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Meta to Launch New Broadcasting Channel Tool on WhatsApp

By
Samuel Nwite
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0

Meta has announced its plans to introduce a new broadcasting feature called Channels for its popular WhatsApp messaging service.

Channels will function as a “private broadcast service,” allowing individuals and organizations to send messages and updates to their followers separately from regular interpersonal communications on WhatsApp.

Admins overseeing a WhatsApp channel will have the ability to send text, photos, videos, stickers, and polls to their followers. However, recipients will not be able to reply to these messages. The channels will retain messages for 30 days before automatic deletion, and admins will not have the option to add followers to their channels.

Unlike traditional WhatsApp messages, Channels will not employ end-to-end encryption. This decision enables them to reach a broader audience, according to a blog post by WhatsApp. Nevertheless, WhatsApp does mention that end-to-end encrypted channels may be introduced in the future for specific groups such as nonprofits or health organizations that prioritize secure communications.

To facilitate user discovery, WhatsApp plans to offer a searchable directory where users can find and join Channels of their interest. The Channels they follow will be accessible through a new “Updates” tab, separate from their chats with family, friends, and communities.

As part of the launch, WhatsApp is collaborating with various organizations, including the Singapore Heart Foundation and Colombia Check nonprofit, to introduce Channels in Colombia and Singapore initially. The service will subsequently be expanded to other countries later this year.

In the long run, WhatsApp intends to allow anyone to create a WhatsApp channel, expanding beyond its current launch partners, which include the International Rescue Committee and the World Health Organization.

Meta CEO Mark Zuckerberg recently stated in an interview that WhatsApp represents the “next chapter” for the company, envisioning it as a lucrative business similar to Instagram and the core Facebook app.

While Meta primarily generates its revenue from online advertising, it has refrained from introducing ads on WhatsApp like it has on Facebook and Instagram. Instead, the company aims to monetize WhatsApp through business-messaging features, offering companies more engaging ways to interact with users.

In the blog post, Meta also hints at supporting channel admins in building businesses around their channels by leveraging expanding payment services and promoting selected channels in the directory to boost awareness.

Central Bank of Nigeria (CBN) Code of Corporate Governance For Finance Companies in Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

The Central Bank of Nigeria  (CBN) Code of Corporate Governance For Finance Companies (Shareholders, Disclosures, Risk Management)

What does the Code of Corporate Governance For Finance Companies say about the rights and functions of Shareholders?

-Shareholders shall have the right to obtain relevant and material information from the FC on a timely and regular basis.

-Shareholders shall have the right to participate actively and vote in general meetings.

-In addition to the traditional means of communication, FCs are encouraged to have a website and communicate with shareholders via the website, newsletters Annual General Meetings (AGMs) and/or 

Extraordinary General Meetings (EGMs). Such information shall include major developments in the FC, risk management practices, executive compensation, establishment of investment in subsidiaries and associates, board and top management appointments, sustainability initiatives 

including Corporate Social Responsibilities (CSR), and any other relevant information.

What does the code say about equity ownership in finance companies?

– Except as approved by the CBN, no individual, group of individuals, their proxies or corporate entities and/or their subsidiaries shall own controlling interest in more than one (1) FC. 

What does the code say about the protection of Shareholders’ rights?

The code makes the following provisions :-

-Every shareholder shall be treated fairly.

-The Board shall ensure that minority shareholders are adequately protected from overbearing influence of controlling shareholders.

-The Board shall ensure that the FC promptly provides to shareholders documentary evidence of ownership interest in the FCs such as share certificates, dividend warrants and related instruments.

– Where these are rendered electronically, the Board shall ensure that they are sent in a secure manner.

What are the provisions of the code regarding general meetings of finance companies?

The code made the following provisions:-

– Notice of general meetings shall be as prescribed by the CAMA 1990 (as amended).

-The Board shall ensure that all general meetings of the shareholders hold at a convenient and easily accessible venue to the majority of shareholders.

-The Board shall ensure that unrelated issues for consideration are not lumped together at general meetings. Statutory business shall be clearly and separately set out. Separate resolutions shall be proposed and voted on each substantial issue.

-The Board shall ensure that decisions reached at general meetings are properly and fully implemented.

What does the code say about shareholders’ associations ?

The code states that :-

-The Board shall ensure that dealings of the FC with shareholders’ associations are in strict adherence with the Code of Conduct for Shareholders’ Associations issued by the Securities and Exchange Commission (SEC). 

-Where an FC is not listed, its dealings with the Association shall be transparent and in line with the relevant governance codes.

What does the code say about the rights of other stakeholders?

The code provides that :-

– Stakeholders shall have the right to freely communicate their concerns about any illegal or unethical practices to the Board. 

-Where such concerns border on the activities of the Board, such individuals shall have recourse to the CBN in accordance with Section 3.4 of the Guidelines for Whistle Blowing for Banks and Other Financial Institutions in Nigeria. 

– Where stakeholder interests are protected by law, stakeholders shall have the opportunity to obtain effective redress for violation of their rights.

-FCs shall demonstrate good Corporate Social Responsibility (CSR) to their stakeholders such as customers, employees, host communities, and the general public.

What are the provisions of the code on disclosure and transparency?

On disclosure, the code states that :-

– In order to foster good corporate governance, FCs are encouraged to make timely, accurate and robust disclosures beyond the statutory requirements in BOFIA 1991 (as amended), CAMA 1990, and other applicable laws and standards.

– Disclosure in the website, annual and periodic financial reports or by any other appropriate means shall include, but not limited to, material information on:

a) Major items that have been estimated in accordance with applicable accounting and auditing standards;

b) Rationale for all material estimates;

c) Details on Directors;

d) Governance structure;

e) Risk Assets;

f) Risk management;

g) Information on strategic modification to the core business;

h) All regulatory/supervisory contraventions during the year under review and infractions uncovered through whistle blowing, including regulatory sanctions and penalties;

i) Capital Structure/Adequacy;

j) Opening and closure of branches;

k) Any service contracts and other contractual relationships with related parties;

l) Frauds and Forgeries;

m) Contingency Planning Framework;

n) Contingent Assets and Liabilities (off balance sheet engagement).

What are the provisions of the code on risk management?

The code provides that:-

– FCs shall have a risk management framework specifying the governance architecture, policies, procedures and processes for the identification, measurement, monitoring and control of the risks inherent in its operations.

– The Board shall approve the risk management policies of the FC and ensure their implementation by management. 

– Risk management policies shall reflect the FC’s risk management mandate, which shall include:

  • Clear objectives and enterprise-wide authority for its activities;
  • Risk philosophy, appetite, vision and mission;
  • Authority to carry out its responsibilities independently;
  • Scope of Enterprise Risk Management (ERM);
  • A requirement for it to be communicated throughout the organization to promote transparency;
  • Periodic review to ensure continued appropriateness;
  • A requirement for management to report regularly on the effectiveness of the institution’s risk management processes and on its aggregate exposures compared to approved limits; and
  • Authority to follow-up on action taken by management in response to identifiable issues and related recommendations.

– FCs shall disclose a summary of the risk management policies in their annual financial statements

-The risk management policy of an FC shall clearly describe the roles and responsibilities of the Board, Board Risk Management Committee (BRMC) management and internal audit function.

The CBN Code of Corporate Governance For Bureaux De Change in Nigeria

By
Emmanuel Ifeanyi Ogbuka
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0

The Central Bank of Nigeria (CBN) Code of Corporate Governance For Finance Companies in Nigeria (Board functions, Separation of Powers, Director appointments, Board Committees and Remunerations)

Finance Companies (FCs) as a financial license category established by the Central Bank of Nigeria (CBN) play a complementary role to banks in the business of financial intermediation. 

This segment of the financial system is expected to mobilize funds by way of borrowings, debt issuance and fund raising from local and foreign investors for lending to small, micro and medium scale enterprises. Their activities were expected to deepen the market and complement the financial inclusion drive of the CBN.

The Operational Guidelines for Finance Companies in Nigeria was revised in 2014 as part of initiatives to establish financial stability as well as reposition the finance company sub-sector for greater effectiveness in the financial sector landscape.

To complement these efforts, the CBN issued the Code of Corporate Governance for Finance Companies. The Code is expected to enhance good governance practices, engender public confidence to attract investments and promote efficiency and transparency in the sub-sector.

The Code is issued pursuant to the relevant provisions of the Central Bank of Nigeria (CBN) Act 2007, Banks and Other Financial Institutions Act (BOFIA) CAP B3, Laws of the Federation of Nigeria (LFN) 2004, other relevant laws and extant CBN Guidelines and Circulars.

What is the application scope of the code of corporate governance for finance companies? 

The code shall apply to all licensed FCs in Nigeria.

What are the responsibilities of the Board of directors of a finance company under the code?

The Board shall be accountable and responsible for the performance and affairs of the FC. Also, in line with the provisions of the Companies and Allied Matters Act (CAMA) 2020 (as amended), directors owe the FC the duty of care and loyalty to act in the interest of the FC’s shareholders and other stakeholders.

What is the extent of liability for members of the board of an FC?

Members of the Board are severally and jointly liable for the activities of the FC.

What are the functions of the board of directors of an FC under the code?

– The Board shall define and document the FC’s strategic goals, approve its long and short-term business strategies and monitor their implementation by management. 

– The Board shall determine the skills, knowledge and experience that members require which shall, at the minimum, be in line with the requirements of the Approved Persons Regime. 

-The Board shall ensure that its human, material and financial resources are effectively deployed towards the attainment of set goals of the FC.

-The Board shall appoint the CEO as well as top management staff and establish a framework for delegation of authority in the FC, which shall comply with extant regulations issued by the CBN from time to time.

– The Board shall establish and monitor agreed performance targets for the management.

– The Board shall ensure that a succession plan is in place for the MD/CEO, executive directors and management staff of the FC.

– The Board shall set limits of authority, specifying the threshold for large transactions which it must approve before they take place. 

– The Board shall ensure strict adherence to the Code of Conduct for directors.

-The Board shall consider, approve and monitor the implementation of the FC’s budget, including setting expenditure limits for management 

What does the code say about Boarding committees?

Composition and Size of the Board:- The size of the Board of any FC shall be limited to a minimum of 5 and a maximum of 9 with more than fifty per cent of board membership comprising non-executive directors (NEDs).

-Members of the Board shall be persons of proven integrity and shall meet the requirements of the Revised Assessment Criteria of Approved Persons Regime. At least two (2) members of the Board of Directors other than the Executive Directors shall be required to have banking or related financial industry experience. 

– The Board shall consist of Executive and Non-Executive Directors. The number of Non-Executive Directors shall be more than that of Executive Directors. 

– The Board of FCs shall comprise at least one (1) Independent NonExecutive Director (INED). An Independent Director is a member of the Board of Directors who has no direct material relationship with the FC or any of its officers, major shareholders, subsidiaries and affiliates.

What does the code say about separation of powers of the board?

-The positions of the Board Chairman and the MD/CEO shall be separate. Also, no one person shall combine the two positions in any FC at the same time. For the avoidance of doubt, no executive Vice Chairman shall be allowed in the Board structure.

– Not more than two members of a family shall be on the board of a FC at the same time. The expression ‘family’ includes director’s spouse, parents, children, siblings, cousins, uncles, aunts, nephews, nieces and in-laws.

-Where the FC is a member of a holding company, not more than two family members shall be allowed to serve on the Boards of the FC and the holding company. 

-No two members of a family shall occupy the positions of Chairman and MD/CEO or Executive Director of the FC and Chairman or MD/CEO of a FC’s subsidiary at the same time. 

What does the code say regarding Director appointment and tenure?

– Members of the Board of Directors shall be appointed by the shareholders and approved by the CBN.

-To qualify for the position of a Non-Executive Director, it is required that the nominee shall not be an employee of a bank or other financial institution, except where the FC is promoted by the bank or other financial institution and the proposed director is representing the interest of such an institution.

-The procedure for appointment to the Board shall be formal, transparent and documented in the Board charter.

-The appointment to the Board of FCs shall be in accordance with extant regulations issued by the CBN from time to time.

– The track record of appointees shall be an additional eligibility requirement. Such records shall cover both integrity and past performance, in accordance with extant CBN guidelines

-To ensure continuity and injection of fresh ideas, NEDs of FCs shall serve for a maximum of three (3) terms of four (4) years each.

-The term of office of an Independent Director shall be 4 years for a single term and a maximum of 8 years of two consecutive terms if reelected upon the expiration of the first term. 

-The tenure of the MD/CEO of the FC shall be in accordance with the terms of engagement subject to a maximum period of ten (10) years. Such tenure shall be broken down into periods not exceeding five (5) years at a time. Any person who has served as MD/CEO for the maximum tenure (of ten years) in an FC shall not qualify for appointment in any capacity in the same FC or its subsidiaries until after a period of three (3) years after the expiration of his tenure as MD/CEO.

-Where the FC is a member of a Group or is owned by another financial institution, a director in the FC may be allowed to serve on the Boards of the FC and its holding company at the same time, provided the aggregate number of directors from the subsidiaries and associates at any point in time shall not exceed 30 per cent of the membership of the Board of Directors of the holding company.

-To enhance effectiveness, all Directors shall have access to corporate information under conditions of confidentiality; undergo training and continuing education and have access to independent professional advice.

What are the committees that are to be established by a board?

The Board shall at the minimum, establish the following Committees:

a) Risk Management Committee

b) Audit Committee

c) Board Governance and Nominations Committee

What does the code say about remuneration of the board of FCs?

An FC shall under the code align executive and board remuneration with the long term interests of their institutions and their shareholders.

– Levels of remuneration should not be excessive but sufficient to attract, retain and motivate executive officers, management and members of staff of the FC. 

-Where remuneration is linked to performance, it shall be designed in such a way as to prevent excessive risk taking.

– Every FC shall have a remuneration policy put in place by the Board of Directors, which shall be disclosed to the shareholders in the annual report.

-The MD/CEO and other Executive Directors shall not receive sitting allowances and Directors’ fees.

-Non-Executive Directors’ (NEDs) remuneration shall be limited to Directors’ fees, sitting allowances for Board and Board Committee meetings and reimbursable travel and hotel expenses. NEDs shall not receive salaries and benefits whether in cash or in kind, other than those mentioned above.

-Where share options are adopted as part of executive remuneration or compensation, the Board shall ensure that the stock options are not priced at a discount except with the prior authorization of the relevant regulatory agencies. 

-Share options shall be tied to performance and subject to the approval of  shareholders at AGMs.

-Share options shall not be exercisable until one year after the expiration of  the tenure of the Director.

 – FCs shall disclose in their annual reports, details of the shares held by Directors and their related parties. 

Google Reveals Bard is Improving at Mathematics Tasks And Coding Execution

By
Ojukwu Emmanuel
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0

Tech giant company Google has revealed that its conversational generative artificial intelligence chatbot ‘Bard’, is improving at mathematics tasks, coding questions and string manipulation through a new technique called implicit code execution.

Google via a blogpost revealed that the new technique called “implicit code execution”, helps Bard to detect computational prompts and run code in the background. As a result, it can respond more accurately to mathematical tasks, coding questions, and string manipulation prompts.

In order to enable Bard to solve more complex problems with advanced reasoning and logic capabilities, Google revealed that relying solely on Large Language Models (LLMs) isn’t enough, hence it had to implement a new method.

The new method allows Bard to generate and execute code to boost its reasoning and Math abilities. This approach according to the tech giant takes inspiration from a well-studied dichotomy in human intelligence which is covered in Daniel Kahneman’s book “Thinking, Fast and Slow”, the separation of system 1 and system 2 thinking. System 1 thinking is fast, intuitive and effortless, why system 2 thinking is slow, deliberate and effortful.

With this latest update, Google combined the capabilities of both LLMs (System 1) and traditional code (System 2) to help improve accuracy in Bard’s responses. Through implicit code execution, Bard identifies prompts that might benefit from logical code, writes it, executes it, and uses the result to generate a more accurate response.

Based on internal benchmarking, Google says that the new Bard’s responses to computation-based word and math problems were improved by 30% compared to the previous version when it was earlier released.

However, despite Bard’s improvement, Bard Product lead Jack Krawczyk issued a disclaimer that Bard won’t always get every questions right.

In his words,

“Even with these improvements, Bard won’t always get it right. For example, Bard might not generate code to help the prompt response, the code it generates might be wrong or Bard may not include the executed code in its response. With all that said, this improved ability to respond with structured, logic-driven capability is an important step toward making Bard even more helpful”.

It would be recalled that following the launch of OpenAI chatbot ChatGPT last year November, this saw several tech companies roll out AI chatbots into their products to maintain market dominance.

In February 2023, Google unveiled its AI chatbot Bard to keep pace with the trending AI products. When Google launched Bard, it didn’t compare all that favorably to the likes of Bing Chat and ChatGPT. The launch was a bit flawed, with a Google ad featuring a wrong answer by Bard, which tanked the company’s stock by 8%, losing $100 billion in market value

Ever since, Google has been constantly working and improving Bard to ensure it gives accurate answers to users.

Experts revealed that when it comes to coding, Bard is a clear winner. Supporting over 20 programming languages, it can help professionals with code generation, explanation, and debugging. ChatGPT is also able to generate snippets of code, but it takes a considerably longer time.

Google’s newly updated AI chatbot, is set to give OpenAI’s ChatGPT and other AI chatbots a run for their money, threatening to topple their hegemony.

Mysterious Bitcoin Wallet Comes to Life After Nine Years

By
Paul Ugbede Godwin
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0

In the world of cryptocurrencies, there are many mysteries and surprises. One of them is the phenomenon of dormant bitcoin wallets that suddenly become active after years of inactivity. These wallets contain large amounts of bitcoins that have been untouched for a long time, sometimes since the early days of bitcoin when the coins were worth very little.

One such wallet recently came to life after nine years of dormancy. The wallet contains 616 BTC, which is worth more than $40 million at the current market price. The wallet dates back to around the time that bitcoin’s pseudonymous creator Satoshi Nakamoto was last active online and has seen its value increase by more than 800,000%… According to Whale Alert, a service that tracks large cryptocurrency transactions, the wallet was activated on September 23, 2021, and transferred its entire balance to different addresses.

Who owns this wallet and why did they decide to move their bitcoins after so long? This is a question that many in the crypto community are asking, but there is no definitive answer. Some speculate that it could be a whale, an individual or a group with a large stash of bitcoins, who is planning to sell or trade their coins. Others suggest that it could be someone who forgot or lost their password and finally managed to recover it. And some even wonder if it could be Satoshi Nakamoto himself, returning to claim his fortune.

It is not possible to link the wallet to an identity or a location, due to the anonymous and decentralized nature of bitcoin. However, it is possible to track the movements of the coins through the public blockchain ledger, which records every transaction that ever happened on the network. If the owner of the wallet decides to cash out their bitcoins on an exchange or a platform that requires identification, they might reveal themselves. But until then, they remain a mystery.

This is not the first time that a dormant wallet containing huge sums of bitcoins has been activated without explanation. In November 2020, a mystery person moved more than $1 billion worth of bitcoins from the fourth largest wallet in the world. The wallet had been inactive since 2015 and contained 69,369 BTC. In January 2021, another wallet that had been dormant since June 2010 woke up and transferred 50 BTC to another address. The wallet was believed to be one of the earliest ones created by Satoshi Nakamoto.

There are dozens of other wallets that have been inactive for at least nine years and contain thousands of bitcoins each. Some of them might belong to people who died, lost their passwords, or simply forgot about their coins. Some of them might belong to early adopters who are waiting for the right moment to sell or use their bitcoins. And some of them might belong to unknown entities who have their own reasons for keeping their coins dormant.

The activation of these wallets can have an impact on the bitcoin market, as they introduce new supply and demand dynamics. If the owners decide to sell their bitcoins, they might cause a price drop and volatility in the short term. If they decide to hold or use their bitcoins, they might increase the demand and scarcity of the cryptocurrency. Alternatively, they could use their funds to support some crypto-related project or cause, or simply hold on to them for longer.

The activation of this dormant wallet is a reminder of the history and mystery of Bitcoin, a decentralized and pseudonymous currency that has grown from a niche experiment to a global phenomenon. It also shows that there are still many hidden treasures in the crypto space, waiting to be discovered or claimed by their rightful owners.

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