Lendsqr CEO Flags Wave of Cyberattacks in Nigeria

In Short

Nigerian financial institutions are facing increasing pressure from cyberattacks.

Lendsqr CEO Adedeji Olowe has spoken publicly about the issue in a blog post.

What Happened

Lendsqr CEO Adedeji Olowe says Nigerian financial institutions have come under increasing pressure from cyberattacks in recent weeks.

The report describes a “wave of cyberattacks” affecting the sector. It also says AI is accelerating speed for bad actors, meaning attackers can move faster.

Olowe highlighted the threat in a blog post and said he is no longer willing to stay quiet about it. He described silence about security incidents as a common industry practice.

The report adds that many institutions have remained publicly silent about the incidents, despite growing concerns about the security of Nigeria’s financial infrastructure.

Why It Matters

Cyberattacks on financial institutions can raise questions about the security of a country’s financial infrastructure.

The story also points to an industry communication gap. If organisations stay silent about security incidents, customers and partners may have less clarity on what happened and what is being done in response.

Olowe’s decision to speak publicly breaks from what he describes as the usual approach, and puts more attention on how Nigerian financial institutions handle disclosures about cyber incidents.