E-Business
Yuguda, SEC DG Explains How Credit Rating Agencies Influence Investment Decisions

Lamido Yuguda , The Director General Securities and Exchange Commission, SEC, has said credit rating agencies, CRAs, play an important role in infrastructural development by providing independent assessments of the creditworthiness of subnational governments and other borrowers; information, which are utilised by investors to make informed investment decisions on optimal capital allocation.

Yuguda, who stated this in his goodwill message at the 2023 edition of DataPro Annual International Rating Webinar with the theme, Role of Sub-nationals & Credit Rating Agencies in Infrastructure Development; held in Lagos, added, “The synergy between the subnational governments and credit rating agencies will potentially play a major role in promoting sustainable infrastructural developments, create a favourable investment climate and advance the country’s quest for rapid transformation.”
According to the SEC DG, “In the past few years, there were some concerns on the roles of rating agencies in the global financial system. For example, rating agencies were challenged with respect to their roles in the 2008 financial crisis. Some critics had argued that rating agencies were too lenient in their ratings of subprime mortgage backed securities, which contributed to the crisis.
“The Commission is not unaware of these concerns, and is committed at ensuring that registered rating agencies operate in a fair and transparent manner. We have taken a number of steps to protect investors and promote confidence in the debt capital market by strengthening our oversight function on rating agencies through Issuance of new regulations and amending existing ones to improve the quality and transparency of the entire credit ratings.
He explained, “Other notable reforms in the debt capital market introduced by SEC include developing rules on book building, shelf registration, green, social, and sustainability bonds, checklist templates to guide market operators for fixed income transactions, reviewing cost of registration fees for fixed income and collaboration with the Association of Issuing Houses in Nigeria (AIHN) to streamline the issuance process.
“These initiatives have enhanced the average issuance period and improved the price discovery process for the debt issues. As a result, the value and volume of debt issuances by sub-national and corporates have tremendously increased over the years. For instance, the value of state bond issued and registered by the SEC from 1978 to 2022 rose from N20million to N1.13trillion respectively.
Keynote Speaker, Mr. Kehinde O. Ogundimu, CEO, Nigeria Mortgage Refinance Company Plc, said, “The development of infrastructure in cities and regions across the world is critical to economic growth and social well-being. Consequently, securing the funding needed to support infrastructure development is a major issue for governments and policymakers around the world.
Ogundimu asserted, “The world spends more than $2.5 trillion a year on infrastructure, an amount significantly lower than $3.7 trillion a year that will be needed through 2035 just to keep pace with projected GDP growth.
“Successful infrastructure delivery demands close alignment and collaboration between a wide range of participants, each with its own agenda and interest. This means that no single player acting alone can effect real change in infrastructure development.
He continued, “Mobilising private funding for infrastructure projects is crucial to bridge the infrastructure gap across the globe. Consequently, we need improved transparency in the infrastructure project generation process, higher certainty concerning the framework conditions for project execution and reduced risk for the operation phase.
“A long-term infrastructure pipeline and better, broader, and more independent cost benefit analysis are the major levers to pull to accomplish this goal.
“Accordingly, experts have recommended the following: Alignment of infrastructure funding and capital market development through long-term bond market development, superannuation, and pension fund preferences, and Enhancing investment attractiveness through higher asset utilization: For this, price signals should guide supply and demand for infrastructure; full cost recovery should improve the attractiveness of private investment; and new technologies can enhance asset utilisation.
“The economic benefits associated with infrastructure investment can be powerful and sustainable. Increased infrastructure investment can bring a wide range of long-lasting and mutually reinforcing benefits.
In the short term, spending on infrastructure projects can create jobs and increase real GDP growth, while the ongoing maintenance and repair activities that are necessary to support infrastructure systems can create permanent and well-paying jobs for the middle-class.
Delivering his welcome address, Mr. Abimbola Adeseyoju, Founder, DataPro Limited, said the goal of the webinar is to provide an annual platform for all stakeholders within the Capital Market and others in affiliated sectors of the economy to brainstorm on how the African continent and by extension the West African countries and Nigeria can utilize the value proposition of the Credit Rating Industry as an enabler of economic development and prosperity.
E-Business
Firm Identifies Global Scam Activity Linked to the Release of Avatar 3

The premiere of Avatar 3 has taken place in several countries and has been accompanied by a noticeable increase in online interest. Amid the heightened attention surrounding the release, Kaspersky experts identified an increase in cyber-scam campaigns that exploit the movie’s launch and users’ desire to watch it online. The fraudulent websites target users across multiple regions, indicating attempts by attackers to reach a global audience.

The scam operates as follows: cybercriminals create suspicious websites that offer online access to the Avatar 3 movie. Attackers place particular emphasis on localisation, publishing the sites in multiple languages to attract users from different countries. However, the translations are often poorly executed and contain grammatical errors and inconsistencies, which may serve as indicators of fraudulent activity.
When users attempt to start the video, they are presented with a fake media player and prompted to register in order to obtain “full” or “unlimited” access to the film. As part of the registration process, users are asked to provide personal information, including an email address and mobile phone number.
At later stages, scammers may request additional data, including payment details, under the guise of activating a “free trial.” This creates risks of credential compromise, particularly if users reuse passwords across multiple services, and may also lead to financial losses.
“Cybercriminals consistently exploit major movie premieres to capture users’ attention and increase the effectiveness of their schemes. We advise accessing films only through official platforms and exercising caution when encountering websites that request personal or payment information. It is also important to use reliable security solutions to protect all devices, including mobiles,” comments Olga Altukhova, Senior web content analyst at Kaspersky.
E-Business
Galaxy Backbone Celebrates the Federal Government’s Paperless Civil Service Milestone

Galaxy Backbone (GBB) aligns with and celebrates the successful announcement by the Office of the Head of the Civil Service of the Federation on the achievement of a Paperless Civil Service, a significant milestone in Nigeria’s public sector reform and digital transformation agenda.

The milestone was formally highlighted at a press briefing led by the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, who commended Galaxy Backbone for its sustained support and contribution throughout the implementation of the programme.
GBB has played a critical role in enabling this transition by providing secure, scalable, and shared digital infrastructure that supports the digitisation of government processes across Ministries, Departments and Agencies (MDAs). Through the 1Government Cloud, MDAs have been empowered to migrate from paper-based workflows to digital platforms, improving efficiency, collaboration, data security, and service delivery across the Federal Civil Service.
In addition, GovMail, GBB’s secure government email platform, has strengthened official communication, enhanced records management, and reinforced cybersecurity standards—key pillars in sustaining a paperless operating environment.
Galaxy Backbone acknowledges the collective efforts of the Office of the Head of the Civil Service of the Federation, Permanent Secretaries, Directors of ICT, consultants, partners, and dedicated public servants whose commitment and collaboration ensured the smooth delivery of this initiative.
The Managing Director/Chief Executive Officer of Galaxy Backbone, Prof. Ibrahim Adeyanju, was represented at the press briefing by Akintayo Bamisaye, Acting Group Head, Research, Digital Innovation and Skills Department (RDIS).
GBB describes the achievement as a strong close to 2025 and reaffirms its commitment to supporting the Federal Government in building a modern, efficient, and digitally enabled public service.
E-Business
Jumia CEO says Black Friday Signals Nigeria’s E-Commerce Maturity

At the close of 2025, Temidayo Ojo, the CEO of Jumia Nigeria, reflected on a year-end shopping season that points to the growing maturity of the country’s e-commerce market. “Black Friday is no longer a single, short-lived spike in activity,” he said.

“It has become a familiar, anticipated moment in the retail calendar, where consumers shop deliberately and with confidence.”
Preliminary KPIs for the two months ended November 30, 2025, show strong year-on-year growth in both orders and Gross Merchandise Value (GMV), with GMV growth outpacing order growth. This indicates that customers are placing fuller, more considered baskets rather than shopping in fragmented transactions. Nigeria ranked among Jumia Group’s better-performing markets, with engagement remaining steady throughout the Black Friday period rather than spiking briefly and tapering off.
A key factor behind this performance is the growing familiarity of consumers with online shopping. Customers are increasingly leveraging platform features such as saved carts, brand stores, and price comparison tools to plan purchases in advance. This trend suggests that digital commerce is becoming embedded in everyday habits rather than being viewed as a one-off event.
Ojo also highlighted the role of Jumia’s JForce network in connecting digital commerce to local communities. “Our agents are critical to ensuring that customers across Nigeria, including secondary cities and smaller communities, have access to variety, consistent pricing, and reliable delivery,” he said. “During peak periods like Black Friday, JForce agents can respond faster, serve more customers efficiently, and build stronger local relationships. This isn’t just a distribution channel—it’s a pathway to sustainable income and inclusion.”
Reflecting on the overall performance, the CEO concluded: “What we’re seeing this year-end is steady engagement across categories, stronger consumer confidence, and partners like our JForce agents benefiting from increased activity.
“It confirms that Nigeria’s e-commerce ecosystem is maturing, growing in a more structured and resilient way. As the December Holiday Sale continues, we expect these patterns of familiarity, trust, and participation to sustain momentum and drive both commerce and community impact across the country.”
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