General News
NNPC’s Withdrawal of $1.2Bn Triggers Panic in Banks

Nigerian National Petroleum Corporation (NNPC) has withdrawn $1.2 billion (N240 billion) from banks, triggering more dollar liquidity squeeze in the money market and causing the value of the naira to depreciate further at the parallel market, according to New Telegraph.
The NNPC reportedly wrote to the lenders last Tuesday, intimating them of its intention to transfer its domiciliary accounts to the Central Bank of Nigeria (CBN).
A top NNPC official, who pleaded anonymity, confirmed the withdrawal yesterday. He said the decision to move the accounts to the CBN stemmed from the ongoing probe of the corporation, stressing that it was to harmonise all “their accounts.”
A CBN official, who also asked not to be named because he has no clearance to speak on the issue, corroborated the NNPC official’s statement.
He said the NNPC’s directive to transfer its funds to the Central Bank was in order given the fact that the CBN is a banker to the government and that the oil corporation is also an institution of the government.
He, however, said the funds would boost the CBN’s reserves and improve its ability to stabilise the naira, which has received severe bashing at the parallel market, where forex end users that do not need documentation source for their dollars.
Besides, he said the decision to move the NNPC accounts to the CBN might not be unconnected with the ongoing probe of the oil swap deal and NNPC.
But the withdrawal of the funds has continued to jolt the money market, as banks, which had already created assets with the dollars, were said to be running helter-skelter to restructure the mis-matches that had been created with the NNPC funds.
According to New Telegraph, a treasurer in one of the tier-one banks said lenders may have to start calling back their dollar loans extended to customers.
“This is a serious problem for us because the CBN has not been selling dollars to banks and we have used the dollars being recalled by NNPC to pay for trade obligations to customers offshore,” said another senior treasurer of a tier-two bank.
Renaissance Capital, a leading investment banking firm originating from Russia that operates in high-opportunity emerging and frontier markets, few days ago, put the shortfall in the forex market, which the apex bank had not been able to meet at $4 billion.
This has exerted enormous pressure on the parallel market, where N243 exchanged for a dollar yesterday. The official exchange rate, however, remained stable at N196.95 per dollar.
Since June 24 when the markets started reacting to the CBN’s latest policy to restrict access to foreign exchange for certain categories of importers, the naira has declined against the dollar almost on a daily basis.
Although most analysts are predicting another devaluation to around N210, Non-Deliverable Forwards – currency derivatives traded offshore – pointed to it being priced at around N255-N261 to $1 before the end of the year.
Just last week, the release of part of the N400 billion funds approved by the Federal Government to clear the backlog of salaries in states and local governments had further worsened the fortunes of the ailing naira.
Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria (ABCON), said the demand for dollars had surged as individuals rushed to convert their naira to dollars.
He said: “There is a lot of demand with the recent injection of cash by the government. Part of the funds is being converted to dollars.”
Similarly, another BDC operator, who asked not to be named, said, “The scarcity is really serious; there is no dollar anywhere. So, people who have the money are buying available dollars with a view to later selling at a higher rate.” As at April, the CBN had spent $4.7 billion in defending the naira. Last February alone, it used at least $3.4 billion in fixing the exchange rate.
Nigeria’s reserves, according to the latest data on the banking watchdog’s website, is $29.95billion as at last Monday, which is totally at variance with the $31.89 billion announced by the CBN Governor, Mr. Godwin Emefiele, last week during his meeting with the Senate.
Some critical stakeholders in the economy, including the Managing Director of Financial Derivatives Limited, Bismarck Rewane, had stressed the need for a further devaluation of the naira.
For instance, Mr. Bisi Onasanya, Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, , contended that the CBN needed to let the naira devalue because the foreign- exchange trading restrictions had started to harm growth in the economy.
“People just don’t believe the CBN has what it takes to sustain the exchange rate at the present level.
The market needs to reopen. You cannot peg the naira at a level that the whole world knows is unrealistic.
“We are in a situation where Nigerian banks are shopping for foreign exchange in the international market. We need to bite the bullet and move on, or there will be repercussions over the long term,” he said.
But reacting to the steady decline in the value of the naira on the parallel market last Thursday, Mr. Ibrahim Mu’azu, CBN’s Director, Corporate Communications, stated that the apex bank would not be distracted by the development and would not take it into consideration in determining the exchange rate.
He said the volume of trading in foreign exchange taking place in the market was so marginal that it should not be used to determine the naira’s rate.
New Telegraph had reported last week that the banking watchdog had begun probing banks to ascertain those that have complied with its directive on the transfer of public sector revenue accounts to the CBN account.
The investigation followed the expiration of the June 30, 2015 deadline that the banking watchdog set for the exercise.
General News
EdTech Platform Unveils over 5,000 Self-Paced Courses for Skills, Knowledge, and Literacy

Hallos, formerly known as Aahbibi, has officially announced its rebrand alongside the launch of more than 5,000 self-paced courses aimed at strengthening knowledge transfer, accelerating skill acquisition, and improving literacy among everyday learners across Africa and beyond.

The new identity signals a renewed commitment to building an inclusive, creator-driven learning ecosystem that equips individuals with practical, relevant skills for today’s economy.
Positioned as a creator-economy engine, Hallos brings together education, entertainment, and commerce within a single digital platform. It integrates live classes hosted by creators, social commerce and merchandising, podcast-driven learning, and quiz-based gamification. This blended approach is designed to deepen understanding, boost engagement, and promote fast, practical learning experiences for users at every level.
With creators already active on the platform from Kenya, Ghana, Côte d’Ivoire, Lagos, the United States, and Dubai, Hallos is cultivating a truly global community rooted in African creativity and innovation. Its expanding international network offers diverse perspectives, practical insights, and culturally relevant content that resonates with learners across regions.
Beyond online learning, Hallos is also emerging as a creative economy powerhouse, driving engagement through physical and hybrid experiences.
Upcoming initiatives include the Learning247 Creator Summit at the University of Nigeria, Enugu Campus (UNEC), and a major exhibition at the Enugu Technology Festival. These events are designed to connect creators, learners, and industry stakeholders, fostering collaboration, showcasing innovation, and expanding opportunities in the creative and digital sectors.
At the heart of Hallos’ mission is a four-pillar strategy focused on long-term social and economic impact. The platform is dedicated to supporting women in technology, advancing massive open connected education, and positioning Africa as a global production hub through market-ready skills development.
By empowering individuals with practical knowledge, Hallos aims to strengthen the labour market and unlock new economic opportunities across the continent.
Hallos is also introducing a social impact course that encourages collective participation in Africa’s transformation. The initiative invites individuals, creators, and organisations to help reshape narratives, broaden opportunities, and drive the continent toward greater prosperity.
With its new brand identity and expanded course catalogue, Hallos is charting a bold future for learning — one where creators lead, communities thrive, and practical knowledge is accessible to all.
General News
FG Partners World Bank, AfDB on Climate Action

The Federal Ministry of Livestock Development has announced its commitment to collaborate with the World Bank Group and the African Development Bank (AfDB) to address climate change challenges affecting Nigeria’s livestock sector.

Permanent Secretary of the ministry, Dr. Chinyere-Ijeoma Akujobi, made this known during a meeting with a delegation from the two banks on Wednesday in Abuja.
She said the partnership aims to unlock opportunities for sustainable growth and resilience in the industry and that the collaboration is strategic in realising the ministry’s strategic goals.
“The proposed collaboration aligns with our mandate to mitigate the adverse impacts of climate change on livestock production, safeguard livelihoods, and promote environmentally responsible practices throughout the value chain,” the permanent secretary said.
Represented by the Director of Planning, Research and Statistics in the ministry Mr. Ohaeri Ezenwa, Dr. Akujobi highlighted the livestock sector’s significance to Nigeria’s economy.
She pointed out that “Despite its importance, the sector is highly vulnerable to climate variability and change,” outlining its implications for animal health, productivity, and greenhouse gas emissions.
While emphasising the urgency of robust policies and reliable data to address the impacts of climate change, the Director (Technical) and Team Lead of the Technical Working Group on Climate Change, Dr. Alike Peter, explained that “These realities underscore the need for evidence-based policies and coordinated national action to drive climate-smart livestock development.”
Dr. Peter said that the Technical Working Group supports the National Livestock Growth Acceleration Strategy (NLGAS), which aims to double the sector’s contribution to GDP from approximately $32 billion to $74 billion in a decade.
He added, “Both growth pathways have direct implications for greenhouse gas emissions, making climate considerations crucial in livestock development planning.”
The ministry is also collaborating with the World Bank to establish a national methane baseline and develop evidence-based mitigation measures.
Dr. Peter said, “Ongoing collaborations aim to strengthen Nigeria’s Nationally Determined Contributions (NDCs) and access carbon markets.”
Dr. Harrison Charo Karisa, a representative from the World Bank Group, highlighted opportunities in climate-smart aquaculture, the blue economy, and carbon markets.
“Seaweed can serve as a nutritious livestock feed supplement rich in essential vitamins and minerals,” he noted.
Dr. Youssouf Kabore, Chief Livestock Officer at AfDB, commended the ministry’s proactive approach and assured the bank’s support in implementing effective interventions in the livestock sector.
General News
Kaspersky Highlights Cyber Threats at a Major Event Such as the Winter Olympics Games

The 2026 Winter Olympics will begin on February 6 in Italy, attracting the attention of fans both online and offline. Hundreds of athletes will participate, and the host cities are expected to welcome large crowds. Kaspersky experts have listed the types of threats that may emerge in the context of a major international event, regardless of its location.

The Event Audience as a Target
The Olympics attract thousands of people travelling to the host country. Offline spectators may face unpleasant surprises such as fake tickets, which scammers distribute. This could result in stolen funds from bank accounts or even compromised cryptocurrency wallet credentials instead of access to their favourite events. Meanwhile, online fans are at risk from fake live streams and fraudulent websites selling merchandise of their favourite athletes.
Travellers may also encounter fraudulent services posing as cell phone plans that collect and steal personal and financial information. That is why it’s convenient to choose Kaspersky eSIM Store to always stay connected, avoiding potential fraudulent services and physical SIM card hassles.
Attacks on athletes
Cybercriminals may exploit publicly available information and the popularity of the participating athletes. Other scenarios might be targeted phishing attacks and deepfake-based operations aimed at data theft or blackmail.
These should be of particular concern, as well as the potential hijacking of social media accounts. In addition, athletes may face risks of ‘doxxing’, — the public exposure of private information — and other forms of tech-enabled abuse, which can impact personal safety.
Threat actors may also take advantage of vulnerabilities in online security, particularly through data leaks that affect users’ personal information. The Data Leak Checker feature in Kaspersky Premium enables users to identify potential compromises in their accounts, alerting them to any risks of exposure.
Urban infrastructure attacks
Both profit-driven and other types of threat actors may target critical city systems, including transportation, utilities, communication networks, and vulnerable public Wi‑Fi, with the aim of disrupting services or compromising operational stability.
According to a 2024 study by Kaspersky, conducted ahead of the Summer Olympic and Paralympic Games in Paris, nearly 25 percent of the approximately 25,000 free Wi-Fi hotspots analysed in the city were found to have weak or no encryption, putting users’ personal and banking data at risk of theft.
These attacks can be carried out using malware, network intrusions, or manipulation of connected systems, potentially affecting city operations and services relied upon by residents and visitors. Using security solutions such as Kaspersky Premium along with a VPN will help to protect data by encrypting Internet connection and securing online activity.
Ransomware
Ransomware actors, seeking maximum profit, may view mass events and the related entities such as vendors or other organisations in the supply chain as high-value targets. To maximise financial gain from the high demand to attend the event in person, such attacks can target hotel networks in the host city, as well as stadiums, official ticket sales platforms and other event resources.
APT attacks
Advanced Persistent Threat (APT) actors also consider large international events as strategically significant targets due to their global visibility, high concentration of critical IT infrastructure contractors and complex supply chains.
A prime example of such an attack was the Olympic Destroyer, used against the IT infrastructure at the 2018 PyeongChang Olympics. In this attack, the malware spread within the organisers’ network using compromised credentials and was aimed at sabotage and disrupting the operation of the event.
Hacktivism attacks
Hacktivist actors may launch campaigns targeting event-related organisations to achieve their strategic goals and public attention. These offensive operations could take the form of data theft and leaks, misinformation, or the disruption of the systems involved in the event, such as broadcast infrastructure or ticketing platforms, potentially affecting both the spectators and organisations.
“Events on the scale of the Olympic Games typically draw significant attention from cybercriminals, and potential threats can take many forms, affecting spectators, cities’ infrastructure and the athletes themselves, as well as millions of people accessing with digital services before, during and after the event.
The international dimension and big audience make such events especially attractive targets for sophisticated actors, who pose serious threats that everyone involved should be prepared for,” said Igor Kuznetsov, Director of Global Research & Analysis Team at Kaspersky.
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