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Sanusi Dragged to Court over Alleged N50Bn Fraud

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Shareholders of the defunct Intercontinental Bank Plc, yesterday, dragged Mallam Sanusi Lamido Sanusi , suspended governor of the Central Bank of Nigeria, (CBN), before a Federal High Court in Abuja, accusing him of complicity in an alleged N50billion fraud.

Also joined in the suit filed before a Federal High Court sitting in Abuja are the CBN and Securities and Exchange Commission (SEC) as second and third defendants respectively.

In a suit they entered through their lawyer, Chief Chris Uche, SAN, the plaintiffs, including Abdullahi M. Sani, Adaeze Onwuegbusi and Chijioke Ezeikpe, alleged that Sanusi, as the CBN governor, acted contrary to the provisions of sections 12, 32, 35 and 39 of the Banks and Other Financial Institutions Act, Cap B4 Laws of the Federation of Nigeria 2004, by deliberately falsifying the actual financial state of affairs/solvency of Intercontinental Bank Plc and subsequently sold it to his cronies at a ridiculous sum of N50 billion.

Specifically, they are praying the court to, among other things, determine whether Sanusi, “did not act fraudulently in waiving/writing off the sum of N16.2 billion owed by Mr. Aig-Aigboje Imokhuede and Mr. Herbert Wigwe, the Managing Director and Deputy Managing Director of Access Bank and the sum of N8.9 billion owed by Senator Bukola Saraki and other sums so owed, all totalling over N40bn, in a bid to enable the said Access Bank Plc to fraudulently purchase Intercontinental Bank Plc at a ridiculous sum of N50 billion only, even when the quarterly profit of the said bank was more than N50bn and which Bank at the material time was worth more than N1 trillion, to the detriment of the Plaintiffs as shareholders and investors.

”Whether the 1st defendant, acting as the Governor of the 2nd defendant, did not act fraudulently, in breach of his public office, against the public interest and contrary to the provisions of sections 12, 32, 35 and 39 of the Banks and Other Financial Institutions Act, Cap B4 Laws of the Federation of Nigeria 2004 in deliberately strangulating the banking operations and falsifying the actual financial state of affairs/solvency of Intercontinental Bank Plc as a ground for revoking the operating licence of and taking over the management of the said Intercontinental Bank Plc, of which the plaintiffs are shareholders, only to undervalue the said bank to the detriment of the plaintiffs as shareholders and investors and sell the said bank to his friends/associates/cronies in Access Bank Plc where Mr. Aig-Aigboje and Mr. Herbert Wigwe, the Managing Director and Deputy Managing Director respectively of the said Access Bank Plc, acting indebted to Intercontinental Bank Plc, to the tune of N16.2 billion, to the knowledge of the 1st defendant.

”Whether the 1st defendant, acting as the Governor of the 2nd defendant did not act fraudulently, in breach of his public office, against the public interest and contrary to the provision of sections 12, 32, 35 and 39 of the Banks and Other Financial Institutions Act, Cap B4 Laws of the Federation of Nigeria 2004, in taking over Intercontinental Bank Plc, of which the plaintiffs are shareholders, and selling same to Access Bank Plc, notwithstanding that the facilitator of the said sale/buy-over transaction, Senator Bukola Saraki, was also indebted to Intercontinental Bank Plc, to the tune of N8.9 billion, through his companies, Limkers, Dicetrade, Skyview Properties and Joy Petroleum, to the knowledge of the 1st defendant,” among other allegations.

 


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E-Business

Nigeria Hit by 24.1m Data Breaches – Surfshark

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Surfshark, a Netherlands-based cybersecurity firm, has reported that Nigeria recorded about 24.1 million compromised user accounts since 2004, making it the third most affected country in Sub-Saharan Africa.

Nigeria Hit by 24.1m Data Breaches - Surfshark

The report, which analysed global data breach trends for the first quarter of 2026, showed that Nigeria recorded 281,500 leaked accounts between January and March 2026, ranking the country as the 34th most breached nation globally during the period.

Globally, the report revealed that 210.3 million accounts were breached in the first quarter of 2026, representing a sharp increase compared to previous periods.

The United States accounted for 29 per cent of all reported breaches worldwide, followed by France, India, Brazil and the United Kingdom.

According to the report, cyber threats targeting Nigerian users have continued to intensify over the years, exposing millions of individuals to risks such as identity theft, account hijacking, extortion and financial fraud.

Surfshark disclosed that about 7.5 million unique email addresses linked to Nigerian users have been exposed since 2004, while approximately 13 million passwords were leaked alongside compromised accounts.

The report noted that more than half of breached Nigerian users remain vulnerable to cyber-related crimes.

“Statistically, 10 out of 100 Nigerian people have been affected by data breaches,” the report stated.

Further analysis showed that leaked data linked to Nigerian users included highly sensitive information such as Social Security-related records, payment card details, residential addresses, and personal contact information.

According to the report, about 3,900 Social Security-related records and 1,600 payment card details were exposed, alongside 1.9 million phone numbers and more than 925,000 residential addresses.

The cybersecurity firm warned that the growing scale of data exposure reflects increasing vulnerabilities in the global digital ecosystem as businesses accelerate the adoption of artificial intelligence technologies.

Commenting on the trend, Tomas Stamulis, chief security officer, Surfshark, said the rapid integration of AI systems by companies has significantly expanded the volume of user data being collected and stored.

According to him, businesses are increasingly relying on AI-driven tools for automation, analytics and operational efficiency, leading to the accumulation of larger datasets that could become attractive targets for cybercriminals.

The report cited industry statistics indicating that 20.2 per cent of companies used AI technologies in 2025, up from 8.7 per cent in 2023.

“These AI-driven systems collect and log more detailed user information for automation, analytics, and model improvement,” Stamulis said.

He added that while artificial intelligence improves productivity and operational efficiency, it also increases the number of systems organisations must secure, thereby creating additional opportunities for cyberattacks and data leaks.

Stamulis further warned that compromised personal information often retains value for cybercriminals long after passwords or email credentials have been changed.

According to him, hackers frequently combine old and newly leaked information into so-called “combo lists,” which are repeatedly traded or deployed for fraudulent activities and identity theft schemes.

He advised internet users to minimise the amount of sensitive personal information shared online, use alternative email identities or masking services where possible, and provide confidential information only when necessary.

The report also showed that global breached accounts in the first quarter of 2026 tripled compared to the corresponding period of 2025 and rose by 22 per cent relative to the fourth quarter of 2025, underscoring the growing sophistication and frequency of cyberattacks worldwide.


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GSMA Urges Import Duties Exemption for Smartphones

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Global System for Mobile Communications Association (GSMA) has urged African governments to recognise telecommunications as a core economic pillar and implement specific tax reforms that could dramatically accelerate digital inclusion across the continent.

GSMA Urges Import Duties Exemption for Smartphones

Mr. Daddy Mukadi, chair of GSMA Africa’s Policy Group, proposed a two-to-three-year exemption on import duties and taxes for entry-level smartphones priced between $40 and $150 to help bridge the usage gap.

He also called for the removal of entry duties on telecommunications equipment for at least three years to support the expansion of network coverage.

“These measures would help deliver inclusive and sustainable digital technology for economic and social progress. They would also support faster connectivity, improved access and the ability to connect more people, businesses and communities to the digital economy,” he said.

Mukadi who is also the chief regulatory officer of Airtel Africa, spoke at the first edition of the États Généraux du Secteur des Postes et Télécommunications in Kinshasa, DRC, an event convened to support the development of a strategic roadmap for the country’s digital and telecommunications sector and attended President Félix Tshisekedi.

He urged government and industry stakeholders to rethink the role of telecommunications in national development, arguing that it should be framed not as a sector specific concern, but as a continent-wide imperative.

“The telecoms sector can no longer be considered merely as a support sector. It is now a core sector. Both are vital, and every other sector, from security and finance to transport and health, depends on digital technology for growth,” Mukadi said.

His remarks come at a critical moment for Africa’s digital economy. According to the GSMA’s Mobile Economy Africa 2025 report, the mobile sector contributed $220 billion to the continent’s economy in 2024.

This is equivalent to 7.7per cent of GDP and is projected to reach $270 billion by 2030. Yet despite mobile networks now covering 95per cent of Africa’s population, nearly 75per cent of people across the continent remain offline.

The GSMA identifies this gap as Africa’s greatest connectivity challenge, driven above all by the unaffordability of devices.

Mukadi therefore called for strategic adjustments to public policy, as well as legal and regulatory frameworks, to support wider access to digital services. He said the telecommunications sector should be treated as a foundational pillar of economic development, with stakeholders working together to accelerate investment, expand coverage and close the usage gap across the continent.

The Chief Regulatory Officer of Airtel Africa also highlighted key barriers to digital inclusion, including the affordability of smartphones and the impact of import duties on telecommunications infrastructure.

He added that government and the private sector must work closely to create a regulatory environment that encourages innovation, protects consumer interests and supports long-term investment.


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E-Business

NITDA Warns of  AI-Powered DeepLoad Malware Targeting Banks, Govt Agencies

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National Information Technology Development Agency (NITDA), has raised alarm over a new artificial intelligence-powered malware known as “DeepLoad,” warning that the cyber threat is actively targeting Nigerian government agencies, financial institutions, businesses and individuals.

NITDA Warns of  AI-Powered DeepLoad Malware Targeting Banks, Govt Agencies

The agency disclosed this in a critical advisory issued through its Computer Emergency Readiness and Response Team (CERRT.NG) and shared via its official X account.

The warning comes amid a growing wave of cyber-attacks targeting Nigerian organisations, including private institutions such as banks and government agencies like the Corporate Affairs Commission (CAC).

According to NITDA, DeepLoad is an AI-enhanced malware strain designed to infiltrate systems, steal sensitive information and evade conventional antivirus detection systems.

“The malware is distributed through a social engineering technique involving fake website error,” the advisory stated.

NITDA explained that the malware spreads through deceptive website prompts that trick users into executing malicious commands on their computers.

“Once executed, DeepLoad silently installs itself, harvests stored credentials and sensitive data from major browsers, and leverages artificial intelligence to evade antivirus detection,” the agency said.

The agency further warned that one of the most dangerous features of the malware is its ability to remain active even after attempted removal.

“Critically, the malware incorporates a hidden WMI-based persistence mechanism capable of reactivating the infection up to three days after apparent removal,” it stated.

NITDA stressed that the severity of the threat requires immediate action from both organisations and individuals across the country.

“Given its severity and confirmed active targeting of Nigerian entities, all organizations and individuals must implement the protective measures outlined in this advisory immediately,” the agency added.

The agency warned that individuals, government institutions, businesses, large organisations and small enterprises are all vulnerable to the rapidly evolving cyber threat posed by DeepLoad.

According to NITDA, a successful DeepLoad infection could grant cybercriminals unauthorised access to bank accounts, mobile money services and payment cards, while also enabling the theft of passwords, documents and sensitive personal information stored on web browsers.

The agency warned that the stolen information could be exploited for identity fraud, allowing criminals to impersonate victims for financial gain.

For organisations, NITDA said infections could trigger operational disruptions requiring complete system isolation and remediation procedures. It added that attacks on government systems could compromise classified networks and pose broader national security risks.

To prevent infections, NITDA advised Nigerians never to paste commands from websites into their computers, noting that legitimate software providers do not request such actions.

The agency also cautioned users against opening suspicious files such as “Chrome Setup” or “Firefox Installer” from USB drives and advised that all external storage devices be scanned with antivirus software before use.

NITDA further recommended enabling two-factor authentication on important accounts and avoiding the storage of banking passwords directly on web browsers.

For organisations, the agency urged companies to immediately sensitise staff about the DeepLoad threat, enable PowerShell Script Block Logging across Windows systems and review browser extensions for unauthorised installations.

The advisory also recommended blocking malicious domains, including holiday-updateservice[.]com, forest-entity[.]cc and hell1-kitty[.]cc, at firewall and DNS levels.

Additionally, organisations were advised to check for hidden WMI Event Subscriptions that could allow the malware to survive standard cleanup procedures.

NITDA said institutions that suspect infections should immediately disconnect affected systems from the internet, change all passwords from clean devices, isolate compromised systems, activate incident response teams and report incidents to the agency within 72 hours as required by law.

The latest warning has added to growing concerns over cyber attacks targeting Nigeria’s financial and digital infrastructure in recent months.

In April, the Nigeria Data Protection Commission (NDPC) warned about coordinated cyber threats targeting Nigeria’s financial systems and critical digital infrastructure, urging organisations to strengthen their data protection architecture.

The warning also followed the commission’s announcement of an investigation into an alleged data breach involving Remita Payment Services, Sterling Bank and other entities.

Similarly, the Corporate Affairs Commission (CAC) temporarily shut down its website between April 17 and April 20, 2026, following reports that about 25 million documents may have been exfiltrated during a suspected cyber attack.

 


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