ONE WORD

The brain behind the hacking of a leading global crypto firm, Afriq Arbitrage System, Abayomi Segun Oluwasesan, has been arrested. The arrest of the Nigerian was effected by the International Police in Nigeria after he had stolen billions and fled. Though Oluwasesan initially claimed that some Arabian hackers were the brain behind it, it has been established that he indeed carried out the operation. Checks revealed that the AAS system was built on top-notch security architecture by the founder, Jesam Michael, as it has the capacity to defend itself against any aggressive attacks from external sources or forces. However, just like the biblical story of how Judas betrayed Jesus Christ, Oluwasesan, who was employed by his boss on June 15, 2022 to work as a web developer, literally hacked the platform at a time when his boss went for a liver transplant and entrusted the codes to him. Overwhelmed by greed, Oluwasesan, who was entrusted with the sensitive data for the smooth operations of th...

The Central Bank of Nigeria has revised the tenure of executive directors (ED). Deputy managing directors (DMD), and managing directors (MDs) of Banks and Bank Holding companies. According to the approved guidelines seen by Nairametrics, the cumulative tenure limit of directors (ED, DMD, MD, and NEDs) on the Board of the same bank is twenty-four (24) years. It was 20 years in the previous regulation. This is contained in section 3 of the new Corporate Governance Guidelines for Commercial, Merchant, Non-Interest, and Payment Service Banks in Nigeria. The current guidelines which were issued as a circular take effect August 1, 2023. Executive Directors: According to Section 3 of the guidelines the tenure of the MD/CEO of a bank shall be in accordance with the terms of engagement with the bank but subject to a maximum period of twelve (12) years. The guidelines also provide for the tenure of the Deputy Managing Director (DMD) and Executive Director (ED). It also stated that the tenure of ...