General News
Will the Internet Shutdown Today?
So Internet services are expected to go off today…well, that’s what the experts warned us about last week about an impending Malware that would take over PCs and other connected devices.
According to Microsoft’s safety and security centre, “Malware is short for ‘malicious software.’
Malware is any kind of unwanted software that is installed without your adequate consent. Viruses, worms, and Trojan horses are examples of malicious software that are often grouped together and referred to as malware.”
Microsoft noted that “cybercriminals sometimes try to trick you into downloading rogue (fake) security software that claims to protect you against malware. This rogue security software might ask you to pay for a fake product, install malware on your computer, or steal your personal information.”
The computer shutdown news has generated so much anxiety in the West (not so in Nigeria though as our lives depend less on computers and connected devices), with the American FBI (federal bureau of investigations) have already set up a special website to mitigate a possible shutdown.
The FBI notes that more than 277,000 computers are infected globally – a scale down from April’s 360,000. The United States alone is said to house about 64,000 of these ‘infected’ PCs.
In Canada, the Internet registration authority claims some 25,000 PCs affected by the malware resides in the massive North American territory. But last week, it re-configured that figure to just 7,000 computers.
CIRA said it has harmonized strategies with the country’s public safety agency and the radio-television telecommunications commission, to develop an online site to enable citizens confirm if their systems were malware infected.
But this could also be another dimension of ongoing global cyber warfare that threatens the soul of the modern day man. Lately, the US and Israel have been linked with a number of cyber attacks against enemy infrastructure – specifically the Iranian nuke-facilities.
Last June, the Iranian authorities accused the US, Israel and Britain of strategizing on “an operation to launch a massive cyber attack against Iran’s facilities following the meeting between Iran and the P5+1 in Moscow.”
Reports link the latest malware threat supposedly began in 2011 when FBI agents attempted to stop hackers from taking control of some 570, 000 computers worldwide.
The hackers had allegedly ran online ad campaign scam to take control of the PCs, and in an attempt to take down the spam sites, the FBI feared they could damage victims systems, so they let them be.
“In a highly unusual move, the FBI set up a safety net. They brought in a private company to install two clean Internet servers to take over for the malicious servers so that people would not suddenly lose their Internet.
“And while it was the first time they’d done something like that, FBI officials acknowledged that it may not be the last, since authorities are taking on more of these types of investigations.
The temporary Internet system they set up, however, will be shut down at 12:01 a.m. EDT Monday, July 9.”
Authorities claim in several instances, “most victims don’t even know their computers have been infected, although the malicious software probably has slowed their online surfing and disabled their antivirus software, making their machines more vulnerable to other problems.”
However, last week both Facebook and Google put up banners warning of the impending doom and advice on how to mitigate the effects of such occurrences.
FBI claims several ISPs are ready for the problem and have plans help their customers mitigate such an occurrence.
Some firms like Comcast have sent out notices and posted information on websites.
With a prior knowledge of possible infection to a customer’s Internet server, Comcast sent an email, letter or Internet notice to customers whose computers appeared to be affected.
Global social media leaders, Facebook and Google sent warning messages that showed up if someone using either site appeared to have an infected computer. Facebook users would get a message that says: “Your computer or network might be infected,” with link users can click for further information.
Google users got a similar message, displayed at the top of a Google search results page. It also provides information on correcting the problem.
Meanwhile, Google denies claims its Android-based phones have been infected with a virus that causes the devices to send out spam en masse, according to BBC reports.
Terry Zink, Microsoft researcher claimed last week to have discovered evidence that Android phones have been infected to create a botnet, which generates huge amounts of spam from host devices.
Google said in a statement that there was no evidence to support the claim that Android devices sent the spam.
The company’s investigation suggested that spam messages originated from PCs but were formatted to look like they were sent from Android smartphones.
“Our analysis suggests that spammers are using infected computers and a fake mobile signature to try to bypass anti-spam mechanisms in the email platform they’re using,” the Google statement said.
Nigerians in the diaspora have petitioned Dr. Olubunmi Tunji-Ojo, minster of Interior, over passport printing in Atlanta and New York Consulates in the United States of America.
To this effect, the minister has approved and directed the Nigeria Immigration Service (NIS) to immediately deploy new printers to the passport offices in both cities.
These printers, according to him, are ready for installation. This short-term solution, he said, aims to resolve the current challenge promptly.
In a statement, the minister said that there is a new solution being implemented as a long-term plan that will usher in a streamlined passport regime, enabling Nigerians to apply for their passports with more ease.
Part of this plan includes the activation of a Passport Personalisation Centre in Abuja, which is scheduled to start in the next few weeks while also opening up more countries for the already-deployed contactless solution.
According to Tunji-Ojo, they are working round the clock, and none of the agencies is left behind.
“At the Nigeria Immigration Service, there has been an end-to-end automation of the passport application process and the introduction of the contactless application process, which has since been launched in Canada,” he said.
The Central Bank of Nigeria (CBN) said it has approved the release of the Nigerian Foreign Exchange (FX) Code and will officially launch the same on January 28, 2025.
The FX code serves as a guideline to the banking industry to promote ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market (NFEM).
“The Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the CBN said in a notice published on its website.
In a bid to strengthen the governance and transparency of Nigeria’s FX market, the CBN in November 2024 introduced revised guidelines for the Nigeria Foreign Exchange Market (NFEM).
A key feature of these guidelines requires the boards of banks, alongside their Chief Executive Officers (CEOs) and Chief Compliance Officers, to annually attest to the Nigeria FX Code of Ethics and Conduct. This attestation underscores their commitment to uphold market integrity and comply with all CBN-issued circulars and guidelines.
The revised guidelines aim to deepen the foreign exchange market following the consolidation of all official FX market windows. The circular, issued by Omolara Omotunde Duke, director of the CBN’s financial markets department, supersedes prior directives, including the operational changes announced on June 14, 2023, and earlier circulars dating back to 2017.
Under the new framework, authorised dealers must facilitate FX transactions for firms and individuals while ensuring compliance with regulations. These dealers are tasked with conducting due diligence, providing transparent pricing, and offering market access through digital solutions.
Furthermore, all legitimate FX transactions must occur exclusively through authorised dealers, while dealings with unlicensed intermediaries are strictly prohibited.
Bureaux de Change (BDC) operators are also included in the revised guidelines. Licensed BDCs are allowed to purchase FX from authorised dealers to meet customer needs, within the limits set by the CBN. Similarly, all FX transactions conducted by BDCs, International Money Transfer Operators (IMTOs), and authorised dealers must adhere to the terms of their licenses and the Nigeria FX Code.
Moniepoint Inc, one of Nigeria’s leading business payments and banking services platforms, has secured an investment from Visa, a global leader in digital payments.
The investment marks an important milestone in Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has established itself as a leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, foreign exchange (FX), and management tools.
The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.
With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent. Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.
As Africa’s Fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African Fintech startups.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale.
“Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.”
He continued, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem.
“We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”
Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added: “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.
“By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”
“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities, while streamlining their operations.”
Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.
Congratulating both parties, the Nigerian Investment Promotion Commission (NIPC) celebrates this strategic investment in Moniepoint, highlighting it as proof of Nigeria’s attractiveness for investors due to its favorable business climate.
Furthermore, the NIPC praised Moniepoint as an exemplar of Nigerian excellence contributing significant value to the global financial ecosystem. The Commission emphasized its commitment to supporting investors and fostering economic cooperation in finance and technology to help Nigeria reach its full economic potential.
This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.
Visa joins other notable investors including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst in advancing Moniepoint’s mission to create a society where everyone experiences financial happiness.
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