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E-Business

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

NIMC Says NIN Services Back Online

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National Identity Management Commission (NIMC) has announced the restoration of its National Identification Number (NIN) verification services nationwide.

NIMC Says NIN Services Back Online

This, according to the commission, follows the completion of a system maintenance exercise.

In a statement issued on Friday, the NIMC confirmed that all previously disrupted services have resumed.

“NIMC wishes to inform the general public that the recent technical maintenance has been completed and all services have been restored,” the statement read.

The NIMC urged Nigerians seeking to enroll for NIN to visit the its official website to locate the nearest enrollment centers.

The agency also encouraged individuals to make use of its self-service portal for tasks such as data modification, including name changes.

To further ease the verification process, the Commission recommended downloading the NIMC NameAuth app (oath.app) from the Google Play Store or Apple App Store for quick and secure NIN authentication.

NIMC expressed appreciation for the public’s patience during the service disruption, which had impacted banks, telecom providers, and government agencies that rely on NIN verification for their operations.

 


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Report Reveals African Organizations Dangerously Overestimating Cyber defences

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Many businesses are overestimating their defence against cyber attacks, which creates a significant human risk blind spot. A new KnowBe4 report exposes a worrying disconnect between what leaders think about their cyber security readiness and what employees experience.

According to the KnowBe4 Africa Human Risk Management Report 2025, based on insights from cyber security decision-makers across 30 African countries, despite high awareness, a critical gap exists in turning that awareness into actual readiness and resilient behaviour.

Key findings from the KnowBe4 Africa Human Risk Management Report 2025:

Confidence vs awareness: While cyber security awareness is high, leaders express uncertainty about their workforce’s ability to act on that awareness. Many feel employees may overestimate their capabilities in recognising, reporting and mitigating threats.

The need for adaptive and personalised security awareness training: Many companies fail to personalise security awareness training to specific roles or risk exposures.

Widespread BYOD usage: A large percentage of employees (between 41% and 80%) use their personal devices for work.

AI policy development is lagging: Many companies (46%) are still in the process of developing policies for using AI tools in the workplace.

Regional variation: Southern Africa trains more, East Africa governs AI better and West/Central Africa sees the most human-related security incidents.

This gap is significant because Africa has become an attractive target to cyber criminals, especially those that launch AI-powered attacks. A LexisNexis Risk Solutions study found 60% of South African organisations have seen an increase in AI-facilitated financial crime – above the 56% global average.

Kehinde Popoola, regional manager and key representative for West and East Africa at Rubrik, said digital transformation is gaining momentum in Africa and companies are more exposed to cyber risk. The Rubrik executive adds that amid an increase in threats, it is crucial that organisations adopt an assumed breach mindset.

The KnowBe4 research shows that cyber security preparedness and the actual structures required to support secure behaviour seem misaligned.

The report highlights that just 10% of cyber security leaders are fully confident that staff would report a phishing attack or other cyber threat, despite rating employee security awareness of cyber threats at four out of five or higher.

There is also a significant perception gap between decision-makers and general employees in Africa regarding security awareness training, with 68% of leaders believing that training is tailored to roles, compared to only a third of employees feeling adequately trained.

KnowBe4 asserts that many organisations only conduct annual or biannual training that is too generic to effectively change behaviour, contributing to uncertainty about its effectiveness.

According to another report, the KnowBe4 African Cybersecurity and Awareness Report 2025, which focuses on end-user based responses, only 43% of African respondents felt confident in their ability to recognise a cyber threat, and just one in three believed their security awareness training was adequately tailored to their role. This comparison suggests the development of a dangerous perception gap in many organisations.

“There’s a disconnect here – between what leaders think is happening and what employees are actually experiencing,” says Anna Collard, SVP content strategy and evangelist at KnowBe4 Africa. “The data shows that without procedural and cultural follow-through, awareness simply doesn’t translate into readiness.”

“The continent’s cyber security posture may be more confident than it is truly resilient,” Collard adds.

 


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Domain of Deception as Attackers Deploy Spyware Under Guise of Legal Threats

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Kaspersky has detected a rapidly escalating malicious campaign that has targeted over 1,100 corporate users since June 2025. The attackers pose as a legal firm and in their emails threaten recipients with lawsuits over alleged domain name patent violations, aiming to deploy malware.

Victims who opened and launched the attached files – that mimicked legal documents – had a Trojan installed on their devices, and the attackers could spy on the content of their screens. Organisations across healthcare, finance, and education sectors have been targeted.

The campaign began with 95 emails on June 11 and has since continued to escalate. Apart from claiming that the recipient’s domain name violates patented combinations of a major brand and threatening litigation, in the email the fake legal bureau also expresses the patent holders’ interest in acquiring the domain and offers getting acquainted with the details of the alleged violations by opening the attached archive with “documents”.

It is worth noting that the attackers, likely to avoid detection, attach an archive that is not password protected, and inside it includes another archive that is password protected and a file containing the password along with it.

After the user entered the archive password and clicked on the alleged legal document inside, a Trojan was installed on the device. The user saw a message displayed that read, “This document cannot be opened on this device. Try opening it on another windows device,” and simultaneously the Tor Browser was covertly downloaded and installed in the background.

Through it, the malware regularly sent snapshots of the user’s screen to the attackers over the Tor network. The malware also autostarts whenever the computer is restarted.

“This campaign is a sophisticated blend of psychological manipulation and technical deception, leveraging fear of legal action to coerce businesses into executing harmful files hidden in attached archives. Its rapid growth since June 11 underscores the urgency for organisations to bolster defenses.

Victims face the risk of losing their private data. Robust email security, employee training, and swift incident reporting are essential to counter this evolving threat,” comments Anna Lazaricheva, spam analyst at Kaspersky.

 


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