The Central Bank of Nigeria CBN on the 9th of January, 2023 formally released a circular in response to the widespread practice of Other Financial Institutions (OFIs) having substantial assets invested in various funds managed by uninsured entities.
Most of these assets were typically designed as placements or investments in banks & OFIs and as a result,not only fell outside the scope of permissible activities of OFIs but also placed depositors funds at risk.
The high credit & liquidity risk to OFIs involved in placements and investments in products or funds managed by uninsured entities cannot be overemphasized as the probability of recovering such invested funds or compensation in any form, in the event of counterparty default, is low.
Consequently, this led to the CBN directing in its circular that all OFIs are required to immediately :-
– Divest from all managed funds or products of uninsured entities and to desist from such investments in future.
– Liquidate within 90 days of the release of the CBN letter/circular, all existing placements in such entities.
Good People, today, the Abia State Governorship Transition Council submitted the recommendations for the development and advancement of Abia State to Dr. Alex Otti, Governor-elect of Abia State.
On behalf of all our members, I want to thank everyone who contributed in the surveys and commentaries we posted here as part of our processes on this assignment. Your generosity with knowledge and broad fellowships are appreciated.
The next bus stop is #execution. And Mr. Governor-elect will drive it. We The People are Ready. Abia is open for business and your investments.
May the good Lord bless Abia, the God’s Own State, and bring the fulfillment of “prosperity through enterprise” which is encapsulated in the coat of arms.
Prof Ndubuisi Ekekwe
-Co-Chair, Abia State Economic Transformation Transition Council
A broker-dealer is a person or firm in the business of buying and selling securities for its own account or on behalf of its customers.
Broker-dealer registration as the focus of this article is governed in Nigeria by the Securities and Exchange Commission (SEC) and carries a set of requirements that can be broken down into :-
– Payment requirements
– Sponsored Individual Requirements
– Applicant Company requirements
Payment Requirements
– A filing/application fee of 50 Thousand Naira.
– A processing fee of 200 Thousand Naira.
– A registration fee of 500 Thousand Naira.
– A sponsored individual fee of 50 Thousand Naira per sponsored individual.
– A minimum paid up share capital of 300 Million Naira.
– A current fidelity insurance bond covering at least 20% of the minimum paid-up capital as stipulated by SEC rules and regulations.
Sponsored Individual Requirements
A minimum of 4 sponsored individuals, one of whom shall be a compliance officer.
The managing director of the company is to be among the sponsored individuals.
Full postal addresses of immediate previous employers, bankers (with current account numbers) and nominated referees of sponsored individuals.
Detailed CVs of sponsored individuals and directors which should include dates & details of activities arranged from secondary school to date .
Copies of credentials of sponsored individuals including secondary school and NYSC certificates with originals for sighting purposes.
Evidence of having the minimum 4(Four) years post-graduation experience needed to perform the function as stipulated by SEC rules and regulations.
Police clearance reports for each sponsored individual. Each sponsored individual is to report at the SEC Head office or Lagos zonal office with 2 recent passport photographs for the process.
Valid means of identification
Applicant Company Requirements
A profile of the company.
The names of addresses of the company’s subsidiaries and percentage holdings as well the type/nature of the businesses.
Evidence of payment of shares allotted to the shareholders.
Bank statements for accounts operated by the company for the last 6 months.
A copy of the dealership certificate of the authorized dealing clerk being sponsored by the company
The dealing license or an exchange.
A listing in a separate schedule and valued at the current marketplace of securities owned by such broker or dealer or in which the broker or dealer has an interest.
An Operational manual or organizational chart of the company.
A business plan.
A copy of the company’s certificate of incorporation.
A copy of the company’s memorandum/ articles of association.
Corporate Affairs Commission (CAC) forms showing a statement or share capital, returns on allotments and particulars of its directors.
Latest audited accounts or audited statements of affairs of the company with a 60/40 cash to assets ratio.
A sworn undertaking signed by a director of the company or its company secretary to keep proper records and render returns as may be specified by SEC .
A sworn undertaking to abide by SEC rules and regulations as well the Investment & Securities Act (ISA) signed by a director of the company or its company secretary.
There has been a load of controversy in the media the last week- 10 days approx, over an issue called ‘Ledger Recover’
I like this guy, Michael Gu from Boxmining. Brings forward the most pertinent pieces of information quickly and clearly.
Without going into too much details about how the ‘Ledger Recover’ works, there are two overarching aspects of the provision.
It is just an option, it is completely ‘opt in’. Those who decide to deploy it will need to weight up the loss of decentralization against the protection of being able to recover assets if the private key is lost.
The ‘Ledger Recover’ option cannot get accidently installed, like for instance, in a firmware upgrade.
To some extent, this is where the ‘drama’ ends. To some other extent, it begs the question of what should we really be talking about when it comes to Ledger?
I’ve seen a lot from ‘the community’ releasing commentary about Ledger and for the most part, I’ve been avoiding commenting, because 9ja Cosmos owns one.
Up to now, I’ve seen nothing written about from the perspective of an owner. All of the content on here has been a reflection on breaking news, and opinion in the public domain.
Andrew Bigwood was the only person so far, even amongst comments, that I’ve seen mention even owns one. I noticed this on a post by Brian Naughton.
Why I (or 9ja Cosmos) have a Ledger Nano X:
Currently, 9ja Cosmos operates without owning infrastructure. I’ve been very transparent on this.
On the asset storage side we use one system with a custodial wallet embedded. This is because it has an integrated marketplace, and we use it to push off non-project domain assets we have inadvertently accumulated and don’t need.
This is a commercial system with several other services and has a support team. It is, however, vulnerable to the same centralized problems of a CEX – ‘not your keys, not your crypto’ (or Non Fungible Assets – NFAs).
We use three separate Self-Custody (Non-Custodial) Wallets for the project domains. Think of them as downloadable apps integrated to the blockchain core via a node. They are open source with community assistance though Discord and Github, but the assets remain fully the operators own responsibility at any time, and if there is a problem, there is nobody to hold accountable except oneself.
While the first type is on a corporate server, and the second type is a locally kept installation on a device, they are all software, i.e. ‘hot wallet’ type environments, and have the vulnerabilities that implies.
Storing NFAs in a cold-storage hardware wallet is the safest option. It provides the most security as all data is stored offline and protected by a device password, PIN code, and 24-word secret phrase.
Moving NFAs to a hardware wallet like the Ledger Nano X makes it almost impossible for hackers to steal them.
One of the biggest drawbacks of hardware (cold wallets) is ‘Illiquidity’ – As cold wallets are offline, it might take time to access in-device currency. Cold wallets are suboptimal for day traders and quick transactions, but as 9ja Cosmos Web 3 TLDs (Top Level Domains) are not immediately required by a project, this isn’t an issue.
Most of the NFA owner communities are focused on Digital Collectables minted to Ethereum sidechains and L2s. Handshake Domains are a bit ‘exotic’ and the Ledger Nano X is the only hardware wallet I know that accommodates them. Even at that, the ‘HNS wallet integration’ isn’t an off-the-shelf selection from Nano X menu, and I have to go into ‘Developer Mode’ and do a bit of work to get the wallet operational.
Recent Firmware Upgrade
So I embarked on a firmware upgrade to test the Premise 2, in Michael Gu’s video…
‘The ‘Ledger Recover’ option cannot get accidently installed, like for instance, in a firmware upgrade.’
Before doing the upgrade, I double checked my seed phrase ‘stash’ to ensure I had everything I needed to mitigate against a failed upgrade. I also batch moved all my high value project domains to a self-custody hot wallet.
Progress… progress… zzzz!The Ledger Nano X device has a small input field visible via LEDs. It is used for numerical pass keys, confirmations and cancellations and contains numerals 0-9, a wrong/cancel symbol (x) and a right/proceed symbol (tick). During update, this needs to be intermittently visited on the device, prompted by the ‘Ledger Live’ app on the owners computer or phone.Confirmation that the firmware is updated. Note the highlighted button ‘Re-Install apps’. These are the wallets that hold specific types of assets. The Nano X can hold up to 1000, while the S model can only hold 3.Finalizing permission to re-establish Ledger Manager.The Firmware upgrade is completed. The screen confirms it is up to date (ver. 2.1.0)
Conclusions:
So… ok.. we’ve confirmed that a firmware update doesn’t impact on the VOLUNTARY feature – ‘Ledger Recover’
Ledger, based in Paris, raised $380 million in a Series C funding round last year. It was led by digital asset fund 10T Holdings. The funding round also received support from Cathay Innovation, Draper Associates, DCG, Korelya Capital, and Wicklow Capital.
What’s all the noise about then, and how has this capital been of ‘best service’?
You will notice in the final screen, the ETH and MATIC apps are good-to-go, but I haven’t been using them. The Handshake app has a strange status next to it that just says ‘learn more’.
This was exactly the status I had before I went into Dev. mode, and provisioned the service manually. That’s not something I really want to do every time I do a firmware upgrade. In car maintenance, this is like having to lift the whole engine out, just because an oil change is needed.
Extremely lucky to have moved the domains to another location before attempting the upgrade – no prompt or warning appeared in the upgrade process to suggest it could result in assets being put beyond use.
Clicking the ‘learn more’ leads to this interface on a website. The ‘live chat’ option is not available, though I’ve tried to use this several times, and mostly at times that would be normal office working hours for Paris.
Why don’t I choose the Email option? Well, I tried that on 27 December 2022, and seems like it went into a black hole. I didn’t even get an auto-responder to drop a mail to my inbox and never got any follow up. No enthusiasm then with trying the same approach again.
Quite disappointed with the performance of the Ledger Nano X so far, and the biggest failure is the support. This was also hinted by Andrew Bigwood. This makes me think that the drama over the ‘Ledger Recovery’, is a complete distraction, when the company should really just be about improving the basics.
But the thing is – can I endorse any alternative? Not really. I haven’t experimented with the products of any other manufacturer, and I don’t see anything explicit in sales literature or comparison articles that confirms them as a hardwallet solution suited to Handshake Domains.
For now, all hardwallets seem to be able to offer is a ‘dis’, not a handshake.
9ja Cosmos is here…
Get your .9jacom and .9javerse Web 3 domains for $2 at:
With unmatched innovation, Tradecurve (TCRV) is really taking the crypto world by storm. It’s a new token, only in phase two of its presale, but investors are snapping up the token at discount rates, knowing what’s to come when the platform launches. Its success is leaving older coins such as Dogecoin (DOGE) and Avalanche (AVAX) in the shade as the bull season continues to take shape.
Tradecurve (TCRV)
As it readies for launch, Tradecurve (TCRV) is set to bring a fresh approach to digital trading, one where privacy and security take centre stage. One of the standout features of this hybrid trading platform is its non-KYC signup process, which will allow anyone to create an account using just an email address.
This onboarding process is expected to attract a wide range of traders who value their privacy in the increasingly scrutinised digital world. Tradecurve’s focus on privacy extends beyond the signup process, however.
The Tradecurve (TCRV) platform will leverage blockchain technology to ensure all transactions are secure and transparent. This means users will be sure to enjoy peace of mind knowing their trades are executed fairly and their assets are safe.
The platform’s non-custodial storage solution is another key feature. It will enable users to maintain full control over their encryption keys, meaning no need for a trusted third party, and with it reducing the risk of security breaches.
There’s features like Copy Trading, where users will be able to copy, in real time, trades by the best traders, so when they win, anyone copying them will win. Any successful trader who can garner a good following of copy traders will earn some income, too, so it’s really a win win for all.
Dogecoin (DOGE)
Dogecoin (DOGE) has captured the attention of crypto enthusiasts and mainstream audiences thanks to its unique features and vibrant community. Originally created as a meme coin, it has evolved into a significant player in recent times.
One of the standout features of Dogecoin (DOGE) is its strong community, who are known for their inclusive and welcoming nature. This vibrant community has contributed to the adoption of Dogecoin (DOGE) and helped propel it to the forefront of the last bull season.
Another distinguishing factor of Dogecoin (DOGE) is its inflationary supply. Unlike Bitcoin, which has a capped supply, Dogecoin (DOGE) has an unlimited supply of coins. While this may raise concerns, it also means that the community can have a more accessible and democratic distribution, allowing a larger number of individuals to participate in the network.
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Avalanche (AVAX)
Avalanche (AVAX) offers a multitude of features that position it as a significant player in the crypto industry. Built to address the challenges of scalability, security, and decentralisation, Avalanche (AVAX) boasts an innovative approach to those problems.
To combat scalability, Avalanche (AVAX) employs a unique consensus protocol, which allows for near-instant transaction finality, allowing for thousands of transactions per second. Security is another paramount feature of Avalanche (AVAX). The Avalanche (AVAX) platform utilises a robust network of validators who maintain the security and integrity of the blockchain.
And when it comes to decentralisation, Avalanche (AVAX) empowers token holders by allowing them to propose and vote on protocol upgrades and other major decisions.
Conclusion
As governments continue to infringe on our privacy, a trading platform that focuses on privacy is paramount. And this is why savvy investors are getting excited about Tradecurve (TCRV), and the reason behind the success of its presale. But what of Avalanche (AVAX) and Dogecoin (DOGE)? Well, like others, they’ll have to evolve.
To find out more about Tradecurve, please visit the Tradecurve site or check out the links below:
