E-Business
Nigerian Businesses Record 2,308 Cyber Attacks Weekly – Report
Worldwide, the number of attacks experienced per business each week is 870 on average – alarmingly, in Nigeria, this weekly figure is 2 308 across all industry sectors collectively. The more-granular per-industry analysis reveals this figure is higher still for businesses in the finance and banking sector.
Finance and banking under siege
Mobile banking is one of the fastest growing sectors in the country. In fact, between May 2019 and May 2020, mobile payments grew by an incredible 391%. Financial inclusion, largely enabled by smart mobile solutions, has done much to drive Nigeria’s economy.
However, cybercriminals are taking notice of this increasing reliance on mobile devices, exploiting the rapidly expanding finance sector.
Of all Nigerian businesses across sectors from health to education, the most targeted is finance and banking. “Over the last six months, the number of attacks against these institutions in Nigeria was 3 682 per week, while globally, this figure is far lower at 774,” says Pankaj Bhula, Check Point Software Technology Regional Director for Africa. “To protect this booming industry, more must be done to drive awareness around cybersecurity.”
The report also revealed that, over the past six months, 62% of Nigeria’s businesses fell victim to Remote Code Execution (RCE) attacks, making this the top class of vulnerability exploits.
A cybercriminal can gain remote control to a device and the private data stored on it in an RCE attack. Considering the most targeted sector is finance, which holds a wealth of sensitive user data, the rise of RCE attacks is concerning.
Social engineering and deepfakes: 2022’s challenges
Check Point Software Technologies forecast several alarming cyber-threat trends for 2022, including the weaponisation of deepfake technologies by cybercriminals to create fake news campaigns as part of elaborate phishing attacks, predominantly carried out over email.
In fact, in Nigeria, email was recorded as the origin point for 60% of cyberattacks over the last month, according to the report. As it’s the prevailing vector for delivery of malicious files, awareness around social engineering attacks like these must be bolstered.
On the topic of deepfake technologies, Remi Afon, president of the Cyber Security Experts Association of Nigeria, reiterated that it’s a huge area of concern in 2022. While the technology can be leveraged by criminals to scam and dupe victims, a more insidious purpose is using deepfakes to create political instability and scandal.
For Afon, this technology and the resulting spread of misinformation could have far-reaching ramifications for Nigeria’s 2023 General Election, to be held next February.
Protecting Nigeria’s businesses from attacks
In November, 20% of businesses in Nigeria were impacted by an info stealer called Floxif. This malware, which was also responsible for the bulk of malware attacks in Kenya, caused large-scale devastation to even large tech companies in 2017 when it infected over 2 million users.
While big businesses may seem like more lucrative targets, the increasing prevalence of Floxif attacks on companies of all sizes shows that cybercriminals do not discriminate. Smaller companies must remain as vigilant as large enterprises.
To do this, it’s crucial that budgets are earmarked for effective IT security infrastructure that will enable a proactive rather than reactive approach to cybercrime. Proactive businesses are more resilient, have backups, and can protect sensitive data in stronger or more innovative ways.
These companies also run the latest updates of their security software, web browsers, and operating systems to ensure any new vulnerabilities are patched to protect against attacks.
Of course, people are a large part of the cybersecurity equation. As such, businesses must equip staff with information on best practices for staying safe online when working in the office or remotely.
Such information would promote vigilance around phishing emails and encourage the use of password managers and trusted Wi-Fi networks, while highlighting the dangers of accessing unsecured websites.
With the right security solutions in place, and a focus on cybersecurity awareness kept top of mind, businesses can prevent cyberattacks to keep Nigeria’s economy on track.
At the close of 2025, Temidayo Ojo, the CEO of Jumia Nigeria, reflected on a year-end shopping season that points to the growing maturity of the country’s e-commerce market. “Black Friday is no longer a single, short-lived spike in activity,” he said.
“It has become a familiar, anticipated moment in the retail calendar, where consumers shop deliberately and with confidence.”
Preliminary KPIs for the two months ended November 30, 2025, show strong year-on-year growth in both orders and Gross Merchandise Value (GMV), with GMV growth outpacing order growth. This indicates that customers are placing fuller, more considered baskets rather than shopping in fragmented transactions. Nigeria ranked among Jumia Group’s better-performing markets, with engagement remaining steady throughout the Black Friday period rather than spiking briefly and tapering off.
A key factor behind this performance is the growing familiarity of consumers with online shopping. Customers are increasingly leveraging platform features such as saved carts, brand stores, and price comparison tools to plan purchases in advance. This trend suggests that digital commerce is becoming embedded in everyday habits rather than being viewed as a one-off event.
Ojo also highlighted the role of Jumia’s JForce network in connecting digital commerce to local communities. “Our agents are critical to ensuring that customers across Nigeria, including secondary cities and smaller communities, have access to variety, consistent pricing, and reliable delivery,” he said. “During peak periods like Black Friday, JForce agents can respond faster, serve more customers efficiently, and build stronger local relationships. This isn’t just a distribution channel—it’s a pathway to sustainable income and inclusion.”
Reflecting on the overall performance, the CEO concluded: “What we’re seeing this year-end is steady engagement across categories, stronger consumer confidence, and partners like our JForce agents benefiting from increased activity.
“It confirms that Nigeria’s e-commerce ecosystem is maturing, growing in a more structured and resilient way. As the December Holiday Sale continues, we expect these patterns of familiarity, trust, and participation to sustain momentum and drive both commerce and community impact across the country.”
Galaxy Backbone Limited (GBB) has been ranked first overall in the 2025 Federal Government Website Performance Scorecard.
This is a landmark achievement for Nigeria’s digital economy.
The ranking, conducted by the Bureau of Public Service Reforms (BPSR), is the definitive benchmark for digital excellence and transparency across all Ministries, Departments, and Agencies (MDAs).
Professor Ibrahim Adepoju Adeyanju, managing director and CEO of Galaxy Backbone, received the award during a ceremony in Abuja.
He described the feat as a validation of the agency’s“Nigeria First”data sovereignty strategy and its relentless pursuit of service excellence.
This recognition comes as the Federal Government intensifies its push to achieve a fully paperless civil service by December 31, 2025.
GBB has been the primary architect of this transition through its 1Gov Enterprise Content Management (ECM) platform, which now hosts the operations of almost all federal MDAs.
The award adds to a growing list of accolades for Galaxy Backbone in 2025, following its recent win of the “International Standard Excellence Award for Best IT Service Provider.”
As the central hub for government shared services, GBB’s performance serves as a blueprint for other agencies currently undergoing digital transformation.
With its expanded fiber-optic backbone now covering over 13 states and its secure cloud solutions, Galaxy Backbone remains the cornerstone of Nigeria’s vision to become a leading digital nation by the end of the decade.
Okitipi Samuel, a Nigerian man, has been taken into custody by the Nigeria Police Force for his alleged role in a global cyberattack on Microsoft 365 users.
Benjamin Hundeyin, Force public relations officer, disclosed this on Thursday in Abuja while briefing journalists on the outcome of investigations carried out by the National Cybercrime Centre of the Nigeria Police Force.
Hundeyin said the centre, under the leadership of Ifeanyi Uche, its director and Commissioner of Police, commenced investigations in collaboration with Microsoft, the Federal Bureau of Investigation, the United States Secret Service, and the United Kingdom’s National Crime Agency.
According to him, investigations revealed that a phishing toolkit known as “Raccoon 0365” was used to create fake Microsoft login portals to harvest user credentials and unlawfully access email accounts belonging to corporate organisations, financial institutions, and educational institutions in several countries.
“This investigation commenced following credible intelligence received from Microsoft USA through the FBI, indicating that a malicious phishing toolkit known as Raccoon0365 was being used to create fake Microsoft login portals, harvest user credentials, and unlawfully access the email accounts of corporate organisations, financial institutions, and educational establishments,” Hundeyin said.
He added that between January and September 2025, several reports of unauthorised access to Microsoft 365 accounts were traced to phishing emails designed to mimic legitimate Microsoft login pages, enabling business email compromise, internal phishing, data breaches, and other cyber-enabled fraud.
Hundeyin said digital forensic analysis and cryptocurrency tracing identified wallets connected to the illegal operation.
He noted that operatives were deployed to Lagos and Edo states, leading to the arrest of three suspects identified as Joshua, James, and Okitipi Samuel between September 20 and October 4, 2025.
“Following extensive digital forensic and technical intelligence analysis, the centre conducted cryptocurrency tracing that identified suspicious wallets connected to cash-out schemes.
“Acting on actionable intelligence, operational teams were deployed to Lagos and Edo states, resulting in the arrest of Joshua, James, and Okitipi Samuel. Searches at their residences led to the recovery of mobile devices, laptops, and other digital exhibits linked to the fraudulent scheme,” he said.
Hundeyin identified Okitipi Samuel, also known as “0365” and Moses Felix as the principal suspect and developer of the phishing infrastructure.
He added that investigations confirmed Samuel unlawfully used the email details of one of the arrested individuals without consent to register some of the accounts used in the operation.
The police spokesperson said further investigations revealed that the identities of Joshua and James were used without their consent.
“There was no evidence linking them to the creation or operation of the phishing scheme. They were victims of identity theft,” Hundeyin said.
He said a prima facie case had been established against Samuel for identity theft, unlawful access to computer systems, creation and distribution of malicious software, unauthorised interference with network data, and aiding and abetting fraud.
Hundeyin added that the suspect would be charged under relevant provisions of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2024.
He said the suspect would be prosecuted in Nigeria, noting that the country has the capacity to enforce its cybercrime laws, although extradition could be considered if formally requested through due process.
Hundeyin assured Nigerians that the police, under the leadership of Kayode Egbetokun, inspector-general of Police, would continue to protect the country’s digital ecosystem and urged citizens to practise good cyber hygiene by being cautious when clicking links and sharing personal information online.
Speaking separately, Ifeanyi Uche, director of the National Cybercrime Centre, urged Nigerians to exercise caution online.
Uche advised members of the public to avoid clicking on links from unknown or unexpected sources, noting that such links often contain malware or phishing tools designed to compromise devices and personal data.
He warned that indiscriminate clicking of links or responding to unsolicited emails could lead to unauthorised access to personal and corporate accounts, urging citizens to “wash their cyber hands” by verifying sources before taking action online.
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