News
2328 Victims in 54 Countries Loss Billions to Nigerian Scammers- FireEye

FireEye, a renowned security vendor has opened a lid on a new group of 419 scammers using keyloggers and other malware to divert potentially millions of dollars in payments from over 2000 victims worldwide.
The new report, An Inside Look into the World of Nigerian Scammers, according to InfoSecurity Magazine, reveals the work of a small group of at least four cyber-criminals living in Nigeria.
They all share the same C&C server and the MWI exploit kit to create malicious documents that infect victims with keyloggers like HawkEye and KeyBase.
According to the report, although the group’s victims number 2328 in 54 countries thus far, the majority are in Asian countries including India (45%), Indonesia (19%), Vietnam (17%), Malaysia (4%) and China (3%).
This is because they appear more credible to non-native English speakers, who are less likely to spot their own grammatical mistakes.
The group also chooses its victims according to those countries where it already has bank accounts or can easily transfer money into said accounts, and victims using free webmail accounts – “which might indicate that the user is not technically savvy or is a small business.”
Lacking technical skills to mount attacks on their own, the scammers search for help on the dark net, FireEye explained:
“To obtain exploits, crypters, infostealers and remote access tools (RATS), they access forums to inquire and search for malicious software…We have observed several instances of the scammers interacting with tool providers. As these interactions show, the scammers are heavily reliant on third-party malicious tool developers to create and maintain their tools. They rely on these third-party tool providers to furnish them with documentation or tutorials on the tools, to create stealthy exploits, and to troubleshoot issues.”
Having infected their victims, the scammers monitor the keylog files for email accounts dealing with purchase transactions.
On spotting such a transaction they’ll log into the victim account and play man-in-the-middle, waiting for the right moment before emailing the buyer to change the payment account details to their own.
They then contact the money mule to alert them about the new transaction.
FireEye observed one single transaction worth $1m.
“We believe that they launder their money through a few strategies such as buying gold and luxury items, or mixing the money they have obtained through these scams with money collected legitimately,” the report explained.
To mitigate the risk of attack, FireEye recommended small business owners use two-factor authentication for sensitive online accounts, never open attachments in unsolicited emails, and contact the buyer directly via phone to validate transaction details.
It’s also a good idea to pay close attention to business transactions and email addresses, it added.
News
Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
News
NAICOM Issues New Licences to 43 Recapitalized Insurers

The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
News
Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
E-Business3 days agoKaspersky Identifies Cyberespionage as a Growing Threat Across Africa, Others
Broadcasting3 days agoNBC Files Fresh Appeal against Judgment Barring it from Imposing Fines on Broadcast Stations
News3 days agoINTERPOL Report Shows AI Powers 55% of Cybercrimes in Africa Amid $484m Losses
News3 days agoNigeria Expands Deep-tech Skills Pipeline
E-Financial3 days agoNigerians Lost N25.85Bn to Digital Payment Fraud in 2025 –CBN
Telecom3 days agoWhy Strong Institutions Remain Africa’s True Growth Engine
E-Business2 days agoKaspersky Reveals a New Malicious Framework Targeting Cryptocurrency Users with the Use of OkoSpyware
E-Financial3 days agoNRS Announces 30 Percent Tax on Corporate Crypto Income














