General News
AFEX to Open Second Round of ₦100bn Funding Series to Strengthen Africa’s Agro-processors

AFEX, Nigeria’s commodities market player and the country’s first private sector commodities exchange, has announced the reopening of its $240m (₦100bn) Asset-Backed Commercial Paper (ABCP) to help stabilize Nigeria’s agriculture sector by offering Agro-processors low-cost financing to bridge the funding gap between lenders and borrowers.
Today’s new funding, AFEX’s second in a three-year Commercial Paper program that started in Q4 2021, where $65m (₦27bn) was raised, seeks to raise an additional $175m (₦73bn) for processors unable to borrow in the commercial paper markets.
AFEX is improving the efficiency of commodity trading and enabling the broader capital market to tap into the African commodities sector. The ABCP is a short-term debt instrument typically providing investors with a competitive 15% return on their investment, and maturity is up to 270 days.
Agriculture remains one of the most important economic sectors for the continent, employing the majority of the population and accounting for 14% of GDP in sub-Saharan Africa (1). Yet, many African economies struggle with food security issues due to the gap between supply and demand.
While banks or other financial institutions typically issue the security itself, the ABCP Notes are sponsored by AFEX Commodities Exchange and the proceeds of the issuance will be used by AFEX Investment Limited to provide pre-qualified Agro-processors with working capital support to enable them to purchase commodities required for their production processes at an agreed price.
AFEX’s security is backed by the commodities serving as the credit enhancement in the transaction. AFEX lists the ABCP on ComX, its commodities trading platform, then engages capital market operators for subscriptions for a set time.
Funds raised are used to provide pre-qualified Agro-processors with working capital to purchase commodities required for their production processes at an agreed price.
Ayodeji Balogun, CEO at AFEX said, “AFEX has a strong track record in offering distinctively differentiated and innovative financial instruments to the marketplace, and this new Asset-Backed Commercial Paper will help bridge the gap between Agro-processors and investors.
Access to low-risk funding and capital is critical to empowering Africa to feed herself. We believe in making capital that is a right fit, in terms of timeliness and structure, available for all players in the value chain.
Based on our past performance, we are confident that we will attract even more financing from private investors and, subject to value for money, they will help us secure this $175m (₦73bn) investment in Africa’s food security.”
Since its launch in 2014, AFEX has committed to levelling-up Africa’s agro-tech sector; by helping the continent feed itself by boosting food security and making food production more efficient. Prior to 2021, in a first-of-its-kind for Africa, AFEX raised $48m (₦19bn) from their 20% oversubscribed Warehouse Receipt Backed Commercial Paper.
General News
HEDA Sues FG, Oil Giants over Alleged Unlawful Oil Licence Transfer

Incorporated Trustees of HEDA Resource Centre have filed a lawsuit against the Federal Government, multinational oil companies, and Nigerian government agencies at the Federal High Court in Lagos, challenging the legality of a significant oil asset divestment deal.
In suit number FHC/L/CS/850/25, filed by Kunle Adegoke (SAN), HEDA is seeking a court determination on whether the transfer of interests in oil mining lease assets by Eni Societa Per Azioni, Nigerian Agip Oil Company Limited, and Oando PLC complied with the Petroleum Industry Act (PIA) 2021 and other relevant regulatory frameworks.
The civil society group alleges that the transaction violated multiple statutory provisions, including the Guidelines for Obtaining Minister’s Consent to Assignment of Interest in Oil and Gas Assets (2021), the Upstream Petroleum Environmental Regulations (2022), the Gas Flaring, Venting and Methane Emissions Regulations (2023), and the Upstream Petroleum Environmental Remediation Regulations (2024).
The defendants in the suit include the Federal Republic of Nigeria, the Attorney General of the Federation, the Nigerian National Petroleum Company Limited (NNPC Ltd), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Ministry of Petroleum Resources.
HEDA is asking the court to declare the transaction unlawful, invalid, and of no legal effect, asserting that proper legal and environmental procedures were not observed.
The organisation also seeks a perpetual injunction restraining the government agencies from recognizing or approving the deal and an order nullifying any ministerial consent already granted.
Mr. Olanrewaju Suraju, chairman, HEDA, stated that the legal action reflects the organisation’s enduring commitment to transparency, environmental justice, and regulatory compliance in Nigeria’s extractive sector.
“This suit is about more than a corporate deal; it’s about the integrity of our regulatory systems and the future of environmental governance in Nigeria. We cannot allow powerful interests to bypass laws meant to protect citizens, the environment, the economy, and the integrity of the country,” he said.
HEDA maintains that this case represents a crucial test of the Nigerian government’s willingness to enforce the PIA and uphold accountability within the oil and gas industry.
“With this legal step, HEDA aims to set a precedent that oil licence transfers and divestments must strictly adhere to Nigerian law, especially in an era where environmental sustainability and responsible governance are paramount,” the statement concluded.
General News
Over 250,000 Cyberattacks Disguised as Anime – Report

From Naruto to Attack on Titan, cybercriminals are increasingly using anime and other Gen Z favourites as bait. In a new report covering Q2 2024 – Q1 2025, Kaspersky has found over 250,000 cyberattacks disguised as popular anime among other shows and streaming platforms favoured by a younger audience.
To help Gen Z recognise these and other cyber risks, Kaspersky is launching “Case 404” — an interactive cybersecurity game, teaching how to protect their digital lives.
For many members of Generation Z, streaming is more than a pastime, it’s a way of life that provides connection to the characters, worlds and fandoms that define their identity.
From anime to nostalgia-fueled movie marathons, Gen Z’s connection to on-screen worlds runs deep. This unique attachment creates a security paradox: the more emotionally invested the viewer, the easier it is to trick them, and Gen Z’s enthusiasm is proving dangerously exploitable.
This is extremely evident in anime culture. Over 65% of Gen Z regularly watch anime, making them the most anime-engaged generation in history. For our analysis, Kaspersky’s experts selected five popular anime titles among Gen Z: Naruto, One Piece, Demon Slayer, Attack on Titan and Jujutsu Kaisen.
Kaspersky found 251,931 attempts to deliver malware or unwanted files disguised under the names of these anime titles. Cybercriminals are tapping into the trust and affection Gen Z has for these series, often using bait like “exclusive episodes”, “leaked scenes”, or “premium access”.
Among anime titles, Naruto took the top spot, despite first airing more than two decades ago. Over the reported period, it was used as bait in 114,216 attempted attacks. Demon Slayer followed with 44,200 attack attempts.
Its meteoric rise in recent years, amplified by viral moments and a growing global fanbase, made it a natural target for cybercriminals looking to ride the wave of hype. Meanwhile, Attack on Titan — a long-standing favourite — ranked third with 39,433 detected attempts to distribute malicious content.
Apart from anime, Kaspersky also analysed five iconic films and series that continue to resonate with Gen Z: Shrek, Stranger Things, Twilight, Inside Out 2, and Deadpool & Wolverine.
These films and shows alone accounted for 43,302 attack attempts with a pronounced spike in attention to these titles from cybercriminals at the beginning of 2025. This is primarily connected to the rise of attacks on Shrek, with over 36,000 attempts in total and a sharp spike in March 2025, double the monthly average for 2024.
Platforms like Netflix, Amazon Prime Video, Disney+, Apple TV Plus and HBO Max have reshaped movies, series, and anime watching into an immersive, on-demand experience that caters to Gen Z’s love of personalised content and global storytelling. However, this has also created fertile ground for cybercriminals.
Kaspersky detected 96,288 attempts to distribute malicious or unwanted files disguised as the names of these major streaming platforms. Unlike seasonal trends, streaming platforms offer a continuous flow of content, from highly anticipated premieres to hidden gems that viewers discover months or even years after release.
When examining which streaming services were most frequently used by cybercriminals, Netflix stood out by far, involved in 85,679 attack attempts and associated with over 2.8 million phishing pages imitating its branding.
Cybercriminals take advantage of the constant traffic, broad global reach, and frequent subscription-based activity. They mimic login pages, share “free trial” links, or spoof password reset emails with full knowledge of how central Netflix is to Gen Z’s digital routine.
As Gen Z’s daily life becomes inseparable from streaming platforms, fandom spaces, and social media communities, cyberthreats evolve to mirror their interests. To meet this challenge, Kaspersky has launched an interactive online game, “Case 404”, designed specifically for Gen Z. “Case 404” invites players to become cyber-detectives and solve immersive cybercrime cases.
Through this digital adventure, Kaspersky is not just highlighting risks but empowering Gen Z to develop their mindset and skillset to stay safe in an increasingly vulnerable online world. As a reward for completing the game, participants receive a discount on Kaspersky Premium, giving them trusted tools they need to navigate the digital world safely.
“As the world of entertainment continues to evolve, so do the tactics used by cybercriminals to exploit popular content, whether through fake downloads or fraudulent merchandise offers.
“From beloved anime like Naruto and Demon Slayer to the latest blockbusters like Inside Out 2, scammers have found new ways to take advantage of Gen Z’s affinity for digital culture and streaming platforms. With the rise of these cyberthreats, it’s more important than ever for young users to stay vigilant and understand how to protect themselves online,” comments Vasily Kolesnikov, security expert at Kaspersky.
General News
Nigerians, Others Lost $70m to Denied Visas Applications to Europe in 2024

In total, African countries lost 60 million euros in rejected Schengen visa fees in 2024, analysis from the LAGO Collective has shown.
According to CNN, when Joel Anyaegbu’s application for a Schengen visa to travel to Barcelona was denied late last year, he was surprised but immediately reapplied.
He sent in more documents than were required, including bank statements and proof of property ownership in Nigeria.
He was rejected again.
“The information submitted regarding the justification for the purpose and conditions of the intended stay were not reliable,” read a checklist returned with his passport from the Spanish consulate in Lagos. The 32-year-old gaming consultant said he felt humiliated.
“I had to cancel meetings with partners at the conference I was attending,” he told CNN.
“I emailed the embassy to understand why I was denied but it has not been answered to date.”
Anyaegbu’s was among the 50,376 short-stay Schengen visa applications rejected in Nigeria last year, nearly half of all submissions, according to newly released data from the European Commission.
Applicants worldwide pay a non-refundable visa fee of 90 euros (about $100), so Nigerians alone lost over 4.5 million euros (about $5 million) seeking permission to travel to the 29 European countries that make up the Schengen Area.
In total, African countries lost 60 million euros ($67.5 million) in rejected Schengen visa fees in 2024, analysis from the LAGO Collective showed.
The London-based research and arts organization has been monitoring data on European short-term visas since 2022 and said Africa is the continent worst affected by the cost of visa rejections.
“The poorest countries in the world pay the richest countries in the world money for not getting visas,” its founder Marta Foresti told CNN.
“As in 2023, the poorer the country of application, the higher the rejection rates. African countries are disproportionately affected with rejection rates as high as 40-50% for countries like Ghana, Senegal and Nigeria.”
She says this proves “inbuilt discrimination and bias” in the process.
A European Commission spokesperson told CNN that member states consider visa applications on a case-by-case basis.
“Each file is assessed by experienced decision-makers on its own merits, in particular regarding the purpose of stay, sufficient means of subsistence, and the applicants’ will to return to their country of residence after a visit to the EU,” the spokesperson said via email.
Africans have long complained about inconsistent, sometimes baffling decisions about who gets approved or denied while applying for European visas.
Cameroonian Jean Mboulé was born in France but when he applied for a visa in 2022 alongside his wife using similar documents, his application was rejected but hers was not.
“At the time she was unemployed but with a South African passport. She had no income but received a visa on the back of my financial statement,” he told CNN.
“But the embassy said they refused my application because my documents were fake, and they weren’t sure I would come back to South Africa, where I am a permanent resident, if I went to France.”
The 39-year-old regional executive took legal action in French courts and won, forcing the French embassy in Johannesburg to grant his visa and pay him a fine of 1,200 euros.
He told an administrative tribunal in the French city of Nantes that the embassy’s decision to deny him a visa was “tainted by insufficient reasoning.”
Mboulé pointed out that he had provided sufficient guarantees that he would return at the end of his trip to his wife and daughter in South Africa where he owns a building. After he got the visa, he chose to go to Mauritius instead as he didn’t want to spend his money in France.
The EU said its member states consider visa applications on a case-by-case basis.
The Cameroonian’s case is unique as many Africans denied Schengen visas rarely appeal or contest the decisions in court.
Like Anyaegbu, the Nigerian gaming consultant, they often reapply, losing more money in the process.
Mboulé has travelled several times to the UK and other African countries but was still denied twice for Schengen.
“The financial cost of rejected visas is just staggering; you can think of them as ‘reverse remittances,’ money flowing from poor to rich countries, which we never hear about,” the LAGO Collective’s Foresti says.
Schengen visa fees increased from 80 to 90 euros in July 2024, making it even more expensive for the world’s poorest applicants.
But South African management lecturer Sikhumbuzo Maisela said the visa rejection rates for Africans were lower than he expected.
“The visa vetting process seems to be shaped less by outright prejudice and more by historical patterns of behaviour,” he told CNN via email.
“Western countries have had instances where visa holders overstayed or violated terms, and this has influenced how future applications are scrutinized.”
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