General News
The Missed Opportunities of the Nigerian Election 2023: A Metaphorical Analysis

By Austin Okere
Following the turbulence of #NigeriaDecides2023, and with a calmer state of mind after the emotionally charged aftermath of the election, now may be an appropriate time to reflect and evaluate.
The opinions expressed here are solely my own and do not represent any institution to which I have direct or indirect ties. Given the highly charged and divisive nature of the overall discourse, it is essential to provide an impartial context.
I feel it’s relevant to disclose that I have a mixed heritage, being part Igbo, part Yoruba, and part Ghanaian. My paternal grandfather hails from Owerri in Imo State, while my paternal grandmother is from Offa in Kwara State, and my mother is Ghanaian. With that said, we can now delve into a metaphorical analysis of the missed opportunities presented by this significant election.
I believe that the history of a nation with enormous potential but lacking significant achievement is riddled with missed opportunities. Nigeria, a country that has been blessed by nature with abundant resources, including human, material, and commodities, has had tremendous opportunities to excel on the global stage.
One of the most conspicuous examples of wasted opportunities is in the Oil and Gas industry. Despite being Africa’s largest oil producer for decades, Nigeria’s output has been hindered by theft and sabotage in recent years. As a result, according to OPEC reports, the country has fallen to the fourth-largest oil producer in Africa.
Our persistent mistake is the failure to utilize the opportunities presented by oil windfalls to propel Nigeria forward as a nation, similar to contemporary countries like Saudi Arabia and Qatar. Since joining the Organisation of Petroleum Exporting Countries (OPEC) in 1971, Nigeria has had numerous boom opportunities.
For instance, oil prices increased by 400% in just six months following the Yom Kippur War, triggered by the Arab Oil Embargo. In 1981, the price of crude oil doubled from $14 to $35 per barrel after the Iran/Iraq war. Additionally, the uncertainties associated with the Iraqi invasion of Kuwait and the ensuing Gulf War in 1990 led to a spike in crude oil prices, known as the ‘Gulf War windfall’ during the reign of Head of State Ibrahim Babangida.
The most recent windfall occurred in 2022 due to the Russia-Ukraine war, with the five largest Oil and Gas companies in the West earning over $134b in excess profits, according to Global Witness.
However, this event barely caused a ripple on Nigeria’s economic landscape, as life in the country has become increasingly challenging, leading to an acute brain drain referred to as “JAPA” – the local term for emigration. This stands in stark contrast to Nigeria’s peak economic growth in 2014, when the country had a GDP of $569b, making it the largest economy in Africa. South Africa, with a GDP of $381b, was a distant second.
On a positive note, Nigeria has made major strides in the past two decades, particularly in the technology sector. The most successful GSM auction, led by Dr. Ernest Ndukwe, who was then the Executive Vice Chairman of the Nigerian Communications Commission, set the foundation for the dynamic and innovative growth of the telecoms and Fintech industries.
This has led to the emergence of unicorns and aspiring unicorns like MTN Nigeria, Airtel, Paystack, Interswitch, Flutterwave, and FifthLab by CWG Plc.
Another sector that has been greatly exploited is the creative industry, where Nigerian artists are considered one of the most remarkable inventions since sliced bread. Tems, 2Face, Burna Boy, Wizkid, Kunle Afolayan, and Stan Nze, among others, have not only won international awards but also regularly fill concert halls and stadiums worldwide.
Looking at the other side of the ledger we must examine the rued opportunities and see what we can learn from them. The most recent significant opportunities include, the eNaira (a bold attempt at digitizing the currency), the Naira redesign policy which according to the Central Bank of Nigeria, will enable her to take control of the naira in circulation, manage inflation, combat counterfeiting and ransom payment. Noble as these initiatives were, sloppy implementations have robbed us of the momentum trust into a new and better life.
The mother of all lost opportunities is the Nigerian election 2023. Here was an opportunity to outdo ourselves against the June 12, 1992 election, which has generally been adjudged as the most free, fair and credible election in the land.
A lot of work had gone into bringing this aspiration into reality; a key electoral act had been passed that ensured that election process would eliminate unnecessary manual steps that provide room for manipulation thereby aiding a free, fair and credible election process.
The Independent Electoral Commission had gone to great lengths to revamp the technology base for the election; the INEC Voter Enrollment Device (IVED), the Bimodal Voter Accreditation System (BVAS) to help reduce the cases of manual manipulation of figures, and the INEC Election Result Viewing Portal (IREV) that will enable seamless transmission and display of election results in almost real time, so that results could be verified with what was declared and signed onto by all representatives at the polling units. The system had been successfully tested in the 2022 governorship elections in three states in the South West and South Eastern Regions.
INEC had a budget of N40b annually but was able to secure an additional N305b to conduct the 2023 elections. Despite the significant amount of money allocated and spent on the process, Nigerians saw it as a valuable investment in ending electoral manipulation and allowing the electorate to choose their leaders. This led to increased youth engagement, with many advocating for voter registration and participation. However, on election day, there were significant issues with the use of BVAS and the promised IREV portal was not utilized, leading to the announcement of results that many believed did not reflect the votes cast. This broke the trust that is necessary for an electoral process to be successful. Elder statesmen, including former President Chief Olusegun Obasanjo, called for the cancellation of elections in areas where BVAS was not used. This was a missed opportunity to take a significant step forward for Nigeria’s future and will be remembered as the most controversial election in the country’s history. Electoral hopes were supremely raised and woefully dashed. It is important to understand what went wrong and why, in order to prevent future failures.
Failure is not something to be proud of, but in Nigeria, it seems to be the norm. The INEC has stubbornly refused to offer any apologies or explanations to those who are dissatisfied with the election results, instead directing them to seek redress in court. While going to court may expose the flaws in the process and ultimately strengthen it, it is only a part of the healing and improvement process.
This election had the potential to be a turning point for Nigeria, and the country could have been celebrated as a trailblazer for modern elections in Africa, which could have put an end to the endless conflicts and losses that come with electoral disputes. However, it seems that we are choosing to ignore the truth while at the same time hoping for a just and peaceful outcome. It feels like we are in a bus careening towards a ditch.
In my opinion, any action we take now will be too little, too late. Even if INEC ultimately declares either Peter Obi of the Labour Party or Abubakar Atiku of the Peoples Democratic Party the winner following court proceedings, the process has already been tainted, and trust has already been lost. Whoever takes office on May 29th, 2023, will lack popular legitimacy, a burden they will carry throughout their tenure.
But we are Nigerians, a people of unparalleled resilience. We will keep pushing forward and try again in four years. May God save our country.
Austin Okere is a thought leader, and business mentor. Currently an Entrepreneur-in-Residence at Columbia Business School, New York, Austin has also facilitated at the United States International University in Kenya and has been appointed to the Advisory Board of the Global Business School Network in Washington in recognition of his contribution to the development of business education and knowledge transfer in Africa.
General News
EFCC Tells Nigerians to Shun Ponzi Schemes Like CBEX, Others

Economic and Financial Crimes Commission (EFCC) has charged Nigerians to shun Ponzi schemes as many of such schemes have destroyed lives, eroded trust and undermined national development.
Aisha Abubakar, acting zonal director, Enugu Zonal Directorate and assistant commander of the EFCC, gave this charge during the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps which was held at Jubilee Hall, Holy-ghost Cathedral, Ogbete, Enugu State.
Speaking on the topic, “Get-Rich-Quick Syndrome and the Youth Vulnerability: The Case Study of Ponzi scheme-The Role of Law Enforcement in Prevention and Disruption”, Abubakar said that the get-rich-quick syndrome has become a serious economic and security threat in Nigeria, with the youths bearing the brunt.
She said that the get-rich-quick syndrome is a mindset characterized by the desire to attain wealth without legitimate, gradual effort, adding that the craving is often fueled by social media portrayals of instant riches and social pressure.
“In Nigeria today, the aspiration for wealth has grown increasingly urgent among the youth, leading to vulnerability to financial frauds such as Ponzi schemes. They often fall victim to enticing schemes that offer double returns within short timeframes, despite the absence of legitimate business operations. The desperation to escape poverty and fund small projects pushes many into high-risk unregulated investments”, she said.
While citing the causes of get-rich-quick syndromes among the youths, Abubakar said that greed, financial illiteracy, peer pressure, social pressure, digital and technological exposure, drugs, disappearance of cherished family and societal values, extravagant lifestyle, depression, unproductive lodging in hotels, impatience, frustration with traditional systems and psychological factors are some of the things that cause many to fall prey to schemes “even when they suspect it’s too good to be true”.
“Notable examples in Nigeria include, MMM Nigeria, MBA Forex, Chinmark Group and CBEX. In April 2025, Nigeria witnessed one of its most devastating financial scams with the collapse of CBEX, a digital asset trading platform that operated as a Ponzi scheme. It promised investors a 100% return on investment within 30 days, leveraging on the allure of cryptocurrency trading and artificial intelligence-driven strategies”, she said.
Abubakar listed types of get-rich-quick syndromes which include advance fee fraud, fake jobs and scholarship schemes, online loan and grant scams, fake forex and crypto currency platforms, amongst others.
She said that cybercrimes, which she identified as an activity of get-rich-quick syndrome, have adverse effects on the country’s economy. She lamented that cybercrime has earned the nation a bad reputation in the global world, thereby reducing foreign investments in Nigeria, which has affected in totality, the growth of our economy.
She said that the reputational damage affects even individuals in Nigeria, as the global world has no confidence in Nigerians, within and outside the borders of the country.
“Cybercrime has created a market system where fraudsters obtain competitive advantage and drive out legitimate business. A lot of funds are lost to internet fraud, some of which are eventually used to fund organized crime groups and terrorism, potentially leading to further crime and terrorist attacks. I am sure you will agree with me that it has also undermined national defence and security in Nigeria and this has contributed to negative output in the economy”, she said.
She thereafter discussed the roles the Commission has played in the prevention and disruption of these schemes.
“Through roadshows, social media campaigns and partnerships with youth-focused institutions, the EFCC has raised awareness of fraudulent investment scheme. We partner with the Central Bank of Nigeria, the Security and Exchange Commission, Banks and global bodies like the INTERPOL to trace funds, monitor financial flows and disrupt scam networks”, she said.
General News
Cyberattacks Using Family-favourite Brands Rise by 38% Over Past Year

Ahead of the International Day of Families, observed on May 15, Kaspersky experts analysed cyberthreats that use popular family-focused brands, such as Disney, LEGO, Toca Boca and others as bait. The research, based on selected keywords monitoring, revealed a steady rise in attack attempts, which increased by 38% from Q2 2024 to Q1 2025.
Kaspersky telemetry shows a consistent upward trend in the number of attempted attacks exploiting children – and family-related brands. Starting from just 89,000 in Q2 2024, the number of attacks has increased quarter by quarter, reaching almost 123,000 in Q1 2025. Throughout the reported period, Kaspersky detected over 432,000 such attempts.
Among the most frequently exploited brands throughout the reported period were LEGO, Disney and Toca Boca — all widely recognised and trusted by children and parents alike. LEGO-themed content accounted for the overwhelming majority of attacks, with over 306,000 attempts, followed by Disney (62,000) and Toca Boca (45,000).
Paw Patrol and Peppa Pig were also used as popular lures, though to a lesser extent — 12,500 and 4,900 attempted attacks. Cybercriminals exploit the popularity and emotional familiarity of these brands to trick users into downloading malicious files, often disguised as cartoons or games. The more popular the brand is, the more attractive it becomes as a hook for threat actors.
Kaspersky’s analysis shows that the most common threats targeting children and families are not always the most obvious ones. Throughout the reported period, nearly 400,000 infection attempts were linked to Downloaders — software that may appear harmless but is often used to silently deliver other potentially dangerous applications. These downloaders are frequently disguised as games, videos, or installers related to popular brands, making them especially effective at tricking users.
Furthermore, over 7,800 cases involved Trojans, which can steal sensitive data, monitor activity or grant remote access to attackers. These are particularly dangerous when hiding inside seemingly innocent files, such as cheats or fan-made apps.
Meanwhile, adware accounted for over 6,400 attempted attacks, typically appearing as flashy games or video apps that bombard users with unwanted ads, slowing down devices and potentially opening the door to additional threats.
As part of the analysis, Kaspersky researchers identified multiple scam and phishing websites mimicking the design and branding of popular among family companies. One notable example was a phishing page crafted to resemble the official Tokyo Disney Resort website.
Such scams are often indistinguishable from legitimate pages at first glance, with the only difference being the URL of the website. The fraudulent site offered users the chance to “buy” park tickets, just like the real one, and prompted them to enter their personal and payment information. However, instead of securing a magical day at the theme park, victims could have their bank card details stolen.
Another discovery made by Kaspersky researchers involved scams exploiting the name of MrBeast — a YouTube celebrity widely followed by children and teens, and well-known for giving away expensive prizes like gadgets, money and even houses. Cybercriminals created phishing pages promising “free gifts from MrBeast,” including digital gift cards for platforms such as Roblox, Xbox and PlayStation.
The site prompted users to choose their prize and complete a seemingly harmless task to claim it. To increase urgency, a countdown timer was displayed, urging visitors to “complete a sponsored activity” within a limited time to unlock the final reward code.
The entire process is a tactic designed to redirect victims to increasingly deceptive scam pages. Eventually, users are asked to pay a small commission fee to claim their “gift”. However, after submitting the payment, the victim may be left with no reward and may have lost money.
“Cybercriminals are masters of emotional manipulation — and there is hardly anything more emotionally charged than content children trust and love. By imitating popular brands or influencers like MrBeast, attackers create a sense of familiarity and excitement that lowers users’ guard. That’s why it’s essential for parents to stay informed and teach kids how to question ‘too-good-to-be-true’ offers before clicking,” comments Evgeny Kuskov, Security Expert at Kaspersky.
General News
Airtel Money Plans IPO to Compete in Fintech Space

Airtel Africa is positioning its mobile money platform, Airtel Money, to challenge Africa’s fintech giants through a planned initial public offering set for the first half of 2026, Sunil Taldar, chief executive officer said in the company’s latest financial results.
The IPO will bolster Airtel Money’s ability to compete with dominant players like Safaricom’s M-Pesa and MTN’s MoMo in the continent’s rapidly growing fintech market.
The operator’s fintech unit, operating across 14 African countries including Nigeria, has grown its subscriber base by 17.3 per cent year-on-year to 44.6 million active users as of early 2025, according to the company’s first-quarter financial results.
The mobile money platform provides critical financial services to millions of unbanked users, enabling digital transactions, credit access, and remittances via mobile phones.
This focus on financial inclusion aligns with Airtel Africa’s mission to drive economic prosperity and transform lives across its markets.
“We are making significant progress in our preparations for the Airtel Money IPO and remain committed to this objective,” Taldar said, underscoring the strategic importance of the listing.
He cautioned that the IPO remains subject to market conditions, adding, “Therefore, subject to these conditions, we anticipate a listing event in the first half of the calendar year 2026.”
The IPO is expected to raise capital to scale Airtel Money’s operations and sharpen its competitive edge.
Safaricom’s M-Pesa, with 70 million users across Africa and a stronghold in Kenya, remains the market leader, while MTN’s MoMo commands 65 million active users, particularly in West and Central Africa.
However, MoMo’s Nigerian arm, MoMo PSB, saw a 55.6 per cent year-on-year decline in active wallets, dropping to 2.1 million in Q1 2025, a vulnerability Airtel’s fintech unit could capitalise on.
Airtel Money’s growth strategy hinges on leveraging its expanding user base and innovative services to close the gap with its rivals.
The platform’s ability to empower underserved communities through accessible financial tools positions it as a key player in Africa’s fintech frontier.
Taldar emphasised the company’s broader vision, stating, “We will remain focused on delivering our strategy to transform the lives of our customers and support economic prosperity across our markets.”
Expressing gratitude to stakeholders, Taldar noted, “I want to say a particular thank-you to our customers, partners, governments, and regulators for their support and our employees for their unrelenting contribution to the business.” This collaborative effort underpins Airtel Africa’s confidence as it advances toward the 2026 IPO.
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