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Banks Should not Manage Risks Alone – Agu

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Mr. George Agu is chief executive officer of ActivEdge Technologies Limited, a Pan African Information Technology Company, focused in development, Integration and Support of a wide range of Strategic and Transformational IT solution for the public and private sector. Prior to founding ActivEdge Technologies in Nigeria, George was the managing director of Neptune Software in the West African where he achieved remarkable success in over 2 years. He spoke to chike onwuegbuchi on the drive for the company and other issues.

IT Capacity
Nigeria is our country and we all share a responsibility of giving it the best possible. It is not a dumping ground and we must all wake up from our slumber to attend to issues bothering on value realization and optimization from every investment and spending particularly IT investments. Government is investing in IT, the private sector is investing in IT, each of these parties are investing with a mindset that certain set of values and objectives will be achieved.  Our portion in the entire equation is to ensure that values are realized and optimized out of every cent spent by the stakeholders on projects. We must move from an environment where everyone can play to an environment where only well qualified and vetted experts can play which is why we would rather start by representing industry leaders and ultimately learning from it to built world class products.
If you look at the list of our partners which include ContinutySA, Avalon Biometrics, Experian, Mincom, Shaya Infosec, you would have formed a certain picture of reputation and quality in your mind, picture of achievements and authorities in various areas. The various partner companies are authorities in their own fields and there is only one reason for that:  Projects are meant to succeed and they are not meant to be used as a learning ground.
These partners have made tremendous success in their various fields of specialization. ContinuitySA with over 21 years of leadership in BCM is the largest and foremost Business Continuity Management Company in Africa and to date, the only African based company who Exco sits on the board of BCI in the UK; Experian Decision Analytics with over 30 years of operations has over 20 credit bureaux globally, over 2000 customers, assist over 2 billion credit decisions yearly. Similarly, Avalon Biometrics are behind many voter registration projects, a simple example will include their projects in Philippines, Bangladesh and several others handled for the UNDP, the EU, and so on. We have chosen to operate this way because if it works out well in Nigeria, we are an immediate beneficiary in every way.
We want to leverage on the pedigree, the proven skill set, the capabilities, and the track record of those who have tried it and succeeded many times in delivering certain IT projects. We do not want to experiment with projects because projects are not toys, it must succeed. The purpose of projects, particularly government or private projects is economic development. In other words, success must rob off on the investment made and touch the lives of people for whom these investments have been made.
The success of projects must be felt by the stakeholders above and beyond reports and sign offs by the vendors and stakeholders; it must be felt. If the results are not felt, then you cannot really say that there is project success’.
Use of Biometrics 
Biometrics has a wide range of uses and applications from homes, medicals, schools, telecoms, elections to anything because you cannot beat what it brings if well applied. Biometrics also comes in different forms, be it fingerprints, finger vein, palm vein, iris, thumbprints, retina scan, DNA, typing patterns, hand geometry, among others. Many countries have for example attained credible elections in recent times, thanks to Biometrics technology. According to Bruce Schneider, ‘Biometrics is seductive. Your voiceprint unlocks the door of your house. Your iris scan lets you into the corporate offices. You are your own key. Unfortunately, the reality isn’t that simple. Biometrics is hard to forge: it’s hard to put a false fingerprint on your finger, or make your iris look like someone else’s. Some people can mimic others’ voices, and
Hollywood can make people’s faces look like someone else, but these are specialized or expensive skills. When you see someone sign his name, you generally know it is he and not someone else’.
Focus of the Company
Active Edge Technologies is a is a multi faceted, multi expert IT company that is specialized in a wide range of solutions including Business Continuity Management, Risk Assessment and Analytics, Managed Security Services and Patch Management, Business Process Management and Biometrics.
Our role in this economy can be considered transformational. In business continuity management for instance, we have developed a short term, medium term and long term strategic plan aligned with goals for addressing BCM requirements of medium to large sized organizations. Failure to implement BCM by organizations can amount to reputation loss, increased operational costs and values; these are the issues that we intend to address. We are currently engaging organizations to provide information on the benefit of this exercise. I need to clarify that BCM and Basel2 share some common characteristics both in gain and deployment models. I say this because in most cases organizations embark on the two exercises due to regulation. In the same way, implementing BCM with a mindset of leveraging its benefits gives you a different result from implementing it because the regulatory authority has issued an order that compels organizations to do so.
So, we are engaging several organizations, banks, insurance companies, etc and providing them with as much information as we possibly can. We also use the same opportunity to know their various stages of implementation of BCM and where we can be of help. This will be followed by a training program which will be driven mainly by ContinuitySA. They will also be providing advisory, consulting and training services to individual organization based on request.
Our long term plan which we share with ContinuitySA is to build a world class business continuity management facility in Nigeria capable of hosting as many as 15 to 20 banks together should a disaster incidence occur. In the event of such an incident, we should be able to take host of these clients to the tune of 3,000 staff in a place. This facility once built should be able to have conference centres, contact centres, IT recovery centres, work areas recovery centres and so on. When you bring banks together and make them share a common business continuity management facility, what you have done is to save them from individually investing in houses, generators and people. This simply reduces their overall operational cost. This plan is a replica of a similar facility built by ContinuitySA in South Africa and a few other countries. They have operated it for several years now and they have the requisite skills to replicate the same facility here. We are very confident to work with ContinuitySA because they are the largest in that space in Africa today and they well understand some sensitive issues integrity and confidentiality of customer information mean.
Risk Analytic and Assessment System
Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft. With over 30 years, Experian has developed its best practice analytical, consulting and product capabilities to support organizations to manage and optimize risk; prevent, detect and reduce fraud; reduce debt; meet regulatory obligations; and gain operational efficiencies throughout the customer relationship. We are working with Experian purely on account of our evaluation and assessment of the value that they can bring to the financial institutions in particular at this crucial time.
The work performed by most Risk Managers entails managing existing Risks. In that situation, less effort is invested in predictive Risk Assessment and Analytics, which ensures that new risks are detected and prevented from onset. A unique offering from Experian us is to give banks and other organization that grant any form of credit: Telcos, Insurance, etc a solution that ensures that they are able to detect and prevent risks even before it becomes part of the organizations and if they must allow it, they will have controls in place to be able to manage and control it. This is simply the strength of Experian’s Decision Analytics.
Vision for ActiveEdge Technologies
We want to be a recognized IT leader in Africa and beyond, an industry leader that delivers quality services and result to its customers. We want to be a choice organization for both customers and employees. A company that advances the capabilities, skills and employability of its staff, a company that benefits the social society, which is a dream that we have and where we are headed. We want to start from the point of representing industry leaders to innovating our own solutions and services. A few years from now, we are looking at having some unique products that will be patented on the African continent and globally. We want to look back and see real automation done in Nigerian, not just computerization. We would like to see more automation in the payment space, in the invoicing space, in the biometrics and identification space, in the banking space, in the finance and insurance space and the infrastructure space. These are our aspirations.

 


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Haleon Introduces New Corporate Identity in Nigeria

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Haleon, a global consumer health company with a purpose to deliver better everyday health, is introducing its corporate identity across Nigeria in a phased transition. Trusted brands such as Panadol, Sensodyne, Macleans, Otrivin, Voltaren, Cac 1000 and Andrews Liver Salts remain unchanged in formulation, quality, and effectiveness.

Following the formal demerger from GSK, Haleon was launched on July 18, 2022, as an independent company 100% focused on consumer health. Haleon is the new home for brands like Sensodyne, Panadol, Centrum and others, trusted by millions worldwide for their proven effectiveness in improving everyday health.

From relieving tooth sensitivity or pain to providing essential vitamins and nutrients, our products are designed to fulfil Haleon’s purpose: to deliver better everyday health with humanity.

This revised corporate identity is a branding change only and does not affect the safety, quality, or efficacy of the products. Haleon is sharing this update as part of its commitment to transparency and consumer confidence, helping consumers continue to choose the brands they know and trust.

Haleon’s collaboration with Fidson Healthcare forms part of this approach, reinforcing the value of local production in supporting trusted everyday health brands in Nigeria.

Panadol Extra 100s and Panadol Pain & Fever 100s are currently being produced and supplied to the market under the Haleon identity. Sensodyne Rapid Action will bear the Haleon corporate identity from mid-June, followed by Andrews Liver Salts later this year.

In due course, additional brands—including Otrivin, Voltaren, Cac 1000, Macleans, and the wider Sensodyne portfolio—will also transition to the Haleon identity.

Haleon remains committed to ensuring consumers can continue to access the same high-quality brands at pharmacies, supermarkets and other retail outlets across Nigeria.

“As Haleon introduces its identity in Nigeria, we want consumers to feel informed and reassured. The trusted products they rely on remain the same in quality, formulation and effectiveness.

“At the same time, our local production approach in partnership with Fidson Healthcare supports reliable access to high-quality everyday health products in Nigeria,” said Himanshu Raj, Haleon General Manager for Sub-Saharan Africa.

 


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Elon Musk Makes History as the World’s First Trillionaire

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Tech entrepreneur and SpaceX founder, Elon Musk, has become the world’s first trillionaire after the successful public listing of SpaceX pushed his net worth beyond the $1 trillion mark.

Elon Musk Makes History as the World’s First Trillionaire

Elon Musk

According to multiple financial reports, Musk’s fortune surged to approximately $1.1 trillion following SpaceX’s historic stock market debut on June 12, making him the first individual in history to achieve the milestone.

The sharp increase in wealth was driven primarily by SpaceX’s initial public offering (IPO), which valued the company at more than $1.7 trillion at listing before rising above $2 trillion during its first day of trading. Musk’s holdings in SpaceX, combined with his stakes in Tesla and other ventures, significantly boosted his net worth.

Musk, 54, is also the founder or co-founder of companies including Tesla, SpaceX, Neuralink and The Boring Company. He acquired social media platform X, formerly Twitter, in a $44 billion deal and has remained one of the most influential figures in technology and business.

Financial analysts noted that Musk’s wealth now far exceeds that of any other billionaire.

Matt Durot, deputy editor at Forbes Wealth, said the gap between Musk and the world’s second-richest individual had widened significantly, with no other person currently close to the trillion-dollar threshold.

Despite the historic achievement, Musk’s vast wealth has reignited debates over global inequality and the responsibilities of ultra-wealthy individuals in addressing humanitarian challenges.

Advocacy groups have frequently pointed to issues such as hunger, disease eradication and access to education as areas where large-scale private philanthropy could make a significant impact.

In 2021, Musk publicly challenged the United Nations to provide a detailed plan showing how billions of dollars could help combat world hunger. Although a proposal was later presented, no donation followed.

Analysts note that much of Musk’s wealth remains tied to company shares rather than liquid cash, meaning his net worth can fluctuate significantly with market movements.

Nevertheless, the SpaceX IPO marks a historic moment in global finance, placing Musk in a wealth category previously considered unimaginable.

Commenting on Musk’s business achievements, Jamie Dimon, chief executive officer of JPMorgan Chase, described him as “the Edison of our time.”

Musk’s rise from co-founding internet startup Zip2 in the 1990s to becoming the world’s first trillionaire is regarded by many analysts as one of the most remarkable wealth creation stories in modern history.


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Kaspersky Warns of “Grey” Scam Websites Exploiting User Trust

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Recent research by Kaspersky has shown that the so-called “grey” websites repeatedly target all world regions, and this may be driving both financial loss and large-scale data harvesting.

Grey websites are deceptive online platforms that fall outside traditional phishing definitions but still manipulate users into voluntarily handing over money and personal data. Kaspersky’s new report provides detailed insights into the threats posed by the grey websites on global and regional levels.

Unlike classic phishing attacks, which aim to steal credentials outright, grey websites rely on persuasion, misleading interfaces, and hidden terms to exploit users. They often impersonate legitimate services such as e-commerce platforms, financial tools, AI services, or subscription-based content, making them significantly harder to detect.

Kaspersky analysis shows that the majority of suspicious resources globally fall into several recurring categories:

  • Fake browser extensions and “security tools” that actually harvest browsing data and track user activity.
  • Fraudulent financial platforms including crypto exchanges, trading tools, and investment schemes promising unrealistic returns.
  • Intermediary services (e.g., legal or real estate), charging for low-value or nonexistent services while harvesting sensitive personal data.
  • Subscription traps offering low-cost trials that convert into costly recurring payments hidden in fine print.
  • Fake online shops that either deliver counterfeit goods or nothing at all.

Example of a grey website.

A notable trend is the emergence of tools disguised as AI services or image-processing platforms, reflecting attackers’ ability to adapt to current digital trends and target younger audiences.

There are proven security solutions that help users to detect grey websites across different types of devices – those running on Windows, Linux, Android and iOS. The detection model is based on many factors, including domain name and age, IP reputation, stability of the infrastructure used, DNS configurations, HTTP security headers, digital identity and popularity of the web resource and other criteria.

Regional specifics

Regional variations in grey websites demonstrate how threat actors localise scams based on user behaviour and trending technologies.

In Europe, the threat landscape is dominated by links to suspicious browser extensions and fake “privacy-enhancing” tools.

These resources often present themselves as security solutions, promising safer browsing or anonymous search capabilities. In reality, they function as browser hijackers – intercepting traffic, collecting cookies, tracking user behaviour, and injecting advertisements.

The popularity of these threats reflects a high level of user concern around privacy and security, which attackers actively exploit. Additionally, these regions show a steady presence of phishing intermediaries and crypto-related scams, indicating a blend of technical and financially motivated attacks.

Across African markets, financial scams are the most prominent category of suspicious resources. Fraudulent trading platforms, fake brokers, and investment schemes frequently mimic legitimate financial services, often accompanied by fabricated licenses or endorsements.

These platforms typically prevent users from withdrawing funds, instead introducing additional “fees” or taxes to prolong the scam. The concentration of these threats highlights how attackers leverage growing interest in online investing while exploiting gaps in regulatory enforcement and financial literacy.

In the Middle East and North Africa region, suspicious resources frequently mimic communication (Internet telephony) tools, financial platforms, or betting services. Additionally, Ponzi-style investment schemes and crypto scams are widespread, often presented through polished interfaces that mimic legitimate platforms.

Web browser-based threats also play a significant role, with malicious extensions targeting user data and browsing activity. The regional threat profile reflects a convergence of financial fraud and technical compromise, where users risk both data exposure and monetary loss.

“Suspicious websites don’t look harmful at first glance. But they exploit trust, urgency, and familiarity, and a single click on what looks like a harmless AI image tool, a “secure” browser extension, or a heavily discounted online shop could be all it takes to lose money or expose sensitive data.

Instead of direct credential theft, attackers turn to behavioural manipulation – whether that’s subscribing, investing, or installing software,” comments Anna Larkina, Web Content and Privacy Analysis Expert at Kaspersky.

 


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