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African Banks Strong Despite Meltdown- Pera

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Emilio Pera, banking and Capital Markets director at Ernst & Young has said that banks across sub-Saharan Africa, with the possible exception of Nigeria, have not faced collapse on a major scale in spite of global economic meltdown.
He noted that while they have felt the effects of slowing revenue growth and reduced trading income, “this has not led to the collapse of any of the major banking institutions.”
“There are a number of lessons the banks have learnt from the recent crisis. First and foremost, banks have had to acknowledge that liquidity risk is a crucial risk area that has to be given more attention. An area the G20 also committed to modify in the Basel II Capital Framework.  Prior to the outbreak of the financial liquidity crisis, banks tended to concentrate on three major risk categories, namely credit, operational and market risk. This is increasingly going to be complemented by a fourth risk category, namely liquidity risk. Major banks, including some South African institutions, have incurred losses from proprietary trading positions, which proved difficult to unwind in an illiquid market,” he added.
“Indeed, some major Nigerian banks had to be rescued by central bank intervention due to those banks building up significant portfolios of credit with direct exposure to equity markets. This meant that those banks had taken on significant market positions, knowingly or unknowingly, even if the banks were not themselves directly exposed to stock-exchange equities.”
This according to Pera raises two concerns, “On the one hand, there was undoubtedly a credit risk issue in that too much credit was extended to equities, resulting in concentration risk. But in addition to that, liquidity risk was in all likelihood overlooked, or at the very least under acknowledged.  Having concentrated risk in one or two market segments is already a major risk in its own right. But having major exposure to capital markets is another matter, and one that banks (and other financial services companies) across the globe have been grappling with.”
Currently, the Nigerian stock exchange index is 38% off its levels of 12 months ago, indicating why creditors that borrowed funds to purchase shares have struggled to repay loans.
Ernst & Young reports that many sub-Saharan banks have not incurred losses as a result of the banking crisis. “Rather profits have slowed dramatically in the last reporting periods. This is true for banks in all of the major hubs, including East and Southern Africa, and with the exception of Nigeria, the western hub too,” Pera said.
In this environment of slowing revenue growth, banks have been forced to re-examine their cost structures. But, he points out: “It’s about more than just cost-cutting. Whilst cost cutting is essential to getting financial services companies through a short-term crisis, firms need to take a longer-term view of their core business. This in turn, will help them determine what business processes need improvement and refinement.”
“In addition, financial services companies may need to re-examine their core versus non-core business, and decide what should best be divested from, and where to concentrate resources for future growth. In reality, some costs may need to be increased in the short-term as longer-term efficiencies are sought.”
“Information Technology is one area where if anything, financial services companies understand they may need to increase their spending in order to benefit over the longer term. IT is critical to ensuring enhanced data quality, finance and risk integration, and greater client insight. All of these components have become critical in light of the recent crisis,” he added.

 


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Experts Reveal a Steady Decline of High-severity Incidents Over the Years

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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.

 

 

 

 

 


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Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

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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.

 


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Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

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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 Drags Top Firms to Court Over Billion-Naira Tax Debts

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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