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General News

NERC Hikes Electricity Tariff

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Sam Amadi, chairman of NERC,
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An amended ‘special’ Multi Year Tariff Order to be known as MYTO 2.1 officially took off Wednesday. Essentially, from yesterday, electricity tariff went up.

However, because service delivery has not improved significantly, the Nigerian Electricity Regulatory Commission (NERC) has announced that distribution companies will not increase tariff for R1 and R2 (residential) consumers for six months. Other categories of customers would, however, witness an increase in what they pay for electricity.

Sam Amadi, chairman of NERC, told some journalists in Abuja Wednesday that the increase is premised on the verified losses that the DISCOs were facing and the new price of gas, which took off this month.

Amadi said: “The implication of the increase in losses level is that the tariff will go up because the cost of distributing power will increase.

“Each of the distribution companies will, however, design a tariff on how to recover their revenue because what NERC has done is to insist that they will not increase tariff for R2 customers for six (6) months.”

He further explained: “Essentially from today (yesterday), the tariff should be up but what is happening now is that they are going to lose money for the next six months because of that caveat.

“We have taken a regulatory policy to say that they will not increase the tariff of residential consumers for the next six months until there is an improvement in service delivery and this is bitter for them because they will not recover that money for that six months but they have accepted it, finally, as a sacrifice they have to make.

“The bottom-line is that tariff should have increased for everybody from January 1, 2015 going by the increase in the cost of doing business; increase in gas price, new loss levels but because of the commitment that NERC has made to ensure that consumers are not exposed further to increased cost until there is some improvement, we have frozen the increment for six months for residential consumer but they will administer their tariff to other consumers but the residential consumers are given special consideration.”

He noted: “There has been an ongoing long-running review of the MYTO. Basically, the tariff is reviewed every six months in what we call minor review. The minor review however coincided with a special review which is based on the fact that when the new owners took over, there was an agreement that there will be a review of the ATC & C (Aggregate Technical, Commercial and Collection) losses, which is simply to say that the new owners bought their assets with an understanding with the BPE (Bureau for Public Enterprises) and which NERC recognised that when they come, they will have an opportunity to validate the losses level which the BPE projected and upon which they bought the assets.

“The implication is that when they did the review and together with NERC it will be verified and use the loss level to get for them a much more reflective tariff because tariff is based on many factors which one of them is loss.”

He added: “So, if we had projected that the loss level in the industry is 30 per cent, it means that 30 per cent of revenue in the industry will be lost but if suddenly it becomes 50 per cent, the implication is that we have underpriced the losses and therefore the tariff will be reviewed.

“When we were privatising, there was some lack of credibility with the data that was put forward and the agreement was that there was no need to argue and that when they come in, they conduct independent study of the loss levels and verify with NERC who will put it back through a special tariff review if the study is ascertained to be credible. That is why it a special review and not our normal six months review because this is based on one of the recognition of the agreement that they have to confirm that losses are as we projected. The commission has now accepted those losses level and it is now to put it into the tariff.

‘‘The new tariff that is announced is a review of the MYTO to factor the losses that are now different based on verification and studies, factor the new price of gas which has changed; basically, those are the two major components for now.

“We approved an amended MYTO tariff which means that issued a new tariff order that continues with the framework of the tariff but now shows that for the remaining of the five years period, the figures are now different but we have not factored some changes like exchange rates and inflation.”

NERC said, however, that the new tariff had an implication for take-off date for a disciplined electricity market by January 1, 2015.

A separate statement announcing the tariff in Abuja NERC explained that with the commencement of MYTO 2.1, the Commission would now progressively hold electricity distribution, transmission, generation companies as well as other market operators to the terms and conditions of their licences.

Amadi said: “It is expected that the take-off of MYTO 2.1 will bring about improved service delivery as distribution companies are now expected to implement their investment plans for metering and strengthen their networks in line with their bid documents.”


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General News

Cybervergent Selected as World Economic Forum’s 2025 Technology Pioneer Company

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In affirmation of its global standing, Cybervergent, a Pan-African technology company that leverages artificial intelligence to transform how organisations manage risk, governance, privacy, and cybersecurity, has been selected as one of the World Economic Forum’s (WEF) Technology Pioneers for 2025—a global cohort spotlighting companies transforming industries through breakthrough technologies and responsible innovation.

The WEF, an international organisation committed to improving the state of the world through public-private collaboration, brings together global leaders to shape economic, technological, and societal agendas. Cybervergent now joins this global community.

The company is recognized for its innovative approach to building digital trust, reimagining how organisations manage cybersecurity, risk, privacy and governance.

Commenting on the company’s milestone, Adetokunbo Omotosho, CEO of Cybervergent, said, “I am honoured that Cybervergent has been named a Technology Pioneer by the World Economic Forum. This is more than an accolade — it’s a validation of our commitment to redefining cybersecurity, privacy, and risk management to build true digital trust.

“What makes this recognition even more meaningful is the fact that Cybervergent demonstrates innovation in AI and infrastructure can emerge from any region, challenging conventional perceptions.”

Some past recipients of the Technology Pioneer recognition, including Google, Spotify, and Airbnb have gone on to fundamentally reshape global industries.

As a member of the 2025 Technology Pioneers community, Cybervergent will be contributing to discussions shaping cybersecurity, AI, and cyber resilience across industries and the global digital economy.


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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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