General News
Inflation, Diesel, Other Market Forces Escalate Cost of Services
Global Economic Woes
With only about a month before the end of 2022, it is difficult for the year to be remembered for anything other than the war in Ukraine and the chaotic shock waves that inflation drove into the fabric of the global economy.
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Largely driven by surging costs in prices of food and utilities, the situation was aggravated at the time the global economy was starting to show signs of recovery following the gripping Coronavirus induced recession.
Inflation figures in the US reached new levels not experienced in forty years, as the Bureau of Labour reported 8.6% for the month of May 2022, the highest since 1981. In the UK, it has been a similar scenario, with 9% inflation quoted for May 2022, the highest since 1982.
It is pretty much the same across the globe with Spain, Greece, France, Portugal among others, all caught in the web of inflation. Turkey’s jarring 54.8% is easily the worst among all countries captured in the report.
Double whammy for businesses in Nigeria with no silver bullet in sight; inflationary pressures as a result of currency devaluation, increased diesel and energy costs and food inflation due to insecurity.
Bringing it closer to home, the alarm bells are ringing for Nigeria, with the National Bureau of Statistics recording the inflation rate at 20.77% for September 2022 while analysts project 21.32% for October 2022.
Although Nigeria is faring better than neighbouring Ghana, whose inflation figure stands at 40.4% for October 2022, the implications of this on the cost of doing business in Nigeria are significant.
More challenging is the proposed 17.4% increment in electricity tariff for businesses within the EKO Electricity Distribution Company area, effective 1st January 2023, in-line with the July 2022 review of the Multi-Year Tariff Order by the Nigerian Electricity Regulation Commission (NERC).
This will adversely impact the formal economy, by increasing the cost of doing businesses within the jurisdiction of the power distribution company, forcing such businesses to contend with trade-offs to deal with these higher costs.
With diesel generators being the leading source of backup power in Nigeria and a litre of diesel selling for between N780 and N800, the situation has exacerbated to the point that some of the financial institutions, hitherto thought to operate above the high cost of doing business in the country, have had to reduce their hours of operation to save costs.
With power being a critical part of operations for most companies either in telecommunications, media, banking, manufacturing and tech, the impact on bottom line is huge when the cost of diesel and power subscriptions are factored into monthly and annual expenditure.
More unsettling is the fact that inflation, as far as Nigeria is concerned, has continued to grow almost on a monthly basis. The September 2022 figure at 20.77%, the highest in 17 years, was up from the 20.52% posted for August 2022 and 19.64% for July 2022.
If inflation, high cost of diesel and increase in electricity tariff are the factors businesses in Nigeria have to grapple with, their journey towards margins, the basic rationale behind setting up a business, would be considered tortuous by any analyst. How much so when the thorny issue of currency devaluation is added to the mix?
With the currency devaluation, Nigerians have seen the Naira exchange for dollar at the rate of N438 to $1, up from the prevailing N413/$1 rate a few months back at the official market. However, this is now only the case on paper, with the crushing unavailability in official markets leading to a surge in the parallel markets.
Although there has been a reprieve of sorts for the Naira in the last few days, the currency is still being exchanged for between N710 and N780 in the parallel market.
Africa’s growing digital economy is not immune from the impact of these cost pressures
With Nigeria being one of Africa’s largest ICT markets in terms of telecom subscribers and internet users, the surging prices are placing tremendous pressure on the industry. Telecom operators, data center providers and companies running their own ICT infrastructure are facing this onslaught of high prices.
At a time when digital transformation is viewed as critical for the economy to improve its productivity, the sector is under pressure from higher costs which it is seeking to pass on to businesses and consumers.
Unlike the banking industry and brick and mortar establishments that are able to cut back service hours, networks and data centers are required to run 24X7 whether they are utilized by a handful or millions of customers and subscribers and these always-on operations are placing tremendous cost pressures on these companies.
For businesses, even more than for households, it is a case of double jeopardy as they have to bear the cost of back-up power with diesel, while also covering the increasing costs of grid electricity, or at least the little or nothing of it which they enjoy.
It is remarkable that Nigeria has witnessed the entrants of many new data center operators in recent times and there are questions if these operators will be able to get services off the ground with low public power availability and high costs of diesel back up.
Tough decisions ahead
These developments are forcing data service providers, manufacturers, FMCGs, similar to businesses in Europe, to review prices as the only way to stay afloat, while ensuring continuity of services to customers.
As the year comes to an end and businesses put together their strategies for the year ahead, some difficult decisions need to be made, to weather the stormy waters that lie ahead.
General News
Cross River State Isolates 10 More Persons with COVID Symptoms

Cross River State Government said it has identified and isolated 10 persons who interacted with a Chinese national who reimported COVID-19 into Nigeria.

Nigeria Centre for Disease Control and Prevention (NCDC) while confirming a case of COVID-19 in the state, assured the public that there is no evidence of widespread transmission.
But, Dr. Inyang Ekpenyong, state epidemiologist, disclosed that the individuals were traced through contact tracing after interacting with the index case (Chinese national) and have since been placed under movement restriction.
“We’ve restricted their movements to their homes, so that they do not spread the symptoms to other persons,” Ekpenyong said, noting that the contacts were under close monitoring by health officials.
She added that surveillance teams had visited the expatriate’s workplace in Akamkpa to track possible exposure and prevent further transmission.
The affected Chinese national is currently receiving treatment at the University of Calabar Teaching Hospital (UCTH), where authorities said he was responding positively.
Ekpenyong reminded residents that COVID-19, despite first emerging about six years ago, has not been eradicated, urging continued adherence to preventive measures.
She advised the public to maintain regular hand sanitisation, use face masks where necessary, and follow public health guidelines issued by experts.
But, Dr. Jide Idris, director general, NCDC, said, “Public health surveillance systems remain active nationwide, and we are working closely with state authorities to ensure early detection and swift response to any case.”
In a statement on Wednesday, Dr. Idris, said there is no cause for alarm, adding that “We are monitoring the situation closely and our response systems are active and working,”.
Earlier, Dr. Henry Egbe Ayuk, state commissioner for Health, confirmed the first case and assured residents that all necessary containment protocols had been activated.
According to Ayuk, the index case involves a 53-year-old Chinese national who arrived in Nigeria on March 17 and later developed symptoms while in Akamkpa.
He explained that the patient’s condition worsened while receiving treatment at a state facility before he was transferred to UCTH for advanced care.
“At the facility, samples were taken in line with established protocols, and it was confirmed that the patient showed symptoms of COVID-19,” Ayuk said.
“We are, however, happy to report that he is doing well,” he added.
The commissioner stressed that the state’s health system has been strengthened to respond effectively to outbreaks, with surveillance mechanisms fully operational across Cross River State.
He acknowledged the presence of occasional silent infections but maintained that the government remained prepared to manage any public health threat.
“But we are determined that for every ailment, every disease or outbreak, if it is identified here in the state, there should be no alarm. The state will do well in terms of surveillance or containment of an outbreak. Whatever it is, we will do our best to contain it. So, there is no alarm,” Ayuk stated.
Ayuk further noted that COVID-19 remains a global concern, warning that cross-border movement of infected individuals continues to pose risks.
“COVID-19 is not peculiar to Nigeria. But we’re determined to contain it. There’s no cause for alarm,” he said.
General News
The Visibility Trap

By Ememobong Udofot
There is a persistent assumption in modern business that attention is progress. If people are seeing you, engaging with you, and talking about you, then you must be growing. On the surface, this feels true. In practice, it is one of the most expensive misconceptions companies carry.

Visibility is not legitimacy. And confusing the two creates fragile businesses that look successful long before they actually are.
Visibility is distribution. It is how often you are seen, how far your message travels, and how loudly you exist in a market. It is driven by campaigns, partnerships, content, and media. It is measurable in impressions, reach, mentions, and recall.
Legitimacy is something else entirely. It is not what people see. It is what they conclude. It is the quiet but critical judgement a user makes when deciding whether to trust you with something that matters. Their money, their time, their reputation, their belief. Legitimacy is not declared. It is inferred. This is where most companies miscalculate.
A platform can be highly visible and still feel unsafe. It can be everywhere and still feel uncertain. It can dominate conversations and still fail at conversion when the moment of decision arrives. Because today, users are not asking, “Have I seen this before?” They are asking, “Do I trust what happens next?”
In financial services, especially in emerging markets, this distinction becomes sharper. Users do not operate from abundance. They operate from risk awareness. Every transaction is evaluated, consciously or not, through a lens of potential loss. What could go wrong? How fast can I recover if it does? Who is accountable if it fails? Visibility does not answer these questions. Legitimacy does.
Legitimacy is built through signals that reduce perceived risk. Not theoretical safety, but experienced reliability. It shows up in consistency of outcomes, in how predictable your system is under pressure, and in whether your platform behaves the same way every time, not just when everything is working but also when something breaks. It is reinforced by clarity. Users trust what they understand, not what is explained to them in long paragraphs, but what is immediately obvious in interaction. What happens next, how long it takes and what they can expect. It is strengthened by accountability. Not in policy documents, but in visible behaviour. How issues are handled, how quickly they are resolved, whether responsibility is assumed or deflected.
These are not branding elements in the traditional sense. They are operational realities. But this is exactly where branding is often misunderstood. Brand is not what you say about your product. It is the system of signals that shape how your product is perceived before, during, and after use. While visibility amplifies your presence, legitimacy sustains your relevance.
When companies prioritize visibility without building legitimacy, they create a dangerous gap between expectation and experience. Growth accelerates, but trust does not compound at the same rate. Eventually, the system corrects itself. Users withdraw, reputation weakens, and recovery becomes significantly harder than initial growth.
On the other hand, when legitimacy is established first, visibility becomes an accelerator rather than a risk. Every new user acquired enters a system that can hold them. Every interaction reinforces the same conclusion. This works; I can rely on this.
This is slower to build, but far more durable. The strategic implication is simple but rarely followed. Do not ask how to be seen more; ask what conclusions users are forming when they see you. Do not optimise for attention in isolation, optimise for the alignment between what is promised and what is experienced. Do not treat trust as a communication problem, treat it as a systems problem that communication must accurately represent. Because in the end, markets do not reward visibility. They reward reliability that has been observed, tested, and believed. And that is legitimacy.
Ememobong Udofot E. is a branding and communications executive specialising in strategy, systems thinking, and trust design within financial technology. She currently leads Branding and Communications at FlashChange, a digital value exchange platform focused on enabling reliable, efficient movement of digital assets.
General News
Breaking News…Hackers Allegedly Expose EFCC Data, Operatives’ Identities

Nullsec Nigeria, a threat actor, has claimed responsibility for leaking the identities of operatives and sensitive internal data linked to the Economic and Financial Crimes Commission (EFCC).

Ola Olukoyede, chairman, EFCC
The leak raises fresh concerns over cybersecurity vulnerabilities within Nigerian public institutions and safety the agency’s operatives.
The breach surfaced on April 21 on a dark web forum, where a user identified as “ki4t,” reportedly affiliated with the group, published details of the dataset.
The exposed data is said to include agent names, phone numbers, operational code names, and password hashes tied to EFCC personnel.
The breach allegation comes amid growing concerns over cyber risks facing government agencies, following a recent reported compromise involving the Corporate Affairs Commission (CAC).
Cybersecurity analysts say that if confirmed, the exposure of such sensitive operational data could pose risks to both personnel security and ongoing enforcement operations, particularly if password hashes are successfully decrypted or linked to other compromised systems.
The development adds to increasing pressure on public institutions to strengthen digital infrastructure, access controls, and internal cybersecurity protocols as threat actors continue to target government databases.
Authorities are yet to confirm the extent of the alleged breach or whether any mitigation measures have been activated.
Nigeria has lately experienced a growing activities of hacktivists defacing websites and leaking data.
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