E-Business
Nigeria Loses N127Bn to Cyber Crime – Saraki

Dr Bukola Saraki, President of the Senate, has said that Nigeria has lost about N127 billion to cybercrime.
He disclosed this at Nigeria’s first Legislative Stakeholders Conference on ICT and Cyber security on Monday in Abuja.
Saraki, who was represented by Sen. Philip Aduda Saraki, Senate Minority Whip did not, however, specify the period within which the nation lost such an amount to cyber crime.
He said the loss was indicative of the hole created in the economy by cyber crime amounting to 0.08 per cent of the Gross Domestic product (GDP.
“It is indeed ironic that while internet penetration in Nigeria is tentative at best, hovering at just over the 90 million people mark, a percentage of 47.7 per cent, internet-facilitated crime seems to be growing.
“Our cyber borders are very porous, indeed,” Saraki said.
He said efforts to revive the economy must necessarily include counter-measures to minimise the losses and shore up the country’s cyber security architecture to better repel attacks.
Saraki further said that cyber attacks had in 2016 reached unprecedented level, globally with no sign of a downward trend.
“In recent times, we have seen the virulent use to which criminals and other shadowy agents have put the cyber space.
“The cyber ecosystem has been weaponised and manipulated to devastating effect to undermine democratic processes, influence voting in elections and whip up tension and divisions between societal groups.
“Over 200,000 cyber attacks were recorded in one single day earlier this year all over the world.
‘’Major international financial institutions have had their systems crippled for up to 48 hours after being targeted by criminals using Distributed Denial of Service (DDoS), among other methods.”
He said such attacks threatened economic activities, adding that personal data of millions of people were compromised by cyber criminals, who demanded the payment of ransom before hijacked data could be released.
“Kidnapping, already a scourge in the Nigerian physical space, is also becoming a problem in the virtual realm as ‘cyber-kidnapping’ of encrypted data poses a clear and present danger to our economic viability.
The Senate President described cybercrime as an ever-mutating monster, constantly growing new tentacles and taking on new formations.
“Not so long ago, one web-based Ponzi scheme succeeded in entrapping thousands of Nigerians with promises of quick gains.
“Investors were left counting the costs when the bubble burst, while those responsible moved on to new pastures. There was no accountability anywhere.”
He said that it was in light of all these challenges that the Senate sounded the alarm with a motion in May and resolved to, amongst other things, convene a national conference.
“It is essential that we come up with effective cyber-security management strategies based on existing legislative frameworks, while building on the work already being done by bodies like the Cybercrime Advisory Council.
He noted that “The ‘Stop. Think. Connect’ campaign initiative of the United States Mission was aimed at reducing cybercrime in Nigeria.
According to him, the effort also points to the need to share ideas and collaborate with international partners to reduce the impact of the borderless crimes of cyber-space.
Sen. AbdulFatai Buhari, Chairman, Senate Committee on ICT and Cybercrime, said the advancement in Information and Communication Technology had accelerated the growth and penetration of mobile telephony and its associated multimedia services.
“It has led to increasing access to the internet and broadband services providing opportunities for finding detailed answers to millions of questions every day.
Buhari said it was estimated that cybercrime would cost businesses in the world over $2 trillion by 2019.
In his address, Adebayo Shittu, Minister of Communication, said globally, ICT had become a veritable tool for advancing growth and economic diversification.
He said that a World Bank study carried out in 2014 showed that every 10 per cent in ICT investment generated a corresponding 1.38 per cent increase in GDP.”
Represented by Abdulaziz Abdullahi, Permanent Secretary in the Ministry, the minister said government had put in place new ICT strategic road map to improve the communication sector.
E-Business
Temu Joins INTA to Combat Counterfeits and Elevate IP Standards Worldwide

Temu, the global online marketplace, has joined the International Trademark Association (INTA) as a corporate member and serves on its Anti-Counterfeiting Committee.
INTA is a global association that brings together more than 6,700 organizations, representing over 37,000 trademark professionals and brand owners across 181 countries. By joining INTA, Temu deepens its commitment to building a trusted online marketplace and advancing global IP protection through broader, cross-industry collaboration.
“INTA welcomes TEMU’s willingness to engage in anticounterfeiting initiatives, including in the Association’s annual Anticounterfeiting Workshop and Online Takedown Certificate Program which serve to share best practices and connect stakeholders,” said Alastair Gray, Director of Anti-Counterfeiting, INTA. “Constructive collaboration with these efforts can contribute to the protection of intellectual property rights for INTA members and support the removal of counterfeit products from the platform which ultimately protects consumers.”
At the 2025 INTA Annual Meeting held in San Diego in May, Temu participated in the Anti-Counterfeiting Committee Roundtable, serving as a moderator to facilitate discussions among brand owners, online platforms, and government officials on emerging technologies, best practices for collaboration, and strategies to strengthen global anti-counterfeiting efforts.
“Joining INTA and serving on its Anti-Counterfeiting Committee reflects Temu’s ongoing commitment to ensuring a trustworthy online shopping experience,” said a Temu spokesperson. “We value collaboration with industry peers and stakeholders and are dedicated to advancing collective efforts in intellectual property protection.”
Temu also participates in INTA-led online workshops, including the Online Platform Notice and Takedown Certification Program, which outlines the latest procedures and best practices used by e-commerce platforms and social media companies. These workshops aim to enhance the quality and accuracy of rights-holder notices, promoting more effective takedown processes and content moderation.
Since launching in 2022, Temu has made significant investments in IP enforcement. Its measures include comprehensive seller vetting and compliance training, 24/7 algorithmic monitoring with manual review, a dedicated IP protection portal and brand registry to streamline takedown submissions, and an internal enforcement team that handles claims with speed and accuracy.
E-Business
Huawei Unveils AI Computing System to Challenge Nvidia’s Flagship Product

China’s Huawei Technologies unveiled an AI computing system on Saturday that an industry expert said rivals Nvidia’s most advanced product, as the company aims to expand its footprint in the country’s booming AI sector.
The CloudMatrix 384 system made its public debut at the World Artificial Intelligence Conference (WAIC), a three-day event in Shanghai, attracting a large crowd to Huawei’s booth with its showcase of cutting-edge AI innovations.
The system has attracted significant interest from the global AI community since Huawei (HWT.UL) first introduced it in April. Industry analysts see it as a direct challenger to Nvidia’s GB200 NVL72, the most advanced system-level offering currently available from the U.S. chipmaker.
In an April article, Dylan Patel, founder of semiconductor research firm SemiAnalysis, stated that Huawei now possesses AI system capabilities that could surpass those of Nvidia.
Huawei staff at its WAIC booth declined to comment when asked to introduce the CloudMatrix 384 system.
A spokesperson for Huawei did not respond to questions.
Huawei has become widely regarded as China’s most promising domestic supplier of chips essential for AI development, even though the company faces U.S. export restrictions.
Nvidia CEO, Jensen Huang told Bloomberg in May that Huawei had been “moving quite fast” and named the CloudMatrix as an example.
The CloudMatrix 384 system features 384 of Huawei’s latest 910C chips and, according to SemiAnalysis, surpasses Nvidia’s GB200 NVL72 in certain performance metrics, despite the latter using 72 B200 chips.
SemiAnalysis attributes this performance advantage to Huawei’s strong system design, which offsets the lower power of individual chips by leveraging a greater number of them and incorporating system-level innovations.
Huawei describes the system as utilizing a “supernode” architecture that enables ultra-high-speed interconnectivity between chips.
In June, Zhang Pingan, CEO, Huawei Cloud confirmed that the CloudMatrix 384 was already operational on Huawei’s cloud platform.
E-Business
Transcorp Hotels Delivers Stellar H1 Results, Declares Over ₦1Bn Dividend

Transcorp Hotels Plc has delivered a stellar performance in the first half of 2025, recording a 60% year-on-year surge in revenue to ₦47.57 billion, up from ₦29.72 billion in H1 2024. Gross profit climbed 71% to ₦36.21 billion, maintaining a strong 76% margin despite inflation and operational headwinds.
The hospitality giant, a subsidiary of Transnational Corporation Plc, also announced an interim dividend payout of ₦1.024 billion — offering ₦0.10 per 50 kobo ordinary share to shareholders.
In a bold move, the company unveiled Nigeria’s largest corporate venue — the 5,000-seat Transcorp Centre — staking its claim as the new leader in event hospitality. Chairman Emmanuel Nnorom described the results as proof of Transcorp Hotels’ transformative strategies and unwavering investor commitment. MD/CEO Uzo Oshogwe attributed the success to relentless execution and a resilient business model.
Transcorp Hotels, renowned for iconic assets like Transcorp Hilton Abuja and its digital platform Aura, says it isn’t just leading Nigeria’s hospitality sector — it’s redefining excellence across Africa.
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