General News
NY Times Article Blasts Jonathan, PDP over Graft, Terrorism

A damning article published in The New York Times has painted a not too pleasant picture of Nigerian current government which it said is “widely seen as the most corrupt since independence from Britain in 1960”
The article written by one Adewale Maja-Pearce, a writer and author of the memoir “The House My Father Built” also returned indictment on the government for failure to rescue the school girls seized by Boko Haram.
A version of the op-ed appears in print on November 17, in The International New York Times said that though corruption is a huge problem for President Goodluck Jonathan and his People’s Democratic Party, which has been continuously in power since the end of military rule in 1999.
But things are unlikely to change. To many Nigerians, it sometimes seems as if we merely swapped military dictatorship for a one-party state.
Mr. Jonathan’s name will be on the ballot this February, when Nigerians, many of them fed up with government corruption and incompetence, go to the polls.
Yet events percolating across the country that could come to a boil within the next three months might actually work to the president’s advantage.
Two grave problems — the Boko Haram insurgency and tensions in the oil-rich Niger Delta — hang over the land. A third, West Africa’s Ebola crisis, seems to have been contained so far, and though this has little to do with Mr. Jonathan’s leadership, the people responsible for it are unlikely to gain any political capital at his expense.
The incompetence of Mr. Jonathan’s government is most clearly seen in its inability to rescue the 276 schoolgirls, most of them believed to be Christians, who were kidnapped by Boko Haram insurgents in the largely Islamic north last April.
Even at the time, the president, himself a Christian from the largely Christian south, didn’t seem much concerned about their fate.
It took him almost three weeks to officially acknowledge what had happened, whereupon he belatedly invited their relatives to lunch at the presidential villa in Abuja, an event which one journalist likened to “a wedding reception,” complete with bunting and a band.
What Mr. Jonathan didn’t count upon was the international furor over the kidnappings or the powerful worldwide publicity, negative in his case, of the #BringBackOurGirls campaign. Seven months later, most of the girls are still missing (though dozens have managed to escape).
A report by Human Rights Watch catalogued the “physical and psychological abuse they were subjected to: forced labor, forced participation in military operations, including carrying ammunition or luring men into ambush; forced marriage to their captors; and sexual abuse, including rape.”
Meanwhile, sporadic violence continues. Last week, a suicide bomber killed at least 48 students at a boys’ high school in the northeast. Rescuing the girls — or putting an end to the insurgency altogether — would certainly help Mr. Jonathan’s ambitions, but his government’s ability to do so seems most unlikely. Corruption and low morale have hobbled the military.
Even so, the government announced last month that the extremists had agreed to a cease-fire, though Boko Haram has denied it.
Although the extremists have been widely condemned by leading Muslim clerics and politicians, the insurgency contributes to Christian suspicions of their Muslim compatriots, and this may well play into Mr. Jonathan’s hands come election time.
But in an effort to bridge sectarian divisions and garner votes across the religious divide, the country’s leading opposition parties, one from the largely Muslim northeast, the other from the mostly Christian southwest, have joined forces with other groups to form the All Progressives Congress. In theory, this gives the opposition a fighting chance of wresting control of the Senate and House of Representatives from the People’s Democratic Party.
Unfortunately, efforts to make common cause in Nigeria are invariably sacrificed upon the altars of religion and ethnicity.
The alliance’s likely presidential candidate is a Muslim northerner, Muhammadu Buhari. He also happens to be a former dictator, who ruled Nigeria for 20 months in the mid-1980s.
His administration came to an abrupt end in August 1985, when members of his cabinet, alienated by his efforts to root out corruption, forced him out.
Though widely unpopular, many Nigerians feel he has the credentials to tackle corruption. Moreover, one potential running mate is Babatunde Raji Fashola, the two-term governor of Lagos State who has distinguished himself by successfully tackling the incipient Ebola crisis with the same energy and efficiency that he brought to modernizing the infrastructure of Lagos, the biggest port in West Africa. But there are also doubts about his commitment to clean government, fueled by the fact that he is a protègé of Ahmed Bola Tinubu, a former governor of the same state and a founding member of the All Progressives Congress whose reputation has been tarnished by corruption scandals, even though he has never been convicted of corruption.
Though Mr. Fashola is a Muslim with a Catholic wife, few Christians (or for that matter even the generally more-liberally minded Muslims of the south) would be inclined to vote for a Muslim-Muslim ticket.
Religious differences are a key factor in voting, but perhaps patronage plays a greater role, a lesson Mr. Jonathan learned in the Niger Delta, where he taught school and gained political prominence.
Like any savvy politician, he knows that patronage is a two-way street, and he has been careful to keep the money flowing in a region plagued by resentment over oil rights, piracy and periodic unrest.
Oil is Nigeria’s greatest source of wealth, providing about 90 percent of the nation’s foreign exchange earnings, but many people among the delta’s diverse ethnic groups feel that the central government has seized control of their oil without adequate compensation. The government says it loses about $3 billion a year due to piracy, widely seen as aided and abetted by the military. Local gangs also take what they can by tapping pipelines. In the past, anger over corruption and the unfair redistribution of wealth has fueled a dangerous political militancy. Everyone knows that if the militants want to, they can easily stop oil production, which would bankrupt the country.
Thus Mr. Jonathan takes care to ensure that the region is well looked after, and this contributes to his enormous popularity there. Indeed, he is widely seen as crucial to keeping the lid on potential unrest. In the words of Mujahid Dokubo-Asari, a former leader of the Niger Delta People’s Volunteer Force who is now a key supporter, if Mr. Jonathan is not re-elected next year, there will be “blood in the streets.”
General News
Firm Explores the Evolution of AI-powered Ransomware with Password-gated Capabilities

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.
General News
IMF Raises Nigeria’s 2025 GDP Growth Forecast to 3.4%

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.
General News
AfCFTA Opens Opportunity for Logistics Sector

The African Continental Free trade Area (AfCFTA) has created an opportunity for truckers, airlines and other players in the logistics and transportation sector.
About 2.2 million trucks, valued at $345 billion, will be needed for trade facilitation under the AfCFTA between now and 2045, according to the African Export-Import Bank (Afreximbank).
Similarly, 243 aircraft, valued at $25 billion, will be required, with 169,000 rail wagons estimated at $36 billion needed for the continental trade.
Also, more than 130 vessels, valued at $4 billion, will be required to trade under the AfCFTA, Afreximbank said.
“Road, rail, air, and maritime infrastructure are inadequate,” said Gain more Zanamwe, director of trade facilitation and investment promotion, Afreximbank, said at a roadshow in Lagos on Monday.
“Most of the intra-African trade – about 77 percent – is done by road, and this needs to change,” he further said.
He noted that Nigeria is not playing in vehicle market due to a cacophony of poor policies.
“I have had conversations with original equipment manufacturers (OEMs). They said why they are not in Nigeria is because of lack of a comprehensive auto policy. If Nigeria fixes the policy, the country can surpass what South Africa is doing,” he noted.
The AfCFTA creates access to a market of 1.4 billion people or $3.4 billion. It also provides an opportunity for Africans to trade with each other and tap from continent’s resources.
Africa’s trade with each other stands at merely 15 percent as against Europe’s 60 percent -70 percent, Asia’s 50 percent -60 percent and North America’s 40 percent.
“We need an ‘Africa-First mentality,” said Kanayo Awani, executive vice president, intra-African trade and export development, Afreximbank, stressing the need for Africans to deepen trade with each other.
The World Bank says the AfCFTA offers a promising opportunity to revive stagnant investment and development.
According to World Bank research, fully implementing the AfCFTA Aagreement could drive intra-Africa FDI by 68 percent and external investment by 122 percent.
“But the devil is in the details: to achieve these gains, countries need to implement the AfCFTA Agreement and its protocols, including the Investment Protocol.
“Drawing on regional integration successes in the Association of Southeast Asian Nations (ASEAN) and the European Union (EU), we know it is imperative to proactively initiate and organize efforts to implement investment reforms,” the World Bank noted.
Nonye Ayeni, chief executive of the Nigerian Export Promotion Council (NEPC), said Africa needs to move beyond the fragmented trade units existing today. She said a nation like Nigeria must begin to produce to export to Africa’s large market.
“Everything needed to produce electric cars could be obtained here. From lithium to rubber, we do not need to import them. We have the tool to bridge the trade gap through collaboration, commitment and cooperation.”
Nigeria’s non-oil export sector recorded a 24.75 percent increase in the first quarter (Q1) of 2025, compared to the same period in 2024.
Non-oil products valued at $1.791 billion were exported between January and March 2025, up from $1.436 billion in the first quarter of 2024.
Cocoa beans accounted for 45.02 percent of total non-oil exports, while urea/fertilizer ranked second with 19.32 percent, with cashew nuts coming third with 5.81 percent.
However, these are agro-based products and insignificant when compared with other emerging markets.
Bangladesh’s exports hit $50 billion in 2024, driven by manufactured goods such as ready-made garments (RMG), jute and jute products, frozen fish and seafood, and leather and leather products, official data said.
Vietnam achieved a record export turnover of $405.53 billion, representing a 14.3 percent increase compared to the previous year.
Malaysia’s exports rose by 4.8 percent to $263.1 billion in 2024, with manufactured goods accounting for 86 percent of its total exports, , according to the nation’s MATRADE.
“It is time we began to think of what we can sell. What value chain can I play in, and what can we do? The world is watching,” said Jumoke Oduwole, minister of industry, trade and investment.
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