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Lagos unveils cybersecurity framework amid $500m cybercrime losses – Technology Times

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The Lagos State Government has rolled out a comprehensive set of cybersecurity guidelines aimed at strengthening digital safety across businesses, public institutions, and residents, as rising cyber threats continue to challenge Nigeria’s expanding digital economy.

The rollout announced today by Lagos comes amid figures cited by the National Information Technology Development Agency (NITDA), which estimates that Nigeria loses over $500 million (approximately ₦250 billion) annually to cybercrime, underscoring the urgency for coordinated and scalable security measures.

Developed with input from the Lagos State Cybersecurity Advisory Council, chaired by Prof. Fene Osakwe, and supported by Tunbosun Alake, the policy aligns with key national regulatory frameworks, including the Cybercrimes Act 2024, the Nigeria Data Protection Act 2023, and the National Cybersecurity Policy and Strategy 2021.

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Lagos State unveils cybersecurity guidelines amid NITDA data showing Nigeria loses over $500 million annually to cybercrime, boosting digital safety.

 

“The guidelines note that while Lagos is rapidly evolving into a SMART City, this progress brings heightened vulnerability to cyber threats,” the government says, adding that the recommendations are designed to address risks associated with increased digital adoption.

Lagos driving Smart City ambition with cybersecurity guidelines

The guidelines are positioned as part of Lagos State’s broader ambition to build a SMART, secure, and globally competitive digital hub, providing a strategic framework to enhance cybersecurity resilience across sectors.

According to the state government, the framework outlines clear, practical, and scalable cybersecurity best practices tailored for small businesses, medium and large enterprises, as well as Ministries, Departments, and Agencies (MDAs).

“The guidelines note that while Lagos is rapidly evolving into a SMART City, this progress brings heightened vulnerability to cyber threats,” the government says, adding that the recommendations are designed to address risks associated with increased digital adoption.

Unlike regulatory instruments, the document is structured as an enabling framework.

“These recommendations are not regulatory mandates but tools designed to empower stakeholders with practical, context-specific guidance,” the Lagos State Government says.

The initiative comes at a time when Lagos is consolidating its position as one of Africa’s leading innovation ecosystems, hosting a growing number of startups, fintech firms, and digital service providers. However, this expansion is also increasing the attack surface for cybercriminal activity.

Officials say the guidelines are intended to strengthen digital trust and support the development of a resilient, future-ready digital economy by equipping organisations with actionable security practices.

The government emphasises that cybersecurity remains a shared responsibility across public and private sectors, particularly as Lagos continues to expand its smart city infrastructure, including digital payments, e-governance platforms, and interconnected services.

“It is a commitment to fostering a secure digital environment that promotes innovation, investment, and public trust,” the state government says.

Lagos adds that the guidelines will be continuously updated to reflect emerging threats and evolving technologies, ensuring that cybersecurity remains a foundational pillar of its digital transformation agenda.

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

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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.

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

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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.

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