Naira rises to N1,618/$ in parallel market

The naira yesterday appreciated to N1, 618 per dollar in the parallel market from N1,620 per dollar on Monday.

Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management

Lasaco Assurance Plc, one of the leading insurance companies in Nigeria, is pleased to announce that it has successfully obtained the ISO/IEC 27001:2022 certification, a globally recognized benchmark for Information Security Management Systems (ISMS).

This certification comes after a thorough and detailed re-certification audit, validating its commitment to upholding the highest standards in information security and cybersecurity.

The ISO/IEC 27001:2022 certification highlights Lasaco’s ongoing efforts to protect confidential information, manage risks, and enhance its approach to information security, aligning with global best practices.

Speaking on this new development, the Managing Director, Lasaco Assurance Plc, Mr. Razzaq Abiodun, said, “We are incredibly proud of this achievement, which demonstrates our dedication to maintaining the highest standards of operational excellence and continuous improvement.

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“In today’s digital age, ensuring the safety and security of sensitive information is of paramount importance, and this certification reaffirms our commitment to being a trusted and responsible organization.”

ISO/IEC 27001:2022 offers a structured framework for managing and securing critical business information, ensuring that all aspects of the organization’s information security are addressed through proactive risk management. This certification affirms Lasaco Assurance’s robust commitment to safeguarding sensitive data against emerging cyber threats.

“Moving forward, we remain dedicated to ensuring the highest level of information security, compliance, and excellence in all our operations,” the Head of IT, Lasaco Assurance, Mr. Dimeji Ogundele said.

The company extends its deepest gratitude to its entire team, clients, and partners whose support was pivotal to achieving this certification. Lasaco Assurance Plc is a composite insurance company, providing a wide range of insurance solutions.

With a rich history of trust, innovation, and customer satisfaction, Lasaco continues to deliver reliable and cutting-edge services to individuals, businesses, and government institutions.

Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management

5 facts about trending digital trading platform, CBEX

Investors have been left counting their losses after digital trading platform, China Beijing Equity Exchange (CBEX) crashed on Monday, April 14.

Many distraught investors took to social media, especially X and TikTok, to bemoan their losses, which was estimated at N1.3 trillion.

Following reports of the platform’s crash, some investors on Tuesday broke into CBEX’s office in Oke Ado area of Ibadan, Oyo State and looted furniture, electronics and other valuables.

Facts about CBEX and its operations:

1. CBEX is a digital trading platform that promised investors 100% profit within 30 days, by trading digital assets. Its purported goal was to create a secure, transparent environment for transactions.

2. CBEX reportedly attracted around 300,000 users, majority of whom are Nigerians, despite not being registered with Securities and Exchange Commission (SEC), making its operations illegal under the Investment and Securities Act (ISA) 2025. CBEX’s CEO, Yahaya Ibrahim claimed the platform was a registered Canadian crypto exchange, but no evidence supported this, and operations were primarily Nigerian-focused.

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3. Around April 9, investors reportedly faced withdrawal failures as funds in their wallets vanished. CBEX attributed the withdrawal issues to a “security breach” and demanded additional deposits for “verification”. The verification options included $200 fee for $2,000 wallet balance and $100 for $1,000 wallet balance.

4. The crash reportedly affected over 300,000 users, with estimated losses exceeding $840 million (N1.3 trillion), devastating investors, some of whom lost life savings or loans. Cryptocurrency expert and security analyst, Taiwo Owolabi said available data indicated that the funds were moved to a TRX address: (TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf). He noted that a total volume stolen so far in USDT is $847 million and likely to increase.

5. The Securities and Exchange Commission (SEC) has continued to warn the public against investing in unregistered platforms like CBEX, citing risks of fraud and lack of investor protection. Prior to CBEX’s crash, SEC stated that ISA 2025 signed by President Bola Tinubu makes it an offence for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.

“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.

“Any business entity with the plan of setting up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions,” SEC said.

5 facts about trending digital trading platform, CBEX