Telecommunications

There is a New Android Malware, ngCERT Warns Nigerians

Published

2 years ago

November 11, 2021

Weeks after the Nigerian Communication Commission (NCC) alerted telecom consumers of the existence of high risk and extremely dangerous Android targeting malware called Flubot, ngCERT has once again warned that a new Android malware has been discovered.

Nigeria Computer Emergency Response Team (ngCERT) warns that the new malware called AbstractEmu can gain access to smartphones and take complete control by silently modifying device settings and at the same time taking steps to evade detection.

ngCERT is the national agency established by the federal government to manage the risk of Cybercrime threats in Nigeria. They also coordinate responses and mitigation strategies to proactively prevent cybercrime attacks against Nigerians.

According to ngCERT, the new malware, AbstractEmu, has been found to be distributed via the Google Play store, third-party stores like Amazon, Appstore, and Samsung Galaxy Store. It has also been found in smaller stores like; Aptoide, Apkpure, Anti-ads Browser, Data saver, Lite Luncher, My Phone among others.

A total of 19 Android applications posing as utility apps and system tools like password managers, money managers, app launchers and data saving apps have been reported to contain the rooting functionality of the malware.

The advisory agency gave the effect the malware could have on devices when installed to include; the malware taking over devices, installing additional malware, extracting sensitive data and transmitting the data to a remote attack-controlled server.

The malware can also modify the phone settings to give the app the ability to reset the device’s password and lock the device through the device admin. It can similarly access accessibility services, ignore battery optimization, monitor notifications, capture screenshots, record device screen, disable Google Play protection.

It can modify permission that grants access to contacts, call logs, Short Messaging Service (SMS), Geographic Positioning System (GPS), camera and the microphone of affected devices.

The ngCERT did make clear that Google Play Store has removed affected malicious apps from its store, other apps are still believed to be distributing the malware-infected apps.

On its part, as a way to sensitize the public, the NCC has reiterated the two-fold ngCERT advisory given in order to mitigate the risk of malware.

NCC said:

Users should be wary of installing unknown or unusual apps and look out for different behaviors as they use their phones.
Users should reset their phone to factory settings when there is suspicion of unusual behaviors in their phones.

It is important to keep to this advice as the report has affirmed that AbstractEmu is rooting malware, although very rare, it is very dangerous.

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Telecommunications

MTN Nigeria to Convene Extraordinary General Meeting to Address Capital Loss

Published

3 weeks ago

April 3, 2024

Samed Olukoya

MTN Nigeria, one of the country’s leading telecommunications giants, has announced plans to hold an Extraordinary General Meeting (EGM) with its shareholders to deliberate on strategies for managing the significant capital loss it incurred in 2023.

The decision was disclosed in a corporate notice filed with the Nigerian Exchange Limited on Tuesday and the EGM is scheduled to take place later this month in Lagos.

The primary agenda of the meeting will be to discuss and explore possible measures to mitigate the loss of capital suffered by the company during the financial year ended December 2023.

The telecom giant posted a net loss after tax of N137 billion, largely driven by a N740 billion foreign exchange loss.

Consequently, MTN Nigeria’s retained earnings and shareholders’ fund plummeted to negative N208 billion and N40.8 billion, respectively.

In a statement, Karl Toriola, the Chief Executive Officer of MTN Nigeria, acknowledged the daunting operating environment characterized by inflationary pressures, currency devaluation, and foreign exchange shortages.

Toriola explained that the adverse impact of these factors on the company’s financial performance necessitates a comprehensive reassessment of strategies to navigate the complexities ahead.

Toriola further expressed the company’s commitment to sustaining commercial momentum and accelerating service revenue growth, despite the challenging economic landscape.

The decision not to declare a final dividend for 2023 reflects MTN Nigeria’s prudent approach to prioritizing financial stability and long-term resilience amid ongoing uncertainties.

The upcoming EGM signifies a pivotal moment for the company and its shareholders to collaboratively chart a course towards recovery and sustainable growth.

Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

Published

4 weeks ago

March 26, 2024

Samed Olukoya

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

Published

4 weeks ago

March 25, 2024

Samed Olukoya

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.