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”.


UBA, Access Bank, others lift NSE’s turnover by N12.9 billion

Unilever leads gainers on Exchange

Heavy transactions in the shares of some banks, especially United Bank for Africa (UBA) Plc and Access Bank, last week, lifted the volume of shares traded, as a turnover of 1.375 billion shares worth N12.940 billion were recorded in 16,915 deals.


This volume of shares traded, was, however, higher than a total of 1.361 billion units, valued at N10.711 billion that changed hands in 16,070 deals during the preceding week.

Last week, the financial services industry (measured by volume) led the activity chart with 1.195 billion shares valued at N8.631 billion traded in 10,365 deals; thus contributing 86.90 per cent and 66.70 per cent to the total equity turnover volume and value respectively.
The conglomerates industry followed with 76.489 million shares worth N154.736 million in 964 deals.
The consumer goods industry trailed with a turnover of 38.048 million shares worth N1.768 billion in 2,676 deals.

Specifically, trading in the top three equities namely – United Bank for Africa Plc, Access Bank Plc and FBN Holdings Plc (measured by volume) accounted for 559.065 million shares worth N2.452 billion in 3,690 deals, contributing 40.66 per cent and 18.95 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 57,828 units of Exchange Traded Products (ETPs) valued at N766,162.96 executed in 37 deals, compared with a total of 1,003 million units valued at N12.116 million transacted last week in 43 deals.

A total of 3,127 units of Federal Government Bonds valued at N3.057 million were traded in six deals compared to a total of 4,044 units of Federal Government Bonds valued at N4.062 million transacted last week in six deals.

The NSE All-share index and market capitalisation appreciated by 1.48 per cent to close the week at 27,650.32 and N9.496 trillion respectively.

Similarly, all other Indices finished higher during the week, with the exception of the NSE Insurance and NSE Oil and Gas Indices that shed 1.19 per cent and 3.44 per cent respectively while the NSE ASeM Index closed flat.

Twenty-five equities appreciated in price during the week, higher than 18 equities of the previous week. 39 equities depreciated in price, higher than 38 equities of the previous week, while 116 equities remained unchanged lower than 124 equities recorded in the preceding week.

Meanwhile, 10 firms emerged top gainers, at the end of last week’s transactions. Unilever Plc led the chart with 10.23 per cent to close at N38.58 per share. NEM Insurance followed with 10.00 per cent to close at N0.88 per share. Nigerian Breweries added 5.75 per cent to close at N138.01 per share.

Lafarge Africa garnered 5.11 per cent to close at N56.00 per share. Eterna oil gained 5.06 per cent to close at N2.70 per share. Seven-UP added 4.97 per cent to close at N114.45 per share. Stanbic IBTC also added 4.32 per cent to close at N14.50 per share.

On the other hand, Champion Breweries led others on the losers’ chart, shedding 19.53 per cent to close at N2.76 per share. Wema Bank trailed with 15.07 per cent to close at N0.62 per share.

National Aviation Handling Company shed 14.00 per cent to close at N3.44 per share. Cement Company of Northern Nigeria dropped 11.97 per cent to close at N5.81 per share. Fidson lost 11.67 per cent to close at N1.59 per cent.

Access Bank, Verve promote cashless transaction

Access Bank Plc has partnered Verve International to promote cashless transactions in the country.

The lender said the collaboration was designed to enhance customer education and financial inclusion.


The Head, Retail Channels, Access Bank, Uloma Ike, said a promo embarked upon in June by the lender would further expose its customers to various forms of cashless transactions.

She stated this shortly after the bank rewarded some loyal customers with various items in Lagos.

According to her, the promo will last for three months.

Ike announced that a grand prize winner of N1m would emerge from the maiden edition of the promo.

She said, “We have a promo that started in June 2016, and it’s running for three months; it will end in August. We have realised that we have a lot of customers who are still doing cash transaction whether it’s by Automated Teller Machine or across the counter.

“We have partnered Verve International to push cashless transactions, which are basically, Point of Sale and Web transactions. And we’ve got a lot of transactions because of that. It has also opened the mind of our customers to the possibilities of using your cards for other channels apart from the ATM.

While urging customers to participate in the ongoing promo, Ike said a lot of consolation prizes were available for customers to win.

“This for us is a way of thanking customers for choosing to bank with Access Bank. We want to reward them for their loyalty; they’ve been banking with us for a while and this is an opportunity to thank them, not just by email but also practically,” Ike added.