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General News

Election Tensions Raise Fear of Nigeria’s of Break-Up

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As Nigeria approaches its most divisive and closely fought election since the end of military rule in 1999, its leaders are having to reassure voters that Africa’s most populous nation will remain in one piece, according to Reuters.

The Feb. 14 vote pitting President Goodluck Jonathan, a Christian popular in his southern oil-producing Niger Delta region and in the east, against former military ruler Muhammadu Buhari, a Muslim favored in the north and religiously mixed southwest, is already proving violent, with the electorate in Africa’s biggest economy more polarized than for decades.

“Despite the much-vaunted fear that our nation may not survive the elections … I remain optimistic that we have … the maturity to rise above the challenges,” Senate President David Mark told parliament last week.

“Our nation will not disintegrate after the elections.”

Ever since 1914, when Britain carved Nigeria out of a swathe of West Africa that was home to diverse peoples speaking more than 500 languages, it has been dogged by the question of how viable it is as a unified nation state.

Reuters said that, most analysts say that even if serious bloodshed follows the election, as many expect, the worst-case scenario of a break-up of a country of 180 million people remains unlikely.

“Nigeria has an enormous capacity to absorb risk,” the International Crisis Group’s Africa director Comfort Ero said. “While there are significant concerns about the elections, we are not predicting break-up.”

However, she added that the republic was “in deep trouble, probably more than at any time since the end of military rule … or even the civil war.”

The last time a bit of Nigeria tried to secede, it triggered the 1960s Biafra civil war in which more than a million people died. After that it seemed Nigerians were better off together.

But as the election cycle has hotted up, some have floated the idea of division, and Boko Haram insurgents controlling territory the size of Belgium in the northeast are waging an increasingly bloody campaign for a breakaway Islamic state.

Separately, dozens of people die every month in ethnic violence in the Middle Belt, where the largely Christian south and mostly Muslim north meet across a patchwork of minority groups that are likely to be split between the two candidates.

“Nigeria is bursting at the seams with ethno-religious … problems waiting to explode,” columnist Bayo Oluwasanmi wrote in the African Herald Express, a local daily, last month.

“Competition in the coming 2015 presidential election could break the already tattered ties that keep Nigeria whole.”

That is probably hyperbole but there are signs the elections could trigger violence that may not be as easy to quell as in 2011, when Buhari’s loss to Jonathan triggered three days of riots in the north that killed 800 and displaced 65,000.

Besides regional and ethnic differences, Buhari is also a protest vote for many who say Jonathan has failed to tackle insecurity and corruption, Nigerians’ two biggest complaints, and who was seen as tough on both when he ruled in the 1980s.

The pair hugged as they signed a peace pact last week, but clashes between thugs from the ruling People’s Democratic Party (PDP) and Buhari’s opposition All Progressives Congress (APC) have marred campaign rallies, and the rhetoric remains poisonous and sometimes tinged with religion.

Last year the PDP accused the APC of a “devilish plot” to impose an “Islamic agenda” on Nigeria, a dangerous appeal to religious sentiment, while Jonathan has played up his Christian identity, forging ties with hardline evangelical pastors.

PDP state governor Ibrahim Shema had to retract a speech in November in which he described APC supporters as “cockroaches” and urged the crowd to “crush them”, a chilling echo of Hutu militia radio broadcasts during the 1994 Rwandan genocide.

On the other side, APC governor Rotimi Amaechi said this month that if the poll was not fair, the opposition would set up a “parallel government”, as happened after a disputed election in Ivory Coast in 2010.

“If they deny Buhari victory, it could mean civil war because both sides are so dug in,” prominent northern opposition politician Mohammed Junaidu told Reuters.

The 2010 Ivory Coast election did spark a civil war but the country was already militarily divided, which Nigeria is not.

In Kenya in 2007, a disputed election triggered three weeks of ethnic bloodshed that killed 1,200, a toll that would be far higher in Nigeria where there are many more people and weapons.

Ultimately what makes these polls so dicey is that they are a genuine contest, said John Campbell, a former U.S. ambassador to Nigeria and fellow at the Council on Foreign Relations.

By running in 2011 Jonathan broke an agreement with northern elites, in their minds at least, that it was the north’s ‘turn’ to field a president. Now such regional deals are in tatters.

“In the past there has been a kind of consensus among the people who run Nigeria … Elections at the presidential level were largely predetermined,” Campbell said. “What we are talking about now are real elections, with a polarized electorate.”


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General News

Moove Plans to Raise $1.2Bn Debt Round for US Autonomous Vehicle Expansion

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Moove, an African mobility fintech startup, is on a quest to secure a $1.2 billion debt financing round to support the rollout of a fleet of autonomous vehicles.

This is in partnership with Alphabet Inc.’s Waymo in the United States, according to a Bloomberg report citing sources familiar with the matter.

The startup has since attracted backing, including from Uber Technologies Inc., and entered a strategic partnership with Waymo in December 2024 to provide financing for self-driving cars.

Ladi Delano, co-founder of Moove, noted that the company has a solid financial track record.

“Moove has built strong relationships with some of the world’s leading lenders. We have also fully repaid our first-ever debt facilities, which signals our maturity and marks a key milestone that demonstrates the strength of our platform as we enter the next phase of global autonomous-vehicle infrastructure deployment,” he said.

The round is reportedly oversubscribed, with strong participation from private credit firms and banks.

Waymo has also not made any official statement regarding the funding round. While final details are expected to be concluded in the coming weeks, the deal will mark a significant milestone for the firm as it ramps up its global ambitions.

Founded in 2020 by Nigerian entrepreneurs, Ladi Delano and Jide Odunsi, Moove began by providing vehicle financing for ride-hailing drivers in Africa’s largest cities.

 


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Firm Explores the Evolution of AI-powered Ransomware with Password-gated Capabilities

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Kaspersky experts have revealed the inner workings of FunkSec — a ransomware group that illustrates the future of mass cybercrime: AI-powered, multifunctional, highly adaptive and operating on volume with ransoms as low as $10,000 to maximise profits.

Kaspersky’s Global Research and Analysis Team (GReAT) constantly monitors the ransomware threat landscape, where attacks continue to rise. According to the company’s latest State of Ransomware report, the share of users affected by ransomware attacks worldwide increased to 0.44% from 2023 to 2024, up by 0.02 percentage points.

While this percentage may appear modest compared to other cyber threats, it reflects the fact that attackers typically prioritise high-value targets rather than mass distribution, making each incident potentially devastating. Within this evolving landscape, FunkSec has emerged as a particularly concerning threat.

Active for less than a year since its emergence in late 2024, FunkSec has quickly surpassed many established actors by targeting government, technology, finance and education sectors. What sets FunkSec apart is its sophisticated technical architecture and AI-assisted development.

The group packages full-scale encryption and aggressive data exfiltration into a single Rust-based executable, capable of disabling over 50 processes on victim machines and equipped with self-cleanup features to evade defenses.

Beyond its core ransomware functionality, FunkSec has expanded its toolkit to include a password generator and a basic DDoS tool — both showing clear signs of code synthesis using large language models (LLMs).

FunkSec’s approach reflects the evolving landscape of mass cybercrime, combining advanced tools and tactics. Kaspersky’s GReAT experts highlight the key features that define their operations:

Password-Controlled functionality

GReAT experts discovered that FunkSec ransomware features a unique password-based mechanism that controls its operation modes. Without a password, the malware performs basic file encryption, while providing a password activates a more aggressive data exfiltration process in addition to encryption to steal sensitive data.

FunkSec packs full-scale encryption, local exfiltration and self-cleanup into a single Rust binary—without a side-loader or a companion script. That level of consolidation is uncommon and gives affiliates a plug-and-play tool they can deploy almost anywhere.

Use of AI in development

Code analysis shows that FunkSec is actively using generative artificial intelligence to create its tools. Many parts of the code seem to be automatically generated rather than manually written. Signs of this generic placeholder comments (such as “placeholder for actual check”) and technical inconsistencies, like commands for different operating systems that don’t align properly. Additionally, the presence of declared but unused functions—such as modules included upfront but never utilised — reflects how large language models combine multiple code snippets without pruning redundant elements.

“More and more, we see cybercriminals leveraging AI to develop malicious tools. Generative AI lowers barriers and accelerates malware creation, enabling cybercriminals to adapt their tactics faster.

By reducing the entry threshold, AI allows even less experienced attackers to quickly develop sophisticated malware at scale,” comments Marc Rivero, Lead Security Researcher at Kaspersky’s GReAT.

High-volume, low-ransom strategy

FunkSec demands unusually low ransom payments, sometimes as little as $10,000, and pairs this with the sale of stolen data at discounted prices to third parties. This strategy appears designed to enable a high volume of attacks, helping the group quickly establish its reputation within the cybercriminal underground. Unlike traditional ransomware groups that seek million-dollar ransoms, FunkSec employs a high-frequency, low-cost model — further underscoring its use of AI to streamline and scale operations.

Expands beyond ransomware

FunkSec has expanded its capabilities beyond the ransomware binary. Its dark leak site (DLS) hosts additional tools, including a Python-based password generator designed to support brute-force and password-spraying attacks, as well as a basic DDoS tool.

Advanced evasion

FunkSec employs advanced evasion techniques to avoid detection and complicate forensic analysis. The ransomware is capable of stopping over 50 processes and services to ensure thorough encryption of targeted files. Additionally, it includes a fallback mechanism to execute certain commands even if the user launching FunkSec lacks sufficient privileges.

 


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IMF Raises Nigeria’s 2025 GDP Growth Forecast to 3.4%

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International Monetary Fund (IMF) has projected a 3.4 percent expansion in Nigeria’s real Gross Domestic Product (GDP) for 2025, following the conclusion of its annual Article IV consultation with the country.

The IMF announced the forecast in a statement on Wednesday, highlighting progress in macroeconomic reforms while cautioning about persistent vulnerabilities.

The Article IV consultation is a regular assessment of a country’s economic performance and policy framework by the IMF’s executive board. The latest review reflects cautious optimism about Nigeria’s economic trajectory amid ongoing reform efforts.

According to the IMF, Nigeria’s growth in 2024 reached 3.4 percent, mainly driven by increased hydrocarbon production and a robust services sector. However, agricultural output remained subdued due to security challenges and falling productivity.

The IMF expects the positive momentum to continue into 2025, supported by the start of operations at a new domestic refinery, higher oil production, and sustained performance in services. It projected that medium-term growth would remain around 3.5 percent, buoyed by domestic reforms despite an uncertain global environment.

“The Nigerian authorities have implemented major reforms over the past two years which have improved macroeconomic stability and enhanced resilience,” the Fund stated. “The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit, and improved the functioning of the foreign exchange market.”

The IMF said investor confidence has improved, noting Nigeria’s successful re-entry into the Eurobond market and the resumption of portfolio inflows. However, it acknowledged that poverty and food insecurity have worsened, pushing the government to prioritize inclusive growth.

The report also highlighted positive trends in external reserves, foreign exchange market stability, and inflation. It noted that inflation dropped to 23.7 percent year-on-year in April 2025 from an annual average of 31 percent in 2024, based on the rebased Consumer Price Index released by the National Bureau of Statistics.

“Naira stabilization and improvements in food production brought inflation to 23.7 percent… Inflation should decline further in the medium-term with continued tight macroeconomic policies and a projected easing of retail fuel prices,” the IMF said.

On the fiscal front, the Fund said revenue gains from currency depreciation, improved administration, and higher grants helped offset rising interest payments and administrative costs, leading to improved fiscal performance in 2024.

Despite the progress, the IMF warned of growing risks. It said falling global oil prices or rising financing costs could negatively impact Nigeria’s economic stability. “A further decline in oil prices or increase in financing costs would adversely affect growth, fiscal and external positions, undermine financial stability and exacerbate exchange rate pressures,” it said.

The IMF further cautioned that any deterioration in domestic security could derail growth and worsen food insecurity across the country.


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