Business
CBN Moves To Shield Banks From Cybercrimes
The Central Bank of Nigeria (CBN) has said it has adopted a number of measures aimed at protecting banks from Internet frauds and other cybercrimes.
The Director, Banking Supervision, CBN, Mrs. Olatokunbo Martins, stated this in a keynote address delivered at the 1st Annual Conference on Audit and Regulatory Examination of Banking Technologies in Lagos yesterday.
She said, “Where is the next crisis going to be? Our concern is that we don’t want the next crisis to come from what we are hearing about cyber espionage around the world because those figures that we are hearing are quite alarming. In banks you employ so many technology-driven products and the banks embrace new financial, operational and compliance risks as you adopt these new technologies.
“As you are aware, very soon, we won’t just be requiring you to make capital charge for your credit, you will also be required to make capital credit for your operational risks.
“IT is a major operational risk. Currently, you will say that the major risk comes from credit, but some will also tell you that a significant part of credit risk is operational. If you say that operational risk is a failure of people, processes and system, even the credit risk, a major part of it is interwoven with credit risk.”
Martins added that each technology adopted by a bank presented unique risks that raised safety and soundness concern.
“By 2014, hopefully, the banking industry should be Basel 11 compliant. This will bring about improved capital buffers and to protect the banks and make them more resilient,” she said.
Business
FEC Approves Concession Of Port Harcourt lnt’l Airport
Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
