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First Bank Cushions Effect of COVID-19 on SMEs in Education Sector

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First Bank of Nigeria Limited has offered to give financial support to Small and Medium Enterprises (SMEs) in the Education Sector to cushion the effects of the COVID -19 pandemic.

First Bank Cushions Effect of COVID-19 on SMEs in Education Sector

Mr. Bankole Adediran, head, Transaction Banking Products, FirstBank, made this known at the Bank’s SMEConnect webinar with the theme: “Managing Your School through the Pandemic: Engagement and Retention Strategies”.

Adediran said that the Bank was ready to partner with SMEs in the education sector through the period of the novel coronavirus pandemic to sustain their businesses.

“FirstBank, as an institution, is very passionate about education, and will continue to support the sector,” he said.

He said that the Bank would continue to reinforce its leading role at enabling the growth of the educational sector in the country.

Adediran said that the Bank had an array of financial products that could be accessed by SMEs in the educational sector in the period of COVID -19.

He said SMEs in the sector could key into FirstEdu Loan targeted at private nursery, primary and secondary schools to assist the schools in achieving their desired growth in medium and long terms.

According to him, the product provides funding advancement of up to N20 million for schools with a minimum of 100 students with school fees collection domiciled at FirstBank.

Adediran said that, with the product, school owners/proprietors could stay ahead to make learning easy and conducive for students.

He said the Bank had launched various interventions and initiatives to support the sector to navigate through challenges occasioned by COVID -19.

He noted that FirstBank recently launched an e-learning initiative aimed at reaching out to one million students across the country to ensure they would be academically engaged while at home.

Adediran also said that the Bank supported 10 universities and three secondary schools across the country with major infrastructure projects.

He added that the Bank donated 20,000 e-learning devices to the Lagos State Government to promote online learning for students in public schools.

Adediran urged schools must learn from the COVID -19 pandemic by embracing automation to plug leakages in the sector.

Mrs. Folasade Adefisayo, commissioner for Education, Lagos State, who was a panelist at the webinar, commended the Bank for donating 20,000 devices with six months of data, to the state for e-learning.

Adefisayo said the state reached out to many companies for support in the wake of the pandemic and that FirstBank came to its aid.

She disclosed that all the schools were not prepared for the situation, noting that most children in public schools did not have devices and data for online learning.

“This pandemic has been a terrible thing, and one lesson from it is that we have not invested enough in solutions we can deplore at a time like this,” Adefisayo said.

She said that the pandemic had forced Nigerians to be more creative and innovative, adding that schooling would no longer be the same again.

Adefisayo called on teachers to change their teaching and learning strategies, saying that COVID -19 had changed learning.

Also, Dr. Yomi Otubela, president, National Association of Proprietors of Private Schools (NAPPS), said the association had responded greatly by interfacing between government and its agencies since the beginning of the pandemic.

Otubela said the Central Bank of Nigeria was working out modalities for palliatives for schools and teachers who had not been receiving salaries since the pandemic started.

He noted that there had been an increase in rape, kidnapping and robbery as a result of COVID -19.

Mr. Wale Abioye, Team Lead, Customer Practice in Management Consulting (KPMG), said the pandemic had impacted negatively on many sectors of the economy, especially education.

Abioye highlighted some of the negative impacts of the pandemic to include financial/economic, structural, social, and policy challenges.

He said many SMEs in the educational sector could be out of business due to the pandemic, thereby increasing the unemployment rate.

Mr. Babatunde Vaughan, Education Lead, Modern Classroom, Microsoft Nigeria, said the company had introduced a lot of products to make online learning easy and interesting.

“COVID -19 is a very unique period for everyone, change has come and we will continue to experience change. We must be more proactive than reactive,” Vaughan urged. –


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Dark Web Attracts Laid-off Workers, Teenagers and Elite Talent, with a Median Job Seeker Age of 24

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Kaspersky Digital Footprint Intelligence has prepared a new report Inside the dark web job market: Their talent, our threat. There was a two-fold increase in the number of résumés and jobs posted on underground forums in Q1 2024 compared to Q1 2023, and this number remained on the same level in Q1 2025.

Overall, in 2025, résumés outnumber vacancies 55% to 45%, driven by global layoffs and an influx of younger candidates. Age distribution among the candidates shows a median seeker age of just 24, with a marked teenager presence.

Jobs found on the dark web are predominantly related to cybercrime or other illegal activities, although some legitimate positions are present as well.

Kaspersky findings show a shadow economy where 69% of job seekers did not specify a preferred field, openly signaling they’d take any paid opportunity – from programming to running scams or high-stakes cyber operations. The most in-demand IT roles posted by employers on the dark web reflect a mature criminal ecosystem:

  • Developers (accounted for 17% of vacancies) create attack tools;
  • Penetration testers (12%) probe networks for weaknesses;
  • Money launderers (11%) clean illicit funds through layered transactions;
  • Carders (6%) steal and monetise payment data;
  • Traffers (5%) drive victims to phishing sites or infected downloads.

Gender-specific patterns emerged in specialised applications. Female applicants predominantly sought interpersonal roles, including support, call-centre, and technical-assistance positions. Male applicants, by contrast, more frequently targeted technical and financial-crime roles – developers, money mules, or mule handlers.

Salary expectations varied sharply by specialisation. Reverse engineers commanded the highest compensation, averaging over $5,000 monthly, followed by penetration testers at $4,000 monthly and developers at $2,000. Fraudsters tended to receive a fixed percentage of a team’s income. Money launderers average 20%, while carders and traffers earn approximately 30% and 50% of the full income, respectively. These figures reflect a premium on scarce, high-impact skills within the shadow ecosystem.

“The shadow job market is no longer peripheral; it’s absorbing the unemployed, the underage, and the overqualified. Many arrive thinking that the dark web and the legal market are fundamentally alike, rewarding proven skills over diplomas, with the dark web even offering some benefits – like offers landing within 48 hours and no HR interviews. However, not many realise that working on the dark web can lead to prison,” comments Alexandra Fedosimova, Digital Footprint Analyst at Kaspersky.

Young individuals contemplating dark web employment must recognise that short-term earnings carry irreversible legal and reputational consequences. Parents, educators, and the community are urged to report suspicious online solicitations immediately. Children should be shown that there are multiple skill-building and career pathways in legitimate technology sectors, such as cybersecurity.

For example, Kaspersky has a special project What we should do with kids who hack on how teens can be rehabilitated and taught to use their skills for good. Kaspersky’s ‘Cyber Pathways’ project also offers a comprehensive look into the essential cybersecurity roles, skills, and tools, to help newcomers to cybersecurity, IT generalists, and seasoned experts to discover their ideal cybersecurity role.

 


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MTN Nigeria Unveils Unlimited 5G Broadband Plans to Power Digital Lifestyles

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MTN Nigeria has entered the unlimited data market with the launched its Unlimited Broadband Data plans powered by 5G technology in a move the tech giant states is designed to resolve major frustrations faced by Nigerian internet users, capped data volume limits, high costs, and unstable connectivity.

The new proposition is positioned by the company as a transformative product intended to support high-demand users, from streamers and gamers to households and businesses requiring uninterrupted connectivity.

The unlimited broadband data plans focus on providing the necessary high-speed infrastructure to support contemporary Nigerian digital demands and enable customers to “Stay Limitless”.

This includes guaranteeing the stable connection required for virtual meetings and large file transfers, crucial for remote work and digital lifestyle expressions. It also aims to facilitate uninterrupted online learning, high-definition streaming, and professional online gaming.

Commenting on the rationale behind the launch, Egerton Idehen, Chief Broadband Officer of MTN Nigeria, emphasised the company’s commitment to improving connectivity and driving inclusion. “We’re building a broadband experience for everyday life. For content creators, remote workers, gamers, students and households.

“Our focus is on speed, reliability, low latency, and affordability. Broadband is designed to deliver seamless connectivity that empowers Nigerians to thrive in the digital economy,” he stated.

The technology company is differentiating its plan by highlighting the capabilities of its network, promising lightning-fast speeds and ultra-low latency, a direct response to the pervasive problem of connection lag and buffering. Furthermore, the network will offer affordable and flexible options, designed to cater to diverse economic segments, ensuring accessibility for both individuals and households.

The new plans are available in speed-based variants of 50Mbps and 100Mbps, designed to cater to a wide range of users and smart homes. New customers that purchase a 5G router will enjoy a welcome bonus offer of unlimited data for the first 30 days, allowing them to experience the Power of Unlimited 5G!

It aims to convert interest into subscription through immediate incentives such as attractive bundles and device tie-ins, offering exclusive deals on 5G routers to ease the transition for new users.

Customers interested in the new Unlimited Broadband Plans can access them by dialing *461*1#, on MyMTNApp, MTN eShop, MTN website, visiting any authorised retail store, or by speaking with an agent to enquire about available packages.


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Alpha Morgan Sues 19 Banks over N230.9m Loss

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Alpha Morgan Bank Limited, a new generation bank, has dragged 19 banks in Nigeria before the Federal High Court in Lagos in its quest to recover the sum of N230.9 million that was fraudulently withdrawn from the accounts of two of its customers due to a system glitch.

Alpha Morgan Sues 19 Banks over N230.9m Loss

Alpha Morgan Bank claimed in the suit that the funds belonging to NEM Insurance Plc and Extension Publications Limited were stolen from its vault and allegedly fraudulently transferred into multiple accounts across 19 financial institutions.

The bank is requesting an order from the court, directing the 19 financial institutions to reverse and remit to Alpha Morgan Bank all funds illegally debited from the customers’ settlement and collection accounts and transferred into the accounts of the defendants’ customers.

The suit was filed by Alpha Morgan Bank, alongside the affected customers.

In an affidavit filed in support of the suit and deposed to by Dayo Abe,  litigation officer, the plaintiffs averred that several digital financial services agents had taken advantage of a system glitch in the bank’s operations.

Abe alleged that the agents, acting as service providers and holding accounts with some of the defendant financial institutions, used the glitch to unlawfully make several transfers from the accounts of NEM Insurance Plc and Extension Publications Limited.

He also claimed that N230,978,536 was illegally transferred from the customers’ accounts, which were domiciled with Alpha Morgan Bank, into various accounts belonging to individuals across 19 financial institutions.

The Plaintiffs further stated that following the bank’s complaint, the affected financial institutions placed temporary “no-debit” restrictions on the implicated accounts.

Abe alleged that the perpetrators continued to transfer the illicit funds into other accounts linked to their Bank Verification Numbers (BVNs), raising concerns that the funds could be completely dissipated unless all accounts connected to the suspected fraudsters were immediately frozen.

He argued that failing to block all accounts associated with the perpetrators would result in continued illegal withdrawals, thereby exposing investors’ and shareholders’ funds to risk further.

The Plaintiffs also submitted that the system glitch and the resulting fraud have caused severe financial hardship and that urgent court intervention is necessary to prevent additional losses.


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