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INEC Postpones Governorship, State House of Assembly Election, to March 18

By
Samuel Nwite
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0

The Independent National Electoral Commission (INEC) has postponed the governorship and state house of assembly election previously scheduled for March 11, to March 18, following the decision of the Court of Appeal on Wednesday, granting the Commission permission to reconfigure the Bimodal Voter Accreditation System, BVAS, for the election.

The Labour Party (LP) and the Peoples Democratic Party (PDP) had secured an injunction from the Election Petition Tribunal, ordering INEC to allow them to inspect the materials used to conduct the disputed presidential election on February 25.

This means that the parties will carry out forensic inspection of over 176,000 BVAS used in the election which are located in INEC LGA offices across the country.

The electoral umpire had approached the court, seeking to vary the court’s order for inspection of the materials. In a unanimous decision on Wednesday, the Court of Appeal’s three-member panel of justices held that preventing INEC from reconfiguring the BVAS would adversely affect the governorship and State Assembly elections. It therefore granted the Commission’s prayer, dismissing LP’s objection.

However, the decision was made two days to the election, forcing INEC, which had earlier said it will need more time to configure the BVAS, to announce a new date for the election.

A statement issued by Festus Okoye, National Commissioner & Chairman Information and Voter Education Committee, said INEC the postponement was necessitated by the need for enough time to prepare for the governorship and house of assembly election.

He said: “The commission approached the Tribunal to reconsider the order, given that the BVAS Systems were to be deployed for the Governorship and State Assembly elections and that the lack of a clearly defined timeframe for the inspection could disrupt the Commission’s ability to conduct the outstanding elections.

“For instance, the BVAS can only be activated on the specific date and time of an election. Having been used for the Presidential and National Assembly elections on 25th February 2023, it is necessary to reconfigure the BVAS for activation on the date of the governorship and State Assembly elections.

“While the ruling of the tribunal makes it possible for the commission to commence the preparation of the BVAS for the governorship and state assembly elections, it has come far too late for the reconfiguration to be concluded.

“Consequently, the commission has taken the difficult but necessary decision to reschedule the governorship and state assembly elections which will now take place on Saturday 18th March 2023.

“By this decision, campaigns will continue until midnight of Thursday 16th March 2023 i.e. 24 hours before the new date for the election. This decision has not been taken lightly but it is necessary to ensure that there is adequate time to back up the data stored on the over 176,000 BVAS machines from the Presidential and National Assembly elections held on 25th February 2023 and then to reconfigure them for the Governorship and State Assembly elections.

“This has been the practice for all elections, including the period when the commission was using the Smart Card Readers (SCRs).”

Make Your Business More Productive – Tekedia Mini-MBA

By
Ndubuisi Ekekwe
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0

In business, we have factors of production which are used to create products and services to fix frictions in markets. Those factors are anchored on pillars of People, Processes and Tools. If you can get them to work seamlessly, your execution equation will balance easily: Great Company = Awesome Product + Superior Execution.

One of the best in the industry and a zen-master of workplace productivity, Olanrewaju Oyinbooke, will be in Tekedia Institute Mini-MBA live to educate on how we can deepen that execution component through automation, collaboration, etc. Heis a Microsoft Most Viable Professional (MVP) and a globally-recognized advocate on deepening organization productivity and efficiency.

Come and understand how to make that company run smarter; Zoom link in the Board.

ShibBurn rates Surge amid Shibarium Beta Launch

By
Paul Ugbede Godwin
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0

Popular meme-based cryptocurrency $SHIB’s token burn rate has reportedly surged in the past 24-hour period as the Shiba Inu community impatiently awaits the upcoming launch of the beta version of Shiba’s Layer 2 (L2) scaling solution Shibarium.

At 3:25 p.m. UTC on March 7, $SHIB burn tracker Shibburn reported that in the past 24-hour period, the $SHIB burn rate was up 78%. Over 410 trillion SHIB tokens have so far been burned, i.e. permanently removed from the supply or sent to an inaccessible Ethereum address.

The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation.

In the past few weeks, there have been several other major listings for $SHIB and other tokens in its ecosystem as the community impatiently awaits the launch of Shibarium, a layer 2 blockchain designed at addressing the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost.

In a recent blog post, Kusama mentioned that Shibarium’s intake system would allow the Shiba Inu team to find the best projects and link them together with others who can help or assist. This system will also help them remain organized and grow Shibarium’s reach with professional companies, reset relationships with businesses they’ve connected to in the past, and find the right validators.

Kusama further shared that thousands of projects had already expressed their interest in being a part of the experimental journey of the Shiba Inu community. The team received numerous submissions through the Shibarium intake form, which is the document required in the intake system built to support those interested in doing anything for Shib.

Kusama expressed his delight in the thousands of submissions to the intake form, indicating that many exciting projects would join them on this experimental journey.

We are pleased to announce that our Shibarium Intake System is now live!
Join our ecosystem and be part of the Shib Army’s journey.

Although the intake form is not a requisite for developers to build on Shibarium, it will allow them to get the latest news and updates about Shibarium and the entire Shiba Inu ecosystem. Kusama added that the team was currently organizing and giving attention to every one of the several thousand submissions received, stating that the community is stronger as a unit, and even stronger with Shibarium.

As the excitement builds for the public beta testing of Shibarium, Kusama continues to provide exciting updates on the project’s progress. With the intake system in place, Shibarians and developers can expect a more organized and efficient ecosystem, providing them with the necessary tools to achieve their goals.

Shibarium’s layer-2 scalability solution has the potential to revolutionize the way the Shiba Inu community functions, opening up new opportunities for growth and expansion. The future looks bright for Shibarians, and the cryptocurrency space as a whole eagerly awaits the launch of Shibarium.

Vitalik Buterin gifts $15M to U.S. University, As Kaleo Predicts Upside Trend for MATIC

By
Paul Ugbede Godwin
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0

A local news publication in San Diego posted yesterday that the state had received a sizable crypto donation from Vitalik Buterin. The $15 million donation is the largest crypto gift ever given to a U.S. University and UC campus. It is from Balvi Filantropic Fund, an organization directed by Vitalik Buterin. It was wired as USDC stablecoin and was exchanged into dollars via Engiven, a locally based crypto services provider in the area.

The donation is to help the area’s residents be safe from airborne pathogens following the outbreak of SARS-CoV-2, RSV, and Influenza.

According to researchers, the main cause of these outbreaks is the change in the humidity and the temperatures in the area. The mega donation will help the University of California, San Diego researchers to dive deeper into how the area’s residents can be caved from such occurrences.

Buterin commented on the matter, saying he is pleased to support the creation of the new institute to help determine how airborne pathogens behave and affect people. This is not the first time that Buterin has donated crypto. Also, he is not the only one who has. One of the most popular donations was made in Julian Assange’s extradition case.

The others were carried out in Ukraine vs. Russia war to help support Ukraine in withstanding Russia’s military offensive action. Additionally, millions in crypto have been given as relief in the Turkish Earthquake misfortune.

Now, Buterin’s latest move confirms that the crypto community still believes in upholding humanitarian causes.

Kaleo Predictions on Polygon and Bitcoin

Pseudonymous crypto analyst Kaleo tells his 566,000 Twitter followers that blockchain scaling solution Polygon Matic could be gearing up for a burst to the upside.

“After a nice ~20% drop from a couple of weeks ago, MATIC looks primed for a reversal.” 

Based on the trader’s chart, it appears that he thinks MATIC is likely due for one more leg down below $1 before reversing its trend and rallying all the way up to around $1.70.

Looking at the lower timeframes, Kaleo thinks that MATIC is likely setting up to take out its diagonal resistance.

“Diagonal breaks have led to major impulse moves for each leg higher throughout this uptrend.” 

At time of writing, MATIC is worth $1.13.

The crypto strategist is also updating his outlook on Bitcoin, believing that the king crypto could be consolidating in preparation for a parabolic surge in the coming months.

“This is your daily reminder $40,000 is still a magnet.”

A closer look at the analyst’s chart shows that he thinks Bitcoin could rally to as high as $45,000 in May before setting up a bull trap and correcting all the way down to around $37,000. At time of writing, BTC is trading for $22,183, suggesting an upside potential of over 100% for Bitcoin should it reach Kaleo’s target.

CBN Introduces Guidelines for Open Banking, Warns Banks to Respect Customers’ Data

By
Samuel Nwite
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0

The Central Bank of Nigeria (CBN) has on Wednesday, issued operational guidelines for open banking in Nigeria, as part of its measures to sanitize operation of the banking industry.

The CBN said the Regulatory Framework for Open Banking in Nigeria established principles for data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank customers.

“As a result, open banking recognizes the ownership and control of data by customers of financial and non-financial services, and their right to grant authorizations to service providers for the purpose of accessing innovative financial products and services,” the apex bank said, adding that this is anticipated to drive competition and improve accessibility to banking and payments services.

According to the guidelines, participants in open banking shall adhere strictly to security standards when accessing and storing data, and shall be subject to minimum privacy standards, operational standards, risk management standards and customer experience standards as prescribed by the Bank.

The CBN shall provide and maintain an Open Banking Registry to provide regulatory oversight on participants, enhance transparency and regulate operators within the open banking ecosystem.

Under the open banking proposition, any organization that has data of customers which may be exchanged with other entities for the purpose of providing innovative financial services within Nigeria is eligible to participate in the Open Banking ecosystem.

The CBN said entities participating within the Open banking ecosystem are categorized based on the roles that they may perform, and participants may assume more than one role depending on their services and offerings. The roles include API Provider, API Consumer and customer – whose data is involved and whose permission is required before the data is used.

“Consent is required from customers whose data may be required by services provider to avail them of financial products and services,” the guideline said.

CBN’s Director, Payments System Management Department, Musa Jimoh, said the guidelines have become necessary as the apex bank pushes to stabilize the financial system.

“The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services.

“It is also aimed at enhancing efficiency, competition, and access to financial services,’’ he stated.

Speaking on the conditions for sharing customers’ private data, the guideline said API Provider shall only share information of a customer with an API Consumer, upon presentation of a valid proof of consent by the customer, and shall authenticate such consent to ensure it emanates from its customer.

“Authentication of end-users and the validation of information to be shared with the ACs shall be done directly by the AP using the prescribed authentication mechanism within the API Security and Risk Management Standards,” it said.

Jimoh implored stakeholders to ensure strict compliance with the guidelines and with other regulations.

“The guidelines apply to banking and other related financial services as categorized and determined by the apex bank in the regulatory framework for open banking in Nigeria,’’ he said.

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