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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

AU Sees AI Adoption Evolving to Boost Economic Growth in Africa

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Africa’s financial services sector is entering a new era of artificial general intelligence (AGI), as the adoption of artificial intelligence (AI) on the continent evolves to boost economic growth.

This was the word from Lavina Ramkissoon, ambassador representing the African Union for the East, North and South of the continent, speaking last week during the Financial Sector Conduct Authority Conference 2026.

As AI rapidly evolves beyond current frameworks, Africa faces a narrowing window to define its role in what could become a radically different global economic order, she said.

Ramkissoon co-chairs the African Union’s Science, Research, Technology and Innovation Council and leads its “sixth region” diaspora portfolio.

AGI refers to AI that matches human intelligence, capable of learning, reasoning and applying knowledge across diverse domains, while ASI is a theoretical, future AI that surpasses human intelligence across all fields.

Ramkissoon cautioned the global AI trajectory is already shifting beyond human and machine collaboration toward far more advanced forms of intelligence.

“In my opinion, we’ve quickly moved away from human agency, we’ve moved away from AI agency, and we’re getting into a space where we’re going to see AGI unfold − but not really know that it’s unfolding.”

She noted that this transition could be subtle at first, with only limited signals before a more dramatic leap.

“There’s going to be one or two key signs… and then all of a sudden, we’re going to wake up and see ASI around in terms of superintelligence.”

This progression, she suggested, raises fundamental questions about control and governance.

Rather than focusing purely on technological capability, Ramkissoon argued that societies must confront how much decision-making power they are willing to relinquish.

“From a human perspective, we’re going to have to dig deep in terms of understanding where to next and what sort of control we are willing to give away or negotiate going forward.”

Beyond the technological shift, she emphasised that Africa’s response must be grounded in structural readiness. Responsible AI at scale, she said, depends on three core pillars: infrastructure, computational capacity and a broader understanding of intelligence itself.

On infrastructure, Ramkissoon highlighted the need for interoperability rather than isolated systems, noting that Africa’s financial and digital ecosystems remain fragmented.

“For some reason, we haven’t been able to orchestrate it in a unified manner. This is probably our last opportunity to utilise AI to gauge that.”

She also challenged assumptions around compute capacity, arguing that the continent does not yet require widespread investment in large-scale data centres.

“Our utilisation of AI isn’t at that capacity yet. Running things like language models or robo-advisors are still relatively menial when we talk about the larger capacity required.”

More fundamentally, Ramkissoon pointed to a shift in how intelligence itself is defined and used in the digital economy.

“Intelligence is intelligence. Distinctions between human and artificial intelligence are becoming less relevant as the two increasingly converge.”

This shift is already reshaping economic thinking. Ramkissoon described the emergence of what she called a “new age economy”, where traditional drivers are being replaced.

“It no longer functions on the cost of capital, but is moving towards the cost of energy, the cost of data and the cost of intelligence.”

She also pointed to growing divergence in how global technology players are approaching AI, with some pushing for rapid expansion of capabilities, while others advocate for constraint.

Within the African continent, more than 60% of countries had adopted some form of AI policy or regulatory framework as of 18 months ago, with different regions beginning to take distinct approaches.

However, the continent risks falling behind if it fails to articulate a unified vision and take advantage of the full potential of AI, she stated.

“As much as we understand the opportunity, what are we actually tangibly doing on the ground to unlock that?” she asked, pointing to persistent challenges such as unemployment and low economic growth.

While AI is already reshaping labour markets globally, Ramkissoon cautioned against framing the issue purely in terms of job losses.

“We focus on fear more than optimism. AI is creating jobs and removing jobs at the same time.”

Instead, she called for a broader, long-term perspective that moves beyond short-term disruption toward strategic positioning.

“We really need to zone out and have a macro view. Without that, Africa risks missing a critical moment in shaping its digital and economic future as AI capabilities accelerate toward increasingly autonomous and potentially uncontrollable systems.”


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Qualified Cybersecurity Staff Shortage Among Key Obstacles in Curbing Supply Chain Risks

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A new global Kaspersky study has identified the lack of qualified IT security workers and the need for global organisations to prioritise various security tasks to mitigate the risk of supply chain and trusted relationship attacks. Both factors are cited by nearly half (42%) of the respondents.

Kaspersky’s recent study* on supply chain and trusted relationship risks showed that supply chain attacks have emerged as a top threat for businesses, with every third organisation hit by such an attack over the past year.

The severity and frequency of supply chain attacks necessitate uncovering the key reasons preventing them from addressing the risks successfully.

According to the survey, one of the key barriers to reducing supply chain and trusted relationship risks is the lack of a qualified workforce. This shortage leaves organisations without the capacity to consistently access and monitor possible third-party vulnerabilities across their ecosystems.

Among other primary obstacles, respondents noted the need to juggle multiple cybersecurity priorities. This reflects the fact that security teams are stretched across too many tasks at once, which might leave supply chain threats unaddressed.

Beyond resource constraints, respondents also point to structural issues: 39% say their contracts lack clear IT security obligations for contractors. Further 32% note that non‑IT security staff often do not fully understand these risks.

Globally, according to the survey, an overwhelming 85% of businesses admit their organisations need to upgrade protection against supply chain and trusted relationship risks, with only 15% of enterprises considering their current security measures effective.

At the same time, the results of the survey showed that current mitigation practices for third-party risks remain fragmented, with no way of protection getting more than 40% of current adopters. Even the most common protective measure, two-factor authentication, is used by only 38% of respondents.

In addition, only 35% of organisations conduct regular reviews of contractors’ cybersecurity postures. As a result, nearly two thirds of businesses lack ongoing visibility into the security of their partners, leaving them exposed to evolving vulnerabilities across their ecosystems.

It’s noteworthy that companies that have already experienced supply chain and trusted relationship attacks tend to adopt stronger security habits. Those hit by supply chain incidents are more likely to request penetration test results (56%), while victims of trusted relationship breaches prioritise checks on compliance with industry standards (56%) and their contractors’ own supply chain policies (53%).

“When security teams are overstretched, understaffed and have to prioritise urgent tasks over long term resilience priorities, organisations are left exposed to threats that can move silently through their provider ecosystem.

“To break this cycle, the industry needs to adopt more unified and consistent mitigation strategies, from standardised contractor assessments to stronger cross‑team awareness. Supply chain security should become a shared, enforceable responsibility across the entire business network,” comments Sergey Soldatov, Head of Security Operations Center at Kaspersky.

Only by implementing preventive measures across the organisation and approaching partnerships with suppliers and contractors strategically can companies reduce supply chain risks and ensure the resilience of their business.

 


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Study Reveals 83% of Employees Stay Connected to Work During Time Off, Fuelling Digital Anxiety

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A new Kaspersky survey undertaken in the Middle East, Turkiye and Africa (META) region reveals that digital anxiety is becoming a defining feature of modern work culture, as employees don’t disconnect even during their free time and vacations.

According to the findings, 83% of respondents keep an eye on work tasks outside working hours. An overwhelming 85% reply to all work-related messages in instant messaging apps, while the same share (85%) check work emails during their time off – and 81% admit they are responding to work emails while on vacation or in their personal time.

The pressure to remain constantly available is contributing to heightened stress levels in the workplace. Other sources of stress include work issues, for example, 43% experience anxiety after accidentally sending a random message to a work chat.

Interestingly, not all digital mishaps are perceived equally: 40% report that they take it calmly when they send an unfinished email, proving that some mistakes are considered less damaging than others.

Blurred boundaries between professional and personal life, combined with instant communication tools, are intensifying feelings of constant monitoring and fear of making digital errors.

More than a third (36%) of respondents say they feel extremely uncomfortable or even scared if their boss notices them scrolling through social media at work instead of working. The “always-on” culture may undermine employee well-being, increase burnout risks, and reduce overall productivity in the long term.

“Digital anxiety doesn’t just affect employee well-being – it can also increase cybersecurity risks for organisations. When people feel constant pressure to respond immediately to messages and emails, they are more likely to act impulsively, without carefully verifying links, attachments, or sender identities.

This urgency can make employees more vulnerable to phishing, and other scams using social engineering techniques,” comments Brandon Muller, Technical Expert at Kaspersky.

Kaspersky recommends employees to follow the below tips to avoid digital anxiety and associated cyber risks:

  • Slow down before clicking or replying. Digital anxiety can trigger automatic reactions. A short pause to check sender details, URLs, or attachments can prevent security breaches.
  • Treat urgency as a red flag. Cybercriminals often exploit pressure and fear. Always verify unexpected or urgent requests before responding.
  • Avoid handling sensitive information on unsecured networks. Public Wi-Fi, often used when working outside regular hours, increases exposure to cyber threats. Mobile network and VPN should be applied in such cases.
  • Use technologies that will help reduce risks. For example, Kaspersky Premium offers AI-powered anti-phishing features designed to help warn of potential threats.

Businesses can reduce cybersecurity risks related to employees’ digital anxiety by providing regular cybersecurity training that helps staff recognise threats and respond correctly even under stress.

At the same time, organisations should use robust cybersecurity solutions to minimise the impact of human error. Kaspersky Next’s adaptable and robust cloud-native protection, underpinned by an unequalled cybersecurity track record, is one of such products.

Protection solutions for mail servers, such as Kaspersky Security for Mail Server, with anti-phishing capabilities, help to additionally decrease the chance of infection through a phishing email.


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