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Policies, Regulations Development: Vehicle for Promoting Commerce in Nigeria

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At the Nigeria Digital Economy Summit (NDES) themed “Web 3.0, Blockchain & DeFi: Impact on Africa’s Digital Economy,” the Vice President of Nigeria, Prof. Osinbajo, affirmed that with the right approach and policy, as well as the country’s human capital and potential, Nigeria could actually become a world leader in digital technology.

Osinbajo, therefore, called for increased collaboration between the public and private sector in driving the digital economy revolution in the country, insisting that both sectors must find ways to ensure the right policies are in place for development.

The call for collaboration couldn’t be more apt as there are numerous private companies contributing directly and indirectly to the growth of the digital economy. An example is the rapid growth of B2B e-commerce platforms where companies like Alerzo are deepening the penetration of digital literacy among informal retailers, by equipping them with skills for e-commerce.

With their feature phones and smartphones, many of these retailers now easily make orders from the comfort of their shops on the Alerzo platform and have their goods delivered to them free of charge.

These types of developments can be further enhanced through appropriate policies and regulations. As the Vice President stated: “We must think through and develop appropriate policies and regulations that promote, rather than inhibit, innovation and commerce. We can be world leaders in the Web 3 revolution. The only limit is our vision.”

On the Web 3 revolution, Osinbajo reportedly added: “We are in the early days of Web 3.0. Its defining components, as we can already see, are blockchain technology, smart contracts, DEFIs (Decentralised Financing), tokens, both fungible and non-fungible tokens (NFTs); and the whole range of token economics; unlike Web 2.0 where data is mostly centrally stored. Web3.0 data will be interconnected in a decentralised way and will also be machine-readable.”

E-commerce has provided opportunities for many youths in the country to explore their talents and thrive, as a recent report points to job creation as the largest benefit of Africa’s growing digital economy.


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E-Business

Ride the ‘Wicked’ Wave: Temu Brings Green Magic to Christmas

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Temu is set to enchant the holiday season with its unique blend of green magic, bringing a touch of festive wonder to Christmas celebrations. The initiative, themed “Ride the ‘Wicked’ Wave,” promises to deliver an unforgettable experience, combining technology, entertainment, and commerce to create a magical holiday atmosphere.

Temu

Temu’s green magic initiative aims to captivate audiences with a variety of festive offerings, from fashion to home decor, handmade crafts, beauty items, chic clothes, shoes, and more.

The platform’s innovative approach ensures that customers can enjoy a seamless shopping experience, with free shipping on all orders1.

As part of the celebration, Temu has also introduced a magical winter Christmas backdrop, perfect for creating a festive ambiance at home.

This backdrop, made from high-quality polyester, is designed to bring the spirit of the season to life, making it an ideal addition to any holiday decor.

With its commitment to providing exceptional products and services, Temu continues to set new standards in the e-commerce industry, ensuring that customers can enjoy the magic of Christmas in style


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Kaspersky Cybersecurity Experts Warn of Evolving Holiday Scams

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With the holiday season here, it’s not only a time for magic and celebration but also a prime opportunity for fraudsters to exploit the festive rush for gifts and bargains.

Kaspersky Cybersecurity Experts Warn of Evolving Holiday Scams

Amid the sparkle of year-end celebrations, cybersecurity experts at Kaspersky have identified several prominent scams targeting consumers across various regions and languages.

Fake holiday shops

Deceptive online stores mimic the look and feel of legitimate e-commerce sites, offering seasonal items such as decorations, gifts, and even trees at steep discounts.

These sites often appear highly localised, adapting their language and currency based on the user’s geographic location, leveraging data extracted from browsers.

Victims typically encounter these stores by following links in ads or pop-ups.

These sites aim to steal funds. Often, these fraudulent stores exist only for a short period, as they get flagged by the vendors of goods.

Free mobile data offer

This scam plays on the allure of free services, claiming to provide free mobile data valid across all major telecom providers.

In order to receive the free data, victims are required to share the promotion link with 10–15 contacts via WhatsApp, ensuring the scam spreads exponentially.

After sharing, victims are prompted to enter their personal details — name, phone number, and email — into a form.

The collected data is then sold on the Dark Web or used in other fraudulent activities.

In some cases, victims unknowingly download malware that compromises their devices, leading to further exploitation.

Holiday payments on behalf of government agencies

Fraudsters impersonate government authorities, promising fictitious payments in celebration of the holidays.

This scam has been reported in several African countries, including Kenya and Nigeria.

To receive payment, victims are directed to fill out a survey which requires personal details like name and phone number.

Once the survey is completed the user is asked to share the link to the announcement with their connections via WhatsApp.

These details are collected and added to fraudulent databases, then sold to third parties or used for phishing attacks and identity theft.

This scam exploits trust in government systems and the festive spirit of giving.

Christmas recipe scam

This scam begins with a seemingly harmless email promoting a holiday cake recipe.

Victims are encouraged to pay a small fee to access the recipe.

Once payment is made, the victim’s credit card information is stolen. The fraudsters also collect other personal information essential for accessing banking services.

“Holiday scams are not a new phenomenon, but they have evolved to become increasingly sophisticated, leveraging regional traditions and technology to exploit unsuspecting victims.

The rush of the holidays makes people more vulnerable — they’re distracted, eager to grab a deal, or trust promotions that align with festive themes. Cybercriminals are not just stealing money — they’re building massive databases of personal information that fuel future fraudulent schemes.

The holiday season is a time for joy and giving, but users need to remain vigilant to ensure they’re not unknowingly giving fraudsters the tools to exploit them further,” said Olga Svistunova, Senior Web Content Analyst at Kaspersky.

 

 

 

 

 

 


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Hackers Seize NBS Newly Redesigned Website

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Cybercriminals have persisted in targeting Nigerian government websites, with the most recent attack on the National Bureau of Statistics (NBS).

Hackers Seize NBS Newly Redesigned Website

The NBS confirmed the development in a brief statement posted on its X (formerly Twitter) account

It said that its newly redesigned official website has been hacked.

The NBS disclosed the incident and assured the public that efforts are underway to recover the website.

It urged the public to disregard any messages or reports posted until the full recovery of its website.

The statement on X read: “This is to inform the public that the NBS website has been hacked, and we are working to recover it. Please disregard any message or report posted until the website is fully restored.”

The NBS plays a vital role in Nigeria’s development, serving as the official statistical agency responsible for collecting, analyzing, and disseminating statistical data on the country’s economy, governance, and development

This marks the latest in a series of attacks on Nigerian government websites, a trend that has been ongoing for some years.

From government ministries to officials, cyberattacks in Nigeria have surged to alarming levels, with even financial institutions falling victim.

The Nigerian Communications Commission (NCC) and National Information Technology Development Agency (NITDA) frequently issue warnings of cybercriminals targeting individuals, government entities, banks, and telecom companies.


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