General News
CBN Decries Lack of Proper Understanding of Concept, Best Practice by MFBs
The Central Bank of Nigeria (CBN) has cited a complete lack of understanding of the ideal and methods for operating micro-finance banks, in the process of reviewing the licenses of some micro-finance banks in the country.
Dr. Kingsley Muoghalu, deputy governor, Financial Sector Stability stated this at the maiden Micro-finance Certification Training Programme of Operators of Micro-finance banks, organised by the CBN in conjunction with the Nigeria Deposit Insurance Corporation (NDIC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), in Abuja.
Muoghalu said the collapse of some micro-finance institutions in the country was attributable to poor corporate governance, non-adherence to best practice and ownership problems.
He explained that, “In the course of on-site and off-site supervision of the micro-finance banks, so many issues bordering on corporate governance, adherence to best practice and ownership problems were identified.
He added that the banks had performed poorly due to lack of proper understanding of the micro-finance concept, method and best practice, and lack of proper orientation on how to deliver micro-finance services.
Other challenges faced by micro-finance bank operators, he added, include poor understanding of the provisions of the guidelines of the micro-finance policy and regulatory framework, and high rate of non-performing director-related facilities.
“Some of the directors, our investigations have shown, have over-bearing influence on management staff, who themselves lack relevant skills and knowledge in various micro-finance lending models and operational service delivery models.”
Muoghalu further revealed that the micro-finance banks lost focus and became too ambitious, which led them to attempt to operate as universal banks. He also linked absence of appropriate internal capacity building strategy, poor risk management procedures and internal control measures as some reasons behind the failure of the banks.
He stated that the CBN had successfully organised an interim capacity building workshop for key management staff of the MFBs in September, 2008, and for non-executive directors in November of the same year.
“We had stated then that the interim workshop was a fore-runner of this comprehensive certification programme, which was initiated to create a pool of skilled manpower for the sub-sector,” he noted.
Meanwhile, Muhammad Nadada Umar, director general of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has stressed that the country would not be able to achieve the Millennium Development Goals (MDGs) and Vision 202020, unless the micro-finance sub-sector is strengthened and restructured.
According to him, “It goes without saying that micro-finance is the last hope of the low-income entrepreneurs and the economically active poor who cannot meet the lending conditions of the commercial institutions.”
He added that, “Micro-finance services are also an essential tool required by us if we achieve the MDGs and Vision 202020. Nigeria needs to make a success of our MFB system like other developing countries like India, Bangladesh and Latin American countries.”
Umar further noted that microfinance was very critical in achieving the mandate of SMEDAN because it is the lifeline of micro, small and medium enterprises (MSME) financing.
General News
Haleon Introduces New Corporate Identity in Nigeria

Haleon, a global consumer health company with a purpose to deliver better everyday health, is introducing its corporate identity across Nigeria in a phased transition. Trusted brands such as Panadol, Sensodyne, Macleans, Otrivin, Voltaren, Cac 1000 and Andrews Liver Salts remain unchanged in formulation, quality, and effectiveness.

Following the formal demerger from GSK, Haleon was launched on July 18, 2022, as an independent company 100% focused on consumer health. Haleon is the new home for brands like Sensodyne, Panadol, Centrum and others, trusted by millions worldwide for their proven effectiveness in improving everyday health.
From relieving tooth sensitivity or pain to providing essential vitamins and nutrients, our products are designed to fulfil Haleon’s purpose: to deliver better everyday health with humanity.
This revised corporate identity is a branding change only and does not affect the safety, quality, or efficacy of the products. Haleon is sharing this update as part of its commitment to transparency and consumer confidence, helping consumers continue to choose the brands they know and trust.
Haleon’s collaboration with Fidson Healthcare forms part of this approach, reinforcing the value of local production in supporting trusted everyday health brands in Nigeria.
Panadol Extra 100s and Panadol Pain & Fever 100s are currently being produced and supplied to the market under the Haleon identity. Sensodyne Rapid Action will bear the Haleon corporate identity from mid-June, followed by Andrews Liver Salts later this year.
In due course, additional brands—including Otrivin, Voltaren, Cac 1000, Macleans, and the wider Sensodyne portfolio—will also transition to the Haleon identity.
Haleon remains committed to ensuring consumers can continue to access the same high-quality brands at pharmacies, supermarkets and other retail outlets across Nigeria.
“As Haleon introduces its identity in Nigeria, we want consumers to feel informed and reassured. The trusted products they rely on remain the same in quality, formulation and effectiveness.
“At the same time, our local production approach in partnership with Fidson Healthcare supports reliable access to high-quality everyday health products in Nigeria,” said Himanshu Raj, Haleon General Manager for Sub-Saharan Africa.
General News
Elon Musk Makes History as the World’s First Trillionaire

Tech entrepreneur and SpaceX founder, Elon Musk, has become the world’s first trillionaire after the successful public listing of SpaceX pushed his net worth beyond the $1 trillion mark.

Elon Musk
According to multiple financial reports, Musk’s fortune surged to approximately $1.1 trillion following SpaceX’s historic stock market debut on June 12, making him the first individual in history to achieve the milestone.
The sharp increase in wealth was driven primarily by SpaceX’s initial public offering (IPO), which valued the company at more than $1.7 trillion at listing before rising above $2 trillion during its first day of trading. Musk’s holdings in SpaceX, combined with his stakes in Tesla and other ventures, significantly boosted his net worth.
Musk, 54, is also the founder or co-founder of companies including Tesla, SpaceX, Neuralink and The Boring Company. He acquired social media platform X, formerly Twitter, in a $44 billion deal and has remained one of the most influential figures in technology and business.
Financial analysts noted that Musk’s wealth now far exceeds that of any other billionaire.
Matt Durot, deputy editor at Forbes Wealth, said the gap between Musk and the world’s second-richest individual had widened significantly, with no other person currently close to the trillion-dollar threshold.
Despite the historic achievement, Musk’s vast wealth has reignited debates over global inequality and the responsibilities of ultra-wealthy individuals in addressing humanitarian challenges.
Advocacy groups have frequently pointed to issues such as hunger, disease eradication and access to education as areas where large-scale private philanthropy could make a significant impact.
In 2021, Musk publicly challenged the United Nations to provide a detailed plan showing how billions of dollars could help combat world hunger. Although a proposal was later presented, no donation followed.
Analysts note that much of Musk’s wealth remains tied to company shares rather than liquid cash, meaning his net worth can fluctuate significantly with market movements.
Nevertheless, the SpaceX IPO marks a historic moment in global finance, placing Musk in a wealth category previously considered unimaginable.
Commenting on Musk’s business achievements, Jamie Dimon, chief executive officer of JPMorgan Chase, described him as “the Edison of our time.”
Musk’s rise from co-founding internet startup Zip2 in the 1990s to becoming the world’s first trillionaire is regarded by many analysts as one of the most remarkable wealth creation stories in modern history.
General News
Kaspersky Warns of “Grey” Scam Websites Exploiting User Trust

Recent research by Kaspersky has shown that the so-called “grey” websites repeatedly target all world regions, and this may be driving both financial loss and large-scale data harvesting.

Grey websites are deceptive online platforms that fall outside traditional phishing definitions but still manipulate users into voluntarily handing over money and personal data. Kaspersky’s new report provides detailed insights into the threats posed by the grey websites on global and regional levels.
Unlike classic phishing attacks, which aim to steal credentials outright, grey websites rely on persuasion, misleading interfaces, and hidden terms to exploit users. They often impersonate legitimate services such as e-commerce platforms, financial tools, AI services, or subscription-based content, making them significantly harder to detect.
Kaspersky analysis shows that the majority of suspicious resources globally fall into several recurring categories:
- Fake browser extensions and “security tools” that actually harvest browsing data and track user activity.
- Fraudulent financial platforms including crypto exchanges, trading tools, and investment schemes promising unrealistic returns.
- Intermediary services (e.g., legal or real estate), charging for low-value or nonexistent services while harvesting sensitive personal data.
- Subscription traps offering low-cost trials that convert into costly recurring payments hidden in fine print.
- Fake online shops that either deliver counterfeit goods or nothing at all.
Example of a grey website.
A notable trend is the emergence of tools disguised as AI services or image-processing platforms, reflecting attackers’ ability to adapt to current digital trends and target younger audiences.
There are proven security solutions that help users to detect grey websites across different types of devices – those running on Windows, Linux, Android and iOS. The detection model is based on many factors, including domain name and age, IP reputation, stability of the infrastructure used, DNS configurations, HTTP security headers, digital identity and popularity of the web resource and other criteria.
Regional specifics
Regional variations in grey websites demonstrate how threat actors localise scams based on user behaviour and trending technologies.
In Europe, the threat landscape is dominated by links to suspicious browser extensions and fake “privacy-enhancing” tools.
These resources often present themselves as security solutions, promising safer browsing or anonymous search capabilities. In reality, they function as browser hijackers – intercepting traffic, collecting cookies, tracking user behaviour, and injecting advertisements.
The popularity of these threats reflects a high level of user concern around privacy and security, which attackers actively exploit. Additionally, these regions show a steady presence of phishing intermediaries and crypto-related scams, indicating a blend of technical and financially motivated attacks.
Across African markets, financial scams are the most prominent category of suspicious resources. Fraudulent trading platforms, fake brokers, and investment schemes frequently mimic legitimate financial services, often accompanied by fabricated licenses or endorsements.
These platforms typically prevent users from withdrawing funds, instead introducing additional “fees” or taxes to prolong the scam. The concentration of these threats highlights how attackers leverage growing interest in online investing while exploiting gaps in regulatory enforcement and financial literacy.
In the Middle East and North Africa region, suspicious resources frequently mimic communication (Internet telephony) tools, financial platforms, or betting services. Additionally, Ponzi-style investment schemes and crypto scams are widespread, often presented through polished interfaces that mimic legitimate platforms.
Web browser-based threats also play a significant role, with malicious extensions targeting user data and browsing activity. The regional threat profile reflects a convergence of financial fraud and technical compromise, where users risk both data exposure and monetary loss.
“Suspicious websites don’t look harmful at first glance. But they exploit trust, urgency, and familiarity, and a single click on what looks like a harmless AI image tool, a “secure” browser extension, or a heavily discounted online shop could be all it takes to lose money or expose sensitive data.
Instead of direct credential theft, attackers turn to behavioural manipulation – whether that’s subscribing, investing, or installing software,” comments Anna Larkina, Web Content and Privacy Analysis Expert at Kaspersky.
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