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Twitter Withdraws From European Union’s Code of Practice on Disinformation

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Micro-blogging platform Twitter has withdrawn from the voluntary European Union’s code of Practice on Disinformation.

This was disclosed by the European commissioner for the internal market Thierry Breton via a tweet, stating that the social media platform can’t hide from its obligations, despite its exit from the EU code of practice.

He wrote,

“Twitter leaves EU voluntary Code of Practice against disinformation. But obligations remain. You can run but you can’t hide. Beyond voluntary commitments, fighting disinformation will be a legal obligation #DSA as of August 25. Our teams will be ready for enforcement”.

The pan-EU law, which entered into force in November last year, mandated several social media platforms, Twitter inclusive, to assess and mitigate systemic risks to civic discourse and electoral processes such as disinformation.

This saw Google, TikTok, Microsoft and Facebook and Instagram parent company Meta among the top social media platforms that signed up to the EU code, which required them to measure their work on combating disinformation and issue regular reports on their progress.

The EU’s idea is to use mandatory algorithmic transparency requirements to drive accountability, which implies that regulated platforms won’t be able to turn a blind eye to Al-amplified harms as the law also requires they put in place reasonable, proportionate, and effective mitigation measures for identified risks.

Their reporting and mitigation plans will be subject to independent audit and oversight by the European Commission with the support of a newly opened European Center for Algorithmic Transparency while penalties for non-compliance can scale up to 6% of global annual turnover.

In a request for comment emailed to Twitter’s press office, the commission was reported to receive a despicable reply where Twitter used the poop emoji as a response.

Reports reveal that earlier this year, Twitter was the only major tech platform that didn’t send a report to the European Union under the code, which the company had agreed to follow before it was taken over by Elon Musk last year October. Its report was short of data and didn’t include commitments from the social media company that it would empower fact-checkers, the EU’s executive arm disclosed in February.

Meanwhile, previous management at Twitter had signed the platform up to the voluntary EU Code on Disinformation back in 2018, but Twitter’s current owner, Elon Musk, looks intent on picking a fight with the EU over speech moderation.

Experts reveal that this is an expensive fight for Musk to pick as breaches of the commission law can attract penalties of up to 6% of global annual turnover. The Commission has also warned that serious, repeated non-compliance could lead it to block access to a service which dangles the prospect of Twitter losing access to a region with some 440 million consumers.

The original EU Disinformation Code had committed Twitter to take steps to combat the spread of false information on its service by targeting associated ad revenue, tacking bots and fake accounts, and providing consumers with tools to report disinformation and empowering researchers to study.

But Musk’s antics of promotional encouragement for conspiracy put him on a direct collision course with regulators in the EU who have set their stall against blatant anti-democratic manipulation. Musk’s massive job cuts at Twitter, including the exodus of the company’s entire Brussels office raised concerns about whether it will be able to make the necessary changes to comply with the EU’s rules.

Displacement and Disintermediation in Nigerian Banking – Why Many Microfinance Banks Will Continue to Fade [video]

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In this video, I respond to some of the questions on the piece where I noted that more microfinance banks in Nigeria will continue to fade. And the banking institutions which will win will be technology companies which offer banking services, and NOT banks which use technology. This is the video for this article.

(In Tekedia Mini-MBA, I explained the Smiling Curve deeper with positioning implications across sectors like manufacturing, etc)

 

Cessation of Non-Permissible Activities of Microfinance Banks in Nigeria

The Central Bank of Nigeria (CBN) on the 19th of August, 2021 released a circular in response to observed activities of microfinance banks that went beyond the limits of their operating licenses.

This article will be looking at the provisions of this circular which focuses on the non-permissible activities most commonly engaged in by microfinance banks(especially digital microfinance banks), mainly wholesale banking and foreign exchange transactions. These transactions are as follows :-

– The CBN Circular is based on the consideration of comparatively low capitalization of microfinance banks dealing in FX and wholesale banking transactions which carry a huge risk for financial system stability.

– The circular is thus as a result of the need to remind Microfinance Banks (MFBs) to comply with the 2012 CBN MFB Guidelines.

– Consequently, MFBs are prohibited from FX transactions.

– MFBs are to focus on rendering services to retail clients and micro-clients.

– Microcredit and retail transaction services rendered or carried out by MFBs are limited to 500 Thousand Naira per Tier 2 unit MFB transaction and 1 Million Naira for other MFB categories.

– Microcredit facilities shall constitute a minimum of 80% of total loan portfolios for MFBs.

– A disregard or violation of the directions contained in this circular can lead to sanctions that include the revocation of an MFB license.

The CBN Guidelines on the Non-Oil Export Proceeds Repatriation Scheme in Nigeria

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First released on the 22nd of February,2022, the Central Bank of Nigeria (CBN) Guidelines on Non-Oil Export Proceeds Repatriation aims to raise $200 Billion Naira in foreign exchange from Non-Oil proceeds over the next 3-5 years.

These guidelines which will form the focus of this article are anchored on a 5-point agenda and are designed to incentivize exporters in the Non-Oil export sector to encourage repatriation and the sale of export proceeds into the FX market.

The guidelines are also aimed at earning more stable and sustainable inflows of FX in order to insulate the Nigerian economy from shocks and FX shortages.

This article will be looking at :-

– The objectives of the CBN Guidelines.

– Eligibility criteria for this scheme regarding beneficiaries and transactions.

– Application procedures relevant for this scheme.

What are the objectives of the CBN Guidelines on Non-Oil Export Proceeds Repatriation?

The objectives of the guidelines are :-

  1. The enhancement of FX (Foreign Exchange) inflow.
  1. The diversification of the sources of FX inflow.
  1. Ensuring stability and sustainability of FX inflow.
  1. To encourage the increase in the level of contributions of Non-Oil exports economically.

Which government agency is in charge of administration of the scheme by virtue of the CBN Guidelines?

The CBN’s (Trade & Exchange Department) shall be responsible for the day-to-day administration of the scheme. 

What is the eligibility criteria for the scheme regarding beneficiaries?

Eligible beneficiaries for this scheme are :-

– Exporters of finished and semi-finished goods.

– Exporters shall qualify for rebate where repatriated export proceeds are sold at the Investors & Exporters (I & E) window. 

What is the eligibility criteria for this scheme regarding transactions?

Eligible criteria for transactions under this scheme by virtue of the CBN Guidelines are:-

– The transactions must involve the export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria, except otherwise stated by the CBN.

– The transactions must involve the export of goods and services (I.T & creative businesses) that are permissible and excluded under the existing export prohibition list.

– The sale of repatriated export proceeds at the I & E window.

– The completion of e-form NXP.

– Registration with the Corporate Affairs Commission (CAC) & the Nigerian Export Promotion Council (NERC). 

What are the features of the scheme?

The scheme revolves mainly around incentives in the form of :-

(i). 65 Naira for every $1 repatriated and sold at the I & E window to Authorized Dealer Banks for 3rd party use.

(ii). 35 Naira for every $1 repatriated and sold into the I & E for own use on eligible transactions only. The spread should not be more than 10 Kobo.

What is the application procedure for taking part in the scheme?

The application procedure involves the following :-

  1. The submission of written requests from the exporter through the Authorized Dealer Bank (ADB)where the e-Form NXP was established. It shall be the responsibility of the ADB to authenticate all documents submitted for rebates.

This request will be accompanied by :-

a). A completed application form to be designed by the CBN & forwarded to the exporter through his ADB.

b). Documentation requirements for exports as stipulated in the FX manual.

c). Evidence of repatriation and sale of export proceeds at the I & E window.

The ADB shall forward the application within 5 days, after consummation of the export proceeds sale transaction at the I & E window.

The Deal of the Day – Beat The Early Bird for Tekedia Mini-MBA Registration

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The early bird is leaving with all the goodies and massive discounts for Tekedia Mini-MBA which begins on June 5, 2023. Make sure to beat this nice bird and SAVE BIG on deal of the day. Register today for the #best school (June 5 – Sept 2, 2023) here.

 It is N90,000 or $170 for 14 modules with more than 100 courses from business executives you admire. I live in School Road; join me because this road leads to Knowledge Acquisition and Application, Career Advancement and Better Personal Economy.

Tekedia Institute offers Tekedia Mini-MBA, an innovation management 12-week program, optimized for business execution and growth, with digital operational overlay. It runs 100% online. The theme is Innovation, Growth & Digital Execution – Techniques for Building Category-King Companies. All contents are self-paced, recorded and archived which means participants do not have to be at any scheduled time to consume contents. Besides, programs are designed for ALL sectors, from fintech to construction, healthcare to manufacturing, agriculture to real estate, etc.

The sector- and firm-agnostic management program comprises videos, flash cases, challenge assignments, labs, written materials, webinars, etc, and is delivered by a global faculty coordinated by Prof Ndubuisi Ekekwe. It will run from June 5, 2023 to end Sept 2, 2023. Tekedia Institute, Boston USA, awards certificates of achievement at the end of the program.

Polygon (MATIC) Price Leaves Holders Disappointed, Many Switch To Pepe (PEPE) And Collateral Network (COLT) For Gains

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A couple of new players, including Pepe (PEPE) and Collateral Network (COLT), emerged quietly in the market amid the sudden decline in the prices of both Polygon (MATIC) and other cryptocurrencies. In Stage 1 of its public presale, the newcomer Collateral Network is recognized as the world’s first web3 challenger lender, expected to deliver a whopping 3,500% return for its investors during presale!

>>BUY COLT TOKENS NOW<<

Polygon (MATIC) Struggles with Value Retention

Despite being hailed as a promising layer 2 scaling solution for Ethereum, Polygon struggles to maintain its value and attract investors. Over the last month, the price of Polygon has seen significant fluctuations.

The Polygon price dropped from $1.10 to $0.87 during the last 30 days, marking a 20.91% decrease. At the same time, its market cap dropped from $10.17B to $8.11B or 20.27% decline.

The current price of Polygon (MATIC) is 70.96% lower than its all-time high of $2.92. Moreover, the CFGI indicator of Polygon shows 38, indicating fear among investors and further confirming the bearish sentiment around Polygon.

The decline in the value of Polygon prompted investors to explore alternative investment opportunities, such as Pepe and Collateral Network.

If bulls remain stagnant, investors might pursue more dumps of the Polygon holdings.

>>BUY COLT TOKENS NOW<<

Pepe (PEPE) Cryptocurrency Plummets Over 55% After Listing on Binance

The meme coin, which jumped to the 45th largest cryptocurrency by market capitalization within three weeks after its launch, began a downward spiral on Friday, the 5th of May, after it was listed for trading on Binance, the world’s largest crypto exchange.

Pepe reached its all-time high of $0.000004354 on the 5th of May, right upon the news. However, its fame was short-lived. Just a few days later, Pepe suffered a nearly 55% decline in value. Currently, Pepe trades at $0.000002.

The Pepe market cap was also impacted by the drop in its price, which went from under a million dollars during its launch in mid-April to over $1.49B on Friday, the 5th of May. However, the Pepe market cap currently stands at just over $754 million, indicating that the token has lost almost half its market capitalization in a week.

This significant price drop is a cause of concern for investors who were betting on Pepe to increase their wealth.

Collateral Network (COLT) – The Future of Peer-to-Peer Lending on Web3

Collateral Network is a groundbreaking Web 3 peer-to-peer lending platform that accepts off-chain assets as loan collateral. Collateral Network’s innovative approach eliminates the need for extensive credit checks, making it easier for borrowers to obtain loans.

One of the unique features of the Collateral Network is the creation of NFTs for valuable assets such as classic cars, real estate, and precious metals. Collateral Network fractionalizes these NFTs, allowing investors worldwide to lend smaller amounts of funds at an agreed interest rate, known as fractional lending.

For instance, if you own a classic car worth $50,000, you can use it as collateral and borrow against it. Collateral Network will mint a 100% asset-backed NFT of the car and fractionalize it to enable multiple investors to participate with smaller amounts. Once you pay off the principal amount and interest, COLT will redeem your classic car from its vault and burn the NFT.

Collateral Network is a win-win for everyone. Borrowers benefit from crowd-sourced liquidity pools, while lenders earn passive income. Experts predict that Collateral Network (COLT) will surge by 3,500% during its presale, with the token already seeing a rise from $0.01 to $0.014.

For more information on Collateral Network visit the website, join the presale or join the community for regular updates.

Find out more about the Collateral Network presale here:

Website: https://www.collateralnetwork.io/

Presale: https://presale.collateralnetwork.io/register

Telegram: https://t.me/collateralnwk

Twitter: https://twitter.com/Collateralnwk