News
Africa’s Largest Syringe Firm, JSM, Exits Nigeria

Jubilee Syringe Manufacturing, once regarded as the largest syringe manufacturing venture in Africa, has officially ceased operations in Awa in the Onna Local Government Area of Akwa Ibom.

Jubilee Syringe Manufacturing Limited
The firm, which opened an operation in Nigeria’s South-south region of Awa in the Onna Local Government Area of Akwa Ibom State and was inaugurated in 2017 by former Vice President Yemi Osinbajo, said the decision to leave Nigeria was made following “unforeseen circumstances affecting our business operations”.
Owned by a Turkish national, Onur Kumral, Jubilee Syringe Manufacturing Limited was one of the several industries attracted to Akwa Ibom State by the Governor Udom Emmanuel administration.
A memo announcing the exit was addressed to workers of the company. The company had ceased production some months ago, but officially announced that its operations came to an end on December 31, 2022.
Titled “Temporary Redundancy – Service Not Needed Till Further Notice,’’ the memo was signed by the company’s Managing Director, Akin Oyediran.
It said it had “to implement temporary measures to ensure the long-term sustainability of the company.”
The memo read in part, “We trust this message finds you in good health. With a heavy heart, we write to you today to communicate a challenging decision that Jubilee Syringe Manufacturing Company Limited has had to make due to unforeseen circumstances affecting our business operations.
“After careful consideration and a thorough evaluation of our current business situation, we regret to inform you that we must implement temporary measures to ensure the long-term sustainability of the company.
“Unfortunately, this includes placing all positions including yours on temporary redundancy effective January 1, 2024. We want to emphasise that this decision is not a reflection of your individual performance or dedication to the company.
“The challenging business environment we find ourselves in has compelled us to take these difficult steps. Please return all company belongings in your custody. Thank you for your understanding and cooperation during these challenging times.”
The company’s decision to close its factory came over two years after it announced plans were underway to export its products to Germany.
It also came less than a year after the company’s Managing Director, Oyediran said that the company had secured a credit facility of $1m.
Meanwhile, the Manufacturers Association of Nigeria has blamed the current business environment for the continued exit of multinational companies including the latest departure of Jubilee Syringe Manufacturing.
The Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, said companies exiting Nigeria had been stretched to “breaking point.”
He said, “The reason why companies are closing is evident. It is just a matter of resilience. When it gets to the breaking point, you will have to give up because of the employment environment.”
News
Aliko Dangote Signs out @ Dangote Sugar Refinery as Chairman

In a major leadership transition, Dangote Sugar Refinery Plc (DSR) has announced the retirement of Aliko Dangote, its founder and chairman, from the Board, effective June 16, 2025.

Aliko Dangote
The announcement was made in a regulatory filing with the Nigerian Exchange Ltd on June 11, highlighting the company’s commitment to sound corporate governance and structured succession planning.
In a statement signed by Mrs. Temitope Hassan (FCIS), company secretary and legal adviser, the Board praised Dangote’s extraordinary leadership and lasting contributions to the company.
“Alhaji Aliko Dangote is one of the founding Directors of the Company and has served with exceptional leadership, integrity, and vision since 2005,” the statement read.
“Under his stewardship, Dangote Sugar Refinery transformed significantly, navigated industry changes, consistently delivered value to shareholders, and upheld strong governance principles.”
Widely regarded as Africa’s most influential industrialist, Dangote led DSR’s evolution into a dominant player in Nigeria’s sugar value chain.
His strategic initiatives, particularly the Backward Integration Projects (BIPs) across Adamawa, Taraba, and Nasarawa States, advanced the company’s self-sufficiency goals and aligned with the federal government’s national sugar master plan.
While stepping down from DSR, Dangote will continue as President of Dangote Industries Limited.
His legacy at DSR is marked by industrial innovation, strategic foresight, and sustained operational excellence.
To ensure a seamless transition, the Board has appointed Mr. Arnold Ekpe, a seasoned independent non-executive director, as the new chairman, effective June 16.
Ekpe is renowned for his tenure as Group CEO of Ecobank Transnational Incorporated, where he championed pan-African financial inclusion and institutional growth.
His extensive experience in banking and corporate governance is expected to strengthen DSR’s next phase of development.
The leadership change signals continuity of vision, with DSR reaffirming its focus on operational efficiency and long-term value creation in a dynamic market.
For shareholders and industry observers, Dangote’s exit from the Board marks the end of a transformational era—one defined by bold ambition and strategic execution—while opening a new chapter under Ekpe’s leadership.
News
Report Reveals New Malware Posing as an AI Assistant Steals User Data

Kaspersky Global Research & Analysis Team researchers have discovered a new malicious campaign which is distributing a Trojan through a fake DeepSeek-R1 Large Language Model (LLM) app for PCs.
The previously unknown malware is delivered via a phishing site pretending to be the official DeepSeek homepage that is promoted via Google Ads.
The goal of the attacks is to install BrowserVenom, a malware that configures web browsers on the victim’s device to channel web traffic through the attackers servers, thus allowing to collect user data – credentials and other sensitive information. Multiple infections have been detected in Brazil, Cuba, Mexico, India, Nepal, South Africa and Egypt.
DeepSeek-R1 is one of the most popular LLMs right now, and Kaspersky has previously reported attacks with malware mimicking it to attract victims. DeepSeek can also be run offline on PCs using tools like Ollama or LM Studio, and attackers used this in their campaign.
Users were directed to a phishing site mimicking the address of the original DeepSeek platform via Google Ads, with the link showing up in the ad when a user searched for “deepseek r1”.
Once the user reached the fake DeepSeek site, a check was performed to identify the victim’s operating system. If it was Windows, the user was presented with a button to download the tools for working with the LLM offline. Other operating systems were not targeted at the time of research.
After clicking on the button and passing the CAPTCHA test, a malicious installer file was downloaded and the user was presented with options to download and install Ollama or LM Studio.
If either option was chosen, along with legitimate Ollama or LM Studio installers, malware got installed in the system bypassing Windows Defender’s protection with a special algorithm.
This procedure also required administrator privileges for the user profile on Windows; if the user profile on Windows did not have these privileges, the infection would not take place.
After the malware was installed, it configured all web browsers in the system to forcefully use a proxy controlled by the attackers, enabling them to spy on sensitive browsing data and monitor the victim’s browsing activity.
Because of its enforcing nature and malicious intent, Kaspersky researchers have dubbed this malware BrowserVenom.
“While running large language models offline offers privacy benefits and reduces reliance on cloud services, it can also come with substantial risks if proper precautions aren’t taken.
Cybercriminals are increasingly exploiting the popularity of open-source AI tools by distributing malicious packages and fake installers that can covertly install keyloggers, cryptominers, or infostealers.
These fake tools compromise a user’s sensitive data and pose a threat, particularly when users have downloaded them from unverified sources,” comments Lisandro Ubiedo, Security Researcher with Kaspersky’s Global Research & Analysis Team.
News
Court Declares Bank’s Withholding of Retirement Benefits Unlawful

National Industrial Court in Lagos has ruled that a deposit money bank must pay over N162 million in outstanding retirement benefits to a group of its former employees.
The judgment, delivered by Justice R.H. Gwandu, criticized the bank’s attempt to withhold entitlements from staff employed through third-party arrangements.
The claimants, represented by Chief Mike Ozekhome, SAN, argued that the bank violated labor laws by refusing to honor their retirement benefits. They sought declarations that the bank’s actions were unlawful and requested immediate payment of their dues.
Justice Gwandu ruled in favor of the employees, stating that the use of third-party employment to evade obligations was unacceptable.
The court acknowledged their long service and dismissed the bank’s argument that they did not meet the required 15 years of uninterrupted service.
Notably, the court upheld the rights of the 10th claimant, who continued working with the bank after its merger with Manny Bank and another commercial institution.
This landmark ruling reinforces workers’ rights and establishes that organizations cannot use outsourcing arrangements to deny employees their legitimate benefits.
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