Wednesday, 12 May 2021
BREAKING: Uzodimma sacks 20 commissioners, dissolves cabinet -by Abiolapaul
Imo State Governor, Hope Uzodimma Wednesday dissolved his cabinet relieving 20 of his 28 commissioners of their duties.
At the end of the usual weekly Executive Council meeting, Wednesday, the Governor said the dissolution became necessary to rejig and reenergise the system for maximum productivity.
The ministries whose Commissioners were retained in the dissolution include Finance, Science and Technology, Health, Works, Information, Youths and Sports, Women Affairs and Tourism.
Governor Uzodimma thanked the affected Commissioners and assured them that they will still be found relevant in other areas if eventually they did not make the new cabinet he said will be reconstituted soon.
Commissioner for Information and Strategy, Chief Mbadiwe Emelumba who briefed newsmen with the Chief of Staff to the Governor, Barr. Nnamdi Anyaehie and Chief Press Secretary and Media Adviser to Governor, Oguwike Nwachuku added that the Governor took the decision to fast track governance in line with the mission of the government which is to serve the people well.
The state Commissioner for Information and Strategy, Chief Declan Emelumba, said that out of 28 commissioners, the governor retained eight.
He said the governor had to rejig his cabinet after one year in office.
“The governor promised to reconstitute his cabinet soon,” Emelumba added
Bala-Usman suspended till panel concludes investigations – FG. By Okechukwu Nnodim
The Federal Government on Tuesday said Hadiza Bala-Usman would remain suspended from office as the Managing Director of the Nigerian Ports Authority until the outcome of the investigation being done by the panel that was established to probe her activities.
On Monday the Federal Government inaugurated the panel of enquiry on the management of the NPA and ordered the panel to investigate policies of Bala-Usman, who was suspended last week for allegedly failing to make required remittances to the Consolidated Revenue Fund.
This came as the Federal Ministry of Transportation faulted a media report that linked the Minister of Transportation, Rotimi Amaechi, to two Chinese firms that submitted bids to manage some port channels which was allegedly against due process.
The report (not in The PUNCH) had stated that Amaechi requested that two the Chinese companies should be selected to manage Bonny and Warri channels and that the request was rejected by the NPA because it violated due process.
Reacting to the development, the Permanent Secretary, FMoT, Magdalene Ajani, in a detailed article she personally signed, said the minister had inaugurated an administrative panel to investigate certain alleged infractions within the NPA from 2016 till date.
“This panel was constituted pursuant to the approval and directives of President Muhammadu Buhari, who also approved the suspension of Ms Bala-Usman pending the outcome of the panel’s assignment,” she said.
Ajani said the panel had since commenced its assignment in the light of the position and consistent with the admonition of the minister at the inauguration.
On the allegations against the minister as regards the management of Bonny and Warri channels by Chinese firms, she said channel management contracts had been routinely awarded over the years by the NPA at a cost of between N50bn and N60bn on an annual basis.
Ajani noted that while this had been on, the minister had adopted a firm position that the NPA should undertake the job of channel management on an in-house basis through the acquisition of the necessary machinery and professional capacity.
This, she said, was due to the humongous annual sums paid out to dredging contractors by the authority.
The permanent secretary said, “Indeed, following the expiration of the channel management contracts for the Lagos, Bonny and Port Harcourt channels in 2020 and the initiation of the contractual process for the renewal of the said contracts early in 2021, the minister on January 22, 2021, while responding to a request for the NPA to provide requisite details related to the proposed transactions directed in the following words:
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“Para. 10 approved. There is the need for NPA to know that NPA should purchase their own equipment and not award any contract.’”
She stated that pursuant to the above directive, the ministry’s Maritime Services Department vide a letter No. T0160/S.30/T4E/T2/61 dated February 2, 2021, to the Managing Director, NPA titled ‘Request for Information on the Expired Channel Management and Managing Agents Contracts’.
Ajani added, “The letter, inter alia, requested the NPA to provide the following information for the ministry’s records and further necessary action:
“The current status of the managing agent contract and the measures put in place to cover the vacuum created as a result of expiration of the contract to prevent revenue loss to the government;
“The current status of the Lagos and Bonny/Port Harcourt channel management companies and the measures put in place to cover the gap created by the expired contracts to ensure the channels are maintained for safe navigation and efficient service delivery;
“The volume dredged annually from the channels and the depths achieved from inception management contracts to date and the amount expended;
“The number of wrecks removed annually by the channel management companies from inception of the contracts and amount spent; and the total number of buoys replaced or maintained during the life span of the contract and the amount spent.”
She said the letter also conveyed the directives on the need for the authority to procure its equipment for the service and cease from awarding any such contract.
Ajani argued that it was instructive to note that despite the fact that the letter was duly received by the NPA on the same February 2, 2021, the authority had not deemed it necessary till date to respond to the ministerial directives contained in it.
PUNCH.
Monday, 10 May 2021
FG probes hospitals accused of negligence in Peju Ugboma, Omolara’s deaths BY JAMES OJO
Family accuses hospital of negligence as Lagos chef dies after surgery
The Federal Competition and Consumer Protection Commission (FCCPC) says it is investigating “possible violation of patient and consumer rights” in the deaths of Peju Ugboma, a popular pastry chef, and Omolara Omoyajowo.
The commission broke the news in a statement by Babatunde Irukera, its chief executive officer, on Monday.
Peju’s family had earlier alleged that their daughter died due to negligence of health officials at Premier Specialist Medical Centre in Victoria Island where she had surgery for fibroid.
Omolara was also said to have died due to alleged negligence by officials at the Beachland Specialist Hospital in Arepo axis of Ogun state where she received treatment after suffering an ulcer attack.
The demise of the pair had provoked outrage on social media, with many Nigerians calling on relevant authorities to investigate the incidents and ensure those found guilty are brought to book.
In the statement, FCCPC said the information gathered so far was enough for the commission to open an active investigation into the two cases.
The commission also disclosed that it has already issued “Notices of Commencement of Investigation and Summons to Produce (NCISP) to relevant persons and entities.”
It added that it is also collaborating with the Medical and Dental Council of Nigeria (MDCN) in the investigation to determine the extent of possible violation in the cases.
“In both cases, relatives and friends allege mismanagement including failure of professional standards; as well as patient care/customer service standards including timely responses to requests,” the statement read.
“The commission in 2018, in collaboration with multiple healthcare professional associations led by the Nigerian Medical Association, and the Federal Ministry of Health promoted, created, and secured the adoption of the Patients’ Bill of Rights (PBoR). The rights enshrined therein are provider obligations that otherwise exist in other enforceable instruments/codes governing healthcare delivery.
“Further, and in addition, the Federal Competition & Consumer Protection Act (FCCPA) mandates the Commission to enforce “any enactment with respect to the protection of consumers, conduct investigations into matters related to consumer protection; ensure consumer interests receive due consideration, and provide redress to obnoxious practices; ensure service providers comply with local and international standards of safe service delivery” Section 17(a), (e), (s) and (y).
“The commission does not investigate or evaluate conduct to determine professionalism, ethics or violation of professional/ethical codes. The Commission does not make determinations with respect to the professionalism or adopted procedures of qualified and authorised professionals.
“However, the commission investigates and considers whether service providers sufficiently respect rights of consumers and applicable standards of care in compliance with those rights, including providing redress or remedies for injured consumers.
“Initial information gathered is sufficient for the Commission to open an active investigation into these cases. As such, the Commission has today issued Notices of Commencement of Investigation & Summons to Produce (NCISP) to relevant persons/entities.
“The Commission is also communicating with the Medical & Dental Council of Nigeria (MDCN), to expand engagement to the extent that any pertinent conduct may be otherwise unprofessional and, or may be subject of any disciplinary process (if applicable).”
Lady narrates how Lagos hospital's 'negligence' led to friend's death
Omolara
The commission called on the public to provide useful information to aid the investigation with a view to getting justice.
“Finally, considering the sensitivity of these sad events, and in respect and deference to families/affected persons or reputation of both professionals and facilities, the commission advises candor and restraint in discussions and pronouncements about the occurrence and investigation,” it added.
The development comes hours after the Lagos state government also ordered a probe into the circumstances that led to Peju’s death.
TheCable.
Hadiza Bala Usman: I had no power to solely award contracts as NPA MD - by Aderemi Ojekunle
Hadiza Bala Usman, the suspended managing director of the Nigerian Ports Authority (NPA), has denied media reports she solely awarded ports contract during her tenure.
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In a statement signed by her on Sunday, May 9, 2021, Usman described such reports as “irresponsible, mischievous and defamatory”.
Last week, President Muhammadu Buhari approved the suspension of Bala Usman as the managing director of the Nigerian Ports Authority (NPA) and approved the appointment of Mohammed Koko pending the outcome of an investigation into the maritime sector.
TheCable had reported an insider detail of how Rotimi Amaechi, minister of transportation, got Buhari’s approval to suspend Bala Usman.
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Bala Usman said the NPA has an executive management team, which always considers and takes business decisions on all assets of the NPA in the best interest of Nigeria.
“To claim that I singlehandedly awarded a contract in my capacity as Managing Director, is, therefore, irresponsible, mischievous, and defamatory,” the statement read.
“The report also mischievously lumped the now expired service boat contract between the NPA and the Integrated Logistics Services’ (INTELs), which took off in 2007 with a review of a ten-year extension in 2011 to culminate in expiration in August 2020 with the lease under discussion.
“The service boat contract expired through the effluxion of time and the Authority initiated a procurement process in which INTELs participated in line with all extant laws.”
Explaining her position on the Onne berths 9, 10 and 11, Bala Usman said the NPA offered these berths to INTELs in 2013 without any contractual agreement even though the offer letter required that the company should pay rent to the Authority for the use of the berths.
“In 2018, the Authority realised that INTELs had neither been making these payments for five years nor putting the berths to optimal use,” the statement read.
“The Authority then wrote INTELs to request for the payment of the arrears of monies that were unpaid and expand the utilisation of the facility.
“With the continued under-utilisation of the facility, the fact that there was no contractual agreement with INTELs from the outset and the urgent need to decongest the ports in Lagos, the Authority offered the berths to an internationally renowned container handling company, Messers International Container Terminal Nigerian Limited (ICTNL) for the use of the berths for container cargo discharging.
“ICTNL has signed a contract for the lease of the berths with the Authority and has commenced the installation of container handling equipment when INTELS instituted a court action challenging the withdrawal of the offer. That case is still in court!
Bala Usman also refuted allegations that she was involved in a “clandestine ploy to shortchange a company” in favour of Africa’s richest man, Aliko Dangote.
“This report is false, without any foundation and a figment of some wild imagination of the news platform,” the statement added.
“I also note the insinuation of a non-existent monetary transfer between Alhaji Dangote and I during the 2015 elections. As I told People’s Gazette when I was approached about this story, no such transaction occurred.
“Having gone through the trouble to give this explanation, I demand that Sahara Reporters publish this rebuttal and give it the same measure of prominence given to the false story, which runs against all known ethics of journalism.”
Customers can buy Tesla cars with Bitcoin, says Elon Musk
Agency Report
The Chief Executive of Tesla, Elon Musk, has said customers can now buy cars from the company with their Bitcoin.
Musk made the announcement in a tweet posted in the middle of the night US time, The Independent reports.
“You can now buy a Tesla with Bitcoin,” he said in one post, going on to clarify that Tesla will be keeping the money received from customers as bitcoin, rather than storing it in a traditional currency like dollars.
“Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency,” he said in another. “Pay by Bitcoin capability available outside US later this year.”
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Open source software refers to programs where the code is available for others to use and change, which are generally beneficial for security as it means that other programmers can investigate for bugs or security breaches.
A bitcoin node is a computer on the blockchain network that validates transactions, digitally signing the movement of the online currency and meaning that one bitcoin cannot be spent twice. Twitter CEO Jack Dorsey, another supporter of Bitcoin, has also set up a full node, which has the appearance on computers as lines of dates and data.
The news comes after Mr Musk announced his support for the cryptocurrency in January this year, after changing his Twitter bio to “#bitcoin”, alongside its “B” symbol.
Elon Musk’s Starlink for launch in Nigeria soon -Temitayo Jaiyeola
Elon Musk’s SpaceX is in the process of getting necessary licences to bring Starlink, its satellite-based broadband services, to Nigeria.
The company had been in discussion with the Nigerian Communications Commission virtually for several months.
READ ALSO: Subsidy removal advice wrong, implementation suicidal, says NUPENG
Having made significant progress in the discussion, the NCC granted SpaceX’s request for a face-to-face discussion to gain better insights on the prospects of its proposal.
Executive Commissioner, Technical Services, NCC, Ubale Maska, said, “As the regulator of a highly dynamic sector in Nigeria, the commission is conscious of the need to ensure that our regulatory actions are anchored on national interest.
“We have listened to your presentation and we will review it vis-à-vis our regulatory direction of ensuring effective and a sustainable telecoms ecosystem where a licensee’s operational model does not dampen healthy competition among other licensees.”
The SpaceX’s team was led by SpaceX’s Starlink Market Access Director for Africa, Ryan Goodnight.
The NCC said it was interested in making necessary regulatory efforts to increase broadband penetration in the country as contained in the Nigerian National Broadband Plan, 2020-2025.
The agency is empowered by Section 70 (2) of the Nigerian Communications Act (NCA), 2003 to regulate the provision and use of all satellite communications services and networks, in whole or in part within Nigeria or on a ship or aircraft registered in Nigeria.
Starlink is an Internet service launched by SpaceX to provide high-speed, low-latency broadband connectivity especially in areas of the globe where Internet is expensive, unreliable, or entirely unavailable.
Starlink satellites are 60 times closer to earth than traditional satellites, hence they are suited to areas where ground infrastructure might be a challenge to ensure that they can deliver high-speed broadband Internet to areas where the infrastructure is missing.
PUNCH.
Explaining the Crypto Renaissance in Nigeria By Andrey Sergeenkov
CoinMarketCap takes a look at how cryptocurrency is being regulated and used in Nigeria.
Explaining the Crypto Renaissance in Nigeria
Table of Contents
Nigeria Makes a Splash in the Global Crypto Market
Why Is Cryptocurrency Exploding in Nigeria?
Is Cryptocurrency Legal in Nigeria?
It is easy to see why cryptocurrency is becoming an attractive alternative to traditional currencies, especially in economies beset by double-digit inflation and economic uncertainty. Bitcoin and other altcoins’ promise to give individuals more financial autonomy and can be significantly less restrictive and and more accessible than traditional financial channels. Keeping this general context in mind, this article tells the story of how Nigerian has become one of the fastest rising crypto economies in the world.
Nigeria Makes a Splash in the Global Crypto Market
Africa has the potential to emerge as one of the world’s most dynamic regional markets for cryptocurrencies. A combination of factors contribute to this, including persistent currency inflation, a youthful population, hikes in the costs of everyday goods and services and a high number of underbanked or unbanked individuals and communities.
It therefore comes as no surprise that a handful of African countries have consistently featured on the list of nations with the highest interest in Bitcoin. At the forefront of Africa’s crypto renaissance is Nigeria, currently leading the continent in terms of Bitcoin peer-to-peer trading volumes. The country accounts for almost 50% of the continent’s trading activity, with over $8 million worth of Bitcoin trades averaged weekly on LocalBitcoins and Paxful. The naira, Nigeria’s fiat currency, was also the first African currency to be launched on Binance P2P.
Nigeria’s dominance in Africa’s crypto economy is further indicated by the fact that Nigerians contribute the highest number of Bitcoin-related searches on Google. Note that Nigerians’ interest in cryptocurrency, in general, tends to trail the price gains of various digital assets.
The 2020-21 bull market has therefore undoubtedly had a positive impact on the adoption of crypto in Africa’s largest economy. However, we can’t attribute Nigerians’ interest in crypto to price movements alone. Other factors are also behind the country’s soaring rates of cryptocurrency adoption.
Despite the unprecedented growth of Nigeria’s crypto market, there are currently no Bitcoin nodes operating in the country (this man running a Bitcoin node in 2017 seems to have gone offline). What this indicates is that there is no Bitcoin mining economy to speak of in Nigeria. Some attribute this to the absence of a stable power supply, whereas others hold that it reflects a lack of in-depth crypto education in the country.
Why Is Cryptocurrency Exploding in Nigeria?
In the immediate term, the foremost factor is the economic uncertainty brought about by the impact of the Covid-19 pandemic and the concurrent crash in the price of oil. As the continent’s largest oil producer and exporter, Nigeria has borne the brunt of unprecedented volatility in the global oil market, as worldwide lockdowns slashed demand and brought oil prices to historic lows.
This, coupled with a host of other socioeconomic challenges amid the pandemic, has had a devastating effect on the country’s economy. Nigeria’s unemployment rate rose to 33% — the second-highest on a global list monitored by Bloomberg — in the fourth quarter of 2020. Inflation rose to 17.33% in February 2021, the highest in four years.
Both figures reveal the precarious reality that Nigerians face at present and why they are increasingly looking to alternative financial paradigms, such as cryptocurrencies. For many, Bitcoin appears to offer a viable investment that can help them ride out the worst effects of persistent inflation.
To make matters worse, Nigeria’s central bank moved to devalue the naira by 24% in 2020. With the currency projected to experience a further 10% devaluation rate in 2021, the budding crypto community of Nigeria has all the more reason to see Bitcoin and other cryptocurrencies, including stablecoins, as a reliable route to preserving the value of their savings.
Another contributing factor is the existence of forex restrictions imposed by the Nigerian authorities in a bid to reduce the outflow of U.S. dollars. In most cases, bank customers are restricted to $100 transactions via debit cards per month. Bitcoin can therefore offer a way to circumvent these restrictions when it comes to cross border transactions.
This also holds true for those receiving funds from outside the country. Since major payment networks like PayPal do not allow Nigerian residents to receive U.S. dollars, and other available channels charge astronomical fees, cryptocurrencies are becoming an increasingly attractive remittances option for Nigerians in the diaspora.
In demographic terms, crypto adoption in Nigeria is no doubt also helped by the predominance of a young, vibrant and tech-savvy population and the increasing use of smartphones. The median age in Nigeria is 18, and the country is on track to exceed 151 million internet users by 2025. The widespread adoption of new technologies and cryptocurrencies among youth was apparent in October 2020, when nationwide protests against police brutality were partially funded via crypto donations.
Is Cryptocurrency Legal in Nigeria?
As with the majority of African countries, no definitive rules govern the issuance and trading of cryptocurrency in Nigeria. Although there is little to lean on in terms of a transparent regulatory framework, the country’s central bank has at least established that it does not consider cryptocurrency to be legal tender.
In February 2021, the central bank gave a directive to financial institutions operating within its jurisdiction to shut down accounts associated with crypto transactions. However, as officials clarified, this does not mean that the institution has banned cryptocurrency outright. Nigerians can still trade crypto, yet it is impossible to facilitate deposits or withdrawals via banking channels.
In the aftermath of this regulatory setback, Nigerian crypto exchanges halted debit card payments, pushing users to search for other means for exchanging crypto to fiat. Consequently, the demand for peer-to-peer trades has increased, with Binance, Paxful and LocalBitcoins emerging as the platforms of choice for crypto traders.
Notably, the central bank’s action against crypto seems to have been fueled by the drop in the use of traditional financial institutions for remittances. After clarifying banking rules in relation to crypto transactions, the central bank went on to implement a scheme that offers a five naira rebate on every dollar remitted to Nigeria via regulated and recognized money transfer operators.
Unlike the central bank, the Nigeria’s Securities and Exchange Commission (SEC) had previously opted to regulate digital assets and to provide a framework aimed at reducing the risks involved in crypto investment. However, the SEC later announced the suspension of its regulatory plans following the central bank’s directive to financial institutions.
Interestingly, these events do not seem to have fazed Nigerian’s burgeoning crypto community. On the contrary, trading activities, now on P2P platforms, have continued to thrive since the imposition of restrictions on banks’ facilitation of crypto transactions.
Conclusion
There is a strong indication that the crypto market in Nigeria will continue its upward trajectory. The country’s rising crypto adoption rate stems from the profound need for an alternative financial system that can shield citizens from the adverse impact of an unstable fiat currency, prohibitively expensive remittance infrastructures, and persistent inflation in the national economy.
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