments and Securities Act (ISA), 2007. It is, therefore, my hope that all the members will justify the confidence reposed in them by President Muhammadu Buhari.”

While congratulating them for being found worthy by Mr. President to be appointed to the highly exalted positions, the Minister also said, “Your appointments have come at a time when all hands are needed to build our economy. As you all may be aware, the IST was first inaugurated in December, 2002. It is a specialised fast-track court, established for the settlement of disputes in the capital market.”

Since its establishment, the tribunal, the minister noted, has made some strides, particularly in its adjudicatory role which has gone a long way to sanitize the capital market and build investors’ confidence. Within its short time of existence, in view of the dynamism in law, “the tribunal has reviewed its Procedure Rules with the publication of the IST (Procedure) Rules 2014. Also worthy of note is that the tribunal has partnered with the Securities and Exchange Commission (SEC) to review the enabling law with the enactment of the ISA, 2007.

Besides, the tribunal has to its credit the publication of its Law Reports, ‘The Nigerian Investments and Securities Law Report (NISLR)’. The publication, in her views, has, in no small measure, enhanced capital market jurisprudence.

Recalling the challenges that affected the tribunal in the past, the Honourable Minister said: “Notwithstanding these commendable achievements, the tribunal has in the last five years suffered many setbacks due largely poor administration. These setbacks have blurred, if not completely wiped out, whatever modest achievements the Tribunal might have recorded in its adjudicatory role. We may recall that in November, 2015, the Tribunal was dissolved and the Chairman and its members relieved of their jobs. A new panel of the tribunal, which includes many of the members here seated, was inaugurated in 2017.”

“Again, barely two years into your tenor, the chairman of the tribunal was removed. The problems with the tribunal had been infighting amongst members, lack of industrial harmony and a series of complaints bordering on mal-administration. These have been the bane of the tribunal and source of embarrassment, not only to the ministry but the federal government,” she recalled.

In view of the challenges, Mrs. Ahmed, highlighting the chairman’s responsibility, stated: “Let me stress here, that the chairman’s responsibility is to provide good leadership that would galvanise the human and material resources at the tribunal’s disposal on the path of stability towards achieving its mandate in a consistent manner. I call on all members of the IST to cooperate with the new chairman, so that the vision of the tribunal which is ‘to be a world class capital market tribunal that is fair and transparent, dispensing justice without fear or favour,’ could be attained.

In his remarks, the newly sworn-in Chairman of the IST, Mr. Amos Azi, described the appointment as a challenging one, but however assured that the new management would take up the challenge and ensure that Nigerians are not disappointed.

According to him, “The tribunal was established as a critical infrastructure in the ecosystem of the Nigerian capital market and indeed Nigeria as a whole. From 2003 to date, they have given judgement in the value of assets of over N844bn and from 2017 to date they have given decisions in monetary value of over N24bn.

“The tribunal has not failed in its statutory responsibility, it has carried out its assignment with candor and integrity and I will improve on that. The issue of administrative and labour related issues we are already working to address that. I am happy to report that we have so far made very meaningful progress”.

Azi said the tribunal is equipped and properly situated to look into all financial issues in the country and expressed the hope that it can be transformed so that it can look at all issues arising from the entire financial sector.

CSCS Sensitizes Financial Market Stakeholders On Cyber-Security

The Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, sustains cyber-security advocacy as it sensitizes financial market participants on rising rate of cybercrime. 

In a webinar organized by CSCS, financial market stakeholders, including bankers and capital market operators dialogued on innovative measures for preventing cybercrimes, dire need for increased campaign and exigency of collaborative investments to reign the rising rate of cybercrime.

The online event themed “Cyber Security and Information During the Pandemic” was lauded for its timeliness, as COVID-19 pandemic and attendant remote connections may have increased cyber-security risks in many organizations, particularly as the crime rate surges globally, with rising exposure of financial services institutions in Nigeria and the broader African continent.

The event which was widely attended with participants from the banking sector, capital market and public service, had Mr. Tobe Nnadozie (Divisional Head, Technology and Innovations, CSCS Plc), Mr. Bharat Soni (Chief Information Security Officer, GTBank Plc) and Mr. Ikechukwu Ugoji (Chief Information Security Officer, Interswitch Limited) as panelists.

Speaking on the event, Mr. Haruna Jalo-Waziri, the Chief Executive Officer, CSCS Plc, noted that “cybersecurity is a collective effort and everyone must play their role to preserve the integrity and sanctity of the financial market. The pandemic and its attendant remote connections occasioned by business continuity and work-from-home protocols have increased exposures to cyber-security risks and some businesses may have suffered colossal losses due to cyberattacks since the pandemic. More than ever, cyberattacks are like a double whammy at this challenging time when businesses are re-strategizing to adapt to the new normal and ensure sustainability.”

Mr. Femi Onifade, the Chief Strategy Officer, CSCS Plc reiterated the CEO’s perspective, noting that “a breach on any market participant’s network may inadvertently expose the entire system, thus reinforcing why we must collaborate to prevent any vulnerabilities in the financial system and why all participants and stakeholders must take active and in ensuring and sustaining cyber-resilience.”

While speaking at the event, Mr. Bharat Soni said, “new work culture has expanded remote activities and cloud capabilities to an unprecedented level, thereby making businesses more vulnerable to cyber-attacks such as online scams and phishing, disruptive malware, malicious domains amongst others. Hence, the use of strong authentication for accessing networks would no longer be an option but a necessity.” He concluded that “Awareness of the new realities of safe cyber practices need to be communicated to employees, partners and customers so that they can remain aware of the evolving cyber threat and how to best protect themselves and their organizations”.

In the same vein, Mr. Ikechukwu Ugoji said, “over 90% of cyber breaches are facilitated by phishing email or social engineering attack and that every employee is a first-line of defence against incoming threats and employees must be made to understand their vital roles and responsibility in protecting the organization.”

On his part, Mr. Tobe Nnadozie, posited that “the pattern of spend on cybersecurity shows clearly that organizations are making relevant investments to protect their systems and broader market, albeit sadly, lack of vigilance is the leading cause of breaches”.