E-Business
Serial Entrepreneurs Tasks Entrepreneurs to Understand Business Fundamentals

Emerging entrepreneurs have been urged to understand the fundamentals of a successful business before kick starting the journey of entrepreneurship.
Two successful and serial entrepreneurs, Simeon Ononobi, the founder of SimplePay and MyAdsApp and Adeoye Abodunrin, the ED of Xpos Technologies, were on hand to set the Startups present at the CFA’s Startups Hangout (May edition) on the right course.
The Startups were offered insight into what it takes to run successful startups.
CFA’s Startups Hangout is a monthly meetup, where Startups meet to learn and grow their businesses from successful Entrepreneurs that grace each edition of the Startups Hangout. The successful entrepreneurs divulge nuggets that assisted them in catapulting their various businesses into success as well as advice on what Startups should do to avoid pitfalls. Startups are also afforded the opportunity to network and synergize with one another.
The first invited Speaker, Simeon Ononobi, Founder of SimplePay and MyAdsApp, stated that he started venturing into business at the age of 16 by teaching people how to open emails at the University.
He later opened a cyber cafe and that was how he made his first million. He said venturing into businesses for him usually occurred from mistakes that caused him problems and the need to solve the problem by himself.
He stated that after solving the problems by himself, he now investigated to see that various other people had the same problems. This now gives him the opportunity to solve their problems for them at a price, hence, his starting a business in that line.
Simeon went on to consult for Guaranty Trust Bank PLC, offering to carry out the jib for free, but was eventually paid for his services.
His good work at Guaranty Trust Bank won him many more contracts, including YouWin, a Federal Government initiative. “Know the market you’re dealing with. Don’t be excited in entering every market. Start small”, Simeon advised the Startups present at the event. Simeon also advised that Startups should go into partnership with one another or even work with bigger entrepreneurs to have their dreams realised.
On his part, the second invited Speaker, Adeoye Abodunrin, ED, Xpos Technologies, stated that, Startups need to be level headed because they cannot afford to make mistakes as the odds are high against them.
He said that you cannot run an innovation business where your idea can be taken over by anyone with a deeper pocket, like you will run a traditional business that has a set format for its operations. He advised that anywhere the Startups see pain, discomfort and chaos, they should know that innovation is in the offing. “If you’re a Startup, you have to know how to convert pain into comfort in order to make money”, he stated.
He said that Startup businesses involves three stages that intersect each other and any Startup that wants to be successful should locate himself at the point where the three intersect. The thee are, Pain (human needs), Technology (technological understanding and how to supervise it) and Value (Business sense, creativity, funding and value creation). “Idea is cheap, but impact engineering is key”, Adeoye stated.
Adeoye went on to advice the Startups to allocate budget for Research and Development, no matter whether the Startup is at the Small approach stage (5% to 10%), Repeatable approach stage (40% to 50%) and Hybrid, but risky stage (70%).
Adeoye explained that the first point in the entrepreneurial journey is to understand the needs of the customers and identifying the target market. “You need to know exactly where you’re selling your products”.
He tasked entrepreneurs to have the broad knowledge of technology to afford then to supervise the tech aspect of their business.
“Technology is the key tool to make business flexible and it is important to understand how it works before you can start delegating responsibilities,” Adeoye said.
“If you’re thinking innovation, think about how to manage money, think about customers money, break even point, payback period, return on investment, future value of money, etc.”, Adeoye concluded.
The Hangout ended with the Startups asking the invited speakers questions to which relevant answers were given. Most of the Startups said they look forward to attend the June edition of the CFA’s Startups Hangout, as they are gaining a lot from the invited guest speakers.
E-Business
Firm Discovered a New Corporate Phishing Technique using a Popular AI Web Development Platform

Kaspersky has discovered that attackers have begun exploiting another legitimate service for malicious purposes – this time it is Tencent EdgeOne Pages, a platform for creating and hosting web applications.

Attackers are misusing its capabilities to generate phishing emails targeting corporate users. Previously Kaspersky has described similar attacks leveraging Google services and web applications generated by Bubble, an AI-powered app builder, to hunt for corporate credentials.
Employees across multiple industries including the industrial sector, sales, and government are among the targets. The goal of the attack is to steal login credentials for corporate resources. Over the past 30 days, the company’s experts have detected more than 8,000 phishing emails using this tactic, including messages in English, Korean, and Russian.
The Tencent EdgeOne Pages service is positioned as a platform for quickly creating and deploying web applications using AI. Scammers misuse it to generate and publish phishing pages in minutes with virtually no web development skills.
Attackers host phishing pages on EdgeOne’s legitimate cloud infrastructure and use trusted domains. As a result, such sites appear to be established and secure to many protective solutions, complicating the detection of such attacks.
How the attack begins
The user receives an email from the alleged “corporate email support team”. The message states that the account login credentials will expire in 48 hours, and that failure to update them may result in problems receiving or sending emails.
To avoid restrictions, the user is prompted to click a link and enter relevant information. Phishing emails are not limited to this narrative, and could deliver any corporate message, such as a message from the HR department or a notification of a received document that should be downloaded.
Clicking the link in the email opens a page with a form for entering the victim’s name, email address, and password. It is a simple design, with virtually no additional elements.
After the user enters their login and password, the data is transferred to a server controlled by the attackers.
“We are seeing a continuation of the trend in which attackers use AI and no-code platforms as part of their phishing infrastructure. We’ve previously observed a similar scheme using the Bubble platform, and here we have yet another example.
“While the communication used in these phishing attacks is typical and has been used before multiple times, the attack technique itself significantly lowers the barrier to entry for attackers and accelerates the creation of phishing resources.
“Previously this required at least basic web development skills, but now an infrastructure for fraudulent emails can be created in minutes,” comments Roman Dedenok, Anti-Spam Expert at Kaspersky.
E-Business
Kaspersky Report Shows Early 2026 Witnessed an Increase in Cyberattacks on the Manufacturing Sector

According to a new Kaspersky ICS CERT report, in Q1 2026 the percentage of industrial control systems (ICS) on which malicious objects were blocked reached 19.6% globally. Kaspersky security solutions blocked malware from 10,052 different malware families of various categories on industrial automation systems.

Regionally, the share of ICS computers that were attacked ranged from 27.4% in Africa to 9.1% in Northern Europe. Compared to the previous quarter, attacks on the manufacturing sector in Q1 increased in multiple regions, including in Europe and Asia.
Regional split
In terms of overall numbers across all industry sectors, five regions saw an increase in the share of attacked ICS computers in Q1 2026 compared to the previous quarter. These were Southern Europe, Russia, Northern Europe, Canada and Africa.
Industries
In Q1, biometric systems traditionally placed first in terms of the share of ICS computers on which malicious objects were blocked, at 26.4%. These systems commonly have Internet access, are used for email, and, in many cases, have minimal cybersecurity controls within the organisations that use these systems.
Regionally, Southern Europe leads the ranking based on the percentage figures for biometric systems, at 35.15%. Africa follows at 29.58%, and Central Asia comes in third at 28.53%.
In the manufacturing industry, Southeast Asia ranks first among regions in terms of the percentage of ICS computers attacked (23.21%), followed by Africa (21.36%) and South Asia (20.13%).
In 2025, Kaspersky and VDC Research estimated that in just the first three quarters of 2025 cyberattacks on manufacturing organisations via ransomware could have generated over $18 billion globally in losses. Actual business losses could have been even higher when factoring in supply-chain disruptions, reputational damage, and recovery expenses.
“Legacy operational technology systems remain deeply embedded in manufacturing environments, which makes them vulnerable. Supply chain complexity and branching of the trusted partner network expands the attack surface beyond the network perimeter.
Attackers are realising that targeting OT assets of an industrial enterprise is not rocket science, which is why factory shutdowns bring massive financial losses,” commented Evgeny Goncharov, Head of Kaspersky ICS CERT.
E-Business
NDPC, Meta Launch 2-Year M-SIDP after Regulatory Settlement

Nigeria Data Protection Commission (NDPC) has launched the Meta-Supported Initiatives for Data Protection (M-SIDP), a strategic programme aimed at strengthening data privacy awareness, regulatory compliance and institutional capacity across Nigeria’s digital ecosystem.

The initiative follows the conclusion of regulatory proceedings involving Meta Platforms Inc., the parent company of Facebook, Instagram and WhatsApp, over concerns relating to the processing of personal data belonging to Nigerian users. The matter was resolved in 2025 through a court-approved settlement.
Under the agreement, Meta committed to supporting a two-year programme of public-facing data protection measures designed to advance the objectives of the Nigeria Data Protection Act (NDP Act) 2023, the General Application and Implementation Directive (GAID), and the NDPC Strategic Roadmap and Action Plan (SRAP) 2023–2027.
Announcing the initiative, the Commission said the programme would strengthen safeguards for data subjects while promoting responsible data processing practices among organisations operating in Nigeria.
According to a statement signed by Itunu Dosekun, head of the NDPC Media Unit, the programme will focus on governance, research and development, safety and sustainability mechanisms for technology ecosystems, capacity building for Data Protection Officers (DPOs) and Data Protection Compliance Organisations (DPCOs), as well as public awareness campaigns targeted at vulnerable groups.
The Commission stated, “As part of the settlement, Meta committed to supporting a two-year programme of public-facing data protection measures that aligns with the objectives of the Nigeria Data Protection Act, 2023 (NDP Act), the NDP Act General Application and Implementation Directive (GAID) and the NDPC Strategic Roadmap and Action Plan (SRAP) 2023–2027.”
The NDPC stressed that the settlement does not limit its regulatory authority.
“Nothing in this settlement limits the Commission’s independent statutory powers as we continue to exercise our regulatory mandate in relation to data processing activities in Nigeria, in accordance with the NDP Act and other applicable laws,” it stated.
The development comes amid rising global scrutiny of technology companies over data privacy practices, with regulators in regions including the European Union and the United States tightening enforcement against breaches and non-compliance.
Nigeria has also intensified efforts to strengthen its privacy framework following the enactment of the Nigeria Data Protection Act in 2023, which established the NDPC as an independent regulator empowered to monitor compliance, investigate violations and impose sanctions.
Industry experts warn that increasing digital adoption across banking, telecommunications, e-commerce, healthcare and public services has heightened risks of identity theft, cybercrime and unauthorised data sharing.
The NDPC has in recent years stepped up enforcement actions against organisations that violate data protection rules, while also expanding accreditation for Data Protection Compliance Organisations and training for privacy professionals.
The Meta-supported initiative is expected to address gaps in public awareness and technical capacity, while also supporting research and policy development on emerging issues such as artificial intelligence, cross-border data transfers and platform governance.
The Commission said it would provide periodic updates on the implementation of the programme and called on stakeholders to support efforts to build a secure, transparent and accountable privacy ecosystem in Nigeria.
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