E-Business
Yuguda, SEC DG Explains How Credit Rating Agencies Influence Investment Decisions

Lamido Yuguda , The Director General Securities and Exchange Commission, SEC, has said credit rating agencies, CRAs, play an important role in infrastructural development by providing independent assessments of the creditworthiness of subnational governments and other borrowers; information, which are utilised by investors to make informed investment decisions on optimal capital allocation.

Yuguda, who stated this in his goodwill message at the 2023 edition of DataPro Annual International Rating Webinar with the theme, Role of Sub-nationals & Credit Rating Agencies in Infrastructure Development; held in Lagos, added, “The synergy between the subnational governments and credit rating agencies will potentially play a major role in promoting sustainable infrastructural developments, create a favourable investment climate and advance the country’s quest for rapid transformation.”
According to the SEC DG, “In the past few years, there were some concerns on the roles of rating agencies in the global financial system. For example, rating agencies were challenged with respect to their roles in the 2008 financial crisis. Some critics had argued that rating agencies were too lenient in their ratings of subprime mortgage backed securities, which contributed to the crisis.
“The Commission is not unaware of these concerns, and is committed at ensuring that registered rating agencies operate in a fair and transparent manner. We have taken a number of steps to protect investors and promote confidence in the debt capital market by strengthening our oversight function on rating agencies through Issuance of new regulations and amending existing ones to improve the quality and transparency of the entire credit ratings.
He explained, “Other notable reforms in the debt capital market introduced by SEC include developing rules on book building, shelf registration, green, social, and sustainability bonds, checklist templates to guide market operators for fixed income transactions, reviewing cost of registration fees for fixed income and collaboration with the Association of Issuing Houses in Nigeria (AIHN) to streamline the issuance process.
“These initiatives have enhanced the average issuance period and improved the price discovery process for the debt issues. As a result, the value and volume of debt issuances by sub-national and corporates have tremendously increased over the years. For instance, the value of state bond issued and registered by the SEC from 1978 to 2022 rose from N20million to N1.13trillion respectively.
Keynote Speaker, Mr. Kehinde O. Ogundimu, CEO, Nigeria Mortgage Refinance Company Plc, said, “The development of infrastructure in cities and regions across the world is critical to economic growth and social well-being. Consequently, securing the funding needed to support infrastructure development is a major issue for governments and policymakers around the world.
Ogundimu asserted, “The world spends more than $2.5 trillion a year on infrastructure, an amount significantly lower than $3.7 trillion a year that will be needed through 2035 just to keep pace with projected GDP growth.
“Successful infrastructure delivery demands close alignment and collaboration between a wide range of participants, each with its own agenda and interest. This means that no single player acting alone can effect real change in infrastructure development.
He continued, “Mobilising private funding for infrastructure projects is crucial to bridge the infrastructure gap across the globe. Consequently, we need improved transparency in the infrastructure project generation process, higher certainty concerning the framework conditions for project execution and reduced risk for the operation phase.
“A long-term infrastructure pipeline and better, broader, and more independent cost benefit analysis are the major levers to pull to accomplish this goal.
“Accordingly, experts have recommended the following: Alignment of infrastructure funding and capital market development through long-term bond market development, superannuation, and pension fund preferences, and Enhancing investment attractiveness through higher asset utilization: For this, price signals should guide supply and demand for infrastructure; full cost recovery should improve the attractiveness of private investment; and new technologies can enhance asset utilisation.
“The economic benefits associated with infrastructure investment can be powerful and sustainable. Increased infrastructure investment can bring a wide range of long-lasting and mutually reinforcing benefits.
In the short term, spending on infrastructure projects can create jobs and increase real GDP growth, while the ongoing maintenance and repair activities that are necessary to support infrastructure systems can create permanent and well-paying jobs for the middle-class.
Delivering his welcome address, Mr. Abimbola Adeseyoju, Founder, DataPro Limited, said the goal of the webinar is to provide an annual platform for all stakeholders within the Capital Market and others in affiliated sectors of the economy to brainstorm on how the African continent and by extension the West African countries and Nigeria can utilize the value proposition of the Credit Rating Industry as an enabler of economic development and prosperity.
E-Business
Microsoft Expands Africa AI Push while DeepSeek Gains Users

Microsoft is stepping up its push to expand artificial-intelligence adoption across Africa as competition intensifies with Chinas DeepSeek for influence in one of the worlds youngest and fastest-growing digital markets.

The company plans to train 3 million Africans on its AI technologies this year through partnerships with schools, universities and other institutions, with a focus on South Africa, Kenya, Nigeria and Morocco.
The effort reflects Microsofts broader attempt to accelerate adoption of its AI ecosystem across emerging markets where developers and enterprises are increasingly experimenting with generative AI tools.
Alongside the training initiative, Microsoft is working with MTN Group (MTNOY), Africas largest telecommunications company, to distribute Microsoft 365 and its Copilot digital assistant to about 300 million subscribers.
The Elevate program is designed to expand AI literacy and reduce cost barriers that might otherwise limit adoption, according to regional leadership.
The push comes as Chinese technology firms expand their footprint across the continent, with DeepSeeks open-source models accounting for roughly 11% to 14% of chatbot use in several African markets and reaching about 20% in countries such as Ethiopia and Zimbabwe following investments tied to digital infrastructure and telecom networks.
Microsoft is also increasing its infrastructure investment in the region.
In South Africa, the company plans to invest 5.4 billion rand, or about $330 million, to expand its cloud and AI capacity by the end of next year, while it is also exploring plans for a geothermal-powered data center in Kenya.
Early corporate adoption is emerging across the continent, with South African grocer Spar Group using Copilot in ways that save more than 700 employee hours annually and Nigerias Access Holdings integrating AI into daily workflows.
Regional leadership has suggested broader AI adoption could potentially contribute up to $1.5 trillion to Africas gross domestic product by 2030 if governments and businesses continue investing in digital infrastructure and AI skills.
E-Business
Kaspersky Uncovers a New Android Malware Campaign Disguised as Starlink Application

Kaspersky Global Research and Analysis Team (GReAT) has uncovered a new Android malware campaign in which cybercriminals distributed the BeatBanker Trojan under the guise of the Starlink application for Android.

Threat actors primarily target users from Brazil; nevertheless, Kaspersky experts don’t rule out that users from other countries may also face this threat.
The Trojan employs a Monero cryptocurrency miner and additionally installs a BTMOB remote administration tool (RAT) on the infected devices. To maintain its persistence, BeatBanker uses an uncommon mechanism involving a nearly inaudible looped audio file.
“At first we saw BeatBanker being distributed under the guise of a public services app; it installed a banking Trojan in addition to a cryptocurrency miner. However, our recent detection efforts uncovered a new campaign with another BeatBanker variant that deploys the BTMOB RAT instead of the banker module.
The attackers appear to be using a fresh lure with the Starlink app to reach more victims from different countries. Therefore, it is important for users to stay vigilant and use advanced solutions to protect their smartphones,” comments Fabio Assolini, Head of the Americas & Europe units at Kaspersky GReAT.
Initial vector of infection
Kaspersky experts believe that cybercriminals distribute a fake Starlink application containing the BeatBanker Trojan through phishing pages that mimic the Google Play Store. After execution on a compromised device, the Trojan displays a user interface that also mimics Google Play. Cybercriminals trick victims into granting installation permissions, thus allowing the download of additional hidden malicious payloads.
Crypto mining and BTMOB RAT module
When a user clicks UPDATE on the fake Google Play page, a Monero cryptocurrency miner deploys. BeatBanker monitors battery percentage and the temperature of an infected smartphone, as well as user activity after which a hidden cryptocurrency miner is started or stopped.
The Android Trojan also installs a BTMOB RAT on the compromised device. BTMOB enables full remote control and is sold as Malware-as-a-Service.
It is capable of automatic granting of permissions, hide system notifications and has mechanisms designed to capture screen lock credentials, including PINs, patterns and passwords on compromised devices. The malware also gives cybercriminals access to the front and rear cameras, GPS location monitoring and constant collection of sensitive data.
To ensure persistence and hinder uninstallation, BeatBanker maintains a fixed notification in the foreground and activates a foreground service with silent media playback. This tactic is designed to prevent the operating system from removing the malicious process.
Kaspersky’s products detect this threat as HEUR:Trojan-Dropper.AndroidOS.BeatBanker and HEUR:Trojan-Dropper.AndroidOS.Banker.*.
E-Business
How Africa Can Turn the AI Wave into Inclusive Growth

By Shameel Joosub
For centuries, Africa has powered global economic growth through its resources, labour, and human potential, yet too little of that prosperity has been realised on the continent itself. Today, artificial intelligence presents a rare opportunity to change that trajectory.

As the global economic order undergoes its most significant transformation since the end of the Second World War, Africa stands at a decisive inflection point.
With the world’s youngest population, rapidly expanding digital adoption, and vast untapped potential, Africa is uniquely positioned not just to participate in the AI era, but to help shape it.
Realising this opportunity, however, will require deliberate investment, enabling regulation, and a commitment to ensuring that the benefits of AI reach all 1.5 billion people across the continent.
When I reflect on AI, what strikes me most is that it is enabled by humanity.
Intelligence is fundamentally human, and AI is an extraordinary amplifier of human creativity and capability.
It is not about replacing people. It is about empowering them to do more, faster, and better.
While this progress is remarkable, our responsibility as African businesses is to extend these capabilities beyond our corporate walls so that AI can unlock Africa’s underutilised potential and drive inclusive growth.
Unlocking Africa’s Potential Across Industries
As a purpose-led African connectivity and digital services company serving 223.2 million customers across South Africa, the DRC, Egypt, Ethiopia, Kenya, Lesotho, Mozambique, and Tanzania, Vodacom has invested strategically in AI across multiple sectors.
Our mobile networks reach a population of 588 million people. That reach must translate into opportunity.
Consider agriculture. One of our subsidiary companies, Mezzanine, leverages AI to unlock previously invisible insights into soil composition, empowering farmers to make data-driven decisions that improve crop yields and profitability.
When farmers thrive, food security strengthens and rural communities prosper. That is inclusive growth in action.
In financial services, AI is strengthening trust and security. In Kenya, Graph Network Analytics enhances M-Pesa fraud detection by mapping money movements in real time, helping protect more than 37 million customers who rely on the service in their daily lives.
As criminals target digital payment platforms, AI helps predict and prevent fraud scenarios, including SIM swap fraud and identity theft.
AI is also supporting national infrastructure. In South Africa, connectivity and IoT solutions monitor coal transport in real time from pit to port to power station.
This improves operational efficiency and supports energy security, addressing critical infrastructure challenges that have constrained economic growth.
These are not isolated examples. They represent a broader truth. Technology delivers its greatest value when it solves real problems for real people.
The Infrastructure Imperative: Modernising Regulation
Yet none of this is possible without one fundamental prerequisite: connectivity. Connectivity requires sustained investment in infrastructure, supportive policy environments, and regulatory frameworks that enable innovation.
If Africa is serious about universal access, modern and enabling regulation is essential. Spectrum licensing must be efficient and predictable. Infrastructure sharing must be supported. Universal service funds must be effectively deployed. Administrative barriers to infrastructure rollout must be reduced. Cloud and data platforms, which power AI capabilities, must be supported through enabling policy environments. These are not peripheral issues. They are fundamental to accelerating Africa’s digital and economic transformation.
These challenges represent only a portion of the regulatory barriers that must be addressed to deliver affordable, reliable connectivity to all Africans.
Pan-African Coordination: Our Collective Responsibility
Africa’s greatest advantage is its youth, but demographics alone will not deliver growth. To realise this potential, we must actively skill up young people in our schools and universities so they can take full advantage of an AI-driven future.
That requires modernising education curricula to embed AI literacy, data capability and practical problem-solving at scale. Companies like Vodacom are investing in digital skills development, but unlocking Africa’s potential will require coordinated action across government, academia and industry.
This is why governments and intergovernmental institutions such as the African Development Bank Group, the African Union, SADC, ECOWAS, and other regional bodies play a critical role in harmonising regulatory frameworks across the continent. Greater coordination can accelerate investment, enable scale, and support the development of an integrated digital economy.
Pan-African alignment of telecommunications regulation is not merely a technical objective. It is essential to unlocking inclusive growth and ensuring that Africa can compete effectively in the global digital economy.
Our Moment
Africa has long contributed to global progress. In the AI era, it has the opportunity to define its own future as a creator of innovation, productivity, and inclusive growth. The foundations are already in place. Our young population, expanding connectivity, and accelerating digital adoption position the continent to lead in ways that were not previously possible.
But this outcome is not guaranteed. It depends on the choices we make now. By modernising regulation, investing in connectivity as foundational infrastructure, and ensuring that AI empowers individuals, businesses, and communities, Africa can secure its place as a central force in the global digital economy.
That is the Africa I believe in. That is the Africa we are building at Vodacom, connecting people, enabling opportunity, and ensuring that technology serves the progress of society as a whole
Shameel Joosub, is group Chief Executive Officer, Vodacom Group
Source: Tech Africa News
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