CrowdStrike, a cybersecurity firm that has enjoyed immense success on Wall Street, now finds itself at the centre of what is being described as the worst IT outage the world has seen. Known for its AI-enabled cyber protection, the company has faced a dramatic turn of events following a software update that caused widespread disruption. In 2024, CrowdStrike’s share price surged by 96%, positioning it as one of the top-performing stocks on the Nasdaq and the S&P 500. By Thursday night, the company was valued at $84 billion, making it a favourite among investors. The excitement around CrowdStrike was fuelled…
Author: Adewale A.
Cyber intelligence agencies have issued warnings about malicious websites exploiting a recent global IT outage by offering “unofficial code” to fix affected devices. Experts have pinpointed a likely cause of the issue: a faulty software update from cybersecurity firm CrowdStrike. The problematic update, which bypassed standard checks before deployment, impacted an estimated 8.5 million Microsoft Windows PCs worldwide, causing significant disruptions for airports, broadcasters, hospitals, and businesses. The trouble began shortly after CrowdStrike released the latest version of its Falcon sensor software last Friday. Intended to enhance system security against hacking, the update instead led to devices displaying the notorious “blue…
Former President Donald Trump has labelled Joe Biden “the worst president in the history of the United States” after the 81-year-old announced his withdrawal from the 2024 presidential race. The move comes amid ongoing speculation about Biden’s age and capacity to serve another term. Trump did not hold back in his criticism during an interview with news reporters, and other Republicans have also called for Biden to step down immediately. Trump stated, “Joe Biden is the worst president in the history of the United States by far. There has never been a president who has done such damage to our…
Kamala Harris’s rise to the position of Vice President of the United States has been marked by a series of significant milestones, and she is now being strongly considered as a successor to President Joe Biden. Here’s an in-depth look at her path to the vice presidency, the reasons behind her being touted for the top job, and her response to these developments. Backing from President Biden President Joe Biden has publicly endorsed his Vice President, Kamala Harris, as a suitable candidate to take over as the Democratic Party’s nominee for the presidential election. This endorsement comes amidst growing concerns…
Aliko Dangote, Africa’s wealthiest individual, has put plans for a new steel plant in Nigeria on hold following accusations of attempting to create a monopoly. The Nigerian government expressed concerns over his growing influence in the industry, sparking a nationwide debate. While some Nigerians lament the potential loss of significant investment in the steel sector, others see it as an opportunity for diverse investors to enter the market. Dangote has countered these claims by asserting that he has never sought to monopolise any industry and welcomes other Nigerians to invest in the steel sector. This development underscores the delicate balance…
Aliko Dangote, the magnate behind the Dangote Refinery, has revealed the substantial $100 million payment made to the Lagos State Government for the land on which this pivotal refinery is constructed. This refinery, a key project in reducing Nigeria’s reliance on imported petroleum products and potentially lowering fuel prices, received no incentives from the Federal Government. Concerns persist regarding the government’s ability to effectively manage the refinery should it come under state control. Despite facing significant challenges in securing crude oil feedstock, the operation of the Dangote Refinery is widely recognised as a strategic national asset. It holds immense economic,…
Chief Dele Momodu, the publisher of Ovation International Magazine and a presidential aspirant of the Peoples Democratic Party (PDP) in 2023 has written an open letter to President Bola Ahmed Tinubu. Read the letter below: Your Excellency, I have decided to write this open letter to you as a dear friend and brother. As you know, I’m a member of opposition but you and I have had a long history together. I owe you only one thing, TRUTH. The first thing that takes flight in the Presidential Villa is TRUTH. The reason is simple. Some Nigerians are experts in hijacking…
Microsoft has revealed that a recent IT outage, caused by a CrowdStrike update, affected an estimated 8.5 million Windows devices worldwide. The tech giant clarified that it was not responsible for the disruption, which occurred on Friday, but noted that the affected devices represent less than 1% of all Windows machines globally. This revelation provides a clearer picture of the scale of the outage, which is being described as one of the largest cyber events in history, surpassing previous major incidents. The closest comparable event is the WannaCry cyberattack in 2017, which impacted approximately 300,000 computers across 150 countries. Another…
Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo, Abuja, has dismissed a request from former Minister of Power and Steel, Mr. Olu Agunloye, to travel abroad for a medical check-up. The decision was handed down on Wednesday, July 17, 2024. During the hearing on Monday, July 1, 2024, Agunloye’s counsel, Adeola Adedikpe, SAN, sought the court’s permission for the release of his passport to facilitate the medical trip. The application was supported by documents labelled Exhibit A to E, including reports from University College Hospital, and NISA Premier Hospital, a review letter from the Federal Road…
In a worldwide IT catastrophe, more than 5,000 flights have been cancelled, healthcare services disrupted, and payroll systems potentially compromised due to a software update. A software update from global cybersecurity firm CrowdStrike caused chaos across various sectors, including airlines, healthcare, shipping, and finance. The update led to computer systems crashing worldwide, with industry experts warning that it could take weeks to fully resolve the resulting issues. Services are gradually coming back online after significant disruptions. However, companies are still grappling with backlogs of delayed and cancelled flights, missed medical appointments, and other service interruptions. CrowdStrike, a leading $83bn cybersecurity…
Nigeria stands at a critical juncture in its economic history. As the largest oil and gas producer in sub-Saharan Africa, with estimated reserves of 37 billion barrels of oil and 188 trillion cubic feet of gas, the country’s petroleum industry forms the backbone of its economy. It contributes approximately 90% of Nigeria’s foreign exchange earnings and about 60% of total income. Yet, this abundance of natural resources has not translated into broad-based economic development and improved living standards for the majority of Nigerians. The country continues to grapple with what economists term the “resource curse” or the “paradox of plenty.”…
A widespread internet outage impacting Microsoft services has caused major disruptions worldwide, affecting flights, banks, media outlets, and various businesses. An ongoing internet outage affecting Microsoft is causing chaos across the globe. Despite Microsoft’s efforts to gradually restore access to its 365 apps and services, the repercussions are being felt by airlines, retail outlets, banks, railway companies, and hospitals. Airlines from the United States to Europe, Australia, and India are experiencing significant issues, with many flights delayed or grounded. Thailand’s Suvarnabhumi and Don Mueang Airports had to manually check in passengers, impacting Air Asia and several other airlines. In Germany,…
Tracka, BudgIT’s service delivery promotion platform, which allows citizens to collaborate, track, and give feedback on public projects in their communities, is set to commemorate its 10th anniversary on September 14, 2024, at the Landmark Centre, Victoria Island, Lagos. In the last decade, Tracka has facilitated the completion of over 11,800 projects worth N5.3 trillion in the education, health, and infrastructural sectors in 3,500+ communities, currently serving over 10 million Nigerians. To commemorate this milestone, Tracka is staging the Active Citizens Festival, an entertainment event themed ‘Building People, Moulding Nations’. The festival will comprise activities designed for active citizens and…
In a landmark decision set to uplift the living standards of Nigerian workers, President Bola Tinubu has sanctioned a new minimum wage of ₦70,000. This historic move, announced during a pivotal meeting with the leaders of the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC) on Thursday, has been met with widespread acclaim. To ensure that the minimum wage remains relevant in the face of economic changes, President Tinubu has also pledged to review the national minimum wage law every three years. This commitment is aimed at safeguarding the welfare of workers and adjusting their pay following inflation…
In a dramatic turn of events, former Minister of Power, Saleh Kwagyang Mamman, has been charged with multiple counts of corruption and money laundering, involving the misappropriation of over ₦33 billion. The proceedings, held in Abuja, witnessed a series of unexpected events, including Mamman’s collapse within the court premises. The charges against Mamman are extensive and detailed. Count one of the charges reads: “That you, SALEH KWAGYANG MAMMAN (Male), sometime in 2019, in Abuja, within the jurisdiction of this court, whilst you were the Minister of Power, conspired with other officials of your Ministry and some private companies to indirectly…
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged the government to bolster its whistleblowing policy to intensify the battle against economic and financial crimes. Speaking in Abuja on Thursday, 11th July 2024, during the Inter-Agency Task Team (IATT) event, Olukoyede emphasised the need for a more functional and effective whistleblowing system to enhance public sector accountability and transparency. Addressing Weaknesses in the Whistleblowing Policy Olukoyede highlighted that since its inception in 2016, the whistleblowing policy had garnered significant public support, leading to substantial recoveries by the EFCC. However, he noted that the…
In a significant crackdown on illegal financial activities, Justice K. Dagat of the Federal High Court in Maiduguri, Borno State, has sentenced three unlicensed Bureaus de Change operators to one year in prison each. The Convicted Operators: Buba Ahmadu Aliyu Mohammed Mustapha Muhammad Zarami These individuals were brought before the court on Wednesday, 10th July 2024, by the Maiduguri Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). Each faced a one-count charge for operating illegal bureau de change businesses without the necessary licence from the Central Bank of Nigeria (CBN). The Charges Detailed The charge against Buba Ahmadu…
In a dramatic turn of events at the Federal High Court in Calabar, six internet fraudsters have been sentenced to six months in prison each for a range of cybercrimes including criminal impersonation, love scams, and identity theft. The Convicted Scammers: Chibo Udoka (aliases: Zxoya Andric, Kelly Rose, Chimata Harry) John Inimfon Okpokpo (alias: Grace Boar) Emediong Ekerete Bassey (alias: Thiwe Ploka) Otu Ginikachi Samuel (alias: Chris Hemsworth) Goodluck John Bassey (alias: Tom Jones) Asogwa Ifebuche Lukas (alias: Daniela Crystal) Charged by the Uyo Zonal Directorate of the Economic and Financial Crimes Commission (EFCC), each fraudster faced two counts of…
Lagos, Nigeria-born, Toronto, ON-based Afrobeats artist Sojiii is excited to announce the release of his highly anticipated EP, “Alive,” followed by the brand-new single, “Ti Le.” This debut EP is a must-listen for his fans and all Afrobeats lovers. His newly released project shows the world exactly why he’s one of the bright lights in the genre. “Alive” is a seven-track EP with no skippable songs. Each song is infused with rhythmic beats and melodic harmonies that pay homage to traditional African music while incorporating R&B and soul music elements. Don’t miss out on Sojiii’s latest musical masterpieces – they’re…
The adoption of AI in the equipment and heavy machinery industries remains in its infancy. But it’s coming – and although currently shrouded in hype, the future benefits to business performance are real, according to abcg™ consultants Hans Iredahl and Mike Going. The media is obsessed with artificial intelligence (AI) and how it’s going to take over the world, be a force for good and/or destroy the planet – and everything in between. The reality is likely to be less dystopian – but far more useful in practical terms. But it can’t – and shouldn’t do everything, so care is…