Hackers compromised the mobile phones of Aliko Dangote, CEO of Dangote Group, and Femi Otedola, Chairman of First HoldCo Plc, within the past week. Dangote’s phone was reportedly breached twice in two days, while Otedola’s was accessed once. Sources indicate the hackers have made financial demands, and it is unknown if the men have fully recovered control of their devices.
These breaches occur as Dangote undertakes refinery expansion to 1.4 million barrels per day and Otedola increases his stake in First HoldCo Plc with 64.87 million shares worth N2.01 billion. The incidents highlight the increasing cybercrime risk for prominent African figures.
“The hackers are asking for money from both men,” a source familiar with the situation said. Both Dangote and Otedola have a longstanding friendship, often referring to each other as “brothers,” which adds an extra layer of public attention to the incident.
Cyberattacks Stress Individual Vulnerabilities
This cyberattack highlights the vulnerabilities of even the most prominent business leaders to digital threats. High-net-worth individuals are increasingly targeted due to their financial influence and access to sensitive business information. A breach in such cases can potentially disrupt major corporate decisions, affect shareholder confidence, and expose confidential communications.
The incident also emphasizes the importance of cybersecurity in corporate Africa. Experts warn that mobile phones, often seen as personal devices, can be gateways to corporate networks, banking apps, and investment data if not properly secured.
Potential Effects and Complications
The hackers are demanding an undisclosed ransom. Beyond the financial risk, potential leaks of personal or corporate information could impact projects and negotiations.
For Dangote, the refinery expansion is a multibillion-dollar investment that could face delays if confidential data is compromised. For Otedola, recent share acquisitions and investments in First HoldCo Plc could be exposed to market scrutiny or manipulation.
Cybersecurity experts advise high-profile individuals like Dangote and Otedola to adopt multi-layered protection, including encrypted communications, frequent device monitoring, and third-party security audits. This attack highlights that wealth and influence offer no immunity to digital threats.