E-Business
Cyberattack Could Cost it Up to $400m – Coinbase

Coinbase forecast a hit of between $180m and $400m from a cyberattack that breached account data of a “small subset” of its customers, the crypto exchange said in a regulatory filing on Thursday.
The company received an anonymous email on May 11, claiming to have information about certain customer accounts as well as internal documents.
While some data — including names, addresses and emails — was stolen, the hackers did not get access to login credentials or passwords, Coinbase said.
Still, it will reimburse customers who were tricked into sending funds to the attackers.
Hackers had paid multiple contractors and employees working in support roles outside the US to collect information.
The company has fired those involved, it said.
Separately, the New York Times reported that the US Securities and Exchange Commission (SEC) was investigating whether the company had misstated its user numbers.
Coinbase shares extended losses after the report and were last down 6.5%.
“This is a hold-over investigation from the prior administration about a metric we stopped reporting two-and-a-half years ago, which was fully disclosed to the public,” said Paul Grewal, Coinbase’s chief legal officer.
“While we strongly believe this investigation should not continue, we remain committed to working with the SEC to bring this matter to a close.”
The SEC declined to comment.
The latest developments come days before the company is set to join the benchmark S&P 500 index, casting a shadow over what was expected to be a landmark moment for the crypto industry.
Security remains a challenge for the crypto industry despite its growing mainstream acceptance.
In February, Bybit disclosed a hack in which about $1.5bn worth of digital tokens were stolen — widely described the biggest crypto heist ever.
“The cyberattack may push the industry to adopt stricter employee vetting and introduce some reputational risks,” said Bo Pei, an analyst at US Tiger Securities.
Funds stolen by hacking crypto platforms amounted to $2.2bn in 2024, according to a report from Chainalysis, a US-based blockchain analysis firm.
“As our nascent industry grows rapidly, it draws the eye of bad actors, who are becoming increasingly sophisticated in the scope of their attacks,” said Nick Jones, founder of crypto firm Zumo.
Coinbase has refused to pay a ransom of $20m demanded by the attackers and is working with law enforcement agencies. Instead it has established a $20m reward for information on the hackers.
The company is also opening a new support hub in the US and taking other measures to prevent such cyberattacks, it said.
E-Business
NITDA Ignites a Revolution for Gender Inclusion in Nigeria’s AI and Digital Economy

In a powerful stride towards an inclusive digital future, the National Information Technology Development Agency (NITDA) is spearheading a transformative drive to empower Nigerian women in the Artificial Intelligence (AI) and digital economy.
This commitment was resoundingly reiterated by NITDA’s Director General, Kashifu Inuwa CCIE, at the “Innovate Her 25” conference, the 10th National Conference and 11th Annual Meeting of Nigerian Women in Information Technology.
Speaking at the event themed “Women in AI: Unlocking Resilience, Fostering Innovation and Leadership,” Inuwa, represented by Dr. Aristotle Onumo, Director of Stakeholder Management and Partnerships, emphasised that true innovation blossoms not in isolation, but through synergistic partnerships and collective endeavor – principles deeply embedded in NITDA’s operational ethos.
Highlighting Nigeria’s Artificial Intelligence (AI) Strategy, Inuwa added that inclusivity is embedded as a core objective: “Our strategic roadmap mandates that at least 40% of our programmes directly benefit women and underserved groups. We have also developed a Gender Inclusion Strategy to guide interventions in areas such as training and infrastructure,” he explained.
Further underscoring Nigeria’s leadership in the digital space, Inuwa excitingly announced that in September 2025, NITDA will proudly host a Leadership Summit on AI. This landmark event will convene stakeholders from across the African continent, fostering a collaborative environment to forge a unified AI vision for Africa.
In alignment with the conference’s focus on empowering women in technology, the DG detailed NITDA’s diverse capacity-building initiatives spanning AI, cloud computing, and cybersecurity. “We work with partners such as the Renew Hope Initiative to train thousands of women across Nigeria’s six geopolitical zones,” he revealed, highlighting the agency’s broad reach.
NITDA stands ready to collaborate with organisations like the Nigerian Women in Information Technology (NIWIT), actively encouraging proposals for bespoke programmes that cater to specific community needs. “We focus on targeted training with measurable outcomes, rather than generic approaches,” Inuwa affirmed, emphasising a results-oriented methodology.
He further spotlighted NITDA’s “Digital Literacy for All Initiative,” which seeks to equip 70% of Nigerians with digital literacy by 2027. Through strategic partnerships with the NYSC and the integration of digital literacy into national school curricula, the agency plans to train over 30 million Nigerians — with a dedicated focus on underserved communities and public servants.
Addressing critical concerns surrounding ethical AI, Inuwa emphasised the importance of developing indigenous datasets and large language models reflective of Nigeria’s unique realities: “We are working closely with stakeholders to build local datasets that safeguard Nigerians’ digital rights and ensure ethical AI use,” he assured.
NITDA is also championing mentorship for women in technology through impactful initiatives such as Women Innovate. The agency warmly welcomes collaboration with NIWIT to design structured mentorship programmes and is open to formalising such partnerships through Memoranda of Understanding (MoUs).
“NITDA is committed to fostering inclusive economic growth through innovation. Partnership and collaboration remain the way forward,” Inuwa declared.
The session concluded with a resounding call to action, urging women-focused organisations to leverage NITDA’s open-door policy and unite in advancing digital inclusion across Nigeria. The future of Nigeria’s digital economy is inclusive, and women are at its forefront.
E-Business
Amazon CEO Says AI will Reduce Number of Workers Needed

Amazon’s management on Wednesday said that it expects that artificial intelligence software will reduce the number of office workers at the world’s largest online retailer.

Andy Jassy, chief executive, Amazon
“We will need fewer people doing some of the jobs that are being done today and more people doing other types of jobs,” Andy Jassy, chief executive, Amazon wrote in an email to employees.
He said it was difficult to predict how the overall workforce will evolve, but in the next few years, it is expected that AI efficiency gains will lead to a reduction in the number of office workers.
According to earlier reports, Amazon employed around 1.5 million people worldwide, with approximately 350,000 office employees in various roles.
The Wall Street Journal reported that the company does not anticipate further large-scale layoffs, as seen in 2022 and 2023, in the near future.
Instead, it expects that vacant positions will not be refilled.
However, layoffs are not ruled out, according to sources familiar with the matter.
“Amazon is focusing on so-called AI agents, software capable of independently performing tasks. These agents could, for example, summarise information from the web and data sources, write software, translate languages and automate many time-consuming tasks,” Mr Jassy explained.
“Agents will be teammates that we can call on at various stages of our work,” he added, urging employees to experiment with AI whenever possible.
The impact of AI on the job market has been a concern for many years.
Recently, Spotify, the leader in music streaming, announced that teams requesting additional staff would first need to prove that AI could not perform the tasks.
The creators of the language-learning app Duolingo plan to gradually replace external workers with AI.
E-Business
BPP Partners NDPC to Strengthen Data Protection

Dr Adebowale Adedokun, director-general, Bureau of Public Procurement (BPP), has reaffirmed the bureau’s commitment to data protection in Nigeria.
He disclosed this in a statement at the weekend by Zira Nagga, head of Public Relations, BPP, following a courtesy visit by a delegation from the National Data Protection Commission (NDPC).
Adedokun stressed that data protection is vital to Nigeria’s economy and development, particularly in areas such as demography, health, education, and other key sectors.
He emphasised that no country should leave its data unprotected, as it plays a crucial role in future planning and national development.
“Data governs the world. It is essential to technological progress and must be protected for a country or business to be taken seriously,” he said.
Adedokun described the visit, aimed at fostering partnership on data policy implementation and protection, as timely and aligned with national goals.
He said the BPP would collaborate closely with the NDPC to boost data development, capacity building, and enhance the procurement system.
“The BPP will support compliance as part of the ‘Nigeria First’ Policy, although it is not a core procurement eligibility requirement,” he explained.
He suggested a hybrid training model to help build strong capacity in data protection, privacy awareness, and policy understanding.
According to him, a dynamic training approach will reduce logistics costs and improve public confidence in data safety and privacy.
Dr Vincent Olatunji, CEO, and national commissioner, NDPC, praised Adedokun and the BPP for supporting data protection initiatives.
He said the partnership supports President Bola Tinubu’s vision and will strengthen data privacy across Ministries, Departments, and Agencies (MDAs).
“The collaboration will create awareness and train BPP staff to ensure a firm grasp of data protection principles and policies,” he stated.
Olatunji said the NDPC would establish a working group to finalise a Memorandum of Understanding beneficial to both institutions.
He added that President Tinubu signed the NDPC into law on 12 June 2023 to uphold citizens’ rights and protect national and business data.
Olatunji also noted that strict legal measures were in place to enforce data protection and ensure full compliance nationwide.
Both agencies agreed to form a team to sign the MoU and focus on capacity building and data management in procurement and beyond.
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