Connect with us

News

CAC says company records remain secure after cyber incident, denies data compromise – Technology Times

info

Published

on

1777528409 admin ajax.png

The Corporate Affairs Commission (CAC) says no company data was compromised following a recent cyberattack on its digital portal, rejecting allegations that records of DAAR Communications PLC were manipulated as “false and misleading.”

The Commission says its database remains fully secure and that the integrity of all company records on its portal has not been affected. It states that “no data of any company was manipulated, tampered with, or altered as a result of that incident,” adding that “the integrity of all records on our portal remains intact, secure, and fully protected.”

The clarification follows public attention surrounding DAAR Communications PLC, which the CAC says is unrelated to the cyber incident. According to the Commission, the matter stems from an ongoing ownership dispute that dates back to 2024.

cac-says-company-records-remain-securecac-says-company-records-remain-secure
Hussaini Ishaq Magaji, Registrar-General and Chief Executive Officer, CAC. Image credit: CAC/X

.

It explains that “shareholders of DAAR Communications PLC have been in dispute over the ownership structure of the company since 2024, as evidenced by a formal complaint submitted to the Commission by one of the shareholders.” The CAC adds that it has invoked its statutory powers to examine the matter and has invited the parties for arbitration proceedings.

It explains that “shareholders of DAAR Communications PLC have been in dispute over the ownership structure of the company since 2024, as evidenced by a formal complaint submitted to the Commission by one of the shareholders.” The CAC adds that it has invoked its statutory powers to examine the matter and has invited the parties for arbitration proceedings.

CAC cyber incident triggers scrutiny

The CAC had earlier confirmed a cybersecurity incident involving unauthorised access to parts of its digital systems. It says it activated containment measures immediately and that its technical teams commenced a review of the situation.

While maintaining that the breach did not affect the integrity of company records, the incident has drawn public attention to the security of sensitive business data stored on government digital platforms.

The CAC’s database holds incorporation details, ownership structures, and statutory filings for companies operating in Nigeria, positioning it as a critical component of the country’s corporate governance framework.

Following the incident, attention has also shifted to the resilience of Nigeria’s digital regulatory infrastructure as public institutions continue to digitise essential services.

At the centre of the controversy is the ownership dispute involving DAAR Communications PLC. The CAC says the dispute predates the cyber incident and was formally brought before the Commission by one of the shareholders.

The Commission notes that it has engaged both parties in arbitration as part of its dispute resolution mandate and reiterates that the ongoing process is separate from any system security issues.

It also restates that reports suggesting manipulation of registry records as a result of the cyber incident are inaccurate and should be disregarded.

The Commission urges media organisations to ensure accuracy in their reporting and to verify information with relevant authorities before publication.

It warns that publishing unverified claims could create unnecessary panic and undermine public confidence in Nigeria’s corporate registry system.

The CAC says it remains committed to safeguarding its database, strengthening its systems, and ensuring the reliability of its services to businesses and the public.

Stay ahead with real-time reports, breaking news, and exclusive insights delivered directly to your phone. Don’t settle for outdated information. Join TECHNOLOGYTIMES NEWS on WhatsApp for 24/7 updates.

Join Our Whatsapp Channel

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

APC Empowers 870 Plateau Youths With Cash, Others

info

Published

on

By

1024x6836.jpg

By Emmanuel Yatai

 

The All Progressives Congress (APC) on Wednesday empowered 870 youths in Plateau with cash and other items.

 

The News Agency of Nigeria (NAN) reports that the move was under the Renew Hope Scale-Up Grant, an initiative of Prof. Nentawe Yilwatda, the National Chairman of the party.

 

Mr Ezekiel Gomos, the Project Manager, said that the beneficiaries received cash grants, tricycles, sewing machines, welding and fabricating tools.

 

Other items, he said included grinding machines, auto mechanic tool box, carpentry tool box, phone repair tool box, among others.

 

Gomos said that 48,000 youths applied online, demonstrating the hunger, energy and entrepreneurial spirit across the state.

 

“Due to the large number of applicants, the selection process was rigorous, systematic and evidence-based.

 

“Each applicant was required to submit a business plan, which served as the foundation for review process.

 

“We painstakingly and meticulously examined all the 48,000 submissions to know the viability of the enterprise, realistic used of the grant, potential growth and capacity to create employment,” he said.

 

Gomos explained that 1,400 young entrepreneurs in the state were equally benefitted from cash grants worth N280 million.

 

The project manager, who congratulated all the beneficiaries, urged them to make best use of the opportunity.

 

“This grant represent both an opportunity and a responsibility; it’s not free money to spend, but seed capital to invest wisely.

 

“You must therefore use it wisely, keep proper records, strengthen your business system, improve your products and services and demonstrate that support, when properly targeted can produce real results,” he said.

 

Speaking, Yilwatda, the APC Chairman, congratulated the beneficiaries and reiterated his commitments to continually support the youths to be self employed.

 

“Today I am here to entrust some people; you may not be the most qualify, but it’s a privilege you have been selected.

 

“Do not take this as a right, but as a privilege; use the privilege to build yourself so that in years to come, we will see the outcome of what you have done,” he advised (NAN)(www.nannews.com)

EDY/AZA

=========

Edited by Polycarp Auta

 

 

 

Continue Reading

News

Amazon, Meta join fight to end Google Pay, PhonePe dominance in India

info

Published

on

By

GettyImages 1213174164.jpg

Amazon and Meta are among the big companies set to lobby India’s payments body over the dominance of Walmart-owned PhonePe and Google Pay in the country’s fast-growing instant payments network.

Executives representing platforms including Amazon Pay, WhatsApp, CRED, MobiKwik, and Flipkart’s Super.money are scheduled to meet the National Payments Corporation of India on Thursday, TechCrunch has learned. The body operates the Unified Payments Interface (UPI), India’s instant payments system that processes billions of transactions each month.

The meeting comes over a year after India deferred plans to cap the market share of UPI apps at 30% until December 31, 2026, a measure that would have limited any single app’s share of UPI transactions. That delay has effectively allowed PhonePe and Google Pay to retain their dominant positions, intensifying concerns among players with smaller shares about their ability to compete.

PhonePe and Google Pay combined accounted for roughly 80% of the 22.6 billion transactions on the UPI network in March, data from NPCI shows. That scale far outpaces rivals such as Paytm, Flipkart’s Super.money, CRED, Amazon Pay, and MobiKwik.

PhonePe said this week it has crossed 700 million registered users and 50 million merchants across India, underlining the scale that has helped entrench its position. The merchants that accept it spans more than 98% of the country’s postal codes, highlighting the reach that smaller rivals say is difficult to replicate.

An agenda reviewed by TechCrunch shows participants, including Amazon and Meta, are expected to raise concerns about user acquisition practices, product design, and monetization within the UPI ecosystem. Among the proposals are restrictions on how dominant apps onboard users and use contact data, calls for fair access to features such as autopay and payment mandates, and requests for incentives and regulatory support to help emerging players compete.

Because these companies find it harder to compete with the dominant instant pay players, they are lobbying the regulatory body to help them. However, the NPCI, which operates under the Reserve Bank of India’s supervision, has struggled to find ways to curb dominance without disrupting services used by hundreds of millions of users.

Techcrunch event

San Francisco, CA
|
October 13-15, 2026

NPCI, Amazon, Meta, and others did not respond to requests for comment.

It remains unclear whether the meeting will lead to any immediate changes, with questions persisting over how NPCI could address market concentration.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Continue Reading

Trending