E-Business
‘Covid-419’ – How Cybercriminals in Nigeria Exploited Schemes to Help People in Need

By Oludayo Tade
The COVID-19 pandemic, with its lockdown and social isolation, has added to the vulnerability of many Nigerians in several ways.

Aside from health risks and disruption to livelihoods, the move from physical to virtual relationships heightened the exposure of people to cybercriminals.
The pandemic has changed the landscape of cybercrime in the country.
The government’s social and welfare interventions, to cushion the impact of the pandemic, presented an opportunity for fraudsters to take advantage of vulnerable people.
These palliative interventions included food distribution, cash transfers and loan repayment relief.
In addition, with social distancing and restrictions on movement, people have been doing more online. This exposed them more to cybercriminals.
I undertook a study to examine how COVID-19-induced interventions in Nigeria had been exploited by criminals. My research explored which government policies had created opportunities for fraud, what fraud strategies were used, and how this victimisation could be prevented.
My data came from the Economic and Financial Crimes Commission, the Nigerian Police and the Central Bank of Nigeria. I also received examples of fraud schemes from a professional WhatsApp group and from students of criminology.
I found that lack of clearly defined parameters and beneficiaries of Nigeria’s palliative schemes created loopholes for cybercriminals.
I’ve called their strategies “COVID-419” – a term combining the names of the coronavirus disease and section 419 of the Nigerian Criminal Code Act, which deals with fraud.
It’s important to understand how cybercriminals adapt to changing circumstances and what strategies they use, so that more harm can be prevented.
Context of COVID-419 cybercrimes
The social context of the COVID-19 pandemic in Nigeria helps explain how it presents opportunities to fraudsters.
A large percentage – 65% – of the population works in the informal sector. It contributes about 50% of the country’s gross domestic product.
People working in the informal sector are heavily dependent on human interaction. They also rely heavily on public transport.
Lockdown measures had a devastating impact. As a result citizens appealed for help. In response, government formulated policies on palliatives to be given to the vulnerable. A Presidential Task Force on COVID-19 was also set up to coordinate distribution of the palliatives.
They included:
distribution of 70,000 tonnes of rice to poor and vulnerable households across the country
a three-month repayment moratorium for all Government Enterprise and Empowerment Programme loans such as TraderMoni, MarketMoni and FarmerMoni.
a three-month moratorium for all federal government funded loans issued by the Bank of Industry, Bank of Agriculture and the Nigeria Export Import Bank
cash transfers and food rations for internally displaced persons.
But the policy had a weak spot: there was no definition of who was poor and who was vulnerable. President Muhammadu Buhari’s broadcast on 29 March 2020 illustrated this.
For the most vulnerable in our society, I have directed that the conditional cash transfers for the next two months be paid immediately. Our internally displaced persons will also receive two months of food rations in the coming weeks.
Many citizens expected and awaited the palliatives. Some may never have got them despite being in need. It is difficult to know how many people actually did benefit. Figures are not easily available and one report said the palliatives were hijacked and distributed among the ruling party loyalists.
All the payments ordered by the president were part of existing government social investment programmes like N-power, Conditional Cash Transfer and Government Enterprise Empowerment Programme.
They had nothing to do with the “new vulnerable” – those whose livelihoods were threatened by COVID-19. But everyone affected by the lockdown expected to benefit from them. They may have believed they qualified for help, yet they weren’t told exactly who would get what and how. This made some people easier targets for scams.
Fraudulent schemes
All the schemes developed by the fraudsters show similarities with the palliatives that government announced. Cybercriminals also developed schemes using the identities of donors that were listed by the Nigerian government on the website of the Presidential Task Force on COVID-19.
Relief fund fraud: The original COVID-19 relief fund was set up to give beneficiaries N20,000 (US$49) monthly. Cybercriminals patterned their fraudulent scheme after this. They designed a website where people were asked questions and were promised a payment of N20,000. The scam message had a fake government seal on the upper left corner, to deceive people into thinking it was a genuine message from the federal government.
A prospective victim is congratulated to be eligible for the funds after answering series of questions. The person is required to click a green button beneath the page which has the inscription “SHARE NOW”. The person is advised to only share with seven WhatsApp groups. Then, the person would be asked to send bank details with sensitive information. They subsequently hacked their accounts and cleared the funds there.
Loan fraud: Another scheme appropriated by the cybercriminals was the relief loan disbursement form. On the online form, people were asked to supply their names and account details. This scam was framed to align with the presidential address which announced conditional cash transfers and loans. The form had an imprint of Nigeria’s coat of arms on the left side, and used the national colours to make it look authentic. It followed the same pattern with the relief fund fraud.
Fast food coupon fraud: The president’s announcement that rice and groundnut oil from the Nigerian Customs Service would be released also triggered fraud. These were meant to be distributed to state governments. The states were in turn asked to organise the distribution to vulnerable people. Scammers designed a scheme that appeared to offer a free pizza coupon – an attractive luxury for many people.
A voucher bearing the name of a pizza outlet was shared online and potential victims were asked to fill their financial details in order to claim the free pizza. This exposed them to hackers who cleared their bank accounts after critical information had been supplied.
Data scam: With restrictions on movement, a major means of connecting with people was going online. Nigerians asked telephone companies to offer free data to their customers. Some companies gave their subscribers 10 free text messages daily. Cybercriminals designed a scheme called “free 16GB to kill boredom during this lockdown.” Different websites supposedly belonging to telephone companies were created and people were asked to click on them. Doing so and supplying biodata and bank details enabled the fraudsters to have access to their bank accounts.
Preventing victimisation
Nigerian government agencies distanced themselves from the fraudulent schemes. But the way in which social interventions were implemented provided leeway for fraud victimisation.
To prevent this from happening in the future the Nigerian government must communicate effectively with the public – particularly beneficiaries – about its policies. This will help protect them against possible victimisation.
In addition, Nigeria’s security agencies need be involved. They need to act promptly by taking down websites where deliberate falsehoods and misinformation are published.
Oludayo Tade, Researcher, Communication Consultant, Impact Evaluator, Safeguard Specialist, University of Ibadan
N/B: This article is republished from The Conversation Africa under a Creative Commons license.
E-Business
Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Access Holdings Plc and Coronation Group have partnered with Tate Modern to commemorate World Art Day with a virtual session highlighting the global significance of Nigerian modernism.

Access Holdings
The event, titled “In Conversation with Osei Bonsu: Inside Nigerian Modernism,” featured a virtual tour of the Nigerian Modernism exhibition and discussions on the evolution of modern art in Nigeria.
The session brought together staff members across both organisations, reflecting growing institutional engagement with arts and culture as a driver of societal development.
Speaking at the event, Chief Communications and Marketing Officer of Coronation Group, Ngozi Akinyele, emphasised the role of art in shaping identity and national development.
She said that beyond financial capital, cultural and intellectual capital are essential in defining a nation’s prosperity and inspiring dialogue.
Akinyele noted that both organisations were committed to democratising access to art, ensuring it is accessible to a wider audience rather than a select few.
The discussion also featured insights from Tate Modern Curator, Osei Bonsu, and art expert Daniel Wallis, who examined the development of Nigerian modernism and its global relevance.
Bonsu said Nigerian modernism represents an independent reimagining of global art, rooted in the country’s diverse cultural heritage and expressed through unique visual languages.
According to him, the movement challenges narrow, Eurocentric definitions of modernism and highlights the richness of African artistic expression.
The session further underscored the growing international recognition of Nigerian art, particularly through exhibitions at Tate Modern.
Participants also reflected on the visit of Bola Ahmed Tinubu to the exhibition, described as a milestone in promoting Nigeria’s cultural heritage globally.
In his closing remarks, Chief Communications Officer of Access Holdings, Amaechi Okobi, reaffirmed the organisation’s commitment to advancing African narratives on the global stage.
He said the collaboration with Tate Modern aligns with broader efforts to promote dialogue, preserve cultural identity and support the creative sector.
The event reinforced a shared commitment by Access Holdings, Coronation Group and Tate Modern to elevate African art globally and ensure Nigerian cultural narratives continue to shape international conversations.
E-Business
NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

Nigeria Data Protection Commission (NDPC) has issued a regulatory advisory to data controllers and processors across the country following what it described as escalating threats to Nigeria’s data security architecture.

NDPC
In a statement signed by Babatunde Bamigboye, lead of Legal, Enforcement and Regulations, the commission said its technical assessment revealed that some shadowy threat actors were engaged in coordinated operations targeting financial systems and critical digital infrastructure in Nigeria.
The commission urged public institutions to comply with the presidential directive of Bola Ahmed Tinubu, which emphasises the strategic importance of data in national development.
According to the NDPC, the President had declared that “data is the new oil,” stressing the need for Ministries, Departments and Agencies (MDAs) to rigorously capture and safeguard information in line with the Nigeria Data Protection Act, 2023.
The commission therefore advised all data controllers and processors to urgently strengthen their technical and organisational measures to protect personal data and ensure compliance with the law.
It listed key measures to include the appointment of trained and certified Data Protection Officers, implementation of comprehensive privacy policies and information security standards, as well as conducting Data Privacy Impact Assessments.
Other measures recommended by the NDPC include deployment of robust identity and access controls such as Multi-Factor Authentication, adoption of zero-trust security architecture, prompt remediation of system vulnerabilities, and continuous patch management.
The commission also emphasised the need to secure cloud infrastructure, application programming interfaces (APIs), databases and access credentials, alongside real-time monitoring, logging and threat detection systems.
Further recommendations include encryption and secure credential handling, regular vulnerability assessment and penetration testing of critical systems, as well as routine backup and resilience testing.
The NDPC warned that organisations that fail to implement appropriate data protection measures in accordance with the Nigeria Data Protection Act, 2023 risk legal liabilities.
It reiterated its commitment to providing regulatory support to organisations while ensuring the protection of personal data and strengthening institutional resilience across all sectors.
E-Business
Africa’s Forex Market in 2026: Key Trends Every Trader Should Watch

The forex market across Africa is witnessing more participants and more regulatory attention than it did just a few years ago. This growth is part of a bigger picture: Sub-Saharan Africa is expected to expand by 4.3% in 2026, while global forex turnover already hit an estimated $9.6 trillion daily in April 2025. However, there’s more to it than macroeconomic figures.

The trends reshaping the market are happening from within. Here are six worth paying close attention to.
1. Trading Has Moved to the Phone
The number of people accessing the market via mobile phones exceeds those accessing it via traditional bank systems. GSMA states that in Sub-Saharan Africa alone, there are more than 1.1 billion registered mobile money accounts.
The International Monetary Fund states that digitalisation and increased usage of the internet are changing payment systems in the Sub-Saharan Africa region.
Mobile access changes traders’ behavior. It lowers the barrier to entry and speeds up deposits and withdrawals. Therefore, brokers who can provide a quality mobile trading experience will have a huge advantage.
2. Regulators Are Watching
The market is becoming more structured and more transparent. In South Africa, the FSCA regulates market conduct for financial institutions. In Kenya, the Capital Markets Authority regulates capital markets and maintains a licensing system that includes online forex brokers.
Nigeria’s SEC has publicly warned that online retail forex trading can be subject to abuse when unregulated. It also provides tools for investors to check operators’ registrations.
As a result, in 2026, more traders are likely to favour brokers that can show clear licensing, transparent operations, and stronger investor safeguards.
3. Volatility Varies by Country
A common mistake is perceiving the African market as one entity. In reality, according to RegTech Afrika, there are 21 countries out of a total of 54 that have a chance of seeing their currencies depreciate in 2025, with some of them losing value by as much as 6% or more.
A trader watching the rand, naira, shilling, or cedi, regional headlines needs more than regional headlines. Country-level macro data, central bank moves, and the US dollar will still play a major role.
4. Cross-Border Payment Infrastructure Is Quietly Improving
Platforms like PAPSS are helping make payments across African countries faster and easier to complete in local currencies. According to official announcements of PAPSS, it has become operational in 18 countries across Africa, with its latest launch in Algeria in 2025. It has also become operational in Kenya through a partnership with KCB Group, as well as in Rwanda through a partnership with Bank of Kigali.
Step by step, Africa is becoming a more financially connected continent.
5. Execution Quality Is the New Standard
Data from the BIS shows that in April 2025, three-quarters of FX trades were intermediated by the global centers of the United Kingdom, the United States, Singapore, and Hong Kong. Therefore, the best liquidity and best prices are still linked to global conditions.
For local markets, this raises the bar. Forex traders are becoming increasingly aware that tight spreads, while important, mean little without reliable prices and execution. Brokers like JustMarkets that can bring all of these elements together are in a much stronger position than competitors.
6. Education as a Necessity
Regulatory disclosures from major global brokers illustrate how tough it is to trade without proper knowledge. According to publicly available disclosures, between 70% and 80% of retail investor accounts lose money when trading CFDs.
Forex traders who understand risk management and which financial news to follow have a better chance of surviving the market. Brokers who invest in education are more likely to be seen by traders as valuable partners rather than mere facilitators.
The Market Rewards the Prepared
Africa’s forex market in 2026 is shaped by volatility, stricter rules, and mobile-first trading. The traders who combine market knowledge with the right tools and the right broker will find real opportunity here, while those who don’t adapt will find the market increasingly unforgiving.
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