The alleged breach, which surfaced on underground cybercrime forums, is said to involve a wide range of sensitive institutional and personal data belonging to members of the banking profession.

Preliminary assessments of sample files circulating online indicate that the exposed data may include full names, email addresses, phone numbers, residential and business addresses, membership records, scanned identification documents, certificates, and internal source code linked to digital systems.

While the authenticity and full scope of the dataset have not been independently verified, cybersecurity analysts say the scale of the alleged breach aligns with a growing pattern of attacks targeting financial institutions and professional bodies across Nigeria’s banking ecosystem.

CIBN, established in the early 1960s, plays a key role in regulating banking professionalism and setting ethical and educational standards for the industry. Its membership includes major financial institutions such as the Central Bank of Nigeria and several commercial banks.

The institute has previously warned about rising cyber threats affecting the financial sector, including ransomware attacks, website compromises, and data breaches targeting sensitive financial information.

If confirmed, the incident would add to a growing list of cybersecurity breaches affecting Nigeria’s banking, telecoms, and public sector institutions, where stolen data is often exploited for identity theft and phishing schemes.

CIBN has yet to issue an official statement confirming or denying the breach. However, cybersecurity experts say the situation underscores the need for immediate forensic investigation, member notification, and a comprehensive audit of institutional data protection systems.

Regulatory authorities are also expected to assess the claims as part of broader efforts to address escalating cyber risks within Nigeria’s financial services sector.

The post CIBN at Centre of Alleged 250GB Data Breach as Hackers Leak Sensitive Records appeared first on Tech Digest News.

TECHDIGEST – They are moving in large numbers outside the country. We are experiencing a pull of people out of the industry to outside the country and these are the younger ones that we are supposed to hand over to after a period. So succession planning is hindered, productivity is lowered because these guys are the next generation of people. That is also slowing down activity.”

That was the president of the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, some weeks ago at an event.

Indeed, the impact of mass resignations of key Information Technology (IT) talents in Nigeria is beginning to tell on many commercial banks, as unresolved technical problems have started affecting service delivery.

READ ALSO: Meet Katsina-Based “Creative Meastro” Tackling Nigeria’s Unemployment, Social Crisis With Digital Solutions

Just recently, a lot of bank customers took to social media to express their frustration, and wondering what is wrong with Nigerian banks.

“Something looks fishy; technical problems; unwarranted charges everywhere. This shows a lot of incompetencies, loop holes, truth and trust in the system,” one of them @jerryonyema tweeted.

Another user, Abdulkahi Turawa said “I’ve been wondering why some banks/fintech apps don’t do transactions with some other banks/fintech apps. Is it a technical problem or usual Nigerian ‘schadenfreude’?”

According to yet another Twitter user with the handle, @_Whogos nothing is wrong rather, all banks in Nigeria lost their key IT staff to ‘japa’ (Canada, UK and other developed countries).

“Nigerians are joking with the aftermath of japa. A top Nigerian bank Is having technical issues for over 30 hours no team to fix it. Most of their tech guys have ‘japa.’

“Not only key staff. I was a relationship manager as at March this year in one of the banks in Nigeria. Currently I’m a credit analyst in the second biggest bank In Canada. My branch manager in Nigeria just arrived Canada three days ago. 12 Aug.”

Specifically, findings reveal that the trend has worsened in August and September due to mass resignations as foreign schools resume academic activities in September 2022 and many of them are traveling with student visa.

Nigeria is currently ravaged by a number of socio-economic issues, some of which include insecurity, high cost of goods and services, and unemployment amongst others.

As Nigeria’s tech ecosystem grows, and banks going more digital, its talent shortage especially software engineers is becoming more obvious, such that talent is now being sought from outside Africa to build products used in the country.

This stakeholders believe is a disincentive to the cashless banking initiative, and obstructing seamless operation of electronic and mobile banking systems where every banking transaction is expected to be digitized.

This worry was also expressed by Abubakar Suleiman, chief executive officer of Sterling Bank Plc on April 15, 2022 at the end of a meeting of bank CEOs.

The post Mass Resignation Of Key IT Staff Hit Banks, Face Technical Problems appeared first on Tech Digest News.

TECHDIGEST – The Central Bank of Nigeria (CBN) has said that its soon to be launched digital currency, e-Naira, will strengthen the stability of the banking system as deposits become more diversified when more people are banked.

The Central Bank Digital Currency (CBDC) will also make it easier for the banking system to comply with existing laws such as anti-money laundering, customer protection against fraud and ensuring the safety and stability of the payment system.

This was made known by CBN’s Deputy Governor, Operations, Mr Folashodun Shonubi, at the Chartered Institute of Bankers of Nigeria (CIBN) advocacy dialogue series 4 webinar held on Thursday in Lagos.

The theme of the event was, ‘Central Bank Digital Currencies: Insights for the 21st Century Banker.

What the Deputy Governor of CBN said

Shonubi said: “The Central Bank in its implementation has ensured the e-Naira feeds our economy and provides greater value.

“The central bank digital currency offers all the benefits of cash but in digital form. Every single digital currency is an electronic version of the cash, the legal tender. When you make a cash payment, settlement is done instantly; digital currencies entail the same promises and even more.

“CBDC offers a safer option from the privately issued cryptocurrency which have been based on the possibility to enable cheaper transactions but have now been used for investment.

“The intention is not to eliminate other forms of payment but to complement the current areas of payment options, thereby ensuring the stability of the payment system in the long run. I expect in the coming days we will see rapid inclusion rates.

“For banks in developing nations, it will enhance their liquidity, efficiency in national remittances and challenge the high cost of remittances as the world rebounds in the post-pandemic. I am of the view that the era of CBDC promotes greater opportunities, and the central bank must be aware of the risks and mitigate them.”

Speaking at the event, Lamido Yuguda, the Director-General of the Securities and Exchange Commission (SEC), one of the key players in the successful operation of the digital currency, said that the e-Naira, which is about to be launched in October, would help improve the capital market when combined with vibrant inter-developmental policies, which would lead to financial inclusion, especially in the capital market.

The SEC boss said, “This is an opportunity for the fintech market to connect our people to existing opportunities in the financial market, connecting our people with investment opportunities in other climes. Once we do that, we would grow our market, Nigeria has 200 million people. We are blessed with a hardworking youthful population.

“This capital market would in turn finance the necessary infrastructure investment that this country needs today.”

What you should know

Recall that on July 27, 2021, the CBN Governor, Godwin Emefiele, after the Monetary Policy Committee (MPC) meeting, confirmed the launch of its digital currency (e-Naira) pilot program in October. He also spoke on the importance of eNaira in Africa’s largest economy that included cross-border trade facilitation, financial inclusion, monetary policy effectiveness, improved payment efficiency, revenue tax collection, remittance improvement, and targeted social interventions.

Earlier in September, SEC, which had sought to regulate crypto on the grounds that they qualify as securities transactions, disclosed that the recent launch of the country’s digital currency, e-naira, is the result of its engagement with the CBN.

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