The Nigerian Exchange Limited (NGX) has highlighted the vital importance of Artificial Intelligence (AI) and robust infrastructure in reinforcing cybersecurity defenses. Temi Popoola, Chairman of Central Securities Clearing Systems Plc (CSCS), made this assertion during the company’s cybersecurity conference, held in partnership with the Office of the National Security Adviser (ONSA).
In his opening remarks, Popoola warned of the growing threat posed by cyberattacks, which have the potential to severely disrupt Nigeria’s economy and critical infrastructure. He pointed to high-profile breaches, such as a recent attack on Microsoft’s Azure cloud platform that compromised sensitive U.S. government data, as well as coordinated ransomware attacks targeting financial institutions in Nigeria.
Popoola stressed the importance of AI’s predictive and responsive capabilities in mitigating these threats. Citing a Cybersecurity Ventures report projecting global cybercrime to cost $10.5 trillion annually by 2025, he called for a unified approach: “The synergy between AI and infrastructure is not just an option; it is our lifeline.” He also urged businesses to make cybersecurity a board-level priority, integrating it into every facet of decision-making.
Haruna Jalo-Waziri, CEO of CSCS, echoed Popoola’s call for action, emphasizing that cybersecurity is more than just a technical issue—it is a strategic necessity. Jalo-Waziri reaffirmed CSCS’s commitment to utilizing AI-driven solutions to bolster defenses and ensure the integrity of its systems. “There is an urgent need for robust cybersecurity measures,” he said. “We must improve our understanding of these threats, and we must learn, decide, and act quickly and decisively.”
Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), also highlighted the critical role of cybersecurity in safeguarding Nigeria’s financial markets. As digital transformation advances, Agama emphasized that cybersecurity must be at the core of these efforts, protecting investor data and ensuring the security of financial transactions. “The SEC is dedicated to fostering a resilient market ecosystem through collaboration, regulation, and the adoption of advanced technologies like AI,” he stated.
Saad Abubakar, Head of International Cooperation at the Directorate of Cybersecurity, ONSA, underscored the need for a multi-stakeholder approach to address the evolving cybersecurity landscape. He advocated for stronger partnerships between the public and private sectors to create a more secure environment and protect national interests.
The conference facilitated meaningful discussions on collaborative efforts to combat AI-driven cyber threats, with participants exploring ways to enhance Nigeria’s cybersecurity policies and strategies.
