NNPC Alerts Nigerians on Fake Financial Scheme as Microsoft MD Lists 3 AI Scams

• The Nigerian National Petroleum Company Limited (NNPC) has described as fake a financial scheme currently circulating on social media
• The state oil firm said the video is AI-generated and features a cloned voice of the chief executive officer of NNPC, Bayo Ojulari.
• NNPC disclosed it has no such investment scheme, calling the video fake, fictitious and warned Nigerians to be on alert

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian National Petroleum Company Limited (NNPC) has disclaimed a financial scheme purportedly sponsored by the national oil company.

The company disclosed this in a post on X and signed by its Chief Corporate Communications Officer, Olufemi Soneye.

NNPC alerts Nigerians on fake investment scheme 

The company said that NNPC has no such investment scheme and asked Nigerians to disregard the video, which was shared by Mensageiro de Cristo on Facebook.

NNPC said the video was fake and AI-generated with a cloned voice of the new group CEO of the company, Bayo Ojulari.

He said the video was promoting a fictitious poverty alleviation programme.

He said the promoters of the fake scheme risk prosecution if they persist.

Microsoft lists three AI scams

The growth of generative Artificial Intelligence (AI) globally comes with a lot of downsides, especially in Nigeria, which is emerging as Africa’s digital powerhouse.

According to experts, by 2030, Nigeria’s digital market will hit $27 billion.

However, this growth comes with challenges, especially regarding cybersecurity.

Meanwhile, the managing director of Microsoft Nigeria and Ghana, Ola Williams, said the tech company’s latest research shows a disturbing trend.

He disclosed that AI-powered scams are growing at an alarming rate globally.

Williams noted that as Nigeria’s digital marketplace grows, the risk of cyber threats grows, showing the urgent need for robust security measures to keep pace with the digital growth.

Microsoft Nigeria warn Nigerians

He disclosed that AI is lowering the bar for cyber fraudsters, making it easier and cheaper to generate mind-boggling, but believable content for attacks at an alarming rate.

Experts have said Nigeria experienced a sharp increase in cyberattacks in 2024, with AI raising the scale and precision of attacks on a large scale.

Additionally, fake image incidents in Africa soared sevenfold from the second quarter of 2024 to the fourth quarter, as AI tools enabled fake identities, manipulating biometric data.

The types of AI scams

According to Williams, AI technology is allowing criminals to access tools to create deceptive scams, saying that the ability to draw on fake product reviews, AI websites, fakes, and voice cloning allows scammers to create to expand.

He said it is essential for businesses and individuals in Nigeria to be aware of developments as the trends become increasingly popular and sophisticated.

E-commerce scam

Data from Statista shows that Nigeria’s e-commerce adoption is on the rise, with user access surpassing the regional average.

However, the increase of AI has enabled the rapid creation of fraudulent e-commerce sites that mimic legitimate ones, making it challenging for consumers to differentiate between the genuine and the fake.

AI-generated product descriptions, images, and reviews hoodwink customers into trusting these fraudulent merchants.

Also, AI-powered chatbots complicate issues, allowing potential customers to interact with customers, delaying repayments with excuses and manipulating complaints.

Employment and job fraud

Findings show that job and employment scams are also on the increase.

Legit.ng reported that the National Information Technology Development Agency (NITDA) alerted Nigerians about fake job offers.

The New Telegraph reported that Generative AI has enabled scammers to create fake job listings, profiles, and email campaigns, targeting vulnerable and desperate individuals, and setting up AI-powered and automated interviews.

NNPC speaks on the capacity of the PH refinery

Legit.ng earlier reported that NNPC confirmed that, contrary to what the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) claimed, the old Port Harcourt was operating at 90% capacity.

PETROAN said on Thursday that the refinery was running at 70% of its installed capacity, with plans to ramp up to 90%.

The company also addressed an allegation by one of the community persons, Timothy Mgbere, that the refinery was not worth celebrating, as it was merely blending and had pushed out old stock.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng