General News
Allianz Risk Barometer Says Corruption, Burden on Nigerian Businesses

The Allianz Risk Barometer 2018 report has revealed that theft, fraud and corruption as the top risk in Nigeria with 38% of responses, up from #4 in 2017.
Market developments remains unchanged at #2 at 36% of responses and changes in legislation & regulation also remains unmoved at #3 with 33% of responses.
Fire, explosion and power blackouts (both #7 with 16% of responses) emerged as two new risks in the top 10.
Cyber incidents remains at #5 at 29%, political risks and violence is unmoved at #6 with 24%, macroeconomic developments is #4 at 31% of responses down from #1 in 2017, business interruption moves down slightly from #8 to #9 with 16% responses and new technologies maintains the 10th position at 11%. The report is published annually by Allianz Global Corporate & Specialty (AGCS), and is based on the insight of a record 1,911 risk experts from 80 countries.
Studies show that corruption is a significant obstacle to business in Nigeria. Companies are very likely to encounter bribery and other corrupt practices.
Corruption also features as a top 10 risk in West African countries, Togo and Ivory Coast, which participated in the survey for the first time.
To provide financial protection for managers against the consequences of actual or alleged “wrongful acts” when acting in the scope of their managerial duties, companies may consider taking up Director & Officers (D&O) insurance.
The D&O policy will pay for defense costs and financial losses. In addition, extensions to many D&O policies also cover costs for managers generated by administrative and criminal proceedings or in the course of investigations by regulators or criminal prosecutors.
The market and economic conditions are improving. “Recently, Nigeria resolved a six-quarter recession and an exchange rate crisis. A better business environment, as well as the recovery of oil prices should help accelerate growth in 2018 to over 2.5% from 0.8% in 2017. However, the inflation persistence to around 12.9% in 2018 may well trigger another depreciation pressure on the Naira,” said Stéphane Colliac, Senior Economist from AGCS sister company, Euler Hermes.
Businesses’ perception of the threat posed by political risks and violence remains relatively unchanged year-on-year. However, respondents are more worried about terrorism. Businesses do not have to be the direct victim to feel the effects. If an attack occurs nearby, the surrounding area may be closed, impacting operations. Globally, a general trend of increased political activism can be anticipated, causing further disruption.
Business interruption (BI) can have a tremendous effect on a company’s revenues. Yet its impact is one of the hardest risks to measure. “No business is too small to be impacted,” says AGCS Africa CEO Thusang Mahlangu, “A severe interruption can even have a terminal impact, particularly for smaller companies. But as many businesses transition from being rich in physical assets to deriving more value from intangibles and services, increasingly, BI is being triggered by non-traditional risk exposures which don’t cause physical damage but result in lost income – so-called nondamage business interruption (NDBI).”
Fire, explosion, which is a major source of BI, is a serious concern for Nigerian businesses, especially considering the many incidents that occurred in 2017. As one of the world’s largest oil and gas producers, the country is highly susceptible to accidental fires that may interrupt power supplies. It is a known fact that power blackouts are prominent in the region. In fact, in a recent outage across the country, the ministry of power blamed it on a fire at a gas pipeline system that interrupted gas supply and affected the national transmission grid. Local businesses should ensure they have a sufficient backup or risk management plan for the production halt.
Cyber incidents through events such as WannaCry and Petya ransomware attacks brought significant financial losses to a large number of businesses. Cyber threats also vary according to company size or industry. “Small companies are likely to be crippled if hit with a ransomware attack, while larger firms are targets of a greater range of threats, such as the DDoS attacks which can overwhelm systems,” says AGCS Cyber Insurance Expert Nobuhle Nkosi.
New technologies rank as the second top risk for the long-term future after cyber incidents globally, with which it is closely interlinked. Vulnerability of automated or even autonomous or self-learning machines to failure or malicious cyber acts, such as extortion or espionage, will increase in future and could have a significant impact if critical infrastructure, such as IT networks or power supply, are involved.
“Although there may be fewer smaller losses due to automation and monitoring minimizing the human error factor, this may be replaced by the potential for large-scale losses, once an incident happens,” explains Michael Bruch, Head of Emerging Trends, AGCS. “Businesses also have to prepare for new risks and liabilities as responsibilities shift from human to machine, and therefore to the manufacturer or software supplier. Assignment and coverage of liability will become much more challenging in future.”
General News
Xenophobic Attacks: Anonymous Nigeria Threatens to Leak South African Stolen Data

Anonymous Nigeria, hacktivism, known for launching coordinated cyberattacks and protests in support of socio-political movements, has threatened to leak stolen South African government data unless its demands were met.

The group, called for the department to stop xenophobic attacks on Nigerians in South Africa, or it will expose the data.
“They call themselves correctional services, but they can’t correct the citizens. What a shame,” the group said in its Telegram channel, MyBroadband reported.
“They killed a lot of Nigerians while the so-called correctional services watched and the ministry of justice.”
It is immediately know if Anonymous Nigeria is affiliated to Nullsec Nigeria.
But in a post on a hacker forum, Nullsec Nigeria included a link showcasing an example of data stolen from the department.
It included two bid invitation notices, bid results, a copy of the bids received, and a notice of a bid awarded in various formats.
“We’ll expose all your evil deeds for the world to see, unless this attack stops. But if not, we’ll leak everything they got,” Nullsec Nigeria said.
“Unless the government of South Africa ends these xenophobic attacks on Nigeria, we’ll expose everything about you, your evil deeds will be exposed, and the world shall know.”
MyBroadband asked the Department of Correctional Services about the claimed breach and Nullsec Nigeria’s demands, but it did not immediately respond to our questions.
Nullsec Nigeria also claimed responsibility for breaching several other entities in South Africa, while responding to an X post about its OpSouthAfrica campaign in its Telegram channel.
“I wanna express something here. I saw a report on the #OpSouthAfrica hack by Nullsec Nigeria, but it was stolen by another person,” it said. “Tag the real breachers next time.”
In a separate thread on the hacker forum, Nullsec Nigeria also claimed responsibility for breaching the Ephraim Mogale Local Municipality’s systems.
It claimed to have hacked the local government’s website and threatened to expose “everything you got for others to see how heartless you are. You killed mothers, brothers, students.”
Nullsec Nigeria said the breach and the threats were in response to the xenophobic attacks on and killing of Nigerians and the South African government’s supposed silence on the issue.
“These attacks are still going on in the dark, and we’ll expose them all. If the South African government doesn’t act first, the whole of South Africa will suffer,” it said.
“This is just a wave. These documents are about 11GB, but we decided to pull just this one.”
Its post included two images: one for a public hearing and another, a handwritten tender document for the appointment of an insurance service provider.
It also included a link to several other documents, including an old annual report, council resolutions, financial statements, and various other notices.
The Nigerian Government recently announced plans to bring citizens back to the country from South Africa after violent protests over foreign nationals in the country erupted earlier in May.
President Cyril Ramaphosa condemned the protests and criminal acts directed at foreign nationals in his From the Desk of The President weekly newsletter on 11 May 2026.
He emphasised the recent demonstrations and attacks did not represent the views of the South African people, nor the government’s policy.
“These are the acts of opportunists who are exploiting the legitimate grievances, particularly those of the poor, under the false guise of ‘community activism’,” The President said.
“Some of these people are assuming functions that only state officials are permitted to perform, including stopping people to check identification and conducting searches of private property.”
He added that such lawlessness would not be tolerated, regardless of who the perpetrators or victims were.
General News
World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.
Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.
Others said the country should reduce dependence on foreign loans and focus on improving local revenue.
The federal government has continued to defend its borrowing plans.
Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.
Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.
General News
Lagos Plans New Cybersecurity Centre

The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.
According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.
The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.
Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.
Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.
The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.
The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.
The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.
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