Business

NDPC investigates Remita, Sterling Bank for alleged data breach

Published

4 months ago

April 6, 2026

Preport

The Nigeria Data Protection Commission (NDPC) has announced that it is carrying out an investigation into an alleged data breach involving Remita Payment Services Ltd., Sterling Bank, and other entities.

The investigation notice was disclosed on Sunday in a statement signed by the NDPC Head, Legal, Enforcement and Regulations, Babatunde Bamigboye, noting that the efforts are in line with the commission’s procedure, after receiving the ‘Notice of Investigation’ on 1 April.

The NDPC confirmed that the relevant parties and individuals have been providing information for the purpose of addressing the incident.

Cybercrime tracking platform, Dark Web Informer, announced in an X post on 31 March that there was “a massive breach allegedly from Remita, a major Nigerian payment processing platform, that has been leaked on a popular cybercrime forum.”

According to the report, a total of “3TB of S3 storage, 800GB+ of KYC documents (IDs, passports, photos, bank statements, electricity bills), MySQL/Postgres databases, logs, docker registries, source codes, government HSM keys, GitKraken to S3 backups and sources codes, 35,000+ password hashes, and three databases”, were breached on the Remita platform.

PREMIUM TIMES reached out to Remita through email and on social media platforn X for clarity on the alleged data breach, but the payment platform did not respond.

Additionally, there were reports of a separate alleged data breach involving Sterling Bank around the same time period.

NDPC probes

In its statement on Sunday, the NDPC said that it is probing the alleged data breaches to ensure that data subjects are protected and to find the mitigating measures to counter the data breaches.

“The investigation aims to ensure that data subjects are protected with appropriate technical and organisational measures.

“The investigation by NDPC covers, among others, the types of personal data involved, the nature and scope of the alleged breach, the risk to data subjects and the mitigation measures carried out where a breach is confirmed,” the statement read.

On further clarified that companies that use digital payment systems without appropriate technical and organisational measures will also be examined as part of a wider effort to ensure the integrity of the ecosystem.

“The Commission’s National Commissioner/CEO, Dr Vincent Olatunji, has directed that organisations that employ digital payment systems without putting in place appropriate technical and organisational measures as mandated under the Nigeria Data Protection Act, 2023 (NDP Act), will also be examined as part of a wider effort to ensure the integrity of the ecosystem,” the statement read.

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United Capital, Aradel, Custodian Investment top stock pick this week

Published

5 hours ago

July 27, 2026

Preport

Floor of the Nigerian Stock Exchange.png

Trading in Nigerian stocks last week hit a buoyancy last seen in the market more than six weeks ago, with transaction size accelerating 57.3 per cent to 4.4 billion shares as the earnings season kicked in in earnest.

A few inspiring half-year results, notably that of BUA Cement, were made public, but many more are expected as earnings release reaches fever pitch this week and companies hurry to beat the cut-off date for filing unaudited reports.

Investors will be pricing in companies’ chances of announcing interim dividends as they take position.

PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.

The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.

This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.

United Capital

United Capital tops this week’s pick on the basis of its strong fundamentals. The investment bank’s net profit ratio (NPR) is 51.2 per cent, while the price-to-earnings (PE) ratio is 10.4x. Its 14-day relative strength index (RSI) is 56.2.

Aradel Holdings

Aradel Holdings makes the selection for its strong fundamentals. The NPR of the energy company is 68.7 per cent, while the PE ratio is 8.8x. Its 14-day RSI is 43.2.

Custodian Investment

Custodian Investment appears on the pick on the basis of its robust fundamentals and for trading below its intrinsic value. The NPR of the company is 27.6 per cent, while the PE ratio is 6.3x. The 14-day RSI is 67.4.

Linkage Assurance

Linkage Assurance makes the cut by virtue of its strong fundamentals and for trading below its underlying value. The PE ratio of the insurer is 3.7x, while the 14-day RSI is 36.3.

Fidelity Bank

Fidelity Bank makes the selection on the basis of its strong fundamentals. The NPR of the lender is 16 per cent, while the PE ratio is 3.9x. Its 14-day RSI is 56.

Wema Bank

Wema Bank features on the list for its strong fundamentals and for trading below its underlying value. The NPR of the lender is 30.5 per cent, while the PE ratio is 1.2. Its 14-day RSI is 59.2.

Business

Cardoso, Okonjo-Iweala to Headline 7th Africa Emerging Markets Forum

Published

13 hours ago

July 27, 2026

Preport

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, and the Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, will headline a high-level fireside dialogue at the 7th Africa Emerging Markets Forum in Abuja.

Scheduled for July 29–30, 2026, at the CBN Headquarters, the prestigious gathering will bring together global central bankers, finance ministers, and leading economists to tackle practical policy responses to growing global economic uncertainties.

The event which will be hosted by the CBN in collaboration with the EMF and the Centre for the Study of the Economies of Africa (CSEA), the 7th Africa Emerging Markets Forum will convene senior policymakers, central bankers, ministers, development partners, private-sector leaders and leading economists from Africa and around the world to examine practical policy responses to an increasingly uncertain global economic environment.

Held under the theme “Building Resilience Amidst Geoeconomic Uncertainties,” the 7th Africa Emerging Markets Forum will be headlined by the Cardoso–Okonjo-Iweala fireside dialogue, which will explore how African economies can build resilience, sustain reform momentum, deepen regional integration and unlock long-term growth amid an increasingly fragmented global economy.

The 7th Africa Emerging Markets Forum will also feature ministerial keynote addresses by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and the Minister of Science, Technology and Innovation, Dr Kingsley Udeh, underscoring the importance of coordinated fiscal, monetary and innovation policies in advancing Africa’s economic transformation and long-term resilience.

Other distinguished participants include Indermit Gill, Chief Economist and Senior Vice President for Development Economics at the World Bank Group; Harinder Kohli, Founding Director and Chief Executive of the Emerging Markets Forum; Professor Adamu Ahmed, Vice-Chancellor of Ahmadu Bello University; alongside senior policymakers, academics, development partners and business leaders from across Africa and beyond.

Over two days, participants will examine a wide range of issues critical to the future of emerging markets, including macroeconomic stability, regional economic integration, cross-border payments, financial technology, infrastructure, foreign direct investment, technology transfer, artificial intelligence, and the interconnected challenges of food price volatility, inflation and monetary policy transmission in fragile and post-crisis economies.

According to the organisers, the 7th Africa Emerging Markets Forum aims to foster open dialogue on issues of strategic importance to emerging markets and developing economies while identifying practical policy solutions that can be adapted to the unique circumstances of individual countries.

The Forum underscores the shared commitment of the Central Bank of Nigeria and its partners to strengthening regional cooperation, advancing evidence-based policymaking and promoting innovative solutions that enhance Africa’s resilience and support sustainable, inclusive economic growth.

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