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Maple Finance 2.0 overhaul aimed at speeding up the defaulting process
Maple Finance is a decentralized credit market powered by blockchain technology. Instead of requiring overcollaterlization of loans, it instead allows managers, called “Pool Delegates” to issue loans from its lending pools based on a set of risk-management criteria, according to the protocol’s documents. Introducing Maple 2.0. Maple 2.0 is a fundamental overhaul of the smart contract architecture. The new contracts are modular and robust and will facilitate Maple bringing capital markets on-chain. pic.twitter.com/5GGsMXaXhv — Maple (@maplefinance) December 14, 2022 However, in the wake of FTX’s collap, the platform experienced two major defaults from borrowers on the platform. On Dec. 1, algo trading and market maker Auros Global missed its payment of 2,400 Wrapped Ether (wETH) follo...
Zambian court throws out second challenge to president’s re-election bid
Zambia’s Constitutional Court ruled on Friday that President Edgar Lungu can stand for re-election in August, throwing out a second opposition challenge to his eligibility on the basis of the constitutional two-term limit. The ruling comes as Zambia faces a multipronged economic crisis, after overleveraging its debt right before the brutal global COVID-19 shutdown. The crisis has triggered Africa’s first pandemic-era sovereign default and driven the southern African country to seek emergency IMF help. Lungu’s first term in office lasted a year and six months, when he took over after the death of the previous elected president, Michael Sata. He then won an election in a disputed vote in August 2016. Since this is technically his second term, the opposition had argued that he is no longer el...
CISLAC raises concerns over Nigeria’s debt profile, coronavirus accountability
The Civil Society Legislative Advocacy Centre (CISLAC), has expressed concerns over $2.18 billion foreign loan request to the Nigerian Senate to fund the 2021 Appropriations Act, by President Muhammadu Buhari. It has therefore urged the National Assembly to insist on an analysis of debt repayment strategy to be in place as its key priority to approvals. In a statement by Executive Director, CISLAC and Head of Transparency International – Nigeria, Auwal Ibrahim Musa Rafsanjani, he said national public finance management regime is meant to save the nation’s economic system from collapse: rescuing jobs, supporting livelihoods and bailing out many businesses on the brink. He warned the government to avoid the catastrophe that the international finance institutions forced on Greece: destroying ...
Senate passes amended AMCON bill, empowers agency to seize debtors’ assets
The Senate Wednesday passed the Asset Management Corporation of Nigeria Amendment bill after considering the report of its Committee on Banking, Insurance, and Other Financial Institutions. The amendment bill passed by the upper chamber empowers the Assets Management Corporation of Nigeria to, among others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular. It also empowers the corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters. Presenting the report, Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central) said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, ...
Senate asked to probe public hearing on medical council bill
The Joint Health Sector Unions (JOHESU), the umbrella body of health workers in the country, has demanded that Senate probe the recent public hearing of the Medical and Dental Council of Nigeria (MDCN) Bill as it accused Chairman of the Senate Committee on Health, Dr. Ibrahim Oloriegbe, of disenfranchising its members. JOHESU Chairman, Comrade Joy Bio Josiah flayed what he called “vindictive and discriminatory” attitude of Dr. Oloriegbe against other medical professional bodies as he gave his constituency, MDC and NMA more time to canvass their views on the contentious bill. “We challenge Oloriegbe and the NMA to produce video and audio evidence contrary to this. The point here is Oloriegbe does not understand the philosophy and basics of running Public Hearings because he pointedly domina...
Ghanaian fisherman sentenced for snatching ballot box
A 39-year-old fisherman has been sentenced to three months imprisonment for interfering in the just-ended elections at the Sene West constituency in the Bono East region. Christain Nukpeta who a resident of Tato Bator is reported to have snatched a Parliamentary ballot box at one of the polling stations in the area when the counting process was ongoing. He was subsequently pursued by some security personnel and arrested. But the retrieved ballot box was without the seal of the New Patriotic Party (NPP). Appearing before the Techiman Circuit Court presided over by Justice Alexander Graham, the accused pleaded guilty and was sentenced to pay a fine of GH₵3, 600 and in default, serve a six months imprisonment term. In addition, the 39-year-old has been disqualified from voting for the next fi...
