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Youth Unemployment: A Driver of the Igaming Industry in Nigeria

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Across Africa, online gambling has become a big deal with many igaming companies rolling out operations in different parts of the continent.

Youth Unemployment: A Driver of the Igaming Industry in Nigeria

In countries like Nigeria, South Africa, Ghana, Kenya and more recently Uganda and Zambia, more betting companies are springing up to tap into what is considered an untapped market for igaming.

While all these countries have made some varying degree of advancement in establishing a virile gambling industry, some have enjoyed more success when compared to other countries.

For example, Nigeria boasts one of the biggest markets in Africa for a number of reasons. The demography, vast population and an unparalleled love for sports make the country a fertile ground for igaming investments.

Currently, it is estimated that one in three individuals that fall within the youth bracket are actively involved in sports betting and they see it as a means of escaping poverty.

Nigeria has a unique population. Around 70% of her 217 million people are youths.. To put it in perspective, that percentage translates to about 151 million people.

However, the sad reality is that a large chunk of Nigeria’s youth population is affected by worsening unemployment.

It has been reported that youth unemployment in Nigeria stands at about 40%. Worse still it is projected to get worse, with the global economic crises.

With all the economic challenges, growing unemployment, gloomy forecast and a lack of social safety measures, it is not hard to see why many young people are resorting to sports betting.

As it stands, there are millions of youths in Nigeria who view online betting as the last hope of getting by and meeting their daily expenses.

The venture is now so popular that there is a strong community of punters and bettors on the different social media platforms like Twitter and Facebook, where betting codes and tips are shared.

A regular bettor, Friday John who resides in Lagos claims he uses his winnings from sports betting to offset bills.

‘Na betting I take dey hold my sef. I Dey take codes for Twitter and play. Sometimes, I win, and sometimes I lose. If not for betting, things for really bad for us.’ He stated in the Pidgin language.

He continued: ‘For example, me I be Bricklayer, but we no dey see job because people no get money to build anything again’

No doubt, unemployment  is a major factor that has contributed to the growth of online sports betting which currently divides opinions in Nigeria.

Even more people are projected to turn to sports betting with the biting economic hardship.

The penchant of young Nigerians to try their hands at online gambling for a life changing win is not lost on the betting companies, and they are making their offers more attractive.

The list of betting bonuses available to players in Nigeria is growing everyday and they are at liberty to choose any of the mouthwatering that gets them hooked more often than not.

One wonders if there will be a sharp decline in the number of persons who actively partake in online gambling if the Nigerian economy makes a turn for good.

Or could unemployment be just a screen smoke to a much deep -seated  problem that has eaten deep into the fabric of Nigerian society.


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E-Business

ISDL Achieves IMS Certification

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Integrated System and Devices Limited (ISDL), a major provider of electronic security solutions, is delighted to announce the successful attainment of ISO 14001:2015 and ISO 45001:2018 certifications following a rigorous audit process conducted by Bureau Veritas Certification Holdings SAS-UK Branch.

ISDL Achieves IMS Certification

In 2021, ISDL bagged the Quality management systems ISO 9001:2015, and now in 2024, with unwavering dedication to customer satisfaction, the occupational Health and Safety system ISO 45001:2018 and the Environmental management system ISO 14001:2015 have been consolidated to form an Integrated Management System.

These certifications, covering ISDL’s headquarters and branches, signify the company’s unwavering commitment to upholding the highest standards of quality management across all facets of its operations.

According to Oluseun Mabogunje, managing director of ISDL, the scope of the certifications encompasses the design, procurement, supply, installation, integration, maintenance, and after-sales support of various electronic security and Extra Low Voltage (ELV) equipment.

Mabogunje expressed his elation at receiving the IMS certifications, emphasizing ISDL’s dedication to delivering exceptional quality and service to its clientele. He emphasized that this achievement underscores the company’s ongoing pursuit of continuous improvement and customer satisfaction.

 

 

 


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Cybervergent’s Q1 2024 Report Reveals Rising Threat of Remcos RAT Malware in Financial Sector

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Cybervergent, a foremost technology company providing automated cybersecurity solutions, in its Quarterly Brief has revealed a troubling trend in the financial sector that shows a spike in attacks utilising the deceptive Remote Control and Surveillance Access Trojan (Remcos RAT) in Q1, 2024.

The findings affirm a stark forewarning to the financial institutions and organisations in the African continent, urging heightened vigilance and proactive measures to mitigate potential escalating risks.

Previously marketed as a legitimate software, Remcos got co-opted by malicious actors and is now a prevalent tool in cybercrime campaigns. This remote access tool grants attackers hidden entry into victims’ devices, allowing them to seize control, pilfer sensitive data, and even introduce stealth backdoors to compromise entire systems. The capabilities of Remcos are diverse and frightening, ranging from disabling vital security features like User Account Control (UAC) to covertly recording user activities.

“As vigilant cybersecurity gatekeepers, we have observed a significant surge in attacks leveraging the Remcos RAT malware,” said Gbolabo Awelewa, the Chief Solutions Officer, Cybervergent. “Financial institutions are particularly targeted due to the sensitive nature of their data and assets. Organisations must remain diligent and adopt proactive monitoring measures to safeguard against such threats.”

The proactive approach adopted by Cybervergent’s Cyber Operations Centre involves meticulous analysis of attacker tactics, constant updating of threat intelligence, and implementing robust endpoint security solutions. These measures are designed to detect, prevent, and neutralise Remote Access Trojans like Remcos, ensuring the continued security and compliance of organisations in the face of evolving cyber threats.

“Our mission is to fortify our clients’ defenses and ensure the seamless operation of their organisations,” added Gbolabo. “By staying ahead of emerging attack vectors and vulnerabilities, we empower businesses to take proactive measures and protect their valuable assets.”

Looking ahead, Adetokunbo Omotosho, Chief Executive Officer of Cybervergent emphasised the firm’s focus on empowering organisations to navigate the complexities of cybersecurity and compliance with dexterity and confidence.

“Cybervergent’s Assurance and Compliance Team has demonstrated unparalleled leadership in the cybersecurity domain, achieving significant milestones and delivering transformative solutions. Our journey through Q1 reflects a deep commitment to advancing the state of cybersecurity compliance, paving the way for a secure and resilient digital future for organisations in Africa and across the world”, he added.


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Konga Launches Free Same Day Deliveries on Starlink, Apple & Samsung Nationwide

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Konga, the only authorised shop-in-shop for Starlink Internet kits in Nigeria, is offering its customers free same day delivery across all major cities in the country.

With prices of Starlink Internet kits slashed by 50%, Konga is delivering additional value so that both homes and businesses in urban and remote places can enjoy infinite possibilities with their internet on both their standard and enterprise installations. This offer which is available both online and in its retail stores nationwide is exclusive to new and existing customers this month.

With the improvement in prices on both original standard and enterprise Starlink kits, customers can now enjoy a global warranty and direct installation services by purchasing only on Konga.

Since the launch of the partnership with the Elon Musk owned satellite internet provider, Nigerians have continued to celebrate the uninterrupted supply of fast and efficient cyber network services from the authentic devices available on Konga.

In addition to Starlink, other unique items from leading global companies such as Apple, HP, Lenovo, Samsung, Zinox, Philips, Intel and many more are available at unbeatable discounts in the Konga Tech Month from the 1st and will run till the 31st of May 2024.

The Konga Tech Month was extended from its traditional 7day promotion to 30days to give more people access to exclusive deals throughout the month. To enjoy these mouthwatering offers, visit konga.com or any of its physical outlets today.


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