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Nigeria Loses N127Bn to Cyber Crime – Saraki

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Dr Bukola Saraki, President of the Senate, has said that Nigeria has lost about N127 billion to cybercrime.

He disclosed this at Nigeria’s first Legislative Stakeholders Conference on ICT and Cyber security on Monday in Abuja.

Saraki, who was represented by Sen. Philip Aduda Saraki, Senate Minority Whip did not, however, specify the period within which the nation lost such an amount to cyber crime.

He said the loss was indicative of the hole created in the economy by cyber crime amounting to 0.08 per cent of the Gross Domestic product (GDP.

“It is indeed ironic that while internet penetration in Nigeria is tentative at best, hovering at just over the 90 million people mark, a percentage of 47.7 per cent, internet-facilitated crime seems to be growing.

“Our cyber borders are very porous, indeed,” Saraki said.

He said efforts to revive the economy must necessarily include counter-measures to minimise the losses and shore up the country’s cyber security architecture to better repel attacks.

Saraki further said that cyber attacks had in 2016 reached unprecedented level, globally with no sign of a downward trend.

“In recent times, we have seen the virulent use to which criminals and other shadowy agents have put the cyber space.

“The cyber ecosystem has been weaponised and manipulated to devastating effect to undermine democratic processes, influence voting in elections and whip up tension and divisions between societal groups.

“Over 200,000 cyber attacks were recorded in one single day earlier this year all over the world.

‘’Major international financial institutions have had their systems crippled for up to 48 hours after being targeted by criminals using Distributed Denial of Service (DDoS), among other methods.”

He said such attacks threatened economic activities, adding that personal data of millions of people were compromised by cyber criminals, who demanded the payment of ransom before hijacked data could be released.

“Kidnapping, already a scourge in the Nigerian physical space, is also becoming a problem in the virtual realm as ‘cyber-kidnapping’ of encrypted data poses a clear and present danger to our economic viability.

The Senate President described cybercrime as an ever-mutating monster, constantly growing new tentacles and taking on new formations.

“Not so long ago, one web-based Ponzi scheme succeeded in entrapping thousands of Nigerians with promises of quick gains.

“Investors were left counting the costs when the bubble burst, while those responsible moved on to new pastures. There was no accountability anywhere.”

He said that it was in light of all these challenges that the Senate sounded the alarm with a motion in May and resolved to, amongst other things, convene a national conference.

“It is essential that we come up with effective cyber-security management strategies based on existing legislative frameworks, while building on the work already being done by bodies like the Cybercrime Advisory Council.

He noted that “The ‘Stop. Think. Connect’ campaign initiative of the United States Mission was aimed at reducing cybercrime in Nigeria.

According to him, the effort also points to the need to share ideas and collaborate with international partners to reduce the impact of the borderless crimes of cyber-space.

Sen. AbdulFatai Buhari, Chairman, Senate Committee on ICT and Cybercrime, said the advancement in Information and Communication Technology had accelerated the growth and penetration of mobile telephony and its associated multimedia services.

“It has led to increasing access to the internet and broadband services providing opportunities for finding detailed answers to millions of questions every day.

Buhari said it was estimated that cybercrime would cost businesses in the world over $2 trillion by 2019.

In his address, Adebayo Shittu, Minister of Communication, said globally, ICT had become a veritable tool for advancing growth and economic diversification.

He said that a World Bank study carried out in 2014 showed that every 10 per cent in ICT investment generated a corresponding 1.38 per cent increase in GDP.”

Represented by Abdulaziz Abdullahi, Permanent Secretary in the Ministry, the minister said government had put in place new ICT strategic road map to improve the communication sector.


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E-Business

Firm Reviews the Evolution of Phishing Threats in 2025

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A new Kaspersky review reveals how cybercriminals revived and refined phishing techniques to target individuals and businesses in 2025, including calendar-based attacks, voice message deceptions and sophisticated multi-factor authentication (MFA) bypass schemes.

The findings emphasise the critical need for user vigilance, employee training and advanced email protection solutions to counter these persistent threats moving forward.

Calendar-based phishing targets office workers

A tactic originally from the late 2010s, calendar-based phishing, has reemerged with a focus on B2B environments. Attackers send emails with calendar event invitations, often containing no body text, hiding malicious links in the event description.

When opened, the event auto-adds to the user’s calendar, with reminders urging them to click links leading to fake login pages, such as those mimicking Microsoft.

Previously aimed at Google Calendar users in mass campaigns, this method now targets office employees. Organisations should conduct regular phishing awareness training, such as simulated attack workshops, to teach employees to verify unexpected calendar invites.

Voice message phishing with CAPTCHA evasion

Phishers are deploying minimalist emails posing as voice message notifications, containing sparse text and a link to a basic landing page. Clicking the link triggers a chain of CAPTCHA verifications to bypass security bots, ultimately directing users to a fraudulent Google login page that validates email addresses and captures credentials.

This multi-layered deception highlights the need for employee training programmes, such as interactive modules on recognising suspicious links and advanced email server protection solutions like Kaspersky SecureMail, which detect and block such covert tactics.

MFA bypass via fake cloud service logins

These sophisticated phishing campaigns are targeting multi-factor authentication (MFA) by mimicking services like pCloud (a cloud storage provider that offers encrypted file storage, sharing and backup services).

These emails, disguised as neutral support follow-ups, lead to fake login pages on lookalike domains (e.g., pcloud.online). The pages interact with the real pCloud service via API, validating emails and prompting for OTP codes and passwords, granting attackers account access upon successful login.

To counter this, organisations should implement mandatory cybersecurity training and deploy email security solutions like Kaspersky Security for Mail Servers, which flags fraudulent domains and API-driven attacks.

“With phishing schemes growing more deceptive, Kaspersky urges users to treat unusual email attachments, like password-protected PDFs or QR codes, with caution and verify website URLs before entering any credentials.

“Organisations should adopt comprehensive training programmes, which includes real-world simulations and best practices for spotting phishing attempts. Additionally, deploying robust email server protection solutions ensures real-time detection and blocking of advanced phishing tactics,” comments Roman Dedenok, Anti-Spam Expert at Kaspersky.

 


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NDPC Commits to Balancing Data Privacy, Protection Information

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Nigerian Data Protection Commission (NDPC), has expressed its commitment to balance information around data privacy and protection.

NDPC Commits to Balancing Data Privacy, Protection Information

Dr. Vincent Olatunji, national commissioner, NDPC, stated this in Abuja, at the National Data Privacy Summit with the theme, “Privacy in the Era of Emerging Technologies,” organised by the commission.

Olatunji said the NDPC, at the moment, was looking at balancing information around data privacy and protection.

“What we are doing is just to look at how to balance information around privacy and protection, which is really important, because as we are innovating, at the same time, we have to consider issues around privacy and protection,” he stated.

He added that the commission has been very bold in taking risks that would bring about growth.

“Our starting point is growing at a very alarming rate, and we are not afraid of anything. We can take risks. And that is why a lot is happening in Nigeria, and this is the level of clarity,” he explained.

In his address, Dr. Aminu Maida, executive vice chairman (EVC) of the Nigerian Communications Commission (NCC),  stated that Internet of Things holds promise for Nigeria’s economy.

The EVC, who was represented by Abraham Oshadami, executive commissioner, Technical Services (ECTS), noted that, “in an era in which digital assets, Internet of Things, future digital computing and other transformative technologies are key, and both a cornerstone of building trust for the adoption and a prerequisite for sustainable progress.

“Emerging technologies hold immense promise for Nigeria’s grand economy, but they also introduce complex risks to personal and individual rights.

“So, balancing innovation through post-ethical safeguards and public trust is the first step to ensuring that global digital advancement benefits all Nigerians without compromising their privacy or their security,” he added.

“As we just heard from the Nigeria Police, telecom operators have a vast amount of sensitive historical information daily, including connectivity apps and collaboration on privacy, security, and number protection, both to their and their inheritors,” he said.

Dr. Bako Shurkuk, commissioner for Science, Technology and Innovation, Plateau State, who represented Caleb Mutfwang, Governor of Plateau State, said, emerging technologies can be harnessed to attain sustainable growth.

 


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OADC Lagos Reinforces Commitment to Local Data Hosting and Digital Transformation @ NDPC’s National Privacy Week Summit

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Open Access Data Centres (OADC) Lagos has reaffirmed its commitment to Nigeria’s data protection and digital transformation agenda through its sponsorship and active participation in the Nigeria Data Protection Commission’s (NDPC) National Privacy Week Summit.

The National Privacy Week Summit, organised by the NDPC, convened policymakers, regulators, technology providers, and industry stakeholders to promote data privacy awareness, strengthen compliance with the Nigeria Data Protection Act (NDPA), and advance conversations around data security, sovereignty, and responsible data governance.

As a sponsor of the event, OADC Lagos demonstrated its continued support for the Federal Government’s drive toward local data hosting and data domiciliation, which are increasingly critical to safeguarding sensitive information, enhancing regulatory compliance, and building trust in Nigeria’s digital economy.

Through its carrier-neutral, Tier III Design certified data centre in Lekki, Lagos, OADC provides secure, resilient, and compliant infrastructure that enables government institutions and private sector organisations to host and manage data locally while meeting international best practices.

Commenting on the engagement, Adesola Adesugba, Country Marketing Manager, Open Access Data Centres Nigeria, said: “We are proud to have supported the Nigeria Data Protection Commission through the National Privacy Week Summit and to stand alongside the government in advancing Nigeria’s digital transformation objectives.

“Strengthening local data hosting and domiciliation is fundamental to national data sovereignty, improved security, and sustainable digital growth, and OADC Lagos remains committed to enabling this future.”

OADC’s participation at National Privacy Week Summit underscores its role as a trusted digital infrastructure partner to government and enterprise, supporting secure cloud connectivity, regulatory compliance, and the long-term development of Nigeria’s digital ecosystem.

Open Access Data Centres is part of the WIOCC Group and operates open-access, world-class data centres across Africa, serving cloud providers, network operators, enterprises, and public sector institutions.


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