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 *

Business

Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million

info

Published

on

By

IMG 1755.jpeg

BY NKECHI NAECHE-ESEZOBOR—Mutual Benefits Assurance Plc has disclosed an insider transaction involving one of its directors, Dr. Akinade Ogunbiyi, who sold more than 1.5 million shares in the insurance company in a deal valued at over ₦6.3 million.

The disclosure, signed by Jide Ibitayo, Company Secretary, filed with the Nigerian Exchange (NGX) and the investing public, showed that Ogunbiyi, a Non-Executive Director of the company, disposed of 1,507,309 ordinary shares of Mutual Benefits Assurance Plc between June 3 and June 9, 2026.

According to the notification, the shares were sold at prices ranging from ₦4.20 to ₦4.33 per share, placing the total value of the transaction at between ₦6.33 million and ₦6.53 million.

The transaction was reported as an initial notification of insider dealing in line with regulatory requirements that mandate directors and other insiders of listed companies to disclose transactions involving the securities of their companies.

Mutual Benefits Assurance identified the financial instrument involved in the transaction as its ordinary shares, traded on the Nigerian Exchange under the ticker symbol “MBENEFIT.”
Insider dealing notifications are a key component of market transparency and corporate governance, providing investors with information on share transactions undertaken by directors, executives, and other individuals with access to potentially price-sensitive information.

While insider transactions often attract investor attention, market analysts note that such dealings do not necessarily indicate changes in a company’s outlook, as they may be influenced by personal investment decisions, portfolio rebalancing, or other financial considerations.

The disclosed transaction took place in Lagos, Nigeria, and was executed over a seven-day period between June 3 and June 9, 2026.

Mutual Benefits Assurance Plc remains one of the companies listed on the Nigerian Exchange that regularly complies with insider dealing disclosure requirements, reinforcing transparency in the capital market.

The post Insider Dealing: Mutual Benefits Director, Ogunbiyi Sells Shares Worth Over ₦6.3 Million appeared first on Business Today NG.

Continue Reading

News

NASA picks Eric Schmidt’s rocket company for Mars mission, setting up a race with SpaceX

info

Published

on

By

Gettyimages 5339511481.jpg

Relativity Space—a rocket maker acquired by former Google executive chair Eric Schmidt last year after stumbling on the path to orbit—might just beat SpaceX to Mars.

On Tuesday, NASA said it hired the company to build a spacecraft to house a suite of scientific instruments, launch it into space, and fly it to Mars.

The structure of the contract is akin to the deals that NASA made with SpaceX to fly cargo to the International Space Station, or Firefly Aerospace to put a lander on the Moon. The government agency handles the science, while the private company provides low-cost infrastructure.

Aeolus, as the mission is dubbed, will contain four instruments to measure and image Mars from orbit, providing what NASA expects to be the first daily, global view of dust, winds, and temperature in its atmosphere. The agency said that data will make it safer for landers and, someday, astronauts, to visit the surface of the Red Planet.

“By pairing NASA’s world‑class instruments with commercial innovation and investment, we can deliver more science, more often, and reduce the time it takes to get essential data into the hands of researchers preparing for future human missions to Mars,” NASA administrator Jared Isaacman said in statement.

The mission is set to launch in 2028—a rapid pace that will require Relativity to design and build the spacecraft to carry the Aeolus instruments, and finish building the rocket that will carry it to space, all on a tight timeline. NASA did not disclose how much it is paying Relativity for the mission, and Relativity did not respond to questions from TechCrunch.

Isaacman, who has flown to space twice on private SpaceX missions, has championed public-private partnerships like this. Under this model, the company working with NASA takes on some of the development cost of the project, in exchange for allowing NASA to stretch its budget further—a structure that has become a template for how the agency funds ambitious missions without bearing all the financial risk itself.

But NASA is taking on risk as well: Relativity is unproven, and there’s no guarantee the mission will even make it off the ground. Past startup partners of NASA have gone bankrupt or seen Moon landers arrive askew. The potential payoff for the company is meant to extend beyond the NASA contract itself, including commercial applications, like launching satellites or delivering cargo to the Moon. Still, the further out into space these partnerships reach, the murkier the market becomes for commercial services.

Relativity was founded in 2015 by two former SpaceX and Blue Origin engineers, with the idea of using 3D printing to its maximum potential as a path to building a cheaper rocket. The company’s first design, Terran-1, launched in March 2023 and failed mid-flight. Relativity doubled down by moving on to a larger design, dubbed the Terran R.

Before Relativity could get it to the launch pad, the company ran into fundraising challenges, and Schmidt took a majority stake in the company in it last year, installing himself as CEO. He’s been tight-lipped about the investment but has expressed interest in orbital data centers, and is thought to be using Relativity to launch a space telescope, Lazuili, financed by his family philanthropy, Schmidt Sciences.

The former tech executive’s decision to take over a space company last year puzzled some observers because rocketry is a crowded and capital-intensive field. But pent up demand for new rockets—fueled by delays at Jeff Bezos’ Blue Origin—could still lead to a payoff for Schmidt if Terran R can actually make it to space.

And the new contract might give Schmidt a chance to put one over on Elon Musk, a regular sparring partner of his on the issue of AI safety. While Musk has long talked of his Martian ambitions, SpaceX has never actually sent its own mission to Mars (no, the Tesla he launched into space in 2018 missed).

If Relativity’s Aeolus launches on schedule, it could be the first private mission to reach the Red Planet.

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

Continue Reading

Trending