E-Business
WannaCry: Hackers Demand Ransom in Bitcoin

The perpetrators of the global cyberattack that caused havoc in 150 countries demanded “ransom” money in bitcoins, but experts believe the anonymity that the virtual currency affords is not necessarily impenetrable.
Bitcoin, heavily-coded electronic tokens that take their name from software first put online in February 2009 by several software designers using the pseudonym Satoshi Nakamoto, essentially allow those who possess them to remain anonymous.
The message that flashed up on hundreds of thousands of screens infected by the WannaCry virus over the last few days demanded payment of $300 (275 euros) in Bitcoin, saying: “Ooops, your files have been encrypted!” It warned that if payment was not made within three days the price would double, and if none was received within seven days the locked files would be deleted.
“Bitcoin is digital cash. The transactions are totally anonymous and non-refundable. However they are totally traceable, Nicolas Debock of London-based Balderton Capital that specialises in virtual currencies said.
“All the transactions are stored in databases called blockchains. It’s anonymous but anyone can monitor a bitcoin address and see how the money moves,” Debock said.
“No-one can take the money off those who hold it, but it is possible to follow in detail the activity on the account.” That is the problem for investigators, according to Pierre-Antoine Gailly, who compiled a study on bitcoin and other cyber currencies for French state body CESE in 2015.
“Bitcoin doesn’t need a bank so this monetary flow escapes any supervision and any checks,” he told AFP.
“The accounts don’t have a physical address or a bank address and they are not stored centrally — anonymity comes before anything else.” – ‘Ransom not the point’ – The extent of the damage caused to computers around the world, the number of victims and the sheer number of companies
concerned is likely to push international investigators and national security agencies to investigate the bitcoin address to which any ransom money has been paid.
Adding to the complexity of tracking the hackers, the holders of bitcoins can use services available on the so-called dark web known as “tumblers” which can offer an additional layer of anonymity.
“The tumbler divides the bitcoin amounts into thousands of tiny pieces, spreads them around to millions of different addresses and carries out lots of transactions,” said Manuel Valente, the manager of a Bitcoin-selling service in Paris.
“Within a week, all of the bitcoins can be put on a new address with the aim of covering (the holder’s) tracks. It is essentially money-laundering of bitcoins. And people offer this kind of service on the dark web.” Clement Francomme, the director-general of Utocat, a software company that specialises in blockchains, said collecting ransoms was perhaps not the hackers’ real aim.
“The idea was perhaps to show the rest of the world that they have pulled off a really, really big coup. With an attack like that, they’re going to gain notoriety in the international hacking fraternity.
“They probably don’t have any desire to spend the bitcoins, knowing they are being monitored. Their real aim is to use their reputation to sell other services.”
And Francomme warned: “This team has made a show of force and I suppose there will be another attack before very long.” European police agency Europol said Tuesday it was too early to say whether North Korea was involved in the massive cyberattack.
E-Business
HURIWA, CLO Protests Bill Asking Social Media Firms’ to Open Shops Nigeria

Human Rights Writers Association of Nigeria (HURIWA) has opposed a bill seeking to compel major global social media companies to establish physical offices in Nigeria.

The rights advocacy group urged the National Assembly to discard the proposed legislation, warning that it could become a tool for censorship and undermine citizens’ constitutional right to freedom of expression, despite being presented as a measure to strengthen Nigeria’s digital economy and improve corporate accountability.
The position was contained in a presentation submitted yesterday by Emmanuel Onwubiko, national coordinator, HURIWA, to the chairman of the Senate Committee on ICT and Cyber Security.
The bill, sponsored by Senator Ned Munir Nwoko, has already passed second reading in the Senate and is before the committee for further legislative consideration.
HURIWA said it carefully reviewed the proposed legislation and concluded that compelling global technology companies to establish offices in Nigeria was unnecessary and potentially counterproductive.
The organisation argued that while the firms generate substantial revenue from Nigeria’s vast digital market, they already engage Nigerians through existing structures, including paying eligible content creators, working with local technology professionals and participating in legal proceedings whenever required.
According to the group, appointing local representatives where necessary would adequately address concerns about engagement with regulators and users without forcing the companies to maintain physical offices.
It also dismissed claims that mandatory country offices would significantly improve consumer complaint resolution, technology transfer or employment generation.
HURIWA maintained that the platforms already have effective feedback mechanisms for resolving users’ complaints and routinely appear before Nigerian courts through their representatives whenever litigation arises.
The group, however, said its greatest concern was the potential for the proposed law to be used as an instrument for restricting freedom of expression.
It argued that establishing local offices could expose global social media companies to pressure from government authorities to remove online content considered critical of those in power.
According to the rights group, the presence of social media companies in Nigeria could become an avenue for authorities to pressure them into abandoning internationally recognised digital rights standards in favour of politically motivated content moderation.
It recalled previous attempts to regulate social media in Nigeria that generated widespread concerns over possible restrictions on free speech, stressing that any legislation affecting the digital space must contain clear safeguards against abuse.
The organisation warned that the proposed law should never become “a backdoor mechanism for government surveillance, arbitrary content removal or political censorship.
E-Business
Nigeria Leads Africa in Online Gambling Regulation – GCI

Nigeria has emerged as one of Africa’s most regulated online gambling markets, even as illegal operators continue to dominate the continent, according to a new report by Gaming Compliance International (GCI).

The report, the first comprehensive assessment of online gambling across all 54 African countries, showed that Africa’s online gambling Gross Gaming Revenue (GGR) reached $23 billion in 2025.
However, only $5.2 billion (23 per cent) was generated by licensed operators, while $17.8 billion (77 per cent) remained in the unregulated market.
In West Africa, total online gambling revenue rose to $4.8 billion in 2025 from $4.3 billion in 2024. Of the 2025 figure, regulated operators accounted for $1.5 billion (31 per cent), while $3.3 billion (69 per cent) flowed to unlicensed platforms, highlighting the region’s persistent enforcement challenges.
Nigeria stood out as the region’s strongest performer, recording the lowest unregulated market share at 56 per cent, compared with the West African average of 69 per cent and the African average of 77 per cent.
The study also found that online gambling participation across Africa increased from 198 million people (13 per cent of the population) in 2024 to 215 million (14 per cent) in 2025.
Despite this growth, GCI estimated that illegal operators deprived African governments of about $3.55 billion in tax revenue in 2025. The number of unlicensed gambling platforms targeting African consumers also rose to 4,129, up from 3,644 in 2024.
Commenting on the findings, Matt Holt, chief executive officer, GCI, said the report provides regulators with the first continent-wide benchmark for strengthening oversight and consumer protection.
Ismail Vali, president, GCI, urged governments to develop competitive and well-regulated markets that encourage consumers to patronise licensed operators, boost public revenue and attract greater investment.
Online gambling in Nigeria is regulated by the Nation Lottery Regulatory Commission.
E-Business
Kaspersky Warns Mobile‑data Buyers about Scammers Posing as Telecoms Operators

At the height of the Northern Hemisphere tourist season, demand for communications and mobile Internet services rises sharply. Kaspersky’s security experts have uncovered scams that target anyone purchasing mobile connections or SIM cards worldwide.

Fraudsters create counterfeit websites that look like the portals of major regional and international telecom providers to trick users into revealing their phone numbers, personal details or banking information.
Kaspersky is sharing several examples of these fake login pages that mimic legitimate telecom operator sites and giving recommendations on how not to be deceived.
In the first case, scammers exploit the brand name of an international telecommunications company operating services in Asia, Africa and Europe. Fake authentication pages encourage users to put in their phone number and credentials.
While the first example shows the different design, the second scam site closely mimics the original log in page, making it hard for users to tell the difference and spot a fake. Entering authentication or payment data on fraudulent web sites may result in money or data loss and become a reason for more frequent spam and fraudulent calls.
Another example is a scam page which poses as another international communications company, working in North Africa, the Middle East and Southeast Asia. In this scheme scammers encourage users to top up their mobile data/Internet plans by entering their personal information and bank cards details.
Kaspersky experts have also identified a scam when cyber criminals suggest users enter their personal data to check and pay a bill inquiry. Such scam schemes are usually aimed at gaining victims’ personal data for further fraud or account hacking and stealing money.
“Because of the active use of AI, scammers can now create fake pages with ever increasing accuracy and speed, targeting the most popular user interest areas. We constantly see scams revolving around sports events, music concerts, seasonal sales and holidays. Unfortunately, the telecoms industry is no exception.
To keep your data and money safe, be vigilant when purchasing mobile or Internet plans online. Using an eSIM – purchased through an official app – is one way to avoid fake telecom sites, as it eliminates the need to enter personal details on questionable web pages.
If you’re unsure about a site’s legitimacy, search for the brand name directly in a search engine and enable a security solution that blocks phishing links for you,” comments Tatyana Kulikova, cybersecurity expert at Kaspersky.
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