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FG May Lose $12Bn to Oil Theft this Year

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Ngozi Okonjo-Iweala, Minister of Finance
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Revenue earned by Nigeria this year may be as much as $12 billion short of budget estimates as theft of crude and output disruptions persist in the oil-rich Niger River delta, according to Ngozi Okonjo-Iweala, minister of Finance

Nigeria depends largely on proceeds from crude oil but crude theft, which a report by the London-based Chatham House blamed on a cabal of politicians, officials of international oil companies (IOCs) and military formations in the Niger Delta has been a major problem for the Nigeria’s economy.

Okonjo-Iweala said in an interview with Bloomberg in Abuja that the government will draw down its oil savings in the Excess Crude Account to compensate for the drop in revenue to keep the budget deficit under control.

Savings in the special crude account have dropped by half as President Goodluck Jonathan’s government tries to make up for the drop in oil revenue and fund a deficit that has reached 2.5 percent, according to the Central Bank.

With a 2013 budget based on a daily output of 2.53 million barrels and an oil price of $79 a barrel, Nigeria expected revenue of almost $80 billion from exports.

In the first half of the year, oil receipts amounted to $28.2 billion, more than $7 billion below the estimate, according to central bank figures.

“What is amazing now is that we’ve had this quantity of shock and we were able to weather it,” Okonjo-Iweala said. “You can say theft, but it’s still a quantity shock.”

Nigeria depends on crude exports for about 80 per cent of government revenue and 95 percent of export income.

Criminal gangs tapping oil from pipelines for illegal sale have posed the biggest threat to output since a government amnesty in 2009 reduced armed attacks led by rebels fighting for greater control of the region’s resources.

The revenue shortfall due to output disruptions will probably be between $6 billion and $12 billion, said Bright Okogu, director of the Budget Office, who sat in on the interview with the finance minister.

The government saves the balance of oil revenue above the budgeted price in the Excess Crude Account, which had a balance of just under $5 billion, down from about $9 billion at the beginning of the year, according to the minister. 

Nigeria’s vulnerability to shocks is heightened because of lower government revenue from oil, putting pressure on the currency, central bank Governor Lamido Sanusi said in an interview in Oslo.

“The great challenge now is that the fiscal buffers are not as strong as they would be because of the revenue shortfall,” Sanusi said. “If there are any adverse external developments that would feed into this weak revenue profile and put pressure on exchange rates.”

The Central Bank draws     down its foreign-currency reserves to sell dollars at twice-weekly auctions to keep the naira within a band of 3 percent around 155 per dollar. The naira gained 0.2 percent to 158.73 against the dollar on the interbank market as of 2:09 p.m. in Lagos, the commercial capital.

“This increases the pressure on the external balance which means the external reserves and exchange rate will be under pressure,” Bismarck Rewane, chief executive officer at Financial Derivatives Co., said by phone from Lagos today. “Once the external balance is under pressure, there is an underlying threat that will manifest in speculative attack against the currency.”

Okonjo-Iweala is seeking to meet a budget deficit target of 1.9 percent of gross domestic product this year. The shortfall reached 2.5 percent in the second quarter during the peak of the output outages, according to data from the central bank.

President Goodluck Jonathan is due to present his 2014 budget to lawmakers on Nov. 12.  ”When there’s a breakage the impact is that the pipes are shut down, the effect is that 400,000 barrels are shut down,” Okonjo-Iweala said. “The actual theft is like 70 to 80,000 barrels a day.”

The average price of Nigeria’s light, sweet crude has stayed above $100 a barrel this year. The official selling price of Nigeria’s benchmark Qua Iboe crude for November loading was set at $3.50 a barrel more than dated Brent, the European benchmark, according to state-run Nigerian National Petroleum Corp. Dated Brent was priced at $108.92 a barrel at 9:18 a.m. in London. Income earned by Nigeria from crude exports, taxes and other sources are shared among the three tiers of government, including the federal, 36 state governments and 774 local councils.

At allocation meetings in August and September, funds received were not enough to meet expected allocations, prompting complaints from some state officials. The disputes over allocations “are over,” Okonjo-Iweala said. “Everybody realizes that we have to allocate what comes into the coffers.”


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General News

Kaspersky Enhances Network Detection and Response Capabilities with KATA 8.0 Release

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Kaspersky has announced a major update to Kaspersky Anti Targeted Attack 8.0 (KATA 8.0), designed to help organisations improve visibility across their networks and detect sophisticated cyberthreats earlier and with greater accuracy.

As the attack surface continues to expand and traditional network perimeters dissolve, security teams face growing challenges in controlling network traffic security. KATA 8.0 addresses these challenges with new detection technologies, broader network observability and tighter integration with Kaspersky’s security ecosystem and third-party solutions.

Advanced detection technologies for modern threats

KATA 8.0 introduces several new detection capabilities aimed at improving threat detection while reducing alert fatigue.

The new anomaly detection technology identifies suspicious network behaviour by analysing key protocols commonly abused in cyberattacks, such as DNS, HTTP and Kerberos.

Instead of inspecting all network traffic, the technology focuses on protocol-specific deviations while taking into account the organisation’s infrastructure and usage patterns. This approach significantly improves detection accuracy and helps reduce false positives.

With shadow IT detection, KATA 8.0 enables organisations to identify the use of unauthorised public services. The solution supports more than 5,000 external services, including popular cloud storage and collaboration platforms, helping security teams improve network visibility and regain control over corporate data flows.

KATA 8.0 also introduces retrospective scanning of user-uploaded traffic copies. Security teams can now upload PCAP files manually or automatically from other security systems and analyse them using the latest detection rules and updates across Kaspersky’s anti-malware, sandbox, IDS and other engines. This enables deeper investigations and the discovery of threats that may have gone undetected at the time of the incident.

In addition, KATA now can collect all the observables from the network traffic including file names, URLs and hashes – not only malicious objects, but also the safe ones. This allows analysts to identify potentially compromised users and suspicious activity even when objects initially appear clean, providing a broader and more proactive security perspective.

Stronger integrations for faster investigations and response

KATA 8.0 also enhances integration with other Kaspersky solutions and external platforms to streamline investigations and improve response times.

Integration with Kaspersky Security for Mail Server (KSMS) enables dynamic scanning of password-protected email attachments in the KATA Sandbox, while enriched KATA alerts now include full visibility into actions taken by KSMS, such as blocking or deleting suspicious content.

For organisations using Managed Detection and Response (MDR), KATA 8.0 acts as a network sensor supplying telemetry directly to the MDR cloud. MDR analysts can now also request additional context from KATA directly through the MDR interface, without involving the customer, significantly accelerating investigations.

The solution also supports automated file submission from Kaspersky Endpoint Security (KES) to the KATA Sandbox, enabling deeper analysis of suspicious files discovered on endpoints and faster response actions when malicious verdicts are confirmed.

To strengthen active response capabilities, KATA 8.0 introduces new connectors for Check Point NGFW, allowing the solution to automatically generate blocking rules based on detected malicious network activity and enforce them at the firewall level in near real time.

Ilya Markelov, Head of Unified Platform Product Line at Kaspersky, says: “Kaspersky Anti Targeted Attack 8.0 was designed to provide high level of visibility, enabling proactive threat detection, deeper investigations and more confident response decisions through advanced analytics and tight integration with endpoint protection, email security, MDR and other products and services.

“As part of its long-term development strategy, in future releases we plan to move KATA to the Open Single Management Platform (OSMP). This will enable seamless integration with multiple Kaspersky solutions and third-party components through a unified web console, supporting NDR, EDR, SIEM, XDR and more within a single security ecosystem.”


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Court Fines Lafarge Africa N2m for Using Ex-Employee’s Name, Details Online after Dismissal

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National Industrial Court of Nigeria in Lagos has ordered Lafarge Africa Plc to pay N2 million in damages to a former employee after finding that the company unlawfully retained and continued using his personal data years after his exit.

Court Fines Lafarge Africa N2m for Using Ex-Employee’s Name, Details Online after Dismissal

In a judgment delivered on February 17, 2026, in Suit No. NICN/LA/60/2022, Justice Ikechi Gerald Nweneka ruled that the cement manufacturer breached the claimant’s right to privacy by listing his name and contact details in official purchase orders long after his employment ended.

Mr. Kehinde Adeniyi Johnson, claimant, had approached the court in February 2022, alleging that although he left the company in November 2019, his name, personal email address and phone number remained attached to Lafarge’s.

He sought multiple declarations and N50 million in general and aggravated damages, arguing that the continued use of his identity amounted to unlawful usage, fraudulent misrepresentation and emotional distress.

According to court filings, Johnson told the court that he kept receiving calls, emails and WhatsApp messages from suppliers and logistics agents regarding consignments intended for Lafarge.

He recounted an incident involving a shipment from India: after being contacted by a dispatcher, he accepted delivery but was denied access to company premises upon arrival.

He later alleged that he was attacked by armed robbers in the aftermath, blaming the exposure created by the company’s continued use of his identity.

Lafarge denied liability, attributing the issue to a system malfunction. The company maintained that it deactivated Johnson’s official email and server access upon his departure and notified relevant suppliers of his disengagement.

It also challenged the court’s jurisdiction, arguing that claims relating to tort and emotional distress fell outside the court’s scope.

In addressing preliminary objections, Justice Nweneka dismissed the company’s challenge to the admissibility of emails and WhatsApp messages tendered as evidence, holding that the communications were not hearsay since they involved the claimant and company representatives.

On jurisdiction, the court held that the dispute stemmed directly from the employment relationship and therefore fell within its competence.

It further clarified that the suit was not brought under the Fundamental Rights Enforcement Procedure Rules, making it properly instituted before the court.

After reviewing the evidence, the judge found that Lafarge continued to use Johnson’s name and telephone number in purchase orders well after his exit, thereby violating the Nigeria Data Protection Act and Section 37 of the 1999 Constitution, which guarantees the right to privacy.

he court also upheld the claim for intentional infliction of emotional distress, describing the company’s conduct as reckless, particularly after it had been formally notified by the claimant’s solicitors.

However, several other claims including those relating to human dignity, tortious interference, indemnification and aggravated damages were dismissed for lack of proof or improper framing.

In awarding N2 million in damages, the judge cited statutory limits under the data protection law and the principle of proportionality.

The court further directed Lafarge to permanently erase the claimant’s personal data from its servers, applications and procurement systems, and to deactivate any pre-generated codes bearing his name.


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WhatsApp Faces Regulatory Obstacles in Africa

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Mark Zuckerberg’s tech empire is once again under regulatory pressure in Africa after competition authorities across 21 markets launched a formal probe into changes affecting WhatsApp’s AI ecosystem.

The Common Market for Eastern and Southern Africa (COMESA) Competition and Consumer Commission has opened an investigation into Meta Platforms over amendments made in October 2025 to the WhatsApp Business Solution Terms.

At the heart of the probe is whether the updated rules unfairly restrict third-party artificial intelligence providers from accessing the WhatsApp Business API, while preserving full integration for Meta’s own AI tools, including Meta AI.

In a notice issued by the regulator, the commission said it has “reasonable cause to suspect” that Meta may hold a dominant position in the common market and that the changes could “substantially lessen competition” by excluding rival AI service providers from what it described as a crucial digital gateway.

The investigation spans 21 member states, including Kenya, Egypt, Ethiopia, Uganda and Zambia. Stakeholders have been invited to submit feedback before 16 March 2026, with regulators emphasising that the move marks the start of a fact-finding process, not a ruling of wrongdoing.

This is not the first time Meta has faced scrutiny in Kenya and East Africa. Kenyan authorities have previously examined major digital platforms over data protection, misinformation and labour practices. In Nigeria, the data protection regulator fined Meta over privacy violations, underscoring growing African oversight of global tech firms.

Globally, the company is also navigating regulatory headwinds. The European Commission and Italy’s competition authority have reviewed Meta’s AI integrations on WhatsApp amid concerns about potential restrictions on rival chatbot providers. In the United States, Meta has faced antitrust litigation over its broader market dominance.

For Africa’s digital economy, the stakes are high as WhatsApp remains one of the continent’s most widely used platforms for communication, commerce and customer engagement. Across COMESA’s 21 markets, millions of small businesses rely on WhatsApp Business to reach customers, while startups are increasingly building AI-driven services on top of the platform.

If regulators determine that access to WhatsApp’s business interface is being restricted in favour of Meta’s own AI tools, there is genuine concern that it could limit opportunities for African developers and startups seeking to innovate in the fast-evolving AI space.

 


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