Stanbic IBTC Asset Management has partnered with SIFAX Group to develop an ultra-modern port terminal in Ijora, Lagos. This strategic collaboration aims to address critical capacity challenges and enhance efficiency in the sector. The Ijora Terminal project spans 8.3 hectares and includes the development of a new container terminal, construction of a quay wall, harbor dredging, and procurement of essential port equipment. By increasing cargo clearing capacity, the terminal is expected to reduce congestion at the Apapa and Tincan Ports, thereby improving trade flows and reducing delays for importers and exporters. “This project offers a unique opportunity to contribute to Nigeria’s economic prosperity by modernizing the Ijora terminal and expanding its capacity,” said Dolu Olugbenjo, Chief Investment Officer of Stanbic IBTC Infrastructure Fund. “It will generate significant economic and social benefits, including job creation and support for national development.” The terminal is poised to complement existing port services in Lagos and aligns with Stanbic IBTC’s commitment to impactful infrastructure projects, contributing to Nigeria’s sustainable development. It will also have a positive impact on several Sustainable Development Goals (SDGs), including poverty eradication, decent work, economic growth, industry innovation, and sustainable cities. “We are proud to have reached financial closure and commenced construction on this landmark project,” noted Dr. Taiwo Afolabi, Founder and Group Chairman of SIFAX Group. “This initiative will not only improve port capacity but also create jobs and support national development.”
Stanbic IBTC and SIFAX Group unite to transform Nigeria’s maritime sector
Microsoft warns of new crypto-targeting malware: what you need to know
Tech giant Microsoft has raised the alarm about a new and sophisticated malware threat targeting cryptocurrency users. Dubbed “StilachiRAT,” this remote access trojan (RAT) is designed to steal sensitive information from crypto wallets and browsers, particularly Google Chrome. Key Features of StilachiRATWallet Targeting: The malware actively scans for wallet extensions in Chrome, affecting at least 20 popular wallets including MetaMask, Trust Wallet, and Coinbase Wallet. Data Theft: Once it identifies wallet extensions, StilachiRAT can extract credentials and configuration details, potentially allowing attackers to drain funds from victims’ wallets. Clipboard Monitoring: The malware keeps an eye on clipboard activity, searching for copied cryptocurrency keys or passwords. Advanced Evasion: StilachiRAT uses anti-forensic techniques to bypass security defenses, including identifying analysis tools and delaying execution. While not yet widespread, StilachiRAT represents a significant threat to digital asset security. Its ability to grant attackers remote command execution and persistent access to infected systems is particularly concerning. Microsoft security researcher Taylor Monahan highlighted the evolving nature of such threats, noting that cybercriminals are increasingly using sophisticated social engineering tactics, such as fake job interviews, to distribute malware. Protecting YourselfMicrosoft has emphasized the importance of proactive defense against this new threat. They recommend several measures to mitigate risks: Download software only from official sources Enable Microsoft Defender real-time protection Turn on cloud-delivered security Use SmartScreen to block malicious websites Remember, the best defense against malware like StilachiRAT is vigilance and adherence to cybersecurity best practices. Always be cautious when interacting with unfamiliar software or websites, especially those related to your cryptocurrency holdings.
Timini Egbuson’s “Reel Love” breaks N300 million barrier in just five weeks
Nollywood star Timini Egbuson continues to make waves in the Nigerian film industry with his latest romantic drama, Reel Love. The movie, which also marks Egbuson’s debut as an executive producer, has crossed the impressive milestone of N300 million in ticket sales within just five weeks of its release. Directed by Kayode Kasum and written by Ife Olujuyigbe, Reel Love premiered on Valentine’s Day, February 14, 2025, with a record-breaking opening day gross of N40.5 million. The film quickly gained momentum, surpassing N100 million within its first week and reaching the N200 million mark after three weeks. Between March 14 and 16 alone, it earned an additional N20.8 million, bringing its total box office earnings to N304 million. The movie has maintained its position as the highest-grossing film of the past weekend, outperforming other top earners such as Captain America (N19.6 million), In the Lost Lands (N13.3 million), and Black Bag (N12.1 million). Reel Love follows the story of Tomide, a social media influencer, and Rachel, an entrepreneur, whose initial meeting is disastrous. However, when Tomide’s fiancée Imani proposes a publicity stunt to boost his online following by pretending he and Rachel are a couple, things take an unexpected emotional turn. Rachel develops genuine feelings for Tomide, unaware that he is engaged. As Tomide begins to reciprocate her emotions, Imani retaliates by leaking private information about him, throwing his public image into chaos. The film’s compelling narrative and strong performances have resonated with audiences nationwide. The cast includes notable names such as Funke Akindele, Bimbo Ademoye, and Dakore Akande. Known for his dynamic performances in films like A Tribe Called Judah, Dinner at My Place, Introducing the Kujus, and Shanty Town, Egbuson has consistently demonstrated his ability to drive box office success. His transition into executive production with Reel Love further cements his influence in the industry. Egbuson’s widespread appeal and charisma have made him a household name in Nigeria’s entertainment scene. Following his recognition as Nollywood’s highest-paid actor in 2023, this latest achievement underscores his ability to connect with audiences both on-screen and behind the scenes.
Senate want social media platforms and bloggers to open physical offices in Nigeria
The Nigerian Senate has passed the second reading of a bill that mandates international social media platforms, including TikTok, Meta (Facebook, Instagram), X (formerly Twitter), and others, to establish physical offices within the country. The bill, titled “A Bill for an Act to Amend the Nigeria Data Protection Act, 2023, to Mandate the Establishment of Physical Offices within Nigeria by Social Media Platforms, and for Related Matters, 2025 (SB. 650),” was sponsored by Senator Ned Nwoko, also includes provisions for bloggers to set up verifiable offices in any state capital, maintain proper employee records, and join a recognised national association of bloggers headquartered in Abuja. Nigeria is Africa’s most populous nation and ranks second globally in social media usage, with users spending an average of three hours and 46 minutes online daily, according to a Global Web Index report cited by Business Insider Africa. Despite this heavy digital presence, major social media companies have not established physical offices in Nigeria, unlike in other countries such as Kenya, South Africa, India, the United States, and the UK. During the plenary on Tuesday, Senator Nwoko pointed out that the absence of these offices has led to challenges like limited local representation, economic losses, and difficulties in legal and data protection compliance. The Senate President, Godswill Akpabio, noted that while having a local address for digital platforms is beneficial, the regulation of bloggers requires careful consideration. “I was looking to see if it intends to gag bloggers, but I haven’t seen that, so we wait for it to get to the stage of public hearing,” Akpabio added, clarifying that the bill is not meant to gag social media or restrict freedom of expression. Instead, it focuses on ensuring that digital businesses contribute to the country’s economy and operate with accountability. Following its passage through the second reading, the bill has been referred to the Senate Committee on Information Communication Technology (ICT) and Cyber Security for further deliberation and a public hearing. The committee is expected to report back within two months.
EFCC arrests TikTok influencer Murja Kunya for alleged naira abuse
The Economic and Financial Crimes Commission (EFCC) has arrested popular TikTok influencer Murja Kunya in Kano. The arrest was made after Kunya allegedly sprayed Naira notes for fun during her stay at Tahir Guest Palace in the state. Kunya was initially arrested in January 2025 for violating the Central Bank of Nigeria Act, which prohibits the abuse and mutilation of the Naira. She was granted administrative bail pending her arraignment before the Federal High Court in Kano. However, Kunya absconded when it was time for her court appearance, prompting an intensive investigation and surveillance by EFCC operatives. After weeks of pursuit, Kunya was re-arrested on Sunday, March 16, 2025, and is currently in custody awaiting arraignment. The EFCC reiterated its commitment to enforcing laws that protect the Nigerian currency’s integrity, warning against acts of abuse such as spraying, stamping, or mutilating the currency during social events.
EFCC arrests Edo governor’s aide over naira abuse
The Economic and Financial Crimes Commission (EFCC) has arrested Kelly Okungbowa, a suspended coordinator of the Edo State Public Safety Response Team, for allegedly abusing the naira. The arrest follows a viral video showing Okungbowa spraying and mutilating naira notes at a bar in Benin City on March 9, 2025. Okungbowa, also known as Ebo Stone, was previously suspended by the state government over allegations of extortion and misconduct. The EFCC’s action has been commended by the Edo State chapter of the Peoples Democratic Party (PDP), which emphasized the need for thorough investigation and prosecution under the Central Bank of Nigeria Act of 2007. “The swift arrest sends a strong message that such actions will not be tolerated, regardless of the perpetrator’s position or influence,” said Chris Nehikhare, the party’s caretaker committee publicity secretary. Okungbowa will face charges in court once investigations are completed. This development highlights the EFCC’s commitment to enforcing financial laws and maintaining the integrity of Nigeria’s currency.