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General News

Late Yar’Adau Deceived Me, Atiku, Others are Shameless Liars-OBJ

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L-R: Olusegun Obasanjo, late President Umaru Musa Yar’Adau and President Goodluck Jonathan
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Chief Olusegun Obasanjo, former president in his new memoir titled “My Watch” has accused late President Umaru Musa Yar’Adau of deceiving him about how serious his health issues were before he became the presidential candidate of the Peoples Democratic Party (PDP) in 2007.

Obasanjo  took swipes on Atiku Abubakar, his former deputy,Ken Nnamani, former Senate President; Bola Tinubu, ex-Lagos State Governor; and Mallam Nasir el-Rufai, former minister of the Federal Capital Territory (FCT), and described most of them as liars.

He also accused President Goodluck Jonathan of incompetence.

In a chapter in the book, which chronicles the life of the former President from birth till this year, entitled: “To be or Not to be: Jonathan,” Obasanjo stated that the late Yar’Adua made him to believe that he had overcome his health problems, thereby deceiving him.

The former President wrote in the book: “I was heavily involved in the transition and exit process that saw me leaving office for my successor, Umaru Yar’Adua, as recounted in Chapter 37, the ninth chapter of the second volume of this book. The unprepared and unplanned transition from Yar’Adua to Jonathan was a more difficult exercise in some respects. One reason was the ‘cloak and dagger’ manner in which Yar’Adua’s illness was handled.

“The illness of a President cannot be regarded as private. His health has implications for the security and wellbeing of the nation. For the president and those around him to have attempted strenuously to keep the fact of the severity of his illness from public smacks of ignorance of the enormity of what the job entails and the level of provinciality of their understanding, attitude, and approach.

In the book,  Obasanjo blasted President Jonathan, describing him as an incompetent leader. He wrote that President Jonathan has failed Nigerians and considered the current administration as inept and a colossal failure. He exonerated himself from the blame of the Musa Yar’Adua/Jonathan presidency that resulted in the current administration.

The former President did not also spare some leaders, like Atiku, who he described as a “blatant and shameless liar.” Also, he described El-Rufai as “a brilliant man who is economical with the truth.” Just as he wrote that Tinubu, was “one of the worst cases” in terms of corruption. He described Gen Muhammadu Buhari as a “strong, almost inflexible, courageous and firm leader,” but said he would not be a good economic manager.

In the book, Obasanjo also blasted Yoruba chieftains, some of whom he said would prefer to be “rulers in hell, if they cannot be rulers in heaven.”

On the infamous Third Term agenda, Obasanjo denied that he ever wanted to elongate his tenure, but wrote that it was the monumental mischief of his detractors that turned an effort at constitutional reform into a myopic argument about tenure elongation.

He accused  Atiku and PDP governors, saying that were behind the alleged move. He said: “Atiku was behind the whole episode of turning wholesome constitutional amendment efforts of the National Assembly to a futile exercise and as a means of riding on its ashes to be a Nigerian President,” he wrote.

“Those who can be regarded as influential and who have publicly accused me of allegedly manipulating a third term were Atiku Abubakar, who is a blatant and shameless liar, who was behind the whole episode of turning wholesome constitutional amendments efforts of the National Assembly to a futile exercise and as a means of riding on its ashes to be a Nigerian President; Nasir el-Rufai, a brilliant man, economical with truth and without substantiating his claim in his book and has a track record of a turncoat.

“If I did not want tenure elongation when I was military Head of State and had me to, I see no reason why I should be falsely accused of coup planning by Abacha and tenure elongation by Atiku.”

He also blasted Nnamani, in the book, saying: “Ken Nnamani, the then Senate President, was a blatant liar and unabashed maker of the untrue statement on third term by saying that I informed him of my desire for a third term.

As for Gbajabiamila (Femi), who talked about money passing hands, if money flowed to lawmakers, it was not from the federal treasury and definitely not from me. It could be from state governors who wished to be beneficiaries of a third term amendment.”

Writing on Tinubu, he said: “Nuhu Ribadu tried to investigate almost all of them to the best of my understanding.

At a time, he publicly announced that 28 out of the 36 governors were either manifestly corrupt or had tainted in one way or other. He gave me a copy of his report on those governors. Bola Tinubu was definitely one of the worst cases.”

The former President also took a swipe at former governor of Ogun State, Gbenga Daniel, in the book, saying: “Daniel is shifty, dubious and believes he is the cleverest human being on earth.”

While answering questions thrown at him, Obasanjo said he was not afraid of telling the truth, insisting that everything he wrote was true.

He also spoke on the court injunction obtained by a chieftain of the PDP, Buruji Kashamu, to stop the publication of the book. He described the injunction as absurd, saying that the book was published three months ago and called for the sanction of the judge who gave the judgment.

“The book had already been published and printed three months ago, only for the court  to be asked to put a stop to it. Buruji went to a court to stop the book from being published and the hearing was fixed for yesterday (Monday). When that was not enough, he went to another court by 5pm on a Friday and got an injunction, saying the book should not be published. Unfortunately, the book was already completed three months ago. Secondly, I want the judge that gave such an injunction to be penalised.”


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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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