News
Red Star Boss Commends FG On Currency Swap

Mr. Sule Bichi, group managing director of Red Star, one of Nigeria’s logistics company, has commends the Federal Government of Nigeria for its currency swap policy of Naira to Yuan, pointing out that this will help boost the logistics industry, as well as other sectors of the economy.
He stated this at the just concluded Institute of Directors’ 2016 ADC conference in Abuja.
Bichi, explained that the swap is a smart idea simply because a large chunk of the Nigeria’s import comes from China and South East Asia.
“The swap is a smart idea simply because a large chunk of the Nigeria’s import comes from China and South East Asia, so if we can eliminate changing our naira to dollars or pounds sterling and using the Yuan as a means of transaction with the Chinese, this will reduce our cost. What we want is the availability. Nigerian banks can open letters of credit denominated in the Chinese currency, it cuts the third party currency exchange requirement and the cost of transaction will be lower”, he noted.
The Group Managing Director who recently emerged as one of the top 25 CEOs whose stock did exceptionally well on the stock market last year disclosed that the scarcity of foreign exchange at this period has even necessitated the deal because it will open up business between the two countries and stimulate movements from China easily while eliminating the third party currency that has made procurement of raw materials from different destinations a hard nut to crack.
“China remains the top import location for Nigeria in the past 10 years. Chinese companies can get their materials from Nigeria and we can easily get our materials from China. This will help the economy to come up. China is a major buyer of our crude oil and with that the exchange is even further facilitated. So the logistics side of it is that once there are things to move, then the logistics industry will receive a boost. That is when the market will have an improvement”, he stated.
Bichi also noted that the courier and logistics industry in Nigeria use, to a large extent products from China and other parts of South East Asia for its consumables and work materials. “For example, most of the motor bikes that are used now in Nigeria, especially for courier business are coming from South East Asia, with most of them produced in China. Secondly, even the common materials used in the industry like flyers and bar-coded airway bills mostly come from China. So the availability of the Yuan will make it easy to bypass the dollar and we can purchase the materials directly”.
He insisted that the Forex situation has affected the logistics industry just like every other business in the country because it has become very intricate to source for dollars to make payments for foreign deliveries and facilitate import and export. “We have to pay for our foreign deliveries in dollars. We have been looking for foreign exchange for the last six months from the Central Bank at the official rate but we could not get it. If we have to source for the foreign exchange through the autonomous market at more than N350 per dollar, this will almost double the cost of delivery of international packages”.
This, he said has doubled the cost of delivering international packages and also compounded the challenges faced by most companies as they grapple with the dilemma of making a decision whether to pass the seemingly additional costs to clients or continue to bear the sudden increase in operation cost.
“If you look at the import into Nigeria in the last six months and compare with the same period last year, you will see that it has dropped by almost 50%. So there are fewer things to move. Even the ports, both sea and air, are no longer as congested as they use to be. Our foreign exchange earnings has dropped, exchange rate has gone up and we now have imported inflation”, he noted.
“We were exporting at the rate of 2.2m barrels per day, and we were selling for about $110 per barrel. Suddenly it crashed. As at today we are exporting about 1.5m barrels per day and we sold at about $50 now. It was below $30 in January and February. So the amount of money in terms of foreign exchange and earnings that is coming to the Federal government has drastically gone down, so there is no other way. If people that were used to eating well, full bread now get half bread, there will be hunger. This is what is manifesting. The government is trying so much to keep the critical sector of the economy moving”, he said.
Red Star Express Group is a premium logistics solution provider in Nigeria with an unrivalled local network coverage and a large market share in the domestic and international market.
It enjoys a domestic strength of over 240 offices in Nigeria, delivers to additional 1,800 communities, with over 2,400 highly trained personnel and over 600 delivery vehicles in its fleet. The company has four business units including The Red Star Express which is a licensee of FedEx, the world’s largest express transportation company. There is the Red Star Freight, Red Star Logistics and Red Star Support Services.
News
Kaspersky, AFRIPOL Conduct Joint Cybersecurity Training for African law Enforcement

As part of a joint initiative with AFRIPOL, Kaspersky provided cybersecurity training courses for law enforcement representatives from 23 African countries, unfolding the fundamentals of Security Operations Center (SOC) activities and advanced threat hunting techniques.

As cyberthreats continue to grow in scale and complexity, strengthening the technical capabilities of law enforcement agencies has become an important priority worldwide. Through knowledge-sharing programmes, technology companies can contribute practical expertise gained from real-world cyber investigations and threat analysis.
Such collaboration helps equip law enforcement professionals with the skills and tools needed to investigate digital crimes more effectively and strengthen cybersecurity capabilities.
From November 2025 to March 2026, around 40 African officers from 23 countries* received “Security Operations and Threat Hunting” training, provided as part of the cooperation agreement between Kaspersky and AFRIPOL signed in 2024. During the training, African officers gained practical knowledge of Security Operations Center (SOC) activities and modern cyber-defence practices.
The programme covered key aspects of threat detection and incident investigation, including how to identify malicious activity in Windows and Linux environments, analyse attacker tactics, techniques and procedures (TTPs) and use threat intelligence to uncover advanced threats.
As part of the training, a series of online Q&A sessions were organised, providing participants with the opportunity to engage directly with experts and course authors from Kaspersky’s Security Services team. These sessions allowed attendees to clarify complex topics, discuss practical cases and receive additional insights, reinforcing the learning experience and ensuring a deeper understanding of key cybersecurity concepts.
“Cybercrime today is highly sophisticated, borderless and constantly evolving, which means no single organisation can tackle it alone. This is why cooperation and knowledge sharing between the private cybersecurity sector and law enforcement agencies are so critical. Our long-standing collaboration with AFRIPOL demonstrates the value of this approach.
“Over the years, Kaspersky and AFRIPOL have worked together to better understand the cyberthreat landscape across Africa and to support international efforts aimed at disrupting cybercrime. By continuing to invest in training and capacity building, we aim to support law enforcement professionals with the expertise they need to investigate digital crimes effectively and contribute to building a safer and more trusted digital environment for everyone,” says Yuliya Shlychkova, Vice President, Public Affairs, at Kaspersky.
“Strengthening the capabilities of law enforcement agencies is essential to effectively address the growing complexity of cybercrime across the African continent. Initiatives such as this training programme play an important role in equipping officers with the practical skills needed to investigate cyber incidents, analyse digital evidence and respond to emerging threats.
“Cooperation with partners from the private cybersecurity sector, such as Kaspersky, helps law enforcement agencies stay informed about the latest threat trends and investigative approaches.
“We highly value this collaboration and the opportunity it creates to further develop the cybercrime response capabilities of AFRIPOL member countries,” says Dr Mohammed Benaired, Head, Training and Capacity Building Division at AFRIPOL.
In 2024, to further enhance global efforts to combat cyber offenses, Kaspersky and AFRIPOL signed a cooperation agreement in preventing and fighting cybercrime.
Covering a period of five years, the document formalises and facilitates cooperation between the company and the law enforcement agency in sharing threat intelligence data on the latest cybercriminal activities and entails the provision of assistance and know-how in information security analysis.
Kaspersky Expert Training is used by numerous organisations and academic institutions to advance their skills in battling against cybercrime. Since the inception of this online training programme, Kaspersky experts have trained more than 3,000 specialists from 50 countries around the world.
Providing their expertise with 12 educational courses, they share their insights on advanced tactics and strategies in Reverse Engineering, Threat Hunting, Incident Response and more – each divided by the level of students’ experience.
News
Nigeria Spends $470m on AI-powered Surveillance Devices- Report

Nigeria has emerged as the largest investor in artificial intelligence-driven surveillance systems on the continent, committing over $470 million to advanced monitoring technologies, according to a new report.

Pic credit…bokysee.com
The study found that Nigeria, alongside 10 other African countries, has collectively spent no less than $2.1 billion on AI-powered surveillance infrastructure.
AI-powered surveillance devices represent a significant shift from passive recording to active, real-time monitoring and threat detection
The study, described as the most comprehensive account of smart city surveillance in Africa, examined deployments in Algeria, Egypt, Kenya, Mauritius, Mozambique, Nigeria, Rwanda, Senegal, Uganda, Zambia and Zimbabwe.
These investments include facial recognition systems and automatic number plate recognition tools aimed at strengthening security and urban monitoring.
The report, titled “Smart City Surveillance in Africa: Mapping Chinese AI Surveillance Across 11 Countries,” was produced by the Institute of Development Studies and released in March 2026.
It highlights Nigeria’s position at the forefront of adopting smart surveillance technologies, reflecting a broader trend across Africa where governments are increasingly turning to AI solutions to address security challenges and improve urban management.
“This level of expenditure translates into an average spend in the region of $240m per country.
“Nigeria alone has documented public expenditure of $470m AI-enabled facial recognition and ANPR, making it the continent’s largest buyer of smart city surveillance technologies,” the report stated.
“In all cases, we know that the real total is significantly higher because surveillance spending is often secret; no figures were available for two of the 11 countries studied; the public accounts for the other nine countries were incomplete; and this study included only 11 of Africa’s 55 countries,” the researchers noted.
The report said most of the surveillance infrastructure deployed across the countries was supplied by Chinese firms and financed through soft loans from Chinese banks.
“The Chinese safe city surveillance package is typically financed by soft loans from Chinese banks.
“A typical package involves a loan of $250m from Eximbank tied to the purchase of surveillance cameras from Hikvision and a command and control centre built and serviced by Huawei or ZTE,” it said.
The report explained that the packages usually include thousands of smart closed-circuit television cameras capable of transmitting geo-located facial recognition and vehicle number plate data in real time.
“The Chinese safe city package typically includes installing thousands of smart CCTV surveillance cameras, which transmit geo-located facial recognition and car number plate data in real time for analysis using artificial intelligence at dedicated data centres that serve as command and control facilities for police and security operatives,” the report added.
The study further revealed that China supplied smart city surveillance technologies to all 11 countries reviewed, while South Korea and Russia supplied three countries each, and the United Arab Emirates supplied two.
It added that the actual spending across the region could be significantly higher due to secrecy around surveillance budgets and incomplete public financial records.
News
Metaverse Collapses, Horizon Worlds Shuts Down on Quest

The metaverse, championed by Meta (formerly Facebook) in 2021, has largely collapsed due to low user adoption, technical limitations, and massive financial losses exceeding $80 billion.

Mark Zuckerberg
Meta is shutting down its flagship VR platform, Horizon Worlds, in June 2026, marking a major shift toward AI and mobile-first strategies.
The app will be removed from the Quest store on March 31 and discontinued in VR by June 15, continuing only as a mobile service.
Horizon Worlds, launched in 2021, was central to Meta’s rebranding from Facebook and its vision of a fully immersive virtual environment.
Despite billions in investment and high-profile partnerships, the platform failed to attract a large user base and struggled with design limitations and weak engagement.
Reality Labs, the division behind the metaverse push, has accumulated nearly$80 billion in losses since 2020, including more than$6 billion in a single quarter.
Recent layoffs affecting around 10 percent of the VR workforce, along with the shutdown of related projects, underscore a broader pullback.
Competition and shifting priorities have accelerated the decline.
Rival platforms such as VRChat maintained stronger communities, while Meta increasingly redirected resources toward AI and hardware, including its Ray-Ban smart glasses.
Although Meta says it remains committed to VR, the closure of Horizon Worlds signals a strategic reset.
The company is repositioning its future around AI-driven products, marking a decisive shift away from its earlier metaverse vision.
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