Risks
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
French village rejects Elon Musk’s space-age internet
To realise his dream of satellite-powered internet, tech billionaire, Elon Musk, needs to install antennas around the world. In northern France, a village hopes he’ll decide to keep those antennas far away. Saint-Senier-de-Beuvron, population 350, is none too thrilled to have been picked as a ground station for Musk’s Starlink project for broadband from space. “This project is totally new. We don’t have any idea of the impact of these signals,” said Noemie Brault, a 34-year-old deputy mayor of the village just 20 kilometres (12 miles) from the majestic Mont Saint-Michel abbey on the English Channel. “As a precaution, the municipal council said no,” she explained. Musk, founder of SpaceX and electric carmaker Tesla, plans to deploy thousands of satellites to provide fast internet for remote...
French village rejects Elon Musk’s space-age internet
To realise his dream of satellite-powered internet, tech billionaire, Elon Musk, needs to install antennas around the world. In northern France, a village hopes he’ll decide to keep those antennas far away. Saint-Senier-de-Beuvron, population 350, is none too thrilled to have been picked as a ground station for Musk’s Starlink project for broadband from space. “This project is totally new. We don’t have any idea of the impact of these signals,” said Noemie Brault, a 34-year-old deputy mayor of the village just 20 kilometres (12 miles) from the majestic Mont Saint-Michel abbey on the English Channel. “As a precaution, the municipal council said no,” she explained. Musk, founder of SpaceX and electric carmaker Tesla, plans to deploy thousands of satellites to provide fast internet for remote...
How ICPC is combating corruption in MDAs, stopped diversion of N189 billion personnel cost
File Photo In the past few years, the Independent Corrupt Practices and Other-Related Offences Commission, as part of its statutory mandate, has been conducting systems study and review of ministries and organisations in the federal public service. The overall objective of a system review is reform of the systems and procedures of public agencies with a view to identifying and eliminating, preventing, blocking and obstructing opportunities for corruption. To achieve this, the exercise targets detecting areas of vulnerabilities, actual weaknesses, leakages and corruption risks and to recommend ways of strengthening these systems and removing the discretionary gaps and such opportunities for both individual and institutional malfeasance on public resources. In addition, the review also targe...
How ICPC is combating corruption in MDAs, stopped diversion of N189 billion personnel cost
File Photo In the past few years, the Independent Corrupt Practices and Other-Related Offences Commission, as part of its statutory mandate, has been conducting systems study and review of ministries and organisations in the federal public service. The overall objective of a system review is reform of the systems and procedures of public agencies with a view to identifying and eliminating, preventing, blocking and obstructing opportunities for corruption. To achieve this, the exercise targets detecting areas of vulnerabilities, actual weaknesses, leakages and corruption risks and to recommend ways of strengthening these systems and removing the discretionary gaps and such opportunities for both individual and institutional malfeasance on public resources. In addition, the review also targe...
Nigerian government approves new debt management strategy
The Federal Executive Council (FEC) has approved a new Medium-Term Debt Management Strategy for Nigeria (MTDS) for the period 2020-2023. With the approval, announced during Wednesday’s virtual FEC meeting, the DMO which is saddled with managing the nation’s debt matters, has promised full implementation to support economic development while ensuring that public debt is sustainable. The MTDS is a policy document which provides a guide to the borrowing activities of the government in the medium-term, usually four years. It is recognised as one of the best practices in public debt management and is recommended by the World Bank and International Monetary Fund (IMF) to ensure that public debt management is driven by a well-articulated strategy that is structured to meet a country’s broader mac...
Tokyo 2021: Japan, medical experts disagree over safe Olympics
Japanese infectious disease specialist Atsuo Hamada wants to see the Olympics happen in Tokyo this summer, but admits if they were being held anywhere else, he’d probably support a cancellation. “Even without the coronavirus pandemic, the Olympics as a mass gathering fosters all sorts of infectious diseases,” Hamada, a professor at Tokyo Medical University, told AFP. With less than six months until the pandemic-postponed Games, organisers say they’re confident the event will be safe. But some medical experts aren’t so sure, and think cancellation is safer. “I do understand the athletes’ sentiments,” said Michael Head, a senior research fellow in global health at Britain’s University of Southampton. “But I think from… the global public health point of view, there’s nothing about the Olympic...
Lagos chamber projects positive economic recovery by Q2
The Lagos Chamber of Commerce and Industry (LCCI) has projected a return to positive growth path for the Nigerian economy in the second quarter of 2021. Mrs Toki Mabogunje, President, LCCI, addressing journalists at the first edition of the chamber’s quarterly news conference, said the projection was subject to the absence of major economic shocks. Mabogunje, however, said that the projected recovery was expected to be subdued within the region of one per cent. “Projections by the World Bank and the International Monetary Fund put Nigeria’s annual average growth for year 2021 at 1.1 per cent and 1.5 per cent, respectively. “Expectation of slow growth momentum reflects the lingering effects of the pandemic on the Nigerian economy and prospects of stricter containment measures considering th...
YouTube removes Donald Trump video addressing US Capitol attack
YouTube has removed a video from US President Donald Trump addressing a mob attack on the Capitol today because the president repeats false information about the outcome of the 2020 election. The company will allow Trump’s message to appear in other creators’ videos if there is proper educational or news context; basically, if people are talking about Trump’s message as part of a greater point, YouTube will allow it to remain up. The removal comes after YouTube instituted a new policy update in December 2020 that forbids any type of content that alleges widespread voter fraud impacted the results of the 2020 presidential election. In Trump’s new video, which was also posted to Twitter and Facebook, he continued to spread misinformation about the 2020 election, calling the results fraudulen...
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...
National Assembly raises 2021 budget by N580 billion, approves N13.588 trillion
The two chambers of the National Assembly yesterday passed the 2021 Appropriation Bill, increasing the budget size from N13.08 trillion presented to them by President Muhamnadu Buhari 11 weeks ago to N13.588 trillion. The passage of the 2021 budget followed consideration and adoption of harmonised reports separately submitted to them by their Committees on Appropriation. The two chambers increased the 2021 budget by about N580 billion and pegged daily crude oil production at 1.86 million barrels per day, while oil benchmark price was fixed at $40 per barrel. They approved N379 to dollar as the official exchange rate while GDP growth rate was pegged at 3 per cent. Highlights of the report approved by the Senate showed aggregate expenditure to be N13,588,027,886,175, statutory transfer of N4...
