Cybercrime Costs Nigerian Firms $500M Yearly: Expert Urges Stronger IT Defenses

By Salami Adeyinka

Lagos-based technology entrepreneur Walter Enyioha , founder of e‑Technologies, is urging Nigerian businesses to shift from reactive IT support to a proactive model, as cybercrime continues to cost the economy an estimated $500 million annually and regulatory fines under the Nigeria Data Protection Act reach N10 million per breach.

“We’ve spent years on the ground repairing systems and watching businesses struggle with unexpected IT failures and security incidents,” said Walter Enyioha .

“The reality is that waiting for something to break or worse, waiting for a ransomware attack is no longer sustainable. The financial and reputational damage is too high.”

To address this, e‑Technologies has developed e‑Tech 360, a managed IT service that bundles 24/7 endpoint monitoring, enterprise‑grade cybersecurity, and daily cloud backups into a fixed monthly fee, billed Locally.

The service is delivered through official partnerships with global cybersecurity leader Kaspersky and business productivity platform Zoho, ensuring that Nigerian businesses get enterprise grade tools with local support.

“The goal is simple: catch issues before they become emergencies,” Walter Enyioha added. “Whether it’s ensuring business continuity during a power outage or recovering from a ransomware attack, we’ve designed e‑Tech 360 to give clients reliability, security, and peace of mind all from one partner, with predictable costs.”

The service targets businesses in fintech, oil & gas, manufacturing, and professional services sectors where IT downtime directly impacts revenue and regulatory standing. e‑Technologies has over eight years of experience providing IT and security solutions to Nigerian organisations.