E-Business
Report Says 44 Per cent of Nigerian Firms Paid Ransom for Hijacked Data in 2021
Some 71 per cent of Nigerian businesses were hit by ransomware attacks in 2021 while 44 per cent of the affected firms paid ransom to retrieve their data back, a report by Sophos, a United Kingdom (UK) cybersecurity solutions firm reveals.
The survey report titled, ‘The State of Ransomware 2022′, carried out in 31 countries showed that Nigerian businesses hit by ransomware attacks rose from 22 per cent in 2020 to 71 per cent in 2021.
Targets hit by the attacks were asked to pay a ransom, according to the report.
It also revealed that 44 per cent of Nigerian businesses paid an average sum of $3.43 million in 2021 to rectify the attacks compared to $0.46 million paid in 2020.
More victims are paying the ransom — In 2021, 44 per cent of organisations that had data encrypted in a ransomware attack paid the ransom.
“The impact of a ransomware attack can be immense — the average cost to recover from the most recent ransomware attack in 2021 was $3.43m,” the report said.
Ransomware attacks involve the infection of computers with malicious software, often downloaded by clicking on seemingly innocuous links in emails or other website pop-ups that lock users out of their systems, with the demand of a ransom to be paid to restore computer functions.
Giving no details of the companies involved, the report says Nigerian firms took an average of one month to recover from damage and disruption by ransomware, revealing a slow recovery time.
However, the report disclosed that 97 per cent of organisations affected said the attack had impacted their ability to operate, while 96 per cent of the victims lost business or revenue because of the development.
According to the report, 62 per cent of Nigeria’s organisations have cyber insurance while 38 per cent have cyber insurance but with exceptions/exclusions in the policy.
“Many organisations rely on cyber insurance to help them recover from a ransomware attack, 81 per cent of mid-sized organizations had cyber insurance that covers them in the event of a ransomware attack – and, in 97 per cent of incidents, the insurer paid some or all the costs incurred,” the report read.
The report analysed the impact of ransomware on 5,600 mid-sized organisations in 31 countries in Europe, the United States, Asia-Pacific and Central Asia, the Middle East, and Africa.
Chester Wisniewski, principal research scientist at Sophos, said that the proportion of victims paying the ransom increased, even when they may have other options available.
He alluded the development to several factors.
“There could be several reasons for this, including incomplete backups or the desire to prevent stolen data from appearing on a public leak site. In the aftermath of a ransomware attack, there is often intense pressure to get back up and running as soon as possible.
“Restoring encrypted data using backups can be a difficult and time-consuming process, so it can be tempting to think that paying a ransom for a decryption key is a faster option. It’s also an option fraught with risk,” he said.
A 2019 report by Serianu revealed that Africa lost $3.5 billion to cyberattacks. Nigeria was the hardest hit with losses of $649 million, followed by Kenya with $210 million, and Tanzania with $99 million.
Wisniewski added that the number of organisations directly impacted by ransomware has almost doubled within the last twelve months.
“Organisations don’t know what the attackers might have done, such as adding backdoors, copying passwords, and more. If organizations don’t thoroughly clean up the recovered data, they’ll end up with all that potentially toxic material in their network and potentially exposed to a repeat attack.”
National Identity Management Commission (NIMC) has clarified that all its verification service platforms remain fully functional and accessible to all authorized partners, including security agencies.
Abisoye Coker-Odusote, DG, NIMC
In a statement on Thursday, the Commission firmly denied claims that it had denied the Police Service Commission (PSC) access to its verification server.
Dr. Kayode Adegoke, head of Corporate Communications, NIMC, described the reported “inability of the Police Service Commission to access the NIMC verification server” as misleading and inaccurate.
He suggested that any challenges faced by the PSC may be due to internal issues within the commission itself, not from NIMC’s end.
The statement reads: “To set the record straight, the NIMC granted verification access to all Nigerian Police formations for the verification of the National Identification Number (NIN). The NPF, PSC and other security agencies have been enjoying uninterrupted verification services for over five years.
“NIMC has provided top-notch verification services for recruitment into the Nigeria Police Force, as conducted by the PSC and at no time have there been any complaints or issues regarding NIN Verification by the NPF or PSC.
“The Commission has a robust and harmonious working relationship with the Nigerian Police Force and the Police Service Commission. The Information Communications and Technology (ICT) department of the Nigeria Police Force is actively managing the long-standing verification and integration service between the NIMC and all Nigeria Police formations.Entertainment tourism packages
“NIMC will continue to provide flawless verification services for the purpose of recruitment, security mapping, cybercrime control, and any other security matters.
“The framework by which NIMC provides services to the security agencies was recently restructured for standardization and effective implementation, following consultation with the Office of the National Security Adviser, and NPF has confirmed the verification services have continued to be available. We therefore believe that any service interruption experienced by PSC may be due to internal matters.
“NIMC is committed to providing excellent verification services to the PSC, NPF and all its partners but the terms and conditions inherent must be adhered to for uninterrupted flow of service.”
Nigerian government, through the Office of the National Security Adviser (ONSA) and the National Information Technology Development Agency (NITDA), has announced a strategic collaboration to strengthen cybersecurity and clean up the nation’s cyberspace.
Recognizing that cybercrime knows no borders, Nigeria also reaffirmed its commitment to fostering stronger global partnerships within the cybersecurity ecosystem.
This announcement was made during a press conference before the inaugural National Cybersecurity Conference, which is scheduled to take place in Abuja from July 9th to 11th, 2025.
Sa’ad Abubakar, national cybersecurity coordinator from the Office of National Security Advisor, said fighting cybercrime must take the whole of society and the whole of the government approach.
According to him, “Apart from the deterrent approach whereby government agencies such as Economic and Financial Crimes Commission (EFCC) arrest individuals, take them to court and prosecute them, the youth can be nurtured into better citizens who can showcase their capacity in better ways and be useful to the country.”
Similarly, Kashifu Abdullahi, director-general, NITDA, also stressed the need for collaborative efforts in fighting cybercrimes.
According to him “Then, in addition to that, we also want to build a stronger global collaboration with the global cyber security ecosystem, because when you look at cybercrime in general, it doesn’t respect the borders.
“Someone can commit a crime from Ghana using a Nigerian ID in the US. So you can look at him physically in a different jurisdiction, pretending to be in another jurisdiction, committing the crime in another jurisdiction.
“So without that kind of synergy and working together, it will be difficult to address these challenges. The third one is challenge. The third one is getting an alternative to cybercrime for our kids in Nigeria. We have this as a major challenge.”
Inuwa further highlighted the upcoming conference’s importance, noting that it would tackle key issues through workshops, discussions on emerging threats, cross-border cybersecurity collaboration strategies, and training programmes.
He also announced that the National Cybersecurity Conference 2025 would feature the Cybersecurity Excellence Awards, recognising top contributions in the field.
The DG extended an invitation to global partners to collaborate with Nigeria in building a safer digital future.
The press conference was attended by notable figures, including Ahmad Sa’ad Abubakar, National Coordinator of, the National Cybersecurity Coordination Centre (NCCC); Hanniel Jafar, Representative of the President, of Cyber Security Experts Association of Nigeria (CSEAN); Ankit Shukla, Managing Director, QNA Marketing Management LLC and members of the press and other stakeholders.
XIAN Telecom has acquired an 8% stake in pan-African e-commerce company Jumia Technologies, citing the platform’s fintech and logistics strengths as key drivers of its backing.
This marks the first major telecom investment in Jumia since MTN Group’s exit in 2020.
AXIAN, a fast-growing telecom and digital services provider with operations across Africa, disclosed the purchase in a Schedule 13D filing with the U.S. Securities and Exchange Commission.
While the financial terms were not disclosed, AXIAN Telecom CEO, Hassan Jaber, described the move as a strategic alignment with Jumia’s growth trajectory and digital ecosystem.
“Jumia’s achievements in digital retail and fintech, particularly through JumiaPay and its logistics network, make it a very attractive investment for us. We believe in Jumia’s potential to promote financial and economic inclusion, which aligns with our core values,” said Jaber.
Once dubbed the “Amazon of Africa,” Jumia became the first African-founded tech company to list on the New York Stock Exchange in 2019.
But years of underperformance, leadership changes, and competitive pressures dented investor confidence.
In October 2020, South Africa’s MTN Group offloaded its 18.9% stake for $138 million, well below the $698 million value it once held post-IPO.
Since then, Jumia has undergone a significant transformation. Under CEO Francis Dufay, appointed in 2022, the company exited low-performing markets like South Africa and Tunisia, cut costs, and doubled down on core markets – Nigeria, Kenya, Egypt, and Morocco.
The firm is now focused on high-growth verticals, including everyday essentials and digital financial services.
Jumia’s regional CEO for East Africa, Vinod Goel, recently revealed plans to scale up international brand offerings and open its logistics network to third-party businesses.
Jaber underscored that AXIAN Telecom’s investment signals renewed confidence in Jumia’s long-term potential.
The telecom firm’s CEO said the company views Jumia as a key player in advancing Africa’s digital economy, aligning with AXIAN’s mission through its fintech and digital infrastructure brands such as Yas and Mixx by Yas.
Gambaryan, Binance Executive Leaves Company after 8-Month Detention in Nigeria
NITDA Makes Case for Inclusive Tech for Special Needs
Airtel Recommits to Fraud Prevention after NCC’s N104m Fine for SIM Registration Breaches
IHS Nigeria Reaffirms Commitment to raising Nigeria’s Next Tech Giants from the Ilorin Innovation Hub
Kenya Beats Nigeria As the Most Progressive ICT Regulation in Africa
Telecom2 days agoAirtel Recommits to Fraud Prevention after NCC’s N104m Fine for SIM Registration Breaches
E-Financial3 days agoPalmPay Seeks $100m Funding Round
Telecom2 days agoMTN’s Female Leadership Surges to 41.4%, Doubles Industry Average
Telecom3 days agoAnambra Cracks Down on Illegal ISPs, Cites Security, Service Concerns
News3 days agoFBI Busts Alleged Cyber Fraud Ring Led by Nigerian ‘Tech Queen’
Broadcasting2 days agoNCC Warns DJs: Playing Music Without License Could Lead to 5-Year Jail Term
News3 days agoNOTAP Boss Laments Loss of IPR by Nigerian Researchers
E-Business3 days agoNIMC Denies Blocking Police Commission from Verification Server