News
Foreign Investors Lose Hope in Buhari’s Unclear Policies

Foreign investors steadily lost confidence in the government’s ability to manage the declining economy during President Muhammadu Buhari’s first year in office, partly because the president backed the central bank’s insistence on maintaining the currency peg and its decision to implement foreign exchange controls that exacerbated a dollar shortage.
The central bank finally decided to allow for a more flexible exchange rate in June as it bowed to pressure from markets and investors.
But analysts and bankers continue to question the functioning of the market. The exchange rate hovered at just below N280 to the dollar for the first four weeks of the new system, but it then fell in late July and sat at N322 at the end of last week.
A former government official from Katsina says that in the northern state civil servants’ salaries had consistently been paid on time since the country made the transition from military to civilian rule in 1999.
But this year, in Katsina and many of the country’s other 35 states, local administrations have been delaying monthly wages.
“These are uncertain times,” the former official adds.
The central bank finally decided to allow for a more flexible exchange rate in June as it bowed to pressure from markets and investors.
But analysts and bankers continue to question the functioning of the market. The exchange rate hovered at just below N280 to the dollar for the first four weeks of the new system, but it then fell in late July and sat at N322 at the end of last week.
Analysts say that a truly free float would involve the exchange rate weakening even further for a time as the market clears pent-up demand for several billion dollars.
As oil-dependent Nigeria slides towards recession for the first time in more than two decades, the effects of the downturn are being felt across the country — in local markets, factories, government offices and among informal traders.
Economy contracts
The International Monetary Fund last month sharply slashed its growth forecast for Africa’s largest economy, saying it would contract by 1.8 per cent this year, down from its estimate in April of 2.3 per cent growth for the year.
The Washington-based lender cut its 2016 growth forecast for Nigeria from 2.3 percent projected in April, according to its World Economic Outlook update released on Tuesday. The projection for next year was reduced to 1.1 percent from 3.5 percent.
The Nigerian economy will contract for the first time in more than two decades as it “adjusts to foreign-currency shortages as a result of lower oil receipts, lower power generation and weaker investor confidence,” the IMF said.
Gross domestic product shrank by 0.4 percent in the three months through March as oil output and prices slumped and the approval of spending plans for 2016 were delayed. A currency peg and foreign-exchange trading restrictions, which were removed last month after more than a year, led to shortages of goods from gasoline to milk and contributed to the contraction in the first quarter.
“Very Little Done”
President Muhammadu Buhari signed a record budget of 6.1 trillion naira ($21.35 billion) in May, more than four months into the fiscal year. “It’s half way through 2016 and very little has been done in terms of spending,” Pabina Yinkere, head of research at Lagos-based Vetiva Capital Management Ltd., said by phone. “The revenue challenge facing the government will continue to constrain its ability to reflate the economy this year.”
While the economy should look better in the second half of the year, growth will probably not be sufficient to negate the outcome of the first and second quarters, Gene Leon, the fund’s resident representative in Nigeria, said in an interview two weeks ago.
“The forecast of 1.8 percent probably assumes a downturn in the second half” Nema Ramkhelawan-Bhana Johannesburg-based Africa Analyst at Rand Merchant Bank, said by phone on Tuesday. “I think there will be sustained pressure from the oil economy, and its ripple effects to other sectors of the economy.”
Inflation in Nigeria accelerated to 16.5 percent in June, the highest in almost 11 years. The Central Bank of Nigeria, which kept its benchmark rate at 12 percent in May, will announce its next policy decision on July 26. Six of nine analysts in a Bloomberg survey forecast borrowing costs will stay unchanged.
Africa Slowing
The IMF almost halved its 2016 growth forecast for sub-Saharan Africa to 1.6 percent and cut its 2017 projection to 3.3 percent from 4 percent.
The “substantial” downgrade of the region’s forecast reflects “challenging macroeconomic conditions in its largest economies, which are adjusting to lower commodity revenues,” according to the lender.
Africa’s second largest economy, South Africa, will expand 0.1 percent this year and 1 percent next year, the lender said.
News
Experts Reveal a Steady Decline of High-severity Incidents Over the Years

According to the ‘Anatomy of a Cyber World: Global Report by Kaspersky Security Services’, there has been a noticeable decline in the percentage of high-severity incidents over the past few years.

While 2021 recorded the highest proportion at 14.3%, 2025 experienced the lowest in six years at just 3.8%. This trend indicates that many attack attempts were quickly detected and effectively mitigated by Kaspersky MDR experts, preventing their severity from escalating beyond medium levels.
High-severity incidents are defined as attacks involving direct human involvement that result in a significant impact on the customer’s IT infrastructure. In 2025, the number of such incidents detected by Kaspersky MDR decreased by 19% compared to 2024, highlighting improvements in early detection capabilities and more effective remediation efforts among Kaspersky MDR clients.
A detailed analysis of the root causes of these incidents in 2025 reveals the following insights:
Human-driven attacks accounted for approximately 23% of high-severity incidents. Although this represents a slight decrease from 2024, they continue to be the primary cause of serious breaches.
Kaspersky detected such attacks in nearly 21% of customers, demonstrating that motivated adversaries persist in bypassing automated defences. Despite advancements in automated detection tools, these highly skilled attackers still find ways to evade security measures.
Confirmed cyber exercises like Red Teaming made up over 23% of incidents. When activity is verified as part of security testing, it’s often classified as infrastructure false positives, though customers frequently report them as incidents.
Social engineering ranked third, responsible for over 15% of high-severity attacks and affecting nearly 18% of organisations. These are classified as high-severity when successful and not automatically remediated, often leading to security awareness recommendations.
Security policy violations constituted just under 14% of all cases, involving legitimate accounts performing suspicious actions like data exfiltration. Malware incidents represented less than 12%, while artifacts from past attacks, or APT traces, were found in over 7% of cases. Vulnerability detection, though not core focus for Kaspersky MDR, was reported in fewer than 5% of incidents.
“The decline in high-severity incidents highlights the critical importance of adopting a proactive cybersecurity strategy. Human-led solutions such as Managed Detection and Response (MDR) and Incident Response remain essential in combating sophisticated, human-driven threats.
To further enhance the effectiveness and efficiency of in-house security teams, organisations should incorporate advanced, automated solutions like Extended Detection and Response (XDR), which provide improved visibility and enable faster responses.
Additionally, leveraging SOC consulting services can assist in building a robust Security Operations Center from the ground up or optimising an existing one for maximum performance.
An integrated approach to hybrid security operations empowers organisations to detect threats early, contain them swiftly, and ultimately prevent severe breaches from occurring,” comments Sergey Soldatov, Head of Security Operations at Kaspersky.
News
Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.
Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.
Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.
To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.
Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.
“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”
The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.
“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
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