₦airaland Forum

INTERPOL’s 2022 Africa Cyberthreat Assessment report has revealed that South Africa has the highest number of cybersecurity threats in Africa. In total, the country had 230 million threat detections, with 219 million of them being email-related threats. The report also highlighted that South Africa had the highest targeted ransomware and business email compromise (BEC) attempts.

Accenture further highlighted the issue by identifying that South Africa has the third highest number of cybercrime victims worldwide, at a cost of.....

https://ratecaptain.com/south-africa-leads-africa-in-cybersecurity-threats/

The Debt Management Office (DMO) has debunked a media report that Nigeria defaulted in loans repayments to China.

A statement by the DMO in Abuja on Wednesday, advised the public to ignore the report as it is ......

https://ratecaptain.com/nigeria-never-defaulted-in-china-debt-repayments-dmo/

Since Godwin Emefiele’s appointment as the Central Bank Governor of Nigeria in 2014, the country’s foreign reserves have experienced significant fluctuations. Nigeria’s foreign reserves refer to the amount of foreign currency held by the Central Bank of Nigeria (CBN) to facilitate international trade transactions and manage the exchange rate.


Nigeria’s foreign exchange reserve from 2014 till 2023
At the beginning of Emefiele’s tenure, Nigeria’s foreign reserves stood at $37.9 billion, a significant decrease from the $44.3 billion recorded in 2013. This decline was largely attribute.......

https://ratecaptain.com/an-overview-of-nigerias-foreign-reserves-under-godwin-emefieles-leadership-as-the-cbn-governor/

In March 2023, the currency in circulation in Nigeria rose by N701.4bn to reach N1.6tn, a month after the Central Bank of Nigeria (CBN) reversed its policy on the naira redesign. Currency-in-circulation refers to all legal tender currencies in the hands of the public and in the vaults of the Deposit Money Banks, but outside the vaults of the central bank. The currency in circulation had dropped by 235.03% to N982.09bn in February......

https://ratecaptain.com/nigerias-currency-in-circulation-surges-by-n701-4-trillion-following-cbns-reversal-of-naira-redesign-policy/

In a bid to combat the growing problem of tobacco smoking in the country, the Nigerian Government has announced plans to increase the excise tax on tobacco products. The current tax rate of 30% ad-valorem will be raised to .......

https://ratecaptain.com/the-nigerian-government-to-increase-excise-tax-on-tobacco-products/

According to the latest Rail Transportation Data for Q3 and Q4 2022 released by the National Bureau of Statistics (NBS), the Nigerian Railway Corporation (NRC) generated N715.09 million from passengers in Q3 2022, a 60.52% decrease from the N1.81 billion generated in Q3 2021.

The NBS report also revealed that N101.84 million was collected in Q3 2022 as revenue from goods/cargos, a 7.04% drop from the....

https://ratecaptain.com/angry-tesla-shanghai-workers-vent-to-elon-musk-over-bonus-cuts/

The Chinese government has denied any involvement in the funding of terrorism and issued a statement to that effect.

The statement was released through the Chinese mission in Abuja, Nigeria, via its official Twitter handle

The denial was in response to an article in a British newspaper, The Times, which accused Chinese nationals in Nigeria’s mining sector of funding terrorist groups to gain access to the country’s mineral resources. The Chinese government expressed dissatisfaction with the report’s unverified, unclear, and unproven information and affirmed that.....

https://ratecaptain.com/the-chinese-government-denies-allegations-of-funding-terrorism-in-nigeria/

Tesla’s (TSLA.O) Shanghai factory workers took to social media to appeal to Elon Musk and the Chinese public after being told at the weekend about cuts to their performance bonuses, according to online posts and employees who spoke to Reuters.

Several of the posts said they believed the deductions were linked to a .....

https://ratecaptain.com/angry-tesla-shanghai-workers-vent-to-elon-musk-over-bonus-cuts/

The World Bank says Nigeria’s constant fiscal deficit has worsened the nation’s public debt stock, with 96.3 per cent of government revenue spent on servicing debt in 2022.

This was according to the Macro Poverty Outlook for Nigeria: April 2023 brief released by the bank.

The report read in part, “The fiscal position deteriorated. In 2022, the cost of the petrol subsidy increased from 0.7 per cent to 2.3 per cent GDP. Low non-oil revenues and high-interest ......

https://ratecaptain.com/nigerias-96-revenue-used-to-service-debt-in-2022-world-bank/

Nigeria’s consumer price index (CPI), which measures inflation rose to 22.04 percent in March 2023, up from 21.91 percent in February

This is according to the latest CPI report released on Saturday by the National Bureau of Statistics (NBS).

The March increase comes across as the third consecutive surge in the country’s inflation figure since the year began.

The CPI report from NBS reads, “In March 2023, the headline......

https://ratecaptain.com/breaking-nigerias-inflation-exceeds-22-in-march/

Jp morgan net income grows to $12.6bn amid the regional bank turmoil.
Wall street’s largest bank JP Morgan reported the jump in net income from $8.3bn to $12.6bn (£10bn) over the first three months of 2023

That was despite a 56% rise in the money put aside for potential defaults by its customers to $2.3bn.

The bank’s profits benefited from the same rise in US and global interest rates that contributed to last month’s short-lived banking crisis, which started with the surprise collapse of Silicon Valley Bank and later led to the emergency rescue of Switzerland’s second largest lender, Credit Suisse.
The steady rise in interest rates pushed JP Morgan’s net interest income – which accounts for the difference in the amount paid out to savers compared with the amount charged for loans and mortgages – up 49%, and ....

https://ratecaptain.com/jp-morgan-net-income-grows-to-12-6bn-amid-the-regional-back-turmoil/

The federal government has secured an $800 million loan from the World Bank in order to provide post-petroleum subsidy palliatives for over 50 million Nigerians ahead of June 2023.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed to State House correspondents that the Federal Government had secured $800m from the World Bank.

The financing agreement document for the National Social Safety Net Programme – Scale Up between the Federal Republic of Nigeria and the International Development Association of the World Bank was obtained by reporters on Tuesday.

The objective of the project is to expand coverage of......

https://ratecaptain.com/fg-secures-800-million-loan-from-the-world-bank/

Nigerian mobility company Shuttlers recently raised $4 million in an equity round led by Verod Kepple Africa Ventures, following a $1.6 million seed round.

This startup offers shared bus rides on scheduled routes to corporate passengers and individuals with two models: B2B2C and B2C.

The tech-enabled platform allows users to track bus trips, choose the best route based on traffic conditions, make digital payments for fares ranging from N850 ($1.96) to .....

https://ratecaptain.com/shuttlers-has-raised-4-million-to-create-means-to-cease-lagos-traffic/

Twitter enables users to access stocks, cryptocurrencies, and other financial assets through a partnership with eToro, a social trading company.

This information was disclosed by the company in an interview with CNBC news reporters.

According to Elon Musk the new feature will be rolled out on the Twitter app on Thursday. It will allow users to......

https://ratecaptain.com/twitter-features-crypto-and-u-s-stock-trading-on-its-platform/

The National Population Commission (NPC) has postponed indefinitely, the training for Enumerators and Supervisors earlier slated for April 13.

Dr Ipalibo Harry, Chairman Census CommitteeHarry assured that the postponement would not affect the conduct of the Population.....

https://ratecaptain.com/census-npc-postpones-training-for-enumerators-supervisors/

The International Monetary Fund (IMF), on Tuesday, advised the Central Bank of Nigeria (CBN) to maintain its monetary policy-tightening mood in order to cage inflation, which jumped to 21.91% as of February.

The Washington-based institution, in its World Economic Outlook (WEO) titled, “A Rocky Recovery,” released Tuesday, retained Nigeria’s Gross Domestic Product (GDP) growth projection for......

https://ratecaptain.com/maintain-tight-monetary-policy-to-check-inflation-imf-tells-cbn/

WhatsApp is introducing the ability for users to directly pay businesses through chat in Brazil. This means that people in the country can have end-to-end shopping experiences, from discovery to payments, within the app. This move finally unlocks the merchant payment market in Brazil for WhatsApp.

Mark Zuckerberg made this announcement in a post saying that the company is rolling out the ability for users to....

https://ratecaptain.com/whatsapp-launch-online-payment-method-that-makes-users-pay-businesses-through-chat/

The latest disbursement of N320.3 billion as an intervention fund for public tertiary institutions is yet another evidence of President Muhammadu Buhari’s desire to improve higher education in the country.

The Buhari Media Organisation (BMO) said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that the 2023 Tertiary Education Trust Fund (TETFund) disbursement......

https://ratecaptain.com/buharis-n320bn-tetfund-grant-highest-in-30-years-bmo/

Starting a business requires capital, and this is no news. While some fresh business owners opt for loans to fund their ventures, others apply for grants as an alternative source of funding. Grants are beneficial because they do not require payback like loan repayments would; thus presenting a useful measure that supports starting businesses.

In Nigeria, there are several ways to get funds for your business but one secure and easy way is by..........

https://ratecaptain.com/how-to-secure-a-business-grant-in-nigeria/

Former Twitter employees, including ex-CEO Parag Agrawal, ex-legal head Vijaya Gadde, and ex-CFO Ned Segal, have sued the social network over alleged unpaid legal reimbursements.

The lawsuit, filed in Delaware Chancery Court, alleged that Twitter has to pay over $1 million to the former executives for legal bills they incurred while.......

https://ratecaptain.com/twitter-ex-employees-sues-twitter-over-alleged-unpaid-legal-bills/

French President Macron Says “Europe Must Reduce Its Dependency On The US” And “Become A Third Superpower”

During a visit to China, Macron received an ‘unusually generous’ welcome from the President Xi amidst calls that he is trying to drive a wedge between the U.S and Europe at a particularly sensitive time.

Macron said that there is a “great risk” that Europe “gets......

https://ratecaptain.com/france-president-advices-european-countries-to-reduce-ties-with-us/

Loan apps on Play Store will lose their ability to access their users’ contacts or photos from May 31, 2023.

This came as the Federal Government said it would enforce the latest policy by Google, saying the action was consistent with the Nigerian authorities’ move to curtail the invasion of customers’ privacy by loan app firms.

The Federal Government had in recent time taken major decisions aimed at tackling ......

https://ratecaptain.com/fg-bar-loan-apps-from-accessing-users-contacts-and-photos/

Nigerian National Petroleum Company Limited (NNPCL), yesterday, harped on the need to complete the Ajaokuta-Kaduna-Kano (AKK) pipeline, Trans-Sahara Gas Pipelines and Nigerian -Morocco pipeline.

The Group Chief Executive Officer, Mele Kyari, who spoke at the 2023 Oloibiri Lecture Series and.....

https://ratecaptain.com/nnpcl-hints-at-40-8b-gas-pipeline-amid-push-by-europe/

America’s employers added a solid 236,000 jobs in March, reflecting a resilient labor market and suggesting that the Federal Reserve may see the need to keep raising interest rates in the coming months.

The unemployment rate fell to 3.5%, not far above the 53-year low of 3.4% set in January. Last month’s job growth was down from February’s sizzling gain of 326,000.

Friday’s government report suggested that the economy and the job market remain on solid footing despite nine rate hikes imposed over the past year by the Fed. The March job gain may lead the Fed to conclude .....

https://ratecaptain.com/us-create-236000-jobs-amid-of-feds-rate-hikes/

Google plans to restrict apps that offer loans to individuals from accessing sensitive user data such as photos, videos, and contacts, as the Android maker steps up its response to the rise of predatory behavior from some lenders that harass borrowers.

The search giant pushed an update to its Personal Loans policy on Wednesday for apps on Play Store to bring new restrictions prohibiting apps from accessing external storage, photos, videos, contacts, precise location, and call logs. The change will come into effect from ......

https://ratecaptain.com/google-to-prohibit-personal-loan-apps-from-accessing-user-photos-contacts/

Google plans to restrict apps that offer loans to individuals from accessing sensitive user data such as photos, videos, and contacts, as the Android maker steps up its response to the rise of predatory behavior from some lenders that harass borrowers.

The search giant pushed an update to its Personal Loans policy on Wednesday for apps on Play Store to bring new restrictions prohibiting apps from accessing external storage, photos, videos, contacts, precise location, and call logs. The change will come into effect from......

https://ratecaptain.com/google-to-prohibit-personal-loan-apps-from-accessing-user-photos-contacts/

A regional Australian mayor said he may sue OpenAI if it does not correct ChatGPT’s false claims that he had served time in prison for bribery, in what would be the first defamation lawsuit against the automated text service.

Brian Hood, who was elected mayor of Hepburn Shire, 120km (75 miles) northwest of Melbourne, last November, became concerned about his reputation when members of the public told him ChatGPT had falsely named him as......

https://ratecaptain.com/australian-mayor-to-sue-open-ai-for-chatgpt-false-information/

A regional Australian mayor said he may sue OpenAI if it does not correct ChatGPT’s false claims that he had served time in prison for bribery, in what would be the first defamation lawsuit against the automated text service.

Brian Hood, who was elected mayor of Hepburn Shire, 120km (75 miles) northwest of Melbourne, last November, became concerned about his reputation when members of the public told him ChatGPT had falsely named him as ......

https://ratecaptain.com/australian-mayor-to-sue-open-ai-for-chatgpt-false-information/

The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has recommended that users of the popular messaging app, WhatsApp, set up Two-Factor Authentication (2FA) to avoid falling victim to account takeover by hackers.

In an advisory issued on Tuesday, NCC-CSIRT noted that WhatsApp, which is a Meta-owned service, is increasingly becoming a prime target for hackers and scammers who are always looking for ways to gain unauthorized access to users’ accounts.

The CSIRT described two-factor authentication (2FA) as an identity and access management security method that requires two forms of identification to access resources and data.

According to the advisory, “In the world of messaging apps, one of the most popular and recognizable is WhatsApp. WhatsApp is 100% free to use, has .......

https://ratecaptain.com/ncc-warns-against-the-insecurity-of-whatsapp/

The pain of the severe dollar shortage is bitting deeper in Africa’s biggest economy as foreign direct investment (FDI) has plunged to $468.91 million, the lowest in at least nine years, according to official data.

Despite its mostly youthful large population and abundant natural resources, Nigeria is finding it increasingly hard to attract investments. New data from the National Bureau of Statistics (NBS) showed that FDI into the country fell by 33 percent in 2022

Experts say for a frontier market with the population of Nigeria, attracting such a low level of foreign investment should be a big worry for the government as it has.......

https://ratecaptain.com/nigerias-fdi-slides-to-468m-lowest-in-nine-years/

The African Development Bank (AfDB), have signed a 525,000 dollar agreement to support Africa Fintech Network’s (AFN)’s Hub project.

Mr Lamin Barrow, the Director-General, AfDB, Nigeria Country Department, during the signing in Abuja on Tuesday, said the project would boost the fintech industry on the continent.

This grant of 525,000 dollars, will support the operationalization of an online digital hub to serve as a repository of knowledge for fintech entities across the continent, and globally.

“The Digital Hub, which is to be delivered through a strategic partnership between the Africa Fintech Network and Cenfri, will help to strengthen the fintech ecosystem across Africa, and....

https://ratecaptain.com/afdb-approves-525000-to-support-african-fintech-firms/