Business News

Over 50% of Top Oil and Gas Firms Hit by Data Breaches

Published

2 weeks ago

May 22, 2025

A Cybernews Business Digital Index analysis showed that 94% of the world's top 400 oil and gas companies have experienced data breaches

Additionally, over 50% of these companies experienced at least one data breach in the past 30 days.

The analysis also showed that 69% of the companies received a cybersecurity score of D or F, and only 10% achieved an A grade.

According to Vincentas Baubonis, Head of Security Research at Cybernews,“When a company suffers a data breach, customers, partners, and investors may lose confidence in the company’s ability to protect sensitive information. Breaches often involve ransomware or systems being taken offline, which can halt critical operations like drilling, refining, or logistics. Even a short disruption in the oil and gas industry can cost millions and affect the global supply chain.”

Methodology

Cybernews researchers assessed 391 companies in the oil and gas industry using the Business Digital Index methodology. The companies were chosen from Companies marketcap’s “Largest Oil and Gas Companies by Market Cap” list. The report’s Methodology can be found here.

About Business Digital Index

The Business Digital Index is designed to assess the cybersecurity health of companies and organizations worldwide. It gathers data from reliable sources, such as custom security scans, IoT search engines, and IP and domain reputation databases.

The index evaluates risks across seven critical areas:

Software updates,
Web security,
Email protection
System reputation
SSL setup
System hosting
Data breach history

94% of the Largest Oil and Gas Companies Experienced Data Breaches

Data breaches represent the most dominant cybersecurity issue across the oil and gas sector.

According to the data, 94% of the analyzed companies have experienced at least one data breach.

Over 50% of companies suffered breaches within the last 30 days alone, and 27.1% experienced breaches in Week 20.

Nearly 7 in 10 Oil and Gas Companies Score D or Below

According to the index, 35% of the 391 companies analyzed received an F, the lowest possible rating. In addition, 34% scored a D, indicating severe shortcomings. Only 10% achieved an A grade for their cybersecurity posture.

The general average security score across the companies was 72 out of 100. Based on the BDI methodology, they are in the high-risk category for probable cyberattacks.

According to Baubonis, “Most companies scoring a D or F in cybersecurity indicate that industries are exposed to possible risks. These ratings point to widespread vulnerabilities that open critical infrastructure to breaches and ransomware. A single incident could lead to operational shutdowns, plummeting stock value, and a collapse in investor trust. Only 10% have adopted strong digital defences, making it clear the sector is lagging.”

Asia-based Companies Most Vulnerable to Data Breaches

Companies in Asia had the lowest average score at 65. However, European and North American companies scored 74.

Asia showed the highest level of exposure across most key risk areas. For example, 59% of Asian domains were vulnerable to email spoofing, compared to 35% in North America and 27% in Europe.

Also, in Asia, 68% of companies reused previously compromised passwords. At the same time, North America showed the strongest password security, with only 31% of companies affected. In Europe, 39% of companies experienced similar issues.

30% of Asian companies had high-risk vulnerabilities, compared to 23% in Europe and 18% in North America.

Critical vulnerabilities followed a similar trend, with Asia at 27%, Europe at 22%, and North America at 17%.

The analysis shows that Asia faces the greatest cybersecurity challenges. On the other hand, Europe showed a more balanced performance. However, North America appears relatively strong in password management and slightly less exposed to high-risk vulnerabilities.

Basic Security Failures Expose 91% of Oil & Gas Companies

The analyzed oil and gas companies showed common systemic exposures spanning several cybersecurity areas.

Many of these companies also exhibited unresolved software patching issues, which means that they have yet to apply critical security updates. As a result, 32% are vulnerable to general patching gaps and 20% are exposed to critical unpatched flaws. These weaknesses could allow attackers to exploit known flaws to gain access to their systems.

Email security remains a crucial weakness, affecting 48% of organizations. The lack of protections against phishing, spoofing, and unauthorized access allow hackers to trick employees, steal credentials, or spread malware.

Additionally, susceptibilities in system hosting were discovered in 74% of companies. Thus, this suggests insecure configurations in the servers or cloud that support core business functions.

Issues with SSL/TLS configuration were identified in 91% of organizations. This suggests general failures in properly encrypting data transmissions. As a result, these flaws expose companies’ sensitive information to interception or tampering.

The data also reveals that corporate certificates have been stolen from over 80% of companies, and 38% of domains are vulnerable to email spoofing.

Business News

AfDB Cuts Africa’s 2025 Growth Forecast Amid Global Trade Tensions

Published

1 week ago

May 28, 2025

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In its latest economic outlook, the African Development Bank (AfDB) revised Africa's 2025 growth forecast to 3.9%, citing US tariffs

In its latest economic outlook, the African Development Bank (AfDB) revised Africa’s 2025 growth forecast from 4.1% to 3.9%, citing rising US tariff uncertainties

In addition, the AFDB reduced its initial 2026 growth forecast by 0.4 percentage points to 4.0%, citing the same global trade uncertainties related to trade tariffs.

According to the AFDB’s African Economic Outlook 2025 report, which covers the economies of all 54 member states, “Since January 2025, the world has experienced additional shocks, exacerbating an already complex global macroeconomic environment. These include a series of new tariffs imposed by the US and retaliatory measures announced and implemented by its trading partners.”

Tariff Uncertainties Impacting Africa’s 2025 Growth Forecast

The AfDB attributes its revision of Africa’s 2025 growth forecast to a series of new tariffs imposed by the United States.

On April 2, the US imposed a plethora of new tariffs on its trading partners. Eventually, on April 9, President Trump paused its implementation for 90 days amid global financial market volatility that followed its announcement. However, the pause has done little to dampen the potential impacts on Africa’s economies.

The AfDB, in its report, noted that the US accounts for just 5% of Africa’s annual global trade. However, Africa has already been impacted by falling commodity prices and the downward revaluation of financial assets.

According to the bank, tariff uncertainties will likely weaken global demand for commodities. As a result, this could lead to disrupted supply chains and heightened investor uncertainty globally. Both consequences would hurt Africa’s trade-dependent economies.

Many African countries, particularly those heavily reliant on the export of raw materials and agricultural goods, are also experiencing price volatility and reduced demand.

In its latest Monthly Oil Market Report (MOMR), published on April 14, OPEC revised downward its 2025 oil consumption growth projection from 1.45 million barrels per day to 1.3 million barrels per day, citing the impact of US tariffs.

The International Energy Agency (IEA) revised its 2025 global oil demand growth forecast by 300,000 barrels per day. Thus, the total global oil demand growth for 2025 is 730,000 barrels per day (bpd).

Furthermore, the devaluation of African currencies is compounding the problem. Thus, importers of fuel and goods in Africa are facing rising import bills, which is deepening their fiscal deficits.

The turmoil is likely to curb global demand, resulting in an economic slowdown in Africa as its exports to the rest of the world reduce.

Country-Specific Growth Highlights

Despite the global trade uncertainties, some African countries are expected to exhibit robust growth in 2025.

Country	2025 Growth Forecast (%)	Key Growth Drivers	Challenges
Senegal	8.7	Oil and gas production, Infrastructure projects	External trade uncertainty
Rwanda	7.7	Growth in services and industrial sectors, government reforms, investment in infrastructure, Digital transformation	Limited natural resources
Ethiopia	7.5	Industrial parks, infrastructure development, expansion of manufacturing sector	Political stability, regional conflicts, inflation risks
Niger	6.6	Oil & mining expansion (Uranium), agricultural modernization	Regional security concerns
Tanzania	5.9	Agriculture, Mining, tourism, infrastructure development	External debt levels
Kenya	4.9	Agriculture, technology sector growth	Fiscal pressures, political instability in neighboring countries
Ghana	4.6	Diversified economy (industry & service sector), expanding consumer market	Commodity price volatility, High debt level
Tanzania	5.0	Mining, tourism, infrastructure development	External debt levels
Egypt	3.9	North African economic leader; diverse industries, strong trade ties with the Middle East, Europe, and North Africa region	High debt level, external trade uncertainty, regional instability (Middle East & North Africa)
Morocco	3.8	Gateway to European and West African markets; stable political environment; strong banking and industrial sectors	External trade uncertainty, Tension with Algeria
Nigeria	3.1	Oil exports, domestic market	Trade tariffs, inflation, High Debt level, FX pressures, Currency devaluation
South Africa	1.0	Africa’s largest economy; most advanced economy in Africa; diverse industries	Electricity crisis, external trade uncertainty

Growth Performance and Outlook by Region

Below is a regional breakdown of the 2025 growth forecasts and the underlying factors.

Region	2025 GDP Growth Forecast (%)	Key Drivers	Challenges
East Africa	5.9%	Strong performances in countries like Rwanda, Uganda, Tanzania, Ethiopia, Djibouti; investments in energy infrastructure and Agriculture	Ongoing conflicts in Sudan and South Sudan
West Africa	4.3%	Full commencement of oil and gas production in Senegal and Niger); strong domestic demand; increased value addition in key agricultural products (Côte d’Ivoire, Gambia, Mali, and Togo)	Regional security concerns, global supply chain disruptions and increased volatility in financial markets
Central Africa	3.2%	Commodity demand like metals and critical minerals.	Humanitarian crises in the Democratic Republic of Congo and declining oil & gas production and exports in Equatorial Guinea
North Africa	3.6%	Strong European demand (France, Italy, Spain)	Downward revisions for countries like Egypt and Libya due to economic uncertainties.
Southern Africa	2.2%	Strong domestic demand and exports to key trading partners (China and the United States)	Tariff uncertainty negatively impacting South Africa, Lesotho, and Botswana

Business News

Nigeria to Review Its Trade Strategies Amid US Tariff Threat

Published

2 weeks ago

May 27, 2025

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Nigeria initiated a comprehensive review of its trade strategies in response to the recent imposition of a 14% tariff by the US

The decision followed a meeting of the Economic Management Team on May 20, chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

In March 2024, Nigeria’s President, Bola Tinubu, established the Economic Management Team. The team comprises key government officials and industry leaders. In addition, they formulate and implement the administration’s economic plan.

The US Tariff Threat on Nigeria

In April 2025, US President Donald Trump, as part of his reciprocal measures, imposed a 14% tariff on Nigerian exports to the United States as

The Trump administration cited a trade imbalance, stating that Nigeria imposes a 27% tariff on US exports, which they contend disadvantages American businesses.

Additionally, the US government cited Nigeria’s import bans on 25 US goods as justification for the 14% tariff.

The United States has indicated a willingness to impose tariffs on imports from countries it views as engaging in unfair trade practices or posing strategic economic challenges (China).

US-Nigeria Trade

US-Nigeria trade totaled $9.9 billion in 2024. US exports to Nigeria totaled $4.2 billion, while Nigeria’s exports to the US reached $5.7 billion.

The US is Nigeria’s 4th largest trading partner after the Netherlands, Spain, and India in 2023.

Key Nigerian exports to the United States include agricultural commodities (cocoa and sesame seeds), crude oil, and manufactured goods.

Nigeria imports machinery, vehicles, chemicals, pharmaceuticals, and consumer goods.

For Nigeria, the US tariff threat primarily centers on key export sectors, including agricultural products, textiles, and manufactured goods.

Any tariff escalation will negatively impact Nigeria’s export competitiveness, reduce foreign exchange earnings, and disrupt global supply chains.

Read: How Nigeria Can Survive US-China Trade Tensions – IMF DG

Economic Sectors in Nigeria Likely to Be Affected by US Tariffs

President Trump’s 14% tariff on Nigerian goods could hurt several key sectors of the Nigerian economy. Here’s a breakdown of the most vulnerable industries in Nigeria:

Oil & Gas

Why?: Despite the increase in US shale production, the US continues to import crude oil from Nigeria.
Impact: If the US imposes tariffs on Nigerian crude, it could disrupt one of Nigeria’s largest sources of foreign currency earnings.

Agriculture (Cocoa, Sesame Seeds, Cashew Nuts, etc.)

Why?: The US imports Nigerian agricultural products, including cocoa beans, sesame seeds, ginger, and cashew nuts.
Impact: Tariffs would reduce competitiveness against other African exporters, leading to lower export revenue and job losses for rural farmers in Nigeria.

Manufacturing (Textiles, Plastics, Footwear, Processed Foods)

Why: Exports to the US have surged under the AGOA (African Growth and Opportunity Act).
Impact: Tariffs could lead to declines in exports, affecting many micro, small, and medium-sized enterprises (MSMEs) in Kano, Aba, and Lagos.

Government’s Strategic Response

Diplomatic Engagement: The federal government, through the Ministry of Industry, Trade, and Investment, is engaging in talks with the United States. The government aims to negotiate favorable terms that could lead to exemptions or reductions in tariffs.

Market Diversification

Recognizing the need to reduce its reliance on the US market, the federal government is exploring alternative export destinations for exports. Other key markets include

African Continental Free Trade Area (AfCFTA): Nigeria could leverage this free trade area to boost intra-African trade.
European Union: Utilize the Economic Partnership Agreement (EPA) to increase exports to the bloc.
Asia and the Middle East: Explore export opportunities in China, India, Singapore, Indonesia, Vietnam, and the Gulf Cooperation Council (GCC) countries.
Americas beyond the United States: Canada, Brazil, and Mexico.

In addition, amid the financial turmoil that followed President Trump’s tariffs, the Central Bank of Nigeria sold nearly $200 million in April to support the naira.

These strategic responses are part of the federal government’s efforts to reposition the Nigerian economy amid mounting global trade challenges.

Impact of US Tariffs on Nigerian Exports

The 14% tariff will harm Nigeria’s export volumes and revenues as exports become more expensive and less competitive compared to those of other countries without such tariffs.

The tariff will particularly affect key Nigerian exports like crude oil, agricultural products, and manufactured goods.

Consequently, it would lead to lower demand for Nigerian goods in the US. Reduced demand could hurt Nigeria’s foreign exchange inflows and supply chains.

Nigeria benefits from duty-free access to the US market under the African Growth and Opportunity Act (AGOA). Aggressive US tariff policy may signal a shift away from preferential trade, putting Nigerian exports at risk if AGOA is scaled back or not renewed beyond 2025.

US Tariffs on Nigerian exports can disrupt global supply chains. Countries that are dependent on Nigerian raw materials may face shortages or increased costs, which can ripple through international markets.

Emerging markets, such as Nigeria, which heavily rely on exports to large economies, face challenges in maintaining growth and diversification.

Business News

President Tinubu Swears In New NNPC Board

Published

2 weeks ago

May 24, 2025

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President Tinubu, on May 22, inaugurated the newly appointed board and executive management of NNPCL after their appointments on April 2

President Bola Tinubu, on May 22, inaugurated the newly appointed board and executive management of the Nigerian National Petroleum Company Limited (NNPC). The swearing-in ceremony occurred at the Aso Rock Villa in Abuja following their appointments on April 2.

President Tinubu inaugurated Ahmadu Kida, the board’s Non-Executive Chairman, and Bashir Ojulari, the NNPCL Group Chief Executive Officer.

The newly constituted 11-member board includes representatives from Nigeria’s six geopolitical zones and officials from key federal ministries.

Key government representatives in attendance were Heineken Lokpobiri, Minister of State for Petroleum (Gas); Mohammed Idris, Minister of Information and National Orientation; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

New Leadership at NNPC

Bashir Bayo Ojulari, appointed as the Group Chief Executive Officer (GCEO), will lead the new NNPC board. Mr Ojulari possesses over two decades of experience in the oil and gas industry. He served as the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021.

Before his appointment as NNPCL GCEO, he was the Executive Vice-President and Chief Operating Officer at Renaissance African Energy Company. Renaissance Africa is a consortium of five companies that bought Shell’s onshore assets in Nigeria for $2.4 billion.

Before being appointed the Non-Executive Chairman of the board, Ahmadu Musa Kida was a seasoned executive with a background in the oil industry. In 1985, he joined Total Exploration & Production Nigeria, where he worked for over 30 years. He ascended to prominent roles, including the Deputy Managing Director of the Deepwater District in Lagos in 2015. His expertise led him to serve as an Independent Non-Executive Director at various oil and gas companies, including TotalEnergies Nigeria.

Composition of the 11-Member Board Appointed by President Tinubu

Apart from Bashir Bayo Ojulari and Ahmadu Musa Kida, the other nine (9) board members include:

Adedapo Segun: NNPCL’s Chief Financial Officer
Bello Rabi: Represents the North West.
Yusuf Usman: Represent the North East.
Babs Omotowa: Represents the North Central. He was the former Managing Director of Nigeria Liquefied Natural Gas (NLNG)
Austin Avuru: Co-founder and former CEO of Seplat Petroleum Development Company. He represents the South-South.
David Ige: Represents the South-West.
Henry Obih: Represents the South-East.
Lydia Shehu Jafiya: Permanent Secretary of the Federal Ministry of Finance. She represents the Ministry of Finance on the board.
Aminu Said Ahmed: Represents the Ministry of Petroleum Resources on the board.

Former NNPC Board Members

Chief Pius Akinyelure: Non-Executive Board Chairman
Mallam Mele Kolo Kyari: Group Chief Executive Officer
Alhaji Umar Isa Ajiya: Chief Financial Officer
Ledum Mitee: Non-Executive Director
Musa Tumsa: Non-Executive Director
Ghali Muhammad: Non-Executive Director
Prof. Mustapha Aliyu: Non-Executive Director
David Ogbodo: Non-Executive Director
Eunice Thomas: Non-Executive Director
Okokon Ekanem Udo: Permanent Secretary, Federal Ministry of Finance
Gabriel Aduda: Permanent Secretary, Federal Ministry of Petroleum Resources

NNPC’s Strategic Mandate and Expectations

President Tinubu outlined key ambitious targets for the new board to accomplish by 2030 during the inauguration ceremony.

The plan is to boost crude oil production to over 2 million barrels per day by 2027 and 3 million barrels per day by 2030.

To reduce its reliance on imported petroleum products, NNPC plans to expand its domestic refining capacity to 200,000 bpd by 2027 and to 500,000 bpd by 2030.

On the gas front, the aim is to boost gas production to 10 billion cubic feet (BCF) per day by 2027 and 12 BCF per day by 2030.

In terms of pipelines, Ojulari would advance gas infrastructure projects. These include the OB-3 and AKK gas pipelines to boost domestic gas usage. He is also expected to advocate for regional gas pipeline projects, such as the Nigeria-Morocco Gas Pipeline, to enhance Nigeria’s gas export capacity.

Future Outlook

President Tinubu inaugurated the new NNPC board after he dissolved the previous board, which was headed by Mele Kyari (former GCEO) and Pius Akinyelure (Non-Executive Chairman).

Former President, Muhammadu Buhari, appointed Melee Kyari as the GCEO in June 2019. Although Mr Kyari oversaw the company’s transition into a limited liability entity in 2022, his tenure was marred by declining oil production amid rampant crude theft and pipeline vandalism.

Therefore, the new NNPC board is expected to spearhead critical objectives. One key objective is to attract $30 billion in investments by 2027 and $60 billion by 2030.

In addition, the new board will perform a “strategic portfolio review” of NNPC’s operated and non-operated assets. The planned reviews come as NNPC prepares for a planned initial public offering within 12–15 months.

Another key objective of the new NNPC board is to complete all gas infrastructure projects. Key gas pipeline projects include the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, the Nigeria–Morocco Gas Pipeline, the Nigeria LNG Train 7 Expansion, the OB3 Pipeline, the Brass Methanol and Gas Hub Project, the UTM Offshore Floating LNG Project, and others.

Business News

Dangote Refinery Agrees to Export Polypropylene with Vinmar

Published

2 weeks ago

May 23, 2025

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Dangote Refinery and Petrochemicals to partner with Vinmar Group to bring its polypropylene to global markets

The Dangote Petroleum Refinery and Petrochemicals said it will partner with Vinmar Group to bring its polypropylene to global markets. Dangote’s plan involves exporting polypropylene from its refinery and petrochemical complex in Lekki.

Polypropylene is a type of plastic polymer used in various applications. These include packaging, automotive parts, textiles, construction materials, and medical devices. It is known for its durability, chemical resistance, and lightweight properties.

The statement coincides with the recent launch of Dangote’s $2 billion petrochemical plant in Ibeju-Lekki, Lagos. The plant is designed to produce 77 grades of polypropylene using UK firm INEOS Innovene technology.

With an annual capacity of 900,000 metric tons, the plant began producing polypropylene in March.

Established in 1978, Vinmar is a global leader in the marketing and distribution of petrochemicals, serving customers in more than 110 countries. By cooperating with Vinmar, Dangote gains access to a robust global supply chain and technology in polymer exports.

Overview of the Dangote-Vinmar Partnership

Dangote-Vinmar’s partnership follows the commissioning of Dangote’s $2 billion petrochemical plant in the Lekki Free Zone in Lagos.

The plant began producing polypropylene in 25kg bags for the local market in March.

With an annual production capacity of 900,000 metric tons, the facility features two units capable of producing 500,000 mt/year and 330,000 mt/year, respectively.

Polypropylene Production and its Economic Impact

Polypropylene is a thermoplastic polymer made from propylene monomers.

In packaging, polypropylene is essential for plastic containers, food packaging films, bottle caps, and films.

The textile industry uses polypropylene for carpets, ropes, upholstery, and reusable shopping bags.

Due to its lightweight and strong properties, the automotive sector utilizes the product in bumpers, dashboards, and battery casings.

Due to its sterility and durability, polypropylene is used in healthcare for syringes and medical vials.

The construction and electronics industries utilize polypropylene for insulation materials, cables, and battery cases.

Polypropylene’s versatility and benefits make it a popular choice for packaging across many industries.

Nigeria Polypropylene Market Overview

According to Trademap, Nigeria’s annual polypropylene import hit $370 million in 2024, $267.7 million in 2023 and $407 million in 2022.

Nigeria imports 90% of its annual polypropylene requirements, amounting to 250,000 metric tons annually.

With an annual capacity of 830,000 tons, Dangote plants will export about 600,000 tons to global markets. At the same time, it is dedicating 250,00 MT to meet domestic demand.

Thus, Dangote’s strategic partnership with Vinmar will enable it to meet local demand and become a net exporter.

Apart from production, Dangote’s partnership with Vinmar will involve marketing polypropylene in 25 kg bags. Platts last assessed the CFR West Africa PP raffia spot price at $1,090/mt on March 5, unchanged from the previous week.

With an annual capacity of 830,000 tons, Dangote plans to export about 600,000 tons of the product mainly to other African countries and the United States.

Previously, Nigeria depended on imports from the Middle East and domestic production from Indorama Petrochemical plant.

Saudi Arabia, South Africa, South Korea, China, and Vietnam are among the top importers of polypropylene into Nigeria.

Africa’s Polypropylene Market

By 2035, Africa’s market volume will reach 5.5 million metric tons, with a market value of $7.7 billion.

Consumption

In 2024, polypropylene consumption hit 4.7 million tons. The value of polypropylene in the primary forms market in Africa totaled $6.3 billion. Egypt (1.1M tons) and South Africa (742K tons) had the highest consumption volumes.

In value terms, the largest polypropylene markets in primary forms in Africa include Egypt ($1.5 Billion) and South Africa ($993 million).

Production

Polypropylene production in primary forms dropped to 3.6 million tons in 2024, representing a value of $4.6 billion.

The countries with the highest volumes of production in 2024 were South Africa (911K tons), Egypt (908K tons), and Somalia (367K tons).

Imports

In 2024, Africa imported 1.6 million tons of polypropylene, valued at $2.3 billion.

Egypt was the leading importer of polypropylene into Africa, with a volume of imports of 434K tons. Nigeria (183K tons) ranks second in terms of total imports.

In value terms, the largest polypropylene importers were Egypt ($622 million), Nigeria ($370 million) and Algeria ($194 million).

Import Prices By Country

In 2024, the average import price into Africa amounted to $1,426 per ton. Nigeria had the highest price ($2,025 per ton), while Uganda had the lowest ($1,177 per ton).

Exports

In 2024, global shipments reached 493K tons, valued at $690 million. Egypt (270K tons) and South Africa (206K tons) represented roughly 97% of total exports, valued at $382 million and $289 million, respectively.

Export Prices By Country

The export price from Africa stood at $1,397 per ton in 2024. Egypt ($1,414 per ton) was the country with the highest price, while South Africa stood second at $1,402 per ton.