News
Chamber Seeks Rescue Plan to Stem Massive Job Losses
Lagos Chamber of Commerce and Industry (LCCI) has called for an urgent rescue plan to save the hospitality sector as there is a risk of massive job losses.
Dr Muda Yusuf, director-general, LCCI, urged the government to focus on mainstreaming the sector into the Economic Sustainability Plan (ESP) to prevent shocks of the pandemic from crippling it.
Yusuf emphasised the need for specific intervention measures for the sector as done for others affected by the shocks of the pandemic.
He said that the hospitality business in Nigeria was one of the most dynamic, innovative and fast-growing sectors of the economy before the shock of the pandemic.
“It is a labour intensive sector and therefore has employment elasticity.
“The shocks inflicted on the sector by the COVID-19 pandemic and the associated containment measures have been most devastating on the sector.
“There is also the collateral adverse impact on thousands of small businesses that are dependent on the hospitality business as suppliers or service providers.
“Poultry and fish farmers, for instance, have lamented the impact of the downturn of the hospitality business on their sales and profitability.
“The hospitality sector and restaurants are the biggest offtakers of the poultry and fish products in the economy,” he said.
According to him, the food and beverages sector experience similar fate.
“The breweries and bottling companies have suffered a major hit as a result of the stumbling fortunes in the hospitality business.
“The sector is one with diverse linkages across many sectors of the economy, which explains the secondary transmission of the shocks to many other segments of the economy.
“The value of the hospitality sector in Nigeria was estimated at N1.4 trillion as at 2019.
“Hundreds of thousands of jobs are currently at risk if an urgent rescue plan is not put in place for the sector, as this is not a sector that should be allowed to go under,” he said.
The director-general proposed that the measures outlined for the revival of the aviation sector and more should be replicated for the hospitality industry.
According to him, both sectors are closely related, complementary and interdependent.
“What currently exists in the ESP is only a passing mention of the sector with no prescribed specific measures and budget,” he said.
Yusuf recommended measures to engender sustainability of the sector to include provision of single digit soft loans, with long term repayment plan.
He also advocated grant support, including payroll support, to the hospitality industry and related services.
Others are creation of opportunities for restructuring of existing facilities with commercial banks and concessions on interest payments.
Yusuf called for deferred payment of taxes and filing dates and one-year waiver of Land Use Charge and Lagos State Signage and Advertisement Agency(LASAA) Advertisement Rates [Applicable to Lagos State].
“Also, we recommend one year waiver for hotel renewal fees and other state levies and fees for hotels and resorts, one-year waiver of Local Government fees and permits,” he said.
The LCCI chief said there should be a clear mandate to the Federal Ministry of Tourism and its state counterparts to ensure the realisation of the deliverables.
“It is in the interest of the economy for the hospitality industry to be supported by the federal and state governments to recover from the devastating shocks inflicted by the COVID-19 pandemic and the associated containment measures,” he said.
News
Firms Seek Specialized Expertise to Combat AI Cyber Threats – Study Reveals
As concerns about the use of AI in cyberattacks increase, companies worldwide are racing to bolster their cybersecurity strategies, according to a Kaspersky survey.
In a new study the cybersecurity company revealed that 92% of IT and Information Security professionals surveyed in the Middle East, Turkiye and Africa (META) region expect the use of AI by malicious actors to escalate over the next two years.
This growing threat is prompting organisations to prioritise cyber defense expertise, with many turning to cybersecurity vendors for specialised support and training.
In its latest study titled “Cyber defense & AI: Are you ready to protect your organisation?” Kaspersky gathered insights from IT and Information Security professionals across SMEs and large enterprises. The findings underscore the urgent need to prepare for AI-driven cyberattacks.
To combat these evolving threats, companies place high value on cybersecurity expertise, with 94% of respondents in the META region highlighting the importance of growing internal expertise through training for in-house employees, and 93% underscoring the need for external expertise provided by cybersecurity vendors. This need spans sectors from retail to critical infrastructure, emphasising a universal demand for advanced threat protection.
To reinforce their cyber protection, organisations are actively integrating both internal and external expertise. Currently, 36% of companies surveyed in the META region are either implementing or planning to deploy external support to adapt to the evolving threat landscape, while 34% are doing the same through internal training initiatives. Additionally, 61% already use external cybersecurity expertise, and 62% have training programs in place, underscoring a dual approach in fortifying their protection.
Cybersecurity vendors’ expertise can come in various forms, from specialised professional services that help organisations deploy their protection solutions, to advanced expert centers that focus on specific security challenges.
One of these centers is the Kaspersky AI Technology Research Center. It brings together the company’s AI research and development efforts, to deepen the protective capabilities of cybersecurity solutions.
Vladislav Tushkanov, Group Manager at the Kaspersky AI Technology Research Center, says: “Our latest survey shows that businesses are acutely aware of the rising threat from AI-driven cyberattacks and are looking to reinforce their protection through comprehensive solutions, including the use of vendors’ extensive cybersecurity expertise.
The Kaspersky AI Technology Research Center plays a pivotal role by helping us leverage AI advancements to enhance our threat protection strategies and explore innovative ways of using AI in cybersecurity. It also enables us to address security concerns specific to AI itself, ensuring that businesses are prepared for the latest AI-driven threats.”
News
EFCC Dismantles Fake Hotel Review Syndicate, Arrests 105 in Crackdown
Economic and Financial Crimes Commission (EFCC) has dismantled a fake hotel review syndicate and arrested four Chinese nationals and 101 Nigerians for their roles in the elaborate internet fraud scheme.
Victims were allegedly first lured into rating hotels in exchange for small sums of money.
Eventually they would be encouraged to make bookings in any of the rated hotels for as much as $500.
They were told that the company would pay them back with chunky interest into a crypto wallet bearing their names.
However, the victims would in the end not be able to open the wallet.
EFCC announced that the suspects operated out of Naka Hall Plaza on Abutu Garba Street in Gudu, Abuja, where agents recovered 100 compact workstations.
Dele Oyewale, spokesman, EFCC, said the suspects used fake foreign identities to target unsuspecting victims, primarily U.K. residents.
Authorities said the criminal network was allegedly led by the Chinese nationals, who recruited and trained Nigerian youths with advanced technical skills to act as customer service representatives.
These representatives followed a predesigned script to deceive their victims online.
The operation follows a separate crackdown weeks earlier, in which 792 suspects — including 148 Chinese nationals — were arrested for involvement in cryptocurrency and romance scams.
The foreign nationals allegedly used corporate apartments disguised as business centers to train their Nigerian accomplices. These accomplices were reportedly taught to initiate romance and investment scams and use their own identities to carry out fraudulent activities.
The EFCC also highlighted a concerning trend of foreign nationals instructing Nigerians in internet-related crimes.
News
AfDB to Partner LAMATA to Expand Existing Rail System
The African Development Bank (AfDB), has disclosed plans to work with the Lagos Metropolitan Area Transport Authority (LAMATA), to boost the state’s transport system with the development of another rail line.
This was contained in a statement signed by, the Head, Corporate Communication, LAMATA, Mr. Kolawole Ojelabi in Lagos.
Ojelabi said that the AfDB Vice President, Private Sector Infrastructure and Industrialisation, Mr. Solomon Quaynor, gave the assurance during a visit to LAMATA.
He added that the bank was interested in partnering LAMATA to expand the capacity of the existing rail system.
“Quaynor was also in the company of the Non-Sovereign Operations and Private Sector Equity Specialist, Mr Mayowa Ayodele ahead of a visit of the technical team to assess the Purple line,” he said.
The Purple Line is a 60-kilometre railroad along the Redemption Camp in Ogun State, traversing Berger, Agege and Alimosho and terminate at Volkswagen to join the Blue Line.
“The visit follows a recent pitch for investment on 60-kilometre Lagos Rail Mass Transit (LRMT) Purple Line at the African Development Bank forum in Morocco, where the Lagos delegation was led by Governor Babajide Sanwo-Olu.
“This is to further discuss collaboration on the project and other lines outlined in the Lagos Strategic Transport Master Plan. The delegation toured the LRMT Blue Line and expressed satisfaction with the progress of the Blue Line rail system,” he said.
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