Cyber Threats Pose Existential Risk to Nigerian Businesses; ISSAN Urges Proactive Defence
Stakeholders across Nigeria’s business landscape are being urged to implement urgent and robust measures to counter the escalating sophistication of cyber threats, which pose a significant risk to the sustainability and profitability of organisations. The Information Security Society of Africa – Nigeria (ISSAN), in collaboration with MAXUT Consulting, highlighted this critical concern during its recent monthly meeting, underscoring the pervasive nature of digital vulnerabilities.
In a report by Business Post Nigeria on June 17, 2026, ISSAN detailed a spectrum of threats including identity theft, Business Email Compromise (BEC), phishing, ransomware, WhatsApp account hijacking, Distributed Denial-of-Service (DDoS) attacks, payment card fraud, cryptocurrency-related attacks, and various forms of social engineering. These attacks are increasingly targeting individuals, businesses, critical national infrastructure, and strategic national assets, demanding a paradigm shift in how cybersecurity is perceived and managed.
Mr. David Isiavwe, President of ISSAN and Executive Director for Risk Management at Nova Bank, emphasised that the growing frequency and complexity of cyberattacks necessitate viewing cybersecurity not merely as an IT function, but as a paramount business and national security priority. He stressed that organisations struggling to protect information assets, maintain operational resilience, and address vulnerabilities are particularly susceptible to exploitation.
To mitigate these risks, ISSAN advocates for the adoption of proactive risk management strategies, the implementation of continuous monitoring systems, and the prompt remediation of identified vulnerabilities. Furthermore, the society underscored the importance of investing in regular cybersecurity awareness programmes for both employees and customers. The integration of emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and automation was also highlighted as crucial for enhancing threat detection and response capabilities.
“No organisation can successfully confront today’s cyber threats in isolation,” stated Mr. Isiavwe. “Information sharing, collaboration, and collective vigilance remain essential to protecting our digital ecosystem and safeguarding public trust.” This sentiment was echoed during a technical presentation titled, “Confronting the New Mobile Threat Landscape: Beyond User Authentication,” which explored advanced defence mechanisms. ISSAN reaffirmed its dedication to fostering cybersecurity awareness, capacity building, information exchange, and industry collaboration to bolster Nigeria’s cyber resilience and support a secure digital economy.
In a separate development, Zoho Corporation has launched Nathu La, an in-house designed server engineered with hardware-rooted security across its entire stack. This indigenous IP-driven approach aims to reduce reliance on external entities for security audits, firmware updates, and licensing continuity, aligning with open-source principles and Zoho’s commitment to sustainable, secure, and scalable digital infrastructure. The launch supports the global emphasis on digital sovereignty and local innovation.
Nathu La achieves equivalent performance with 12-18% lower power consumption and a 20-30% reduction in total cost of ownership (TCO), thereby lowering inference costs. Developed in collaboration with Intel, leveraging Intel® Xeon® 6 processors, the server’s design philosophy is rooted in the Open Compute Project (OCP), prioritising modularity, thermal efficiency, and ease of maintenance. This initiative is expected to significantly reduce TCO and power consumption within Zoho’s data centres.
Zoho plans to host its applications on the Nathu La platform, optimising the full software-hardware stack for specific workloads, thereby reducing costs, enhancing performance, and strengthening data governance for its global clientele. The server motherboard and chassis platform represent five years of research and development in hardware, firmware, and systems management. Designed to optimise performance for virtualisation (VM), High Performance Computing (HPC), AI inference, and storage applications, it promises improved performance for Zoho applications.
The server features customised power delivery subsystems, an in-house DC-SCM (Data Centre Secure Control Module) design, and modular chassis options compatible with diverse environments. All modular components, including the DC-SCM and NIC (Network Interface Card), were designed in-house by Zoho’s hardware engineering team, ensuring tighter integration and quality control. Over five patents have been filed covering advanced thermal management and cost-optimised server architecture designs.
Mr. Kehinde Ogundare, Country Head for Zoho Nigeria, stated, “Zoho Corporation has invested in building its own technology stack from the ground up over the last three decades. The Nathu La server launch is in line with that goal.” He added that their strategy of using contextual, right-sized models running on their own platform, servers, and data centres compounds the benefits of owning their entire technology stack, ensuring more sustainable and accessible solutions for businesses. These long-term R&D investments are aimed at delivering customer value. Zoho established a dedicated R&D team in Nagpur, India, in 2020, focusing on server design and systems engineering, including hires from its SETU initiative for advanced learning in Electronics System Design and Manufacturing (ESDM).
In parallel, MTN’s financial technology arm is reportedly considering a direct shift into lending, bolstered by a significant investment from its parent company, MTN Group. This strategic move aims to offset persistent losses and expand beyond facilitating loans through partners. Mr. Serigne Dioum, MTN Group Fintech Chief Executive, indicated that in jurisdictions where regulatory frameworks permit, MTN intends to lend directly using its own balance sheet.
This pivot signifies a departure from its current fintech model, which primarily offers deposits, payments, transfers, and digital wallets via digital and mobile platforms. MTN has applied for Payment Solution Service Provider and Payment Terminal Service Provider licences through its Nigerian subsidiary, MoMo PSB. Approval would enable enhanced payment processing, merchant payment tool development, POS terminal deployment, and reduced reliance on third-party processors.
While direct lending presents an opportunity for increased revenue share, it also exposes MTN to credit risk, regulatory scrutiny, and intensified competition from established banks and digital lenders. Mr. Dioum highlighted the significant credit gap across Africa, with only 4-5% of adults having access to formal credit. In Nigeria, the situation is particularly acute, with an estimated 80% of MSMEs lacking formal credit access and a financing gap of approximately $236 billion. Access to small loans is critical for traders, small shop owners, transport operators, and households to manage inventory, pay suppliers, cover emergencies, and facilitate business expansion.
Earlier in April, MTN Nigeria announced that MTN Group would acquire a 60% stake in MoMo Payment Service Bank Limited (MoMo PSB) and Y’ello Digital Financial Services (YDFS) Limited. This investment is intended to help reduce financial risk and share the burden of future losses and investments for these currently loss-making fintech units, while MTN Group retains a significant minority stake.
