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‘Nigeria’s economy on verge of collapse’, Sanusi raises alarm

A former governor of the Central Bank (CBN), Alhaji Muhammad Sanusi, has said the Nigerian economy is about to collapse.

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Former Central Bank (CBN) Governor and immediate past Emir of Kano, Muhammad Sanusi II, on Friday said the Nigerian economy is about to collapse totally as he warned that oil which he described in parable as the goose laying the ‘golden egg’ for the country is about to die.

Sanusi who spoke at the closing of the Kaduna Investment Summit, tagged KadInvest 6.0 said aside the fact that Nigeria is having difficulties in oil production, the product is now being rejected in the global market, as there is no longer a future in carbon.

The former CBN governor who pointed out that the future lies in knowledge based economy, which is the theme of the summit, however lamented that Nigeria is behind many African countries in innovation index and ranking 114th globally.

He lamented that while Ghana with a smaller economy invests more in education, Nigeria spends only seven percent of its budget in that direction, saying that, only eight of every 100 Nigerians who start primary school, complete university education.

According to him, “globally, work is being redefined. 30 to 40 per cent of workers in developed economies will need to significantly upgrade their skills by 2030. And what are the major drivers of this redefinition? ICT and remote working, which we have seen even here with COVID. There is increased automation and artificial intelligence. Very soon, robots will take over work in most countries and those who would have jobs are those who operate the robots or manufacture the robots or service the robots.

“And you have decarbonisation. For us in Nigeria, the enclave economy that we have, the so-called goose that lays the golden egg is about to die. There will be no eggs. The future is not in the carbons.

“A few months ago, Germany was able to produce enough renewable energy for the entire country’s needs. Today, we are having difficulties selling Nigerian oil. So, not only are we having problems to produce, even when we produce, the market is not there.

“So, this is forcing a change, and for us as a country that depends on oil, things need to change.

“Nigeria is ranked 114th in the global innovation index. We are lower than other African countries such as Kenya, Rwanda and Senegal. We are in fact ranked 14th in sub-Saharan Africa. I think we should have this reality check and know where we are as a country. Let’s stop calling ourselves the giant of Africa, because we are the giant with clay feet.

“Countries like Kenya, Rwanda and Senegal are ahead of us. I am not even talking about South Africa. Our expenditure on education is only seven per cent of the budget. We are spending less on education than Ghana; I am not talking about as per percentage of the budget; in absolute terms, even though the Ghanaian economy is much smaller than the Nigerian economy, even though the Ghanaian government revenue is less than Nigeria’s revenue, Ghana is spending more on education than Nigeria.

“And we are surprised that industries are moving to Ghana. We are surprised that the Ghanaian president has become the leading President in Africa? We are not investing in education and human capital.

“We have a 68 per cent missing job requirement and the major areas being IT, communication and decision making. And the completion rate between entry into primary one and completing university is eight per cent, meaning that out of every 100 pupils who go into primary school, only eight come out of university. And out of those eight, nine percent, which is one of the eight, will get a job.

“So, this is the reality in addition to what is happening globally. Now, digitization to level the playing field is required if we are deliberate and we shift from consumption to value creation. But, part of our problem is that even when we have the solution at our feet, we do not take it,” he said.

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Man puts self up for sale in Kano

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Aliyu Na Idris, a 26-year-old man from Kaduna State, has become a social media sensation for putting himself up for sale in Kano.

Idris, who claimed to be a tailor, has been roaming the streets of Kano State carrying a placard that reads “This man is for sale for N20 million.”

It was gathered that the young man has been on the streets for five days looking for who will buy him.

He said he had decided to sell himself due to hardship.

He said his family was aware that he had offered himself for sale, adding that he had initially presented himself for sale in Kaduna but when he could not get a serious buyer, he decided to try Kano State with the hope that someone will pay the required price.

“Even though many people have offered me various prices of N10m, N5m and N300,000 in Kano, I refused because the amount is less than what I expected,” he said.

The young man said he was operating a tailoring business which failed due to the financial crisis and as such, he lost his customers and became financially handicapped.

He explained that he had no money to survive, not to talk of investing in another business, hence, he decided to present himself for sale at N20m only.

When asked what he intends to do with the money, he said, “I will give my parents N10m; I will give N5m as tax to the state where I was bought, the person who helped in advertising me will be rewarded with N2m while the remaining N3m will be kept for me under the care of the person who buys me for my daily upkeep.”

He further stated that he knows that he would lose his freedom after being purchased but he’s not worried as he has made up his mind to do the bidding of his master.

He said if nobody buys him in Kano, he would move to another state to sell himself.

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NCC alerts Nigerians to deadly FluBot malware targeting bank accounts

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The Nigerian Communications Commission (NCC) yesterday raised the alarm about what it described as an extremely damaging malware called “FluBot” which attacks Android mobile banking applications.

According to the NCC, Flubot “impersonates Android mobile banking applications to draw fake web view on targeted applications and its goal transcends stealing personal data and essentially targets stealing of credit card details or online banking credentials.”

Malware is a generic word used to describe a virus or software designed specifically to disrupt, damage, or gain unauthorised access to a computer system.

“According to the information received today (Thursday), October 21, 2021, from the Nigeria Computer Emergency Response Team (ngCERT), Flubot targets Androids with fake security updates and App installations,” NCC’s Director of Public Affairs, Ikechukwu Adinde, said in a statement issued yesterday.

NCC explained that FluBot “is circulated through SMS and can snoop on incoming notifications, initiate calls, read or write SMSes, and transmit the victim’s contact list to its control centre.”
NCC said the malware “attacks Android devices by pretending to be FedEx, DHL, Correos, and Chrome applications,” and compels unsuspecting users to alter the accessibility configurations on their devices to maintain continuous presence on devices.

The statement adds: “The new malware undermines the security of devices by copying fake login screens of prominent banks, and the moment the users enter their login details on the fake pages, their data is harvested and transmitted to the malware operators’ control point from where the data is exploited by intercepting banking-related One Time Passwords (OTPs) and replacing the default SMS app on the targeted Android device.

“Consequently, it secures admittance into the device through SMS and proceeds to transmit similar messages to other contacts that may be on the device it has attacked enticing them into downloading the fake app.
“It suffices to say that, when Flubot infects a device, it can result in incalculable financial losses.
“Additionally, the malware creates a backdoor which grants access to the user’s device, thus enabling the invader or attacker to perform other criminal actions, including launching other variants of malware.”
The NCC subsequently issued an advisory to protect telecoms consumers from falling victim.

The guidelines listed by the commission are: “Do not click on the link if you receive a suspicious text message, and do not install any app or security update the page asks you to install; use updated antivirus software that detects and prevents malware infections; apply critical patches to the system and application; use strong passwords and enable Two-Factor Authentication (2FA) over logins and back up your data regularly.”
Others are: “If you have been affected by this campaign, you should reset your device to factory mode as soon as possible. This will delete any data on your phone, including personal data; do not restore from backups created after installing the app; you will also need to change the passwords to all of your online accounts, with urgency, around your online bank accounts; If you have concerns that your accounts may have been accessed by unauthorised people, contact your bank immediately.”

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Gunmen attack Abolongo correctional facility in Oyo, set prisoners free

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Suspected gunmen have attacked one of the facilities of the Nigeria Correctional Service (NCS), in Oyo State.

It was gathered that the facility, christened Abolongo correctional facility was attacked by the gunmen Friday evening.

It was further gathered that the gunmen set all the prisoners at the facility free during the attack.

The attackers were said to have stormed the facility at about 10pm on Friday.

The attackers used grenades to gain access and set prisoners free.

Spokesman for the Nigerian Correctional Service (NCS) in the state, Olanrewaju Anjorin confirmed the attack on Saturday.

Anjorin said that the senior officers of the agency were on their way to assess the level of damage.

He said, “Yes. It has been confirmed that the attack actually happened.

“And right now, the comptroller of Nigerian Correctional Service (NCS) and other top officers are assessing the situation.

“But, I can confirm to you that the incident actually happened”.

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