E-Business
Experts Says Terrorist Now Waging War through Cyber Attacks

Ran Feit, Israeli cyber security expert based in Nigeria, has revealed how Boko Haram and other insurgents all over the world are now attacking government agencies through there porous cyber security.
Feit, however, urged the Nigerian government to begin to set aside budget to protect it Ministries, Departments and Agencies (MDAs) against such attacks.
Speaking with newsmen at the weekend in Abuja, when the Federal University of Technology Minna sent 70 students led by Dr. Idris Ismaila, head of Department Cyber Security Science, to CyberDome’s Security Operation Center to see in real time how CyberDome Professionals respond to and handle cyber-incidents, Feit who is the head of firm said his organisation has collaborated with Federal University of Technology, Minna to ensure a bridge in the academia-industry gap in the area of cybersecurity
“The terrorist today are using cyber; the future wars won’t be with weapons but through the cyber. You can see all around the world, energy, water pumps and power plants shutdown suddenly; think about it! If you don’t have water you don’t have energy and you don’t need to fire a bullet to finish a country.
“When we wanted to do something about cyber security in Nigeria a few years ago but they said there was no budget for such or we should do something cheap but we are coming from Israel although most of our employees are brilliant young Nigerian guys and all the time I am amazed at how clever they are.
“In Israel cyber security is something that is deep in our budget and we have invested Billions of dollars to defend ourselves and we thought as Nigeria being the largest economy in Africa and one of the biggest or maybe the biggest in Africa we thought maybe this is something we need to be here.
“More than two years ago when no one talked about cyber in Nigeria, we went to kinds of organisations, we explained to them what is the difference between security and cyber and everybody thinks antivirus and firewall is enough.
“Those tools for security are old and not relevant anymore and new tools have been introduced to the market used for fighting cyber. So we established this centre which we also have academy classes; we saw organisations and explained why we need to let them know the threat and I can tell you in the last year the awareness for cyber is much higher than two years ago here in Nigeria.”
Speaking on the need to raise budget against cyber attack, Feit said: “In Switzerland it is the main yearly economic summit which put cyber as the fifth threat in the world after climate and other things; cyber today is the fifth threats in the world, think about it! Everybody is talking with us but the problem is there is lack of budget which is not prioritized.
“We believe that a small percentage needs to be allocated to what the world and not us said this is one of the major threats.”
When asked to explain how terrorists could possibly attack a Nation through Cyber, Feit said: “This is not my field, we are providing defence but we believe we have seen other places in the world terrorists using social media like ISIS, using the social media in a clever way and they also have smart guys also working for them who know how to do cyberattacks and don’t think that they are not using it.
“It will be unwise to think they are not using it but 90 percent of the threats are economic and I believe everyone sometime suffer some kind of cyberattack through some leakage or through some fishing email to get his/her information from the bank into his/her account or through the cellular or leaks of some sort of private information.
“If you have more than 2,000 details of people in your database you need to carry out some actions to protect those details which you don’t want them to leak and there are so many leaks in Nigeria’s details outside including finance and so on. There is a lot of things to be done.”
Also speaking, a cyber security activist, Ayobami Akanji, urged the government to act act swiftly on cyber security in the country.
“As a matter policy and urgency the government is looking towards digital economy. We have a ministry of digital economy and communications, so it has to be a policy trust of the federal government to ensure that all critical agencies that are holding the pillars of national security infrastructures need to double up on the cyber security investment because the world economic forum noted that cyber security is the fifth most important global threat in the world and Nigeria is fighting insurgency and the insurgents are also very smart.
“The insurgents are using technology to advance their causes, so government as a matter of priority for national security should invest seriously into these sub-sectors.
“I think last year the federal government launched national security strategy and amongst the infrastructures we have someone from cyber security and we have a minister of digital communication who is very committed in the person of Dr. Aliyu Patanu. We expect him to double his effort and ensure that the government and critical sub unit of government will invest into this sector.”
E-Business
FG Mulls Fibre Optic Layout to Bridge Internet Gaps

President Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.
His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.
He said the fibre optic layout is part of other projects being embarked on.
“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.
“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.
He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.
In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.
The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.
Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.
It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.
E-Business
African Startups Raised $345m in Funding in May

African startups raised more than $345 million across 65 deals in May, more than double the amount raised in the same period of last year, according to a report by Briter, a research and business intelligence firm.
The report disclosed that both the number of deals and participating companies declined, confirming a growing trend of fewer companies raising funds in larger sizes.
It said fintech attracted the highest share of funding in May, accounting for 34 percent of the total, while cleantech followed closely, driven by a debt deal from Sun King. The company raised $80 million (in local currency) to expand clean energy access in Nigeria.
“Equity remains the primary instrument in terms of total value. There’s no doubt about it; in fact, equity deals with disclosed amounts captured more than half of the total funding volume in May.
“However, debt financing is increasingly proving its weight. Although it accounted for only 8 percent of all deals, it represented 32 percent of the total funding, highlighting the typically larger size of debt transactions. With the rise of specialised vehicles targeting early-stage businesses, debt is becoming an increasingly important part of Africa’s innovation funding landscape,” it said.
Briter’s report added that grants continued to play a vital role in early-stage support, especially in the education technology (EdTech) sector. The Mastercard Foundation led the pack in grant activity, funding a new cohort of EdTech innovators in Nigeria and Kenya. Each selected startup is set to receive $100,000 in grant funding, in addition to mentorship and business development support.
Multilaterals also made a strong showing in May, it said. The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group member, issued a $179.6 million guarantee to CleanTech firm KOKO Networks. The support will help scale its clean energy solutions across Kenya.
“This deal not only demonstrates growing international confidence in African climate ventures but also signals a promising pathway for other asset-intensive startups in clean cooking, agriculture, and renewable energy,” the report said.
From a geographic perspective, Egypt emerged as the continent’s fundraising powerhouse for the month, contributing 51 percent of all funding raised. The country recorded 12 deals across equity, debt, and bond instruments. Notably, FinTech platform MNT-Halan raised $50 million through a bond issuance, further illustrating the diversification of capital-raising mechanisms in the region.
Outside Egypt, funding was distributed across Africa’s three other key markets, which are Egypt, Nigeria, and Kenya, with limited activity recorded in countries such as Ghana, Tunisia, Morocco, and Uganda, each registering between one and three deals.
In terms of exits, the African tech landscape continues to mature. Three companies—Baobab+, Qardy, and Shopa—were acquired in May, bringing the total number of exits this year to 22. This already surpasses last year’s count for the same period. Qardy was acquired by Catalyst Partners Middle East (CPME) in a disclosed deal valued at $23 million, the report added.
E-Business
Human Hacking: When Cyber Criminals Target You

By Nancy Werteen
When you get anti-hacking advice, you’ve probably heard “Don’t use a simple password,” or “Don’t plug in that USB you found on the ground.”
But there’s one form of hacking that doesn’t always require a computer, and it costs businesses about 4.88 million dollars a year.
Modern hackers aren’t trying to get into your computer; they’re trying to get into you.
“They’ll try to learn about you a little bit, and they’ll try to use that information against you to try to get you to complete some action, maybe to send somebody some money,” said Kevin Moran, PhD, Assistant Professor of Computer Science, Cyber Security and Privacy Cluster, University of Central Florida.
IBM calls this human hacking, because it exploits human error instead of system error.
“With people just being busy and maybe not very carefully checking some of the emails or the phone calls that they get, can be something unfortunately that people can fall victim to,” said Moran.
Also known as social engineering, this often takes the form of phishing, where the hacker tries to “fish” the information out of you by impersonating family, friends, or even your bank.
There’s also baiting, where the hacker baits you with something of value. Remember the Nigerian prince scam?
That’s a famous example of baiting. There’s also pretexting, where the hacker will claim the victim has already been hacked, and that the hacker can fix it if you just send over your passwords. So, what can you do?
“Just as a rule of thumb, instead of clicking on links and emails, just go to the website yourself. And that will prevent, a lot of these types of attacks from happening,” explained Moran.
Phishing can take many forms.
Spear phishing targets people with access to confidential information, often to get access into an entire business, and whale phishing targets CEOs or political figures.
Search engine phishing is when hackers create fake websites promising services or goods you’ll never receive.
Angler phishing is when hackers create fake social media accounts impersonating famous people or companies.
Finally, vishing and smishing is phishing done through phone calls and texts respectively.
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