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Join Ndubuisi Ekekwe for A Deep Conversation on Fintech in Fidelity Bank Plc’s Fintech Conference

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Thank you Fidelity Bank PLC for your special invitation. Good People, join me at George R Brown Convention Center, Houston Texas on Oct 24, 2023 for a deep conversation on the new age of Fintech and its promises. The world of banking has gone through core phases: the banking of the Invention Society Era to the current banking of the Innovation Society Era.

The next phase is what I have called the Accelerated Society Era, and banking will be remade in ways and forms, through new species of technologies, which will drive a high level of efficiency on the operating (OS) system of global commerce and industry. That OS is financial services which remain the fulcrum upon which market systems run. Indeed, it is about Demand and Supply with “pricing and payment” linking core business activities, and you need the OS to bring all to equilibrium.

Look into the horizon and see a new dawn in financial services. The big American banks do not understand the core needs of the Africa-based customers, just like the African banks are learning to understand what matters to their British, US, etc customers. Within those constructs, huge opportunities remain.

If I have $20k or local equivalent in a bank in Kenya and need a $10k loan in Nigeria to expand my operations, can interoperability in banking make that possible? Or can I even walk into any bank in Nigeria and cash some of that money agnostic of the bank brand? Many more possibilities await. Join us for the big conversation in Texas.

 

The NAFDAC Good Pharmacovigilance Practice Guidelines in Nigeria

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This article will be focused on notable provisions of the National Agency For Food and Drug Administration and Control (NAFDAC) on Good Practices of Pharmacovigilance, which the World Health Organization(WHO) has defined Pharmacovigilance as the science and  activities relating to the detection, assessment, understanding and prevention of  adverse effects or any other medicine-related problem. 

The ultimate goal of  pharmacovigilance is to improve the safe and rational use of medicines, thereby  improving patient care and public health. The National Agency for Food and Drug Administration and Control (NAFDAC)  ACT Cap N1, LFN 2004 empowers the Agency to control and regulate the  manufacture, importation, exportation, distribution, advertisement, sale and use of its  regulated products.

This mandate requires the Agency to ensure the quality, safety  and efficacy of all regulated products. The Agency therefore has developed NAFDAC Good Pharmacovigilance Practice  Regulations to ensure safety of medicinal products that it regulates. 

The NAFDAC regulations describe the obligations of the Certificate of Registration Holder to set up a system for pharmacovigilance in order  to collect, collate and evaluate information about suspected adverse reactions of  products it puts into the Nigerian market. The ultimate goal is to ensure that  medicinal products put into the Nigerian market are safe and effective, and continue  to provide a satisfactory balance between their benefits and risks. 

The obligations concerned with the monitoring of adverse reactions occurring in clinical trials do not  fall within the scope of pharmacovigilance activities, as described in these guidelines.  The relevant obligations in safety reporting for clinical trials are as prescribed in  NAFDAC Good Clinical Practice Regulations. 

What are the objectives of the guidelines?

These guidelines are intended to help all stakeholders comply with the provisions of  the GVP regulations. They provide detailed guidance for Certificate of Registration  holders on establishing and maintaining a pharmacovigilance system including its  quality management, pharmacovigilance system master file, adverse reaction/event reporting, risk management, post authorization safety/efficacy studies, risk  communication and pharmacovigilance audit. The first edition of these guidelines published in 2016 was adapted from the  European Medicines Agency’s guidelines for Good Pharmacovigilance Practices  (GVP), that provides the most comprehensive description of best practices in safety  monitoring and reporting for Certificate of Registration holders. 

This first review is in compliance to the NAFDAC Quality Management System  requirement for continuous improvement. This document is to be used in conjunction with other existing relevant medicinal  product statutes in the country. The good practices outlined below are to be considered  general guides, and they may be adapted to meet individual needs as long as the Certificate of Registration holder achieves compliance  with regulatory objectives.

What is the scope of the guidelines? 

These guidelines apply to all entities that have authorisation to put  medicinal products into the Nigerian market. 

Who is an eligible certificate of registration holder under the guidelines?

The Certificate of Registration holders include but are not limited to :-

– NAFDAC license  holders;

– Individuals, 

-Public and private institutions,

– Manufacturers, importers and  donors of medicinal products. 

These guidelines apply to products whose authorisation to market or distribute include  requirements for active safety monitoring. 

What are the product categories covered by the GVP regulations?

The products covered by the GVP regulations include but are not limited to: 

  • Products developed wholly or to a greater extent in other regions. 
  • Products with less than ten (10) years post marketing experience elsewhere  or five (5) years in Nigeria.
  • Advanced therapeutic products such as tissue, cell or gene based products .
  • Products that are subject to risk management plans in any other country .
  • Orphan medicinal products 
  • Products that received accelerated or conditional marketing approval in any  country .
  • Products for use solely in special populations such as children and the elderly.
  • Products that act via the immune system such as cytokines and monoclonal  antibodies.
  • CNS therapeutic products such as medicines for epilepsy, neurodegenerative  diseases, antipsychotics, antidepressants 
  • Any other product based on benefit risk assessment of the Agency .The Agency may also require a Certificate of Registration holder to adhere to these  guidelines where the Agency identifies safety concerns in the course of post  marketing surveillance. This does not discharge the Certificate of Registration holder  of the responsibility of monitoring the safety of all its medicinal products through  the established pharmacovigilance systems required by the Agency.

What exactly is a Pharmacovigilance system as mentioned under the guidelines?

 -A pharmacovigilance system is defined as a quality system used by  the Certificate of Registration Holder to fulfill its regulatory   responsibilities in relation to pharmacovigilance. It is designed to monitor   the safety of authorized medical products and detect any change to their   benefit-risk balance. 

– A pharmacovigilance system is characterized by its structures, processes and outcomes. It covers organizational structure, responsibilities,   procedures, processes and resources of the pharmacovigilance system as   well as appropriate resource management, compliance management and   record management. 

What are the quality objectives of a pharmacovigilance system?

The overall quality objectives of a pharmacovigilance system are: 

  • Complying with the legal requirements for pharmacovigilance tasks and responsibilities; 
  • Preventing harm from adverse reactions in humans arising from of authorized medicinal medicinal products within or outside the terms of Certificate of Registration such as off  label use, misuse, abuse or medication errors which result in  ADR or from occupational exposure;  
  • Promoting the safe and effective use of medicinal products, in particular through providing timely information about the safety of medicinal products to patients, healthcare professionals and the public; and 
  • Contributing to the protection of patients and public health. 

What are the general principles guiding the execution of quality objectives under the guidelines?

With the aim of fulfilling the overall quality objectives, the following  principles should guide the design of all structures and processes as well  as the conduct of all tasks and responsibilities: 

  • The needs of patients, healthcare professionals and the public  in relation to the safety of medicines should be met. 
  • Top management should provide leadership in the  implementation of the quality system and motivation for all  staff members in relation to the quality objectives. All persons within the organization should be involved in and support the  pharmacovigilance system on the basis of task ownership and responsibility to a degree according to their tasks and assigned responsibilities. 
  • All persons involved with the entire organization should  engage in continuous quality improvement. 
  • Resources and tasks should be organized as structures and  processes in a manner that will support the proactive, risk proportionate, continuous and integrated conduct of  pharmacovigilance. 
  • All available evidence on the benefit-risk balance of medicinal  products should be sought and all relevant aspects, which  could impact on the benefit-risk balance and the use of a  product, should be considered for decision-making. 
  • Good cooperation should be fostered between Certificate of  Registration Certificate of Registration holders , the  Agency, public health organizations, patients, healthcare  professionals, learned societies and other relevant bodies in  accordance with the applicable legal provisions.

What are the provisions of the guidelines on Personnel ?

-A sufficient number of competent and appropriately qualified and  trained personnel should be available for the performance of  pharmacovigilance activities. Their responsibilities should include  adherence to the principles defined in the guidelines.

– Managerial staff should be responsible for: 

  • Ensuring that the organization documents the quality system  as described under the guidelines.
  • Ensuring that the documents describing the quality system are  subject to document control in relation to their creation,  revision, approval and implementation; 
  • Ensuring that adequate resources are available and that  training is provided ; 
  • Ensuring that suitable and sufficient premises, facilities and  equipment are available ; 
  • Ensuring adequate compliance management ;  

f.Ensuring adequate record management ; 

  • Reviewing the pharmacovigilance system including its quality  system at regular intervals in a risk- based manner to verify its effectiveness  and introducing  corrective and preventive measures where necessary; 
  • Ensuring that mechanisms exist for timely and effective  communication of safety concerns relating to medicinal  products within the organization; 
  • Identifying and investigating concerns arising within the  organization regarding suspected non-adherence to the  requirements of the quality and pharmacovigilance systems  and taking corrective and preventive action as necessary; 
  • Ensuring that audits are performed . 

-In relation to the management responsibilities described  above, top management within the organization should  provide leadership through: 

  • Motivating all staff members’ based on shared values, trust  and freedom to speak and act with responsibility and through  recognition of staff members contributions within the  organization; 
  • Assigning roles, responsibilities and authorities to staff  members according to their competencies and communicating  and implementing these throughout the organization. 

Training of personnel for pharmacovigilance 

– Achieving the required quality for the conduct of pharmacovigilance  processes and their outcomes by an organization is intrinsically linked  with the availability of a sufficient number of competent and  appropriately qualified and trained personnel.

-All personnel involved in the performance of pharmacovigilance  activities should receive initial and continued training. This training  should relate to the roles and responsibilities of the personnel.

– The organization should keep training plans and records for  documenting, maintaining and developing the competences of  personnel. Training plans should be based on training needs  assessment and should be subject to monitoring. 

– The training should support continuous improvement of relevant  skills, the application of scientific progress and professional  development and ensure that staff members have the appropriate  qualifications, understanding of relevant pharmacovigilance  requirements as well as experience for the assigned tasks and  responsibilities. 

– All staff members of the organization should receive and be able to seek information about what to do if they become  aware of a safety concern. 

– There should be a process in place within the organization to check  that training results in the appropriate levels of understanding and  conduct of pharmacovigilance activities for the assigned tasks and  responsibilities. 

– The system should also be able to identify unmet  training needs, in line with professional development plans agreed for  the organization as well as the individual staff members. 

– Adequate training should also be considered by the organization for  those staff members to whom no specific pharmacovigilance tasks  and responsibilities have been assigned but whose activities may have  an impact on the pharmacovigilance system or the conduct of  pharmacovigilance.

– Such activities include but are not limited to those  related to clinical trials, technical product complaints, medicinal  information, terminologies, sales and marketing, regulatory affairs,  legal affairs and audits. 

Facilities and equipment for pharmacovigilance 

-Achieving the required quality for the conduct of pharmacovigilance  processes and their outcomes is also intrinsically linked with  appropriate facilities and equipment used to support the processes.  

-Facilities and equipment should include office space, information  technology (IT) systems and (electronic) storage space.

– Facilities and equipment should be located, designed, constructed,  adapted and maintained to suit their intended purpose in line with the  quality objectives for pharmacovigilance and also be  available for business continuity. 

– Facilities and equipment which are critical for the conduct of  pharmacovigilance should be subject to  appropriate checks, qualification and/or validation activities to prove  their suitability for the intended purpose. 

– There should be processes in place to keep awareness of the valid  terminologies in their valid versions and to keep the  IT systems up-to-date accordingly. 

Specific quality system procedures and processes by Certificate of Registration holders For the purpose of compliance management

-Certificate of Registration holders should have specific quality system  procedures and processes in place in order to ensure the following: 

  • The continuous monitoring of pharmacovigilance data, the  examination of options for risk minimisation and prevention  and that appropriate measures are taken by the Certificate of  Registration holder; 
  • The scientific evaluation of all information on the risks of  medicinal products as regards patients or public health, in  particular as regards adverse reactions in human beings arising  from use of the product within or outside the terms of its Certificate of Registration or associated with occupational  exposure ; 
  • The submission of accurate and verifiable data on serious and  non-serious adverse reactions to the Agency within the legally  required time-limits ; 
  • The quality, integrity and completeness of the information  submitted on the risks of medicinal products, including  processes to avoid duplicate submissions and to validate  signals ; 
  • Effective communication by the Certificate of Registration  holder with the Agency, including: 
  • Communication on new or changed risks , 
  • The pharmacovigilance system master file , 

iii. Risk management systems , 

  • Risk minimization measures , 
  • Periodic safety update reports , 
  • Corrective and preventive actions,

vii. Post-authorisation safety studies .

  • The update of product information by the Certificate of  Registration holder in the light of scientific knowledge; 
  • Appropriate communication of relevant safety information to  healthcare professionals and patients.

JPMorgan lowers Bitcoin Mining cost estimate following CBECI Update

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JPMorgan, one of the largest investment banks in the world, has revised its estimate of the cost of mining one bitcoin, following the recent update of the Cambridge Bitcoin Electricity Consumption Index (CBECI). According to a report by Bloomberg, JPMorgan now estimates that the average cost of producing one bitcoin is around $21,000, down from its previous estimate of $23,000 in April.

The Cambridge Bitcoin Electricity Consumption Index (CBECI) is a tool that provides a real-time estimate of the total electricity consumption of the Bitcoin network. The CBECI is developed by the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge and is based on a bottom-up approach that aggregates the electricity consumption of different types of Bitcoin mining hardware.

The CBECI, which tracks the energy consumption of the bitcoin network, has lowered its estimate of the annualized electricity usage of bitcoin mining from 143 terawatt-hours (TWh) in April to 113 TWh in July, a decrease of 21%. This reflects the impact of the crackdown on bitcoin mining in China, which forced many miners to shut down or relocate to other countries with cheaper and greener energy sources.

The CBECI aims to provide a transparent and reliable benchmark for the energy consumption of Bitcoin, as well as to raise awareness about the environmental impact of this emerging technology. The CBECI also offers a comparison with alternative uses of electricity, such as the power consumption of countries, regions, or industries.

The lower cost of mining bitcoin could have implications for the price and profitability of the cryptocurrency, as well as its environmental impact. JPMorgan analysts wrote that the lower electricity consumption could make bitcoin more attractive to institutional investors who are concerned about the carbon footprint of their portfolios.

They also suggested that the lower production cost could provide a floor for the bitcoin price, as miners would be less likely to sell their coins below their break-even point. However, they also cautioned that the price of bitcoin is still influenced by many other factors, such as supply and demand dynamics, regulatory developments, and innovation in the crypto space.

JPMorgan’s revised estimate of the bitcoin mining cost is still higher than some other sources, such as CoinShares, which estimated the average cost at $15,000 in May. The discrepancy could be due to different assumptions and methodologies used by different analysts.

The CBECI is updated every 30 seconds and provides three different estimates: a lower bound, an upper bound, and a best guess. The lower bound represents the minimum possible electricity consumption of the Bitcoin network, assuming that all miners use the most energy-efficient hardware available. The upper bound represents the maximum possible electricity consumption of the Bitcoin network, assuming that all miners use the least energy-efficient hardware available. The best guess is an approximation based on the average electricity consumption of different types of hardware, weighted by their respective market share.

According to the CBECI, as of September 9, 2023, the annualized electricity consumption of the Bitcoin network is 184.6 TWh, which is equivalent to the power consumption of Egypt or 0.8% of the global total. The lower bound is 83.5 TWh, which is equivalent to the power consumption of Chile or 0.4% of the global total. The upper bound is 402.4 TWh, which is equivalent to the power consumption of Germany or 1.7% of the global total.

The CBECI also shows that if Bitcoin were a country, it would rank 27th in terms of electricity consumption, ahead of countries such as Belgium, Switzerland, or Sweden. Moreover, the CBECI reveals that the carbon footprint of Bitcoin is 90.6 Mt CO2 per year, which is comparable to the emissions of Portugal or New Zealand.

The CBECI is a valuable resource for anyone interested in understanding the environmental implications of Bitcoin and its potential for innovation and social change. The CBECI is accessible online and offers interactive charts and data visualizations that allow users to explore various aspects of Bitcoin’s electricity consumption and compare it with other uses of energy.

For instance, JPMorgan assumes a constant hash rate and difficulty level for the bitcoin network, while CoinShares adjusts them according to the changes in the network activity. Moreover, JPMorgan uses a weighted average of electricity prices across different regions, while CoinShares uses more granular data on the locations and energy sources of miners. Therefore, it is important to take these estimates with a grain of salt and recognize that they are not precise or definitive measures of the true cost of mining bitcoin.

US Senator calls for Incremental Approach to Crypto Regulations

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US Senator Bill Hagerty, a Republican from Tennessee, has recently expressed his views on the regulation of cryptocurrencies in the United States. In an interview with CNBC, Hagerty said that he supports a “light-touch” and “incremental” approach to regulating the crypto industry, rather than imposing a “one-size-fits-all” framework that could stifle innovation and competition.

Hagerty argued that cryptocurrencies are a new and evolving technology that offer many benefits to consumers, investors, and businesses. He said that cryptocurrencies can enhance financial inclusion, lower transaction costs, increase transparency, and foster economic growth. He also acknowledged the challenges and risks that crypto poses, such as volatility, cyberattacks, money laundering, and tax evasion.

Hagerty said that he is working with his colleagues in the Senate Banking Committee to find a balanced and bipartisan solution to address these issues. He said that he wants to ensure that the US maintains its leadership role in the global crypto market, while also protecting the interests and safety of the American people. He said that he is open to dialogue and collaboration with the crypto industry and other stakeholders to achieve this goal.

Hagerty’s comments come at a time when the US government is facing increasing pressure to regulate the crypto sector. In August, the Senate passed a $1 trillion infrastructure bill that included a controversial provision that would expand the definition of a “broker” for tax purposes to include any entity that facilitates crypto transactions. The provision was widely criticized by the crypto community as being too broad and vague, and potentially affecting miners, developers, validators, and other intermediaries who do not have access to customer information.

The provision was also opposed by some senators, including Hagerty, who proposed an amendment to narrow the definition of a broker and exclude non-custodial actors. However, the amendment failed to pass due to procedural hurdles. The infrastructure bill is now pending in the House of Representatives, where some lawmakers have expressed their intention to revise or remove the crypto provision.

The crypto industry has also been subject to increased scrutiny by other regulators, such as the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury Department. The SEC has been pursuing enforcement actions against some crypto companies and projects for allegedly violating securities laws. The CFTC has been overseeing the derivatives market for crypto assets and imposing fines for fraud and manipulation. The Treasury Department has been implementing anti-money laundering and counter-terrorism financing rules for crypto transactions.

If you want to invest or trade in crypto, you need to know how the US government regulates it. There is no single regulator, but many different ones with different roles and rules. Here are the main ones:

The SEC oversees securities, such as ICOs and some tokens. It tries to protect investors from fraud and enforce registration and disclosure requirements. It also approves or rejects new products and services, such as ETFs and DeFi platforms.

The CFTC regulates derivatives, such as futures, options, and swaps. It covers commodities, such as Bitcoin and Ether. It approves crypto derivatives products that trade on regulated exchanges. It also prevents market abuse and systemic risk.

FinCEN enforces anti-money laundering laws. It applies to crypto businesses that are money services businesses, such as exchanges, wallets, kiosks, and payment processors. It requires them to register, implement AML programs, conduct CDD, report SARs, and keep records.

The IRS collects taxes from crypto transactions. It treats crypto as property, not currency. It requires taxpayers to report their gains and losses from crypto transactions and pay taxes accordingly. It also issues guidance and rules on how to calculate and report taxes on crypto.

These are the main regulators that affect crypto in the US, but there are others as well, such as state authorities and federal agencies. The regulatory landscape for crypto in the US is complex and uncertain, as different agencies have different mandates, jurisdictions, and approaches. This has created confusion and challenges for both regulators and market participants. Hagerty’s call for an incremental approach to regulate crypto reflects the need for clarity and coordination among policymakers, as well as flexibility and innovation from the industry.

As Crypto Storms Rage, Pomerdoge (POMD) Shines as a Beacon of Hope for Aptos (APT) and Cosmos (ATOM) Holders

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Amidst the volatility and uncertainty of popular coins like Aptos (APT) and Cosmos (ATOM), Pomerdoge (POMD) offers a refreshing glimmer of hope. Notably, Pomerdoge is running a presale event of discounted POMD tokens, making it easier for users to get on board with the project at the lowest price. Let’s dive into the recent price action and fundamentals of these three altcoins.

Click Here To Find Out More About The Pomerdoge (POMD) Presale

Pomerdoge (POMD): Crafting a Unique Narrative in the Crypto World

Pomerdoge isn’t just another memecoin catching the trend’s tailwind. It’s architecting its own story, anchored by its play-to-earn (P2E) framework and an interactive marketplace, Pomerplace.

All of the Pomerdoge elements come together to form a self-sustaining ecosystem, where users can earn POMD tokens for playing games and interacting with the platform. Additionally, they can use these tokens to purchase items in the Pomerplace marketplace, such as limited edition NFTs and rare collectible items.

By taking this approach, Pomerdoge crafts an ecosystem that captures the playful allure of memecoins while maintaining the depth and robustness typical of leading DeFi offerings.

The Pomerplace acts as a nexus for gamers, enabling the conversion of POMD tokens into coveted in-game assets. Moreover, the token’s versatility extends to staking for rewards, joining tournaments, and harnessing a host of evolving features.

It’s this dynamic blend of entertainment and utility that has captivated the sharpest minds from the Aptos and Cosmos communities. Whispers across the market indicate an audacious belief: the POMD might soar by over 5,000% in the coming year.

This optimistic sentiment is already mirrored in the project’s ongoing presale. Witnessing a sale of over a million tokens and a surge in the POMD token price from $0.007 to $0.009 within weeks, the momentum around Pomerdoge is undeniable.

What’s in Store for Aptos Aptos (APT) and the Shift towards Pomerdoge (POMD)

While Aptos had a strong start to 2023 with gains of over 400% in the first quarter, this trend has quickly reversed with the token dropping back to its pre-Q1 levels. The current price of $5.59 represents a fall of 94% from the all-time high of $20.42 set in 2022.

For those with a keen interest in Aptos, its dip below the pivotal $8.00 mark raises concerns. This level, once support, now looms as a potential resistance barrier for any hopeful rebounds. Aptos’s future hangs in the balance, with the $5.00 mark emerging as the next significant support checkpoint.

Analysts believe the price of Aptos will likely range between these two points for the remainder of 2023, with any further upside dependent on external factors. Thus, Aptos holders are changing direction by shifting to Pomerdoge as a safe haven.

As Aptos grapples within a crowded field of layer-1 protocols, Pomerdoge seems unaffected by any market turbulence and is slowly but surely making its way into the spotlight.

Cosmos (ATOM): The Pressing Need to Breach the $10 Mark

Cosmos’ vision of interoperability sought to solve a pivotal problem in decentralized finance: ensuring frictionless transactions across diverse blockchains. Yet, in spite of its revolutionary intent, the Cosmos token has witnessed a sharp 83% depreciation over a span of two years.

A slight recovery was seen in early 2023, with the Cosmos token rising to $15. However, it quickly fell back to a low of $7.40 at the time of writing. Market watchers have expressed apprehensions over its breach of the critical $10.00 threshold, hinting at possible further downward adjustments.

Unless Cosmos manages to climb back above the $10 benchmark, a sustained period moving sideways is likely to be on the cards with immediate support around the $5.70 and $4.00 markers.

Amidst Cosmos’ struggles to cement its foothold in the DeFi arena, there’s a discernible investor pivot towards Pomerdoge for the winning combination of fun and potential profits. The rush to grab the last remaining phase-1 tokens is only further fuelling the POMD rally.

Find out more about the Pomerdoge (POMD) Presale Today

Website: https://pomerdoge.com/

Telegram Community: https://t.me/pomerdoge