The COLA platform has announced the restoration of its services nearly two years after suspending operations following a cyberattack, while apologising to users and unveiling a compensation package for affected account holders.
In a statement issued to users, the platform said it suffered a malicious cyberattack on October 25, 2024, which forced it to halt operations. According to the company, it took 420 days of technical recovery efforts to fully restore user data.
COLA stated that while its original application could not be recovered, it has acquired the NJ platform, allowing existing users to access their accounts using their previous COLA login credentials.
The company said users can now download the NJ application from the Google Play Store and Apple App Store to resume access to their accounts.
As part of efforts to regain users’ confidence, the platform said all existing account balances, earnings and subsidies remain valid and will be transferred to the new platform.
It also announced a compensation package for users affected by the prolonged service disruption, stating that each eligible account holder would receive 300CC, which it estimated to be worth approximately ₦60,000, subject to the platform’s terms and conditions.
According to the company, users will also be able to withdraw funds from their accounts at any time through the new platform.
COLA said it has implemented multiple security upgrades and emergency response mechanisms aimed at preventing similar incidents in the future.
The platform apologised to users for the disruption, thanking them for their patience and support during the recovery process.
While the company has outlined plans to restore operations and compensate users, it did not provide independent verification of the valuation of the compensation package or further details on the withdrawal process.
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