Tech
Flutterwave Partners with EFCC to Establish Cybercrime Research Center in Nigeria
Nigerian fintech giant, Flutterwave, has partnered with the Economic and Financial Crimes Commission (EFCC) to create a Cybercrime Research Center in Nigeria. This initiative aims to combat internet crime, enhance transaction security, and provide sustainable opportunities for youths across the country.
Memorandum of Understanding (MoU)
A Memorandum of Understanding was signed on June 14, 2024, by the Secretary of the EFCC, Mr. Mohammadu Hammajoda, and the CEO of Flutterwave, Olugbenga Agboola. This partnership marks a significant step in the fight against financial crimes and underscores the commitment of both parties to fostering a secure financial environment.
Objectives of the Cybercrime Research Center
The Cybercrime Research Center, to be established at the new EFCC Academy, will serve as a hub for advanced research, training, and capacity building. The center will focus on several key areas:
- Advanced Fraud Detection and Prevention
- Develop and implement cutting-edge technologies to detect and prevent financial fraud.
- Offer comprehensive training for law enforcement and industry professionals to effectively combat modern financial crimes.
- Collaborative Research and Policy Development
- Engage in joint research initiatives and policy formulation to enhance understanding and regulation of financial crime.
- Provide a platform for the exchange of ideas and best practices between the public and private sectors.
- Youth Empowerment and Capacity Building
- Provide high-end training and research opportunities for 500 youths, equipping them with the skills needed to navigate and excel in the digital economy.
- Technological Advancement and Resource Enablement
- Create a repository of advanced tools, technologies, and resources to support financial crime investigations.
- Develop protocols for addressing emerging threats, such as cryptocurrency-related crimes.
Statements from Key Stakeholders
Flutterwave’s CEO, Olugbenga Agboola, emphasized the company’s dedication to promoting secure transactions:
“This initiative underscores our commitment to creating a fraud-free financial ecosystem and leading the charge in safeguarding transactions across Africa. We applaud the EFCC’s relentless efforts to combat internet fraud and other illicit activities in the financial sector.”
EFCC Executive Chairman, Mr. Ola Olukoyede, expressed appreciation for the partnership:
“The EFCC is impressed with the strides and expanse of Flutterwave across Africa. This partnership marks a significant leap forward in our efforts to combat financial crimes and ensure a secure financial landscape for Nigerians. The Cybercrime Research Center will significantly enhance our capabilities to prevent, detect, and prosecute financial crimes.”
Importance of the Initiative
As the payments ecosystem evolves, financial fraud remains a significant challenge, threatening the stability and trust in financial systems. The partnership between Flutterwave and the EFCC exemplifies how public-private collaboration can address these issues, paving the way for a more secure and prosperous economy in Nigeria and across Africa.
The Cybercrime Research Center is poised to play a crucial role in enhancing the fight against financial crimes, ensuring safer transactions, and empowering the next generation with the necessary skills to thrive in the digital economy.
OpenAI’s Chief Technology Officer, Mira Murati, has announced her departure from the company after six and a half years. In a memo shared on X, Murati expressed that she had made the “difficult decision” to step away from OpenAI, citing her desire for personal exploration and reflection.
“There’s never an ideal time to step away from a place one cherishes, yet this moment feels right,” Murati wrote, emphasizing her commitment to ensuring a smooth transition for the company during this critical time.
Her exit follows other high-profile departures from the company, including co-founder Ilya Sutskever and former safety leader Jan Leike in May, as well as co-founder John Schulman, who left last month to join rival company Anthropic.
Murati’s departure comes at a time when OpenAI is pursuing a new funding round, potentially valuing the company at over $150 billion, with significant investments anticipated from major players like Thrive Capital, Microsoft, and Nvidia. OpenAI, the company behind ChatGPT, has seen rapid growth since 2022 but has also faced internal controversies and employee turnover, sparking concerns about its ability to scale safely.
Murati became a public figure when she was appointed interim CEO last November after the abrupt ousting of CEO Sam Altman. Despite her departure, she remains focused on supporting OpenAI’s momentum in the coming months.
During a congressional hearing, CrowdStrike executive Adam Meyers issued a formal apology for the massive IT outage in July, which affected millions of computers globally. In his opening remarks, Meyers expressed deep regret, stating, “On behalf of everyone at CrowdStrike, I want to apologize. We are deeply sorry this happened and are determined to prevent it from happening again.”
Meyers assured lawmakers that the company is committed to learning from the incident and making significant improvements. This includes enhancing testing and checks on updates, as well as altering how future updates are issued to avoid similar disruptions.
Caroline Ellison, the former CEO of Alameda Research and key witness in the criminal case against FTX founder Sam Bankman-Fried, faces sentencing this Tuesday. Despite her involvement in the massive fraud that led to FTX’s collapse, Ellison may avoid significant jail time due to her cooperation with federal authorities.
Ellison admitted to defrauding investors and misappropriating billions of dollars from FTX customers, redirecting funds to Alameda’s speculative trading and debt repayment. Both Ellison and Bankman-Fried face the same serious charges, which carry a potential maximum sentence of 110 years. However, her cooperation with prosecutors has been deemed “extraordinary,” leading the federal Probation Department to recommend “time served” with three years of supervised release.
Her testimony was crucial in portraying Bankman-Fried’s role in the collapse, particularly due to their close personal relationship. This unique insight into his operations helped strengthen the government’s case. While Ellison was involved in fraudulent activities, legal experts believe her lesser control compared to Bankman-Fried will likely result in a lighter sentence, potentially no more than 18 months in prison.
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