Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.

BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.

Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.

The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.

“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.

The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:

• Do not click on links or respond to unsolicited emails.
• Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
• Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.

As part of efforts to strengthen Nigeria’s digital infrastructure and accelerate the country’s push towards a $1 trillion digital economy, the Nigerian Communications Commission (NCC) has unveiled a new Spectrum Roadmap for 2026–2030, alongside draft guidelines for opening the lower 6GHz and 60GHz bands.

Stakeholders in the telecommunications sector on Monday converged in Abuja for the Consultative Forum on the Spectrum Roadmap 2026–2030 and the Guidelines for Opening the Lower 6GHz and 60GHz Bands, where the Commission presented the proposed policy frameworks and sought industry input.

Speaking at the Forum, the Executive Vice Chairman (EVC) and Chief Executive Officer of the NCC, Dr Aminu Maida, described spectrum as an invisible but indispensable national resource that powers mobile communications, broadband networks, satellite services, financial platforms and smart technologies across the country.

Represented by the Head of Spectrum Administration, Engr Atiku Lawal, the EVC said rising demand driven by data-intensive applications, cloud services, artificial intelligence and the Internet of Things has made forward-looking spectrum planning inevitable.

“The Spectrum Roadmap 2026–2030 is about creating a transparent, predictable and enabling regulatory environment that supports investment, encourages innovation, expands access and improves service quality for all Nigerians,” Maida said.

He explained that the roadmap is designed to give industry players confidence to invest and the flexibility to innovate, while ensuring that Nigeria’s digital growth remains inclusive, sustainable and aligned with national development priorities.

On the draft guidelines, Maida said the proposed opening of the lower 6GHz band for Wi-Fi 6 and the 60GHz licence-exempt band for multi-gigabit wireless systems marks a bold step towards expanding spectrum available for unlicensed use.

“These bands will significantly expand the spectrum available for high-speed, affordable and reliable connectivity, enabling faster Wi-Fi and innovative services across homes, schools, businesses, healthcare facilities and public spaces,” he noted.

The EVC added that with Wi-Fi carrying a large share of global internet traffic, opening the new bands would help Nigeria prepare for future data demands, not only on mobile networks but also across campuses, enterprises and public infrastructure.

Linking the initiative to national policy, he said the roadmap and guidelines support the Federal Government’s Renewed Hope Agenda and President Bola Ahmed Tinubu’s ambition of building a $1 trillion digital economy by 2030.

In a keynote address delivered by the Executive Commissioner, Technical Services, Engr Abraham Oshadami, he said the engagement reaffirmed the Commission’s commitment to ensuring that spectrum resources benefit every community.

Represented by the Head of Fixed Networks and Converged Services at the NCC, Engr Gidado Maigana, Oshadami described spectrum as the backbone of Nigeria’s digital economy and a scarce national asset that must be managed with transparency, prudence and collaboration.

“The way we plan, assign and regulate spectrum will determine our ability to achieve national targets, stimulate innovation and strengthen global competitiveness,” Oshadami stated.

While acknowledging progress in mobile broadband penetration, 5G deployment and quality of service, he warned that rising data demand from fixed wireless access, real-time applications and emerging technologies requires deliberate and forward-looking planning.

He said the Spectrum Roadmap 2026–2030 provides clarity, predictability and transparency, while aligning spectrum management with national priorities such as bridging the digital divide, enhancing quality of experience, promoting innovation and encouraging market-driven investment.

On the opening of the lower 6GHz and 60GHz bands, Oshadami said the move would help ease congestion on existing Wi-Fi bands, with the lower 6GHz offering wider channels and higher data rates, and the 60GHz band enabling multi-gigabit wireless connectivity for advanced use cases.

According to him, the draft guidelines clearly outline deployment scenarios, power limits, interference mitigation measures and compliance frameworks to ensure efficient and safe use of the bands.

Both speakers stressed that the success of the proposed frameworks would depend on sustained collaboration with industry stakeholders, noting that feedback from the consultative process would shape the final policies.

“The decisions we make today will shape Nigeria’s digital trajectory for years to come,” Oshadami remarked.

Universal Insurance Plc has secured the approval of its shareholders to raise additional capital of N15 billion through a proposed recapitalisation exercise, as the insurer intensifies efforts to strengthen its balance sheet and position the company for long-term sustainability.

The approval will be granted at an Extraordinary General Meeting (EGM) scheduled for February 5, 2026 in Lagos.

Currently, Universal Insurance’s share capital stands at N8 billion, with 16 billion ordinary shares held by existing shareholders on the NGX. The board is seeking to revalidate, authorise, and regularise 14 billion unissued ordinary shares for the planned capital raise and also secure approval to list and admit the new shares for trading

Following resolutions passed at the Extraordinary General Meeting (EGM), Universal Insurance Plc is moving forward with a comprehensive recapitalisation programme aimed at reinforcing its capital base and improving its capacity to underwrite larger and more diversified risks.

Shareholders approved the plan to raise new equity through a combination of capital market instruments, subject to regulatory approvals, as part of efforts to meet industry capital requirements and support future growth.

Gross premium written rose to N18.59 billion, up from N12.29 billion a year earlier, driven by increased underwriting activity across key insurance segments. Insurance revenue also grew to N14.68 billion, compared with N9.85 billion in the prior period, reflecting stronger risk acceptance and improved pricing discipline.

Despite higher insurance service expenses, the company posted an insurance service result of N1.13 billion, while net investment income surged to N2.79 billion, supported largely by fair value gains on financial assets. As a result, net insurance and investment income increased to N5.18 billion, nearly double the N2.61 billion recorded in the same period of 2024.

On the balance sheet, total assets expanded to N21.82 billion as at September 30, 2025, from N18.14 billion a year earlier, supported by growth in financial assets and investment properties. Shareholders’ funds rose to N14.38 billion, up from N12.33 billion, reflecting improved profitability and reserve accumulation.

Investors have also responded positively to Universal Insurance’s performance, with its stock delivering an 83.33 percent return in 2025, rising from N0.66 to N1.21 per share, and trading volumes exceeding 6 billion shares.

The recapitalisation initiative, combined with the improving financial performance recorded in Q3’25, underscores Universal Insurance Plc’s determination to reposition itself as a more resilient and competitive player in Nigeria’s insurance industry.

The company aims to deliver improved value to policyholders, investors, and partners, while supporting broader economic activity and generating sustainable returns for shareholders.