News
Banks, Govts Set to Retrench Staff

Deposit Money Banks (DMBs) and state government may soon commence massive staff retrenchment according to Mr. Bismarck Rewane, managing director, Financial Derivatives Company Limited (FDC), has predicted.
Rewane who made this forecast in his firm’s projection for 2016, also stated that State governments will retrench a significant number of workers in the first quarter of this year.
He, however, predicted that, “There will be massive civil works and construction (of roads, bridges, railways) in 2016 (and) oil prices will recover to $55pb by Q2’2016.”
Rewane further forecast that, the benchmark interest rate-the Monetary Policy Rate (MPR)- will be reduced to 10per cent per annum while the Cash Reserve Ratio (CRR) to 15per cent.”
According to him, “Accommodative monetary policy- lower interest rate and increase liquidity -and expansionary fiscal policy- bailout payment and N6trillion proposed budget will reflate the economy.”
Other predictions made by the FDC boss include that, “Inflation will spike to 11per cent in Q1’2016 before falling to 9per cent in Q3’2016; official rate of the naira will depreciate to N220/$ (and) parallel market rate will appreciate to N235/$.”
This is because with the price of oil, which is responsible for 70 per cent of Nigeria’s revenue predicted to fall to $20 per barrel, lenders may be forced to restructure their credits and debts locally and abroad.
This implies that banking industry’s ratio of nonperforming loans would exceed the stipulated 5 per cent threshold. Indeed, in a statement issued last month, Fitch Ratings noted that Nigerian banks’ non-performing loans have been rising over the past 12 months.
“We expect them to rise above the central bank’s five per cent of total loans cap but to remain below 10 per cent at year-end,” the agency stated.
Similarly, banks that have borrowed foreign denominated currencies would also be forced to restructure their debts as the naira is being expected to be devalued by a minimum of 22 per cent – meaning that lenders would have to put in extra efforts to generate enough cash to repay their debts. Furthermore, analysts point out that banks are still reeling from the full implementation of the Treasury Single Account (TSA).
It will be recalled that the policy led to the withdrawal of public sector deposits-a cheap source of funds for lenders.
A bank executive, who spoke on condition of anonymity because of the sensitive nature of the issue, told this newspaper that the tough times that the industry faced last year were likely to be child’s play compared to what it will face this year.
He pointed out that the International Monetary Fund’s (IMF) recent prediction that oil could slump to $20 per barrel in 2016 had made prospects for Nigerian banks this year worse. He said, “If the IMF’s prediction comes to pass, the impact on the industry will be devastating.
Banks are highly exposed to the oil and gas sector. But these loans were given out when oil prices were above $100.
Since June 2014 when the sharp decline in the price of oil started, many of these companies have begun to default on their loans. This has resulted in most banks having to restructure these loans.
But any further decline in oil prices as the IMF is predicting will clearly make the situation unmanageable and we could have another crisis triggered by a surge in Non-Performing Loans (NPLs).”
The Central Bank of Nigeria (CBN) in its Financial Stability Report for December 2014, obtained by the New Telegraph, had noted that sustained low oil prices could trigger an increase in NPLs especially as the exposure to the oil and gas sector accounted for 25.70 per cent or N3.24 trillion of the total credits of N12.63 trillion at end- December 2014.
News
Experts Reveal a Steady Decline of High-severity Incidents Over the Years

According to the ‘Anatomy of a Cyber World: Global Report by Kaspersky Security Services’, there has been a noticeable decline in the percentage of high-severity incidents over the past few years.

While 2021 recorded the highest proportion at 14.3%, 2025 experienced the lowest in six years at just 3.8%. This trend indicates that many attack attempts were quickly detected and effectively mitigated by Kaspersky MDR experts, preventing their severity from escalating beyond medium levels.
High-severity incidents are defined as attacks involving direct human involvement that result in a significant impact on the customer’s IT infrastructure. In 2025, the number of such incidents detected by Kaspersky MDR decreased by 19% compared to 2024, highlighting improvements in early detection capabilities and more effective remediation efforts among Kaspersky MDR clients.
A detailed analysis of the root causes of these incidents in 2025 reveals the following insights:
Human-driven attacks accounted for approximately 23% of high-severity incidents. Although this represents a slight decrease from 2024, they continue to be the primary cause of serious breaches.
Kaspersky detected such attacks in nearly 21% of customers, demonstrating that motivated adversaries persist in bypassing automated defences. Despite advancements in automated detection tools, these highly skilled attackers still find ways to evade security measures.
Confirmed cyber exercises like Red Teaming made up over 23% of incidents. When activity is verified as part of security testing, it’s often classified as infrastructure false positives, though customers frequently report them as incidents.
Social engineering ranked third, responsible for over 15% of high-severity attacks and affecting nearly 18% of organisations. These are classified as high-severity when successful and not automatically remediated, often leading to security awareness recommendations.
Security policy violations constituted just under 14% of all cases, involving legitimate accounts performing suspicious actions like data exfiltration. Malware incidents represented less than 12%, while artifacts from past attacks, or APT traces, were found in over 7% of cases. Vulnerability detection, though not core focus for Kaspersky MDR, was reported in fewer than 5% of incidents.
“The decline in high-severity incidents highlights the critical importance of adopting a proactive cybersecurity strategy. Human-led solutions such as Managed Detection and Response (MDR) and Incident Response remain essential in combating sophisticated, human-driven threats.
To further enhance the effectiveness and efficiency of in-house security teams, organisations should incorporate advanced, automated solutions like Extended Detection and Response (XDR), which provide improved visibility and enable faster responses.
Additionally, leveraging SOC consulting services can assist in building a robust Security Operations Center from the ground up or optimising an existing one for maximum performance.
An integrated approach to hybrid security operations empowers organisations to detect threats early, contain them swiftly, and ultimately prevent severe breaches from occurring,” comments Sergey Soldatov, Head of Security Operations at Kaspersky.
News
Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.
Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.
Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.
To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.
Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.
“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”
The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.
“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
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