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E-Business

CBN Says $20Bn Missing, NNPC Accuses Sanusi of Inconsistency

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Sanusi Lamido Sanusi, Governor, CBN
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Mallam Lamido Sanusi, governor of Central Bank of Nigeria (CBN) has said that the outstanding unremitted amount due to the federation account from the sale of crude oil by the Nigeria National Petroleum Corporation (NNPC) is $20 billion and not $10.8 billion as previously thought.

But the NNPC said that the apex regulator of the Nigeria’s financial industry was inconsistent and lacked understanding of the petroleum auditing processes.

Sanusi stated this at the resumed public investigation on the alleged unremitted $49.8billion crude oil revenue yesterday by the Senate Committee on Finance at the National Assembly.

Sanusi alleged that out of the $67billion  crude oil sold by the NNPC, only $47billion had been receipted by the CBN, leaving a balance of $20 billion.

The CBN governmor had last year written a letter to President Goodluck Jonathan, accusing NNPC of failure to account for $49.8bn accruing from unremitted amount from the sale of crude oil.

This prompted the President to direct all the stakeholders to have a joint meeting to reconcile the amount in question. At the end of the exercise, it was agreed by the parties, which included the Finance Ministry, CBN, NNPC, the Budget Office, Federal Inland Revenue Service, FIRS, Directorate of Petroleum Resources DPR, and Petroleum Products Pricing and Regulatory Agency, PPPRA, that the outstanding amount was $10.8bn.

Sanusi’s fresh allegation came as  Mr. Andrew Yakubu, NNPC group managing director faulted the governor’s claims, stressing that the CBN as bankers did not understand the petroleum auditing processes.

Yakubu also accused Sanusi of bandying the entire gross earnings of NNPC instead of actual net earnings.

Senator Ahmed Makarfi, chairman of the Senate Committee on Finance, expressed indifference to the allegations raised by Sanusi.

According to Makarfi, what Sanusi said was not a fresh issue, as it was already known to the committee and the reconciliation team set up on the matter.

He directed the various teams handling the reconciliation of the said unremitted accounts to fast-track their activities and come up with the exact amount by Thursday next week, when the public hearing would reconvene.

Sanusi said: “I have a 20 page presentation with 30 appendages but we have to first of all agree on what has been paid into the CBN. NNPC did a presentation. We have all agreed earlier that $14billion out of the $67billion they shipped came in to the dollar account of the federation.

 NNPC boss  however said that said: “The issues that were raised are not new at all. You see we came out in details because we don’t have anything to hide and we gave a detailed breakdown of the so called $49bn and we came out clearly to state the various streams that are associated with what he was talking about.

“Now, we also made it clear that NPDC (National Petroleum Development Company), if we had anything to hide we would not have made it clear that NPDC was part of the stream, because NPDC which is NNPC’s upstream operation, is a limited liability company registered under the Companies and Allied Matters Act, CAMA, to do upstream business just like any other independent company.


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E-Business

NDPC Probes Suspected Data Breach in Examination Centres

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Data Breach
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Nigeria Data Protection Commission (NDPC) has launched an investigation into allegations that the confidentiality and integrity of candidates’ personal data may have been compromised by hackers.

NDPC Probes Suspected Data Breach in Examination Centres

The Commission initiated the inquiry following concerns over possible data breaches during examinations.

Preliminary findings indicate that several examination centres may not have implemented adequate technical and organizational measures to safeguard candidates’ personal information, as required under data protection regulations.

Although the incident reportedly affected 379, 997 candidates, the NDPC’s investigation is poised to cover a systemic audit of data processing and third parties.

It will be recalled that JAMB recently admitted that a technical error on its platform affected a total of 379,997 candidates in 157 examination centres across Lagos and the South-East.

Further investigation led to the arrest of at least 20 suspects who are currently in the custody of the Department of State Services and the Nigerian Police Force.

 

 

 


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Nigeria Among Hotspots as Kaspersky Warns of Rising Ransomware Threat in Africa

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Cyber security firm, Kaspersky, has once again warned that sophisticated cybercriminals increasingly target Africa as ransomware and advanced persistent threats (APTs) escalate across the region.

Speaking at the company’s annual Cyber Security Weekend for the Middle East, Turkiye and Africa (META) region, the cybersecurity firm’s Global Research and Analysis Team highlighted growing digital threats affecting African nations.

Kenya, Nigeria, and South Africa emerged as hotspots, with Kenya recording one of the highest web threat incident rates at 20.1% in first quarter 2025.

“While ransomware is less prevalent in Africa due to lower levels of digitisation and economic constraints, countries like South Africa and Nigeria are seeing a sharp rise in attacks,” said Sergey Lozhkin, head of META and APAC regions at Kaspersky.

Kaspersky noted a 0.01 percentage point increase in African ransomware cases year-on-year, reaching 0.41%, still below global and Middle Eastern averages, but a troubling sign for the continent’s emerging digital infrastructure.

Experts warned that attackers are refining their tactics, shifting focus to unconventional entry points like IoT devices, smart appliances, and misconfigured hardware.

“As these economies expand digitally, sectors such as manufacturing, finance and government are becoming key targets,” said Lozhkin

The cyber-crime landscape is evolving quickly, fuelled by AI tools and dark web access to large language models, which enable less skilled actors to launch convincing phishing and malware campaigns.

Groups like FunkSec, which uses AI-generated code and a low-cost ransom model, are redefining ransomware operations.

“African organisations face the dual challenge of expanding digital footprints and limited cybersecurity awareness. This makes layered defense strategies, including network segmentation, real-time monitoring and regular staff training, essential,” stated Lozhkin

Kaspersky continues to monitor 25 active APT groups in the META region, including SideWinder and MuddyWater, some of which are known to target African institutions.

To bolster defenses, the firm recommends using tools such as its free Anti-Ransomware Tool for Business and the Kaspersky Next suite for threat visibility and response.

 


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Nigeria Launches Cybercrime Team with Commonwealth, UK Support

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Nigeria recently launched a new joint case team to step up its response to cybercrimes that affect people and businesses at home and abroad.

Nigeria Launches Cybercrime Team with Commonwealth, UK Support

The ‘Joint Case Team on Cybercrime’ brings together Nigeria’s key justice and security agencies to work as one, making it easier to detect, investigate, and prosecute digital offences.

It is supported by the UK National Crime Agency, the UK Foreign, Commonwealth and Development Office, and the Commonwealth Secretariat, as part of a wider effort to promote international cooperation on cybercrime.

Speaking at the launch in Abuja, Prince Lateef Fagbemi SAN, minister of justice and attorney general of the federation described the initiative as “a bold and transformative stride in Nigeria’s justice system.”

He said that although Nigeria has a national legal framework to address cyber offences, laws alone are not enough.

Nigeria is among the countries most affected by cybercrime around the world, with increasing financial losses.


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