General News
Nigerian Economy Set to Gather Momentum in Q2

By Lukman Otunuga, FXTM Research Analyst,
There are higher expectations for Nigeria’s economic recovery after the fastest growth since 2015
was recorded during the fourth quarter of last year. As the nation draws further away from the
worst effects of the recession, several important economic benchmarks show further signs of
improving economic stability. Yearly Gross Domestic Product (GDP) for 2019 is heading steadily
towards a range of 2–2.3 percent compared to 1.93 percent in 2018. In addition, Purchasing Power Parity (PPP) and GDP per capita appear stronger. On the downside, real GDP growth is
underperforming on average compared to other emerging economies, possibly due to the lingering
effects of global Oil price volatility and weaker growth in the manufacturing sector.
In spite of the headwinds, Nigeria has the potential to grow in 2019 on the back of stabilizing Oil
prices. There is new impetus to diversify away from Oil reliance and the chance to focus on economic rebuilding. Inflationary pressures are cooling off after reaching intense heights this time
last year. In February 2019, inflation declined to 11.3 percent which – when compared to the level of 13.3 percent in March 2018 – is a more encouraging position. If the downward trajectory continues and inflationary spikes are avoided, prices could stabilize further. Boosting the manufacturing sector could contribute to jobs creation and reduce unemployment which is currently high at around 23 percent. A focus on creating jobs in the manufacturing and services sectors would tap into the massive potential in the labour market, adding to GDP growth in the long term.
Stabilising Nigeria’s Oil-and-Gas sector is critical to continued growth because it accounts for around 10 percent of GDP and an estimated 83 percent of exports. There are signs of stability and improvement in the areas of foreign investment, foreign currency reserves and monetary policy. The Central Bank of Nigeria unexpectedly cut interest rates in March to 13.5% from 14% in an effort to stimulate economic growth. The latest reports show increased investment in sovereign bonds, likely due to the pause on interest rates in the US increasing attraction towards emerging economies and their investment opportunities. Foreign reserves are at the healthy level of 44 billion USD at the time of writing.
While internal economic conditions are seen improving, external risks could impact on Nigeria’s
growth. Global trade developments, China’s slowdown and the effect on global growth may all
present headwinds. Brexit uncertainties and developments are also a factor given the level of
foreign direct investment from Britain and the weaker Pound Sterling. On the plus side, a vulnerable Dollar and dovish Federal Reserve could be good news for the Naira as investors search for higher yielding instruments versus the USD.
General News
Manufacturers Block More Ransomware, But Data Theft Surges – Sophos Report

Sophos, a global leader of innovative security solutions for defeating cyberattacks, today announced new findings from the Sophos State of Ransomware in Manufacturing and Production 2025 report.

Sophos
The study reveals that manufacturers are stopping more ransomware attacks before data can be encrypted; however, adversaries are increasingly stealing data and using extortion-only tactics to maintain pressure.
As a result, more than half of manufacturing organizations impacted by encryption paid the ransom despite progress in defensive measures. The report is based on an independent survey of 332 manufacturing organizations that were hit by ransomware in the last year.
The Sophos State of Ransomware in Manufacturing and Production report found:
● Encryption rates are falling, but adversaries are shifting tactics: 40% of attacks on manufacturers resulted in data encryption, the lowest level in five years and down from 74% last year. However, extortion only attacks surged to 10% from just 3% in 2024 as attackers increase reliance on data theft for leverage.
● Data theft remains a significant concern: 39% of manufacturers that experienced encryption also had data stolen, one of the highest rates across all surveyed sectors.
● More organizations are stopping attacks before encryption: 50% of manufacturing organizations stopped the attack before data could be encrypted, more than double last year’s 24%.
● Expertise shortfalls and inadequate protection fuel attacks: Lack of expertise was cited by 42.5% of organizations. Unknown security gaps were cited by 41.6%, and a lack of protection by 41%. Respondents identified an average of three internal factors that contributed to the attack.
● More than half of manufacturers with encrypted data paid the ransom: 51% of affected organizations paid the ransom. The median ransom paid was $1 million dollars, compared to a median demand of $1.2 million dollars.
● Recovery costs and timelines are improving: The average cost to recover from a ransomware attack, excluding ransom payment, declined by 24% to $1.3 million dollars. 58% of manufacturers fully recovered within one week, up from 44% last year.
● Ransomware incidents affect IT and security teams: 47% of manufacturers reported increased team stress after experiencing data encryption. 44% said pressure from senior leaders increased, and 27% reported leadership change as a result of the attack.
“Manufacturing depends on interconnected systems where even brief downtime can stop production and ripple across supply chains,” said Alexandra Rose, Director of Threat Research, Sophos Counter Threat Unit. “Attackers exploit this pressure: despite encryption rates falling to 40%, the median ransom paid still reached $1 million. While half of manufacturers stopped attacks before encryption, recovery costs average $1.3 million and leadership stress remains high. Layered defenses, continuous visibility, and well-rehearsed response plans are essential to reduce both operational impact and financial risk.”
What Sophos is Seeing in Manufacturing
Over the past twelve months, Sophos X-Ops has observed ransomware activity across leak sites and found that 99 distinct threat groups targeted manufacturing organizations.
The most prominent groups targeting manufacturing organizations based on leak site observations are GOLD SAHARA (Akira), GOLD FEATHER (Qilin) and GOLD ENCORE (PLAY). Reflecting the trends revealed in the report, in over half of the ransomware incidents that
Sophos Emergency Incident Response was brought in to remediate, attackers both stole and encrypted data, highlighting the use of double extortion tactics where data is held for ransom and threatened with release on a leak site.
Strengthening Defenses for the Long Term
Based on its experience protecting manufacturing organizations worldwide, Sophos recommends the following best practices to help businesses stay ahead of ransomware and other cyberthreats:
● Eliminate Root Causes: Take proactive steps to address common technical and operational weaknesses—such as exploited vulnerabilities—that adversaries frequently target. Solutions like Sophos Managed Risk can help organizations assess their exposure and reduce risk across their environments.
● Defend Every Endpoint: Ensure all endpoints, including servers, are protected with dedicated anti-ransomware defenses to prevent attacks from gaining a foothold.
● Plan and Prepare: Establish and routinely test a comprehensive incident response plan. Maintain reliable backups and practice data restoration regularly to minimize downtime in the event of an attack.
● Monitor Around the Clock: Continuous visibility is essential. Organizations without in-house resources can strengthen their resilience by partnering with a trusted Managed Detection and Response (MDR) provider.
General News
From Streams to Streets: Spotify Wrapped 2025 Takes Africa on a Real-World Road Trip


Spotify
This year, Spotify is bringing back the fan-favourite features people already love, while adding new experiences that spotlight how listeners across Africa moved, prayed, worked, partied and rested with audio. Wrapped Party invites fans to dive into their stories with friends and family, and 50 fan destinations worldwide give listeners a place to come together, celebrate their year in music and feel part of something truly global.
From design to in-person experiences and data stories rooted in local listening, this is how the 2025 Wrapped campaign comes to life across Africa.
A modern visual mixtape for Africa
Before streaming, mixtapes and burned CDs were the original playlists: handpicked, decorated and passed between friends, cousins and neighbours as deeply personal gifts. The 2025 Wrapped design builds on that tradition, turning a year of listening into a bold, dynamic visual mixtape for more than 700 million fans around the world – including millions across Africa.
Every gradient and texture reflects that unpredictable mix of emotion and rhythm that makes listening so personal. With a reduced colour palette, bold imagery and a blend of analogue and digital aesthetics, 2025 becomes the most expressive and modern-feeling Wrapped yet. From amapiano dance circles in Johannesburg to late-night studio sessions in Lagos and road-trip singalongs in Nairobi, the look and feel of Wrapped mirrors how African fans actually experience music – loud, layered and full of feeling.
Immersive real-world experiences – and an amagwinya road trip
The Wrapped creative campaign is live in more than 30 markets globally as Spotify moves beyond traditional billboards to create immersive experiences that celebrate the artists who defined 2025. Across Africa, installations and pop-ups bring Wrapped digital storytelling into the real world with artist integrations, interactive photo moments and live performances for top listeners.
In South Africa, Wrapped quite literally hits the road. Inspired by the heartbreak of reaching the front of the line only to hear the gwinyas are finished – and the way Darwin Rev turned that moment into a national mood with Amagwinya Aphelile – the Where Are the Gwinyas? fan destination sends a Wrapped-branded amagwinya kombi on a multi-city road trip.
The truck travels through Cape Town, Durban, Johannesburg and Pretoria, serving up gwinya with a Wrapped twist – from fish fillet to bunny-chow-inspired curry fillings and classic snoek, atchar and polony. At each stop, fans turn up their favourite Wrapped anthems, transforming the kombi from simple food truck into rolling street party.
“Wrapped has always been about reflecting fans’ stories back to them, and this year those stories from Sub-Saharan Africa are literally spilling into the streets. From the amagwinya road trip in South Africa to the data stories coming out of Nigeria and Kenya, we’re showing that the numbers behind Wrapped are really about how people here live, move and connect through music,” says Spotify’s Head of Marketing for Africa, Sithabile Kachisa.
How Africa listened in 2025
Wrapped is ultimately about turning listening data into stories fans can see themselves in – and nowhere is that more vivid than in Africa.
In South Africa, early mornings belonged to Ciza’s Isaka, with more than 46,000 fans pressing play at exactly 6:00 a.m., turning sunrise into a shared soundtrack. Mafikizolo’s Uyoncengwa Unyoko passed 14 million plays, proving some songs are built for repeat on both the dancefloor and in the taxi rank.
In Nigeria, Fido’s Joy is Coming found its way onto more than 700 playlists tagged as sad, as listeners reached for hope even when the mood was low. Davido’s With You amassed over 42 million streams, underlining the staying power of one of the country’s most beloved hitmakers.
In Kenya, Extra Pressure was added to fans’ gym playlists, turning workouts into high-stakes training montages, while Njerae’s Aki Sioni crossed 3.2 million streams, transforming vulnerability into a chart-ready strength.
Across the continent, these moments show how Wrapped transforms numbers into narratives. The stats reveal not just what Africa listened to in 2025, but how, when and why it mattered – from perfectly timed play buttons and weekday rituals to songs that travelled through communities as gifts, prayers, jokes and declarations. Wrapped gathers all of that energy and hands it back to fans as a story only they could have written.
General News
CAC Lists 15 Unregistered Firms Operating in Nigeria

Corporate Affairs Commission (CAC) has warned Nigerians against dealing with 15 unregistered entities using company names and registration numbers that are not in the commission’s records.

In a public notice signed by CAC Management, the commission said it had discovered the use of purported company names and RC numbers that are not registered with the CAC, urging the public to disregard them and verify all business information directly from its portal.
“The CAC remains committed to protecting the integrity of the Companies Register, upholding the law, and ensuring a safe and transparent business environment in Nigeria,” the CAC said.
According to the notice, the following are the entities not registered with the CAC:
Famas Services Nigeria Limited (RC: 216312)
Promo Dutch Investment Limited (RC: 396654)
Dialack Concept Nig. Ltd (RC: 297772)
Purpleheart Construction and Real Estate Mgt. Co. Ltd (RC: 1210548)
M/S Loktu Enterprises (BN: 373466)
Loktu Enterprises (BN: 400390)
Badatoyak Ltd (RC: 521322)
Johson Nats Limited (RC: 198492)
Peoples Club Nigeria International (CAC/IT/41191)
Jiba Enterprise (BN: 577523)
Civil Engineering Solutions Nigeria Limited (RC: 33001)
Gabdoff Hotel Ltd (RC: 112409)
Amoka Group (BN: 545221)
BEEC Nigeria Limited (RC: 30143)
- Adetunji (BN: 657466)
Explaining the reason for the commission’s publication, the statement noted that it aligns with its statutory role of maintaining an accurate and reliable companies register, protecting investors, and preventing fraudulent activities in the business environment.
The commission urged Nigerians to always confirm the status of any company or business name through its official portal.
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