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Home Blog Page 3835

Nigeria’s Weakest Point To Development And How It Could Be Solved

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I wrote that the US, the UK and the EU made a very big mistake when they brought Western democracy to Africa, without the PROCESS to democracy. I posited that a component  of that Process is having a transparent, free and fair election, and where they’re unable to deliver such, their unalloyed preaching of democracy in Africa is weakened, before citizens. I cited the case of Gabon where people seem to have given up on democracy as they jubilated when the military took over. So, besides the message of democracy, the Process to democracy must be strengthened. Read it here https://www.linkedin.com/feed/update/urn:li:activity:7102782338484314113/

Then, this comment dropped: “Your bias is obvious and still pained that your candidate lost the last election in Nigeria. Your preferred candidate won in Abia state and you adjudged that a good election. You only know in part even though you have a brilliant academic record. If the last election in Nigeria is conducted again in a free and fair environment, Tinubu will still win. And for a military coup to happen in Nigeria is akin to what we have experienced in the past. Peace is invaluable and let us keep praying and working towards a peaceful Nigeria.”

That piece did not mention Nigeria and Tinubu. My case study was Gabon. But, unfortunately, someone cannot just get away from our fault lines in Nigeria. Last year, 90% of my “negative” comments came from the Northern part of our nation; today, the Southwestern part has taken over. 

When I write that our currency is losing value (a fact), someone will comment that I hate Tinubu. But the same person used to agree with me in the past (I reminded him by sharing a previous comment). What has changed? A new tribe now controls Aso Rock and allegiance to Tribe becomes supreme over everything. That is the Nigerian way!

A few days ago, Arewa forum put out a press release, lamenting that its members have been cut-off from sweet power and Southwest was taking everything. I had noted that a few years ago, when I went to Aso Rock when Jonathan was the president, it was like an Ijaw and Igbo club! 

And at one point in that regime, no Southwesterner was closer to power; in other words, the Southwest was cut-out. Buhari came, cut-out the Igbos. During Jonathan, the Igbos held great positions but the people did nothing in the Igbo Nation, but everyone was happy! 

Where am I going? Nigeria has a major fault line: we hate corruption, cheating, etc only when it is not our tribe that benefits. But once it benefits us, it is fine. That is the reason people rationalize everything.

A few years ago, my state gave me an award as Abian of the Year, Abia Ambassador, etc. The next day, I wrote an article on the challenges in Aba. Someone called me from the Government House to express his disapproval. He made a point that my village did not vote for the government despite him appointing one of my kinsmen. Simply, the expectations were to play along because yours is in power.

I believe in ONE Nigeria and I have proposed a Nigeria Union which is structured around six nations. Think of how Europe handles many European nations with a population smaller than Oshodi Lagos (Iceland population  is less than 400k). With that, Europe removes the demons of identity so that Ade can read Kemi, Kanu can read Eze, Usman can read Adamu, etc, and then harmonizes all at the continental level. Magic.

If Southeast/SS/SW… is a nation within Nigeria Union, and is autonomous, and only connected to the Nigeria Union, under a (Nigeria Union) rotational presidency which is largely ceremonial, that my post would not have been viewed as being “biased”. But because it is written by “Ndubuisi”, it must be against Southwest. That mindset is our weakest point and a Nigeria Union as I have explained will solve it. We’re irredeemable on our national fault lines because we’re the same.

That mindset is our weakest point and a Nigeria Union as I have explained will solve it. We’re irredeemable on our national fault lines because we’re the same. 

(As you read, think that Ndubuisi Adamu Abiola wrote this, and not Ndubuisi Ekekwe. Does that help?)

Guidelines For The Importation And Release Of Investigational Medicinal Products, and Food and Drug Items by NGOs, in Nigeria

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Regulatory Guidelines For The Importation & Release of Investigational Medicinal Products in Nigeria.

This article will be looking at the regulatory guidelines governing the Importation and release of investigational medicinal products, which are unregistered medicines, and which may only be brought into the country after a positive ethical opinion is obtained, the clinical trial application has been approved and a letter of authorization has been issued by NAFDAC (National Agency For Food and Drug Administration and Control).

The holder of the authorization must ensure that permit to import IMP has been issued by NAFDAC, prior to importation. The quantity(ies) of IMPs to be imported will be dependent on the sample size of the study, in accordance with the approved study protocol.

The National Regulatory Authority (NRA) of the producing country should be responsible for assurance of compliance with Good Manufacturing Practice (GMP) for the manufacture and lot release of clinical batches of the IMP.

The Agency should take all appropriate measures to ensure that the holder of the authorization has permanently and continuously at his disposal the services of at least one qualified person who is responsible for ensuring:

a). In the case of investigational medicinal products that each batch has been manufactured and checked in accordance with internationally accepted standards of good manufacturing practice for medicinal products for human use, the product specification file and the information submitted in the application for authorization;

b). in the case of an investigational medicinal product which is a comparator product from a third country, and which has a marketing authorization, where the documentation certifying that each production batch has been manufactured in conditions at least equivalent to the standards of good manufacturing practice referred to above cannot be obtained, that each production batch has undergone all relevant analyses, tests or checks necessary to confirm its quality in accordance with the information submitted in the application for authorization.

In as much as the provisions laid down in the guidelines are complied with, investigational medicinal products shall not have to undergo any further testing if they are imported into the country in which the clinical trial is to be conducted, together with batch release certification signed by the qualified person.

-In all cases, the qualified person must certify in a register or equivalent document that each production batch satisfies the provisions as stated above. The said register or equivalent document should be kept up to date as operations are carried out and shall remain at the disposal of the agents of the competent authority for a period of not less than five years.

What is the scope of the guidelines?

-This guideline applies to all investigational medicinal products, including vaccines, which do not have marketing authorization in the country of intended use.

-All procedures should apply to the placebo product, if applicable to the relevant clinical trial.

-During the period of validity of the trial authorization, any subsequent importations should be subject to the same procedures.

What are the responsibilities of the sponsor?

-The sponsor should not supply an investigational medicinal product until the sponsor obtains all required documentation (e.g. approval from the appropriate ethics committee and regulatory authority(ies)).

-The sponsor should ensure that the investigational product(s) (including active comparator(s) and placebo, if applicable) is characterized as appropriate to the stage of development of the product(s), is manufactured in accordance with applicable GMP, is coded and labeled in a manner that protects the blinding, if applicable.

-The sponsor should determine the investigational medicinal product(s) acceptable storage conditions (e.g. Temperature, protection from light, etc.), reconstitution fluids and procedures, and devices for product infusion, if any.

-The sponsor should:

a).Ensure timely delivery of investigational medicinal product(s) to the investigator(s);

b). Maintain records that document shipment, receipt, disposition, return and destruction of the investigational product(s);

c).Maintain a system for retrieving investigational medicinal product(s) and documenting this retrieval (e.g. for deficient product recall, reclaim after trial completion, expired product reclaim);

d). Maintain a system for the disposition of unused investigational medicinal product(s) and for the documentation of this disposition.

e).Take steps to ensure that the investigational medicinal product(s) are stable over the period of use; this data should be available on request and for inspection purposes (where applicable). If non-compliance with the specifications becomes evident in the stability studies during the period of use in the clinical trial, the sponsor should notify the investigators and arrange to take appropriate steps;

f). Maintain sufficient quantities of the investigational medicinal product(s) used in the trial to reconfirm specifications, should this become necessary, and maintain records of batch sample analyses and characteristics. To the extent stability permits, samples should be retained either until the analyses of the trial data are complete or as required by the applicable NAFDAC requirement(s), whichever represents the longer retention period.

What are the provisions of the guidelines regarding labeling and packaging?

-The labeling of investigational medicinal products should comply with the relevant NAFDAC requirements.

-The particulars should appear in English and any other language on the outer packaging or, where there is no outer packaging, on the immediate packaging.

-The particulars should include at least the following information:

a).State clearly that it is a clinical trial material.

b).The product name or unique code.

c). Storage temperature and conditions.

d) . Expiry date.

e). Sponsor contact details.

-The Investigational medicinal products should be packaged to prevent contamination and unacceptable deterioration during transport and storage.

– The investigational medicinal product(s) should be stored as specified by the sponsor, and in line with NAFDAC Good Distribution Practice (GDP) and Good Manufacturing Practice (GMP guidelines ), and other NAFDAC regulations and conditions (if applicable).

-In blinded trials the coding system for the investigational medicinal product(s) should include a mechanism that permits rapid identification of the product(s) in case of a medical emergency but does not permit undetectable breaks of the blinding.

What are the provisions of the guidelines on importation and release?

-Shipping of investigational medicinal products should be conducted according to instructions given by or on behalf of the sponsor in the shipping order. 

-A pre-clearance inspection should be carried out at the port of entry by the Agency. This should include the shipping documentation and overall physical condition of the consignment.

-If specific storage conditions are essential to ensure the quality of the product, e.g. maintenance of cold chain in the case of vaccines, a device that will confirm that storage temperatures were not exceeded during transport should be included with the shipment.

Documentation

-Documentation that should accompany each consignment of IMP should enable NAFDAC at the port of entry to release the product to the investigator(s) responsible for conducting the clinical trial in the country.

-This documentation should include at least:

  1. A valid Import Permit stating the quantity(ies) of IMPs to be imported.
  1. The CoA of each batch of the investigational medicinal product(s) as well as comparator(s), if relevant.
  1. A copy of NAFDAC letter of authorization of clinical trial.
  1. A copy of a valid Certificate of Manufacture issued by the competent Regulatory Authority in the country of origin.
  1. A copy of a valid WHO certificate of a pharmaceutical product issued by the competent Regulatory Authority in the country of origin.
  1. The Cover Sheet should be completed by the sponsor and should accompany each consignment of investigational medicinal products.
  1. The Checklist may be used by the sponsor to ensure that the required documents are attached and correct, but a blank document should be submitted with the Cover Sheet for use by the Agency staff responsible for authorizing the importation of the IMP.

Guidelines For The Importation of Food and Drug Items by NGOs in Nigeria

The National Agency For Food and Drug Administration and Control (NAFDAC) guidelines for the approval of food and drug importation for the interest of the general public and in particular, various Non-Governmental Organizations (NGOs) that wish to import NAFDAC regulated items in pursuit of their humanitarian objectives. 

This article will be focused on highlighting the requirements needed by NGOs to procure food and drug importation permits in Nigeria.

What is the implication of the NAFDAC guidelines?

Under the guidelines,no food, drug, cosmetics, packaged water, detergent, medical device shall be manufactured, imported, exported, advertised, sold, distributed or used in Nigeria unless it has been registered in accordance with the provisions of NAFDAC Act CAP N1 (LFN) 2004, other related Legislations and the accompanying Guidelines 

– For Pharmaceutical product(s), approval of Letter of No Objection can only be granted for applications made in favor of a duly registered Pharmaceutical company.

What are the regulatory steps involved in applying for an importation approval under the guidelines?

Step I

Application

-The following documents should be uploaded online in addition to an application (handled by legal counsel):

-A duly signed application letter titled Approval to Import Donated items by Non-Governmental Organizations addressed to the Director, Ports Inspection.

Step II

Review of application

-The application and accompanying documents are subsequently reviewed.

Step III

Payment

The applicant is required to visit www.remita.net to generate a Remita invoice from any nearest commercial bank for payment.

Step V

Issuance of Authorization

-Upon satisfactory review of the documents, an electronic copy of the Approval to Import Donated items by Non-Governmental Organizations is issued which the applicant can access through their TIN (Tax Identification Number) on the trade portal

What are the cautionary notices stipulated by the guidelines?

-NAFDAC does not take responsibility for any risk associated with the mode of transportation of the products being exported.

-The timelines for the Issuance of Approval to Import Donated items by NonGovernmental Organizations is seventy-two (72) hours from time of submission. The timeline for processing is suspended when there is a compliance directive and resumes when applicant complies and communicates compliance to the Agency.

-The Approval to Import Donated items by Non-Governmental Organizations expires 31st December every year.


What are the definitions and abbreviations of various terms under the guidelines?

  • CoA: Certificate of Analysis
  • GMP: Good Manufacturing 
  • Practices IMP: Investigational Medicinal Product
  • It is a pharmaceutical form of an active substance or placebo being tested or used as a reference in a clinical trial, including products already with a marketing authorization but used or assembled (formulated or packaged) in a way different from the authorized form, or when used for an unauthorized indication, or when used to gain further information about the authorized form.
  • NRA: National Regulatory Authority
  • NAFDAC: National Agency for Food and Drug Administration and Control.
  • Sponsor: An individual, company, institution or organization which takesresponsibility for the initiation, management and/or financing of a clinical trial.

The Bust of Gay Wedding in Delta State: What the law says in Nigeria!

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Nigeria police continues to struggle to maintain peace

Earlier this week, the news reported that the Delta State police command got a tip-off about an ongoing gay marriage celebration in the state, they swung into action and busted the gay wedding whilst it was still ongoing. From that operation, they arrested over 100 gay suspects participating in the gay wedding together with the gay partners that are getting wedded in the state. 

Despite what you may hear from woke activists or the Nigerian branch of the LGBTQ folks criticizing this operation and calling for the release of the arrested gay suspects, Gay or same-sex marriage as it stands now is illegal and criminal in Nigeria. It became illegal and criminalized in 2014 when the then president Goodluck Ebele Jonathan signed The Same-Sex Marriage (Prohibition) Bill into law on January 7, 2014. 

This law criminalizes same-sex marriage, and participating in gay activities and prohibits registration of gay clubs or gay associations. 

Section 5 of this law, imposes a 14-year prison jail term on anyone who enters into a same-sex marriage marriage or civil union in Nigeria and imposes a 10-year sentence on individuals or groups, including religious leaders, who witness, abet, and aid the solemnization of a same-sex marriage or union. It also imposes a 10-year prison sentence on those who directly or indirectly make a public show of a same-sex amorous relationship and anyone who registers, operates, or participates in gay clubs, societies, and organizations including supporters of those groups. This law in its section 4 expressly prohibits and expressly bans any gay association and its activities or its registration. 

By the content of this law which is still in full operation in Nigeria, if those arrested by the Delta state police command are to be charged to court, the gay partners who celebrated the marriage will be sent to jail for 14 years each while those other persons who were there to witness the solemnization will be slapped with a ten years jail term each. That is the law. 

This law vests its jurisdiction on the state high courts and the federal high courts. Therefore, when a suspected gay person is to be tried and prosecuted, it is the state high court or the federal high court that has jurisdiction.

SEC likely to Approve Spot Bitcoin ETF following Grayscale Victory in Lawsuit

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Bloomberg Intelligence, a leading provider of research and analysis on financial markets, has published a report that suggests a spot Bitcoin exchange-traded fund (ETF) could be approved by the US Securities and Exchange Commission (SEC) soon. A spot Bitcoin ETF would allow investors to directly buy and sell the cryptocurrency through a regulated platform, unlike the existing Bitcoin futures ETFs that track the price of Bitcoin contracts traded on derivatives exchanges.

According to Bloomberg Intelligence, the SEC is likely to approve a spot Bitcoin ETF proposal filed by Valkyrie Investments, which has a deadline of Nov. 14. The report cites several factors that could favor Valkyrie’s application, such as its use of Coinbase Custody as the custodian of the Bitcoin assets, its compliance with the SEC’s requirements for liquidity and diversification, and its relatively low expense ratio of 0.5%.

The report also notes that the SEC has recently signaled a more open stance towards cryptocurrency regulation, as evidenced by its approval of the first Bitcoin futures ETFs in October, its appointment of a new director of the Division of Investment Management who has experience in crypto-related matters, and its engagement with industry stakeholders and experts on various crypto topics.

If approved, a spot Bitcoin ETF would be a major milestone for the crypto industry, as it would provide a more convenient and accessible way for investors to gain exposure to Bitcoin without having to deal with the technical and security challenges of buying and storing the digital asset directly. It would also likely boost the demand and price of Bitcoin, as well as increase its legitimacy and adoption among mainstream investors and institutions.

The case involved Grayscale’s Bitcoin Trust (GBTC), a publicly traded fund that holds bitcoin and allows investors to gain exposure to the cryptocurrency without owning it directly. The SEC had accused Grayscale of violating securities laws by failing to register GBTC as an exchange-traded fund (ETF) and by charging excessive fees to investors.

However, on August 30, 2023, a federal judge ruled in favor of Grayscale, finding that GBTC was not an ETF and that the SEC had no authority to regulate it as such. The judge also dismissed the SEC’s claims that Grayscale had misled investors or engaged in unfair practices.

The ruling was a huge relief for Grayscale and its investors, who had faced uncertainty and volatility in the GBTC market for months. The SEC’s lawsuit had caused a significant discount in GBTC’s share price compared to the underlying value of its bitcoin holdings, leading to massive losses for some investors and arbitrage opportunities for others.

The judge’s decision also triggered a massive liquidation of short positions on GBTC, as traders who had bet against the fund were forced to cover their losses. According to data from Bybt, more than $80 million worth of GBTC shorts were liquidated in the 24 hours following the ruling, resulting in a sharp increase in GBTC’s share price and premium.

The victory for Grayscale is also seen as a positive sign for the crypto industry as a whole, as it shows that the SEC’s attempts to crack down on crypto-related products may not hold up in court. The ruling could also pave the way for more innovation and adoption of crypto ETFs in the U.S., as other fund managers may follow Grayscale’s example and challenge the SEC’s authority.

Binance will Delist $BUSD in 2024

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Binance, one of the largest cryptocurrency exchanges in the world, has announced that it will stop supporting $BUSD, its own stablecoin Issued by Paxos Trust and it’s pegged 1-1 to the US dollar, by the end of 2024. This decision comes as a result of regulatory pressure and compliance issues that have affected Binance’s operations in several countries.

Binance launched $BUSD in September 2019, in partnership with Paxos Trust Company, a regulated financial institution that also issues other stablecoins such as $PAX and $PAXG. $BUSD was designed to offer traders and investors a convenient way to access the US dollar market without having to deal with fiat currency conversions or bank transfers. $BUSD is backed 1:1 by US dollars held in reserve by Paxos and is audited monthly by a third-party firm.

Since its launch, $BUSD has grown to become one of the most popular and widely used stablecoins in the crypto space, with a market capitalization of over $12 billion as of August 2023. It is supported by more than 100 platforms and services, including Binance’s own ecosystem of products such as Binance Smart Chain, Binance Pay, Binance Card, and Binance Earn. $BUSD is also integrated with several DeFi protocols and applications, such as Aave, Compound, Curve, MakerDAO, and Uniswap.

However, despite its success and popularity, $BUSD has also faced some challenges and controversies in the past year. In June 2021, Binance was reportedly under investigation by the US Department of Justice and the Internal Revenue Service for possible tax evasion and money laundering activities involving its users and employees.

In July 2021, Binance was ordered by the UK Financial Conduct Authority to stop offering regulated services in the country without proper authorization. In August 2021, Binance was sued by a group of investors who claimed that the exchange manipulated the price of $BUSD to benefit itself and harm its customers.

These and other regulatory actions have prompted Binance to take several measures to improve its compliance and transparency standards, such as hiring former regulators and experts, implementing stricter KYC and AML policies, limiting leverage trading and derivatives products, and cooperating with authorities and industry partners. However, these measures have not been enough to appease some regulators and watchdogs, who have continued to scrutinize Binance’s activities and operations.

As a result, Binance has decided to phase out $BUSD by the end of 2024, citing “the changing regulatory landscape and customer demand”. According to a blog post published by Binance on August 31, 2023, the exchange will gradually reduce the supply of $BUSD over the next three years, until it reaches zero by December 31, 2024. During this period, Binance will continue to support $BUSD for trading, depositing, withdrawing, and redeeming on its platform and other services. However, Binance will also encourage its users to migrate to other stablecoins that are more widely accepted and regulated in their respective jurisdictions.

Binance has also assured its users that their funds are safe and that they will not lose any value or functionality during the transition process. Binance has stated that it will work closely with Paxos and other partners to ensure a smooth and seamless migration for its customers. Binance has also thanked its users for their support and trust in $BUSD over the past four years and has expressed its commitment to continue providing innovative and compliant products and services in the future.

Interestingly, Binance Japan, the Japanese subsidiary of the global cryptocurrency exchange Binance, announced that it will list 100 new tokens on its platform, tripling the current number of available tokens. This is a major expansion for the exchange, which aims to provide more options and opportunities for its users in the Japanese market.

According to a press release, Binance Japan will list the new tokens in batches, starting from September 1st. The first batch will include 20 tokens, such as Ethereum (ETH), Cardano (ADA), Polkadot (DOT), Solana (SOL), and Chainlink (LINK). The second batch will follow on September 15th, and the third batch on September 30th. The remaining tokens will be listed gradually over the next few months.

Binance Japan said that the new tokens were selected based on their popularity, liquidity, innovation, and compliance with the Japanese regulations. The exchange also said that it will conduct regular reviews of the listed tokens to ensure that they meet the standards and expectations of its users and regulators.

The CEO of Binance Japan, said that the listing of 100 new tokens is a milestone for the exchange and the Japanese crypto community. He said that Binance Japan is committed to providing a safe, secure, and diverse platform for its users, and that it will continue to explore new ways to enhance its services and products.

“We are thrilled to offer our users more choices and opportunities in the crypto space. By listing 100 new tokens, we are not only expanding our portfolio, but also supporting the growth and innovation of the crypto industry in Japan. We believe that this will benefit both our users and the entire ecosystem,” he said.