Technology
Nigerian Businesses Pay $706,452 as Cyber Ransom—Report
By Adedapo Adesanya
A new report has shown that amid a drive for digitalization, a total of $706,452 has been paid in ransom to cybercriminals by Nigerian businesses.
According to Sophos, in The State of Ransomware 2022 report, Industrial Control Safety Systems (ICSS) in critical infrastructure are increasingly exposed to cyber-attacks because of the digitization drive of the industry.
The report showed that as supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and other control systems become connected to the Internet to allow greater business efficiency (remote process monitoring, system maintenance, process control, and production data analysis)-Industry 4.0, they also make the business more vulnerable to threats with the potential to seriously affect critical Industrial Control and Safety Systems.
Exposing the need as to as why internal cybersecurity is the new normal, the note shared with Business Post showed that critical infrastructure is classified as the physical and IT/OT assets, networks, and services. And that, if disrupted or destroyed, would have a serious impact on the health/ security/economic well-being of citizens and the efficient functioning of a country’s government.
“The energy sector and manufacturing industries are critical to the global economy, and their security is of the utmost importance. The integration of operational technology (OT) and information technology (IT) – industry 4.0 – in these industries has also increased efficiency and productivity, but it has also increased the risk of cyber-attacks,” the report explained.
“One of the main challenges facing these industries is the integration of OT and IT systems. OT systems, such as control systems, are used to control and monitor physical processes, while IT environments, i.e., the internet and cloud, are used to process and store data. The integration of these environments means that cyber-attacks on the Information Technology environment can now directly impact the physical processes controlled by Operational Technology systems.”
The note explained that the use of legacy (ICSS) in these industries is prevalent as many control & safety systems were developed before cyber security was a global concern and may not have the necessary security measures in place to prevent such attacks when the ICSS is compromised.
In addition, the hardware and software in these legacy ICSS could have reached their End of Life (EOL), which makes them more vulnerable to cyber attackers.
Some other factors have contributed to the growing vulnerability of industrial control systems, which include – insecure remote connections; Access links such as dial-up modems and wireless communications are used for remote diagnostics, maintenance, and examination of system status. If encryption or authentication mechanisms are not utilized, the integrity of the transmitted information is vulnerable.
Another is standardized technologies as organisations are transitioning to technologies, such as Microsoft’s Windows, to reduce costs and improve system scalability and Internal performance. The result is unrestricted access to knowledge and tools to jeopardize the system and an increase in the number of systems vulnerable to attack.
Another critical one is the availability of technical information—public information about infrastructures and control systems is readily available to potential hackers and intruders. Design and maintenance documents and technical standards for a critical system can all be found on the internet, greatly jeopardizing overall security.
In addition to the challenges and vulnerabilities facing the industrial control system, cyber threats and incidents are now major operating and business risks for every digital enterprise.
The report noted that in the age of digitization, it is imperative to create and execute strategies that allow the business to monitor and mitigate cyber threats and risks supporting its financial objectives.
However, to truly mitigate these risks and be IIOT-ready, organisations need to “have a comprehensive cyber security program with the partnership of industry experts, which incorporates intrusion detection and prevention systems, firewalls and secure remote access solutions in place, such as those offered by Schneider Electric; with a team of certified experts, delivering holistic cybersecurity programs to help maintain the system’s defences, with cybersecurity services such as vulnerability assessments, penetration testing, and incident response planning from an operations perspective, while integrating appropriate IT policies and requirements.”
The report warned that while the integration of OT and IT systems in the energy sector and manufacturing industries has increased efficiency and productivity, it has also increased the risk of cyberattacks.
To remedy this, organisations in these industries were tasked to adopt a cyber security program and posture to maintain profitability to protect against cyber-attacks.
Technology
9 African Firms, Others for 2026 AWS Social Entrepreneur Accelerator Cohort
By Modupe Gbadeyanka
Nine African organisations, including Nigeria, will join 33 others from the USA, Australia, India, the UK and others for the fourth Social Entrepreneur Accelerator cohort of Amazon Web Services (AWS).
The companies from Africa chosen for the 2026 edition of this programme are from Nigeria, Kenya, Ghana, South Africa, Cameroon and Tanzania.
These founders are using cloud and AI technology to solve skills shortages, youth unemployment and food security. Building from the ground up, they are creating African solutions for African challenges.
Nigeria leads the selection with three organisations, namely Sabi Scholar, Kayode Alabi Leadership and Wetech Incorporated.
The chief executive of Sabi Scholar, Mr Divine Iloh, said he is creating an “operating system” for African higher education, enabling any university to launch online degrees in 30 days, a potential game-changer for the continent’s 200M+ youth population.
For Kayode Alabi Leadership, the founder, Hammed Kayode Alabi, is reducing inequalities by empowering underserved young people to lead and innovate through transformative education and technology-driven solutions to solve local challenges and thrive as community changemakers.
As for Wetech Incorporated, established by Gabriella Uwadiegwu, it is building Africa’s largest pipeline of women in technology, from training to mentorship to direct employment pathways.
Kenya follows with two organisations, KuzeKuze and STEM Centre Africa. According to the CTO of KuzeKuze, Enock Sangaka Mong’are, the organisation is building “education passports,” as digital records that follow learners throughout their lives, making personalised education measurable and scalable.
While STEM Centre Africa, a non-profit launched in 2017 by two brothers, Dancun, the CTO and Denish Akoum, the CEO, to promote hands-on STEM education, including coding, robotics and 3D design, reaching over 18,000 + students since inception, with 90 per cent gaining proficiency in Python, Scratch and electronics. Operating two centres in Homa Bay County with 10 organisational partners, SCA aims to reach 100,000 learners by 2030.
The remaining four spots are shared by Ghana, South Africa, Cameroon and Tanzania.
In Ghana, BASICS International, founded by CEO Patricia Wilkins, is breaking cycles of poverty by providing education, certified digital skills training and holistic support to underserved children and youth, equipping them to thrive academically, economically and socially.
For South Africa, FunHouse Digital, founded by Ayabulela Yokwana, is turning gaming lounges into self-sustaining education hubs in rural communities – profits from gaming directly fund free coding and digital literacy programs.
In Cameroon, EduCloud, founded by Rosius Ndimofor Ateh, delivers hands-on Cloud and AI workshops across Africa, bridging the gap between academic theory and industry-ready skills.
From Tanzania is Fiqra Academy, founded by CEO Gerald Revocatus. The firm is creating a direct pipeline from digital skills training to employment for East African youth, with certifications that lead to real careers through their digital learning platform.
In collaboration with Deloitte, the accelerator provides technical training, strategic business planning, and ongoing AWS and Deloitte support to help mission-driven organisations scale.
Since 2023, the programme has supported more than 100 social entrepreneurs across 34 countries, bringing together a global community of social entrepreneurs who are working to address some of the world’s most urgent challenges across education, health and climate resilience.
“Africa’s representation in this cohort reflects what we’re seeing across the continent: a generation of founders who don’t wait for conditions to be perfect. They build anyway.
“Our role is to ensure they have access to the same world-class cloud and AI technology as any startup in Silicon Valley and the support to scale impact across borders,” the General Manager for Sub-Saharan Africa at AWS, Jyoti Ball, stated.
Technology
Telco Ownership Changes Above 10% Now Subject to NCC Approval
By Adedapo Adesanya
The Nigerian Communications Commission (NCC) and the Corporate Affairs Commission (CAC) have introduced a new regulatory requirement mandating prior approval for significant changes in the ownership structure of telecommunications companies operating in Nigeria.
This was contained in a statement jointly signed by the Director of Public Affairs at the NCC, Mrs Nnenna Ukoha and Head of Public Affairs at the Corporate Affairs Commission, Mr Rasheed Mahe.
According to a joint press release issued by the two agencies, the directive, which takes immediate effect, requires all licensed telecom operators seeking to transfer ownership or control of shares amounting to 10 per cent or more of their total share capital to first obtain a Letter of No Objection from the NCC before such transactions can be registered by the CAC.
The statement reads in part, “The directive, which takes immediate effect, requires all licensed communications companies seeking to transfer ownership or control of shares amounting to 10 per cent or more of their total share capital to obtain a Letter of No Objection from the NCC before such transactions can be registered with the CAC.
“The requirement is in line with the provisions of Section 90 of the Nigerian Communications Act 2003, Regulation 28(2) of the Competition Practices Regulations 2007, and Regulation 42 of the Licensing Regulations 2019, which empower the NCC to monitor transactions involving licensees and ensure fair competition within the sector.
“Under the new arrangement, the CAC will only process and register requests for changes in shareholding structures of telecommunications companies where the transaction involves 10 per cent or more of the company’s shares and is accompanied by evidence of prior approval from the NCC.
“According to the two regulatory agencies, the measure is aimed at strengthening oversight of significant ownership changes, preventing anti-competitive practices, and preserving a fair and competitive communications market. It is also expected to enhance transparency, boost investor confidence, provide greater regulatory certainty, and support the long-term stability and sustainability of Nigeria’s telecommunications industry.
The NCC and CAC reaffirmed their commitment to fostering a transparent, stable, and investor-friendly business environment. Both agencies pledged continued collaboration to promote fair market practices, strengthen regulatory compliance, and ensure the orderly development of Nigeria’s communications sector.”
Technology
Rising Cyber Threats Could Undermine Business Sustainability, Profitability—ISSAN
By Modupe Gbadeyanka
The relevant stakeholders have been urged to take urgent action to curb the rising sophistication of cyber threats, which could undermine business sustainability and profitability.
This call was made by the Information Security Society of Africa – Nigeria (ISSAN) during its monthly meeting held in collaboration with MAXUT Consulting.
The group noted that identity theft, mobile fraud, ransomware, and social engineering attacks are threats to organisations, especially those who may struggle to protect information assets, maintain operational resilience, and address vulnerabilities before they can be exploited.
The president of ISSAN, Mr David Isiavwe, who doubles as the Executive Director for Risk Management at Nova Bank, stressed that cybercriminals are deploying increasingly sophisticated attack methods targeting individuals, businesses, critical national infrastructure, and strategic assets.
Among the threats highlighted were identity theft, Business Email Compromise (BEC), phishing, ransomware, WhatsApp account hijacking, Distributed Denial-of-Service (DDoS) attacks, payment card fraud, cryptocurrency-related attacks, and other forms of social engineering.
According to him, the increasing frequency and sophistication of cyberattacks mean cybersecurity can no longer be viewed solely as an IT issue but as a critical business and national security priority.
To address these challenges, he urged organisations to adopt proactive risk management practices, implement continuous monitoring systems, promptly address vulnerabilities, and invest in regular cybersecurity awareness programmes for employees and customers.
Also, the importance of leveraging emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), and automation to enhance threat detection and response capabilities was emphasised.
“No organisation can successfully confront today’s cyber threats in isolation. Information sharing, collaboration, and collective vigilance remain essential to protecting our digital ecosystem and safeguarding public trust,” the ISSAN leader said at the event, which featured a technical presentation titled, Confronting the New Mobile Threat Landscape: Beyond User Authentication.
ISSAN reaffirmed its commitment to promoting cybersecurity awareness, capacity building, information sharing, and industry collaboration to strengthen Nigeria’s cyber resilience and support a secure digital economy.
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