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Information Security and Digital Forensics; Register for Tekedia Mini-MBA

By
Ndubuisi Ekekwe
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0

The world of business is going digital, and bytes are absorbing most components of the spheres of atoms, as companies organize and utilize factors of production to create products and services, and in the process fix frictions in markets. In the digital sphere, just as we have physical guards, locks, doors, etc, to secure our assets, the 1s and 0s equivalents are very important.

Join us as we discuss information security and digital forensics within the frame of business management and leadership at Tekedia Institute. This is a very important course in Tekedia Mini-MBA as we understand the importance of digital security in the age of digitization.

Our Faculty, Dr. Francis Nwebonyi, before he moved to the academia world was securing the integrity of autonomous vehicles for BMW Group’s future diving machines. He is an IAM Engineer (Identity and Access Management Engineer) and holds a PhD in Computer Science with focus on Network and Information Security from Universidade do Porto.  An exponential geek and a brilliant educator; only the best teach here.

Tekedia Mini-MBA >> our product is knowledge. Register for the next edition here 

UK Election presents Opportunities to Redefine UK’s Environmental Trajectories

By
Paul Ugbede Godwin
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As the United Kingdom approaches another pivotal general election, the political discourse has been dominated by a myriad of pressing issues. However, one area that has not garnered the spotlight it deserves is the intersection of climate change and nature loss with the broader electoral concerns.

Despite being ranked eleventh in the Ipsos Issues Index for June 2024, the undercurrents of environmental issues are influencing the most critical concerns of UK voters in profound and multifaceted ways. However, this seemingly modest positioning belies the profound impact these issues have on other top-tier concerns, such as the cost of living, healthcare, and national security.

Moreover, climate change and nature loss directly affect the National Health Service (NHS), the second most important issue for voters. The increase in pollution, the spread of infectious diseases, and the health impacts of heatwaves, which claimed 4,500 lives in 2022 alone, underscore the interconnectedness of environmental and public health policies.

Cost-of-Living Crisis and Environmental Degradation

The UK has witnessed the steepest decline in living standards on record, exacerbated by unprecedented inflation rates driven by soaring food and energy prices. Behind these economic pressures lies the shadow of climate change, which has contributed significantly to food price inflation. In 2023, climate-induced extreme weather events such as droughts and floods impacted agricultural production, inflating food prices by an estimated 5.3 percent.

Energy Security and Climate Policy

The UK’s energy landscape has been volatile, particularly due to its heavy reliance on gas for electricity and heating. The Russian invasion of Ukraine in 2022 triggered a dramatic spike in fossil fuel prices, highlighting the UK’s vulnerability to international market fluctuations. This vulnerability was compounded by the rollback of renewable energy deployment and energy efficiency measures in the early 2010s, which is estimated to have added £19 billion to energy bills post-invasion.

As political parties canvas for votes, their manifestos reveal divergent approaches to addressing these intertwined challenges. The Conservative party emphasizes cost management in achieving net-zero emissions, while the Labour party highlights the benefits of environmental stewardship. The Scottish National Party and the Liberal Democrats also articulate distinct visions, framing climate action as an economic opportunity and an existential necessity, respectively.

The upcoming election presents an opportunity for the UK to redefine its environmental trajectory. With climate change and nature conservation poised to play a central role, the nation stands at a crossroads. The decisions made by voters and the subsequent actions of the elected government will not only shape the UK’s domestic policies but also its contribution to the global fight against environmental degradation. However, this seemingly modest positioning belies the profound impact these issues have on other top-tier concerns, such as the cost of living, healthcare, and national security.

As the world watches, the UK’s general election will serve as a barometer for the prioritization of green issues in the face of competing political agendas. It is a moment for reflection, decision, and action, with the potential to catalyze a shift towards a more sustainable and resilient future. Despite not dominating the headlines to the extent of other pressing issues, the undercurrents of environmental concerns are influencing the electorate in significant and often underappreciated ways.

Nigerian Government Has Settled $850m Debt to European Airlines, Says EU

By
Samuel Nwite
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The Federal Government of Nigeria has successfully settled the $850 million outstanding debt owed to European airlines, the European Union (EU) has revealed.

This significant financial resolution was announced by the EU Ambassador to Nigeria and the ECOWAS, Samuela Isopi, at the 9th edition of the Nigeria-EU business forum in Abuja.

The forum, themed ‘Investing in Jobs and a Sustainable Future,’ was attended by prominent figures including the Director-General at the EU, Myriam Ferran, the Minister of Budget and National Planning, Atiku Bagudu, and the Permanent Secretary at the Ministry of Industry, Trade, and Investment, Ambassador Nura Rimi.

During the event, the EU and Eurocham Nigeria (The European Business Chamber) signed a €300,000 grant agreement to support the further development of the Chamber. The agreement, signed by Myriam Ferran and Eurocham’s Vice-President Frederik Klinke, aims to enhance Eurocham’s capacity to serve its members better, promote European business interests in Nigeria, and contribute to mutual economic growth and development.

In addition to the grant agreement, the Dutch entrepreneurial development bank FMO and Nigeria’s First City Monument Bank (FCMB) signed a $25 million NASIRA guarantee agreement. This agreement is designed to enable FCMB to expand its funding to agricultural, youth, and women-owned SMEs without requiring collateral, targeting client groups typically deemed too risky by banks.

Ambassador Samuela Isopi commended the Nigerian government for its intervention in clearing the backlog of debts owed to European airlines and for the removal of foreign exchange restrictions on the import of 43 items. She highlighted that Nigeria remains the EU’s largest trading partner, with about €35 billion in trade relations recorded in the previous year.

Additionally, Nigeria is the EU’s biggest foreign investor, with a stock estimated at €26 billion, representing one-third of Nigeria’s foreign direct investment. Over 230 EU companies operate in Nigeria, providing significant employment opportunities for youths and women.

Isopi noted that a key condition for any foreign investor is the ability to repatriate profits.

“A year ago, these funds amounted to $850 million, with a big chunk being owed to European airlines. Today more than 98 percent of arrears have been cleared. This is a major achievement,” she said.

She further noted, “Investor confidence takes time to build up, but resolving these issues was a top priority.”

Backstory of International Airlines’ Fund Repatriation Struggle

International airlines operating in Nigeria faced significant challenges in repatriating their earnings due to stringent foreign exchange controls. The scarcity of foreign currency in the Nigerian market led to a backlog of funds that airlines were unable to transfer out of the country. This situation created financial strain for many carriers, as their revenue was effectively trapped within Nigeria, unable to be converted into their home currencies.

The International Air Transport Association (IATA) intervened in this issue, warning the Nigerian government about the potential repercussions of not addressing the backlog. In 2022, IATA highlighted that Nigeria was the country with the highest amount of global airline funds blocked, exceeding $700 million at that time. The association noted that the inability to repatriate funds could lead airlines to reconsider their operations in Nigeria, including reducing frequencies or suspending flights entirely.

In June, IATA announced that Nigeria has successfully cleared 98% of the blocked funds belonging to foreign airlines. It said the remaining 2%, which amounts to $19 million, is still pending due to the Central Bank of Nigeria’s ongoing verification of outstanding forward claims filed by commercial banks.

“We commend the new Nigerian government and the Central Bank of Nigeria for their efforts to resolve this issue. Individual Nigerians and the economy will all benefit from reliable air connectivity for which access to revenues is critical. We are on the right path and urge the government to clear the residual $19 million and continue prioritizing aviation,” said Director-General of IATA, Willie Walsh.

The clearing of the $850 million debt is expected to bolster Nigeria’s reputation as a reliable partner in international business, fostering greater confidence among foreign investors. This move is part of a broader strategy by the present administration to create a more favorable business environment in Nigeria, which includes the removal of foreign exchange restrictions that had previously hindered imports and affected various sectors of the economy.

The settlement of the debt also comes at a crucial time, as Nigeria seeks to attract more foreign direct investment and stimulate economic growth. The ability to repatriate profits is a fundamental requirement for foreign investors, and the resolution of this issue addresses one of the key concerns that have been raised by the international business community about doing business in Nigeria.

Colombian Fintech Minka, Joins Latin American Fintechs Expanding to Africa

By
Ojukwu Emmanuel
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Colombia’s real-time payment platform Minka, has announced its expansion to Eastern and Southern Africa, as it plans to build efficient payment infrastructure in the region.

Drawn by the continent’s burgeoning digital payments sector, the company plans to set up shop in Kenya, Uganda, Tanzania, and Ethiopia. It also plans to expand to Mozambique, Zambia, and Malawi in Southern Africa for the first phase.

Minka stated that its initial focus on Eastern and Southern Africa will be borrowed successful model in Latin America, where it bridges the gaps between banks, financial institutions, Central banks, fintechs, and clearing houses online through shared and connected ledgers.

Also, the company is banking on the similarities in demography between its home market and the African continent, as well as the latter’s rapidly growing and highly competitive Fintech space.

Speaking on Minka’s expansion to the African region, the company’s CEO Domagoj Rozic said,

“Our expansion into Africa is a testament to our continued mission to build more efficient payments infrastructure across the Global South. Low levels of financial inclusion, a heavy reliance on cash, and non-interoperable legacy payment systems are just a few of the issues our team in Latin America has successfully overcome and we believe it is our duty to continue creating solutions that benefit society”.

Also speaking, Alexander Perko, Minka’s Growth lead said,

“We’re excited to bring our story and the benefits of our approach to people in Africa, where we are building impactful connections between financial institutions of all types and allowing teams to build and connect payment systems in days instead of years”.

Founded in Bogota, Colombia, in 2016, Minka offers a cloud-based programmable solution. The company creatively uses technology to upgrade national payment systems for the digital economy. Also, it simplifies how humans and businesses interact with money, making money movement as simple as possible.

In 2022, Minka announced the raise of $24 million in capital through a funding round led by Tiger Global and Kaszek. The company announced that the funds will be used to modernize the clearing houses and central bank infrastructure and also to grow its network by enabling a fully self-service platform for publishing and moving money to organizations.

The Fintech solutions include;

Real-Time Payments

It enables clients to develop a platform that brings together financial institutions to make money flow in seconds instead of hours.

Alias Directory

With this feature, customers can integrate alias into their payment network to improve the UX by replacing account numbers with relatable info such as phone and mail.

Ledger as a Service

Customers use this solution to manage and track money movements, reward points, or other forms of value in a reliable, scalable, and flexible system.

Minka is the latest Latin American fintech to expand into the African region. Recall that in 2023, Brazilian fintech EBANX launched in 11 African countries. In the same year, Uruguay’s dLocal secured payment service provider licenses from the Central Bank of Kenya and the National Bank of Rwanda. dLocal also secured a similar license from the Central Bank of Nigeria.

This strategic move of Latin American fintechs into the African region comes as they seek opportunities in new and dynamic markets like Africa, where digital financial services are rapidly gaining traction.

Notably, the rationale behind their African expansion isn’t hidden, as the continent presents a $115 billion digital economy, resulting from a combination of a young and digitally savvy population and increasing digital penetration, according to a report by Endeavor and McKinsey & Company.

Implications of Bolivia Lifting Ban on Bitcoin

By
Paul Ugbede Godwin
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0

In a landmark decision, Bolivia has overturned its long-standing prohibition on Bitcoin and other cryptocurrencies, a move that could have significant implications for the country’s financial landscape and the broader South American economy. This reversal marks the end of a ban that has been in place since 2014, and it opens up new avenues for financial transactions and innovations within the nation.

The Central Bank of Bolivia’s announcement allowing banks to conduct digital asset transactions is a clear indication of the country’s efforts to modernize its payment system and align with the growing trend of cryptocurrency adoption in Latin America. This decision is not just about embracing new technology; it’s a strategic move aimed at stimulating economic growth and reducing reliance on traditional financial systems that are often tied to the US dollar.

One of the most immediate implications of this policy change is the potential for increased financial inclusion. Cryptocurrencies offer an alternative to traditional banking systems, which can be inaccessible to a significant portion of Bolivia’s population due to various barriers such as lack of documentation or proximity to banking facilities. With the legalization of crypto transactions, individuals who were previously unbanked can now participate in the digital economy, fostering a more inclusive economic environment.

Moreover, the move could attract foreign investment and innovation. By creating a regulatory framework that supports cryptocurrency transactions, Bolivia positions itself as a welcoming environment for fintech companies and startups that specialize in digital assets. This could lead to the creation of new jobs and contribute to the country’s technological advancement.

However, the Central Bank of Bolivia has made it clear that while cryptocurrencies can be traded via banks, they are not recognized as legal tender. This distinction is crucial as it underscores the government’s cautious approach to integrating digital currencies into the economy. The bank has also announced plans to launch an educational campaign to inform the public about the potential risks associated with cryptocurrencies and how to manage them responsibly.

Bolivia’s decision to lift the Bitcoin ban aligns with the suggestions made by the Latin American Financial Action Task Force, indicating a regional shift towards a more crypto-friendly stance. This alignment could pave the way for harmonized regulations across Latin America, facilitating cross-border transactions and potentially leading to a more unified economic bloc that leverages digital assets for growth and stability.

Volatility is one of the most well-known risks of cryptocurrencies. The prices of digital currencies can fluctuate wildly in very short periods, which can lead to significant gains or losses for investors. This volatility is driven by various factors, including market sentiment, technological developments, regulatory news, and macroeconomic trends.

Another significant risk is the regulatory landscape, which is still evolving. Governments and financial authorities around the world are grappling with how to handle cryptocurrencies, leading to a patchwork of regulations that can change rapidly and unpredictably. This can affect the legality, taxation, and value of cryptocurrencies. For instance, if a major economy decides to regulate cryptocurrencies as securities, it could have far-reaching implications for investors and exchanges.

Cybersecurity is also a major concern. Cryptocurrency transactions are secured by cryptography, and while this can provide strong security, it also means that if keys are lost or stolen, recovering assets can be impossible. Additionally, the cryptocurrency space has been a target for hackers and fraudsters, leading to high-profile thefts from exchanges and wallets.

Environmental concerns have also been raised regarding the energy consumption required for cryptocurrency mining, particularly for proof-of-work systems like Bitcoin. The environmental impact of such energy use has become a point of contention, potentially affecting the perception and adoption of cryptocurrencies.

Lastly, the lack of investor protection is a risk to consider. Unlike traditional financial systems, most cryptocurrency investments are not insured or protected by government schemes. This means that if an exchange goes bankrupt or an investment is lost, there may be no recourse for the investor.

Bolivia’s reversal on the Bitcoin ban is a significant development that could have far-reaching effects on the country’s economy and its position in the Latin American financial landscape. It represents a step towards financial modernization, inclusion, and innovation, while also highlighting the importance of responsible adoption of new technologies.

As the global interest in cryptocurrencies continues to grow, Bolivia’s move could serve as a model for other nations considering similar paths. The coming years will undoubtedly be telling of the true impact of this decision on Bolivia and the region as a whole.

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