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E-Business

Onyema, NSE Boss Says CWG is Alibaba of Nigeria

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(L-R):  James Agada, Chief Technology Officer , CWG Plc; Sam Ndata,  Doyen of Brokers; Austin Okere, Founder and Chief Executive Officer, CWG Plc; Oscar Onyema, Chief Executive Officer, NSE; Mrs. Taba Peterside,  General Manager, Listings Sales and Retention, NSE, and Phillip Obioha, Chief Operating Officer, CWG Plc during an official visit to CWG Plc by NSE MD in Lagos recently.
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Oscar Onyema, chief executive officer, Nigerian Stock Exchange (NSE), has said that Computer Warehouse Group Plc (CWG) is capable of being the Alibaba of Nigeria, following the adoption of her subscription based business model, tagged CWG 2.0.

He made this known during a working visit of the NSE to CWG at the Company’s head office in Lagos on last week.

According to Onyema: “From their subscription businesses which they call CWG 2.0, to their legacy business which is more infrastructure based CWG has done quite well. We have been to their tier3 Datacentre, which supports multiple businesses. We have seen their contact centre, where they handle inbound calls. In all, it is professionally run. We are quite excited at the possibility of growth and how the Company might be the next Alibaba for Nigeria.”

Speaking about the performance of CWG since her listing last year, Onyema noted that “CWG has been a very good listed Company.

They have complied with the pre and post listing standards. They have been a good ambassador of what it means to be listed on the Nigerian Stock Exchange.”

“As you know, at the World Economic Forum annual meeting in May, WEF recognized CWG as one of the Global Growth Companies in the world. So, we are very excited about their performance in the ICT sector of the Stock Exchange. They are the biggest security in the sector, and we are very happy at what they are doing”, he added.

According to Onyema, the visit is in line with the practice of the NSE. He noted that the visit is paid to listed Companies by the Brokers’ Community so as to better understand their operations, which will in-turn equip brokers with the required information to advise clients, especially at the brokers level. “These visits are important in making sure that companies are on ground and running, and reflect what they represented to the investing public”, he said.

Similarly, Mr. Sam Ndata, doyen of Brokers, while speaking at the session explained the need for the visit. “We want to be sure that the Company is in existence and doing what they are supposed to do, and based on what we have witnessed, the Company is doing well and we are happy”, he said.

Speaking at the occasion, Austin Okere, chief executive officer, CWG plc, explained that the visit enabled the company to give a feedback of what had happened since she listed on the exchange in November last year.

“What this does is to establish a continuum. People want to know what we are doing with their money invested in the company”, he noted.

Speaking on the CWG 2.0 model, Okere drew a parallel between the initiative and that of the global ecommerce giant, Alibaba.

According to him “there is a parallel between Alibaba and our CWG 2.0 business model. In fact, in our own view, CWG 2.0 is creating the next Alibaba here in Nigeria. Just like Alibaba, we are also focused on SMEs.

If we look at Nigeria, there are 17.7 million SMEs. These are the companies to go to because this is a platform for them to connect with each other and grow to their full potential. With CWG 2.0, we are taking advantage of the pervasive broadband capacity to champion a subscription business model that is profitable, sustainable, repeatable and scalable.”

Okere also highlighted the benefits of listing on the Stock Exchange. According to him, the major benefit of listing is giving liquidity to the stock. “Listing CWG gave room for people interested in buying the shares of the company and be part of the success story”, he said. “Secondly, the listing has helped in adopting a global governance structure that will in-turn guarantee sustainability and succession. This also will help garner confidence from our stakeholders, who would rather partner with a company where all the facts are out there and whose future is guaranteed” he concluded.

Speaking on the potentials of the ecommerce business, James Agada, Chief Technology Officer, CWG Plc, pointed out that there is a larger market of smaller companies that produce much of what is used locally and is yet to be fully tapped. “So, the opportunity for us is much in terms of knowing what people need and getting to meet them” he said.

“We boast of about 17.7 million of such enterprises. If people can know what these enterprises do, then they can patronize them. So, there is that huge opportunity to make what these companies do known to so many of us, so that we can patronize them. There are certain things we inadvertently bring people down from oversees to do for us that there is someone who can fulfil it here that we don’t know. Our bid is to bring out such businesses. This is a peculiar challenge in Nigeria as in the other emerging markets where we operate. We attempted creative ways to tackle it, and this gave birth to our ecommerce platform under CWG2.0” he added.

At the close of the session, Mr. Ndata has this to say; our visit today will help us enlighten the investing public and other stock brokers who are not here that the company is well grounded and doing very well. If we did not visit today, we wouldn’t see the things we are seeing, even though we have heard a lot about the company.”

“Today, we have confirmed that CWG is working and doing more to make money for the investing public. Now, we can advise our clients on the status and vision of the Company as an investment choice”, he concluded.

Thereafter, one of CWG Plc’s business heads, Mr. Femi Ibine led the participants on a facility tour –CWG’s Training centre, Infrastructure center, Customer Experience center, Data center, Satellite dish farm and software development center


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Firm Highlights Top Risks of Quantum Computing

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Kaspersky is addressing one of the most debatable technological challenges of the coming decade: the rise of quantum computing and its potential impact on digital security.

In this context, experts have identified the main quantum threats that demand immediate action from the cybersecurity community.

As classical computers approach their physical limits, their performance growth is slowing — constraining progress in areas that depend on complex computation.

At the same time, quantum computers offer the potential to solve specific problems far faster than classical systems. For now, however, their practical use remains limited to narrow and experimental domains.

Nevertheless, experts estimate that we may see a fully fault-tolerant quantum computer within the next decade — a development that could unlock significant advances, but also unleash a new era of cybersecurity threats.

Supporting this urgency, Deloitte’s 2024 Global Future of Cyber Survey reports that 83% of organizations are already assessing or taking steps to address quantum computing risks, demonstrating growing awareness and proactive strategies in the private sector.

To better understand the scope of the evolving threat, Kaspersky has identified three of the most urgent quantum-related risks that demand action from the cybersecurity community:

The top three risks:

Quantum computers could be used to compromise the traditional encryption methods that currently protect data in countless digital systems — posing a direct threat to global cybersecurity infrastructures.

Threats include the interception and decoding of sensitive diplomatic, military, and financial communications, as well as the real-time decryption of private negotiations – something quantum systems could handle much faster than classical machines, turning secure conversations into open books.

  1. Store now, decrypt later: the key threat of the coming years

Threat actors are already harvesting encrypted data today, with the intention of decrypting it in the future once quantum capabilities advance. This “store now, decrypt later” tactic could expose sensitive information years after it was originally transmitted — including diplomatic exchanges, financial transactions, and private communications.

  1. Sabotage in blockchain and cryptocurrency

Blockchain networks are not immune to quantum threats. Bitcoin’s Elliptic Curve Digital Signature Algorithm (ECDSA), which relies on elliptic curve cryptography (ECC), is especially vulnerable.

Potential risks include forging digital signatures, which threatens Bitcoin, Ethereum, and other cryptocurrencies; attacks on ECDSA that secure crypto wallets; and tampering with blockchain transaction history, undermining trust and integrity.

  1. Quantum-resistant ransomware: a new front

Looking ahead, developers and operators of advanced ransomware may begin adopting post-quantum cryptography to protect their own malicious payloads. So-called “quantum-resistant” ransomware would be designed to resist decryption by both classical and quantum computers — potentially making recovery without paying a ransom nearly impossible.

At present, quantum computing does not offer a way to decrypt files locked by current ransomware. Data protection and recovery still rely on traditional security solutions and collaboration among law enforcement agencies, quantum researchers, and international organisations.

Building quantum-safe defenses

Quantum computers are not yet a direct threat — but by the time they are, it may be too late to respond. Transitioning to post-quantum cryptography will take years. Preparations must begin today.

The cybersecurity community, IT companies, and governments must coordinate to address the risks ahead. Policymakers should develop clear strategies to migrate to post-quantum algorithms. Businesses and researchers need to begin implementing new security standards now.

“The most critical risk lies not really in the future, but in the present: encrypted data with long-term value is already at risk from future decryption. The security decisions we make today will define the resilience of our digital infrastructure for decades.

“Governments, businesses, and infrastructure providers must begin adapting now, or risk systemic vulnerabilities that cannot be retroactively fixed,” states Sergey Lozhkin, Head of Kaspersky Global Research & Analysis Team for META and APAC.


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AI Slows Down some Experienced Software Developers, Study Finds

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Contrary to popular belief, using cutting-edge artificial intelligence tools slowed down experienced software developers when they were working in codebases familiar to them, rather than supercharging their work, a new study found.

AI research nonprofit METR conducted the in-depth study, on a group of seasoned developers earlier this year while they used Cursor, a popular AI coding assistant, to help them complete tasks in open-source projects they were familiar with.

Before the study, the open-source developers believed using AI would speed them up, estimating it would decrease task completion time by 24%. Even after completing the tasks with AI, the developers believed that they had decreased task times by 20%. But the study found that using AI did the opposite: it increased task completion time by 19%.

The study’s lead authors, Joel Becker and Nate Rush, said they were shocked by the results: prior to the study, Rush had written down that he expected “a 2x speed up, somewhat obviously.”

The findings challenge the belief that AI always makes expensive human engineers much more productive, a factor that has attracted substantial investment into companies selling AI products to aid software development.

AI is also expected to replace entry-level coding positions. Dario Amodei, CEO of Anthropic, recently told Axios that AI could wipe out half of all entry-level white collar jobs in the next one to five years.

Prior literature on productivity improvements has found significant gains: one study found using AI sped up coders by 56%, another study found developers were able to complete 26% more tasks in a given time.

But the new METR study shows that those gains don’t apply to all software development scenarios. In particular, this study showed that experienced developers intimately familiar with the quirks and requirements of large, established open source codebases experienced a slowdown.

Other studies often rely on software development benchmarks for AI, which sometimes misrepresent real-world tasks, the study’s authors said.

The slowdown stemmed from developers needing to spend time going over and correcting what the AI models suggested.

“When we watched the videos, we found that the AIs made some suggestions about their work, and the suggestions were often directionally correct, but not exactly what’s needed,” Becker said.

The authors cautioned that they do not expect the slowdown to apply in other scenarios, such as for junior engineers or engineers working in codebases they aren’t familiar with.

Still, the majority of the study’s participants, as well as the study’s authors, continue to use Cursor today.

The authors believe it is because AI makes the development experience easier, and in turn, more pleasant, akin to editing an essay instead of staring at a blank page.

“Developers have goals other than completing the task as soon as possible,” Becker said. “So they’re going with this less effortful route.”

 


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Firm Uncovers $500K Crypto Heist Through Malicious Packages

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Kaspersky GReAT (Global Research and Analysis Team) experts have discovered open-source packages that download the Quasar backdoor and a stealer designed to exfiltrate cryptocurrency. The malicious packages are intended for the Cursor AI development environment, which is based on Visual Studio Code — a tool used for AI-assisted coding.

The malicious open-source packages are extensions hosted in the Open VSX repository that claim to provide support for the Solidity programming language. However, in practice, they download and execute malicious code on users’ devices.

During an incident response, a blockchain developer from Russia reached out to Kaspersky after installing one of these fake extensions on his computer, which allowed attackers to steal approximately $500,000 worth of crypto assets.

The threat actor behind these packages managed to deceive the developer by making the malicious package rank higher than the legitimate one. The attacker achieved this by artificially inflating the malicious package’s downloads count to 54,000.

After installation, the victim gained no actual functionality from the extension. Instead, malicious ScreenConnect software was installed on the computer, granting threat actors remote access to the infected device.

Using this access, they deployed the open-source Quasar backdoor along with a stealer that collects data from browsers, email clients, and crypto wallets. With these tools, the threat actors were able to obtain the developer’s wallet seed phrases and subsequently steal cryptocurrency from the accounts.

After the malicious extension downloaded by the developer was discovered and removed from the repository, the threat actor republished it and artificially inflated its installation count to a higher number – 2 million, compared to 61,000 for the legitimate package. The extension was removed from the platform following a request from Kaspersky.

“Spotting compromised open-source packages with the naked eye is becoming increasingly difficult. Threat actors are using increasingly creative tactics to deceive potential victims, even developers who have a strong understanding of cybersecurity risks — particularly those working in the blockchain development field.

As we expect adversaries to continue targeting developers, it is recommended that even experienced IT professionals deploy dedicated security solutions to safeguard sensitive data and prevent financial losses,” commented Georgy Kucherin, Security Researcher with Kaspersky’s Global Research and Analysis Team.

The threat actor behind the attack published not only malicious Solidity extensions but also another NPM package, solsafe, which also downloads ScreenConnect. A few months earlier, three additional malicious Visual Studio Code extensions were released — solaibot, among-eth, and blankebesxstnion — all of them have already been removed from the repository.


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