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Money Bouquet and Money Cake is a Naira Abuse

By
Stanley Alieke
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0

We are a day away from Valentine’s Day. A day when couples and love partners express their love for each other through different means like gifts, or cash. Some go the extra mile in getting a money flower or money bouquet and even money cakes for their romantic partners; a money bouquet is a monetary gift which is comprised of banknotes arranged in a way similar to flower bouquets while money cake is a gift made of banknotes arranged or stacked like a cake.

It is pertinent to bring to your attention that the money bouquet or money cake you are planning to give your girlfriend or boyfriend this Valentine’s Day or for their next birthday celebration although may look cute and romantic but can land you in jail; yes it constitutes a Naira abuse which is a financial crime.

The Central Bank of Nigeria, for the sake of emphasis last Friday, listed money bouquets as a form of naira abuse and admonished the general public especially love birds to desist from it and to report those found gifting their partners money bouquets or money cakes to law enforcement agencies.

Naira abuse as provided in S.21 of the Central Bank of Nigeria Act, 2007 comprises any act which tampers with the sanctity or sacredness of the Naira. This act may include; squeezing the Naira, tearing the Naira note, writing on the note, defacing the Naira, spraying the Naira notes at parties, stumping on the Naira notes, using the Naira to make a money bouquet, money flowers or money cakes etc.

Anybody who is caught doing any of these to the Naira note has committed a crime punishable with at least 6 months jail term as provided in s.21(1) of the CBN act, 2007.

Section 21 (1) of the Central Bank of Nigeria Act, 2007 provides thus;  “A person who tampers with a coin or note issued by the Bank is guilty of an offence and shall on conviction be liable to imprisonment for a term not less than six months or to a fine, not less than N50,000 or to both such fine and imprisonment.”

Subsequently, for the sake of clarity, subsection 2 and 3 went further to highlight some examples of acts that may constitute abuse of the Naira and it reads thus;

(2) A coin or note shall be deemed to have been tampered with if the coin or note has been impaired, diminished or lightened otherwise than by fair wear and tear or has been defaced by stumping, engraving, mutilating, piercing, stapling, writing, tearing, soiling, squeezing or any other form of deliberate and willful abuse whether the coin or note has or has not been thereby diminished or lightened.

(3) For the avoidance of doubt, spraying of, dancing or matching on the Naira or any note issued by the Bank during social occasions or otherwise howsoever shall constitute abuse and defacing of the Naira or such note and shall be punishable under Sub-section (1) of this section.

The Central Bank of Nigeria (CBN), the Independent Corrupt Practices Commission (ICPC), the Economic and Financial Crimes Commission (EFCC), the Department of State Security Services (DSS) and other government law enforcement agencies have been all out recently, mounting as watchdogs, arresting and prosecuting people who are caught to be abusing the Naira.

Recall that two weeks ago the Independent Corrupt Practice Commission (ICPC) arrested a nollywood actress and a socialite by the name Oluwadarasimi Omoseyin who was seen in a video spraying and stumping on cash at a party. After her arrest and seizure of some of her properties, she was handed over to the Economic and Financial Crimes Commission (EFCC) for prosecution and she is currently facing prosecution brought pursuant to S.21 of the CBN Act, 2007 and she is likely to face a 6-month jail term for her offence (if and when found guilty).

Do not allow the CBN, the ICPC or the EFCC to use you as a scapegoat. Gift your partners cash gifts if you must in a way that will not constitute abuse to the sanctity or sacredness of the Naira.

 

Tizeti Expands Internet Service to More Nigerian States, Begins Recruitment

By
Samuel Nwite
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0

Broadband internet penetration in Nigeria is going to receive further boost days after SpaceX launched Starlink, its satellite-based internet, in Africa’s largest internet market.

Tizeti, West Africa’s pioneer of solar-based internet service, has announced that it is expanding broadband connectivity in Nigeria with the launch of 4G LTE network in ten new states. The company said the move is in line with commitment to boost digital inclusion in Africa.

“We are excited to expand our broadband internet services to more locations in Nigeria. Reliable and affordable internet connectivity is still limited to a few states. We will build last-mile digital infrastructure in these states that will move internet capacity to them and help millions of Nigerians participate and contribute to the digital economy,” founder and Chief Executive Officer at Tizeti, Kendall Ananyi, said. “Internet access in these states will also complement existing or new initiatives by the state governments, for eGovernment implementation, digital access, and investment promotions, especially as many states are implementing robust digital agendas.”

The Nigerian states to be reached are: Delta, Akwa Ibom, Cross River, Abia, Anambra, Imo, Enugu, Abuja, Kano, and Kaduna, where the demand for unlimited and cost-effective broadband internet is higher and the service is limited. With the move, residents and businesses in the ten states will now have access to unlimited, high-speed broadband connectivity from Tizeti at an introductory offer of N30,000 or $40 for monthly fixed broadband and installation costs, with a discount from N69,500.

The launch is expected to provide significant opportunities for the states that have not had adequate broadband infrastructure, and this will improve the competitiveness of the states with high-speed, and affordable broadband internet from Tizeti.

“Tizeti was built to tackle poor internet connectivity not only in Nigeria but on the continent as a whole, by developing a cost-effective solution from inception to delivery, for reliable and uncapped internet access for potentially millions of Africans,” Tizeti’s Chief Operating Officer, Ifeanyi Okonkwo, said.

Tizeti, which is currently available in Lagos, Ogun, Oyo, Rivers, and Edo States, offers residential and business plans that are designed to meet the needs of all types of users, from casual to business customers. With speeds up to 1000 MBPS, Tizeti’s customers can easily access the internet to work remotely, or in the office; learn online, stay connected with friends, and stream online content.

The internet broadband provider said it will build brand-new, solar-powered, 4G-capable towers in these cities and leverage expansive fiber networks built by some of its partners, including MainOne and Facebook, to bring millions of people online, and deliver life-changing socio-economic opportunities that access to the internet provides.

The company has announced openings to meet the demands that will follow its expansion. The roles advertised for young Nigerian graduates on Tizeti’s website include Sales Engineering, Network Operations Center, Human Resources, Administration, Sales and Marketing, Finance, and Customer Service.

Online Misinformation Going to Worsen as AI Platforms Evolve And Spread – Mark Cuban

By
Ojukwu Emmanuel
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American billionaire entrepreneur Mark Cuban has recently revealed that online misinformation is going to get worse as artificial intelligence (AI) platforms spread and evolve.

He disclosed that AI chatbots such as ChatGPT and the likes, despite its remarkable features, has not in any way shown to be smarter than the average human, which he stated that these technologies can contradict themselves sometimes, providing different answers when repeatedly asked the same question.

In his words,

“Online misinformation is only going to get worse as artificial intelligence platforms evolve and spread. Right now, misinformation tends to spread through social media platforms like Facebook or Twitter, and that’s with some semblance of human guardrails in place. But with ChatGPT and other similar platforms, the machines are in control.

“Once these things start taking on a life of their own, it will be difficult for us to define why and how the machine makes the decisions it makes, and who controls the machine”.

Recall that last week, giant tech company Google lost $100 billion in market value, after its new artificial intelligence (AI) technology Bard, gave a wrong answer in its first demo.

Google’s AI chatbot claimed that NASA’s James Webb space telescope took the first image of an exoplanet but was wildly wrong. The first image was reported to be taken in 2003, by the European Southern observer’s very large telescope.

This spurred employees at the company to call out Google’s CEO Sundar Pichai and the leadership, following the release of its AI chatbot Bard, which they described as “rushed” and “botched”.

Mark Cuban disclosed that the error signifies that the technology is still in infantile stages which can be a problem, especially for large swaths of people who don’t always fact check claims they see on the internet.

Also, a recent Tekedia publication revealed that Google’s Senior Vice President Prabhakar Raghavan warned against the over reliance on AI chatbots for delivering accurate information.

In an interview, he said one of the pitfalls of AI chatbots is the problem of hallucinations, which often forces the technology to provide a convincing but completely made-up answer.

No doubt, AI chatbots represent an exciting new chapter in the history of tech, but in spite of the fact that this is the case they are not without their potential dangers and issues. Researchers working across a wide range of institutions have recently highlighted an alarming potential problem that can be caused by AI such as Chat GPT, which they revealed could increase the amount of misinformation that can be seen online.

On Nov. 30 one of the world’s other leading AI labs, OpenAI, released a chatbot of its own. The program, called ChatGPT, is more advanced than any other chatbot available for public interaction, and many observers say it represents a step change in the industry.

ChatGPT’s fluency is an illusion that stems from the combination of massive amounts of data, immense computing power, and novel processing techniques. Although, the AI language model is not perfect and may sometimes produce incorrect answers.

Author of Rich Dad Poor Dad Robert Kiyosaki Predicts Bitcoin to Hit $500,000 by 2025

By
Ojukwu Emmanuel
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American entrepreneur, businessman, and author of Rich Dad Poor Dad, Robert Kiyosaki, has predicted that the crypto asset Bitcoin, will hit $500,000 by 2025.

He also predicted Gold to hit $5,000 and silver $500 by 2025 which he disclosed will occur, following the printing of billions of fake money by the fed.

According to him, the U.S. Federal Reserve’s wrong monetary policy, forcing the regulator to print billions of fake money will lead to a surge in the price of several crypto assets due to a loss of faith in the U.S. dollar.

See what he wrote on Twitter,

“Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. Why? Because faith in US dollar, fake money, will be destroyed. Gold & Silver Gods money. Bitcoin people’s $. Take care.”

Kiyosaki predicted the imminent collapse of the financial markets to happen as early as tomorrow February 14, he attributes the worsening of market conditions to the inflation data due out tomorrow. The author urges people not to panic and to increase their exposure to strong assets.

He further assured his Twitter followers that he would spend “fake dollars” to acquire more gold, silver, and bitcoin, referring to them as real money.

Kiyosaki has previously explained that Gold, silver, and Bitcoin are real money. He noted that the U.S. dollar is “fake money” because rather than being tied to real money, which is the case for gold, it was tied to the full faith and credit of the United States.

Kiyosaki on his Twitter handle, had earlier stated why Gold, Silver, and Bitcoin are going higher lately. He wrote, “Q: Why are gold, silver, and Bitcoin going higher? A: Because US poor and middle class getting poorer & deeper in bad debt. Please don’t get poorer. At least buy one silver coin. Only $30 and start to get richer.”

Furthermore, the author has repeatedly said he does not have faith in the Biden administration, the U.S. Treasury, the Federal Reserve, or Wall Street.

Meanwhile, in a related development, American economist and member of the Federal Reserve Board of Governors since 2020, Christopher J. Waller, has issued a warning regarding the risks associated with investing in cryptocurrencies.

He said, “To me, a crypto asset is nothing more than a speculative asset, like a baseball card. If people believe others will buy it from them in the future at a positive price, then it will trade at a positive price today. If not, its price will go to zero.”

Meanwhile, since Bitcoin is the biggest and most well-known cryptocurrency, few investors see it as a reliable inflation hedge, which is even considered an excellent hedge compared to gold.

A veteran of the crypto industry and an adjunct professor at Columbia Business School Omid Malekan said that while cryptocurrencies like bitcoin, they are not proven to be a reliable long-term store of value, meanwhile, they could still gain acceptance over time and become less volatile.

A Major Milestone for Fasmicro Group

By
Ndubuisi Ekekwe
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0

At Fasmicro Group, we reached a major milestone today, and I want to celebrate with our industrial partners, universities and stakeholders. As Africa’s only Intel certified and authorized programmable microprocessor knowledge partner,  we continue to serve our continent.  On this day in the engineering lab of the Johns Hopkins University, many years ago, after taking a course on processor design and development, I architected a playbook to take that knowledge home. Over the years, we have been to more than 120 universities in Africa and set up labs .

We have worked with companies, from power systems to telecoms on their market needs. And we have been recognized for the specific and specialized services we offer (many recognitions and awards). We have served on our engineering mission. Of course, we thank Intel Corporation for its support over the years .

To our head of engineering, Engr Ekele Eke (Nigeria’s finest engineer), and all our team, I say THANK YOU.

Photo: Sir Richard Branson honoured Ndubuisi Ekekwe, founder of First Atlantic Semiconductors & Microelectronics (FASMICRO).

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