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CWG Makes History as First Firm to List on X-Gen

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l-r: Austin Okere, Founder and CEO, CWG making a point to Ngozi Okonjo-Iweala, minister of Finance at the Economist conference, Nigeria at Eko Hotels, Lagos
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Computer Warehouse Group Plc (CWG) will make history on November 15, as the first company to be listed on X-Gen, the new trading engine being unveiled by the Nigerian Stock Exchange (NSE).

X-Gen is the same engine that is used on the NASDAQ.

The listing of the shares is expected to boost the market capitalisation of the NSE with about N14 billion, while CWG would be the highest capitalised security in the ICT sector of the exchange.

The NASDAQ and the NYSE have also recently witnessed a boom in Technology listings with Facebook, Google and LinkedIn. Twitter has also recently revealed her listing plans.

This seems to be the golden age of technology companies, as the stocks have done outstandingly well post listing. For instance, Google’s shares have gained a whopping 773% post listing while LinkedIn and Facebook have gained 160% and 29% respectively (as at October 04, 2013). Twitter seems set to follow in this trend with quarterly revenues up 105% to $139m from a year ago.

Here in Nigeria, CWG’s story has not been different. With seed capital of about N160,000 in 1992, CWG received a valuation of N6.97billion in 2009 from Vetiva Capital for her private placement.

The issue was oversubscribed; with Private Equity firm Aureos Capital LLC taking up a major chunk, defying the gloomy atmosphere of the global economic downturn at that time.

The valuation resulted in an increase in invested capital of 4,400 times, meaning that an initial investment of $1000 in 1992 would have yielded a whopping $4.4m within just 20 years.

This achievement put the company in the bracket of the one of the best global value creators.

CWG seems to be on track to repeat this feat on her listing, at a target share price of N5.48, almost doubling her private placement price of N3.40 in 2009 albeit in a very difficult environment characterised by significant slowdown in global economic growth.

It is therefore not surprising that that the Ministers of Finance, Trade and Investment and Communication Technology recently joined hands with the CEO of the Nigerian Stock Exchange to aggressively canvas for more Technology listing towards achieving the goal of the NSE to reach a market capitalisation of $1trillion within a decade.

Austin Okere, CWG’s founder and chief executive officer, confidently declares that “our best is yet to come”, amidst comment from sceptics that all previous Technology listings on the Nigerian Stock Exchange have lost significant value.

He said “the value of the stock is affected by performance and perception of potential. The stock also reacts negatively to swings in revenue, preferring predictability in forecasts”.

“CWG has over the years built a large proportion of her turnover into annuities from deploying her own Intellectual Property (IP), to enable financial inclusiveness in Mobility, such as the recently announced Yello Diamond Account, which will bring banking services to over 55 million Mobile phone subscribers, and the MTN XaaS product, which will provide Financial services in the cloud for the over 1000 Microfinance banks and their customers on a pay as you use basis”. He added.

The product rides on cloud computing to bring competitive advantage to relatively smaller banks which would otherwise have been disenfranchised.

According to him about 12 of the large banks in Nigeria run on the Finacle Core banking Application, which CWG jointly promotes in West Africa with the application developers, Infosys of India, processing over 60% of all financial transaction in Nigeria and used by the likes of FBN, UBA, Stanbic IBTC, Fidelity and FCMB amongst others.

CWG has taken advantage of her early mover status in the surge in ICT outsourcing demands to provide the service for the largest telecommunication company and the largest Downstream Company in the Oil & Gas sector in Nigeria.

This further assures annuity income that smoothes revenue swings and brings predictability to income.

According to Austin, about 80% of the company’s revenue is from repeat business, and new customers are more likely to be from referrals.

CWG is a strong player in the ATM business, providing and supporting over 30% of the country’s ATM installed base in conjunction with Wincor-Nixdorf of Germany, global leaders in the field.

Being a skills intensive business, CWG has set up an Academy to train brilliant youngsters to boost her talent pool.

Currently, the CWG Academy trains over 200 graduates per year in Nigeria and Ghana, and is set to start in Uganda by mid next year.

The company currently employs over 650 people, of which about 80% are engineers, with extra certifications in Cisco, Oracle, IBM and other Original Equipment Manufacturing (OEM) platforms. The Company is ISO 9001:2008 certified across all her operations.

The stellar performance of the Company has been rewarded by her peers and regulators with such awards as Top 50 Technology Business Companies in West Africa, ICT Solutions Provider of the year, ICT Company of the year, and the CEO as ICT Personality of the year 2012.

CWG has garnered a track record over the years as one of the most admired companies in Africa.

In 2009, the Columbia Business School in New York published a case study on the Company and appointed Okere as an Entrepreneur in Residence (EIR), while in 2012, the Legatum Entrepreneurial Center of MIT Boston, published a video and written case study on the Computer Warehouse Group as well.

For the second year in a row, CWG was awarded the Most Outstanding Corporate Social Responsibility (CSR) Technology Company of the year in 2012.

The company has continued to support her host communities by ingraining social responsibility as an integral part of her business model, with focus on the education sector.

In the quest to be the leading Pan African ICT Company, CWG has actualised her geographical expansion plans with operation in four African countries; Nigeria, Ghana, Uganda and Cameroon, and virtual operations in 17 other countries. The Company has 18 offices and support centres across Nigeria, including Lagos, Abuja and Port-Harcourt.

The company seems well set to achieve her vision of being the number one IT Utility enabler in Africa by 2015.


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E-Business

Firm Reviews the Evolution of Phishing Threats in 2025

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A new Kaspersky review reveals how cybercriminals revived and refined phishing techniques to target individuals and businesses in 2025, including calendar-based attacks, voice message deceptions and sophisticated multi-factor authentication (MFA) bypass schemes.

The findings emphasise the critical need for user vigilance, employee training and advanced email protection solutions to counter these persistent threats moving forward.

Calendar-based phishing targets office workers

A tactic originally from the late 2010s, calendar-based phishing, has reemerged with a focus on B2B environments. Attackers send emails with calendar event invitations, often containing no body text, hiding malicious links in the event description.

When opened, the event auto-adds to the user’s calendar, with reminders urging them to click links leading to fake login pages, such as those mimicking Microsoft.

Previously aimed at Google Calendar users in mass campaigns, this method now targets office employees. Organisations should conduct regular phishing awareness training, such as simulated attack workshops, to teach employees to verify unexpected calendar invites.

Voice message phishing with CAPTCHA evasion

Phishers are deploying minimalist emails posing as voice message notifications, containing sparse text and a link to a basic landing page. Clicking the link triggers a chain of CAPTCHA verifications to bypass security bots, ultimately directing users to a fraudulent Google login page that validates email addresses and captures credentials.

This multi-layered deception highlights the need for employee training programmes, such as interactive modules on recognising suspicious links and advanced email server protection solutions like Kaspersky SecureMail, which detect and block such covert tactics.

MFA bypass via fake cloud service logins

These sophisticated phishing campaigns are targeting multi-factor authentication (MFA) by mimicking services like pCloud (a cloud storage provider that offers encrypted file storage, sharing and backup services).

These emails, disguised as neutral support follow-ups, lead to fake login pages on lookalike domains (e.g., pcloud.online). The pages interact with the real pCloud service via API, validating emails and prompting for OTP codes and passwords, granting attackers account access upon successful login.

To counter this, organisations should implement mandatory cybersecurity training and deploy email security solutions like Kaspersky Security for Mail Servers, which flags fraudulent domains and API-driven attacks.

“With phishing schemes growing more deceptive, Kaspersky urges users to treat unusual email attachments, like password-protected PDFs or QR codes, with caution and verify website URLs before entering any credentials.

“Organisations should adopt comprehensive training programmes, which includes real-world simulations and best practices for spotting phishing attempts. Additionally, deploying robust email server protection solutions ensures real-time detection and blocking of advanced phishing tactics,” comments Roman Dedenok, Anti-Spam Expert at Kaspersky.

 


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NDPC Commits to Balancing Data Privacy, Protection Information

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Nigerian Data Protection Commission (NDPC), has expressed its commitment to balance information around data privacy and protection.

NDPC Commits to Balancing Data Privacy, Protection Information

Dr. Vincent Olatunji, national commissioner, NDPC, stated this in Abuja, at the National Data Privacy Summit with the theme, “Privacy in the Era of Emerging Technologies,” organised by the commission.

Olatunji said the NDPC, at the moment, was looking at balancing information around data privacy and protection.

“What we are doing is just to look at how to balance information around privacy and protection, which is really important, because as we are innovating, at the same time, we have to consider issues around privacy and protection,” he stated.

He added that the commission has been very bold in taking risks that would bring about growth.

“Our starting point is growing at a very alarming rate, and we are not afraid of anything. We can take risks. And that is why a lot is happening in Nigeria, and this is the level of clarity,” he explained.

In his address, Dr. Aminu Maida, executive vice chairman (EVC) of the Nigerian Communications Commission (NCC),  stated that Internet of Things holds promise for Nigeria’s economy.

The EVC, who was represented by Abraham Oshadami, executive commissioner, Technical Services (ECTS), noted that, “in an era in which digital assets, Internet of Things, future digital computing and other transformative technologies are key, and both a cornerstone of building trust for the adoption and a prerequisite for sustainable progress.

“Emerging technologies hold immense promise for Nigeria’s grand economy, but they also introduce complex risks to personal and individual rights.

“So, balancing innovation through post-ethical safeguards and public trust is the first step to ensuring that global digital advancement benefits all Nigerians without compromising their privacy or their security,” he added.

“As we just heard from the Nigeria Police, telecom operators have a vast amount of sensitive historical information daily, including connectivity apps and collaboration on privacy, security, and number protection, both to their and their inheritors,” he said.

Dr. Bako Shurkuk, commissioner for Science, Technology and Innovation, Plateau State, who represented Caleb Mutfwang, Governor of Plateau State, said, emerging technologies can be harnessed to attain sustainable growth.

 


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OADC Lagos Reinforces Commitment to Local Data Hosting and Digital Transformation @ NDPC’s National Privacy Week Summit

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Open Access Data Centres (OADC) Lagos has reaffirmed its commitment to Nigeria’s data protection and digital transformation agenda through its sponsorship and active participation in the Nigeria Data Protection Commission’s (NDPC) National Privacy Week Summit.

The National Privacy Week Summit, organised by the NDPC, convened policymakers, regulators, technology providers, and industry stakeholders to promote data privacy awareness, strengthen compliance with the Nigeria Data Protection Act (NDPA), and advance conversations around data security, sovereignty, and responsible data governance.

As a sponsor of the event, OADC Lagos demonstrated its continued support for the Federal Government’s drive toward local data hosting and data domiciliation, which are increasingly critical to safeguarding sensitive information, enhancing regulatory compliance, and building trust in Nigeria’s digital economy.

Through its carrier-neutral, Tier III Design certified data centre in Lekki, Lagos, OADC provides secure, resilient, and compliant infrastructure that enables government institutions and private sector organisations to host and manage data locally while meeting international best practices.

Commenting on the engagement, Adesola Adesugba, Country Marketing Manager, Open Access Data Centres Nigeria, said: “We are proud to have supported the Nigeria Data Protection Commission through the National Privacy Week Summit and to stand alongside the government in advancing Nigeria’s digital transformation objectives.

“Strengthening local data hosting and domiciliation is fundamental to national data sovereignty, improved security, and sustainable digital growth, and OADC Lagos remains committed to enabling this future.”

OADC’s participation at National Privacy Week Summit underscores its role as a trusted digital infrastructure partner to government and enterprise, supporting secure cloud connectivity, regulatory compliance, and the long-term development of Nigeria’s digital ecosystem.

Open Access Data Centres is part of the WIOCC Group and operates open-access, world-class data centres across Africa, serving cloud providers, network operators, enterprises, and public sector institutions.


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