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Cyber criminals Promise Millions to Skilled Professionals

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Cyber criminals are willing to pay more than a million dollars a year to skilled information security professionals who are willing to don a black hat.

Skills including network management, penetration testing and programming skills are particularly in demand, reveals digital security company Dark Shadows in a recent report.

Research on the Dark Web revealed one attacker is promising to pay $768 000 per year to skilled professionals willing to help carry out acts of malfeasance. The salary is set to rise to $1 080 000 per year in the second year.

The report also revealed criminal underground groups are on the lookout for partners in crime who can help them extort money from high-worth individuals, such as executives, lawyers and doctors. For these roles, monthly salaries of $30 000 are on offer.

For extortion to work, attackers need something of value to barter, such as the details of someone’s private life, confidential company information, or total control over a company’s network, adds the firm.

Acquiring this information or privileged access has never been easier. “As businesses rush into digital transformation, and new individuals and services join the digital economy daily, it’s becoming harder and harder to manage our data and digital assets. Cyber criminals recognise this and have developed ways to profit from our unwanted online exposure through extortion-based attacks.”

Digital Shadows says there are several ways attackers are monetising online exposure. Firstly, through compromised credentials, where criminals use cheap and readily available breached credentials bought on the dark market to perform mass extortion campaigns and convince victims they have been breached.

Not only will they extort victims directly, attackers now have dedicated sections on online forums to sell sensitive data, including corporate documents and intellectual property.

Beating barriers

“In fact, the barriers to entry for extortion-based activity continue to fall. Extortionists come in all shapes and sizes, with varying levels of sophistication. With account, database and network accesses available on criminal forums, and extortion guides for sale at under $10, aspiring extortionists have a wealth of resources to get started,” adds Digital Shadows.

Attackers are also using technical vulnerabilities. Cyber crooks can carry out active and passive scanning to identify exploitable vulnerabilities on Internet-facing applications, and can deploy ransomware variants that disrupt business operations, damage business reputation, and demand huge ransoms in Bitcoin or other crypto-currency.

Ilia Kolochenko, CEO of Web security company High-Tech Bridge, says: “The shadow economy is not subject to governmental control or regulation. While in the past, cyber criminals were restrained by money-laundering difficulties in cyber space, the rise of crypto-currencies means virtually any illicit income of any size can be legalised without legal ramifications.”

Unlike lazy and inefficient cyber security start-ups that look for the next investment round as a universal resort for any past failures, cyber criminals are organised, disciplined and well-managed, says Kolochenko. “Their sole objective is maximising their short-term profit, not becoming a unicorn or running a successful IPO in 10 years.”

These numbers also undermine the long-term sustainability of commercially-motivated bug bounties, he notes. “We will likely see a decline in the number of skilled people involved in crowd security testing as they can either find a highly competitive salary in the industry, or alternatively shift to the dark side. At least their primary motivator will not be money.”


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Court Affirms FCCPC Authority over Consumer Protection

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Federal High Court in Abuja has upheld Federal Competition and Consumer Protection Commission’s (FCCPC) authority to investigate consumer complaints and enforce regulatory oversight in Nigeria.

Court Affirms FCCPC Authority over Consumer Protection

Tunji Bello, EVC/CEO, FCCPC

In a statement signed by Ondaje Ijagwu, director, Corporate Affairs, the Commission said that in the judgment delivered by James Omotosho on April 20, 2026, the court dismissed a suit filed by Air Peace Limited challenging the Commission’s statutory powers.

The ruling affirmed the Commission’s mandate under the Federal Competition and Consumer Protection Act, 2018 to “receive complaints, assess matters brought before it, and take appropriate lawful steps, including investigation where necessary.”

Reacting to the decision, Tunji Bello, executive vice chairman and chief executive officer of the Commission, said; “the judgment reinforces the importance of regulatory oversight in safeguarding consumers and ensuring fair market practices.”

Bello explained that the case stemmed from complaints involving “unrefunded ticket fares, cancelled flights, and other service concerns affecting passengers.”

Bello stressed that consumers who pay for services are entitled to fair treatment, transparency, and redress in accordance with applicable law.

He also said that investigations conducted by the Commission are administrative processes aimed at establishing facts.

“It does not amount to a finding of liability or wrongdoing,” he said.

The FCCPC boss further reiterated the agency’s commitment to due process and constructive engagement with businesses, noting that the Commission would continue to operate in a “fair, professional, and transparent manner.”

Bello also urged companies operating in Nigeria to cooperate with lawful regulatory procedures and strengthen internal complaint resolution mechanisms to address consumer grievances promptly.

The Commission said it will continue to act within its statutory mandate to protect consumers, promote competitive markets, and build confidence in key sectors, including aviation.

 


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UK-Nigeria Trade Mission Builds on State Visit Momentum to Drive Commercial Outcomes

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L-r: Atam Sandhu, Chief Executive, DMA Invest; Steve Grey OBE, UK Export Finance Lead; Dr Richard Montgomery, British High Commissioner to Nigeria; Aisha Rimi, Chief Executive, Nigeria Investment Promotion Commission; Ayo Sotinrin, MD/Chief Executive Nigeria's Bank of Agriculture (BoA), and Lovina Kayode, Director, Investor Relations, Nigeria Investment Promotion Commission, at the UK-Nigeria Trade mission in Abuja, yesterday.
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Underscoring the strength of the UK-Nigeria strategic partnership, the UK has completed its first trade and investment mission to Nigeria since the recent State Visit, focused on turning high‑level agreements into practical commercial opportunities for businesses in both countries.

Supported by the UK Department for Business and Trade and delivered by DMA Invest in partnership with the Nigeria Investment Promotion Council (NIPC), the 2-day trade mission brought together 43 delegates from 30 British companies to build partnerships, deepen commercial engagement and pursue new opportunities across priority sectors with their Nigerian counterparts.

With trade between both countries now at a record £8.1 billion, and Nigeria established as the UK’s largest export market in Africa, the mission highlighted where UK expertise can add the more value to Nigeria’s reform‑driven economy.

Opportunities discussed spanned key sectors such as infrastructure; energy and power; water, environment and climate solutions; agriculture; finance and professional services; testing and certification standards; logistics and supply chains; and technology, including education, aviation and communications.

These sectors align closely with the priorities set out under the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) and reflect areas where UK capability, high standards and long‑term partnership approaches are well matched to Nigeria’s evolving market needs.

The mission also focused on challenging outdated perceptions of Nigeria, highlighting its shift towards a high‑potential, reforming economy, and energising businesses around new commercial opportunities supported by an improving macroeconomic outlook.

It encouraged UK and Nigerian firms to recognise complementary strengths and pursue new partnerships, reinforcing the message that both countries are open for business and natural partners for growth.

Dr Richard Montgomery, British High Commissioner to Nigeria, said: “This trade mission is a clear signal of intent. As the first UK business delegation to Nigeria since the State Visit, it shows how we are turning strong political alignment into real commercial action and long‑term partnerships for businesses in both countries.

“By bringing together UK companies and Nigerian partners across priority sectors and working closely with DMA Invest and the Nigeria Investment Promotion Council, we are backing ambition with delivery and making clear that the UK is committed, engaged and ready to do business with Nigeria for the long term.”

Aisha Rimi, Chief Executive Officer, Nigeria Investment Promotion Commission, said: “This trade mission represents a timely and strategic step in translating the renewed momentum from the UK–Nigeria State Visit into tangible investment outcomes for Nigeria. At the Nigeria Investment Promotion Commission, we are focused on facilitating partnerships that align with our national priorities and unlock value across key sectors of the economy.

The strong interest from UK companies reflects growing confidence in Nigeria’s reforms and its position as a leading investment destination in Africa. We remain committed to working closely with our partners to ensure that these engagements result in sustainable investments, job creation, and inclusive economic growth for both countries.”

Ronald Chagoury Jr. Vice-Chairman of Hitech and ITB, said: “As long-standing investors and operators in Nigeria’s infrastructure sector, Hitech and ITB are proud to support this UK–Nigeria Trade Mission and its focus on delivering tangible commercial outcomes.

“The successful close of a $1 billion ports transaction, backed by UK Export Finance, reflects both our execution capability and the strength of international partnerships when aligned with national priorities. We see this as a pivotal step in advancing Nigeria’s port infrastructure and a strong signal of confidence in the country’s reform agenda under the Renewed Hope framework.”

Atam Sandhu, Chief Executive, DMA Invest, said: “This UK–Nigeria Trade Mission demonstrates the value of bringing government, investors and delivery partners together in a structured, deal-focused environment. Our role is to convene the right stakeholders and translate strategic alignment into practical commercial outcomes.

The quality of engagement across infrastructure, energy, finance and related sectors reflects the depth of opportunity in Nigeria and the UK’s commitment to long-term partnership. We are proud to have supported this mission alongside the UK Department for Business and Trade and NIPC, and to help accelerate conversations that move projects closer to investment and delivery.”

All 43 delegates from 30 British companies participated in the UK-Nigeria Business Forum alongside senior representatives from the UK and Nigerian Governments, Nigerian businesses and the wider private sector.

The forum provided a platform for direct engagement with Nigerian companies, practical discussions, relationship‑building and the exploration of new partnerships aligned with Nigeria’s reform‑driven priorities.

This mission marks an important step in deepening the UK-Nigeria economic partnership. By strengthening relationships, building confidence and supporting deal‑making, it ensures that the momentum from the State Visit continues to translate into sustained commercial outcomes, long‑term investment and shared growth.


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Cabinet Shake-Up: President Bola Ahmed Tinubu Replaces Wale Edun, Ahmed Dangiwa

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President Bola Ahmed Tinubu has approved a minor reshuffle of the Federal Executive Council, removing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Housing and Urban Development, Ahmed Dangiwa, from their positions.

Cabinet Shake-Up: President Bola Ahmed Tinubu Replaces Wale Edun, Ahmed Dangiwa

: President Bola Ahmed Tinubu

This is contained in a statement issued on Tuesday by Mr Yomi Odunuga, Special Adviser, Media and Publicity to the Secretary to the Government of the Federation (SGF).

Odunuga said the directive was conveyed through a memo signed by the SGF, George Akume.

According to the memo, Mr Taiwo Oyedele has been appointed as the new Minister of Finance and Coordinating Minister of the Economy.

It also named Dr Muttaqha Darma as Minister-designate for Housing and Urban Development.

The statement directed the outgoing ministers to commence immediate handover processes to their successors or designated supervising officials.

It added that all handover and takeover activities must be concluded on or before the close of business on Thursday, April 23, 2026.

The reshuffle is part of ongoing efforts by the administration to strengthen governance and improve service delivery across key sectors of the economy.


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