Business
Trend Micro reveals new cybercriminal tactics, prevents attacks of Nigerian businesses
Trend Micro reveals new cybercriminal tactics, prevents attacks of Nigerian businesses
Trend Micro Incorporated, a global cybersecurity leader, has blocked over 10 million email threats, 800,000 malicious URLs and almost 4,500 dangerous mobile apps targeted at Nigerian businesses and consumers between January and June 2023.
This comes at a time the complexity of the country’s cybersecurity threat landscape continues to intensify.
These findings are brought to life by the Trend Micro 2023 Midyear Cybersecurity Threat Report, which presents highlights from the company’s telemetry, covering the broadest attack surface view across millions of commercial and consumer clients.
The report also uncovers key trends in criminal techniques, tactics and threat actor activity, providing important guidance for defenders looking to stay one step ahead of calculating cyber criminals.
“With each passing month, the local threat landscape becomes more intricate and convoluted.
“Our latest research shows that illegal actors are shifting targets and getting increasingly creative to become more efficient and prolific.
“Prioritising a set of proactive and holistic security solutions has never been more important,” says Gareth Redelinghuys, Country Managing Director, African Cluster at Trend Micro.
Ransomware groups are collaborating on ever shifting targets.
During the first half of 2023, around 2.4 million malware families were blocked by Trend Micro in Nigeria.
Ransomware, in particular, is a challenge for local companies, with hundreds of ransomware detections in June alone.
However, the Midyear Report offers valuable insight into the ways in which ransomware groups are operating – not only updating their tools and techniques to extract data more efficiently, but also adapting their business models.
Earlier this year, Trend Micro researchers discovered a new ransomware that uses legitimate search engine tools to search for files to encrypt.
Investigation into this new ransomware, which researchers named ‘Mimic’, suggests a connection with the larger and more notorious Conti ransomware group.
It is suspected that collaboration between these criminal groups helps them lower costs and increase their market presence while also maintaining the efficacy of their criminal activities.
According to the report, many ransomware players are also turning their data exfiltration efforts toward tactics such as cryptocurrency theft and business email compromise (BEC).
AI making hackers more productive
Another key trend that emerged in the first half of 2023 was the use of AI by cybercriminals to carry out virtual crimes more efficiently.
A significant number of Nigerian businesses have implemented AI in some form in a bid to elevate their operations – but they are not the only ones.
Recently, malicious actors have abused AI technology to accurately impersonate real people as part of their attacks and scams.
In fact, imposter scams such as virtual kidnapping are becoming increasingly rampant globally.
In the case of virtual kidnapping, malicious actors are able to create a deepfake voice of their victim’s child and use it as proof that they have the child in their possession to pressure the victim into sending large ransom amounts.
At the same time, ChatGPT and other AI tools are enabling criminals to automate the gathering of information, formation of target groups, and identification of vulnerable behaviours.
This is helping them lure big-name victims (also known as “big fish”) in harpoon whaling attacks.
Whaling involves tricking executives and directors through phishing campaigns for the purpose of stealing information or siphoning large sums of money.
Harpoon whaling, on the other hand involves extensive research on targeted individuals.
This attack is a highly targeted social engineering scam that involves emails crafted with a sense of urgency and that contain personalised information about the targeted executive or director.
With AI tools becoming increasingly adept at creating text that can seem human-crafted, the effort needed to attack executives has been drastically reduced, making the targeting of hundreds of thousands of executives easier than ever before.
Threat actors are innovating, finding new ways to target victims
As innovations continue to evolve and involve more data, threat actors have also been finding more ways to victimise people.
For example, today’s connected cars contain over 100 million lines of code, giving smart functionality to the user but also opening doors to hackers.
As more smart cars saturate the market, attackers will try to gain access to user account data and leverage it for crimes.
By hijacking or stealing such an account via phishing for credentials or installing malware, a cybercriminal could locate the car, break into it and potentially sell it on for parts or follow-on crimes.
They might even be able to locate the owner’s home address and target it for burglary when they are not in.
Threat actors have also been casting a wider net by leveraging vulnerabilities in smaller platforms for more specific targets, such as file transfer service MOVEit, business communications software 3CX, and print management software solution PaperCut.
“The increasingly sophisticated tactics being employed by hackers present a particular concern for local businesses which face untold potential damages at the hands of these malicious actors,” says Zaheer Ebrahim, Solutions Architect, Middle East and Africa at Trend Micro.
“It’s critical for defenders to gain a thorough understanding of the potential risks they are facing.
Knowing these threats will help them make more informed decisions and ultimately take proactive measures to stay ahead in the increasingly convoluted cat and mouse game of cybersecurity.”
Business
NNPC Refineries Will Never Work – Obasanjo Reignites Oil Sector Debate
NNPC Refineries Will Never Work – Obasanjo Reignites Oil Sector Debate
Former President Olusegun Obasanjo has restated his long-standing criticism of Nigeria’s state-owned refineries, insisting that the facilities under the Nigerian National Petroleum Company Limited (NNPC Ltd) will “never work,” despite ongoing rehabilitation efforts and billions of dollars reportedly spent over the years.
Obasanjo made the remarks during a televised interview on Sony Irabor Live, where he reviewed past attempts to revive Nigeria’s refining sector and argued that government-managed refineries have consistently failed due to inefficiency, corruption, and poor maintenance culture.
He maintained that only a strong public-private partnership (PPP) model can deliver sustainable results in the oil and gas downstream sector, pointing to the success of Nigeria LNG (NLNG) as proof that private sector participation improves performance and accountability.
Obasanjo said Nigeria’s refineries remain structurally weak and mismanaged, stressing that repeated government interventions have failed to yield results. According to him, “NNPC refineries will never work,” adding that the system has been weighed down by decades of poor maintenance practices and institutional inefficiencies.
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The former president recalled efforts during his administration to bring in international oil companies, including Shell, to manage Nigeria’s refineries either through equity participation or operational control. He said Shell declined the offers, explaining that their downstream operations were not major profit drivers and that refinery management presented significant operational and structural risks. Obasanjo also said Shell raised concerns about Nigeria’s refinery capacities, which he described as relatively small compared to global standards, as well as issues of poor maintenance, corruption, and reliance on unqualified personnel.
Obasanjo further disclosed that business mogul Aliko Dangote once offered about $750 million to acquire a controlling stake in two of the refineries and manage them under a private sector arrangement. He said the proposal was initially accepted during his tenure but was later reversed after he left office, following pressure on the succeeding administration from NNPC leadership. According to him, the reversal contributed significantly to the continued decline of the refineries, which he believes have lost much of their value over time.
He also claimed that Nigeria may have spent as much as $16 billion on refinery rehabilitation efforts over the years, yet the facilities remain largely inefficient and commercially uncompetitive. He compared this figure with the cost of building modern private refineries, arguing that the country has spent enough to construct world-class facilities but has failed to achieve functional output.
Despite the criticism, the NNPC continues efforts to revive the Port Harcourt, Warri, and Kaduna refineries through the engagement of new technical partners. Officials have acknowledged that although some of the refineries briefly resumed operations in 2024 after rehabilitation, they are still operating below international standards and remain economically uncompetitive compared to private refineries. The NNPC has set a target of June 2026 to conclude the selection of technical partners to manage the facilities and improve operational efficiency.
The debate over Nigeria’s refining future has intensified following the emergence of the privately owned Dangote Refinery, widely regarded as Africa’s largest single-train refinery. Industry observers say the contrast between private and state-owned refinery performance continues to fuel arguments in favour of private sector-led management of critical energy infrastructure.
The NNPC has not issued an official response to Obasanjo’s latest comments at the time of filing this report.
NNPC Refineries Will Never Work – Obasanjo Reignites Oil Sector Debate
Aviation
Airlines Threaten Nationwide Shutdown Over Jet A1 Fuel Price Surge
Airlines Threaten Nationwide Shutdown Over Jet A1 Fuel Price Surge
Domestic airlines in Nigeria have warned of a possible nationwide shutdown from Thursday, April 30, 2026, over a deepening aviation fuel crisis, as operators struggle with sharply rising Jet A1 fuel prices and unsustainable operating costs.
The Airline Operators of Nigeria (AON) say the planned action may ground all domestic flights if urgent intervention is not provided by the Federal Government, raising fears of widespread disruption to air travel across the country.
Airline operators say the continuous increase in aviation fuel prices in Nigeria has pushed the industry to breaking point. According to them, Jet A1 prices have surged by more than 300% since February, rising from about ₦900 per litre to between ₦2,700 and ₦3,500 in some locations. They explained that fuel now accounts for the largest share of operating expenses, leaving airlines struggling to sustain flight schedules while maintaining safety standards.
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Multiple rounds of negotiations have reportedly been held between airline operators, fuel marketers, and government officials, but no concrete solution has been reached. The Minister of Aviation and Aerospace Development, Festus Keyamo, convened a two-day emergency meeting in Abuja aimed at resolving the crisis. Although the government announced a 30% reduction in aviation-related taxes and charges, operators say the measure does not address the core issue of fuel pricing.
The Airline Operators of Nigeria warned that if no urgent action is taken, carriers may be forced to suspend domestic operations nationwide. Industry leaders say airlines are now operating at a loss, with some flights barely covering fuel costs. They also warned that continued operations under current conditions could compromise long-term sustainability in the aviation sector.
The looming shutdown has sparked concerns among passengers who rely heavily on domestic air travel for business, medical emergencies, and intercity movement. Many travellers have already begun exploring alternative transport options as uncertainty grows over possible flight cancellations in Nigeria.
In a formal submission to the Federal Government, the Airline Operators of Nigeria outlined several emergency measures, including the suspension of aviation taxes, fees, and charges for at least six months, the introduction of a non-taxable fuel surcharge system, the establishment of a pricing review committee for aviation fuel, and credit support arrangements between fuel marketers and airlines. Operators argue that these measures are necessary to stabilise the sector and prevent a total shutdown of domestic aviation.
As the Thursday deadline approaches, uncertainty continues to grow within Nigeria’s aviation industry. Airline officials say the situation remains critical, warning that without immediate intervention, domestic air operations could be grounded nationwide.
Airlines Threaten Nationwide Shutdown Over Jet A1 Fuel Price Surge
Business
Dangote Sugar Plans ₦485.9bn Rights Issue for Expansion Drive
Dangote Sugar Plans ₦485.9bn Rights Issue for Expansion Drive
Dangote Sugar Refinery Plc has begun plans to raise approximately ₦485.9 billion through a rights issue, in a major capital market move aimed at strengthening its financial position and supporting ongoing expansion projects.
According to a regulatory filing, the company has submitted an application to the Nigerian Exchange Limited (NGX) seeking approval for the listing of 8,097,918,827 ordinary shares of 50 kobo each at a price of ₦60.00 per share.
The proposed offer will be executed on a 2-for-3 basis, meaning shareholders will be entitled to acquire two new shares for every three shares already held.
The company stated that the rights issue will give existing investors an opportunity to increase their stake while enabling Dangote Sugar Refinery to raise fresh capital to fund strategic growth initiatives, expand production capacity, and strengthen its operational efficiency.
A qualification date has been fixed for April 20, 2026, meaning only shareholders recorded on the company’s register as of that date will be eligible to participate in the offer.
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The transaction is being facilitated by a consortium of stockbrokers, including Meristem Stockbrokers Limited, Stanbic IBTC Stockbrokers Limited, and Vetiva Securities Limited, who are responsible for coordinating regulatory approvals and execution of the offer.
Market analysts say the planned ₦485.9bn capital raise ranks among the largest equity issuances on the Nigerian stock market in recent years, reflecting strong corporate appetite for expansion funding amid evolving economic conditions.
They also noted that the pricing structure and rights ratio could encourage strong investor participation, particularly given Dangote Sugar’s dominant position in Nigeria’s sugar production and refining sector and its long-term growth strategy.
The move comes at a time when listed companies in Nigeria are increasingly turning to the capital market to raise funds, as firms respond to inflationary pressures, foreign exchange challenges, and rising production costs.
If fully subscribed, the funds are expected to support backward integration projects, including agricultural expansion and improved refining infrastructure aimed at reducing import dependence and boosting local sugar production.
Dangote Sugar Plans ₦485.9bn Rights Issue for Expansion Drive
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