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Nigerian Lawmakers Urge The Central Bank Of Nigeria (CBN) To Address Electronic Fund Transfer Issues

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Despite the measures put in place by banks in Nigeria to solve electronic fund transfer issues, the issue persists as it is yet to be completely resolved. Due to delays in electronic fund transfer and unsuccessful transaction issues, the house of representatives has urged the Central Bank Of Nigeria to address the persistent issue.

Mohammed Bello, a lawmaker from the All Progressive Congress (APC) representing Kano, moved a motion under sections 2(d), 33 (1) b, and 47 (2) of the CBN act, 2007, that the Central Bank is saddled with the responsibility of promoting a sound financial system in Nigeria.

Recall that the CBN on the 13th of September 2018, issued a circular on the regulation on instant interbank electronic funds transfer services. The following year, the CBN had to issue a circular to all banks in Nigeria, stating that any failed Electronic fund transfer not reversed into the customer’s account within 24 hours after a complaint by the sender, will attract a fine of N10,000.

The Central Bank of Nigeria (CBN) disclosed that commercial banks have refunded N89.2 billion to customers over various financial-related complaints from 2012 to June 2021.

Despite this circular being issued by the CBN, the house of reps are worried that the regulations are not being complied with by these banks, as issues concerning delayed transfers and failed payments are still very rampant.

The reps also cited a major constraint that customers of financial institutions across the country have no adequate means of filing complaints and getting immediate resolutions on failed E-funds transactions, which usually occur during weekends and public holidays.

Customers reveal that when these failed transactions happen on weekends, it poses a serious challenge to them as it makes some of them incapable of attending to family and personal needs. Also, failed and delayed electronic funds transfers have sometimes resulted in untold misery for bank customers who were in dire need of cash for emergencies.

These technical issues frequently continue to impede bank activities when the banking hall continues to be flooded with customers making complaints about electronic funds transfer issues, which often makes some of these banks lose customers.

Experts have disclosed that lack of commitment from these banks has caused displeasure in the recurring phase of delayed or failed fund transactions. They further disclosed that Bank customers process a lot of transactions during weekends, and due to the high volume, these banks sometimes can’t handle the magnitude of such transactions.

They however urged the banks to upgrade their network facilities to meet up with the needs of their customers.

Were bishops and religious leaders who attended APC VP unveiling event hired?

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It has been a fun time in the Nigerian political atmosphere. A lot of permutations, calculations, moves, campaigns, jabs, and manipulations from political parties and political gladiators for the sake of winning the 2023 presidential elections.

On Wednesday, the 20th of July was the official unveiling of His Excellency Kashim Shettima, the former governor of Borno state as the running mate and Vice Presidential aspirant of the APC presidential flag bearer, Bola Ahmed Tinubu.

Due to the fact that both the presidential candidate is a Muslim and the proposed Vice President is also a Muslim this Muslim-Muslim presidential ticket has received a lot of opposition mostly from the Christain group as Christain religious leaders called on their religious followers to boycott the party and have nothing to do with the party and never to vote for the APC in the upcoming election.

The conspiracy theorists even tagged this move of the Muslim-Muslim ticket as a ploy to Islamize Nigeria and force Christians and other religious groups to become Muslims. 

The Christian Association of Nigeria (CAN), the umbrella body for Christians in Nigeria did not fail to openly kick against this choice of a Muslim-Muslim ticket and was vocal about their opposition against the ruling decision of the ruling All Progressives Congress for the 2023 election.

For this reason, the Christian community decided to boycott the ruling party and don’t want to be associated with the party in any form and made it known that they won’t be at the official unveiling ceremony of the Vice President.

All Progressive Congress being a political manipulator they are known for decided to hire mercenaries and impostors to attend the ceremony in other for it to appear that some Christain religious leaders supported the Muslim-Muslim ticket and to counter the initial stand of the leadership of the Christain Association of Nigeria (CAN) that no Christain leader will support this move of theirs and to also give Christian voters a false impression that Bola Tinubu’s decision to pick a Muslim northerner as his running-mate for the 2023 general election meant well for the country despite strong criticism from the Christian community and opinion leaders in the country.

The calculation and move of hiring mercenaries and impostors to appear as bishops and religious leaders failed woefully when the pictures of the so-called Bishops and Christain leaders started circulating online and some people were able to identify the Impostors claiming to be church leaders; one of the “bishops” was identified as a mechanic by his boss, one was as well identified as a street urchin and the whole plan met its Waterloo when some of the rented Bishops started protesting that the money they were paid to dress like Bishops and attend the ceremony was not the amount they were initially promised when they were contracted to do the job.

One of the imposters, who identified himself to Peoples Gazette as Joseph Odaudu, said Bola Tinubu’s representatives that contracted them initially promised to pay them N100,00 for the job only for the fee to be slashed by 60% once they have done the job.

“They came to meet us at the car park behind Eagle Square and they promised to give me N100,000. They bought food for us and took us to another place where they gave us clothes to dress like Christian leaders and reverend fathers,” Mr. Odaudu told The Gazette shortly after the event in Abuja on Wednesday. “But after we finished they only gave me N40,000 and another person said they got only N30,000. I don’t know why they changed our agreement because they said they had N100,000 for us”.

This is to show the desperation and the extent the ruling party can go in their games and manipulations in order to win the 2023 election. We can all sit and enjoy the drama as the events keep unfolding.

University In Canada Waives TOEFL, IELTS, And Other English Test For Nigerians Seeking Admission

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It is often a common requirement that international students are mandated to write TOEFL, IELTS, or any other English test to pursue higher education in Universities in Europe, most especially in USA or Canada.

However, there is a recent development for Nigerians seeking admission, as the Athabasca University which is a university in Canada, has excluded Nigeria from its list of foreign applicants who are mandated to write and pass any of the English tests before admission.

This waiver for Nigerians was implemented after Canadian-based Nigerian, Dr. Olumuyiwa Igbalajobi (Ph.D) wrote a protest letter to the university. The Athabasca university had to take heed to his demands by removing Nigeria from the list of countries to write International English language Testing System (IELTS), Test Of English As A Foreign Language (TOEFL), and other English tests before enrollment.

It is also interesting to note that Dr. Olumuyiwa who is a post-doctoral research fellow, has also achieved the same feat at the University of Alberta Canada. The university last month had to remove Nigeria’s name from the list of countries that must present proof of English test.

Although the University of Alberta had previously recognized some schools in Nigeria whose students do not need to write any of the English Tests. Dr. Olumuyiwa whose commendable efforts have drawn accolades from so many Nigerians disclosed that such rules mandating Nigerian students to write an English test before given admission were not proper.

He argued that students in Nigeria are taught English from Elementary School to Tertiary institutions, hence there was no need for any English test.

In his words, “From my lens of equality, diversity, and inclusion, this is just unfair. Nigeria is an English-speaking country and the mode of instruction from elementary to the tertiary institutions is in English. Subjecting applicants to another round of English tests is annoying. The financial constraints have also prevented a lot of applicants from giving a shot to most of these universities”. 

He further disclosed that it is not good that countries colonized by Britain are still being mandated to prove that they can speak the English language which makes no sense. Dr. Olumuyiwa has written to about 12 universities to date and vows to continue to identify universities with stale lists and those who wouldn’t recognize Nigeria as an English-speaking country.

This noble effort from him has no doubt brought about a huge sigh of relief among Nigerian students who have the intention of seeking admission to the aforementioned schools.

From inception, It has been mandatory that International students seeking admission in most schools in Europe are required to write any of the English tests for proof.

While this is good, it is imperative for these schools to have a nuanced approach towards these English tests, such that only students from non-English speaking countries will be mandated to write such tests, exempting students from English-speaking countries.

Unique Features Of Metatrader 4

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The MetaTrader 4 is a unique Forex trading platform with many amazing functionalities and features. It offers matchless trading and analytical technologies and other unique services. It houses everything you need for a successful Forex trading experience. 

MetaTrader 4 has unique features that make it stand out amongst other forex training platforms.

Trading System

The MetaTrader 4 trading system gives you the liberty to adopt complex trading strategies. MetaTrader 4 features fantastic tools that make trading flexible and convenient. These tools include:

  • 3 Execution modes;
  • 2 Market Orders;
  • 4 Pending Orders;
  • 2 Stop Orders and trailing stop.

You can try them out on the website.

Analytical Functions

The Analytical function of MetaTrader4 is one of its unique selling points and has the following tools:

  • interactive charts;
  • 9 timeframes;
  • 23 Analytical Objects;
  • 30 Technical Indicators.

With online quotes and interactive charts with 9 periods, you can observe quotes in detail and quickly respond to changes in price.

To simplify your task, you can use the 23 analytical objects and 30 built-in technical indicators. These are just one out of the many exciting features of the platform.

MetaTrader 4 has a free code base and built-in which provides a wide range of indicators making analytical options vast. When there are changes in the market, you can detect them easily with your analytical tools and respond in time.

Signals And Copy Trading

MetaTrader 4 offers you the opportunity to copy trades of other traders. All you need to do is to select a provider and subscribe to a signal; then, your terminal will copy the trade.

You can either subscribe to free or paid signals with high profitability and awareness of risk levels. Your part to play is simple, make your choice and leave the trading for MetaTrader 4.

The Market

The MetaTrader 4 platform has a built-in market where you can find an Expert Advisor or a technical indicator.

In this space, you can buy any of the numerous trading robots or indicators and also launch them on the platform. You have nothing to worry about concerning the purchase. It is simple, transparent, and secure.

As a Forex Trader who wants to make the most of his trading, MetaTrader 4 gives you the advantage you seek with no outrageous cost. When considering a trading platform to choose from, you don’t want to miss out on the amazing features of the MetaTrader 4.

China Fines Didi Global $1.2 Billion, Ending Regulatory Probe

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Last year, Didi Global, China’s ride-hailing giant that dominantly eclipsed Uber in the Southeast Asia markets, got into the wrong book of the Chinese authorities. The company had just listed in New York Stock Exchange before regulators opened investigation into its operation over alleged gross wrongdoings.

Chinese regulators had asked Didi to delist from the New York Stock Exchange after 26 of its apps were removed from domestic app stores mid last year.

For more than a year since the probe began, Didi has been under the weather, losing billions of dollars in investment funds. Didi’s ordeal, which was part of larger China’s regulatory crackdown on its tech industry, impacted investors’ confidence. Many now shy away from the Chinese market.

However, the embattled ride-hailing giant has got a reprieve though not without a heavy punch.

The SCMP reports below that the Cyberspace Administration of China (CAC) has imposed a fine of 8.026 billion yuan (US$1.2 billion) against Didi for data violations, putting an end to a year-long investigation into the Beijing-based company.

Senior executives Will Cheng Wei and Jean Liu Qing were each fined 1 million yuan, the regulator said in a statement on Thursday.

Authorities did not say whether Didi’s apps, 26 of which were removed from domestic app stores in July 2021, would be restored.

Didi said on its Weibo account on Thursday that it fully accepted the regulator’s decision and would rectify its wrongdoings.

The CAC’s decision comes more than a year after authorities initiated an unprecedented cybersecurity probe into the company, days after it launched a US$4.4 billion initial public offering in New York on June 30, 2021.

Ahead of the IPO, Didi granted its senior executives and directors US$3 billion in stock options.

However, the abrupt investigation shook investor confidence in Chinese technology stocks. Since then, few Chinese companies have chosen to list in the US.

Last month, Didi started trading on the over-the-counter market after shareholders voted to delist the company from the New York Stock Exchange.

The CAC said in its statement that Didi had committed 16 offences involving the illegal collection of data from drivers and passengers. They include the illegal processing of 64.7 billion personal information entries over the span of seven years since June 2015.

“Didi has failed to perform its duty to maintain cyberspace security, data security, and personal information protection … bringing serious risks to national cyberspace security and data security,” the regulator said.

“Moreover, even with clear orders from regulatory authorities to correct the issues, Didi failed to carry out comprehensive and in-depth rectifications. The nature of the offence was egregious.”

The CAC did not disclose what security threats Didi had caused to “the nation’s crucial information infrastructure and data security”, citing national security reasons.

“Today’s CAC announcement signifies that the probe has basically come to a close”, said Sun Pengcheng, a lawyer specialising in data law at Dentons law firm.

He said, however, that the results lack meaningful implications for other data-rich internet companies regarding their data compliance practices because it is difficult to tell where the red line is when it comes to data-related national security issues.

While the investigation has ended, China’s regulatory crackdown on Big Tech players may not be over, according to Alex Capri, lecturer at the National University Singapore Business School and Lee Kuan Yew School of Public Policy.

“Beijing’s fixation on data as a national security issue virtually guarantees that tech companies from China, as well as foreign companies in China, will have to deal with rigid rules regarding data sharing, data localisation and data sovereignty,” he said, noting that the scrutiny on Didi’s data practices also applies to other tech giants.

“Investors should remain sceptical when it comes to investing in China tech,” according to Capri, partly because geopolitical tensions remain between China and the West

On Thursday, the CAC said Didi was found to have illegally collected nearly 12 million pieces of photo information from users’ phones, 107 million entries of facial recognition data, 53.5 million entries of age data, 16.3 million entries of occupation data, and 1.4 million entries of data about family relations.

Didi was also accused of gathering 153 million entries of home and company address data and 167 million entries of location information. Didi analysed, without user consent, 54 billion entries regarding the travel purposes of passengers.

“The investigation also found that Didi had engaged in data processing activities that seriously affected national security, and refused to fulfil the requirements of regulatory authorities, among other illegal issues, such as false compliance and malicious evasion of supervision,” the statement said.