Connect with us

News

TETFund Records over N60bn Revenue Decline

Published

on

Kindly share this post

The Tertiary Education Trust Fund (TETFund) has recorded over N60 billion fall in revenue. The Executive Secretary of TETFund, Mr. Sonny Echono, disclosed this yesterday in Abuja when members of the House of Representatives Committee on Tertiary Education and Services, led by Hon. Aminu Suleiman, paid an oversight visit to the agency.

Echono, who spoke on TETFund’s operations and the state of finances, especially from 2017 to date said that last year’s collection dropped to N189 billion.

He said: “We witnessed a steady rise in collections under the education tax but unfortunately, last year, for the 2021 there was a sharp drop and that left us in a very dare position.

“For example, as I said, from N154 billion in 2017, the tax collection rose steadily to N257 billion over the years.

“So by 2020, we’ve got N257 billion, but unfortunately, last year’s collection, which is what we are using to operate this year, dropped sharply to N189 billion.

“So over N60 billion drop revenue or resources available to TETfund and the way we operate, 2021 collections were used for 2022 operations,” the TETfund boss said.

He, however, noted that given Mr. President’s commitment on increased funding for education, and with the usual support of the National Assembly, the tax rate last year was increased from 2 to 2.5%.

“But the target is that before the end of this administration, it will increase to three per cents, which is a commitment that the President has already given in writing to the Global Partnership for Education.”

Echono further commended the level of support and cooperation the Fund has enjoyed from the committee and the National Assembly, while seeking its support in effecting the amendment of the fund.

He said: “This is a major area that will be seeking the support of the National Assembly in terms of legislation.

“The other aspect is the fact that in contravention of this oversight, we also want to open our activities to independent assessment and evaluation on our behalf.

“So we have designed a monitoring and evaluation that will be involving key stakeholders, like the National Assembly, even the staff unions in our tertiary institutions, to join us do independently look at some of the things that we’re doing.”

Responding, Suleiman assured the fund of its continued support and cooperation to ensure that the system continue to work stronger.

He said: “We congratulate you and we assure you of our support, without prejudice to the fact that sometimes we can agree to disagree.

“And I’m sure you are familiar we have had quite several even when you are the permanent secretary to disagree entirely with the ministry, but not predicated on any personal motive but to share with you where I’m at with them differently from the way things are being done, and in most cases, we actually arrive at the surface.

“I have no doubt that our relationship will continue here. The essence is for us like I said to better the system.”

He said that the visit was a legislative requirement on any legislatures through various committees that a minimum of an oversight must be conducted and the periodic report submitted to the house through the culinary bureaus to discuss matters, particularly challenges that agencies and monitors of those agencies are facing.

He also directed TETFund to mandate state institutions benefiting from its interventions to submit reports of their operations within three weeks.

Suleiman said: “For about four or five months we have written to the fund asking them to invite the attention of state institutions who are benefiting from the TETFund operations to send to the committee their statement of operations as thy relates to what they have been getting from to the TETFund.

“We do not know whether it is TETfund that has not communicated to the institutions or they have not followed up on all or the institutions felt that they state institution and they are not responsible to us.

“If they didn’t they should stop funding them because they cannot collect public fund and refused to account for it, impossible, they have to account.

“If they refuse to account because they are state institutions then they should go back to the state governors and get funding which is even the right thing that is supposed to be done.

“TETFUND is supposed to be assisting but we have a situation where every governor now set up an institution and abandon it to TETfund for funding except salaries.

“I use this opportunity to advise that bodies responsible for these should ensure that within three weeks all the state’s institution complied if they did not the committee will decide whether they are entitled to continue to benefit from succession that is under the control of TETfund,” he added.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

Kaspersky Discovers Infostealers Mimicking Claude Code, OpenClaw and Other AI Developer Tools

Published

on

Kindly share this post

In March 2026, Kaspersky Threat Research has identified a new malicious campaign targeted at developers looking for installation instructions for Claude Code, a development agent created by Anthropic. When searching for “Claude Code download”, sponsored advertisements appear at the top of the search results.

One of these ads redirects users to a malicious webpage that closely imitates the official installation documentation for Claude Code. As a result, users are tricked into installing malware which harvests sensitive information including credentials, crypto wallet data, browser sessions, and other confidential files. Similar malicious campaigns mimic other popular AI tools, including OpenClaw.

The fake documentation page is visually identical to the legitimate one and is hosted on the website-building and hosting platform Squarespace. Because the page precisely copies the original instructions, users may not notice the difference when copying and executing installation commands.

However, instead of installing the developer tool, the commands deliver malware to the victim’s system. Depending on the operating system, the malicious commands deploy different infostealers:

.  Windows systems receive Amatera, an information-stealing malware that collects data from user directories, web browsers, and cryptocurrency wallets before sending the stolen information to a remote server. Amatera has previously been observed in campaigns using the ClickFix distribution technique and is operated under a Malware-as-a-Service (MaaS) model.

 .  macOS systems receive AMOS, another infostealer previously documented in several malware campaigns targeting Apple devices. It has been described by Kaspersky before.

Kaspersky researchers also identified similar malicious campaigns targeting other popular AI tools, including OpenClaw and Doubao. Using the same approach, attackers registered multiple domains and distributed files containing the Amatera infostealer while disguising them as legitimate downloads for these tools.

“The campaign poses significant risks because AI development tools such as Claude Code and OpenClaw are widely used not only by hobbyists and automation enthusiasts but also by professional developers working in large organisations.

If infected, victims may unknowingly expose source code from active projects, confidential corporate data, authentication credentials, and private accounts. This makes such campaigns particularly dangerous for businesses whose developers rely on AI-assisted coding tools,” comments Vladimir Gursky, cybersecurity expert at Kaspersky.

In December 2025, Kaspersky detected that attackers spread a macOS infostealer using Google Ads. A specially generated chat interface designed to resemble a ChatGPT tutorial pretended to guide users through installing the Atlas Browser. The malicious instructions appeared to be hosted on a legitimate site associated with OpenAI, helping attackers gain users’ trust.


Kindly share this post
Continue Reading

News

Breaking…….Nigerian Firms Pledge Millions, Create UK Jobs

Published

on

Kindly share this post

Hundreds of new jobs are set to be created as Nigerian banks, fintech innovators and creative industry businesses scale up their operations in Britain.

Nigerian Firms Pledge Millions, Create UK Jobs

UK-Nigeria

The move will see millions invested, reinforcing the UK’s position as a leading global business hub, backed by world‑class talent, strong access to capital, and a stable regulatory environment – while showcasing Nigeria’s expanding role as a key source of innovation and investment into the UK, growing both economies.

UK’s Twinings Ovaltine has launched a £24 million manufacturing facility in Lagos, its first in Africa, creating over 100 direct jobs and boosting the company’s exports across West Africa.

It comes as the President of the Federal Republic of Nigeria, Mr. Bola Ahmed Tinubu, accompanied by the First Lady, Mrs. Oluremi Tinubu, are set to commence an historic State Visit on Wednesday [tomorrow, 18th March], strengthening the UK’s position as a global hub for African business.

Thanks to the UK’s Trade and Industrial Strategies – combined with commitments made through the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) – the government is attracting investment into key growth sectors including financial services, technology, education and advanced manufacturing.

The Deputy Prime Minister held an ETIP reception yesterday at Kensington Palace, bringing together 180 senior representatives from government and industry to celebrate the breadth, depth, and continued growth of our trade relationship across priority sectors including financial services, education, creative industries, infrastructure and technology. The UK’s Trade Envoy to Nigeria, Florence Eshalomi, also addressed the group. 

Business and Trade Secretary Peter Kyle said: “The UK and Nigeria share a belief in the power of enterprise, innovation and education to transform lives, and today’s commitments show exactly that. With Nigerian firms creating jobs across the UK and British businesses expanding into one of the world’s fastest growing markets, our partnership is strengthening both economies and delivering real benefits for people in both countries.”

 Deputy Prime Minister David Lammy said: “The UK and Nigeria’s Strategic Partnership is bringing momentum and opportunity to innovators in both our countries.

“We are reducing barriers, creating jobs and opening new pathways for growth. Growth is the core mission of this government, and it underpins our relationship with Nigeria.

“I am deeply proud that the cultural and commercial bonds between our nations are thriving and that both our businesses and people are feeling the benefits of that.”

Zenith Bank, one of Nigeria’s largest financial institutions, opens its Manchester branch today [Tuesday 17 March] with the capacity to create up to 30 new direct jobs in a boost for the Northwest economy.

The bank is also exploring a 2027 London Stock Exchange listing to deepen its UK market presence and unlock long-term funding for UK-Africa growth.

Fidelity Bank’s acquisition and rebrand of Union Bank UK into FidBank UK with plans to double its 62‑person workforce in 2026 and add new capital, while the Fidelity Group makes London its global hub.

FCMB has also selected the UK as the first international destination for its digital cross border payments platform, boosting trade and investment flows between Africa and the rest of the world. Seven Nigerian banks now operate in the UK, supporting at least 1,000 jobs in total.

Dame Dr. Adaora Umeoji OON, Group Managing Director/CEO, Zenith Bank PLC said: “The United Kingdom remains a key global financial centre.

“The opening of Zenith Bank, Manchester, therefore, marks another important milestone in our international expansion strategy, enabling us to deepen relationships with our customers, support trade and investments, and connect businesses between Africa and the UK more effectively.”

 Nigerian fintech investment is also accelerating rapidly:

  •  LemFi will invest £100 million over the next five years as it designates London its global headquarters.
  • Moniepoint plans to grow its London based team to 100 employees in 2026, building the infrastructure that supports millions of African users worldwide.
  • Kuda Bank is strengthening its UK headquarters as the base for global expansion and plans to double its UK footprint in 2026.

The UK’s reputation as a global creative capital also continues to deepen ties through:

  •  EbonyLife, one of Nigeria’s leading creative industry brands, will launch EbonyLife Place London, creating up to 40 new jobs and strengthening the UK’s role as a home for African storytelling and creative talent.
  • The SCALE Creative Entrepreneur Award Programme, developed by the British Council and supported by the Department for Business and Trade, will support young Nigerian and UK creative entrepreneurs to grow internationally and build lasting ties to benefit both the UK and Nigerian creative economies.’
  • The UK Advertising Exports Group will announce a strategic partnership with the Nigerian advertising sector. This will include a UK-Nigeria Advertising Summit taking place later this year and a talent exchange scheme which will deepen bilateral engagement.
  • The British Council and the Federal Ministry of Art, Culture, Tourism and Creative Economy in Nigeria, will deliver the UK/Nigeria Season of Culture in 2028, involving a range of innovative initiatives and events designed by UK and Nigeria creative organisations.
  • A Creative Industries Roundtable at Lancaster House will bring together alumni, Chevening scholars and creative leaders from both countries.

The following British businesses are also set to benefit thanks to:

  • Twining’s Ovaltine launching a £24 million manufacturing facility in Lagos, its first in Africa, creating over 100 direct jobs and boosting the company’s exports across West Africa.
  • British fintech Wise will receive approval for its first Nigerian licence, enabling it to expand in a remittances market valued at up to £39.9 million.
  • The Nigeria Sovereign Investment Authority (NSIA), which was set up with UK Support in 2011, has signed an agreement with Asset Green Ltd to explore a largescale integrated dairy project that will strengthen Nigeria’s dairy value chain, reduce reliance on imports and improve nutrition.

Leading UK universities are also expanding into Nigeria, helping train the next generation of Nigerian and British scientists, technologists and innovators. Nigeria is a key education partner and a priority country for the UK’s International Education Strategy.

  • The University of Birmingham and the University of Lagos have signed a new agreement to deliver programmes in Applied AI, Digital Communications and Global Surgery.
  • The LSE has launched a new Data Science partnership with Nile University of Nigeria alongside the University of the West of England opening a dedicated office in Lagos.
  • Wellington College International Lagos will open in 2027, offering places for 1,500 students – becoming one of West Africa’s flagship British curriculum schools.
  • EStars, a UK‑owned educational esports and technology company, will partner with the Lagos State Ministry of Basic and Secondary Education to deliver esports‑based digital learning programmes to around three million students.

Kindly share this post
Continue Reading

News

Elumelu Tags Elon Musk, Disowns AI-Generated Scam Video

Published

on

Kindly share this post

Tony Elumelu, Nigerian businessman and philanthropist, has warned about the growing dangers of artificial intelligence misuse after an AI-generated video falsely showed him promoting a forex and cryptocurrency trading platform.

Elumelu Tags Elon Musk, Disowns AI-Generated Scam Video

Tony Elumelu,

The founder of Tony Elumelu Foundation revealed this in a post on his X account on Monday, explaining that the video appeared highly convincing but was entirely fabricated.

In the post, he also tagged Elon Musk, X owner, and Nigeria’s Federal Ministry of Communications, Innovation and Digital Economy while calling for stronger safeguards against the misuse of artificial intelligence.

“A few days ago, my team flagged an AI-generated video of me endorsing a forex and crypto platform.

“It looked and sounded remarkably real, but it was completely fake. This incident highlights a growing and serious threat to digital trust,” he wrote.

He stressed that he has no affiliation with any cryptocurrency or foreign exchange trading platforms.

“For the avoidance of doubt, I am not associated with any crypto or forex trading platforms.

“My commitment to inclusive prosperity has always been through long-term investments, building sustainable businesses, and empowering entrepreneurs,” he said.

While acknowledging the transformative potential of artificial intelligence, Elumelu urged African youths to embrace the technology responsibly and use it to develop scalable solutions.

“I strongly believe in the potential of AI. It is a defining technology of our time, and African youth must be at the forefront of adopting it to build scalable solutions. We cannot afford to be left behind in the global tech race,” he added.

The business leader, however, warned that rapid technological advancement also presents risks if not properly regulated.

“But the flip side of rapid innovation is the risk of abuse. The ease with which identities can now be cloned to deceive the public is alarming.

“Policymakers and regulators must act now to establish safeguards and hold those using it to scam innocent people accountable,” he said.

Elumelu also urged the public to remain vigilant and protect themselves from digital fraud.

“We must create a safe digital environment where true innovation can thrive without being overshadowed by fraud. Protect your hard-earned money, stay alert, and let us continue to build the Africa we deserve,” he said.

 


Kindly share this post
Continue Reading

Trending