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Home Blog Page 4663

Court Orders Nigeria’s Election Umpire, INEC, to Extend Voters’ Registration Exercise

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The Abuja Division of the Federal High Court has ordered the Independent National Electoral Commission (INEC) to resume continuous voter registration (CVR) until 90 days before the 2023 general elections.

NAN reports that Justice Inyang Ekwo, in a judgment on Tuesday, also directed INEC to ensure that eligible Nigerians are not deprived of the opportunity to have the voter’s card for the forthcoming poll.

Justice Ekwo held that it was the constitutional responsibility of the electoral umpire to make adequate provisions for the exercise following the Nigerian laws.

“The case of the plaintiffs succeeds on merit,” the judge declared.

Anajat Salmat and three others had sued INEC as the sole defendant in a suit marked: FHC/ABJ/CS/1343/2022.

In the originating summons filed before the court, the plaintiffs argued that INEC could not stop the CVR contrary to the stipulated provisions of the constitution.

They urged the court to order the electoral umpire to resume the exercise in accordance with the law of the country.

INEC said in July that there would be no further extension so as to enable the Commission to carry out other functions ahead of the 2023 general elections.

The INEC National Commissioner in charge of publicity and voter education and the supervising National Commissioner for Anambra, Abia and Benue states, Chief Festus Okoye, said then at the Anambra State headquarters of INEC, that there was no way the exercise would not come to an end as the Commission is also involved in other activities ahead of the general elections.

“You are fully aware that 30th of June, 2022 was the terminal date for the CVR, but the commission extended the date to 31st July 2023, a period of one month.

“The CVR cannot go on ad infinitum. It has to be terminated at a certain point in time and so, the commission has decided to terminate it on the 31st of July.

“This is to enable us have the time to clean up the double and multiple registrations. We have to do this before the 2023 elections so as to have a clean voters register.

“The Electoral Act 2022 mandates INEC to display the voters register in the 744 local government areas of the country and in the 8809 registration areas for claims and objections. Thereafter, we have to print the voters’ cards of all the registrants and get them to come and collect their PVCs.

“The voters’ registration is not the only function the commission performs. It is also involved in the procurement of items in readiness for the 2023 elections.

“If the commission continues with the CVR, it will do a lot of damage to our other activities and we cannot afford to do that,” he said.

The electoral Act stipulated that the registration exercise ends 90 days to the elections. Ending the exercise in July means that INEC has broken the law and thereby disfranchised millions of eligible voters.

There were about seven million people who were yet to complete their registration by the time INEC ended the exercise in addition to millions of others who turn 18 between July and December 2022, prompting the lawsuit to compel the Commission to continue the exercise in accordance with the law.

But INEC has said that logistically, it is not prepared to extend the voters registration exercise beyond August 2022. Therefore, it is not clear if the electoral umpire is capable of obeying the court’s order.

The Influence of the “Be Yourself” Industry on Poverty in Nigeria

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It would be a huge mistake to believe that there are countries where there are no poor people. It would also be a great disservice to oneself to believe that poverty can be reduced or eliminated solely through the efforts of political and business leaders. God knows why He made things in double and, in most cases, binary options of positive and negative. He understands why He made certain people leaders at different stages of their lives and others followers. In all of these divisions, He gives everyone something that is completely unique and cannot be found in another person. In most cases, you may be unaware that you have the innate abilities to create and capture value monetarily, socially, and politically.

This is one of the main reasons why the “be yourself” industry is thriving all over the world. It is an industry that relies on inspirational talks, capacity building using do-it-yourself training formats, and books to produce, disseminate, and manage knowledge. People at the lower and middle income levels have really explored the industry in the developed world. However, in the developing world, the industry receives little attention.

A quick trend search in some countries in the global south, such as Nigeria, will reveal that people want to understand issues and challenges that may not allow them to escape knowledge and financial poverty. Regardless of the number of statistical and moral panics about Nigeria’s poverty level, our analysts believe that escaping the poverty net requires serious engagement with players and actors in the ‘be yourself industry,’ because poverty rhetoric has not yielded the desired results over the years.

According to the 2022 Multidimensional Poverty Index report, education is one of the tools required to address the problem. The same education is not easily accessible through the formal school of higher education institutions. This suggests that Nigerians, particularly youth, should explore the “be yourself industry.”

The industry’s speakers, writers, and participants (companies) have written a number of books and delivered seminars on a range of opportunities over the past five years. Our analyst, who is one of the players, just published a book explaining how Muslims can generate and seize value using Islamic principles. If reading books, going to trainings, and attending conferences to expand opportunity discovery and exploration are challenging, then using authentic internet sources for self-learning shouldn’t be a problem as long as getting on the internet isn’t challenging. But interacting with actors and players in the “be yourself industry” is still necessary.

Federal Reserve Bank of New York, Monetary Authority of Singapore Test wCBDC for Cross Border Payments

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The Monetary Authority of Singapore (MAS) and Federal Reserve Bank of New York are teaming up to explore the use of Wholesale CBDCs for cross-border payments. The partnership will bring together MAS’s Ubin+ project with the second phase of the New York Fed’s Project Cedar for a joint experiment.

The Project Cedar Phase II x Ubin+ experiment is not intended to advance any specific policy outcome, nor is it intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC, nor how one would necessarily be designed.

Reports detailing the experiment and findings of Project Cedar Phase II x Ubin+ will be released in 2023. Project Cedar is a multi-phase research effort to develop a technical framework for a theoretical wCBDC in the Federal Reserve context and aims to contribute to a broad and transparent public dialogue about CBDC from a technical perspective.

Phase One of Project Cedar found that using a wCBDC prototype to facilitate transactions supported by blockchain technology could improve the speed and safety of cross-border wholesale payments. Ubin+ is MAS’ collaborative initiative with international partners to improve the efficiency and reduce the risks of cross-border foreign exchange settlement, by advancing cross-border connectivity and interoperability of wholesale digital currencies. The effort will look to enhance designs for atomic settlement of cross-border cross-currency transactions, leveraging wCBDCs as a settlement asset.

The experiment, which entails establishing connectivity across multiple heterogeneous simulated currency ledgers, aims to significantly reduce settlement risk, a key pain point in cross-border cross-currency transactions. A report on the work will be released next year, although the New York Fed stresses that it is not designed to advance any specific policy outcomes.

Michelle Neal, head, Markets Group, New York Fed, says;

“Building off Phase I, the Project Cedar Phase II x Ubin+ collaboration will provide further visibility into the functionality and interoperability of multi-currency ledger networks utilizing their own unique designs.”

Phase one of Project Ceder simulated a foreign exchange spot trade and introduced a wholesale CBDC prototype to test whether using blockchain technology could improve speed, cost, and access to cross border wholesale payments. The experiment found that payments could be settled in under 15 seconds and that the simulated ledger network enabled atomic settlement, meaning both sides of the transactions were settled either simultaneously or not at all – slashing risks.

Argentina Falls to Saudi Arabia in FIFA World Cup

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Congratulations Saudi Arabia. It was indeed a moment that Messi’s Argentina fell to the Saudis.  This takes me back to secondary school when Cameroon’s Omam Biyik defeated Diego Maradona’s Argentina 1-0. Africa rejoiced and I went to Oriendu Market and bought an almanac with the victory celebration. Small chewing gums with the photos of the goal went everywhere in the village. Cameroon’s record was huge because Kana Biyik and Massing both went down with red cards.

But you know what? Argentina went to the finals and later lost to West Germany. We will see how Argentina responds; in 1990, Maradona single handedly combed together a largely weak team to the finals (outperforming his 1986 victory moment and “hand of god ” spectacular). Can Messi do that for Argentina?

About 8 countries have won the World Cup: Brazil, Germany,  Italy, Argentina, France, Uruguay,  England and Spain. If you count after 1980, you have only 6 countries. The real deal is this: can we have another county outside the big 5. Hope Saudi Arabia’s brilliance expands the podium.

Comment on Feed

Comment: Whaoo. Ain’t know Prof. could be this vast in football.

My Response: Sausa of Secondary Technical School Ovim was a preeminent football analyst who was not good in the field. During that time, he memorized all the Rangers , Shooting Stars of Ibadan, etc players. Edward Ansah, Abdulahi Alausa, Ngodiga, etc. In his small transistor radio, he listened to NFA matches.

Comment 2: This is the reason why we watch the game.
The Saudis did this because they didn’t lose the game before they entered the field of play. They believed and it happened. This is a lesson for all of us. If we’re faced with giants and no one gives us a chance, we should all learn to give ourselves a chance. There could be miracles when we believe. Give yourself a chance by showing up and believing that anything is possible. Don’t lose the battle of life before you fight.
As they say, fortune favors the brave.

Bob Iger Effect: Disney Stock Price Surges as Ex-CEO Returns to Shake Things up

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After Disney announced the return of its former CEO Bob Iger, the company stock (DIS) surged as much as 9% in the early hours of Monday.

Iger’s return to the company will see him replace Bob Chapek who has already stepped down from the CEO position of the company, after his three years reign.

While speaking on his return to Disney, Bob Iger said, “Disney and its incomparable brands and franchises hold a special place in the hearts of so many people around the globe, most especially in the hearts of our employees, whose dedication to this company and its mission is an inspiration.

“I am deeply honoured to be asked to again lead this remarkable team, with a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling”.

Upon his return, few analysts at Wall Street predict that he will positively impact the company’s stock which declined during Chapek’s tenure.

Also speaking on Iger’s return, Wall Street analyst at Wells Fargo Steven Cahill disclosed that the former CEO’s return to Disney doesn’t really solve all the company’s problems.

However, he is positive that his presence will attract investors, noting that Disney has put one of the best leaders in media at the helm who will possibly shake things up.

Other analysts are optimistic that Iger’s charisma and intelligence will help navigate the company out of its current mess. “While Iger appears to be more woke politically than Chapek, his straightforwardness about his positions may serve the company better than Chapek’s fumbling”, an analyst said.

Iger’s recall back to Disney comes after Chapek’s Chaotic run for the company which saw him lead the company to post its first quarterly loss since 2001 of a whopping 1.5 billion dollars.

His tenure was riddled with controversy, from political battles and A-list talent problems, to controversial reorganizations. Reports reveal that Disney’s stock price fell by over 30 percent since Chapel took over as the CEO.

Insiders at the company disclosed that Chapek shouldn’t be surprised at his replacement, despite the fact that Disney’s board of directors unanimously voted in June to extend his contract for another three years through 2025.

They stated that he was hated by creatives, and according to them, he didn’t possess the acumen and creativity to effectively run the company.

Following Iger’s return to Disney, the company disclosed that he will serve as CEO for two years, with a mandate to “set the strategic direction for renewed growth and to work closely with the Board in developing a successor to lead the Company at the completion of his term.”

Iger was Disney’s public face for 15 years as chief executive, where he spent four decades and oversaw the acquisitions of Pixar, Marvel, and Lucasfilm. During his tenure, he also closed a $71 billion deal to buy most of 21st Century Fox before handing the job off to Chapek in 2020.

Iger has already resumed his duty as the CEO and has already sent a memo to the company’s employees informing them about his restructuring plans, as well as certain implementations that will be made.