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PwC at Workshop Identifies Journalists’ Key Roles in Sectorial Reportage

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PwC at Workshop Identifies Journalists’ Key Roles in Sectorial Reportage  By peter ugwu   The PricewaterhouseCoopers (PwC) network, in recognition of the place of the media, generally and, journalism in particular, in entrenching good governance, sustenance of democracy, and ensuring a conducive climate for investment and economic development, organized a Capability Enhancement Workshop for Journalists in Lagos, last weekend.  Uyi Akpata, country senior partner, Nigeria and Regional Senior partner for PwC W
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The PricewaterhouseCoopers (PwC) network, in recognition of the place of the media, generally and, journalism in particular, in entrenching good governance, sustenance of democracy, and ensuring a conducive climate for investment and economic development, organized a Capability Enhancement Workshop for Journalists in Lagos, last weekend.

Uyi Akpata, country senior partner, Nigeria and Regional Senior partner for PwC West Market Area, said the initiative was in recognition of this indispensable role of the media especially in the areas of finance and business reporting.

The workshop, in its second year, was developed to help financial journalists improve the contribution they make in terms of their reporting and to ensure an in-depth analysis of the subject, he said.

The workshop had a rich outline of topics including Understanding & Reporting the Budget; Economy and Monetary Policy; the Oil & Gas Value Chain and Impact on Crude oil & gas pricing; Governance & Corporate Reporting; ICT as a major advancement tool in Nigerian Media Practice. Business reporting is particularly challenging for journalists because it is an extremely diverse area involving a complex and technical range of issues covering policy, tax, economics, finance, governance as well as financial reporting.

According to Akpata, “We recognise that it takes extreme care and skill to get a business story right, and convey it to the public in a manner that is factually accurate, yet comprehensible and easy to understand. We are therefore partnering with the media to demonstrate our commitment to high-quality journalism in Nigeria”.

Key Take Away from the Workshop

Understanding and Reporting the Budget

According to Taiwo Oyedele, partner, head of Tax & Regulatory Services, PwC, aligned with the school of thought that budget is the second most important document of a country next only to the Constitution.

He defined a budget as “simply a plan of revenue and expenditure over a specified period of time. It provides the framework on which the government’s key policy agenda is built and implemented. Given the federal system of government in Nigeria, detail allocation of revenue and resources across the different tiers of government as well as government departments, ministries and agencies is part of the budgeting process”.

He therefore, said that the budget is an important tool for identifying sources of revenue, allocate the scarce resources in an efficient manner, and ensure effective implementation of the strategic goals that should improve the welfare of the people. “In terms of transparency and accountability, the budget provides a framework to measure the performances of political office holders and for stakeholders and the public in general to demand accountability for the resources of the country. Legal bases and reality check Based on the law, the Constitution requires that there must be a budget.

“Section 81(1) provides that the President shall cause to be prepared and laid before each House of the National Assembly at any time in each financial year estimates of the revenues and expenditure of the Federation for the next following financial year.

“In section 81(2), the heads of expenditure contained in the estimates (other than expenditure charged upon the Consolidated Revenue Fund of the Federation by this Constitution) shall be included in a bill, to be known as an Appropriation Bill (that is, Budget), providing for the issue from the Consolidated Revenue Fund of the sums necessary to meet that expenditure and the appropriation of those sums for the purposes specified therein. The Fiscal Responsibility Act also requires a cash plan and schedule of disbursement within 30 days of enactment of Appropriation Act.

“In addition, quarterly reports are to be prepared within 30 days of the end of each quarter.

“Unfortunately in reality, the budget is usually presented late by the Executive with further delays in debate between the executive and legislature on less important issues bordering on benchmark oil price rather than revenue generation. Also, very little information is provided regarding actual implementation.

“Salient Questions and Food for thought. Certain questions must be addressed for change to happen rather than sustaining the status quo.

“These include: 1. why do we start our budget from a zero base every year? What happens to the unspent amounts from previous years due to budget under-performance?

“3 2. Why do we not subject actual implementation to value for money audit? The question is whether what “it is” is as good as “what could have been”. 3. Should Nigeria continue to depend on crude oil to drive our budget? How do we diversify our source of revenue? 4. How do we ensure that the budget is prepared and approved timely and actually serves its purpose and not just a “tick-the-box” exercise.

Concluding Thoughts

When analysing the budget, journalists must be able to read between the lines. It is often what has not been said that is more important that what was actually said; Learn to connect the dots from one period to another and also with respect to different components even within the same budget. For instance, it will be useful to relate Debt to GDP ratio versus debt service to total revenue; budget deficit and capital expenditure; subsidy and oil benchmark etc and The media needs to track performance and report over the entire period not just during the budgeting process; Tell a story, give statistics, and a balanced perspective.

Also, ensure accuracy of information, do research, speak to experts; Ask the right questions even if they are difficult  and Be creative, give substance -don’t just collate information We hope there will be a positive change in our approach to Budgeting as a nation with significant improvement in level of implementation and ultimately transparency and accountability.

ICT: A Major Advancement Tool in Nigerian Media Practice

Mr. Joseph Iruafemi, business/lead strategist, Web-Fair Solutions and co-director, Founders Institute, urged media practitioners to embrace modern technologies to enhance their performances.

Iruafemi said that with software, virtual newsrooms are possible; where news-gathering and editing are done real-time through collaborative-editing tools, cloud-sources, between the reporter and the editor.

He added that with iReports, news platforms in the country have empowered the people to be part of the news gathering, although authentication of the news credibility has posed greater challenge.

On news dissemination, he said with over 90 million Nigerians having access to the internet, searching for credible news, the onus falls on the professional journalists to harness the opportunity to better their worth, while repositioning the nation in the comity of new world information order (NWIO).

“Is it possible for us to have a website that coverts words to audio, because most young people prefer to listen to audio to reading letters/words. We are in an era of software for micro-contents; where media houses partner the telecoms on additional news contents dissemination. This will help in expanding the horizons of the media and the readership will broaden,” he suggested.

He further urged the participants not to allow the social media to wrestle the pen from their hands, adding that authentication of reports and analytical reports would always endear the conventional media to the readers’ heart.


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Meta Files Appeal over $25,000 Damages Awarded to Falana

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Meta Platforms, Inc., global technology company,  has filed an appeal against the judgment of the Lagos State High Court delivered in favour of  Femi Falana, human rights lawyer, setting the stage for a potentially significant legal battle over digital rights, platform liability, and the enforcement of fundamental rights in Nigeria.

Meta Files Appeal over $25,000 Damages Awarded to Falana

Femi Falana

The appeal, dated April 10, 2026, follows the ruling in Suit No. LD/18843MFHR/2025: Falana v. Meta Platforms, Inc., in which Justice O. A. Oresanya ruled in favour of Falana and awarded damages of $25,000 over a video publication alleged to have violated his rights.

Meta’s legal team, led by Mofesomo Tayo-Oyetibo, SAN, filed a Notice of Appeal containing eight grounds challenging both the procedural and substantive basis of the High Court’s decision.

At the centre of the appeal is a jurisdictional dispute over whether the case should have been treated as a fundamental rights enforcement matter.

Meta argued that the trial court erred by entertaining the suit under the Fundamental Rights (Enforcement Procedure) Rules, maintaining that the claims were essentially based on alleged false publication and reputational damage.

According to the company, such claims properly fall within the scope of defamation law, rather than constitutional rights enforcement.

Meta contended that by allowing the case to proceed as a fundamental rights action, the trial court assumed jurisdiction it did not possess.

The company also challenged the court’s finding of liability based on the doctrine of undisclosed principal.

Meta argued that there was no evidence establishing a principal-agent relationship between the company and the publisher of the disputed video, identified as AfriCare Health Centre.

The technology firm maintained that the video was created and uploaded by an independent third party and not by Meta itself.

It further emphasised that as a digital intermediary platform, it neither originated nor exercised editorial control over the material.

In addition, the appeal questioned the trial court’s conclusion that Meta violated Section 24(1)(a) and (e) of the Nigeria Data Protection Act.

Meta insisted that it was wrongly classified as a data controller in the case.

According to the company, there was no evidence showing that it determined the purpose or the means of processing the personal data involved in the disputed publication.

Meta also faulted the High Court’s decision to award $25,000 in damages to Falana.

The company described the award as unwarranted and urged the appellate court to set aside both the damages and the entire judgment delivered by the lower court.

Raising concerns about the conduct of the proceedings, Meta alleged that it was denied a fair hearing during the trial.

The company claimed that the trial court raised and decided certain issues suo motu without inviting submissions from the parties involved.

Meta further alleged that the court failed to properly consider key arguments presented in its defence before reaching its decision.


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WATRA Positions West Africa’s $216bn Digital Economy for Growth

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The West Africa Telecommunications Regulators Assembly (WATRA) has reaffirmed its commitment to advancing a secure, inclusive, and resilient digital ecosystem in West Africa following the successful conclusion of its 4th Working Groups Meeting in Ouagadougou, Burkina Faso—at a time when the region’s digital economy is expanding rapidly and reshaping growth prospects.

The meeting, hosted by the Autorité de Régulation des Communications Électroniques et des Postes du Burkina Faso (ARCEP), brought together regulators, technical experts, and stakeholders from across the region under the theme: “Building a Secure, Inclusive, and Resilient Digital Ecosystem for West Africa.”

In his opening and closing remarks, the Executive Secretary of WATRA, Mr Aliyu Yusuf Aboki, described the meeting as a significant milestone in the organisation’s evolution, marking the transition from dialogue to the delivery of practical regulatory tools.

Aboki is a telecommunications engineer and policy specialist with over two decades of experience across the ICT sector, including work with global telecommunications firms such as Ericsson and MTN in Nigeria and other markets.

He has played an active role in cross-border regulatory coordination, spectrum policy, and digital transformation initiatives, contributing to policy harmonisation efforts across West Africa and representing regional perspectives in international telecommunications and digital economy engagements.

As Executive Secretary of WATRA, he leads the organisation’s strategic engagement with regional and global stakeholders, helping to shape coherent regulatory frameworks and strengthen Africa’s voice in global discussions on digital policy and telecommunications development.

“Nearly two years after the establishment of the Working Groups, we can take pride in the progress achieved. What began as a vision has evolved into a dynamic mechanism for peer learning, coordination, and knowledge exchange,” Aboki said.

Over the course of the meeting, the Working Groups finalised a set of technical reports covering key areas critical to the region’s digital transformation, including 5G deployment, submarine cable resilience, cybersecurity frameworks, consumer protection, and non-geostationary satellite (NGSO) regulation.

Aboki emphasised that the outputs are intended to serve as practical instruments to guide policy and regulatory action across WATRA’s 16 member states.

“These reports are not merely formalities. They will inform policy, guide regulatory action, and strengthen regional harmonisation,” he stated.

The meeting comes at a time when West Africa’s telecommunications sector is undergoing rapid transformation, driven by emerging technologies such as digital financial services, artificial intelligence, and the Internet of Things (IoT). Aboki noted that this shift requires more adaptive and forward-looking regulatory frameworks, particularly in areas such as data protection, cybersecurity, and digital governance.

He further highlighted that the outcomes of the Working Groups will contribute to the evaluation of WATRA’s 2022–2025 Strategic Plan and inform the development of its 2026–2030 strategy.

“The reports produced here represent concrete evidence of the value generated through this collaborative approach and reaffirm the importance of coordinated regulation in bridging the digital divide in West Africa,” he said.

Economic Context: A Large and Fast-Growing Digital Opportunity

The importance of WATRA’s work is underscored by the scale of the West African economy and the accelerating contribution of digital technologies.

The ECOWAS region, comprising over 400 million people, has a combined GDP estimated at approximately $700–800 billion in nominal terms, with Nigeria accounting for more than two-thirds of economic output. This makes West Africa one of the most economically significant regions on the African continent.

Digital technologies are playing an increasingly central role in this growth. According to industry and multilateral estimates, the digital economy contributes between 4% and 6% of GDP across many African markets, with mobile technologies alone accounting for roughly 4–5% of GDP in West Africa, and rising steadily as connectivity improves.

Within this context, the West African digital market—spanning e-commerce, digital payments, connectivity services, and platforms—has been estimated at over $200 billion, with recent projections placing it above $216 billion in 2024, reflecting rapid expansion in mobile penetration, fintech adoption, and platform-based services.

Beyond scale, the digital economy is increasingly recognised as a critical driver of:

  • Economic growth, through productivity gains and new enterprise creation
  • Welfare improvements, by expanding access to financial services, education, and healthcare
  • Inclusion, particularly by connecting rural and underserved populations

Across the region, a number of leading markets are shaping this transformation:

  • Nigeria, the region’s largest digital economy and home to major telecom and fintech players
  • Ghana, a fast-growing hub for digital payments and financial innovation
  • Côte d’Ivoire and Senegal, which are emerging as key digital and infrastructure growth centres

These dynamics reinforce the importance of coordinated regulatory frameworks—such as those being developed through WATRA—to ensure that digital growth translates into broad-based economic and social gains.

The Executive Secretary also confirmed that the recommendations arising from the meeting will be presented to the WATRA General Assembly for consideration and adoption.

WATRA expressed its appreciation to the Government of Burkina Faso and ARCEP Burkina Faso for hosting the meeting, commending their support and commitment to regional cooperation. Special recognition was given to the Chairman of the Regulatory Council of ARCEP, Dr Pasteur Poda, and the Executive Secretary, Mr Patrice Compaoré, for their leadership.

Aboki also acknowledged the contributions of the Working Group members, Co-Chairs, Rapporteurs, and the WATRA Secretariat, noting that their voluntary efforts have been instrumental in strengthening the organisation’s technical capacity and relevance.

“As we transition into the next strategic cycle, we expect even greater impact from WATRA’s work. This will depend on sustained collaboration and the continued engagement of our experts across the region,” he added.

He concluded by reaffirming WATRA’s commitment to deepening regional cooperation and supporting the implementation of harmonised regulatory frameworks to enable digital growth and inclusion across West Africa.


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Experts Reveal a Steady Decline of High-severity Incidents Over the Years

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According to the ‘Anatomy of a Cyber World: Global Report by Kaspersky Security Services’, there has been a noticeable decline in the percentage of high-severity incidents over the past few years.

While 2021 recorded the highest proportion at 14.3%, 2025 experienced the lowest in six years at just 3.8%. This trend indicates that many attack attempts were quickly detected and effectively mitigated by Kaspersky MDR experts, preventing their severity from escalating beyond medium levels.

High-severity incidents are defined as attacks involving direct human involvement that result in a significant impact on the customer’s IT infrastructure. In 2025, the number of such incidents detected by Kaspersky MDR decreased by 19% compared to 2024, highlighting improvements in early detection capabilities and more effective remediation efforts among Kaspersky MDR clients.

A detailed analysis of the root causes of these incidents in 2025 reveals the following insights:

Human-driven attacks accounted for approximately 23% of high-severity incidents. Although this represents a slight decrease from 2024, they continue to be the primary cause of serious breaches.

Kaspersky detected such attacks in nearly 21% of customers, demonstrating that motivated adversaries persist in bypassing automated defences. Despite advancements in automated detection tools, these highly skilled attackers still find ways to evade security measures.

Confirmed cyber exercises like Red Teaming made up over 23% of incidents. When activity is verified as part of security testing, it’s often classified as infrastructure false positives, though customers frequently report them as incidents.

Social engineering ranked third, responsible for over 15% of high-severity attacks and affecting nearly 18% of organisations. These are classified as high-severity when successful and not automatically remediated, often leading to security awareness recommendations.

Security policy violations constituted just under 14% of all cases, involving legitimate accounts performing suspicious actions like data exfiltration. Malware incidents represented less than 12%, while artifacts from past attacks, or APT traces, were found in over 7% of cases. Vulnerability detection, though not core focus for Kaspersky MDR, was reported in fewer than 5% of incidents.

“The decline in high-severity incidents highlights the critical importance of adopting a proactive cybersecurity strategy. Human-led solutions such as Managed Detection and Response (MDR) and Incident Response remain essential in combating sophisticated, human-driven threats.

To further enhance the effectiveness and efficiency of in-house security teams, organisations should incorporate advanced, automated solutions like Extended Detection and Response (XDR), which provide improved visibility and enable faster responses.

Additionally, leveraging SOC consulting services can assist in building a robust Security Operations Center from the ground up or optimising an existing one for maximum performance.

An integrated approach to hybrid security operations empowers organisations to detect threats early, contain them swiftly, and ultimately prevent severe breaches from occurring,” comments Sergey Soldatov, Head of Security Operations at Kaspersky.

 

 

 

 

 


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