The International Monetary Fund, IMF, has revealed that financial institutions worldwide lost $12 billion to cyberattacks in the last 20 years.

IMF disclosed this in its recent April 2024 Global Financial Stability Report.

The report stated that out of the $12 billion, a whopping $2.5 billion was lost between 2020 and the first quarter of 2024.

Accordingly, the IMF raised concern over the rising incidents of cyberattacks on financial institutions globally, which may affect confidence in the economic system and destabilize economies.

“Financial firms have reported significant direct losses, totalling almost $12 billion since 2004 and $2.5 billion since 2020,” the IMF stated.

“Attacks on financial firms account for nearly one-fifth of the total, of which banks are the most exposed. Incidents in the financial sector could threaten financial and economic stability if they erode confidence in the financial system, disrupt critical services, or cause spillovers to other institutions.

“Cyber incidents that disrupt critical services like payment networks could also severely affect economic activity.

“For example, a December attack at the Central Bank of Lesotho disrupted the national payment system, preventing transactions by domestic banks,” IMF stated.

“Financial institutions in advanced economies, particularly in the United States, have been more exposed to cyber incidents than firms in emerging markets and developing economies,” it added.

Citing JPMorgan Chase as an example, the IMF said the largest US bank recently reported experiencing 45 billion cyber events daily, while spending $15 billion on technology every year and employing 62,000 technologists – many focused on cybersecurity.

IMF added that cyber incidents are a key operational risk that could threaten financial institutions’ operational resilience and adversely affect overall macro-financial stability.

The Africa Democratic Congress is planning a merger with other political parties in the country with a view to creating a formidable front to dislodge the ruling All Progressives Congress, APC, from power in 2027.

The National Chairman of the ADC, Chief Ralphs Nwosu, made the disclosure at a press conference in Abuja on Wednesday.

Nwosu said the APC had failed Nigerians and rated the government low on all fronts.

He added that the opposition would not sit idle and watch the downward spiral of the nation.

“The state of the nation is nothing to talk about. It is saddening and arouses morbid fear.

“Therefore, instead of wasting our time engaging in futile debates with those in government, we should continue to strategise on ways to develop a new political system and come together to create a collaborative, value-driven ecosystem that prioritises our people and country.

“We certainly need a new beginning. Pointing fingers of recrimination is not what transformational leaders do,” he said, adding that 22 political parties had joined hands with the ADC to build a new mega party.

“We have resolved to work with all political leaders that appreciate the need for coming together for a new Nigeria.

We discriminate against none; our commitment is a new Nigeria that will lead our dear continent out of its present abyss,” he said.

He pointed out that the APC, which dislodged the Peoples Democratic Party, PDP, from power in 2015, is a product of a merger of opposition forces.

Following the notable impact of major opposition parties like the Peoples Democratic Party, Labour Party, and the New Nigeria People’s Party in the last election, observers contend that a united opposition before the election could have ousted the APC.

Consequently, Prof. Pat Utomi, and more recently, the ADC, had contemplated the formation of a mega party to dislodge the APC in 2027.

The Federal Government has disclosed that Nigerians who plan to ply the Lagos-Calabar coastal road when completed will have to pay N3,000 on average per toll gate.

Nigeria’s Minister of Works Dave Umahi made the disclosure on Thursday when he was featured on Channels Television’s The Morning Brief.

Umahi stated that an average of 50,000 vehicles were expected to use the road daily and pass through the toll gate when the monumental project was completed.

He explained that tolling the road was a way of recouping the money spent the project in the shortest possible time.

“Let me leave out the infrastructure along the corridor. Let me just concentrate on the tolls and I put 50,000 vehicles as an average passage on these toll points per day,” Umahi said on the breakfast show.

“I put N3,000 as an average cost. N3,000 because the cars could be like N1,500, and the big trucks could be like N5,000,” he said. “So, we put an average”.

“In 15 years, you make back the money,” he said, dismissing calls that the cost budgeted for the road was high

The road project has sparked controversy in some quarter, with many saying the details of the project, especially how the contract was awarded, are shrouded in secrecy.

Former Vice president, Atiku Abubakar, had called out the federal government and presidency on the vagueness and opaqueness of the contractual agreement of the project, saying important information regarding such project of national significance shouldn’t be shrouded in secrecy.

He implored the Tinubu government to be transparent, forthright and come clean to Nigerians on the cost, design, contractor and other sundry details of the road construction.

Athletics has become the first sport to offer prize money to Olympic champions, announcing that the 48 gold medallists in Paris this year will earn $50,000 each to end a 128-year tradition.

Although the concept of purely amateur competition has long since disappeared from the modern Olympics with athletes often receiving payments from sponsors and professionals taking part for years, the World Athletics (WA) decision is a major shift.

WA President, Sebastian Coe, said there had been no discussion with the International Olympic Committee, only that his organisation had given the IOC a heads-up shortly before announcing the $2.4 million prize pot.

“While it is impossible to put a marketable value on winning an Olympic medal, or on the commitment and focus it takes to even represent your country at an Olympic Games, it is important we make sure some of the revenues generated by our athletes are directly returned to those who make the Games the global spectacle that it is,” Coe told reporters.

“I don’t believe this is remotely at variance with the concept that the IOC often talks about, which is recognising the efforts that our competitors make for the overall success of the Games.”

Norway’s Olympic 400m hurdles champion Karsten Warholm welcomed the news.

“I think it’s good so I want to salute them for it,” Warholm said in an interview. “It doesn’t change my motivation to win because for the Olympics I’m not in it for the money. The gold medal is worth a lot more to me personally.”

The IOC said it was up to each International Federation (IF) and National Olympic Committee (NOC) to determine how to best serve their athletes and the development of their sports.

“The IOC redistributes 90% of all its income, in particular to the NOCs and IFs. This means that, every day, the equivalent of $4.2 million goes to help athletes and sports organisations at all levels around the world,” the ruling body said.

A total of $540 million was allocated to the 28 sports at the Tokyo Games, with World Athletics receiving the most at $40 million.

Afrobeats superstar Ahmed Ololade aka Asake said he is not sad over his Grammy loss to South Africa’s Tyla.

The Nation reported that Tyla’s ‘Water’ defeated Asake’s ‘Amapiano’ and other Nigerian songs to win the maiden Best African Music Performance category at the 66th Grammys.

However, speaking in a recent interview with GQ magazine, the ‘Mr Money With The Vibe’ crooner said he doesn’t take it as a loss.

According to him, he is upbeat that he might get more Grammy nominations and probably win next year.

“It [Grammy loss] is not a loss for me. I might just get more next year. In my head, I was not even taking it too seriously,” he said.

On his mind space for his sophomore album, ‘Work Of Art,’ Asake said: “People don’t really know me because I’m quiet.

“So everybody started seeing me as a mystery. ‘Work of Art’ is just for them to know me. You have to understand I’m human, but you can’t just deny the heart in me.”

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Mele Kyari, has said that harnessing natural gas resources in Nigeria is crucial in fuelling economic growth and industrial development.

Kyari spoke on Wednesday at the public presentation of a book, ‘The Rise of Gas: From Gaslink to the Decade of Gas’, authored by Charles Osezua.

The GCEO highlighted gas as a crucial energy source that sustains economic growth and drives industrial activities.

Represented by the company’s Head of Relationship and Stakeholder Management, Mrs Oluwakemi Olumuyiwa, Kyari also emphasised the importance of documenting Nigeria’s gas sector.

He underscored the significance of prioritising natural gas production and supply, particularly in the context of geopolitical dynamics and energy security in the global economy.

“With Nigeria boasting substantial gas reserves exceeding 200 trillion cubic feet and a potential to reach 600 tcf, the GCEO said it is pertinent Nigeria leverages the gas resource for sustainable development, energy security, and job creation,” a statement by the NNPCL spokesperson, Olufemi Soneye, said on Wednesday.

According to Kyari, the book aligns with the Federal Government’s ‘Decade of Gas’ initiative, which he said aimed to optimise Nigeria’s abundant gas reserves for domestic consumption and international export.

The NNPCL boss added that the energy firm has been leading in advancing the ‘Decade of Gas’ agenda as a key stakeholder through strategic investments in critical gas infrastructure such as pipelines and processing facilities.

The 19 chairmen of the Labour Party (LP) in the northern states have passed a vote of confidence on the 2023 presidential candidate of the party, Mr Peter Obi.

The northern zone chairman of the party, Muhammad Abdullahi Lawal, disclosed this to reporters after their meeting in Bauchi.

He said, “Sequel to this, we reaffirmed our unwavering support for Peter Obi, who embodies character and distinguished principles that define the Labour Party and the great future of our country’s unity.

“We stand in solidarity with him, the Nigeria Labour Congress (NLC), the Obedient movement groups and all other stakeholders who are committed to uniting the party and upholding its integrity,” he said.
Lawal said it was unequivocally clear that there was no longer any faction of the LP anywhere, insisting that the party had only a unilateral centre of command and control.

“However, in the interest of party unity and progression, we have collectively agreed today to disband these factions and move forward as one cohesive party,” he said.

Lawal also warned Dr Arabambi to cease from making derogatory remarks against the person of Mr Obi, saying such behaviour was unacceptable within the ranks of the LP.

Let’s protect Nigeria’s integrity, Tinubu appeals to Nigerians

Support for leaders, a vote for better tomorrow, says Buhari

President Bola Tinubu and his predecessor, Muhammadu Buhari, at their separate praying grounds on Wednesday in Lagos and Katsina states respectively, rejoiced with the Muslim faithful on the celebration of the Eid El-Fitri.

Tinubu and his predecessor called on Nigerians to love the country and support leaders.

Tinubu, who was present at the Dodan Barracks in Ikoyi, Lagos, to observe the Eid prayer, urged Nigerians to defend the integrity of the country.

“The kind of resilience, sacrifice, endurance that we have, we should preserve that for the country. Be a kind and cheerful giver, love our country better than any other country – that is the only one that we have.

“And we must continue to protect the integrity of our government and leadership. The new hope is alive, well and fine and Nigerians should continue to be very hopeful. Without hope there is no salvation, without hope, there is no development, without hope, there is no life,” Tinubu told journalists on his way out of the prayer ground.

Also, speaking to journalists in Daura shortly after observing the Eid prayer,  Buhari congratulated fellow Muslims on the successful completion of the 30-day Ramadan fasting, urging “all citizens to support our leaders from the local government level to the highest level, in their efforts to transform and  develop the landscape of the nation.”

He urged “Support for our leaders,” saying, “(It) is a vote for a better tomorrow.”

Buhari further said, “It is imperative that we stand united in safeguarding the sovereignty and integrity of our nation.”

He called on contestants of political offices “to always ensure a smooth succession from one administration to another without stoking communal tensions and obstructing development, irrespective of political party affiliation.”

Earlier, while leading the prayer session at the Dodan barracks praying ground, the Grand Chief Imam of Lagos, Sheik Sulaiman Nolla, said fasting had great blessings.

First Lady preaches compassion

The wife of the President, Senator Oluremi Tinubu,  enjoined Muslims across the country to exercise moderation and not discard the lessons of Ramadan on the altar of celebrations.

Urging compassion, Mrs Tinubu, in a statement by her Senior Special Assistant on Media, Busola Kukoy, said, “We should be modest in our celebration and continue to extend love to others. Our kindness to one another and service to humanity should extend beyond the month of Ramadan.

“Let us sustain those virtues of self-purification, sacrifice, self-discipline, and being compassionate to fellow Nigerians. Our priority as a people should include praying for our nation.”

Pray for leaders – Sultan

 The Sultan of Sokoto and President-General of the National Supreme Council for Islamic Affairs, Alhaji Sa’ad Abubakar, has encouraged the Muslim Ummah to actively pursue knowledge to strengthen their faith.

In the Sultan’s Eid message on Wednesday, he emphasised the importance of continuing to pray for leaders and the prosperity of the country.

“We should express gratitude to Almighty Allah for granting us the gift of life and good health, allowing us to observe the 30 days of fasting and celebrate Eid-el-Fitr.

“Today marks a significant day in Islam as Muslims worldwide commemorate the conclusion of Ramadan and the Eid-el-Fitr festivities.

“Moreover, let us perpetuate the spirit of compassion and support for one another, as demonstrated during the month of Ramadan, and extend assistance to those in need,” he appealed.

Govs seek peace

The Kogi State Governor, Usman Ododo, enjoined the people of the state to work together to ensure peaceful coexistence among diverse interests in the state.

Speaking at the Okene Central Eid Prayer ground, Governor Ododo said, “Let us cherish the spirit of unity and compassion that defines this day and let it inspire us to continue working together towards a brighter future for our people and our state.

“Let us use this period to reflect on our shared values of love, compassion, and solidarity, and to renew our commitment to building a stronger and more vibrant Kogi State together. “

Also,  Governor Ahmed Aliyu of Sokoto State urged the Muslim community in the state to uphold the virtues of Ramadan to attract Allah’s abundant mercy and forgiveness.

“I am aware of the numerous acts of assistance provided by some of our affluent citizens to the needy in our society, which is truly commendable.

“On our part, the government has allocated significant resources to aid the less privileged and vulnerable groups throughout the state,” he stated.

Similarly, Kano State Governor, Abba Yusuf, implored Nigerians to uphold patriotism and the spirit of tranquility while entreating for peace and prosperity of Kano State and Nigeria at large.

Also, Governor Inuwa Yahaya of Gombe State said, “The current difficulties are transient and better days lie ahead. Nigeria will emerge stronger.”

Support Tinubu , says Emir

The Emir of Ilorin and Chairman Kwara State Traditional Rulers Council, Alhaji Ibrahim Sulu-Gambari, sued for support for President Tinubu and Governor AbdulRaman AbdulRazaq of Kwara state.

The monarch stated this in his Sallah message to the people of Ilorin Emirate and beyond delivered at the Ilorin Central Eid praying ground marking the 2024 Eid-el-Fitr celebration.

He noted that despite all the challenges facing the nation, the people of Ilorin Emirate were living in peace and harmony without rancour “which necessitates us to remain grateful and prayerful always.”

Saraki prays for Nigeria

Former Senate President, Dr Bukola Saraki, prayed for Nigeria and Kwara and preached continued righteousness among the citizens.

According to the statement signed by his Press Officer on Local Matters, Abdulganiyu Abdulqadir, Saraki urged the Muslim faithful to strive for harmony and peace, noting that the month of Ramadan was a month of reorientation for Muslims towards discipline, modesty, and self-restraint.

Billionaire industrialist Aliko Dangote has said his refinery’s ability to sell diesel at significantly discounted prices will provide immediate relief to Nigeria’s inflation woes.

Dangote disclosed this to newsmen on Wednesday after visiting President Bola Tinubu to celebrate Eid-El-Fitr in Lagos.

The chairman of Dangote Group expressed optimism about the economy, noting that the naira exchange rate has improved significantly in recent months, dropping from around N1,900 to the dollar to the current level of 1,250-1,300.

This, he said, is already having a positive impact, with the price of locally-produced goods like flour starting to come down as businesses pay less for diesel fuel.

The entrepreneur revealed that his own refinery has been selling diesel at 1,200 naira per liter, compared to the previous market price of between N1,650 and N1,700.

He expects this dramatic reduction in fuel costs to help drive down inflation in the coming months.

He said “but there’s quite a lot of improvement because if you look at it here, one of the major issues that we’ve had was the narrow devaluation that has gone very aggressively up to about N1,900. But right now we’re back to almost N1,250 to N1,300, which is a good improvement.

“And you can see quite a lot of things have actually gone. Even people now when you go to the market, for example, something that will produce locally like flour or whatever, people will charge you more because they’re paying very high prices on diesel. And what we did, for example, in our refinery, we started selling even diesel at about N1,200 for N1,650. And I’m sure, you know, as we go along, things will continue to improve quite a lot.

“Well, even now it’s a lot of impact. If you look at it now, when you are buying N1,650, N1,700 for a liter of diesel, and that one has been cut off by almost one third to now be paying diesel at 1,200.

“And maybe eventually going forward, even though the crude prices are going up, even with that, I believe people will not get it much higher than what it is today.

“It might be even a little bit lower. But that can help quite a lot. Because if you are transporting locally produced goods, rice and other stuff, you are paying N1,650.

“Now you are paying two thirds of that amount, 1,200. It’s a lot. It’s a lot of difference. People don’t know.

“That can actually help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you see that there’s quite a lot of improvement in the inflation rate.

“So, a step at a time. And I’m sure the government is working around the clock to make sure that things get much better.

Because it’s in their own interest. It’s in the interest of everybody, it’s in our own interest, and I just want to thank everybody for the Nigerians to get things better.”

Dangote urged captains of industry to partner with the government to improve the lives of Nigerian citizens. “You can’t clap with one hand,” he said.

“So both the entrepreneurs and the government, they need to clap together and make sure that it is in the best interest of everybody,” Dangote said.

Paris Saint-Germain boss, Luis Enrique has reflected on their 3-2 defeat to Barcelona in the first leg of their Champions League quarter-final tie on Wednesday.

Raphinha opened the scoring at the Parc des Princes, but the hosts went in front thanks to goals from Ousmane Dembele and Vitinha.

Barca levelled the game through another Raphinha goal, before Andreas Christensen headed in the winner.

Enrique, speaking to TNT Sports, said: “It was a pity because I think we started the match properly and in a good mood. Disappointing after we conceded the goal.

“Second half started in the best way but suddenly we suffered the second goal. We created some chances but for us it’s a pity.

“There’s still the spirit to go to Barcelona and try to win.

“Sometimes you have to change things and it happens just when we draw the match, we created more chances. The team was at a high level at that moment. But they are a good team.”