E-Business
Opinion: Nigeria Strides into Q4

By Lukman Otunuga, Research Analyst at FXTM
Nigeria displayed its resilience in the global arena on repeated occasions this year, by confronting a currency crisis, navigating depressed oil prices and rebounding from an economic deceleration.
With the nation currently in the process of recovering from its worst slump in 25 years, despite the headwinds created from both external and internal risk, the overall outlook remains highly encouraging.
Annual inflation has eased considerably, while core fundamentals suggest that the economic landscape continues to stabilize. With the driver behind Nigeria’s economic rebound fuelled by sustainable sources such as manufacturing, agriculture and trade, it is clear why sentiment is slowly turning bullish.
Now that Nigeria has shown the world that it resilient, the central bank is likely to direct its focus towards mitigating inflation and further supporting the local currency.
The fact that Nigeria managed to grow 0.55% in Q2, despite suffering a painful contraction for five consecutive quarters, highlights the tenacious nature of the nation and prospects for future growth. Consumer prices also eased to 16.01% in August, pointing to signs of improving price stability.
While there is still some distance to go before inflation falls back within the Central Bank of Nigeria’s 6-9% target, improved Dollar supply which has eased inflation by reducing import costs, may play a part in inflationary pressures becoming a theme of the past.
Although the combination of accelerating growth and falling inflation may encourage the CBN to cut benchmark interest rates in the future, it is only one element of the equation. While an interest rate cut is likely to boost business confidence and support the nation further, attention should be directed towards the fiscal side.
Taking a look at the fiscal side of the equation, it can be said that Nigeria is in dire need of a national infrastructure plan. Major roads remain in poor condition, bridges and railways need to be renovated and education needs an overhaul.
It should be kept in mind that a solid and stable infrastructure yields a healthy economy, while a weak foundation limits growth and exposes the nation to downside risks. Rectifying these issues has the ability to not only create employment but it would also support economic growth – ultimately boosting investor confidence.
On a positive note, the National Bureau of Statistics (NBS) recently reported that Nigeria recorded an export rise of 73.5% in the second quarter of 2017.
There was a significant rise in non-oil exports with agricultural goods increasing in the country’s foreign exchange earnings. With agriculture remaining the backbone of Nigeria, this report was highly encouraging, especially when you consider how the nation has an ongoing quest to diversify from oil reliance.
Focusing on the foreign exchange outlook, the Naira held its ground against the Dollar in September, with prices trading within a narrow range on the parallel market exchange. The implantation of the Investors and Exporters (FX) Window has bolstered confidence over Nigeria’s outlook and this may be reflected in the Naira’s current stability.
The Naira’s price action also suggests that the increased supply of foreign exchange into the largest economy inAfrica has attracted investors, ultimately creating another wall of stability in the FX markets.
While the outlook for the Naira is starting to look encouraging amid the stabilizing fundamentals, markets will still be observing how Nigeria tackles the system of multiple exchange rates. With the central bank aiming to erase the multiple exchanges, which would require an official devaluation, it becomes a matter of when and how.
Resurgent oil prices have positively impacted the nation’s government revenues and even reinforced the stability of foreign exchange markets. Investors are becoming increasingly optimistic about OPEC’s ability to rebalance the market long-term, as this was reflected in WTI Crude which appreciated towards $52.
With further upside on the cards in the short to medium term amid the optimism, the Nigerian government is likely to receive more revenue. It should be kept in mind that Oil prices still pose a significant external risk to Nigeria in the longer term, especially when considering how fragile the current OPEC supply cut deal really is.
With OPEC requesting Nigeria to cut production by 1.8 million barrels a day, this complicates matters, as the Federal government’s 2017 budget is based on the production of 2.2 million barrels per day at $44.50 per barrel. A situation where Nigeria limits production and oil prices depreciate, could pose a serious threat to the budget, ultimately punishing economic growth.
As the final quarter of 2017 gets underway, markets will be closely watching to see if the stabilizing economic conditions prompt the Central Bank of Nigeria to cut interest rates.
A rate cut will be one the first steps of many the nation takes on in its ongoing mission to recover economically, diversify and continue to rattle the global arena.
E-Business
Elon Musk Seeks $134Bn from OpenAI, Microsoft for ‘Wrongful Gains’

Elon Musk, billionaire Tesla owner, has asked a United States (US) federal court to award him up to $134 billion in damages from OpenAI and Microsoft, stating that the companies earned “wrongful gains” from his early support of the artificial intelligence startup.

Elon Musk,
This is according to a court filing, reported by Reuters.
In filings ahead of a trial expected to start in April in Oakland, California, Musk stated that OpenAI benefited between $65.5 billion and $109.4 billion from his contributions when he helped co-found the organisation in 2015, and Microsoft gained between $13.3 billion and $25.1 billion through its involvement.
He has asked a United States (US) federal court to award him up to $134 billion in damages from OpenAI and Microsoft, stating that the companies earned “wrongful gains” from his early support of the artificial intelligence startup.
This is according to a court filing, reported by Reuters.
In filings ahead of a trial expected to start in April in Oakland, California, Musk stated that OpenAI benefited between $65.5 billion and $109.4 billion from his contributions when he helped co-found the organisation in 2015, and Microsoft gained between $13.3 billion and $25.1 billion through its involvement.
Musk’s legal team argues that his early financial and strategic contributions, including approximately $38 million in seed funding, the recruitment of key personnel, and assistance in connecting founders with contacts, laid the foundation for the later success of OpenAI and Microsoft’s commercial AI efforts.
“Without Elon Musk, there’d be no OpenAI. He provided the bulk of the seed funding, lent his reputation, and taught them all he knew about scaling a business. A pre-eminent expert quantified the value of that,” Musk’s lead trial lawyer Steven Molo told Reuters.
“Just as an early investor in a startup company may realise gains many orders of magnitude greater than the investor’s initial investment, the wrongful gains that OpenAI and Microsoft have earned—and which Mr Musk is now entitled to disgorge—are much larger than Mr Musk’s initial contributions,” the filing said.
Musk, who left OpenAI’s board in 2018 and now leads AI company xAI, alleges that OpenAI violated its founding non-profit mission when it restructured to include a for-profit arm tied to Microsoft’s investment and commercial strategy.
Meanwhile, OpenAI has labelled the lawsuit “baseless” and part of a “harassment campaign” by Musk, and Microsoft’s legal team has said there is no evidence the company “aided and abetted” OpenAI in any wrongdoing.
Both companies have asked the judge to limit what Musk’s expert witness may present at trial, arguing that the damages calculations are unreliable and could mislead a jury.
According to Reuters, Musk’s filing says he may pursue punitive damages and other penalties, including a possible injunction, if the jury finds the companies liable, though it did not specify what form any injunction would take.
E-Business
Nigeria Targeted with 4,622 Cyber-attacks Per Week in December 2025

In December 2025, organisations globally faced sustained cyber pressure, as the average number of cyber-attacks per organisation per week reached 2 027, a 1% increase from the previous month and a 9% increase from December 2024.

This is according to December 2025 Global Cyber Attack Statistics by Check Point Research, the threat intelligence arm of Check Point Software Technologies.
According to the statistics, Latin America was the hardest hit, with companies experiencing an average of 3 065 cyber-attacks per week, a 26% year-over-year increase.
In contrast, Africa saw a decline in attacks, with Nigeria (4 622 attacks per week) and Angola (4 002 attacks per week) being the most targeted countries on the continent.
The report’s findings highlight the evolving cyber threat landscape, with ransomware and GenAI-driven data risks posing significant challenges to companies worldwide.
Ransomware attacks jumped 60% year over year, with 945 publicly reported incidents in December. Qilin was the most active ransomware operator, responsible for 18% of publicly disclosed attacks.
“Ransomware continues to scale through industrialised operations, while unmanaged GenAI usage is creating widespread data exposure at enterprise level,” said Omer Dembinsky, data research manager at Check Point Research.
The report noted the education sector was the most targeted industry globally, with 4 349 cyber attacks per week; followed by government (2 666 attacks per week); and associations and non-profits (2 509 attacks per week).
The widespread adoption of GenAI tools has introduced new cyber security risks, with one in 27 GenAI prompts posing a high risk of sensitive data leakage.
Experts warn that companies must prioritise prevention-first security, real-time AI threat intelligence and strong governance over AI tools to mitigate these risks.
Hendrik de Bruin, head of security consulting at Check Point Software, added: “Strengthening ransomware resilience, deploying AI-powered prevention and enforcing clear GenAI governance will be critical to reducing cyber risk in the year ahead.”
E-Business
Half of Global Companies Build SOCs to Enhance Cybersecurity, with a Focus on Human Expertise

Among the primary reasons for establishing a Security Operations Center (SOC) are strengthening cybersecurity posture, enabling faster detection and response and gaining a competitive edge.

Interestingly, despite the increasing demand for automated cybersecurity solutions, businesses rely on skilled security professionals to make key decisions, as human expertise remains essential for effective security management.
A Security Operations Center (SOC) is a dedicated organisational unit responsible for continuous monitoring and safeguarding of a company’s IT infrastructure. Its core mission is to proactively detect, analyse and respond to cybersecurity threats.
To identify the main drivers, strategic priorities, and potential challenges in SOC planning and implementation, Kaspersky has conducted a comprehensive global study involving senior IT security specialists, managers and directors from companies with 500 or more employees.
All participants operate without a SOC but have plans to establish one in the near future. The study spans 16 countries across APAC, META, LATAM, Europe, and Russia, providing valuable insights into the emerging trends and best practices in SOC development worldwide.
The findings of the research reveal that 50% of companies intend to establish SOCs to strengthen their cybersecurity posture, and 45% are motivated by the need to address increasingly sophisticated and dangerous threats.
Other drivers include budget optimisation, the necessity for faster detection and response, and the expansion of software, endpoints and user devices – factors that demand more comprehensive and layered security measures.
These are cited by 41% of organisations. Additionally, 40% seek better protection of confidential information, 39% aim to meet regulatory requirements and one-third (33%) expect SOC capabilities to provide a competitive edge. Larger enterprises tend to cite each of these reasons more often, reflecting the broader operational and regulatory pressures they experience.
Continuous monitoring becomes the leading SOC requirement
Among the key functions organisations plan to delegate, 24/7 security monitoring leads at 54%. This around-the-clock vigilance enables early detection of anomalies, prevents escalation and sustains cyber resilience in real-time. This demand highlights a strategic requirement for proactive risk management, as organisations aim to defend against persistent threats that can strike at any moment.
Companies intending to fully outsource SOC operations show a stronger interest in applying “lessons learned” methodologies, whereas those developing internal SOCs focus more on access management to maintain tighter control.
Human expertise drives SOC technology choices
While SOCs use advanced technology, the choices made by organisations show that human analysts are very important. Among the solutions that organisations plan to include in SOC are – Threat Intelligence Platforms (48%), Endpoint Detection and Response (42%) and Security Information and Event Management systems (40%) – sophisticated solutions that automate data collection and reduce operational load, however, they depend heavily on skilled security professionals who provide critical context, interpret complex findings and make final decisions when guiding appropriate responses.
Other solutions chosen include Extended Detection and Response (38%), Network Detection and Response (37%) and Managed Detection and Response (33%). Large enterprises tend to adopt more technologies (5.5 per SOC on average), while smaller ones integrate fewer (3.8).
“To successfully build a SOC, companies must prioritise not only the right mix of technology but also the careful planning of processes, clear goal-setting and effective resource distribution.
“Well-defined workflows and continuous improvement are essential to ensure that human analysts can focus on critical tasks, making the SOC a proactive and adaptable component of their cybersecurity strategy,” comments Roman Nazarov, Head of SOC Consulting at Kaspersky.
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