Digital Economy: Hamzat Urges Investment In Cybersecurity To Strengthen Public Confidence

Lagos State deputy governor, Dr Kadri Obafemi Hamzat, has urged corporate organisations, particularly financial institutions, to prioritise investments in cybersecurity and emerging technologies to safeguard customers’ funds, protect institutional assets and strengthen public confidence in Nigeria’s rapidly evolving digital economy.

Hamzat said the increasing integration of technology into financial transactions and business operations had made cybersecurity a strategic imperative rather than a discretionary expenditure.

He warned that the sustainability of modern financial institutions would depend significantly on their capacity to protect sensitive information, secure digital infrastructure and anticipate emerging technological threats.

The deputy governor made the call yesterday, while commissioning the new corporate headquarters of Canary Point Holding Limited in Lagos, an indigenous financial services conglomerate with investments spanning banking, digital payments, asset management, specialised financing, investment banking and financial technology.

He commended the remarkable growth and diversification of Canary Point Holding Limited, describing the company’s expanding investment portfolio as a demonstration of indigenous entrepreneurial ingenuity, institutional resilience and the transformative potential of private-sector participation in national economic development.

According to him, the increasing sophistication of financial services and the growing dependence on digital platforms require companies to establish robust technological safeguards capable of protecting customers against cyber threats, financial fraud, data breaches and other vulnerabilities associated with digital transactions.

Hamzat maintained that businesses seeking to remain competitive in an increasingly interconnected global economy must recognise that technological innovation and cybersecurity are mutually reinforcing components of institutional growth.

He consequently challenged Canary Point Holding Limited to consolidate its investments in technology, strengthen its cybersecurity architecture and continuously develop innovative financial solutions that would enhance customer experience while guaranteeing the integrity and security of its operations.

The Deputy Governor also acknowledged the company’s contributions to the Lagos State and national economies through its diversified investments, employment generation, financial intermediation and support for entrepreneurial development.

He noted that the expansion of indigenous financial institutions remained fundamental to economic diversification, improved access to credit and the mobilisation of capital for productive activities.

Beyond cybersecurity, Hamzat disclosed the Lagos State Government’s readiness to explore strategic collaboration with Canary Point Holding Limited in mortgage financing and real estate development as part of efforts to address the state’s housing challenges

He explained that partnerships between government and credible private financial institutions could facilitate the development of innovative mortgage instruments and affordable housing financing arrangements, particularly for low- and middle-income residents who face considerable difficulties accessing conventional housing finance.

In his address, at the commissioning ceremony, the Group Managing Director of Canary Point Holding Limited, Mr. Idris Ibrahim, said the inauguration of the headquarters represented a significant milestone in the company’s transition from a transaction-focused enterprise into an integrated financial services group.

According to him, the company’s evolution was anchored on a deliberate strategy of identifying customers’ financial needs and progressively developing complementary institutions capable of providing solutions across different segments of the economy.

“Behind every transaction is a person or a business trying to achieve something,” he said, recalling the entrepreneurial philosophy that informed the establishment and subsequent expansion of the Group.

According to him, his early experience at Sebastian Bureau de Change provided valuable insights into the broader economic motivations underlying financial transactions, including international trade payments, educational expenses, family remittances and business financing.