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Biden Administration Bans Sales of Kaspersky Software Over National Security Concerns

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The Biden administration announced on Thursday that it would ban the sale of software in the U.S. built by Russian antivirus vendor Kaspersky Lab, citing longstanding concerns that the firm poses a significant national security threat.

“Kaspersky will generally no longer be able to, among other activities, sell its software within the United States or provide updates to software already in use,” stated a Commerce Department announcement.

The decision followed a comprehensive investigation which concluded that Kaspersky’s continued operations in the United States posed a national security risk due to the Russian government’s offensive cyber capabilities and potential influence over the company’s operations.

U.S. Commerce Secretary Gina Raimondo emphasized, “Russia has shown time and again they have the capability and intent to exploit Russian companies, like Kaspersky Lab, to collect and weaponize sensitive US information.”

Kaspersky, in a statement to AFP, criticized the Commerce Department’s decision as being based on the current geopolitical climate and theoretical concerns. The company vowed to “pursue all legally available options to preserve its current operations and relationships.”

“Kaspersky does not engage in activities which threaten US national security and, in fact, has made significant contributions with its reporting and protection from a variety of threat actors that targeted US interests and allies,” the company asserted.

This move marks the first action of its kind since an executive order issued under former President Donald Trump granted the Commerce Department the authority to investigate whether certain companies pose a national security risk. Raimondo stressed that the department’s actions signal to America’s adversaries that the U.S. will act decisively when foreign technology poses a risk to national security.

While Kaspersky is headquartered in Moscow, it operates offices in 31 countries and serves over 400 million users and 270,000 corporate clients in more than 200 countries, according to the Commerce Department.

In addition to banning the sale of Kaspersky’s antivirus software, the Commerce Department added three entities associated with the firm to a list of companies deemed national security concerns. These entities were cited for their cooperation with Russian military and intelligence authorities in support of the Russian government’s cyber intelligence objectives.

The Commerce Department strongly encouraged current users to switch to new vendors, although the decision does not outright ban them from continuing to use the software if they choose. Kaspersky is permitted to continue certain operations in the U.S., including providing antivirus updates, until September 29 of this year. This grace period is intended to minimize disruption to U.S. consumers and businesses and to allow them time to find suitable alternatives.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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