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Tag: risk

  • Risks and mitigation strategies in cybersecurity

    Risks and mitigation strategies in cybersecurity

    In the digital age, safeguarding sensitive information stored in databases is paramount for organizations across industries. However, the practice of sharing database credentials poses significant risks to data security and integrity, complicating the management of access controls and user privileges. 

    This essay by Abraham Omokanye explores the dangers associated with sharing database credentials, the potential consequences, underlying vulnerabilities, and best practices for mitigating these security risks in cybersecurity.

    Case Study: A Cautionary Tale

    In 2005, a major financial conglomerate acquired another prominent bank in Nigeria, marking a significant event in the banking sector. The primary challenge was seamlessly integrating the disparate legacy systems of both institutions without disrupting customer service, a task that would solidify the bank’s market leadership and demonstrate managerial competence. 

    A team of IT experts, including an experienced individual named Rojinle, was assembled to tackle this integration. Rojinle’s unique blend of operational acumen and IT expertise quickly positioned him at the forefront of the project team, granting him access to critical systems and trust within the project’s inner circle.

    To expedite the migration process, management overlooked the sharing of credentials, an oversight that soon had dire consequences. The Financial Control team discovered suspicious fund transfers to external accounts, raising immediate red flags. Investigators found that the system used for these transfers was assigned to the project team, leading to a narrowing down of suspects. Ultimately, evidence pointed to Rojinle, who confessed to the fraudulent activities. 

    This incident underscores the perils of sharing database credentials and the critical need for stringent access controls.

    Understanding Database Credentials

    Database credentials, typically a username and password combination, grant users access to critical data within database systems. While designed to facilitate legitimate access, sharing these credentials can introduce a multitude of security vulnerabilities and severe consequences.

    Risks Associated with Sharing Credentials

    The practice of sharing database credentials, whether knowingly or inadvertently, exposes organizations to various security risks and threats. Shared credentials increase the likelihood of unauthorized access to sensitive data, compromising data confidentiality and integrity. Exposure or theft of shared credentials through phishing, malware, or social engineering can lead to unauthorized database access, data exfiltration, ransomware deployment, or system sabotage. 

    Trusted insiders with access to database credentials may misuse their privileges for malicious purposes, such as data theft, tampering, or fraud. Sharing credentials can violate regulatory mandates like GDPR, HIPAA, PCI DSS, and SOX, which require stringent access controls and data protection measures. Additionally, shared credentials hinder the ability to trace individual actions within the database environment, complicating forensic investigations, incident response, and compliance audits.

    Mitigation Strategies for Securing Database Credentials

    To mitigate the risks associated with sharing database credentials, organizations should implement a multi-layered approach encompassing technical controls, security policies, and user awareness initiatives. Adopting role-based access control (RBAC) models to assign users predefined roles based on job functions, responsibilities, and authorization levels enforces the least privilege principle and minimizes exposure of sensitive data. Implementing multi-factor authentication (MFA) mechanisms, such as biometric verification or one-time passwords, strengthens password-based authentication and enhances database access security.

    Deploying privileged access management (PAM) solutions centralizes and automates the management of privileged accounts, enforcing strict access controls, session monitoring, and credential rotation policies. Using database activity monitoring (DAM) solutions to monitor user activities, queries, and transactions in real-time helps detect suspicious behavior and unauthorized access attempts. Providing comprehensive security awareness training emphasizes the importance of safeguarding credentials, recognizing phishing attempts, and adhering to security best practices. Utilizing secure storage mechanisms, such as password managers and key management services, protects credentials with encryption, access controls, and audit trails. Enforcing periodic rotation of database credentials ensures the use of strong, complex passwords and secure disposal of old credentials.

    Conclusion

    In an era of heightened cybersecurity threats and regulatory scrutiny, sharing database credentials represents a significant risk to organizational security, compliance, and data integrity. By understanding the associated risks and implementing robust mitigation strategies, organizations can enhance their database security posture, mitigate insider threats, and protect sensitive data from unauthorized access or exploitation. Securing database credentials is a critical imperative for navigating the complexities of the digital landscape with confidence and assurance.

    Abraham Omokanye is an accomplished IT professional with expertise in software development, database management, and IT security. He has a proven track record of leading complex projects, deploying effective security solutions, and fostering collaboration across teams. With over 20 years of experience, he has significantly contributed to his organization’s growth and efficiency. Abraham holds a Bachelor’s/Master’s degree in Computer Science and an MBA.

  • Nigeria, Sudan, others risk earth warming

    More than a billion people are at risk from  lack of air conditioning and refrigeration to keep them cool and to preserve food and medicines as global warming brings more high temperatures, a study showed yesterday.

    A survey of 52 countries, showed those most at risk to include Nigeria, India, China, Mozambique, Sudan, Brazil, Pakistan, Indonesia and Bangladesh.

    More electricity demand for fridges, fans and other appliances will add to man-made climate change unless power generators shift from fossil fuels to cleaner energies, according to the report by the non-profit Sustainable Energy for All Group.

    About 1.1 billion people in Asia, Africa and Latin America – 470 million in rural areas and 630 million slum dwellers in cities – were at risk among the world’s 7.6 billion people, it said.

    “Cooling becomes more and more important” with climate change, Rachel Kyte, head of the group and special representative for the U.N. Secretary-General for Sustainable Energy for All, told Reuters.”

  • “Our marriage at risk due to our status” says Women Living with HIV virus

    A group of Women Living with HIV virus have lamented that their marriage is at risk as a result of their HIV status. Speaking with The Nation, some of these women, apart from suffering discrimination and stigmatisation, their marriages also suffer.

    “My life has experienced enough violence even before I was diagnosed HIV positive but my new status shoots up the already ugly situation,” Deborah said amidst tears. Although, Deborah’s first marriage was characterised by violence, the discovery of her HIV status worsened the situation and ultimately cause her marriage to hit the rocks. “There was so much intimidation and at the end of the day we just had to go our separate ways.” Like the typical Nigerian woman that would not want her marriage to break, originally, Deborah was not ready to leave her matrimonial home. She wasn’t willing to separate for fear of discrimination and stigmatization, particularly from society, family and religious groups. To most women out there whose marriage is at the brink of collapse, Deborah is enjoining them to rise up to the challenge. Her words: “If you don’t take up that challenge, you cannot achieve anything in life, you will die of stigma and discrimination. I’m happy that I left the marriage and became an advocate for the rights of women living with HIV in Lagos State,” she said.

    Janet, another person who is currently going through emotional torture due to her HIV status, narrated how she disclosed her HIV positive status to her husband before marriage and the man accepted even though he is negative. After their wedding, he began to blackmail her: “The man reminds her that she must be giving him money otherwise he would tell the whole world about her status and how he is risking his life to be with her, which eventually led to their separation.

    Speaking with the Director, Women Advocate Research and Documentation Center, WARDC, Dr. Abiola Akiyode-Afolabi, said although, violence against women is so much, it is more severe with people living with disability and HIV/AIDS. According to Akiyode-Afolabi, “People living with disability and HIV/AIDS suffer more violence because they are much more vulnerable than any other women because of their circumstances and situation.”

     

     

     

  • Atilade: We risk another civil war if…

    Atilade: We risk another civil war if…

    The Chairman of Christian Association of Nigeria (CAN) South West region, Archbishop Magnus Atilade, has warned the killings by Fulani herdsmen could degenerate to another civil war if allowed to fester.

    He called on President Muhammadu Buhari and security agencies to stop at nothing to halt the killings in the interest of national peace.

    Atilade, who described the killings as worrisome, said endangered ethnic groups might be compelled to resort to self defence if they government does not arrest the situation.

    According to him: “It is so sad and unfortunate that a section of businessmen from a part of the country have become unstoppable in their determination to kill.

    “It is even more unfortunate that government has not given the situations the required urgency and attention. If care is not taken, we might experience another civil war at the rate things are going.

    “This is because the ethnic groups will soon take to self defence and starting arming themselves. It means the next time the herdsmen attack them, there would be more casualties on both sides.

    “Once people get the feeling the government can no longer protect them, they will take to self-help. That is the perfect recipe for another civil war.”

    He advised Buhari to rid himself of any sectional sentiment or feeling to tackle the menace headlong, saying “he should be President of all, not act as President of the Fulanis or the north.”

    Atilade, who is also the President of Gospel Baptist Conference in Nigeria and Overseas (GBCNO), said security forces must not only stop the killings but punish the perpetrators.

    “How come no Fulani herdsman has been arrested till date? Are they ghosts that are invisible? Until we arrest and prosecute them, we have not done justice to the matter,” he further stated.

    He also called on the President to free himself from real and imaginary cabal, saying there are too many talks of some people holding him to ransom.

    “Even his wife said the same thing the other day. The President has to get rid of these people who are bent on destroying the nation on the altar of personal interest.

    “They have formed a protective shield around him and misinform the President on the true state of things,” he lamented.

    Atilade also joined calls on Buhari not to seek reelection in 2019.

    “He should consider his health first and foremost. It is a sheer miracle God rescued him the other times. It is in his interest and that of the nation for him to turn down those calling on him to contest again next year,” he stated.

     

  • Fed Govt allays fears over currency risk on dollar loans

    •$3b Eurobond, $300m Diaspora bonds listed on NSE, FMDQ

    The Federal Government has allayed fears that its increasing recourse to foreign-currency denominated bonds may pose considerable currency risk and debt crisis as government has taken measures to ensure that it maintains a prudent and sustainable debt strategy.

    Debt Management Office (DMO) Director-General, Ms Patience Oniha, who spoke at the listing of Federal Government’s Eurobonds and Diaspora Bond at the Nigerian Stock Exchange (NSE) in Lagos, said Nigeria would not be subjected to any considerable foreign currency risk given foreign exchange earnings from its crude oil and ongoing efforts to diversify the economy.

    According to her, besides the foreign exchange earnings from crude oil, the country stands to gain increased foreign exchange earnings from the ongoing economic diversification programme.

    The NSE admitted the FGN 30 year $1.5 billion Eurobond, FGN 10 year $1.5 billion Eurobond, FGN 5 Year $300 million Diaspora Bond on its daily official list.

    She said government would continue to implement a prudent fiscal and debt management strategy to reduce the cost of debt, rebalance its debt and attain a portfolio of 60:40 foreign/domestic debt structure over the coming years.

    Oniha assured that the DMO would sustain its innovative and diverse fund raising plans to ensure optimal funding structure for Nigeria to address key infrastructural challenges.

    She said the continuing listing of government’s domestic and foreign debt issues on the stock market underscored the commitment of the government to the capital market and recognition of the importance of the market in national economic development.

    She noted that amid uncertainties, the government has so far this year accessed the international capital markets four times in 2017 and at every issue, it had achieved overwhelming success.

    Oniha explained that funding the budget deficit and refinancing the government’s inherited debt portfolio have been the key drivers behind the capital raising plans so far, adding that these will lead to significant benefits, particularly in reduction of cost of funds.

    She noted that the Diaspora bond provided opportunity for Nigerians in Diaspora to contribute to the development of the nation.

    Nigerian Stock Exchange (NSE) Chief Executive Officer, Mr. Oscar Onyema, said the Exchange would continue to collaborate with the government in the development of Nigerian debt market.

    “We would be coming up with other types of products that will give the investors a good menu of options in terms on how to diversify portfolio,” Onyema said.

    At the listing of the Eurobonds and Diaspora Bond at the FMDQ OTC Securities Exchange, Oniha said the listings would increase the number and range of securities in the domestic capital markets, thereby deepening the market and promoting financial inclusion.

  • Cancer prevention: Seven tips to reduce your risk

    Cancer prevention: Seven tips to reduce your risk

    The search engine- http://www.mayoclinic.org explains simple basic steps to avoiding cancer. And Dr Segun Fahuwa of Mister Guarantee Trado-Medical, 4F, Akerele Extension, Near Super Shopping Plaza, Surulere, Lagos answers the second question. 

    As cancer has been declared an epidemic in Nigeria what steps can I take to prevent developing one?

    –Folasade Ipaye, 32-year-old-Teacher, Ikeja, Lagos.

    Concerned about cancer prevention? Take charge by making changes such as eating a healthy diet and getting regular screenings.

    You’ve probably heard conflicting reports about cancer prevention. Sometimes the specific cancer-prevention tip recommended in one study or news report is advised against in another.

    In many cases, what is known about cancer prevention is still evolving. However, it’s well-accepted that your chances of developing cancer are affected by the lifestyle choices you make.

    So if you’re concerned about cancer prevention, take comfort in the fact that some simple lifestyle changes can make a big difference. Consider these seven cancer prevention tips.

    • Don’t use tobacco

    Using any type of tobacco puts you on a collision course with cancer. Smoking has been linked to various types of cancer — including cancer of the lung, mouth, throat, larynx, pancreas, bladder, cervix and kidney. Chewing tobacco has been linked to cancer of the oral cavity and pancreas. Even if you don’t use tobacco, exposure to secondhand smoke might increase your risk of lung cancer.

    Avoiding tobacco — or deciding to stop using it — is one of the most important health decisions you can make. It’s also an important part of cancer prevention. If you need help quitting tobacco, ask your doctor about stop-smoking products and other strategies for quitting.

    * Eat a healthy diet

    Although making healthy selections at the grocery store and at mealtime can’t guarantee cancer prevention, it might help reduce your risk. Consider these guidelines:

    Eat plenty of fruits and vegetables. Base your diet on fruits, vegetables and other foods from plant sources — such as whole grains and beans.

    Avoid obesity. Eat lighter and leaner by choosing fewer high-calorie foods, including refined sugars and fat from animal sources.

    If you choose to drink alcohol, do so only in moderation.The risk of various types of cancer — including cancer of the breast, colon, lung, kidney and liver — increases with the amount of alcohol you drink and the length of time you’ve been drinking regularly.

    Limit processed meats. A report from the International Agency for Research on Cancer, the cancer agency of the World Health Organisation, concluded that eating large amounts of processed meat can slightly increase the risk of certain types of cancer.

    In addition, women who eat  Mediterranean diet, supplemented with extra-virgin olive oil and mixed nuts, might have a reduced risk of breast cancer. The Mediterranean diet focuses mostly on plant-based foods, such as fruits and vegetables, whole grains, legumes and nuts. People, who follow the Mediterranean diet, choose healthy fats, like olive oil, over butter and fish instead of red meat.

    • Maintain a healthy weight and be physically active

    Maintaining a healthy weight might lower the risk of various types of cancer, including cancer of the breast, prostate, lung, colon and kidney.

    Physical activity counts, too. In addition to helping you control your weight, physical activity on its own might lower the risk of breast cancer and colon cancer.

    Adults, who participate in any amount of physical activity, gain some health benefits. But for substantial health benefits, strive to get at least 150 minutes a week of moderate aerobic activity or 75 minutes a week of vigorous aerobic physical activity. You can also do a combination of moderate and vigorous activity. As a general goal, include at least 30 minutes of physical activity in your daily routine, and if you can do more, even better.

    • Protect yourself from the sun

    Skin cancer is one of the most common kinds of cancer and one of the most preventable. Try these tips:

    Avoid midday sun. Stay out of the sun between 10 a.m. and 4 p.m., when the sun’s rays are strongest.

    Stay in the shade. When you’re outdoors, stay in the shade as much as possible. Sunglasses and a broad-brimmed hat help, too.

    Cover exposed areas. Wear tightly woven, loosefitting clothing that covers as much of your skin as possible. Opt for bright or dark colours, which reflect more ultraviolet radiation than pastels or bleached cotton.

    Don’t skimp on sunscreen. Use generous amounts of sunscreen when you’re outdoors, and re-apply often.

    Avoid tanning beds and sunlamps. These are just as damaging as natural sunlight.

    • Get immunised

    Cancer prevention includes protection from certain viral infections. Talk to your doctor about immunisation against: Hepatitis B, which can increase the risk of developing liver cancer. The hepatitis B vaccine is recommended for certain high-risk adults, such as adults, who are sexually active but not in a mutually monogamous relationship, people with sexually transmitted infections, intravenous drug users, men who have sex with men, and health care or public safety workers, who might be exposed to infected blood or body fluids.

    Human papillomavirus (HPV). HPV is a sexually transmitted virus that can lead to cervical and other genital cancers as well as squamous cell cancers of the head and neck. The HPV vaccine is recommended for girls and boys of ages 11 and 12. It is also available to both men and women of age 26 or younger, who did not have the vaccine as adolescents.

    • Avoid risky behaviours

    Another effective cancer prevention tactic is to avoid risky behaviours that can lead to infections, which, in turn, might increase the risk of cancer. For example: Practice safe sex, limit your number of sexual partners, and use a condom when you have sex. The more sexual partners you have in your lifetime, the more likely you are to contract a sexually transmitted infection — such as HIV or HPV.

    People, who have HIV or AIDS, have a higher risk of cancer of the anus, liver and lung. HPV is most often associated with cervical cancer, but it might also increase the risk of cancer of the anus, penis, throat, vulva and vagina.

    Don’t share needles. Sharing needles with an infected drug user can lead to HIV, as well as hepatitis B and C, which can increase the risk of liver cancer. If you are concerned about drug abuse or addiction, seek professional help.

    • Get regular medical care

    Regular self-examinations and screenings for various types of cancers, such as cancer of the skin, colon, cervix and breast,  can increase your chances of discovering cancer early, when treatment is most likely to be successful. Ask your doctor about the best cancer screening schedule for you.

    Take cancer prevention into your own hands, starting today. The rewards will last a lifetime.

  • NPA, INTELS row puts 20,000 jobs at risk

    • Osinbajo urged to intervene

    The Nigerian Importers Integrity Association (NIIA) has warned that no fewer than 20,000 jobs in the Niger Delta region could be lost as a result of the face-off between Nigerian Ports Authority (NPA) and oil and gas logistics giant INTELS Nigeria Limited.

    The group has appealed to Acting President Prof Yemi Osinbajo to intervene so as to avert the loss of jobs and its socio-economic backlashes.

    Its President, Mr. Godwin Onyekazi said it was unfortunate that a simple business disagreement, which could have been amicably resolved “at the coffee table” was allowed to degenerate to the point of threatening thousands of jobs.

    “INTELS is a major operator in oil and gas, maritime and real estate industries. It is one of the largest employers of labour in the country and in the Niger Delta region. It should therefore concern any well-meaning Nigerian that NPA is unable to amicably resolve and manage its differences with such organisation.

    “We have also read that INTELS is being persecuted because of its perceived links to a top politician in the country. This political dimension to the entire saga makes the intervention of Acting President Osinbajo imperative.

    “We do not think that companies operating in the country should be subjected to political persecution especially at this time when the Federal Government is pushing hard for peace to reign in the Niger Delta region,” Onyekazi said.

    He said the competition for oil and gas logistics is international and the loss of business by INTELS is the loss of business by Nigeria.

    “It is an exercise in delusion to think that there is any other facility in-country that can provide the type of services INTELS is providing to the oil and gas sector. The oil and gas majors will simply move to Angola, Sao Tome and Principe or South Africa to enjoy the kind of services they enjoy at INTELS if it is no longer in position to provide such service.

    “The implication of this is huge revenue loss to the country and loss of jobs in the Niger Delta region,” he said.

    The NIIA chief also called on the Federal Government to provide palliative measures to cushion the effect of Ijora-Wharf road closure for one year on port users.

    While commending the government for deeming it fit to repair the road, which he said has been abandoned for several years, he said the same attention should be given to the Port Harcourt Port and Onne Port access roads.

    Justice A. R. Mohammed of the Federal High Court, Abuja, had last month issued an interim order directing the NPA and four others to maintain the status quo in a suit filed by INTELS Nigeria Limited on the de-categorisation of terminals at the nation’s seaports.

    INTELS, which filed the suit number FHC/ABJ/CS/417/2017 at the Federal High Court Abuja, is asking the court to, among other reliefs, issue an order stopping the NPA and other defendants from implementing the proposed policy review.

  • Bureaux de Change at risk as naira gains more muscle

    Bureaux de Change at risk as naira gains more muscle

    Business seems bad for Bureaux De Change (BDCs) — no thanks to the naira’s new strength that has hit them with heavy losses.

    The naira has strengthened below N381 to the dollar, the rate at which BDCs buy International Money Transfer Operators (IMTOS) cash from the Central Bank of Nigeria (CBN).

    The naira exchanged at N375 to the dollar in the parallel market at the weekend.

    It is tipped to gain more  within the week as the CBN sustains dollar interventions in the interbank market.

    About $1.5 billion has been injected into the interbank market since February when the interventions started.

    Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe, who hinted of some  BDCs likely closure  after losing N130 million within the week, said the losses came from the disparity in applicable exchange rates among players in the market. He, therefore, called for rates harmonisation to give all players a level playing field.

    According to him, the public has refused to buy foreign exchange from BDCs for invisibles, such as medicals, school fees, and personal and business travel allowances, at a rate above N375 to the dollar.

    Commercial banks are selling the dollar for invisibles at N375. The parallel market rate closed at N380 last week. The BDCs, Gwadabe said, were at the receiving end of the market because they bought dollars at N381 and sold at N399, which is far higher than even the parallel market rate.

    “All the banks’ selling rates are higher than even the purchasing rates of BDCs, let alone our selling rates. No one is presently buying from the BDCs. I managed to sell only $4,000 last week at N385, how are we going to survive?”, he asked.

    “The development has been communicated to the CBN and relevant agencies for intervention and the CBN is giving it its attention. If the scenario is not reversed immediately, the CBN licensed BDCs of over 3,000 with 30,000 workers  will be technically edged out of the market,” he said.

    Continuing, Gwadabe urged the CBN to provide a level-playing field for all operators, because they are all operating within same market, and selling the same product.

    Gwadabe said once the BDCs are no longer in the foreign exchange business, currency speculators will take over the market and that will not be good for the naira.

    Stakeholders hope that the sustenance of the CBN’s efforts at the interbank market will further drive down the value of the dollar.

    The naira has appreciated by 13 per cent in the parallel market in the last one week. The currency traded at N440 last Monday. It closed at N380 to the dollar at the weekend.

    Experts have praised the CBN for its intervention at the foreign exchange market. They urged the apex bank to eliminate the multiple rates in the market.

    As the naira continues to appreciate, experts say it is necessary for the CBN to adjust applicable rates in various segments of the market in the overall interest of the economy.

    The CBN said yesterday that the dollar would be weakening further this week as it plans yet another round of interventions in the interbank market. It plans to pump in more dollars into the interbank market to meet the demands of wholesale and retail customers as well as strengthen the value of the naira against other international currencies.

    The planned move by the CBN, sources say, will further firm up the naira against other currencies as the exchange rates of the greenback and the United Kingdom Pound Sterling continue to move southwards.

    The Euro and the Pound exchanged at the parallel market at the weekend at N405 and N475. The figures will further nosedive this week, according to experts.

    The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, confirmed the plan to inject more foreign exchange into the market.

  • Dangote: restructure power sector or risk disaster

    Dangote: restructure power sector or risk disaster

    The Honorary Adviser to the President of Dangote Group,  Joseph Makoju has warned that if the existing structure in the power sector is not fundamentally changed, the nation risks disaster.

    Speaking at a two-day Power Sector Stakeholders Interactive Dialogue convened by the National Assembly in Abuja, Makoju, who was Special Adviser to three presidents on Power, canvassed for a fundamental structural change, as against the current path of tariff increases and government’s bailouts.

    He said: “I want to stress that, I do not wish to be alarmist; but if we continue on the current path of tariff increases and government bailouts without fundamental structural changes, we will soon be dealing with a disaster. What assets are on ground will depreciate, financial positions will deepen, and eventually we will all come back to these same conclusions but after much more harm has been done.”

    Makoju pushed for adequate funding and restructuring of the power sector so as to achieve relative stability in electricity generation and distribution

    He said the power sector is  bankrupt to the point of even threatening the health of financial institutions and the wider national economy.

    To restructure the sector for effective services, Makoju advised a reduction in the distribution zones.

    He said the failure of the power sector under government management was not technical and commercial management of the business but the absence of sustained and adequate funding of the sector. According to him,  despite the privatisation exercise six years ago, the problem of the sector remained the same.

    “Most of the private sector investors in the power privatisation had no specialist knowledge or understanding of the power sector, which has eroded the technical and managerial competence in the industry. And the funding problems have persisted and even become exacerbated as they now even threaten the stability and health of the nation’s banking system as well as the entire electricity sector,“ Makoju lamented.

    While noting that the distribution end of the value chain is the most inefficient and has suffered the greatest neglect, he described it as one which underpins the financial viability and sustainability of the entire sector. “To get the sector moving forward we need to improve its liquidity position, and this can only be accomplished through satisfied, paying customers,” he said.

    Still on adequate funding for the sector, Makoju said the Association of Nigerian Electricity Distributors (ANED) reports that as at last December, the funding gap in the power sector is over N1 trillion and as such, advised that funding must be looked at from the perspective of new equity and debt financing arrangements and structures, and internally generated revenue maximisation.

    As a lasting solution, he also canvassed new capable players working in a reconfigured power sector while also considering residual government shares for bringing in long term funding.

    While urging the government to declare a state of emergency in the sector, he sought for the engagement of industry experts and policymakers to draw up a comprehensive power sector master plan building on past provisions and arrangements to deliver an electricity industry fit for current and future needs.

  • Business interruption most feared risk, market vagaries second

    Business interruption tops the list of global business risks, according to Allianz Global Corporate & Specialty S.E.’s 2016 Allianz Risk Barometer.

    That was the same rank business interruption in last year’s survey. But a newcomer, market developments such as volatility, intensified competition and market stagnation ranked second. Cyber incidents climbed up from fifth place to third place among the top business risks.

    Rounding out the top 10 were natural catastrophes, changes in legislation and regulation, microeconomic developments such as austerity programs, loss of reputation or brand value, fire and explosion, political risk including terrorism, and theft, fraud and corruption.

    The fifth annual index result is based on the responses of more than 800 global businesses, risk consultants, underwriters, senior managers and claims experts in the corporate insurance segment in both AGCS and local Allianz offices in October and November of 2015.

     

    • Culled from Business Insurance