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FG Seeks Asset Manager for N15tn Infraco Fund

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Vice President Yemi Osinbajo
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Federal government plans to hire an asset manager for its new Infrastructure Development Company (Infraco), designed to raise as much as N15 trillion ($36.7 billion) for infrastructural projects and to accelerate growth.

Vice President Yemi Osinbajo

President Muhammadu Buhari about a fortnight ago, had approved the establishment of the Infraco, a Public-Private Partnership-styled infrastructure company with an initial seed capital of N1 trillion, to tackle Nigeria’s growing infrastructure deficit.

A report yesterday by Bloomberg quoted a source as saying that the Central Bank of Nigeria (CBN) and its funding partners, the Africa Finance Corporation (AFC) and Nigeria Sovereign Investment Authority (NSIA), are seeking proposals from companies to independently manage the infrastructure company’s capital-raising plan.

The Infraco will help fund projects from roads to railways and power plants.

The fund manager will be responsible for coordinating the total equity capital and associated debt raise required by the company, according to the source.

Asset managers seeking the role must have been active in infrastructure financing.

“We need to be innovative in our approach to developing our infrastructure in Nigeria,” Mr. Godwin Emefiele, CBN governor, said in a text message sent by an official from the institution.

“We believe that Infraco will be a major game-changer in this regard.”

Already, PricewaterhouseCoopers, Boston Consulting Group, McKinsey and KPMG have expressed interest in being transaction advisers in the deal, according to the source.

Ukiri Lijadu and Co. and Kenna Partners have been appointed legal advisers, the source said.

PricewaterhouseCoopers and KPMG didn’t immediately answer calls seeking comment on Wednesday, while calls to Ukiri Lijadu and McKinsey didn’t connect. Representatives at Kenna Partners and BCG couldn’t comment straight away when called.

Nigeria plans to boost infrastructure investments to stimulate economic growth after exiting its second recession in four years in the fourth quarter.

The nation needs at least $3 trillion over 30 years to close its infrastructure deficit, Moody’s Investors Service said in a November report.

Already, Vice President Yemi Osinbajo has been saddled with the responsibility of heading a steering committee to facilitate the take-off of the company.

Mr. Laolu Akande, Osinbajo’s media assistant, had said in a statement at the time that Infraco would grow to N15 trillion in assets and capital and that it would be one of the premier infrastructure finance entities in Africa to be wholly dedicated to Nigeria’s infrastructure development.

According to him, the initial seed capital for the entity will come from the CBN, the NSIA and the AFC.

Akande had stated: “The board of Infra-Co will be chaired by the central bank governor and include the Managing Director of the Nigerian Sovereign Investment Authority, President of the Africa Finance Corporation, as well as representatives of the Nigeria Governors’ Forum, and the Ministry of Finance, Budget and National Planning. The board will also have three independent directors from the private sector.

“To address Nigeria’s infrastructure deficit, the Buhari administration continues to explore innovative options, including through financing initiatives such as the Presidential Infrastructure Development Fund (PIDF), designed to cater for the second Niger Bridge, the Abuja-Kaduna-Zaria-Kano Expressway, and other projects.

“There is also the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme which is being used for the funding of the Bodo-Bonny bridges and road (with the Nigeria Liquefied Natural Gas, NLNG), and the Apapa-Oshodi-Oworonshoki Expressway (with Dangote Group), among others.


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Toll Collection on Lagos-Calabar Highway Begins December

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Senator David Umahi, the Minister of Works, has announced that a section of the Lagos-Calabar Coastal Highway will be tolled starting in December.

Umahi disclosed this during an interview for a forthcoming State House documentary marking the second anniversary of President Bola Tinubu’s administration.

He said: “By December, we will toll Section 1 of the Lagos-Calabar coastal highway. We project a 10-year return on investment.

“The road has solar-powered lighting and CCTV infrastructure, and offers carbon credit advantages.

“It is more than a road; it is an economic corridor and a catalyst for regional growth.”

According to the minister, 30 kilometres of Section 1 have already been completed, with an additional 10 kilometres in Section 2 nearing delivery. Both segments feature six-lane concrete-paved carriageways, designed to meet modern standards for safety and durability.

Umahi further revealed that construction had commenced on Sections 3 and 3B of the highway, spanning a total of 65 kilometres, covering 38 kilometres in Cross River State and 27 kilometres in Akwa Ibom.

He described the positive response from local communities as a clear indication of the project’s wide-reaching socioeconomic benefits.

“Just days ago, we flagged off Sections 3 and 3B—65 kilometres in total, covering 38 kilometres in Cross River State and 27 kilometres in Akwa Ibom. The host communities’ excitement speaks to these projects’ transformative impact,” he said.

Umahi also highlighted the administration’s renewed focus on the Sokoto-Badagry superhighway, which he noted was part of a broader vision dating back to colonial-era trade plans.

“The Trans-Saharan trade route dates back to colonial-era planning. President Tinubu is now bringing these long-abandoned visions to life,” the minister explained.


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Kaspersky Uncovers Dero Crypto Miner Spreading via Exposed Container Environments

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Kaspersky Security Services experts have identified a sophisticated cyberattack campaign targeting containerized environments to deploy a miner for the Dero cryptocurrency.

The attackers abuse exposed Docker APIs — parts of Docker, an open-source container development platform. In 2025, there are a significant number of Docker API default ports that are insecurely published, accounting for almost 500 occurrences worldwide on average each month.

In the discovered campaign, cybercriminals inject two types of malwares into the compromised systems: one is the miner itself and the other is a propagation malware that can spread the campaign to other insecure container networks.

Kaspersky experts discovered this malicious campaign as part of a compromise assessment project. According to expert estimates, any organisation that operates containerized infrastructure — while exposing Docker APIs without robust security controls — can be a potential target. These may include technology companies, software development firms, hosting providers, cloud service providers and more enterprises.

According to Shodan, in 2025, there are 485 published Docker API default ports¹ worldwide each month on average. This figure illustrates the campaign’s potential attack surface by tallying the “entry points” — or insecurely exposed ports that attackers might target.

Once attackers identify an insecurely published Docker API, they either compromise existing containers or create new malicious ones based on a legitimate standard Ubuntu image. They then inject two malware types into the compromised containers: “nginx” and “cloud”.

The latter is a Dero cryptocurrency miner, while “nginx” is a malicious software that maintains persistence, ensures execution of the miner and scans for other exposed environments. This malware allows attackers to operate without traditional Command-and-Control (C2) servers; instead, each infected container independently scans the Internet and can spread the miner to new targets.

“The campaign has the potential for exponential growth of infections, with each compromised container acting as a new source of attack, if security measures are not immediately put in place in the potentially targeted networks,” explains Amged Wageh, an incident response and a compromise assessment expert at Kaspersky Security Services.

“Сontainers are foundational to software development, deployment, and scalability. Their widespread use across cloud-native environments, DevOps, and microservices architectures makes them an attractive target for cyber attackers. This growing reliance demands organisations adopt a 360-degree approach to security — combining robust security solutions with proactive threat hunting and regular compromise assessments”.

The attackers embedded the names “nginx” and “cloud” directly in the binary — an inflexible executable file composed of instructions and data for the processor, not for humans. This is a classic masquerading tactic that lets the payload pose as a legitimate tool, trying to deceive both analysts and automated defenses.


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Manager, Others Arraigned for Allegedly Hacking into Premium Trust Bank’s Server

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Economic and Financial Crimes Commission (EFCC), on Tuesday, charged five defendants before a Federal High Court in Lagos for allegedly hacking into the server of Premium Trust Bank.

Manager, Others Arraigned for Allegedly Hacking into Premium Trust Bank’s Server

The defendants are listed as the bank’s e-payment service manager, Matthew Adeniyi; Kehinde Odeyemi, a nursing mother; Samson Latshin, Bolaji Omotosho and Sunday Okunnola.

They were charged before Justice Alexander Owoeye, on a six-count charge bordering on conspiracy, cybercrime and unlawful access to the bank’s database.

They, however, pleaded not guilty to the charge.

Mrs. Zeenat Atiku, prosecutor, alleged that they committed the offence between April and May this year, in collaboration with three others, now at large.

Those still at large are Isa Ismaila, Victor Joshua, also known as ‘Oracle’ as well as one other, simply identified as Humble.

According to the charge, the first defendant unlawfully disclosed sensitive credentials, including the bank’s server IP and domain details, to these parties.

She said this enabled an unauthorised access to the bank’s database and the consequent data breach allegedly resulted in financial gains of $10,000.

The prosecutor also alleged that the defendants attempted to intercept the bank’s network and procured a Hewlett-Packard ProBook 440 G9 laptop (serial No. SN#5CD2473N6G) configured to bypass the bank’s security systems.

The anti-graft agency said the alleged offences contravened the provisions of sections 12(1)(b), 27, 28(1)(b)(c) and 28(3) of the Cybercrimes (Prohibition Act, 2015 (as amended in 2024).

Following their pleas, the prosecutor, requested for a trial date and sought an order to remand the defendants in custody.

Meanwhile, the court declined an oral bail by the defence counsel and directed that a formal bail application be filed.

He adjourned the case until June 30, for trial and ordered that the defendants be remanded at the Nigerian correctional centre, pending bail.

The court, however, added that the defence may apply for an earlier trial date, upon filing their bail applications.

 


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