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EU Urges Nigerian SMEs to Tap into €80Bn Research & Innovation Programme

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(L-r): Juan Casla, head, Economic Cooperation and Energy Section, EU Delegation; Obinna Ihedioha of Nigeria Sovereign Investment Agency; Hugo Pierrel, deputy country director, Agency Francaise De Development (AFD); Ms. Victoria Oso Adefala, managing partner, Whitgift Law; Ms. Eme Essien Lore, country manager, International Finance Corporation (IFC) and Babatunde Fashola, minister of Power, Works and Housing, during latter’s keynote presentation at 5th EU-Nigeria Business Forum held in Lagos on Thursday
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The European Union (EU) at its ‘5th EU-Nigeria Business Forum’ (EUNBF2016) has unveiled plans to extend its research and innovation programme with 80 billion Euros to Nigerian entities, including SMEs, seeking support to engage in research and innovation.

The European Union and Nigeria have developed robust economic relations with very large trade volumes at €30 billion in 2015.

The EU is also the top destination for oil and non-oil exports from Nigeria. Nigeria is also a key beneficiary of EU Foreign Direct Investment (FDI) with FDI stock of €30 billion in 2015.

EU Investment stock in Nigeria grew from €23.8 billion in 2013 to €25.3 billion in 2014.

But, with the fall in oil prices, EU-Nigeria trade declined by 26.7% to €30bn in 2015, with the EU offering to support Nigerian entities supports to engage in research and innovation, particularly in agricultural sector.

Declaring the EUNBF2016 open the two-day 5th EU-Nigeria Business Forum held in Lagos, Nigeria, Mr. Akinwunmi Ambode, executive governor of Lagos State, said that since the conclusion of the fourth edition in 2015, the nation’s economy has experienced significant development, the most critical of which is the slide into recession.

To this end, Governor Ambode who was presented by Mr. Tunji Bello, secretary to the State Government (SSG), said this year’s edition of the Forum was coming at the auspicious moment and provides a unique opportunity for participants for participants to offer suggestions that will help in turning around the fortunes of the nation’s economy.

He however pledged the State Government’s commitment to providing critical infrastructures that will make doing business in Lagos State a pleasurable and profitable experience for investors.

Ambassador Michel Arrion, head, EU delegation to Nigeria and ECOWAS disclosed that the inclusion of Nigerian entities to partake in the 80 billion Euros research and innovation, particularly on agriculture, was informed by the country’s most obvious comparative advantage for the diversifying her economy.

The Forum is organised by the EU Delegation in close liaison with the 20 EU Member States represented in Nigeria, to allow business leaders and policy makers to discuss ways to improve the business environment and to attract European investments in Nigeria.

Arrion described the Horizon 2020 programme as the biggest EU research and innovation programme with 80 billion Euros and offers Nigerian entities (including SMEs) seeking support to engage in research and innovation, in particular again in agricultural sector.

Speaking specifically on the Forum, he expressed delight that the most tangible result of last year’s forum was the commencement of an agricultural policy dialogue between the EU and Nigeria.

According to him, “The agricultural policy dialogue was officially launched in September, and is gradually intensifying, as witnessed by the presence this week in Nigeria (and today here at the Forum) of Mr Clarke, the Director of International Relations of the Directorate General for Agriculture of the European Commission.

“Mr Clarke and his team had fruitful meetings with Honorable Minister Ogbeh and other representatives of the Ministry of Agriculture with a view to promote responsible investments in the agribusiness sector and to attract more European investments into this key sector.

“In this context, I am also pleased to announce that on February next year, the EU Commissioner for Agriculture, Phil Hogan, will lead a business delegation to Nigeria seeking for opportunities to invest locally in agribusiness”.

On her part, Dr. (Mrs) Nike Akande, president, Lagos Chamber of Commerce and Industry (LCCI), said that the subject of discussion at the Business Forum touched at the heart of Nigeria’s current economic reform and recovery efforts of government, especially in the areas of electricity, industrialization and SMEs’ growth.

“The Business Forum also aligns very well with the trade promotion agenda of the LCCI which is focused on building international partnerships and alliances for the promotion of investment and trade flows between Nigerian economy now than ever before. We need to attract as much investment as we can at this crucial time,” she said.

The LCCI President reiterated that Nigeria and EU have a long history of cordial economic and business ties and should be sustained, calling on EU investors to put lesser emphasis on risks and impediments in the Nigerian market and pay attention to the huge opportunities and potentials in the economy.

According to the Organisers, this year’s edition of the EUNBF, tagged “Harnessing Nigeria’s Potential for Economic Growth”, has been put together with three main objectives: to explore options for accessing long term finance for the critical power sector in Nigeria; to identify opportunities in the textile value chain and to explore opportunities for EU and Nigerian Small and Medium Enterprises (SMEs) to increase their businesses market through the platform of the Enterprise Europe Network (EEN).

Highpoint of the Business Forum was the formal launch of the Enterprise Europe Network (EEN) Nigeria, a platform resulting from a consortium of the Nigerian-Belgian Chamber of Commerce, the Chambers of Commerce of Lagos, Kano and Port Harcourt.

 

 


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Kaspersky Warns of The Gentlemen Ransomware Group Expanding Operations with New Malware

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New Kaspersky Global Research and Analysis Team (GReAT) research into the rapidly growing ransomware group known as The Gentlemen has showed that the attackers have evolved their tactics through new custom-built tools – a backdoor designed to facilitate information gathering before ransomware deployment and control over compromised systems, and a ransomware executable file.

The group has been active worldwide across industries including manufacturing, IT services, healthcare, financial services, construction, and logistics.

In its recent report Kaspersky shared an overview of ransomware trends: according to Kaspersky Security Network, in 2025 Latin America had the highest share of organisations with ransomware attacks detected (8.13%), followed by the Asia-Pacific region (7.89%), Africa (7.62%), Middle East (7.27%), the Commonwealth of Independent States (CIS, 5.91%) and Europe (3.82%).

The Gentlemen is a rapidly expanding Ransomware-as-a-Service (RaaS) operation believed to have emerged around mid-2025. The Gentlemen and its affiliates primarily gain initial access to victim systems through the exploitation of Internet-facing services and compromised credentials.

The attackers may be seeking collaboration with Initial Access Brokers (IABs) to acquire access to organisations with valuable intellectual property with minimal effort. Kaspersky found that access to some victim systems, using techniques the group does not typically employ, occurred long before the ransomware infection. This may mean that the initial access was not carried out by The Gentlemen, but rather by another threat actor, possibly an IAB.

Unlike many RaaS groups, The Gentlemen demonstrates a high level of sophistication, employing custom tooling and flexible intrusion tactics. Kaspersky researchers identified a previously unknown, custom-developed backdoor written in Go deployed by the attackers one day before ransomware execution.

The implant gathers host and network information and hides its console window to avoid detection. Its capabilities include bidirectional communications with the attackers, server-controlled command execution, and reconnaissance, enabling attackers to extend and adapt their activity within a compromised environment.

Kaspersky also found a new ransomware variant written in C affecting a limited number of corporate victims. While The Gentlemen has primarily used a ransomware implant written in Go that was designed for cross-platform use, the new C-based variant appears to be Windows-focused. The group may be testing the malware in real victim environments as it expands its technical arsenal.

Notably, in their attacks the Gentlemen attempted to remove the Kaspersky security solution by utilising kavrmvr.exe (a tool designed to remove Kaspersky products). However, the Kaspersky solution remained active, and the move by the attackers was blocked and flagged as malicious.

“Despite being a relatively recent entrant to the ransomware threat landscape, The Gentlemen group is rapidly gaining a reputation among threat actors, attracting affiliates and executing high-profile attacks.

“The testing of the new C-based ransomware variants suggests that the group is actively refining its capabilities, which may translate into more stable and scalable attack chains in the near future.

“Organisations should anticipate further malicious ransomware activity and are strongly advised to prioritise vulnerability management and system hardening processes to mitigate the risk of compromise,” said Fatih Sensoy, security expert at Kaspersky GReAT.


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Kaspersky Reveals Malware Attacks on SMBs Disguised as AI Services Surged by Five Times in 2026

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From January to April 2026, Kaspersky security solutions detected more than 33,300 attacks on small and medium-sized businesses (SMBs), in which malicious or unwanted software for PCs were disguised as popular artificial intelligence (AI) services. This number has surged by almost five times when compared to the same period in 2025.

A new Kaspersky report reveals threat analysis and mitigation strategies to help SMBs protect themselves against the evolving threat landscape.

Kaspersky experts explored the extent to which threat actors target small and medium-sized businesses with malware disguised as legitimate AI services, considering the growing popularity of such tools for the business workflow. At the beginning of 2026 the most common lures in cyberattacks involved malware posing as ChatGPT (42%), Claude (24%), and DeepSeek (20%).

Among unique malicious files detected in the SMB sector and masqueraded as AI services, Kaspersky experts observed mainly different Trojware (Trojans and Trojan-like malware), including those capable of downloading and running other malware on compromised devices.

Trojware disguises itself as harmless files to trick users into installing them. Their functionality may vary depending on the type of the malware. It may include stealing, deleting, blocking, modifying or copying users’ data, as well as other malicious capabilities. Given this, Trojware represents a highly dangerous cyberthreat to entrepreneurs and businesses.

However, in 2026 Kaspersky telemetry detected even more attacks on SMBs, in which malicious or unwanted software for PCs were disguised as messenger apps and video conferencing software: Telegram, WhatsApp, Zoom and Microsoft Teams. From January to April Kaspersky solutions blocked almost 415,000 such attacks.

The number of attacks changed marginally compared to the previous year’s figures. Thus, Kaspersky experts note that the lure of fake communication apps remains a widespread cyberthreat.

“The threat landscape is evolving with new lures constantly appearing. For example, for the first four months of this year our solutions for small and medium-sized businesses detected hundreds of attacks, in which malicious or unwanted software were disguised as OpenClaw – an AI tool that rapidly gains popularity in 2026.

Corporate employees are increasingly using various AI services and other tools in their workflows, including those that are publicly available. Thus, to be on the safe side, SMB employees – as well as all users – should exercise caution when looking for software on the Internet. Always check the correct spelling of the website and links in suspicious emails, and use robust security solutions,” says Vasily Kolesnikov, security expert at Kaspersky.

“As adversaries constantly refine their methods to exploit human error, the need for up-to-date security awareness training for businesses of all kinds and sizes is undeniable. However, the reality is that micro-organisations often struggle to allocate time and budget to regularly update their staff on the latest threats and malicious trends.

“We believe this issue can be largely addressed through solutions tailored for small businesses which deliver robust core protection while also providing accessible security education,” adds Rodion Pyanov, product manager, Kaspersky Small Office Security.

 


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LG Showcases AI-Powered Smart Living Innovations @ Africa Technology Expo 2026

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LG Electronics has reaffirmed its commitment to advancing innovation and smart living across Africa by participating as a supporting sponsor at the Africa Technology Expo (ATE) 2026, where the company is showcasing its latest portfolio of premium consumer electronics and home appliance innovations.

The two-day expo, themed around strengthening Africa’s enterprise technology ecosystem through collaboration and innovation, has brought together industry leaders, technology innovators, multinational companies, policymakers, and entrepreneurs to explore opportunities for cross-border partnerships and digital transformation across the continent.

As one of the supporting sponsors of this year’s event, LG’s interactive exhibition booth has become a major attraction, offering visitors firsthand experience of the company’s latest AI-powered technologies designed to enhance everyday life while delivering greater comfort, convenience, energy efficiency, and connectivity.

Among the innovations on display are the latest LG QNED TV, delivering exceptional picture quality and immersive entertainment; the iconic MoodUP™️ Refrigerator, which combines intelligent cooling with customizable LED door panels; the innovative LG WashTower™️, an all-in-one premium laundry solution that maximizes space and efficiency; the energy-efficient LG ARTCOOL Air Conditioner and LG Air Tower, designed to provide smarter climate control; alongside LG’s advanced Dehumidifier and other intelligent home solutions.

Speaking on LG’s participation, Mr. H.S. ji, Managing Director, LG Electronics West Africa, said: “Africa Technology Expo provides an excellent platform to engage with innovators, businesses, and consumers who are shaping the future of technology across the continent. At LG, innovation goes beyond creating advanced products, it is about developing meaningful solutions that improve everyday life.

“Our participation reflects our commitment to supporting Africa’s digital transformation while introducing intelligent technologies that make homes and workplaces smarter, healthier, and more energy-efficient.”

The Africa Technology Expo was established to foster stronger collaboration among African businesses, emerging enterprises, and multinational organisations. During the opening ceremony, the organisers emphasized the need for deeper continental collaboration to unlock Africa’s innovation and economic potential, noting that previous editions of the expo have facilitated approximately $192 million in business deals among participating companies.

LG’s presence at the event aligns with this vision by demonstrating how cutting-edge consumer technology can support economic growth, digital inclusion, and sustainable development across Africa.

Visitors to the LG booth are participating in live product demonstrations, interactive experiences, and expert consultations, gaining valuable insights into how LG’s AI-powered ecosystem seamlessly connects home appliances and entertainment products to deliver a smarter lifestyle.

As technology continues to reshape industries and everyday living, LG remains committed to driving innovation that empowers consumers, supports enterprise growth, and contributes to Africa’s evolving digital economy.


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