Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

E-Business

Kobo360 to Pilot Game-Changing Sustainable Cooling Innovations in Nigeria

Published

on

Kindly share this post

Eleven global innovators have been selected to partner with 15 leading Nigerian companies to pilot cost-effective, climate-smart technologies to strengthen the country’s temperature-controlled logistics supply chain, as part of IFC’s award-winning TechEmerge program in partnership with African digital logistics platform Kobo360.

The Sustainable Cooling Innovation program in Nigeria is funded by the UK Government’s International Climate Finance and offers a total pool of $1 million in grant funding to support field-testing over the next 12-18 months.

The program also provides advisory support to help innovators mitigate financial and operational risks, reduce adoption risks for local firms, and facilitate market-entry and tech transfer.

The 11 innovators, which includes four Nigerian companies, were competitively selected by IFC, Kobo360, and TechEmerge’s independent advisory panel of cooling experts. The 15 local partners come from the agriculture, food and beverage, retail, refrigeration, engineering, and logistics sectors.

“Kobo360’s business mission is driven by ingenuity and innovation, and we are proud to be partnering with these new TechEmerge participants to prove that temperature-controlled logistics can be affordable, energy-efficient and environmentally friendly too, while growing vital sectors of the Nigerian economy and opening up new business opportunities across Africa,” said Ike Abiakam, Kobo360’s Founding Partner and Head of Value Added Services.

“Temperature-controlled logistics are vital for delivering perishable goods to markets and protecting sensitive vaccines and other pharmaceuticals. However, conventional technologies are often expensive, inefficient, and emit high amounts of greenhouse gas emissions,” said Kevin Njiraini, IFC’s Regional Director for Southern Africa and Nigeria. “By supporting innovative private sector pilots, we can help pave the way for climate-smart cooling systems to be more accessible to the logistics sector in Nigeria and the region more broadly.”

“As we approach COP26, I am really glad to see these innovative solutions receiving support from the UK-funded Sustainable Cooling Innovation Program,” said Ben Llewellyn-Jones, British Deputy High Commissioner in Lagos, Nigeria.

“Finding, scaling and commercializing sustainable cooling – whether for agricultural products or vaccines – is vital to achieving the goals of the Paris Agreement and the Sustainable Development Goals (SDGs).

As a signatory to the Montreal Protocol and the Kigali Amendment, the UK Government is keen to support Nigeria to adopt solutions that reduce emissions and waste, provide business opportunities and lead to significant cost-savings for end users.”

The competitively selected innovators are Tunasha, Eja-Ice, Gricd, and Mandilas Group from Nigeria, Enersion from Canada, Chill Technologies from the UK, Koolboks from France, and Ecozen Solutions, Pluss Advanced Technologies, Sonnenschein Engineering & Infra, and Thermal Energy Service Solutions from India.

The Nigerian companies partnering with the innovators are Fan Milk, L&Z Integrated Farms, Agvest, Alyx, Amo Farm, Anthorad Nigeria, Cam Dairy Foods, Food Concepts, Integrated Motors Industries, Iron Products Industries, JustFood, Kennie O Cold Chain Logistics, Tak Logistics, KSR Power & Engineering, and Lange and Grant Commodities.

If the pilots are successful, the local companies and innovators may decide to enter into commercial contracts. IFC also evaluates financing needs and may invest in companies to scale game-changing innovations.

TechEmerge has a strong track record of matching innovators across the world with leading companies and organizations in emerging markets to pilot game-changing solutions, build commercial relationships, de-risk investment, and accelerate the adoption of innovation where it is needed most.

Its programs have helped to raise $329 million dollars in financing and investment, built commercial relationships, supported private sector growth in key sectors, and scaled disruptive solutions that are expected to benefit millions of people each year while addressing some of the world’s most pressing development challenges.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Business

NFIU Credits AML/CFT Reforms behind Nigeria’s Nears Exit from FATF Greylist

Published

on

Kindly share this post

Nigerian Financial Intelligence Unit (NFIU) has credited a series of strategic reforms under the national Anti-Money Laundering, Counter-Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) framework, behind Nigeria’s significant strides toward exiting the Financial Action Task Force (FATF) greylist, marking a critical milestone in the country’s fight against money laundering, terrorist financing, and financial crimes.

In a statement, Chief Executive Officer of NFIU, Hafsat Bakari, praised the collective efforts of government agencies and stakeholders. “Congratulations and a job well done as Nigeria comes closer to exiting the FATF grey list. The results achieved as part of the strategic reforms must be applauded,” she said.

She said the NFIU, serving as the Secretariat of the Inter-Ministerial Committee on AML/CFT/CPF, spearheaded the development of a comprehensive roadmap to address deficiencies highlighted in Nigeria’s 2021 mutual evaluation report. She explained that the  roadmap was recently reviewed and endorsed at the FATF Plenary in Strasbourg, France, where it was acknowledged that Nigeria has completed the implementation of its Action Plan within the agreed deadline—a rare achievement among listed jurisdictions.

Bakari emphasised the pivotal role of political leadership in this success: “The clear focus and leadership of His Excellency, President Bola Ahmed Tinubu GCFR, provided an enabling environment for the reform processes. His dynamic leadership, alongside the support of the Federal Executive Council and the National Assembly, has been a critical success factor.”

She also highlighted the crucial contributions of the Judiciary, which has demonstrated the effectiveness of Nigeria’s legal framework in combating financial crimes. The Attorney-General of the Federation and Minister of Justice, Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior, who led the Inter-Ministerial Committee, were credited for providing strategic direction.

“The commitment of these key officials, along with support from the National Security Adviser and various ministers, has been instrumental in driving the reforms forward,” Bakari noted.

A broad coalition of agencies formed the backbone of the national effort, including the Central Bank of Nigeria, Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigeria Police Force, and many others. Their coordinated efforts have strengthened Nigeria’s defenses against illicit financial activities.

Despite the progress, Bakari cautioned that key steps remain before Nigeria can officially exit the greylist. “A critical upcoming milestone is the onsite assessment by the FATF in the next few weeks. This assessment is an opportunity to demonstrate Nigeria’s highest political commitment to sustaining the reform programme and to showcase the impressive results achieved by both public and private sectors in preventing, detecting, and disrupting serious crimes.”

She reaffirmed the NFIU’s dedication to the ongoing fight: “The NFIU remains committed to supporting and working with all stakeholders in strengthening our collective defenses against money laundering, terrorist financing, and other serious crimes.”


Kindly share this post
Continue Reading

E-Business

AfCFTA Positions Africa to Tap into $712bn Digital Trade Market by 2035

Published

on

Kindly share this post

The African Continental Free Trade Area (AfCFTA) is strategically positioning Africa to tap into a $712 billion digital trade market by 2035, leveraging key partnerships and trade-enabling infrastructure to deepen continental integration and economic sovereignty.

Wamkele Mene, Secretary General of the AfCFTA Secretariat, made this known on Wednesday at the 2025 Afreximbank Annual Meetings (AAM2025) in Abuja.

According to him, the Protocol on Digital Trade is central to AfCFTA’s strategy for unlocking the potential of Africa’s growing digital economy.

“We intend to harness this significant market, which is estimated to be over $712 billion by the year 2035, presenting opportunities for young entrepreneurs, investment in data centres, the commercialisation and movement of data, and the development of digital public infrastructure,” Mene said.

He emphasised the critical role of Afreximbank in providing the financial architecture required to support the AfCFTA’s implementation, especially in reducing and eliminating tariff and non-tariff barriers.

“Without the support of Afreximbank, the AfCFTA will not succeed. It requires trade finance tools, support for industrial development, green trade, and green industrialisation,” he added.

Among the tools introduced in collaboration with Afreximbank is the Pan-African Payment and Settlement System (PAPSS), which enables intra-African payments in local currencies, reducing dependence on the US dollar and lowering transaction costs. Mene stressed that trading in foreign currencies like US dollar between African countries is no longer sustainable.

“We must use our own currencies. We must ensure the economic sovereignty of our continent and guard ourselves against ever-shifting global geopolitical tensions that affect payment systems,” he said.

He also disclosed that $10 billion has been mobilised under the AfCFTA Adjustment Fund to support countries implementing the agreement, with an initial ZIP package of $1 billion. Furthermore, a $1 billion AfCFTA Automotive Fund has been established to support component manufacturers and vehicle assembly on the continent. The sector, if well-supported, could generate $46 billion by 2035.

Additional initiatives include the AfCFTA E-Tariff platform, the Rules of Origin Manual, and the soon-to-be-launched Transit Guarantee System, which are all geared towards simplifying trade procedures and boosting intra-African trade.

“We have moved beyond political aspirations to establishing a functional and legally binding multilateral African trading system. This includes protocols on investment, competition policy, and digital trade,” Mene said.

Despite these milestones, he warned that numerous challenges persist. These include inefficient customs systems, high trade costs that limit SME market entry, political instability, and persistent food insecurity which blocks smallholder farmers from accessing markets. He called for continued collaboration between political leaders and development finance institutions to address these obstacles.

“We should be proud of what we have achieved, but also mindful of the difficult journey ahead. Conflict and instability, particularly in rural regions, continue to prevent millions of farmers from accessing markets. We must tackle these issues with urgency if the full potential of AfCFTA is to be realised,” Mene said.

During a question and answer after the launch of African trade and economic outlook report, Yemi Kale, Group chief economist and managing director of Research and Trade Intelligence at the African Export Import Bank, said between May 2024 and 2025 transaction volume through Pan-African Payment and Settlement System (PAPSS) increased by over 1,000 percent, reflecting increased adoption of the payment system.


Kindly share this post
Continue Reading

E-Business

Kaspersky Discovers SparkKitty a New Trojan Spy on App Store and Google Play

Published

on

Kindly share this post

Kaspersky researchers have discovered a new Trojan spy called SparkKitty which targets smartphones on iOS and Android. It sends images from an infected phone and information about the device to the attackers.

This malware was embedded in apps related to crypto and gambling, as well as in a trojanised TikTok app, and was distributed on App Store and Google Play, as well as on scam websites.

Experts suggest that the goal of the attackers is to steal cryptocurrency assets from residents of Southeast Asia and China. Users in Nigeria are also potentially at risk of facing a similar cyber threat.

Kaspersky has notified Google and Apple about the malicious apps. Certain technical details suggest that the new malware campaign is linked to the previously discovered SparkCat Trojan — malware (the first of its kind on iOS) with a built-in optical character recognition (OCR) module that allows it to scan image galleries and steal screenshots containing cryptocurrency wallet recovery phrases or passwords. The SparkKitty case is the second time in a year that Kaspersky researchers have found a Trojan stealer on App Store, following SparkCat.

iOS

On App Store, the Trojan pretended to be an app related to cryptocurrencies — 币coin. On phishing pages mimicking the official iPhone App Store, the malware was distributed under the guise of TikTok and gambling applications.

“One of the vectors for the Trojan’s distribution turned out to be fake websites where the attackers tried to infect the victims’ iPhones. iOS has several legitimate ways to install programs not from the App Store. In this malicious campaign, the attackers used one of them — special developer tools for distributing corporate business applications.

In the infected version of TikTok, during authorisation, the malware, in addition to stealing photos from the smartphone gallery, embedded links to a suspicious store in the person’s profile window. This store only accepts cryptocurrencies, which increases our concerns about it,” explains Sergey Puzan, a malware expert at Kaspersky.

Android

The attackers targeted users both on third-party websites and on Google Play, passing off the malware as various crypto services. For example, one of the infected applications — a messenger called SOEX with a cryptocurrency exchange function — was downloaded from the official store over 10,000 times.

Experts also found APK files of infected apps (these can be installed directly on Android smartphones bypassing official stores) on third-party websites that are likely related to the detected malicious campaign. They are positioned as investment crypto projects. The websites on which these applications were posted were advertised on social networks, including YouTube.

“After the apps were installed, they functioned as promised in their description. But at the same time, photos from the smartphone gallery were sent to the attackers. The attackers may later try to find various confidential data in the images, for instance, crypto wallet recovery phrases to access the victims’ assets.

There are indirect signs that the attackers are interested in people’s digital assets: many of the infected apps were related to crypto, and the trojanised TikTok app also had a built-in store that accepted payment for goods only in crypto,” comments Dmitry Kalinin, a malware expert at Kaspersky.

 


Kindly share this post
Continue Reading

Trending