By Joseph Erunke, Abuja – November 15, 2024
An Abuja‑based lawyer, Barr. Charles Ude, Esq, has urged the federal government not to dismiss recent petitions submitted to the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) by Dr. Kingsley Chibuzor Aguoru, a UK‑based Nigerian chartered engineer and information security expert.
In his petitions, Dr. Aguoru exposed critical security vulnerabilities in Nigeria’s financial sector and proposed the establishment of an independent regulatory body akin to the UK's Financial Conduct Authority (FCA) to safeguard customers from cyber fraud.
Call for Scrutiny
Responding to Aguoru’s concerns, Barr. Ude pressed the government to thoroughly evaluate the recommendation to ban the use of card PINs for online transactions.
He pointed out that, given Aguoru’s dual expertise in finance and technology, his stance demands careful consideration. “Driven by a personal history of card-not-present (CNP) fraud, Dr. Aguoru has become an advocate for robust security protocols in digital and financial systems,” Ude emphasized.
Security Risks Highlighted
According to Ude, Aguoru’s petition states that:
"When you use your PIN at a POS terminal, there are secure encrypted layers in place… making the transaction very difficult for fraudsters to compromise. However, when a PIN is used online, there’s minimal control over security. A web browser cannot protect the input device, nor can it prevent network sniffing and keylogger, leaving consumers vulnerable to fraud."
He elaborated that while PIN validation at a physical POS benefits from encryption and secure microprocessor systems, online transactions lack similar safeguards, exposing users to potential interception and exploitation.
Corporate Branding Concerns
Barr. Ude also criticized the partnership between the National Identity Management Commission (NIMC) and MasterCard, which allowed MasterCard’s logo on Nigeria’s national identity card. "Our national identity card should serve as a government‑issued document, free from corporate branding and influence. Blurring these boundaries only raises ethical concerns," he stated.
Conclusion
With growing cyber threats, Barr. Ude insists the government must investigate Dr. Aguoru’s proposals to redefine online card‑PIN usage. He argued that failure to act on these petitions would ignore serious risks posed to unsuspecting consumers in Nigeria’s rapidly evolving digital economy.
