What SMBs and Enterprises Need to Know About Encrypted Hacks

Hackers now use HTTPS encryption to cover their tracks; billions of dollars worth of security technologies rendered useless against such cloaked attacks.

In the ever daunting crusade to secure the Internet, it’s often two steps forward, one step back. Each time the good guys achieve a notable advance, the bad guys uncannily find flaws in the maneuver and strike swiftly to take advantage. Read More

ECOWAS region loses $268b to illicit financial flows in 10 years – GFI

Ghana Business News

The Economic Community of West African States (ECOWAS) loses some $268 billion to illicit financial flows (IFFs) within a 10 year period from 2004 to 2014, computation of figures published by the Global Financial Integrity (GFI) shows.

The region with a population of about 335 million people, which is about one-third of the population of sub-Saharan Africa, has an estimated GDP of around $345 billion. The loss is therefore, approximately a colossal 78 per cent. Read More

Shipping crimes drop in Nigeria, others


There is apparently a positive outlook in the fight against piracy in the Gulf of Guinea and other hot spots across the globe, as reports confirmed relative peace being enjoyed in some maritime crime prone routes including Nigeria.

The Guradian reported recently that the nation’s fight against piracy is yielding positive results. This has been further lent credence by new data released by the United Kingdom Maritime Intelligence and Operations Company, Dryad Maritime, which also showed that there has been a drastic reduction in the number of attacks in the Nigerian territorial waters. Read More

Nigeria’s GDP may hit $1.45trn by 2030 on reduced corruption – PwC


The latest report by PricewaterhouseCoopers (PwC) on the Nigeria’s future has projected that country’s Gross Domestic Product (GDP) may hit $1.45 trillion by 2030 if corruption is reduced and effective policies are implemented.

At biennial growth rates of five and seven per cent till 2030, the report estimates that Nigeria’s GDP could be $530 billion higher if corruption is reduced to levels comparable to Malaysia, while arguing that national policies should be guided not only by improvements in GDP but also a broader measure of development through the Human Development Index (HDI). Read More

Nigeria Corruption Rank 1996-2016 | Data | Chart | Calendar | Forecast

Trading Economics
Nigeria is the 136 least corrupt nation out of 175 countries, according to the 2015 Corruption Perceptions Index reported by Transparency International. Corruption Rank in Nigeria averaged 118.30 from 1996 until 2015, reaching an all time high of 152 in 2005 and a record low of 52 in 1997. Corruption Rank in Nigeria is reported by the Transparency International. Read More

Banks recorded N18bn fraud cases in 2015 — NDIC

Business News
By BusinessNews Staff on June 30, 2016
The banking sector recorded 12,279 fraud cases involving the sum of N18.02bn in the 2015 financial period, the Nigeria Deposit Insurance Corporation disclosed on Tuesday.

The corporation, in its 2015 annual report and statement of account for the banking sector, stated that the 12,279 reported cases for 2015 represented an increase of 15.71 per cent over the 10,612 recorded in 2014. Read More

How Nigerian girls are forced into prostitution in Russia

Made for Minds
Criminals appear to be taking advantage of Russia’s student visa system to force girls into prostitution. DW’s Emma Burrows has been investigating how Nigerians come for university and disappear into the sex trade.

Two years ago a woman came to Blessing’s hometown in the south of Nigeria and told the young woman there was work for her in Russia. She told Blessing she would have a job in a supermarket, and that it would take the her just five or six months to earn the money to reimburse the costs of the visa and the journey to Russia. After paying back the $40,000, Blessing could keep all the money she made, the woman said. Read More

Trafficking of Nigerian women into prostitution in Europe ‘at crisis level’


UN says 80% of the Nigerian women who came to Italy by boat in the first half of 2016 will be trafficked into prostitution
The trafficking of Nigerian women from Libya to Italy by boat is reaching “crisis” levels, with traffickers using migrant reception centres as holding pens for women who are then collected and forced into prostitution across Europe, the UN’s International Organisation for Migration (IOM) warns. Read More

Offshore finance: more than $12tn siphoned out of emerging countries

Analysis shows $1.3tn of assets from Russia sitting offshore, as David Cameron prepares to host anti-corruption summit
More than $12tn (£8tn) has been siphoned out of Russia, China and other emerging economies into the secretive world of offshore finance, new research has revealed, as David Cameron prepares to host world leaders for an anti-corruption summit. Read More

Panama Papers reveal scale of offshore firms’ African operations

Offshore companies connected to 44 of Africa’s 54 countries appear in the Panama Papers leak, according to new research.

More than 1,400 companies in the files of the offshore law firm Mossack Fonseca have names that indicate mining or resource extraction interests – raising fresh concerns about how tax havens can be used to exploit the natural wealth of the world’s poorest continent. Read More

Super-rich may quit London homes under new anti-corruption rules

Estate agent predicts some billionaire clients will sell property if no longer able to keep identity secret via offshore firms

Super-rich international investors in London property are likely to sell off some of their mansions and penthouses after the introduction of anti-corruption rules cracking down on offshore secrecy, a leading estate agent has said. Read More

Gang ‘lynchpin’ gets 22-year sentence for trafficking girls

National Crime Agency
A woman known as the lynchpin of a Nigerian organised crime group has been sentenced to 22 years in prison for tricking and trafficking young woman from Africa into Europe to work in the sex trade.

Franca Asemota, 38, was arrested in Benin City, Nigeria, in March 2015 following an operation co-ordinated by the National Crime Agency, working in partnership with the Nigerian Economic and Financial Crime Commission. Once her identity was confirmed Asemota was then extradited back to the UK in January this year (see below). Read More

Nigerian women and Europe’s sex trade

Punch Editorial Board
TRAFFICKING for prostitution into Europe by Nigerians has reached a tipping point. In a newly-released report, the United Nations International Organisation for Migration warns that the trafficking of Nigerian women for prostitution is at a “crisis level.” The report, which covers the first six months of 2016, laments that gullible Nigerian girls – some with the help of their families – are being recruited at an increasing rate by criminal gangs for European sex markets. This is alarming; it is embarrassing for the nation. Read More

Stop the Bleeding — Curbing Illicit Financial Flows Video Recap

Global Financial Integrity

By Tim Hirschel-Burns
“A global human society, characterised by islands of wealth, surrounded by a sea of poverty, is unsustainable.”
This quote from Thabo Mbeki, the former president of South Africa, concludes the recently released video “Stop the Bleeding– Curbing Illicit Financial Flows,” and for good reason. Instead of concentrating resources where they are needed most, these “islands of wealth” actually drain resources out of the African continent. The video notes that Africa loses $50-80 billion each year to illicit financial flows, while Sub-Saharan Africa only receives $40 billion each year in official development assistance. Read More

Trafficked to Turin: the Nigerian women forced to work as prostitutes in Italy


It’s just after 9pm when the first Nigerian women start to appear on the streets of Asti, a small city near Turin in northern Italy. Some stand in groups of two or three, flagging down passing cars or checking their phones. Many are alone – solitary figures backlit by the stream of headlights moving into the city. Princess Inyang Okokon slows down her car as she spots two girls standing on a corner. Even with heavy makeup they look no older than 15 or 16. “So many new faces,” she says, shaking her head as she pulls her car to the side of the road and gets out to speak to them. Read More

10 least corrupt countries in the world

Yahoo News
Among 180 countries of the world on the worldwide Corruption Perceptions Index (CPI), prepared by independent international agency Transparency International, India has been ranked 74. With this data in mind, lets take a look at countries world over which have consistently been ranked as the least corrupt. Take in the beauty of the landscape from each of these countries while you understand why they are the least corrupt. Read More

U.S. State Department: Global Terrorist Attacks Down 13 Percent in 2015

News Week

Global terrorist attacks declined by 13 percent in 2015, according to the U.S. State Department.
In its annual Country Reports on Terrorism, the department also found that the total number of deaths from terrorist attacks was down by 14 percent when compared to 2014.
The two findings show that for the first time since 2012, terrorist attacks and their corresponding fatalities have declined. Read More

Re Statistical Information on Terrorism in 2014

US Department of State
Title 22, Section 2656f of the United States Code requires the Department of State to include in its annual report on terrorism “to the extent practicable, complete statistical information on the number of individuals, including United States citizens and dual nationals, killed, injured, or kidnapped by each terrorist group during the preceding calendar year.” The definition found in Title 22 of the U.S. Code provides that terrorism is “premeditated, politically motivated violence perpetrated against noncombatant targets by subnational groups or clandestine agents.” From 2004 to 2011, the data for the Annex of Statistical Information were collected by the National Counterterrorism Center, part of the Office of the Director of National Intelligence, through the Worldwide Incidents Tracking System (WITS). Read More

How do you solve a problem like corruption?

World Economic Forum
I returned from Davos in January with my head buzzing. I’m always amazed by how many different topics are squeezed into just a few short days; migration, climate change, artificial intelligence, nutrition, to name just a few.
Yet, there was one topic I heard about consistently from all attendees; corruption.
From business leaders to religious leaders, whether it was the current difficulties at FIFA or the embezzlement of public funds in sub-Saharan Africa, no person or corner of the globe seemed untouched.
It took me back to conversations I had had just a few weeks earlier.
I was in Maharashtra, India, in December as part of my work for the World Economic Forum’s Partnering Against Corruption Initiative (PACI). Instead of global leaders and CEOs of multinationals, I was listening to local business people and public officials. Yet sentiments remained the same. Corruption was hurting their livelihoods.
Nearly half of all firms in Maharashtra are expected to give “gifts” to obtain an operating licence, almost twice as high as India as a whole. In public transactions more generally, over a fifth of companies would be asked for an informal payment according to the World Bank’s Enterprise Survey.
This creates very real problems for businesses looking to invest in Maharashtra and for the local firms who operate there. And if business does not flourish, neither will citizens. They will suffer higher unemployment and more expensive services without greater transparency. Read More

These are the world’s least corrupt nations – but are they exporting it overseas?

World Economic Forum

Countries with low levels of corruption could still be “exporting” it overseas, according to Transparency International’s latest report.

The study suggests that even the cleanest European nations might be linked to corruption abroad, for example by failing to tackle bribery by their companies in other countries. Read More

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