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Naira Redesign: Confusion As Federal Govt, CBN Keep Mum About Supreme Court Judgment

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Confusion has continued to trail the recent judgment of the Supreme Court, which annulled the naira redesign policy introduced by the Central Bank of Nigeria (CBN) late last year with the backing of the federal government.

The Supreme Court had on March 3, stopped the federal government from implementing the naira redesign policy, ordering that old N200, N500, and N1,000 notes be allowed to co-circulate with the new notes until December 31, 2023.

The seven-man panel led by Justice John Inyang Okoro, in its judgment, described the policy as an affront to the 1999 Constitution and therefore nullified it.

However, both the federal government and the central bank have failed to make statement on the judgment, keeping banks and the Nigerian public in confusion and tedious wait as the cash crunch emanating from the implementation of the policy lingers.

The backdrop has created concern that federal government may once again; flout the apex court’s order, deepening the cash crunch crisis that has heavily impacted the nation’s economy, particularly, the informal sector. The concern persists amid reports that some commercial banks are already collecting and issuing the old notes in compliance with the Supreme Court ruling.

While there is willingness to use the old naira notes as legal tender, the CBN’s failure to issue directive to banks on the court’s judgment has stalled the circulation.

“What is this confusion? Supreme Court says old naira remains valid till December, banks start dispensing old notes but buses, supermarkets, fuel stations, and so on are not collecting the old notes. It’s like this country is on autopilot,” Olaiya Simileoluwa, a Lagos resident, was quoted by Daily Trust as saying.

In a report on Tuesday, TheCable quoted Isa Abdulmumin, CBN spokesperson, as saying that both the old and new notes are legal tender and banks are currently issuing them to customers.

“Banks are paying old notes as well as new notes. They are all legal tender,” he said.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

Abdulmumin was also quoted as urging the public not to reject the old notes, though he acknowledged that the CBN has not officially issued a circular on that.

“No. They can’t reject it. It’s all legal tender,” he said.

However, there are unconfirmed reports that the federal government is waiting on the conclusion of Saturday’s governorship and state house of assembly election to comply with the Supreme Court’s judgment.

The federal government said it had backed the CBN to implement the naira redesign policy in a bid to curb moneybag politics among other ills.

With no statement from the CBN and the federal government, the public are keenly hoping that the conclusion of the governorship election on Saturday will bring an end to the naira redesign crisis.

There is no justification for joining campus secret cults

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I bumped into an old friend whom we grew up in the same neighborhood and we got talking trying to catch up on some memories, I asked him about his younger brother who was also a friend, we all literally grew up together and he told me that he does not know what the brother has been up to lately. I was expecting him to tell me that the brother is now a lawyer working in some big law firm somewhere because we both always wanted to be lawyers. He told me that the brother with whom we got admissions together, although in different schools, did not graduate from his university.

Here is the sad story; the brother got into the University and joined a campus secret cult, they had a cult clash which led to the death of some rival cult members and the death of some other innocent students who were caught in the crossfire; some people got killed and school properties were destroyed. The university board rusticated everyone that was fingered to be involved in the gunfight and anyone known to be a member of the secret cults terrorizing the school and that was how he, as a final year law student got rusticated out of the school; since then he is yet to make anything meaningful out of his life.

He was quite a smart champ but his dream of becoming one of the best lawyers in Nigeria and ending up as a Senior Advocate of Nigeria got shattered all by his doing and he has been off the grid since then. It is possible that he can start afresh and still be what he always wanted to be but nothing could ever make up for the lost years and for his tarnished image.

That story got me thinking about why a student could ever think about or fantasize about joining a campus secret cult and I have struggled to justify their reasons. Nobody I have ever known in my University days that were infamous and notorious as members of campus secret cult ever graduated; some were killed in rival cults clash, some were arrested and sent to jail, while some that got luckier got rusticated from the school.

I remember vividly back then in my class while I was in the University that there were about seven colleagues of ours that got initiated into the campus secret cult. One of them, who was an acquaintance, joined in our final year and he said that he had to join because of the constant harassment, oppression and intimidation he had been enduring in the hands of other cult groups. Most often than not, this is always a similar reason we hear from people as the justification for them joining a secret cult; they do not want to be harassed, oppressed or intimidated and they would rather be the oppressor than the oppressed. Well as touching as this reason may seem, it is all nonsense; millions of people have gone through the university, kept their heads low, avoided troubles and graduated without enlisting into the campus secret cult. Ironically, all secret cults could ever promise their members is false and a bluff; false security and safety because immediately you join your life will constantly be in danger from other rival cult groups and you constantly live in fear.

Out of these seven folks that joined the secret cult in my class, some who rose to the leadership of the cult all had issues. None of them graduated with us. Some dropped out, others were outrightly rusticated. I remember one of them slapped a Junior female colleague while we were writing our final exams. He was rusticated outrightly by the faculty board because there have been a series of other complaints against him for constantly using the cult to intimidate people.

Common guys, this is 2023, youths are building sophisticated tech companies and selling them for tons of millions of dollars, young minds are making a kill off social media, devising means to make legitimate money and survive right from the university and there you are still fantasizing about becoming a “Capone” in a campus secret cult? You should actually be ashamed of yourself.

Most of the people I know back then in university as infamous members of the campus secret cult were killed in a gunfight by the rival cult group, assassinated, and some were shot right inside their classrooms in broad daylight. I remember a guy that was quite popular in my school back then, a very pretty-looking guy; he was shot during a class party right inside the school in broad daylight. I still remember that day as if it was yesterday; we heard a gunshot and some of us in the commotion and confusion, running for our lives had no idea that we were actually running towards the place the incident took place; that was the fight time in my life I saw a human brain shattered in front of me,  I saw thick and sticky blood pumping and gushing out through his head, I can still see him struggling for survival and gasping for breath until he gave up the ghost with his two eyes still wide open. I will need a therapy section to get that image off my head. It was a brutal eyesore.

There is absolutely no reason why anyone should join a campus secret cult. Some of the folks in my class then who were members are always on the run, always looking over their shoulders; they will always abandon classes and even examinations and go into hiding once there was a little brawl in school; hiding from law enforcement agents, hiding from the rival cult groups and hiding from the school authority.

Every sane thinking person, even those that were cult members and managed to graduate and are in better places now will tell one thing; “campus cult is the worst thing you could ever get involved in as a student”. Run away from it, it will ruin your life if you are lucky enough to escape getting yourself shot in the head.

The Ndubuisi Ekekwe’s Forbes Africa Billionaire List

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Good People, you all made me feel really good. I have been receiving many congratulations from our community members who actually do believe that Ndubuisi Ekekwe made it to the Forbes Africa Billionaire list. What can I write?

Publicly, can you see that even my undergraduate classmates think I deserve to join the billionaire club, eating special nkwobi and  amala with zobo to wash am, like Aliko Dangote and Adenuga do daily? That means y’all have confidence that I will run a nice billionaire –royale.

I accept all the congrats; Vox Populi, Vox Dei [the voice of the people is the voice of God] . Yet, read that piece again; we’re just #believing. Yes “ faith is the substance of things hoped for, the evidence of things not seen”. We’re confident that we’ll rise to that level but the date is not yet 2023! (With all intentions, that was a humour please, and do not use that in your undergraduate seminar paper]

The original piece

The Forbes’ List is out with Africa’s billionaires. I have picked my spot, and Aliko Dangote is a number down. In the Igbo Nation, the elders will say “onye kwe chi ya ekwe” [when one says yes, his personal god will also say YES). Walahi, I have been reading Forbes for ages, and I think my name will look nice on those pages. Congratulations to my peers; I crossed that 2023 because my “B” is still followed by a proper fraction; it needs to be a whole number.

Forbes Updated List

Special Mention: Ndubuisi Ekekwe, Nigeria

Source of wealth: diversified education

Ranking: 0

Western Union Partners MFS Africa to Enable Easier Transactions Across Africa

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An IMTO

International money transfer platform Western Union has partnered with MFS Africa, the largest mobile money interoperability hub in Africa to enable easier transactions across the continent.

MFS disclosed that such strategic partnership could position it as a one-stop solution for payments into and within Africa, noting that it will go a long way in supporting financial inclusion across the continent.

Speaking on its partnership with Western Union, the Managing director of MTOs at MFS Africa, Kumar Shourav said, “MFS Africa has more than a decade’s worth of experience in navigating the challenging African payments landscape. Its direct relationship with mobile wallet players, banks, cash pick-up networks, and regulators on the continent is unmatched in the industry. Western Union is a global leader in cross-border, cross-currency money movement and payments.

Through this partnership, both organizations will provide customers, businesses, and global development organizations across the world with access to convenient payout options in Africa. This will foster better integration between Africa and the rest of the world and will go a long way in supporting financial inclusion across the continent. Therefore, this partnership made complete sense.”

Also commenting on its partnership with MFS Africa, the global head of account payout network at Western Union Hassan Chatila, stated that the platform aims to be the global leader in providing accessible financial services to the world’s populations and, in turn, increase global financial inclusion.

“Our efforts to drive global financial inclusion mean delivering on customer needs today and into the future.Through our partnership with MFS Africa, we are excited to come together and deliver on our joint commitment to bring innovative solutions for customers as they support their families and accelerate their momentum up the economic ladder”, she added.

MFS Africa’s full-service digital payments network connects over 400 million mobile money wallets, over 200 million bank accounts across Africa, and over 200,000 agents in Nigeria, to enable cross-platform and cross-border payments for remittance companies, mobile network operators, banks, non-bank financial institutions and global merchants.

Founded by CEO Dare Okoudjou at the end of 2008, MFS Africa was launched as a solution to the infrastructure limitations posed within Africa. The company is a Pan-African FinTech startup that enables connectivity between mobile money systems and money transfer organizations, including banks, insurance companies, and other financial institutions.

The MFS Hub is currently connected to 170 million mobile wallets in Sub-Saharan Africa. The Hub connects MFS Africa’s customers to its end-users. MFS Africa authorizes transfers from brick-and-mortar money-transfer operators to mobile phones. 

Crypto Analysts Are Optimistic About Dogetti, Aave, And Flow. Here’s Why!

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Crypto analysts have predicted that the meme coin Dogetti and lending platform Aave could give investors multifold returns in the future. The decentralized blockchain platform Flow also made it to their list of promising cryptocurrencies. Read to know how these top cryptocurrencies can make you rich in a matter of time.

Aave Surges 200% In 30 Days

Aave is an Ethereum blockchain-based protocol that allows users to borrow and lend cryptocurrencies. It uses smart contracts to automate the loan process that manages fund distribution, collaterals, and fee assessment. It enables the platform to operate without any third-party intermediary.

To lend crypto on Aave, users should deposit their currency by connecting a digital wallet to the platform. These deposits will offer a fixed annual percentage yield that will be paid in the same asset in which it is deposited. To borrow on Aave, users will have to supply their crypto as collateral. Users can earn interest on these deposits. After the collateral is deposited into the liquidity pool, users can borrow other cryptocurrencies but up to a certain percentage of their collateral value. Aave also offers a native token in its own name that can earn interest through staking.

At the time of writing, the price of the AAVE token was trading at 76.22 dollars. The currency has been trading in the green since 2021. Over the last 30 days, AAVE witnessed an increase of 202.8%. Crypto analysts believe that the growing number of buyers in the market portends a bright future for AAVE, which could reach $100 in 2023.

Flow Heading To $5

Flow is a decentralized layer-one blockchain designed to function as the base protocol for dApps, games, and digital assets. Flow platform aims to provide a scalable environment and congestion-free fast transactions. Since it has faster speeds and lower transactions, it is expected to become an alternative to Ethereum. The developer-friendly Flow ecosystem has been attracting top developers and crypto enthusiasts.

The native cryptocurrency of the Flow ecosystem is also called FLOW. It is designed to serve as a network fee, reward, payment method, and reserve asset in the long run. Though the coin has been suffering a bearish trend in the market lately, it witnessed a rise of 1.6% over the past 30 days. The crypto analysts predicted that the price of FLOW could reach up to $1.97 in 2023. They are also optimistic about the currency reaching up to $5 in 2025.

Dogetti To See 300% Rise Soon

Dogetti is a new dog-themed meme coin in the crypto market that has been doing notable wonders in its presale stage. Its ecosystem is made up of DogettiNFT, DogettiDAO, and DogettiSwap. DogettiNFT allows the holders to breed, grow and sell in exchange for fiat or other cryptocurrencies. Dogetti DAO fosters transparency and accountability in the project by allowing the family to propose and vote on proposals for the development of the community.

Another feature of the protocol is DogettiSwap, which is a decentralized exchange where members can swap any ERC 20 token for another one. Dogetti announced that it would impose a 6% tax on every transaction made on the platform. But, 2% of the tax will be added to the charity wallet, and another 2% of the tax will be redistributed to the holders’ wallet, which means the Dogetti holders can become rich simply by holding the wallet. These futuristic visions and enticing offers are bringing more investors to the Dogetti family.

In the first stage of the presale, Dogetti raised $375,000. As of writing, a single unit of DETI token costs $0.00007. The price will be raised to 300% in stage two of the presale. Since the first stage is fast approaching its target, users can avail 25% bonus by using the WISEGUY25 code. Rush before the price rises!

For More on Dogetti (DETI)

Presale: https://dogetti.io/how-to-buy

Website: https://dogetti.io/

Telegram: https://t.me/Dogetti

Twitter: https://twitter.com/_Dogetti_