NEWS

NERC Set To Implement 45% Increase On Electricity Tariffs, Appeals Court’s Rulings.

Published

8 years ago

July 15, 2016

At a press briefing at the Nigeria Electricity Regulatory Commission headquarters in Abuja, the commission is said to retain its stand on increasing the electricity tariff across the nation by 45%, as it said it would file an appeal against the court ruling that mandated it to reverse the 45 per cent increase in electricity tariff across the country.

The commission had earlier agreed to comply with the ruling of the Federal High Court Lagos to revert the 45% increase on electricity on Wednesday, The court had declared that the hike in tariff was illegal and directed that it should be reversed immediately, but after due consultation with their lawyers the commission on Friday has decided to revert its initial decision.

Speaking at the briefing, the Acting Chief Executive Officer, NERC, Dr. Tony Akah, said the commission was aware of the judgement which declared the electricity tariff regime that became operational on February 1, 2016 as illegal.

He said, “The commission respects this decision of the court but we are dissatisfied because it represents the reversal of the commercial foundation upon which contracts for gas, hydro, coal and solar feedstock for the production of electricity have been predicated. “This judgment, in our view, is a setback to the progress made so far in the electricity sector. Therefore, we challenge this decision. We have instructed our lawyer to appeal. Consequently, the commission has filed for stay of execution and a notice of appeal of the judgement yesterday.”

He also expressed hopes that ultimately power consumers as well as institutions would come to a better understanding of the values of the choice made to privatise the power sector. Akah said, “Therefore we ask investors, as well as customers in the electricity market not to panic as we seek a resolution within the ambit of the established laws. “The commission remains committed to continuously provide the right regulatory framework that would promote private sector investment in the electricity supply industry and also protect the interests of electricity customers as enshrined in the Electric Power Sector Reform Act 2005.”

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NEWS

Nigeria Ranks 5th In Global Cybercrime Index

Published

3 days ago

April 20, 2024

Adaeze Okechi

Cybercrime Hotspots: Nigeria Ranks 5th | Fab.ng

Researchers from two universities—Oxford and UNSW Canberra—decided to find out where cybercrime hotspots are. To do this, they asked about 100 cybercrime experts around the world for their opinions.

The experts were asked to consider five main types of cybercrime:

Creating tools used for cybercrime, like malware.
Launching cyberattacks and demanding money to stop them.
Stealing data or identities through hacking or phishing scams.
Tricking people out of money online through scams like fake emails or online auctions.
Making money from stolen information, like laundering money or using stolen credit cards.

Based on the experts’ input, the researchers will create a list of countries considered to be the biggest sources of cybercrime.

Top 5 countries listed as global cybercrime hotspots

The study ranked countries based on how much cybercrime comes from them. This ranking is called the World Cybercrime Index, or WCI for short.

The study found that Russia is seen as the number one source of cybercrime in the world, followed by Ukraine, China, the United States, and Nigeria.

1. Russia

The study ranked Russia as the number one source of cybercrime in the world. Russia had the highest score (58.39) on the World Cybercrime Index (WCI), and researchers traced 81.34 cyberattacks back to Russia. The survey also showed that Russian cybercriminals are highly skilled (scoring 8.73 out of 10 on technical skills) and very professional, causing significant harm with their crimes.

2. Ukraine

Following Russia, the study ranked Ukraine as the second-largest source of cybercrime. Ukraine’s overall cybercrime score on the World Cybercrime Index (WCI) was 36.44. Researchers also linked 50.76 cyberattacks to Ukraine. Just like Russia, Ukrainian cybercriminals were rated as very skilled with a technical skill score of 8.24 on a scale of 1 to 10.

3. China

China was ranked third in the study as a source of cybercrime. Their overall score on the World Cybercrime Index (WCI) was 27.86. Researchers linked 24.24 cyberattacks to China. Chinese hackers were rated as skilled with a technical skill score of 7.81 on a scale of 1 to 10.

4. United States

The United States came in fourth place on the list of cybercrime hotspots. The World Cybercrime Index (WCI) score for the US was 25.01. Researchers connected 17.68 cyberattacks to the US. American hackers were rated as skilled with a technical skill score of 7.21 on a scale of 1 to 10.

5. Nigeria

While the study found Russia to be the overall leader in cybercrime, Nigeria was singled out for a different reason – scams. Here’s a breakdown:

Overall cybercrime: Nigeria ranked fifth on the World Cybercrime Index (WCI) with a score of 21.28. Researchers linked 8.41 cyberattacks to Nigeria, and Nigerian hackers were rated as somewhat skilled with a technical ability score of 5.80 on a scale of 1 to 10.
Scams: Interestingly, Nigeria topped the list for scam-related cybercrime. The country received a much higher WCI score of 52.17 for scams, with a whopping 70 nominations for this type of cybercrime. The closest competitor, the US, only had 27 nominations and a WCI score of 22.72 for scams. This shows that while Nigerian cybercriminals may be less technically skilled overall, they are much more active in scams compared to other countries on the list.

For more articles, check here.

ENTERTAINMENT

Guinness World Record: Tunde Onakoya Is Yet To Be Defeated After 44 Hours Of Chess Marathon

Published

4 days ago

April 19, 2024

Reporter

Tunde Onakoya To Break 58 Hours Of Chess Marathon | fab.ng

Nigerian chess champion Tunde Onakoya is trying to break the world record for the longest chess marathon! The record he is set to break is 58 hours.

Tunde Onakoya has already been playing in the chess marathon for approximately 44 hours straight. This is at the time of this writing. Starting on April 17th and going until April 19th, the event is happening in the famous Times Square in New York City.

View this post on Instagram

A post shared by Tunde Onakoya (@tunde_onakoya)

So far, Onakoya has beaten everyone he’s played, including a really good chess player from New York named Shawn Martinez.

Tunde Onakoya beats a very worthy opponent and one of New York’s finest, National Chess Master Shawn Martinez!

6 hours down, 52 hours to go!#TundeChessMarathon pic.twitter.com/oXBjfakdBm

— Tunde Onakoya (@Tunde_OD) April 17, 2024

Onakoya’s manager, Taiwo, says the official rules allow for 5-minute breaks every hour. But Onakoya only took a total of 30 minutes of rest after playing 12 people in a row for 15 hours! That’s intense! He said he’s playing two sets of games at the same time, and he can’t lose any of them to win the record.

He wrote,

“The opponent on the first set is Shawn Martinez, a US National Chess Master, and he will play with Tunde throughout the attempt.

“Opponents in the second set are random players. He can’t lose any game on either set.

“Only Tunde’s match against Shawn Martinez is considered valid for the record. He is not competing in his simultaneous play against random opponents in the second set. NYC, come out and play regardless.”

For more news updates, check here.

MUSIC

Davido’s ‘Unavailable’ Reaches 100 Million Views On YouTube

Published

6 days ago

April 17, 2024

Reporter

'Unavailable' Reaches 100 Million Views On YouTube | Fab.ng

There’s no stopping Davido’s “Unavailable”! The song continues to dominate the music scene, racking up impressive accolades and eye-catching streaming numbers. This solidifies its status as a global smash hit. This isn’t just a catchy tune; it’s a cultural phenomenon.

Streaming Domination

The song has surpassed a staggering 100 million streams on both YouTube and Spotify. This is a particularly impressive feat for Davido on Spotify, as “Unavailable” becomes his first single to achieve this milestone on the platform.

Music Video Success

The song’s vibrant music video, featuring South African artist Musa Keys, has also reached the coveted 100 million view mark on YouTube. This adds “Unavailable” to Davido’s exclusive club of songs with over 100 million streams, joining his 2017 hits “If,” “Fall,” and “FIA.”

Critical Acclaim and Industry Impact

The song’s impact extends far beyond streaming numbers. “Unavailable” was even crowned Rihanna’s favourite song of 2023, a huge co-sign from a musical powerhouse. Furthermore, the song dominated the Afrobeats scene, becoming the most streamed Afrobeats release of the year.

Continued Growth

Capitalizing on the song’s success, Davido released a remix EP featuring collaborations with established artists like Jamaican dancehall star Sean Paul and American rapper Latto.