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Home Blog Page 3724

INEC and The Tax Reforms Nigeria Desires

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INEC (Independent National Electoral Commission) needs reforms to save Nigeria’s economy and its democracy, and everything that nation plans to achieve.  What do we pay INEC to do? To just sit down and do minimal work? See how tribunals are ruling left and right across the nation, making judges now the ABSOLUTE VOTERS.

I have no problem with people who work in INEC but if you have this level of failure rate in your processes, you must change how you do things. Good People, for Nigeria to advance, we need to spend significant efforts to reform how INEC does business, from the local to the federal levels because in most elections, the judges are the real voters now. Yet, we can blame the judges, but if you look deeper, INEC is feeding them nonsense, because in many House races, INEC does not even have means to defend its called results? In short, it makes no effort!

As that happens,  the national assembly must begin work on fiscal federalism. I have been watching the new tax reform committee. My hope is that they will understand the power of co-opetition and find a mechanism to make states in Nigeria to compete even as they cooperate.  That system will make everyone look back to our local and state governments, and in the process diminish the influence from Abuja.  

For me, that is the tax reform that will work, because with fiscal federalism, the states and the local government systems will evolve based on their inherent capabilities, and simply pay taxes to the federal government.  We must inject competition into the DNAs of our states.

Lagos State keeps its financial services. Rivers State does oil. Abia State pushes its maker’s spirit in Aba. Kano State continues to advance its trade. Jos’ Plateau returns to tourism. etc. Yes, we can see states innovate based on the inherent advantages they have  over the one coming from Abuja.

Comment on Feed

Comment 1: Thank you for putting this forward, Prof!

Until the burden of proof shifts to INEC, we won’t do well that much. Of course, I expect litigation to triple (all Nigerian politicians are sore losers). Still, the burden of proof will ensure that INEC MUST defend its process rather than give that baggage to one of the competitors.

Will this fix our electoral problems? Not so much. Until we take the purse away from politicians, empower career civil servants with some decision-making power, and reduce politicians’ ability to policymaking, we will still have do/die elections.

Chicago State University Confirms Certificate Tinubu Summitted to INEC Was Forged

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Findings from the sworn deposition of Chicago State University (CSU) have revealed that President Bola Tinubu presented a forged certificate to the Independent National Electoral Commission (INEC) when he filed his paperwork to contest Nigeria’s presidential election in June 2022.

The new development opens a new critical front in the ongoing legal battle challenging Tinubu’s electoral victory, and will likely cost him his presidency.

For years, Tinubu has been entangled in cases of certificate forgery shrouded in his secretive educational background. The former governor of Lagos State was caught changing his earlier claims that he attended St. John’s Primary School, Aroloya, Lagos, and Children Home School Ibadan. He also claimed to possess two degrees from two American universities, both of which he said were stolen by unidentified soldiers during the military regime of the 1990s.

It was based on these ever-changing stories about Tinubu’s education that his co-contestant in the last presidential election, Atiku Abubakar, filed a suit in the United States District Court for the Northern District of Illinois in Chicago on August 2, seeking an order to force the CSU to release Tinubu’s academic record.

Federal District Judge Nancy Maldonado’s decision to grant Atiku’s request and issue an order for a deposition is significant, as it allowed for the revelation of several important details. One notable revelation is that the certificate presented by Tinubu to INEC was forged.

While the full transcript of the deposition is yet to be released, excerpts show that the certificate the Nigerian president submitted to the electoral commission was not issued by Chicago State University.

Caleb Westberg, the registrar at Chicago State University since November 2020, said Mr Tinubu’s certificate, dated June 22, 1979, and tendered to INEC on June 17, 2022, was not issued by the school and its administrators could, therefore, not be able to authenticate its source. He also said that Mr Tinubu did not apply for a replacement certificate, nor was he ever issued one.

The controversy trailing Tinubu’s CSU certificate has caught so much interest, with the National Democratic Coalition in the United States of America (NADECO – USA) asking him to resign and save Nigeria from further embarrassment.

A staff member of CSU reportedly said during the deposition that “It is a Nigerian thing to forge stamps of organizations.”

Tinubu has fought vigorously to keep his record with the CSU sealed. The president said making his CSU academic record public would infringe on his privacy rights under the Family Educational and Privacy Rights Act (FERPA), a U.S. law that protects the academic records of students.

Read also: Tinubu’s Baffling Desperation to Block the Release of His Academic Record At Chicago State University

He also appealed an earlier ruling by Judge Jeffrey Gilbert of the United States District Court for the Northern District of Illinois, who on September 19 ordered CSU to release the contested record.

At the Court of Appeal, Tinubu’s lawyers argued before Judge Nancy Maldonado that “Severe and irreparable harm will be done to Bola Tinubu if the records are released.”

Chicago State University has maintained that Tinubu graduated from the school, even though his record has been characterized by discrepancies. But a document earlier released by the school showed that Bola Tinubu who graduated from the school was a female.

Among the many of Tinubu’s academic qualifications claims that have been discovered to be false, is that he graduated from Government College Lagos in 1970, whereas the school was founded in 1974.

Early last month, the Presidential Election Petition Tribunal (PEPT) upheld Tinubu’s electoral victory, dismissing the petitions of Peter Obi and Atiku. The duo, who have appealed the judgment, will now count on Tinubu’s latest certificate forgery to win their case at the Supreme Court.

Section 137 (1)(j) of the Nigerian Constitution (amended in 2010) addresses the issue of presenting a forged certificate to the INEC in the context of presidential elections. It stipulates that no one can be legitimately elected as the President of Nigeria if they have presented a forged certificate to INEC.

Meta is Considering Charging European Users Who Opt Out of Ad Tracking $14 Monthly

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Meta, the parent company of Instagram and Facebook, is reportedly exploring the possibility of introducing monthly subscription fees for users in Europe who opt not to consent to the use of their data for targeted advertising. This initiative comes amid increasing privacy concerns and regulatory scrutiny over data collection and user tracking by tech giants.

According to The Wall Street Journal, Meta is considering this subscription model as a way to generate revenue while addressing data privacy issues.

Meta’s consideration of $14 monthly subscription fees for users in Europe who choose not to consent to data-driven advertising aligns with the EU’s efforts to enhance user privacy and allow individuals to opt out of personalized ads based on their online activity.

However, the implementation of such a subscription model may face challenges and uncertainties, particularly regarding its compliance with EU laws and regulations.

These potential subscription tiers also reflect the broader trend of increased regulatory scrutiny and pressure on tech giants in Europe. Meta, in particular, has faced significant fines and regulatory hurdles related to data privacy and antitrust concerns in the region.

As privacy and data protection continue to be central issues in the digital landscape, tech companies are likely to explore various approaches to adapt to evolving regulations while maintaining their business models. The proposed subscription model is just one of many potential strategies being considered to navigate the changing regulatory environment in Europe.

“Meta believes in the value of free services which are supported by personalized ads,” said a Meta company spokesperson.

“However, we continue to explore options to ensure we comply with evolving regulatory requirements,” they added.

The potential introduction of monthly subscription fees for users who opt out of data-driven advertising on Meta’s platforms in Europe reflects the ongoing efforts by European regulators to protect user privacy and give individuals more control over their data and online experiences.

Apple’s introduction of the option for users to opt out of ad-tracking in 2021 had a significant impact on Meta’s anticipated revenue, highlighting the financial consequences of such regulatory changes. The proposed subscription tiers are a way for Meta to potentially recoup some of these losses and adapt to the changing landscape.

However, the success of this subscription model will depend on its acceptance by users and its compliance with EU laws. European regulators will likely closely scrutinize the plan to ensure that it aligns with data protection and privacy regulations.

Ultimately, this development underscores the evolving nature of the tech industry, where companies must navigate a complex regulatory environment while seeking to balance their business models with user privacy and preferences.

Nigerians Should Pray the Refineries Don’t Work – Oyedele

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Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that Nigerians should pray that the country’s refineries do not become operational.

During his speech at The Platform’s Independence Anniversary event in Lagos, Oyedele expressed concern that if Nigerian refineries were to produce petroleum, the inefficiencies in their management could lead to the country having the most expensive petrol in the world.

“Nigerians would say if only our refineries were working, then we’ll be fine. Nothing can be farther from the truth than that. In fact, Nigerians should come together and say please make sure that our refineries don’t work. We should sell them.

“If Nigerian refineries process crude oil unless we deal with our inefficiency, one liter of petrol will be the most expensive in the world. You would have succeeded in replacing the subsidy at the pump with subsidy for the refineries.

“The National Assembly said we have spent over N10 trillion maintaining our refineries even when they have not produced anything,” Oyedele said during the event tagged ‘Africa Rising Continent – Nigeria’s Strategic Role’.

Oyedele’s claim that the Nigerian government may struggle to effectively manage refineries echoes similar concerns voiced by former President Olusegun Obasanjo. In an interview with The Cable, Obasanjo recounted an incident where he attempted to attract Shell investors to invest in the country’s refineries. However, they declined, citing concerns about the pervasive corruption within the refinery sector.

“They (refineries) will not work as long as the government is keeping hold of them. When I was president, I invited Shell to a meeting. I told them I wanted to hand over the refineries for them to help us run. They bluntly told me they would not. I was shocked,” he said.

The clamor for working refineries has been loud recently amid the rising cost of petroleum products, buoyed by the removal of fuel subsidy. This has pushed the inflation rate to 26% as the cost of living soars.

The government is once again making moves to revitalize the refineries in the hope it will cut down high petrol pump prices, which have stirred frequent threats of nationwide strikes from organized labor unions.

Minister of State for Petroleum, Heineken Lokpobiri, said the refineries are expected to be functional by the end of next year. He said that the Port Harcourt refinery will come on board by the end of the year.

The refinery at Port Harcourt is undergoing a $1.5bn upgrade after Tecnimont from Italy secured the contract for revamp in 2021. This upgrade is expected to take up to 44 months to complete.

There has been a high expectation that Dangote Refinery would cut down petrol pump prices when it became operational.

The dilapidated three refineries; Warri, Port Harcourt, and Kaduna, have a combined capacity to process around 4.45 million barrels per day. The government aims to revive them to reduce dependency on petrol importation.

Lokpobiri said the Warri and Kaduna refineries are slated to commence crude processing sometime between the first quarter and the culmination of 2024.

However, some stakeholders disagree with Oyedele, saying that Nigeria needs government-owned refineries.

“The government that wants the refineries to work knows what they are doing. Having our own refineries guarantees energy security and would also create more jobs,” the National Controller, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said.

“You can’t control what you don’t own. So, it is good for us to have our own. The cost of importing petrol is now very high. I think government is moving in the right direction by making the refineries work very soon.”

South African Fintech Stitch Announces The Raise of $25 Million to Expand Its Services

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Stitch, a South African-based payments infrastructure company has announced the raise of $25 million, bringing its total Series A funding to $46 million, to expand its services to global markets.

The funding was led by Ribbit Capital, with support from existing investors which include, CRE Venture, Pay Pal Ventures, The Raba Partnership, and 9 yards Capital.

Stitch’s funding round follows the company’s earlier funds raised, which include a $21 million Series A round in February 2022, and a $6 million seed round in 2021.

The startup’s latest funding round positions it to strongly expand its reach, innovate its offerings, and reinforce its commitment to simplifying payment processes for businesses worldwide.

Founded in South Africa, Stitch is a payments service provider offering a single, powerful, reliable API built on direct integrations with multiple banks and networks across South Africa.

Its payment gateway solution is meticulously crafted to help businesses move money better and reach their goals faster.

The platform enables businesses to accept pay-ins by bank, card, manual EFT, debit orders, and even cash, seamlessly orchestrate, manage, and reconcile payments across methods, providers, and geographies with PayOS, and send money anywhere it needs to go with Payouts.

Stitch’s primary focus is to empower businesses to develop, enhance, and expand their financial products. They achieve this by providing crucial API (Application Programming Interface) gateways that enhance online payment conversion rates and optimize the payment operations of their clients, so their business can scale high.

The company which emerged from stealth in 2021, claims its platform offers customers better reliability, higher uptime, and quicker problem resolution by utilizing direct connections with banks and networks and removing intermediaries.

In addition to its open banking features, Stitch provides client support, including localized insights into the payments landscape and custom-built, co-created solutions tailored towards removing the complexities of sending, receiving, and managing funds.

Its subsidiary WigWag, enables small businesses and micro-influencers who sell goods and services on social media platforms, to accept payment via a link and card.

Stitch relies on a powerful, Al-driven fraud engine to stop fraudulent actors in their tracks. With Stitch Shield, the platform can detect a potentially fraudulent transaction based on a defined set of criteria or rules, and automatically block that user’s device or delay settlement of their funds for further investigation across all of our clients.

The company powers payments for reputable organizations such as MTN, Multichoice, d.local, busbud easy-pay, Yoco, luno, bash, and Payflex, amongst others.