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Mobile Devices Targeted as Cyberattacks Increase by 13%

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Research from European managed security services provider Orange Cyberdefense has revealed a 13% increase in cyberattacks on enterprises over the past 12 months, with a rise in ransomware incidents and, for the first time, a noticeable wave of attacks against mobile devices.

This is according to the Orange Security Navigator 2022, which provides a detailed analysis of more than 50 billion security events analysed daily over the past year (October 2020 to October 2021) by Orange Cyberdefense’s 18 Security Operation Centres (SOCs) and 14 CyberSOCs across the globe.

Of the 94,806 incidents flagged as being potential threats, analyst investigation confirmed 34,156 (36%) to be legitimate security incidents – a 13% increase on the year before.

More than a third (38%) of all confirmed security incidents were classified as malware, including ransomware – an increase of 18% on 2020.

The report found that almost two thirds (64%) of the security alerts dealt with by Orange Cyberdefense analysts turned out to be ‘noise’ and did not represent a genuine threat – an increase of 5% on the previous year.

The findings suggest that many organisations, particularly small and medium sized businesses, will require more resources to filter this massive amount of data for potential threats. The risk is that these businesses will become increasingly vulnerable to attack as the level and volume of activity continues to rise.

The Security Navigator also reports that mobile operating systems like iOS and Android in a business context are an increasingly popular target for exploits. Many of the activities appear to be related to commercial companies contracted by law enforcement and intelligence agencies.

However, the vulnerabilities and exploits developed will likely not stay in that realm, but have in the past and will likely in the future find their way into the criminal ecosystem as well (mind the WannaCry attack of 2017).

Orange Cyberdefense predicts attacks targeting mobile devices are likely to continue on this upward trajectory. This is a development that security professionals will need to pay closer attention to.

Mobile platforms are key in modern access protection concepts, namely multi-factor authentication (MFA), which is commonly used in corporate environments to protect cloud access for instance.

Another key finding of the new Security Navigator is that malware, including ransomware, was the most common type of threat reported across the analysis period, with 38% of all confirmed security incidents classified as malware – an increase of 18% on 2020.

Among the key malware trends are:

  • A decrease in confirmed downloader activity (malware that downloads and runs other malware on affected systems) in November and December 2020 after the Trickbot botnet was taken down by law enforcement, and in January and February 2021, directly after Emotet was taken down;
  • An inverse correlation between the stringency of Covid-19 lockdowns and the volumes of downloader and ransomware activity: the more stringent the lockdowns, the less of this activity, running contrary to the prevailing narrative that attacks increase when users work from home;
  • Large organisations see more than double (43%) the amount of confirmed malware incidents than medium-sized businesses.

Hugues Foulon, CEO of Orange Cyberdefense, said: “Attacks like Solorigate show that even trusted software from reliable vendors can turn into a trojan horse for cunning attackers. Technology alone cannot be the solution to this problem.

As our data shows, we have seen a 13% increase in the number of incidents in just one year, and these incidents keep increasing year on year.

A large proportion of the tech-driven security alerts that our analysts deal with are just noise but this puts a tremendous strain on already stretched IT and security teams. Indeed, not all businesses have the means or resources to employ managed security services providers to help them sift through the ‘noise’ and find the actionable security ‘signals’. We thus believe that security technologies can, and must, do better.”


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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


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