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Experts Urge Nigerians to Wary of Cyber Attacks

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Cyber security experts and international data organisations have warned Nigerians to wary of activities of cyber criminals hiding under the anonymity of the information super highway.

Experts Urge Nigerians to Wary of Cyber Attacks

Nigeria has been the main target of cybercriminals for the past two years because many of its businesses had moved online during the coronavirus-induced lockdown.

Kaspersky, global cybersecurity and digital privacy company, reports that leading countries in Africa, including Nigeria, have experienced 85 million malware attacks in just six months.

The data showed that South Africa, the most targeted had 32 million attacks, followed by Kenya with 28.3 million, Nigeria with 16.7 million cyber attacks, while Ethiopia had 8 million attacks.

However, Nigeria and Ethiopia have had the highest increase of cyber attacks on the continent compared to the pre-COVID-19 year. Nigeria, Ethiopia and South Africa recorded an increase of 23 per cent, 20 per cent and 14 per cent, respectively, with Kenya being the only country that saw a decrease of 13 per cent.

Nigeria seems to be the most hit. Yet, experts see more attacks on businesses as the movement toward Internet-of-Things (IoT), Artificial Intelligence, and cloud computing continues to gain momentum. But this also exposes businesses to cyber-attack risks.

However, the cyber security experts said this type of gloomy data should spur responsible, conscious and forward-thinking corporate and large businesses heavily exposed to e-commerce to adopt strategies for mitigating these risks.

But small businesses are not left off the ugly trend. Recent findings show that enterprises with less than 200 employees lose an average of $2.5 million each due to cyber threats. Nigerian SMEs inclusive.

Sophos Group believes that 86% of Nigerian companies fell prey to cyber attacks last year.

Mr Victor Idonor, director-general, Cybersecurity Challenge Nigeria Initiative (CYSEC NG), urged Nigerians to be wary of cybersecurity, like every other security challenge and its impacts on the nation and citizenry.

National Information Technology Development Agency (NITDA) has also warned that there are possible spillover cyber-attacks against non-primary targets as a result of Russia’s invasion of Ukraine.

Mrs Hadiza Umar, head, Corporate Affairs and External Relations of NITDA, in a statement issued in Abuja, said the invasion had increased cyberattacks on businesses and government agencies.

“There is a greater danger for countries doing business in or with these countries’ governments, as well as businesses or countries that apply sanctions or are believed to intervene. In this regard, NITDA’s Computer Emergency Readiness and Response Team (CERRT) is urging all Ministries, Departments and Agencies (MDAs) to take extra security precautions.

“They should harden their cyber defences and perform due diligence in identifying indicators of malicious activities that could affect their networks, assets and critical national infrastructure. MDAs are advised to carry out checks for possible vulnerabilities on their systems and implement appropriate remediations,” Umar said.

She added that they should always ensure the software is updated and carry out regular patches on all systems. According to her, they should secure and monitor remote desktop protocol and other risky services and carry out awareness on cyber security best practices to sensitise employees and users of services.

NITDA called on organisations to sign up for NITDA’s free web protection service, which will provide MDAs’ administrators with detailed information about the vulnerability of their web services.

Some tips to detect and mitigate cyber risks:

  1. Beware of mysterious email activity

Email phishing is one of the primary ways attackers gain access to sensitive business information by pretending to be a trusted organisation or website. These attempts have been growing in number, making it essential for employees to practice safe email protocol and be careful not to click on online links, open emails, or attachments from unknown sources. It is also advisable to create a culture where all employees refrain from responding or engaging in emails with anonymous sources.

  1. Note unusual password reset request

This is another devious way cybercriminals deploy to gain access to the company’s secure portal. An employee who receives an email requesting a password change or update should immediately report the event to the IT unit. A good security best practice is to ensure that all employees create a strong password for their email.

  1. Report a slower-than-normal network

This kind of episode might seem normal in this part of our world, where strong connectivity is not the usual. However, this could also be a hacking attempt or malware attack. These attempts often result in spikes in network traffic that can reduce internet speed. To mitigate this, inform the IT security department to be on the watch during such situations. Also, inform the internet service provider to ensure the team is on the alert.

  1. Prepare for the worst-case scenario

Despite all these high-alert detection strategies and information to employees, the unplanned can still happen, making it more critical to have a cyber insurance policy that your organisation can fall back on should such an event occur. One of the deliberate actions is to prioritise cyber threat insurance on top of your risk mitigation plan against cyber attacks.


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Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

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Access Holdings Plc and Coronation Group have partnered with Tate Modern to commemorate World Art Day with a virtual session highlighting the global significance of Nigerian modernism.

Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Access Holdings

The event, titled “In Conversation with Osei Bonsu: Inside Nigerian Modernism,” featured a virtual tour of the Nigerian Modernism exhibition and discussions on the evolution of modern art in Nigeria.

The session brought together staff members across both organisations, reflecting growing institutional engagement with arts and culture as a driver of societal development.

Speaking at the event, Chief Communications and Marketing Officer of Coronation Group, Ngozi Akinyele, emphasised the role of art in shaping identity and national development.

She said that beyond financial capital, cultural and intellectual capital are essential in defining a nation’s prosperity and inspiring dialogue.

Akinyele noted that both organisations were committed to democratising access to art, ensuring it is accessible to a wider audience rather than a select few.

The discussion also featured insights from Tate Modern Curator, Osei Bonsu, and art expert Daniel Wallis, who examined the development of Nigerian modernism and its global relevance.

Bonsu said Nigerian modernism represents an independent reimagining of global art, rooted in the country’s diverse cultural heritage and expressed through unique visual languages.

According to him, the movement challenges narrow, Eurocentric definitions of modernism and highlights the richness of African artistic expression.

The session further underscored the growing international recognition of Nigerian art, particularly through exhibitions at Tate Modern.

Participants also reflected on the visit of Bola Ahmed Tinubu to the exhibition, described as a milestone in promoting Nigeria’s cultural heritage globally.

In his closing remarks, Chief Communications Officer of Access Holdings, Amaechi Okobi, reaffirmed the organisation’s commitment to advancing African narratives on the global stage.

He said the collaboration with Tate Modern aligns with broader efforts to promote dialogue, preserve cultural identity and support the creative sector.

The event reinforced a shared commitment by Access Holdings, Coronation Group and Tate Modern to elevate African art globally and ensure Nigerian cultural narratives continue to shape international conversations.


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NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

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Nigeria Data Protection Commission (NDPC) has issued a regulatory advisory to data controllers and processors across the country following what it described as escalating threats to Nigeria’s data security architecture.

NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

NDPC

In a statement signed by Babatunde Bamigboye, lead of Legal, Enforcement and Regulations, the commission said its technical assessment revealed that some shadowy threat actors were engaged in coordinated operations targeting financial systems and critical digital infrastructure in Nigeria.

The commission urged public institutions to comply with the presidential directive of Bola Ahmed Tinubu, which emphasises the strategic importance of data in national development.

According to the NDPC, the President had declared that “data is the new oil,” stressing the need for Ministries, Departments and Agencies (MDAs) to rigorously capture and safeguard information in line with the Nigeria Data Protection Act, 2023.

The commission therefore advised all data controllers and processors to urgently strengthen their technical and organisational measures to protect personal data and ensure compliance with the law.

It listed key measures to include the appointment of trained and certified Data Protection Officers, implementation of comprehensive privacy policies and information security standards, as well as conducting Data Privacy Impact Assessments.

Other measures recommended by the NDPC include deployment of robust identity and access controls such as Multi-Factor Authentication, adoption of zero-trust security architecture, prompt remediation of system vulnerabilities, and continuous patch management.

The commission also emphasised the need to secure cloud infrastructure, application programming interfaces (APIs), databases and access credentials, alongside real-time monitoring, logging and threat detection systems.

Further recommendations include encryption and secure credential handling, regular vulnerability assessment and penetration testing of critical systems, as well as routine backup and resilience testing.

The NDPC warned that organisations that fail to implement appropriate data protection measures in accordance with the Nigeria Data Protection Act, 2023 risk legal liabilities.

It reiterated its commitment to providing regulatory support to organisations while ensuring the protection of personal data and strengthening institutional resilience across all sectors.


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Africa’s Forex Market in 2026: Key Trends Every Trader Should Watch

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The forex market across Africa is witnessing more participants and more regulatory attention than it did just a few years ago. This growth is part of a bigger picture: Sub-Saharan Africa is expected to expand by 4.3% in 2026, while global forex turnover already hit an estimated $9.6 trillion daily in April 2025. However, there’s more to it than macroeconomic figures.

Africa's Forex Market in 2026: Key Trends Every Trader Should Watch

The trends reshaping the market are happening from within. Here are six worth paying close attention to.

1. Trading Has Moved to the Phone

The number of people accessing the market via mobile phones exceeds those accessing it via traditional bank systems. GSMA states that in Sub-Saharan Africa alone, there are more than 1.1 billion registered mobile money accounts.

The International Monetary Fund states that digitalisation and increased usage of the internet are changing payment systems in the Sub-Saharan Africa region.

Mobile access changes traders’ behavior. It lowers the barrier to entry and speeds up deposits and withdrawals. Therefore, brokers who can provide a quality mobile trading experience will have a huge advantage.

2. Regulators Are Watching

The market is becoming more structured and more transparent. In South Africa, the FSCA regulates market conduct for financial institutions. In Kenya, the Capital Markets Authority regulates capital markets and maintains a licensing system that includes online forex brokers.

Nigeria’s SEC has publicly warned that online retail forex trading can be subject to abuse when unregulated. It also provides tools for investors to check operators’ registrations.

As a result, in 2026, more traders are likely to favour brokers that can show clear licensing, transparent operations, and stronger investor safeguards.

3. Volatility Varies by Country

A common mistake is perceiving the African market as one entity. In reality, according to RegTech Afrika, there are 21 countries out of a total of 54 that have a chance of seeing their currencies depreciate in 2025, with some of them losing value by as much as 6% or more.

A trader watching the rand, naira, shilling, or cedi, regional headlines needs more than regional headlines. Country-level macro data, central bank moves, and the US dollar will still play a major role.

4. Cross-Border Payment Infrastructure Is Quietly Improving

Platforms like PAPSS are helping make payments across African countries faster and easier to complete in local currencies. According to official announcements of PAPSS, it has become operational in 18 countries across Africa, with its latest launch in Algeria in 2025. It has also become operational in Kenya through a partnership with KCB Group, as well as in Rwanda through a partnership with Bank of Kigali.

Step by step, Africa is becoming a more financially connected continent.

5. Execution Quality Is the New Standard

Data from the BIS shows that in April 2025, three-quarters of FX trades were intermediated by the global centers of the United Kingdom, the United States, Singapore, and Hong Kong. Therefore, the best liquidity and best prices are still linked to global conditions.

For local markets, this raises the bar. Forex traders are becoming increasingly aware that tight spreads, while important, mean little without reliable prices and execution. Brokers like JustMarkets that can bring all of these elements together are in a much stronger position than competitors.

6. Education as a Necessity

Regulatory disclosures from major global brokers illustrate how tough it is to trade without proper knowledge. According to publicly available disclosures, between 70% and 80% of retail investor accounts lose money when trading CFDs.

Forex traders who understand risk management and which financial news to follow have a better chance of surviving the market. Brokers who invest in education are more likely to be seen by traders as valuable partners rather than mere facilitators.
The Market Rewards the Prepared

Africa’s forex market in 2026 is shaped by volatility, stricter rules, and mobile-first trading. The traders who combine market knowledge with the right tools and the right broker will find real opportunity here, while those who don’t adapt will find the market increasingly unforgiving.


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