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Home Blog Page 4067

Nigerian Government Suspends Works on Lagos-Ibadan Expressway to Allow Ease of Vehicular Movement During Sallah Break

By
Tiamiyu Ismail
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0

Ahead of the Eid Celebration, the Federal Government through the Federal Ministry of Works and Housing has announced the suspension of the ongoing reconstruction of the Lagos-Ibadan Expressway, from Tuesday June 27 to Sunday July 2 to allow travellers that will be taking the route for Sallah holiday easy access

This was made known in a statement released on Monday by the Federal Controller of Works, Lagos Engr. (Mrs) Olukorede Kesha.

The statement reads: “Due to the recent heavy traffic flow being experienced on the Lagos Shagamu route in the last couple of days, the inclement weather conditions, the forthcoming Eid Kabir, and the advice of the traffic management team deployed to manage traffic related issues on the project.

“Construction activities on this ever busy and very important highway will be suspended from Tuesday, 27 of June to Sunday, 2 of July 2023.

“This is to allow travellers easy passage during the Eid holiday and minimise the discomfort of traffic gridlock during this very important period.

“Travelers are advised to cooperate with Traffic Management Team deployed on the highway to manage traffic.”

Mrs Olukorede Kesha urged road users to plan their travels and keep to traffic laws now that the federal govt has decided to listen to the complaints of people requesting that work be put on hold during the festive period to allow people to travel.

The Three-Part Test Analysis of “Trinity Guy” Case

By
Mutiu Iyanda
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0

It is not news anymore that Abdullahi Maruff Adisa, popularly known as Trinity Guy, sexually abused and exploited a child in the Kuola area of Ibadan, Oyo State. Abdullahi asked the victim the colour of his penis, recording the scene and posting it on social media. However, information has it that Abdullahi paid the child, and the parents knew that it was a prank. In this piece, our analyst examines the legal implications of the skit maker’s action from national and state legal perspectives.

Firstly, Chapter IV (Section 33–46) of the 1999 Constitution of the Federal Republic of Nigeria (FRN) provides for the fundamental rights of every person, including children. This right must not be denied by anyone in any part of Nigeria. As the state prosecutor hinted during the first court proceeding on Monday, June 26, 2023, the offences are contrary to Section 35 (1) and punishable under Section 35 (2) of the Oyo State Child Rights Law, 2006.

The offences also contravened Section 516 of the Criminal Code Laws of Oyo State, 2000, which states that “Any person who conspires with another to commit any felony, or to do any act in any part of the world which if done in Nigeria would be a felony, and which is an offence under the laws in force in the place where it is proposed to be done, is guilty of a felony and is liable, if no other punishment is provided, to imprisonment for seven years, or, if the greatest punishment to which a person convicted of the felony in question is liable is less than imprisonment for seven years, then to such lesser punishment.”

According to Nigeria’s Child Rights Act 2003, as domesticated by the Oyo State Child Rights Law 2006, “Every child must be protected against all forms of exploitation, indecent, or degrading treatment, including child labour, abuse and torture, sexual exploitation, sale, abduction, and drug abuse.

“Every child should be protected from any act that interferes with his or her privacy, honour, and reputation in the homes, family, and school, provided that a parent or legal guardian shall have the right to exercise reasonable supervision over the conduct of their children.”

Looking at the gravity of the offences, it would be hard for the defendants, especially Abdullahi, to pray to the court that he is expressing his fundamental human rights and also exercising his rights to labour or work under the 1999 Constitution. This is hinged on the existing global three-part test tool for analysing cases like this. The tool states that interferences with freedom of expression are legitimate only if they (a) are prescribed by law; (b) pursue a legitimate aim; and (c) are “necessary in a democratic society.”

Purpose or Objective

From the 1999 Constitution to the sections of the Oyo State Child Rights Law, 2006, and Section 516 of the Criminal Code Laws of Oyo State, 2000 invoked by the state prosecutor in this case, it is a must to protect the rights and welfare of children in Oyo State. The law aims to safeguard children from various forms of abuse, including sexual abuse and exploitation. The objective is to provide a legal framework that ensures the well-being and protection of children in the state.

Rational Relationship

The next step is to assess whether there is a rational relationship between the actions of the skit maker and the objective of the law. In this case, Abdullahi, the skit maker, is accused of sexually abusing and exploiting a child by recording the incident and sharing it on social media. If proven true, these actions can be seen as violating the child’s rights and contravening the objective of the Child Rights Law, which seeks to prevent such abuses.

Proportionality

The third component involves examining the proportionality of the law’s impact on individual rights. The question here is whether the punishment prescribed by the Child Rights Law, which includes a potential sentence of 15 years imprisonment for the skit maker if found guilty, is proportional to the offense committed.

Overall, Abdullah cannot claim that he was pursuing legitimate means of livelihood at the detriment of a minor. The parents, who were also said to be aware, cannot claim ignorance by not knowing that their child should be protected from any form of exploitation. Therefore, prosecuting and sentencing the skit maker if found guilty is legitimate and “necessary in a democratic society.”

Binance Eyes United Arab Emirates Expansion as it Seeks to Deepen Operations in The Middle East

By
Ojukwu Emmanuel
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0

Crypto exchange company Binance is eyeing an expansion into the United Arab Emirates (UAE), as it seeks to deepen its operation into the middle east region, while it faces strict regulations in Europe.

Binance Dubai general manager Alex Chehade disclosed that UAE is a prime destination for crypto businesses seeking a clear path forward and noted its friendly stance toward digital assets.

Speaking on Binance’s proposed expansion to the United Arab Emirates, he said,

“Binance identified that the senior leadership of the UAE wanted to establish the region as a focal point for Web3. They are trying to diversify away from fossil fuels, and they see crypto as a great driver for doing so.

“Binance is here in the UAE because we have been given the surety that we can set up operations and build for the future. You don’t want to set up where the goalposts move. For big businesses, you need predictability, you need to plan and you need to budget”.

Chehade further stated that UAE’s Virtual Assets Regulatory Authority (VARA) is a key driving force behind the surge of crypto-related interest in the region. He noted that the region’s clear framework for people and businesses makes it easy to engage with, which has led to the influx of young people in the region.

On Binance Arabic handle on Twitter, the company posted a statistic, which showed the UAE ranked 1st in crypto owners globally at 27.67%.

Recall that in December 2021, Binance signed an agreement with Dubai World Trade Centre Authority to establish an industry hub for global virtual assets.

Also, last year November, Binance Holdings received in-principle approval from Abu Dhabi Global Market to operate as a crypto asset broker. The company is also eyeing web3 tech investments in the UAE and has appointed a fund manager based in Abu Dhabi.

The crypto exchange expansion to the Middle East is coming, following its intense scrutiny from financial regulators across the world.

In May this year, Binance announced that it would cease operations in Canada, citing the challenging regulatory environment. In July 2023, the crypto exchange exited the Netherlands, after it failed to obtain a virtual asset service provider (VASP) from the local regulator.

Last week, Belgium’s FSMA regulator ordered Binance to cease offering any virtual currency services in the country, adding to pressure on the world’s biggest cryptocurrency exchange.

Binance which was founded by Changpeng Zhao in Shanghai in 2017, has grown to dominate the crypto industry, which handles $65bn (£53bn) in daily trades but has recently continued to face intense scrutiny from keen regulators to clamp down on money laundering.

Notably, it is understood that the collapse of one of Binance’s biggest rivals, FTX, and the criminal proceedings that have followed, have negatively impacted the crypto sector, which has led to increased scrutiny on crypto exchanges.

In the UK, as part of the increased regulatory actions in the crypto industry, Binance is mandated to register with the FCA, which requires crypto exchanges to prove they have systems in place to prevent money laundering and terrorism financing.

Global financial watchdogs have expressed concern over issues including securities rules and consumer protections, and at the same time, Binance has been reported to struggle to keep up its compliance function on par with its rapid growth.

Design with Human-Centricity, Time for Human-Centered Design

By
Ndubuisi Ekekwe
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0

The Igbo Nation says that “ahia oma na-ere onwe ya” [good products sell themselves because the referral system works]. Paraphrasing king Oliver de Coque’s “good music comes from Chi [God]”, allow me to write that “good products come from design”.

Tomorrow, one of the top leading design experts, Dr Obinna Anya of Google, will teach us about Human-Centered Design in Tekedia Mini-MBA. Come and learn #design which is centered around humans. Design wins markets because every great company has a great product, and great products come from design.

You gotta design with human-centricity in mind. This is Tekedia Institute Mini-MBA; the best teach here.

Register here.

HSBC Will Offer Bitcoin and Ethereum ETFs to Customers

By
Paul Ugbede Godwin
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0

HSBC, one of the largest banking and financial services organizations in the world, has announced that it will offer Bitcoin and Ethereum exchange-traded funds (ETFs) to its customers. This is a significant move for the bank, which has been cautious about embracing cryptocurrencies in the past. HSBC Bank offers a wide range of financial services, such as personal banking, wealth management, commercial banking, and global banking. HSBC Bank has a strong presence in Hong Kong, with over 100 branches and 250 ATMs across the city.

ETFs are investment products that track the performance of an underlying asset, such as a stock, a commodity, or a cryptocurrency. They allow investors to gain exposure to the asset without having to buy or store it directly. ETFs are traded on stock exchanges and can be bought and sold like any other security. HSBC’s decision to offer Bitcoin and Ethereum ETFs is a sign of the growing demand and acceptance of cryptocurrencies among institutional investors. The bank said that it will provide access to these ETFs through its global markets division, which serves clients such as hedge funds, pension funds, and sovereign wealth funds.

The bank also said that it will follow strict due diligence and compliance standards when offering these products, and that it will only work with regulated and reputable ETF providers. HSBC did not disclose which ETFs it will offer or when they will be available. HSBC’s move comes amid a surge in popularity and adoption of cryptocurrencies, especially Bitcoin and Ethereum, which are the two largest by market capitalization. Bitcoin hit an all-time high of over $60,000, while Ethereum reached a new record of over $4,000. Both cryptocurrencies have also attracted the attention and investment of major corporations, such as Tesla, MicroStrategy, and PayPal.

By offering Bitcoin and Ethereum ETFs, HSBC is joining other leading financial institutions that have embraced cryptocurrencies in some form or another. For example, Goldman Sachs recently launched a Bitcoin futures trading desk, while JPMorgan Chase started offering a Bitcoin fund to its wealthy clients. Moreover, several Bitcoin and Ethereum ETFs have been approved and launched in countries such as Canada, Brazil, and Germany.

HSBC’s announcement is likely to boost the credibility and legitimacy of cryptocurrencies in the eyes of investors and regulators. It may also encourage more banks and financial institutions to follow suit and offer similar products or services. However, HSBC also warned that cryptocurrencies are still volatile and risky assets that require careful research and understanding before investing.

Lightning Network hits All-Time High in Bitcoin and US Dollar Capacity

The lightning network, a second-layer solution that enables fast and cheap transactions on top of the bitcoin blockchain, has reached new milestones in terms of capacity and adoption. According to data from 1ML.com, the lightning network has surpassed 3,000 bitcoins (BTC) in total network capacity, equivalent to more than $120 million at current prices. This is an all-time high for both metrics, indicating that more users and funds are flowing into the lightning network.

The lightning network is designed to solve some of the scalability and usability challenges of bitcoin, such as high fees, slow confirmation times, and limited throughput. By creating payment channels between users that do not require broadcasting every transaction to the main chain, the lightning network allows for instant and low-cost transfers of bitcoin. The network capacity represents the amount of bitcoin that is locked in these payment channels, while the adoption reflects the number of nodes and channels that are active on the network.

The growth of the lightning network can be attributed to several factors, such as technological improvements, increased awareness, and rising demand for bitcoin transactions. Some of the recent developments that have boosted the lightning network include: The launch of Lightning Pool, a marketplace where users can buy and sell liquidity on the lightning network, creating a more efficient and decentralized network. The integration of lightning network support by major platforms and services, such as Twitter, Reddit, Bitrefill, Strike, and Fold, enabling millions of users to access and use bitcoin through the lightning network.

The emergence of innovative applications and use cases that leverage the lightning network’s capabilities, such as gaming, streaming, tipping, micropayments, and remittances. The lightning network is still in its early stages of development and faces some challenges and limitations, such as security risks, technical complexity, and user experience issues. However, as more developers, users, and businesses adopt and support the lightning network, it is expected to become more robust, reliable, and accessible for everyone who wants to use bitcoin as a global and open payment system.

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