E-Business
FG Directs MDAs to Comply with E-government Master Plan

President Muhammadu Buhari Thursday in Abuja directed Ministries, Departments and Agencies to comply with the ongoing transition of all government operations to digital platforms that will enhance efficiency and effectiveness in service delivery, and promote more inter-agency synergy.
Speaking at the opening ceremony of the e-Nigeria 2019 Conference on the Nigerian Digital Economy held at the International Conference Centre (ICC), President Buhari said the transition to digital economy was no longer optional for the MDAs, but “an absolute necessity,’’ following the launch of the e-government master plan which will drive and guide the process.
President Buhari noted that a directive in 2018 that all government funded ICT projects must be reviewed and cleared by National Information Technology Development Agency (NITDA) saved the country over N16.8 billion.
“Our recent introduction of the Nigerian E-government Masterplan will further consolidate our successes to date and increase interoperability among the different Ministries, Departments and Agencies of government.
“A key requirement of the e-government Master plan is for all government institutions to create a Digital Transformation Technical Working Group that will work with the Ministry of Communications and Digital Economy to ensure seamless and coordinated implementation of projects, programs and policies.
“Furthermore, the Nigerian e-Government Interoperability Framework, the Enterprise Architecture and the Nigeria Data Protection Regulation are in place and all Ministries, Departments and Agencies are expected to comply with these policies,’’ he said.
President Buhari said that the digitisation of key operations in public service such as the use of the Bank Verification Number (BVN), Treasury Single Account (TSA) and the Integrated Payroll and Personnel Information System (IPPIS) has enabled the government to save cost and fight corruption.
The President said the Federal Ministry of Communications and Digital Economy will develop training and sensitization programs which will be rolled out across all key MDAs with immediate effect to ensure seamless implementation of the master plan.
President Buhari pointed out that the push for more job creation and diversification of the economy received a boost in the second quarter with the ICT sector contributing 13.85 per cent to the Gross Domestic Product (GDP), quoting figures from the National Bureau of Statistics for 2019.
“This clearly shows the importance and potential of the ICT sector to our job creation and economic diversification agenda.
“Already, Nigerian ICT startups are leaving their mark on the global stage. For example, at the Gulf Information Technology Exhibition (GITEX), a Nigerian Artificial Intelligence solution provider, Chiniki Guards, took first place, beating 750 contestants from 73 countries. We shall continue to encourage and support such digital entrepreneurs to develop innovative solutions for local and global challenges,” he added.
The president said the Federal Ministry of Communications was re-designated Federal Ministry of Communications and Digital Economy to refocus on the emerging value of digitalization all over the world with a mandate to develop and implement a harmonized and well-coordinated digital economy policy and strategy for Nigeria.
President Buhari, however, warned: “Of course, as we celebrate the successes and explore the opportunities in this sector, we must remain mindful of its threats. We all know how the use of unregistered and improperly registered SIM cards by terrorists is a key national security threat.
“Today, I am informed that over 9.2 million SIM cards have either been normalized, blocked or deactivated in less than 40 days due to improper registration. We encourage all Nigerians to ensure that their phones are properly registered. As a Government, our priority is to protect the lives and properties of all Nigerians.’’
E-Business
FG Mulls Fibre Optic Layout to Bridge Internet Gaps

President Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.
His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.
He said the fibre optic layout is part of other projects being embarked on.
“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.
“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.
He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.
In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.
The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.
Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.
It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.
E-Business
African Startups Raised $345m in Funding in May

African startups raised more than $345 million across 65 deals in May, more than double the amount raised in the same period of last year, according to a report by Briter, a research and business intelligence firm.
The report disclosed that both the number of deals and participating companies declined, confirming a growing trend of fewer companies raising funds in larger sizes.
It said fintech attracted the highest share of funding in May, accounting for 34 percent of the total, while cleantech followed closely, driven by a debt deal from Sun King. The company raised $80 million (in local currency) to expand clean energy access in Nigeria.
“Equity remains the primary instrument in terms of total value. There’s no doubt about it; in fact, equity deals with disclosed amounts captured more than half of the total funding volume in May.
“However, debt financing is increasingly proving its weight. Although it accounted for only 8 percent of all deals, it represented 32 percent of the total funding, highlighting the typically larger size of debt transactions. With the rise of specialised vehicles targeting early-stage businesses, debt is becoming an increasingly important part of Africa’s innovation funding landscape,” it said.
Briter’s report added that grants continued to play a vital role in early-stage support, especially in the education technology (EdTech) sector. The Mastercard Foundation led the pack in grant activity, funding a new cohort of EdTech innovators in Nigeria and Kenya. Each selected startup is set to receive $100,000 in grant funding, in addition to mentorship and business development support.
Multilaterals also made a strong showing in May, it said. The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group member, issued a $179.6 million guarantee to CleanTech firm KOKO Networks. The support will help scale its clean energy solutions across Kenya.
“This deal not only demonstrates growing international confidence in African climate ventures but also signals a promising pathway for other asset-intensive startups in clean cooking, agriculture, and renewable energy,” the report said.
From a geographic perspective, Egypt emerged as the continent’s fundraising powerhouse for the month, contributing 51 percent of all funding raised. The country recorded 12 deals across equity, debt, and bond instruments. Notably, FinTech platform MNT-Halan raised $50 million through a bond issuance, further illustrating the diversification of capital-raising mechanisms in the region.
Outside Egypt, funding was distributed across Africa’s three other key markets, which are Egypt, Nigeria, and Kenya, with limited activity recorded in countries such as Ghana, Tunisia, Morocco, and Uganda, each registering between one and three deals.
In terms of exits, the African tech landscape continues to mature. Three companies—Baobab+, Qardy, and Shopa—were acquired in May, bringing the total number of exits this year to 22. This already surpasses last year’s count for the same period. Qardy was acquired by Catalyst Partners Middle East (CPME) in a disclosed deal valued at $23 million, the report added.
E-Business
Human Hacking: When Cyber Criminals Target You

By Nancy Werteen
When you get anti-hacking advice, you’ve probably heard “Don’t use a simple password,” or “Don’t plug in that USB you found on the ground.”
But there’s one form of hacking that doesn’t always require a computer, and it costs businesses about 4.88 million dollars a year.
Modern hackers aren’t trying to get into your computer; they’re trying to get into you.
“They’ll try to learn about you a little bit, and they’ll try to use that information against you to try to get you to complete some action, maybe to send somebody some money,” said Kevin Moran, PhD, Assistant Professor of Computer Science, Cyber Security and Privacy Cluster, University of Central Florida.
IBM calls this human hacking, because it exploits human error instead of system error.
“With people just being busy and maybe not very carefully checking some of the emails or the phone calls that they get, can be something unfortunately that people can fall victim to,” said Moran.
Also known as social engineering, this often takes the form of phishing, where the hacker tries to “fish” the information out of you by impersonating family, friends, or even your bank.
There’s also baiting, where the hacker baits you with something of value. Remember the Nigerian prince scam?
That’s a famous example of baiting. There’s also pretexting, where the hacker will claim the victim has already been hacked, and that the hacker can fix it if you just send over your passwords. So, what can you do?
“Just as a rule of thumb, instead of clicking on links and emails, just go to the website yourself. And that will prevent, a lot of these types of attacks from happening,” explained Moran.
Phishing can take many forms.
Spear phishing targets people with access to confidential information, often to get access into an entire business, and whale phishing targets CEOs or political figures.
Search engine phishing is when hackers create fake websites promising services or goods you’ll never receive.
Angler phishing is when hackers create fake social media accounts impersonating famous people or companies.
Finally, vishing and smishing is phishing done through phone calls and texts respectively.
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