News
UBA Takes over AEDC over Failure of KANN Consortium to Service Debt

Nigeria Electricity Regulatory Commission (NERC) and the Bureau of Public Enterprises (BPE) have approved the takeover of Abuja Electricity Distribution Company (AEDC) by the United Bank for Africa (UBA).
This followed the failure of KANN Consortium, the majority owners, to service their debt.
Abubakar Aliyu, minister of power, said this in a statement while reacting to reports regarding the change in the AEDC management structure, which he claimed were out of context.
Clarifying the federal government’s role, Aliyu said the electricity distribution company had been faced with operational challenges arising from a dispute between KANN Consortium, a core investor with 60 percent equity in AEDC, and UBA which lent the fund for the acquisition of the majority shareholding of the disco.
On Tuesday, the ministry of power said President Muhammadu Buhari approved the sack of AEDC management over the strike by the Nigerian Union of Electricity Employees (NUEE).
“The presidential directives as conveyed also directed the Bureau of Public Enterprises to set up a new management team of the AEDC,” Ofem Uket, media aide of the minister of state for power, had said in a statement.
“In a memorandum of understanding MOU, jointly signed by the minister of state power Goddy Jedy Agba, the chairman, Nigeria Electricity Regulatory Commission NERC, Sanusi Garba, director-general, Bureau of Public Enterprises, Alex Okoli, comrade Joe Ajaero on behalf of the union, the federal government ordered the suspension of the strike [and asked to] given 21 days within which the outstanding emoluments and entitlements of staff will be paid.”
In another joint statement on Wednesday, Sanusi Garba, NERC chairman, and Alex Okoh, BPE director-general, said the decision to fire the management of the AEDC was taken by United Bank for Africa (UBA) Plc and approved by the government as the regulator.
“The action to appoint an interim team to manage AEDC was not done on the basis of a directive from the Federal Government as being falsely reported in the press but on the basis of legal processes arising from the failure of the core investor in AEDC to meet its obligations to a lender,” the statement reads.
“The Receiver/Manager has agreed to the appointment of an interim management team in conjunction with BPE as part of measures designed to address business failure events and ensure continuity of service to end-use customers in the service area.”
Speaking on the genesis of the workers’ strike, NERC and BPE said there has been an ongoing dispute amongst competing factions of AEDC’s majority shareholder/core investor KANN Utility Company Limited (KANN).
KANN owns a 60 percent stake in AEDC, while the federal government controls 40 percent shares of the firm.
They said the dispute eventually spilled over to a dispute with UBA Plc, the lender that provided the acquisition loan to KANN for the acquisition of majority shares during the privatisation exercise in 2013, over KANN’s inability to service its debt to the bank.
“During the course of the intractable crisis, AEDC not only struggled to meet its obligations to the market under the terms and conditions of its licence but was also unable to meet its obligations to key stakeholders in the organisation including staff culminating in the industrial action by members of the Nigerian Union of Electricity Employees (“NUEE”),” the statement added.
“The general public should note that arising from KANN’s inability to service its acquisition loan and the ensuing dispute over the servicing of the loan from UBA Plc, the lender exercised its rights by appointing a Receiver/Manager over KANN.
“Stakeholders including NERC, Central Bank of Nigeria (“CBN”) and BPE had on several times worked to broker an amicable resolution between the contending parties.
“The protracted resolution of the dispute exacerbated the state of affairs at AEDC, resulting in industrial action and a total blackout in the service area for over 14 hours.
“It then became apparent that decisive steps were required to address the matter and BPE agreed with the lender’s request to exercise its powers as Receiver/Manager over KANN by exercising its powers over the 60% equity in AEDC as a means to recovering the acquisition loan granted by the Bank.”
News
Nigeria Loses over N200Bn from SSB Tax Annually – CAPPA

Corporate Accountability and Public Participation Africa (CAPPA) has condemned the loss of over N200 billion annually due to gaps in the implementation of the sugar-sweetened beverages (SSB) tax.
Mr. Akinbode Oluwafemi, executive director, CAPPA, who spoke on Tuesday during a media roundtable on the SSB tax, remarked that the funds could directly support Nigeria’s goal of increased healthcare financing, including the Basic Healthcare Provision Fund, the National Health Insurance Authority, and school feeding programmes — helping to build a healthier and more equitable society.
Stressing the need to discourage excessive consumption of SSBs, reduce public addiction to sugary drinks, and stem the rising tide of non-communicable diseases (NCDs) among Nigerians, he called on President Bola Ahmed Tinubu to fulfil his campaign promises of implementing consumption taxes to deter behaviour that undermines individual and community health.
Oluwafemi urged the authorities to increase the SSB tax from ₦10 per litre to at least ₦130 per litre to reduce consumption and encourage manufacturers to reformulate their products.
He noted that the President has a clear opportunity to strengthen the SSB tax and ensure its transparent implementation as part of his duty to protect the health and future of all Nigerians.
Oluwafemi insisted that Nigeria is in the midst of a public health crisis, a ticking time bomb driven by the excessive consumption of unhealthy diets, particularly SSBs.
He said, “These sugar-sweetened beverages, popularly known as soft drinks and their likes, are killing us slowly, turning our streets into graveyards and our hospitals into crowded waiting rooms. According to scientific and medical evidence, they are directly fueling the explosive rise in non-communicable diseases (NCDs), including the slump and die trend we are currently witnessing across various parts of the country.
“Not too long ago, conditions like diabetes, hypertension, stroke, heart diseases, and obesity were all rare and described as afflictions of big men and women. Today, they are snatching our fathers, crippling our mothers, sending young people to early graves, and draining the life savings of entire families. According to the World Health Organisation (WHO), NCDs now account for 1 in 3 deaths in Nigeria.
“They are no longer the diseases of the rich or the elderly; they are aggressively decimating our workforce, destabilising our families, and undermining national productivity.
“Families are forced to sell land, liquidate lifelong savings, and descend into absolute poverty in desperate bids to save loved ones. Mothers who should be growing small businesses or mentoring children are instead chained to hospital wards as unpaid, invisible caregivers.”
He contended that a more robust SSB tax would reduce the consumption of sugar-laden drinks, lower the incidence of preventable illnesses, and improve national health outcomes, while also offering a practical way to expand Nigeria’s fiscal space without increasing broad-based taxes.
He emphasised the need to mandate transparent front-of-pack labelling on all food and beverage products, enabling Nigerians to know what they consume. This, he added, would require annual public reporting by the Federal Inland Revenue Service, the Nigeria Customs Service, and the Ministries of Finance and Health to ensure accountability.
News
How Cybercriminals Exploit Gen Z’s Trends from FOMO to Fast Fashion

Born and raised in a world of fast-evolving technology, Gen Z is the most Internet-savvy generation yet, known for their digital fluency and trendsetting influence. From their earliest years, they have been shaping and redefining the digital landscape, leaving footprints online long before they fully grasp its risks.
But as they navigate a world of hyperconnectivity, social media and online shopping, cyberthreats are evolving just as rapidly.
With its new game “Case 404”, Kaspersky sheds light on how cybercriminals are turning Gen Z’s online habits into attack vectors — and offers practical tips to turn awareness into digital resilience.
- Oversharing and digital footprint increase
For Gen Z, sharing life moments online is second nature. Social media platforms like Instagram, TikTok and Snapchat are filled with geotagged selfies, daily updates and personal stories. However, this constant sharing creates an extensive digital footprint that cybercriminals can exploit for identity theft or social engineering attacks.
Oversharing can inadvertently reveal sensitive details, from home addresses in the background of photos to routines that make users predictable. Even seemingly harmless content, like a photo of their partner or pet, can provide clues for password recovery questions.
- Fear of Missing Out
The Fear of Missing Out (FOMO) refers to the anxiety or unease that arises from a fear of being left out or not being part of the latest updates or connections if they don’t follow what other people are doing on social media. FOMO is a powerful driver for Gen Z, fueled by social media updates about product launches, concerts and events.
Seeing peers attend events, acquire new products or achieve milestones can lead to feelings of inadequacy or exclusion. Whether it’s a new iPhone drop, Taylor Swift’s Eras Tour or a major sporting event, FOMO can push users to click on unverified links promising early access or exclusive deals.
Cybercriminals exploit this urgency by creating clickbait phishing schemes, leading users to malicious sites that steal login credentials or distribute malware. Fake event tickets, pre-order scams and “leaked” insider information are just some of the tactics used to manipulate this fear.
- Nostalgia of Y2K fashion and early 2000s culture
For Gen Z, who were born around or after this era, Y2K fashion represents a blend of nostalgia for a simpler, pre-digital time and a desire to reinvent those styles with a modern twist. Platforms like TikTok and Instagram have amplified Y2K’s resurgence, with influencers recreating vintage looks and sharing thrifted finds. Hashtags like #Y2Kfashion and #Y2Kaesthetic have garnered billions of views.
Gen Z’s fascination with early 2000s culture, from Y2K aesthetics to childhood games, has revived interest in retro titles like The Sims 2, Barbie Fashion Designer and Bratz Rock Angelz.
While these games evoke nostalgia, searching for unofficial downloads often leads users to malware-infested sites. Cybercriminals target this niche interest by embedding malicious software into counterfeit game files. What seems like a trip down memory lane could result in compromised devices or stolen data.
- Fast Fashion
Gen Z loves expressive clothes, wants to stand out rather than fit in and has an ever-changing style — what was in a month ago might already be out. Their trend-chasing habits are supported by fast-fashion retailers supplying accessible ways to switch it up. For instance, Chinese fast-fashion giant Shein, loved by Gen Z, adds 6,000 new products to its website per day.
For Gen Z, fast fashion is more than just a shopping preference — it’s a lifestyle. Fast-fashion brands like Shein, ASOS and Fashion Nova deliver affordability and instant gratification, making them staples for this generation. However, the allure of these brands comes with a dark side.
Fake shopping websites, hoax promocodes and phishing ads capitalise on their popularity, using convincing imitations to lure users into entering their sensitive details. The higher the engagement in online shopping, the higher the risk of encountering fake websites and phishing scams designed to steal personal and financial information.
- iDisorder
Gen Z face a phenomenon called iDisorder, a condition where the brain’s ability to process information changes because of overexposure to technology. This obsession with technology can result in psychological, physical and social disorders, including depression and anxiety.
This is proven by public research: one in three 18- to 24-year-olds now report symptoms indicating they have experienced such mental health problems.
That is why they are extensively turning to digital tools like teletherapy platforms and mental health trackers to alleviate stress.
However, these platforms store highly sensitive personal information, including emotional states, therapy notes and user routines. If breached, this data could be exploited for blackmailing or phishing.
“Trends may evolve rapidly, but the underlying cyberthreats remain constant. Whether it’s leveraging Gen Z’s love for online shopping, capitalising on the urgency created by FOMO or targeting the growing use of mental health apps, attackers are quick to turn popular behaviours into opportunities for phishing, scams and data breaches,” comments Anna Larkina, privacy expert at Kaspersky.
“Start by taking control: verify links and websites before engaging, use strong, unique passwords and enable two-factor authentication for an extra layer of security. Be mindful of what you share online — and most importantly, remember that staying informed is your best defense. Cybersecurity isn’t just about responding to threats; it’s about empowering yourself to navigate the digital world confidently and safely.”
News
NIPOST to Crack Down on Criminal Courier Operators

Nigerian Postal Service (NIPOST) has vowed to clamp down on courier companies found to be aiding the trafficking of drugs and other illicit items through the country’s logistics network.
In a statement issued on by Franklin Alao, director of Corporate Communications, NIPOST expressed outrage over a recent report in some newspapers with the headline: “Nigerian courier services easily transporting hard drugs since Tinubu became president – NIPOST.”
The agency described the headline as false, misleading, and damaging to national security efforts. According to NIPOST, the article falsely attributes the claim to the postal regulator, thereby creating the impression that the agency had endorsed or confirmed such allegations.
“This is categorically FALSE,” the statement said. “At no point has NIPOST made such a statement or associated these activities with the administration of President Bola Ahmed Tinubu.”
NIPOST maintained that while it respects the role of the media in promoting accountability and transparency, the publication in question was reckless and sensational.
It warned that inaccurate reporting on sensitive national issues like drug trafficking not only misinforms the public but also undermines the collaborative work being done to sanitise the courier and logistics sector.
Restating its position, the agency said it strongly condemns the use of courier services for criminal purposes, including drug trafficking.
It reaffirmed its zero-tolerance policy toward the misuse of Nigeria’s postal infrastructure and said it remained committed to regulating the sector with integrity, transparency, and accountability.
NIPOST noted that it had embarked on a range of interventions aimed at improving surveillance and enforcement across the logistics industry.
It stated that all courier operators are currently undergoing a revalidation process and that Know-Your-Customer protocols and compliance audits are being enforced to tighten controls and prevent abuse of the system.
The postal regulator said it is also working closely with the National Drug Law Enforcement Agency, the Nigeria Police Force, the Nigerian Customs Service, and other relevant security institutions to investigate and deter the use of logistics channels for the transportation of narcotics and other contraband items.
In addition, NIPOST said it had intensified engagement with courier operators, transport unions, and logistics associations to promote sector-wide vigilance and encourage the reporting of suspicious packages.
It also revealed that a new Digital Postcode and Parcel Identification System is being deployed nationwide to enhance traceability, eliminate anonymity, and improve parcel screening from the point of dispatch to final delivery.
“The Nigerian Postal Service is fully committed to restoring the integrity of Nigeria’s courier and logistics industry,” the statement said. “Any operator found to be involved in criminal activity will face immediate regulatory sanctions, including license suspension or revocation, and be reported to appropriate authorities for prosecution.”
The agency urged members of the public to use only licensed courier companies and to report any suspicious activity either to NIPOST or relevant security agencies.
It also called on journalists and civil society groups to approach issues in the sector with accuracy, caution, and a shared sense of responsibility.
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