By Modupe Gbadeyanka

The evolving crypto scams in Africa have spurred a global cryptocurrency exchange, Binance, to educate its users on how to protect them from losing their hard-earned money to fraudsters.

In a statement, Binance said it was committed to working with African regulators to promote safe, compliant crypto access, urging its users to always avoid unlicensed services that could expose them to unnecessary legal or financial risks.

The firm is saying this amid the growing adoption of digital assets on the continent, noting it is more important than ever for users to only trust official Binance channels for information, updates, and support.

It stressed that scammers are using increasingly sophisticated methods, including AI-driven deepfakes and fake websites, to mislead users, encouraging its community to stay informed, secure, and vigilant by following essential safety practices.

“Staying safe in the world of cryptocurrency requires vigilance, education, and common sense. By understanding how scams work and using trusted tools and official channels, Ethiopian and African users can enjoy crypto securely and confidently,” Binance’s Africa Compliance/MLRO, Samukele Mkhize, stated.

It listed these important tips to protect users on its platform;

Be Cautious of Unsolicited Messages

One of the biggest red flags is receiving unsolicited messages from someone claiming to be from a cryptocurrency platform like Binance. No legitimate company will ever contact you directly to ask for money, personal details, or investment advice. Binance will never call you to request funds or account details. Always be sceptical of unsolicited offers, especially those that come with pressure to act quickly.

Use Only Official Binance Channels

Before making any financial decisions or taking action, double-check the information through official channels, including its official website, the verified Binance app via Google Play or App Store, Binance’s official social media profiles and local Telegram communities, and Binance Academy for educational content.

Educate Yourself on Cryptocurrency

A big part of staying safe is having a basic understanding of how cryptocurrencies and exchanges like Binance work. The more educated you are about the crypto world, the less likely you are to fall victim to scams. Binance Academy offers resources that explain the fundamentals of digital assets, blockchain technology, and safe trading practices.

Trust Your Instincts

If something feels off, it probably is. Scammers often create a sense of urgency, pushing you to make fast decisions or share personal information. A legitimate company will never rush you into making a financial decision. Take your time, ask questions, and don’t be afraid to step back and evaluate the situation.

Use Strong Security Measures

Ensure that your crypto accounts are protected by strong passwords and two-factor authentication (2FA). This adds an extra layer of protection to your accounts, helping to keep your assets secure. Never share your private keys, passwords, or login information with anyone.

Be Aware of Deepfakes and AI-Generated Content

Scammers are increasingly using AI and deepfake technology to impersonate people, including executives from companies like Binance. These deep fakes can be very convincing, but remember that no real company representative will ask you to send money or invest in a project through video calls or social media DMs.

Understand the Role of Crypto Platforms

It’s important to know that cryptocurrency platforms like Binance are tools for buying, selling, and managing digital assets. These platforms provide access to the crypto space, but they are not financial advisors. They don’t offer investment advice or guarantee returns. If anyone claiming to be from a crypto platform offers investment advice or asks for money, it’s likely a scam.

Report Suspicious Activity

See something off? Report it immediately through Binance Support (https://apo-opa.co/4fvnp7T) and alert local law enforcement if needed.

Keep Your Personal Information Private

Finally, always be mindful of the information you share online. Scammers often target individuals who share excessive personal information or are overly trusting online. Be especially careful with your online presence, especially on social media.

By Aduragbemi Omiyale

An application for the approval and listing of a proposed N50.7 billion rights issue has been submitted to the Nigerian Exchange (NGX) Limited by VFD Group Plc.

The request was filed by the company’s stockbrokers, Anchoria Securities Limited, TRW Stockbrokers Limited and ARM Securities Limited.

Business Post reports that the qualification date for the rights issue is Friday, August 8, 2025, a notice from Customs Street revealed.

The organisation intends to raise the funds from the exercise through the issuance of 5,067,396,400 ordinary shares of 50 Kobo each at N10.00 per unit on the basis of two new ordinary shares for every three (3) existing ordinary shares held as at the close of business on Friday, August 8, 2025.

“Trading license holders are hereby notified that VFD Group Plc has through its Stockbrokers, Anchoria Securities Limited, TRW Stockbrokers Limited and ARM Securities Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 5,067,396,400 ordinary shares of 50 Kobo each at N10.00 per share on the basis of two new ordinary shares for every three existing ordinary shares held as at the close of business on Friday, August 8, 2025.

“The qualification date for the rights issue is Friday, August 8, 2025,” the notice signed by Obioma Oge on behalf of the Head of Issuer Regulation Department read in full.

By Adedapo Adesanya

The Chartered Insurance Institute of Nigeria (CIIN) says the newly signed National Insurance Industry Reform Act 2025 (NIIRA 2025) will promote equity in the sector, benefiting both policyholders and operators.

According to CIIN National President, Mrs Yetunde Ilori, the Act, signed into law by President Bola Tinubu on August 5, is designed to strengthen the industry, enhance capital generation, and enable insurance firms to meet their obligations more effectively.

Mrs Ilori dismissed suggestions that the law favours policyholders, stressing that it was crafted to balance the interests of all stakeholders.

“To have a replacement of a law after 22 years is good news. The entire industry participated in shaping its content, which demonstrates effective collaboration between the Senate and the House of Representatives.

“We appreciate President Tinubu for assenting to it. The law is not designed to favour some people over others but to promote equity.

“It will consolidate and strengthen existing companies, ensuring more capital is generated and deployed appropriately.

“No law is perfect, but as we begin implementation, if we notice any imperfections, we can always seek amendments in specific sections,” she said.

Describing NIIRA 2025 as a product of industry-wide input, Mrs Ilori noted that stakeholders from across all arms of the insurance sector contributed to its provisions.

She urged the National Insurance Commission (NAICOM) to begin with swift implementation and advised operators yet to meet the Act’s requirements to take advantage of the available time to comply.

“This Act is a win-win for everyone in the industry,” she said, according to the News Agency of Nigeria (NAN).

Also, the presidency has touted that the act would help it attain its $1 trillion Gross Domestic Product (GDP) by 2030 target.