E-Business
QNET Disassociates From Fraudulent Academy in Abuja, Supports EFCC Arrest

QNET, a global leader in direct selling focused on wellness and lifestyle products, strongly disassociates itself from a fraudulent operation exposed by the Economic and Financial Crimes Commission (EFCC) in Abuja.
The operation, referred to as a “Ponzi scheme academy,” misused the QNET name and led to the arrest of 133 individuals. These individuals were reportedly running a fake entity under names like “Q University” or “Q-Net,” without any affiliation to QNET.
QNET Commends EFCC and Offers Full Support
QNET applauds the EFCC and Nigerian Army for taking swift action in exposing and arresting individuals involved in this scam. We are also taking immediate steps to support the investigation and prevent further misuse of our brand. According to the EFCC, the arrests were made following actionable intelligence on the existence of the so-called academy in the Compensation Layout area of Gwagwalada, Federal Capital Territory (FCT).
QNET Is a Victim of Brand Misuse in Nigeria
QNET has long been a victim of fraudulent schemes in Nigeria. These scams have significantly harmed our reputation and misled many unsuspecting individuals. We reiterate that QNET is a legitimate e-commerce-based direct selling company that empowers Independent Distributors to promote high-quality wellness and lifestyle products in over 25 countries.
We do not operate any financial recruitment schemes or “investment academies.” In Nigeria, QNET operates strictly within legal and regulatory frameworks through our local partner, Transblue Nigeria Limited.
In a statement by Biram Fall, Regional General Manager for Sub-Saharan Africa, commented: “We are deeply concerned about the continued misuse of our brand by individuals attempting to deceive the public.
“QNET has been a victim of fraudulent activities aimed at damaging our reputation. We urge the public to verify any claims of affiliation with QNET before getting involved. We remain committed to supporting law enforcement agencies in their efforts to bring these fraudsters to justice.”
QNET’s Awareness Creation and Consumer Protection Efforts
Since entering the Nigerian market in 2022, QNET and Transblue Nigeria Limited have prioritized financial literacy and consumer protection.
In November 2023, we launched the Say NO! Awareness Campaign to educate the public about scams and promote responsible entrepreneurship.
The campaign has reached thousands through multilingual billboards, radio messages, educational pamphlets, and online platforms.
As part of this campaign, the Federal Ministry of Labour and Employment (FMLE) and the Lagos State Consumer Protection Agency (LASCOPA) were also engaged.
Commitment to Law Enforcement Cooperation
QNET and Transblue Nigeria Limited have formally reached out to the EFCC to offer their full cooperation and explore opportunities for collaboration. We are committed to supporting the ongoing investigation and ensuring that those misusing the QNET brand are held accountable.
How the Public Can Stay Safe
To protect yourself from scams falsely linked to QNET:
● Verify all QNET-related information at: www.qnet.net
● Report suspicious activity via email: network.integrity@qnet.net or WhatsApp: +233 256 630 005
● Learn how to identify scams at: www.saynocampaign.org
QNET remains fully committed to ethical business practices and transparency. We stand with Nigerian authorities in protecting citizens from fraud and will continue to cooperate fully to bring those misusing our brand to justice.
E-Business
FG Mulls Fibre Optic Layout to Bridge Internet Gaps

President Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.
His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.
He said the fibre optic layout is part of other projects being embarked on.
“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.
“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.
He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.
In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.
The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.
Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.
It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.
E-Business
African Startups Raised $345m in Funding in May

African startups raised more than $345 million across 65 deals in May, more than double the amount raised in the same period of last year, according to a report by Briter, a research and business intelligence firm.
The report disclosed that both the number of deals and participating companies declined, confirming a growing trend of fewer companies raising funds in larger sizes.
It said fintech attracted the highest share of funding in May, accounting for 34 percent of the total, while cleantech followed closely, driven by a debt deal from Sun King. The company raised $80 million (in local currency) to expand clean energy access in Nigeria.
“Equity remains the primary instrument in terms of total value. There’s no doubt about it; in fact, equity deals with disclosed amounts captured more than half of the total funding volume in May.
“However, debt financing is increasingly proving its weight. Although it accounted for only 8 percent of all deals, it represented 32 percent of the total funding, highlighting the typically larger size of debt transactions. With the rise of specialised vehicles targeting early-stage businesses, debt is becoming an increasingly important part of Africa’s innovation funding landscape,” it said.
Briter’s report added that grants continued to play a vital role in early-stage support, especially in the education technology (EdTech) sector. The Mastercard Foundation led the pack in grant activity, funding a new cohort of EdTech innovators in Nigeria and Kenya. Each selected startup is set to receive $100,000 in grant funding, in addition to mentorship and business development support.
Multilaterals also made a strong showing in May, it said. The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group member, issued a $179.6 million guarantee to CleanTech firm KOKO Networks. The support will help scale its clean energy solutions across Kenya.
“This deal not only demonstrates growing international confidence in African climate ventures but also signals a promising pathway for other asset-intensive startups in clean cooking, agriculture, and renewable energy,” the report said.
From a geographic perspective, Egypt emerged as the continent’s fundraising powerhouse for the month, contributing 51 percent of all funding raised. The country recorded 12 deals across equity, debt, and bond instruments. Notably, FinTech platform MNT-Halan raised $50 million through a bond issuance, further illustrating the diversification of capital-raising mechanisms in the region.
Outside Egypt, funding was distributed across Africa’s three other key markets, which are Egypt, Nigeria, and Kenya, with limited activity recorded in countries such as Ghana, Tunisia, Morocco, and Uganda, each registering between one and three deals.
In terms of exits, the African tech landscape continues to mature. Three companies—Baobab+, Qardy, and Shopa—were acquired in May, bringing the total number of exits this year to 22. This already surpasses last year’s count for the same period. Qardy was acquired by Catalyst Partners Middle East (CPME) in a disclosed deal valued at $23 million, the report added.
E-Business
Human Hacking: When Cyber Criminals Target You

By Nancy Werteen
When you get anti-hacking advice, you’ve probably heard “Don’t use a simple password,” or “Don’t plug in that USB you found on the ground.”
But there’s one form of hacking that doesn’t always require a computer, and it costs businesses about 4.88 million dollars a year.
Modern hackers aren’t trying to get into your computer; they’re trying to get into you.
“They’ll try to learn about you a little bit, and they’ll try to use that information against you to try to get you to complete some action, maybe to send somebody some money,” said Kevin Moran, PhD, Assistant Professor of Computer Science, Cyber Security and Privacy Cluster, University of Central Florida.
IBM calls this human hacking, because it exploits human error instead of system error.
“With people just being busy and maybe not very carefully checking some of the emails or the phone calls that they get, can be something unfortunately that people can fall victim to,” said Moran.
Also known as social engineering, this often takes the form of phishing, where the hacker tries to “fish” the information out of you by impersonating family, friends, or even your bank.
There’s also baiting, where the hacker baits you with something of value. Remember the Nigerian prince scam?
That’s a famous example of baiting. There’s also pretexting, where the hacker will claim the victim has already been hacked, and that the hacker can fix it if you just send over your passwords. So, what can you do?
“Just as a rule of thumb, instead of clicking on links and emails, just go to the website yourself. And that will prevent, a lot of these types of attacks from happening,” explained Moran.
Phishing can take many forms.
Spear phishing targets people with access to confidential information, often to get access into an entire business, and whale phishing targets CEOs or political figures.
Search engine phishing is when hackers create fake websites promising services or goods you’ll never receive.
Angler phishing is when hackers create fake social media accounts impersonating famous people or companies.
Finally, vishing and smishing is phishing done through phone calls and texts respectively.
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