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The Mistake of a Nation As Nigeria Hires A Foreign Firm to Develop National Wallet

By
Ndubuisi Ekekwe
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1

Interesting that Nigeria will contract a foreign company on these critical infrastructures of the future: “@koibanx and @developingafro to develop #Nigeria’s official platform for commercialization of all IP in the country, on #Algorand”. Like I have noted,  Nigeria would have developed a semi-defense industry if we have a regulation that says that 20% of our defense expenditure (non-emolument)  must be spent on local suppliers.

A few days after the Nigerian Securities and Exchange Commission (SEC) released new regulations that will guide the Nigerian crypto market and the entire digital industry, the federal government has made a move suggesting that it may back it up.

On Tuesday, Koinbanx announced during Twitter Spaces session it co-hosted with Fred Estante that the federal government has entered a three-year exclusive IPR (intellectual property right) agreement with Developing Africa Group to launch a national wallet for Nigeria.

Per People Gazette, the agreement grants Developing Africa Group, a regional software development company, the right to create an official platform for Nigerians to upload any form of IP rights and trade, sell or exchange them abroad while collecting the royalties and proceeds of these operations on their wallets.

If that happens, many startups will mushroom to serve the military, and the paralysis of fighting Boko Haram, and other mayhem, would have created an industry that could possibly serve other African countries. We did not do that.

And on blockchain, cryptocurrency, e-naira, etc, we have decided that hiring foreign firms is the way to go: that has to change. I mean we have to believe in these young people and give them the opportunities to fail or thrive. What is really wrong with the men making these decisions? Must everything be done by foreigners in Nigeria? Why can’t the government task its young people as India, Brazil, South Africa, and other at par countries are doing?

Nigerian Contracts Algorand to Develop National Wallet, Signaling Intent to Unban Crypto

Nigerian Contracts Algorand to Develop National Wallet, Signaling Intent to Unban Crypto

By
Samuel Nwite
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0

A few days after the Nigerian Securities and Exchange Commission (SEC) released new regulations that will guide the Nigerian crypto market and the entire digital industry, the federal government has made a move suggesting that it may back it up.

On Tuesday, Koinbanx announced during Twitter Spaces session it co-hosted with Fred Estante that the federal government has entered a three-year exclusive IPR (intellectual property right) agreement with Developing Africa Group to launch a national wallet for Nigeria.

Per People Gazette, the agreement grants Developing Africa Group, a regional software development company, the right to create an official platform for Nigerians to upload any form of IP rights and trade, sell or exchange them abroad while collecting the royalties and proceeds of these operations on their wallets.

The Developing Africa Group has selected Koibanx and Algorand Blockchain as the payment platform and protocol it will be built on.

Koibanx, a Latin American asset tokenization and Blockchain financial infrastructure company, will be in charge of implementing the wallet.

“BREAKING: @koibanx and @developingafro to develop #Nigeria’s official platform for commercialization of all IP in the country, on #Algorand. As announced by @leoelduayen and @developingafro earlier today on a #TwitterSpace. Replay,” Algorand said on Twitter on Tuesday.

At this time, there has not been an official announcement by the federal government.

“Algorand’s protocol not only provides the performance, scalability, security and functionality required to implement such a large scale project but is also environment-friendly which is important for the Government and has a huge philosophical match with the ‘creators economy industry’ we’re targeting here,” said Ben Oguntala, CEO of Developing Africa Group.

This development, though not yet confirmed by the federal government, offers hope that the Central Bank of Nigeria (CBN), may support SEC’s guidelines this time unlike before.

The CBN prohibited crypto transactions in Nigeria last year, even after SEC had made moves to regulate the asset. The apex bank’s decision forced the Commission to rescind its early stand on cryptocurrency. However, measures, like the creation of the digital fiat app, eNaira, taken by the CBN, has failed to dampen the involvement of Nigerians in the emerging digital market that has metamorphosed to include non-fungible token (NFT).

Experts’ call on Nigerian authorities to reconsider their approach to cryptocurrency and regulate it instead of banning it appears to be finally being heeded.

The illegality or otherwise of the manner in which Rochas Okorocha was arrested

By
Stanley Alieke
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0

“A law enforcement agent can resort to the use of force where and when necessary to effect an arrest or conduct a search on a suspect (paraphrased)~ S.149(2) of the Administration of the Criminal Justice Act, 2015”. 

Yesterday evening the operatives of the Economic and Financial Crimes Commission (EFCC) teamed up with the Nigerian police force to storm the Abuja residence of the past Imo State Governor and the current senator representing  Imo West Senatorial District to effect an arrest on him.

The manner in which the joint operatives of the EFCC and the NPF laid siege in his house, attacked and broke down the door of the federal lawmaker for the purpose of arresting him have raised debates and people arguing on the legality or illegality of that style of the arrest.

Everybody’s question is whether the EFCC has the right to lay siege and break into the home of anybody, at any time of the day for the purpose of arresting a suspect?

The reason why this Gestapo style of arrest applied by the EFCC in arresting the presidential hopeful is disturbing to all and sundry is because of the status of the suspect in the society; a past Governor and a serving federal lawmaker; if this forceful manner can be applied in effecting an arrest on a person like Rochas Okorocha you never can tell the extent a law enforcement agent can go in their use of force on the common man on the street. 

The subject of debate has been; can the EFCC or any other law enforcement agency lay a siege and break into any of their suspects’ homes to effect an arrest; is this lawful? Secondly, can the EFCC or any other law enforcement agency effect an arrest on an individual without a warrant properly issued by a court of competent jurisdiction? 

Addressing these issues, we would make recourse to the administration of the criminal justice act 2015, christened ACJA which is the extant law in this regard. 

According to s.149(2) of the ACJA; a law enforcement agent is permitted to resort to the use of force where and when necessary to effect an arrest on a suspect or conduct a search on a suspect or a suspect’s property or home. This section of the law simply implies that a law enforcement agent is at liberty or lawfully permitted to make use of whatever force necessary like breaking into the house of a suspect to conduct a search on the premises or the property or to effect an arrest on any person when the person is resisting arrest or resisting search or the right of ingress or egress of the law enforcement agent(s) has been denied or restricted. 

By the provision of this law, the operatives of the EFCC haven’t broken any law by forcing their way into the house of Rochas Okorocha to arrest him since the suspect refused to let them in and has been resisting arrest. They have been permitted by the law to break down whatever obstacle obstructing their way or stopping them from carrying out their lawful duties.

Secondly, addressing the succeeding issue; “whether the EFCC or any other law enforcement agency can carry out an arrest or search without a warrant”? 

It is the law that a warrant must properly be issued, duly signed by a judge or magistrate of a court of competent jurisdiction or a justice of peace bearing the right details of the suspect before any law enforcement agent can accost any person for the purpose of arrest or conducting a search on the property of that person. But there are exceptions to this law. There are instances when a law enforcement agent does not need a warrant to enforce an arrest or conduct a search on a suspect. These instances include when a crime is committed in the presence of a law enforcement agent or the officer of the law caught a suspect red-handed committing a crime. The law enforcement agent is at liberty to immediately arrest the suspect without first going through the rigorous process of obtaining a warrant. Also,  a law enforcement agent can arrest a person without a warrant when the suspect has been evasive or has jumped bail, or when the suspect was granted bail but absconded or refused to show up when he was needed. A judge may also order a law enforcement agent to arrest a suspect who is supposed to appear before the court but has been unnecessarily absent from the court for no valid reasons. 

In the case of the past Imo Governor, according to the EFCC, jumped bail and has refused to honor their invitations,  he has been evading court process and refused to appear in court so the EFCC had no choice but to carry out a forceful arrest on him.

In conclusion, while we can all condemn this manner of arrest and the disrespect melted on the federal lawmaker; it is morally wrong but it is lawfully justifiable. People of high status in society should learn to respect themselves and respect the courts and honor any invitations from the law enforcement agencies. If the past Governor honored the invitations of the EFCC there wouldn’t have been any cause for what happened yesterday evening. 

 

Uber Reaches One Billion Trips In Africa, Records Milestone

By
Fred Nwaozor
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0

The global technology company, Uber has reportedly facilitated one billion trips in Africa since entering the market less than 10 years ago.

It’s noteworthy Uber Technologies Inc., simply called Uber, is an American Mobility as a service provider. It is based in San Francisco with operations in approximately 72 countries and 10,500 cities across the world.

Its services include ride-hailing, food delivery (Uber Eats and Postmates), package delivery. Couriers, freight transportation, electric bicycle and motorized scooter rental via a partnership with Lime and ferry transport in partnership with local operators.

Since inception, Uber does not own any vehicles; instead, it receives a commission from each booking. Fares are quoted to the customer in advance but vary using a dynamic pricing model based on the local supply and demand at the time of the booking

Uber offers many different types of ride options. UberX is the most popular and the standard service of the company. UberXL, Uber Comfort, and Uber Black are other options offered by the company. UberXL is usually a SUV sided vehicle and can accommodate up to 6 people.

Uber’s premium service is Uber Black. Uber Black drivers have to be highly rated and drive more luxurious vehicles, then UberX and UberXL. Uber Comfort guarantees a newer vehicle with more leg room. The different types of options gives customers more flexibility when choosing a ride

According to the company, over 10 billion kilometres of trips had been completed, and “this is equivalent to travelling to the moon and back over 5500 times.”

The company adds that Uber and Uber Eats had collectively reached over 30 million riders and eaters in Sub-Saharan Africa during the same period.

The Head of Communications for East and West Africa at Uber, Lorraine Onduru, said, “Since entering the market in 2013, we have created over 6 million economic opportunities in over 50 cities across SSA that we are present in. We pride ourselves in building locally using global expertise. Each country’s needs are unique, so we take the time to understand each of the market needs so we can be responsive and adapt accordingly.

“We have expanded our offerings in markets where we currently operate, innovating with new business models to serve changing needs. The focus for Uber in Africa as it embarks on the next one billion trips is to continue unlocking opportunities through movement and changing how people, food, and things move through cities.

“While each country offers its own unique opportunities, we have found the region to be defined by agility, creativity and adaptability. This provides Uber with the perfect conditions to launch and nurture our on-demand economy in collaboration with the local partners to adapt a global business model into an African environment with diverse political, business and socio-economic dynamics.”

On what the public should know, Onduru further disclosed, “In the past year, Uber has expanded to over 21 cities in South Africa, two cities in Ghana (Cape Coast and Takoradi) and four cities/areas for delivery in Kenya (Nakuru, Ongata Rongai, Syokimau and Kitengela), with plans to launch in more regional towns and cities this year.

“This month, Uber in Nigeria expanded to four new cities, including Uyo, Warri, Enugu and Kano. In June, Uber will officially mark six years in Ghana, another testament to the role Uber plays as a partner to the cities it operates in”

Uber has indeed been of help to the general public on various occasions, and their services could be testified by anyone who had been following them in recent times.

Though other entities have recently keyed into similar services as offered by Uber, many others are urged to follow suit in a bid to boost competitiveness, which encourages quality and reliability.

Nigerians are equally charged to ensure they set up such kind of service-based ventures, so the country can boast of various indigenous firms in that line of business.

Dangote Urges State Governments On The Need To Create An Enabling Environment To Boost Investment

By
Ojukwu Emmanuel
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0

President of the Dangote Group, Aliko Dangote has urged state governments on the need to create an enabling environment to attract more private sector investment. He stated that no state in Nigeria is not blessed with mineral resources, which could serve as a potential for industrial growth.

He further disclosed that there is a strong need for the states to look inward and put in place favorable economic policies that would promote investment generation within States.

In his words, “When states provide an enabling environment, it will incentive the private sector to invest and it will be a win-win situation for both the state and the private sector”.

He gave an instance of Lagos state and the Lekki free trade zone, stating that the ease of doing business created by the state government had motivated private sector operators to establish companies within the area, thereby adding value to both the state and the nation’s economy.

He pointed out that the Nasarawa state government was able to attract the Dangote sugar plc multi-million dollar investment into the state due to its efforts to transform the state into an investment-friendly region.

Indeed an enabling environment is a key to boosting foreign investment in the country, which will no doubt positively affect the economy. The federal government must see the need to partner with private sectors to attract both local and foreign investors.

Asides from the effort of the federal government, there need to be all hands on deck from state governments to create an enabling environment in their states, to boost investment. Looking at the state of Nigeria’s economy, it demands that there is a need for economic diversification of mineral resources, which is present in all states in the country to deliver economic growth.

There is also the need for massive creation of industries, as well as expansion of existing industries to attract foreign investors. To achieve this feat, there must be the presence of focused and visionary leaders, and a well-thought-out institutional framework that will enable the creation of a sustainable conducive business and investment climate.

Also, there must also be friendly policies that will play an active role in attracting investors to invest in the country. What attracts investors is the enabling environment that the country provides which in the long run allows a business to thrive effortlessly.

Nigeria is richly blessed with 44 identified mineral resources across the 36 States, yet for many years, oil has remained the country’s top foreign exchange, while it imports some of these mineral resources present here in the country, which is not ideal.

Every state in Nigeria has exploitable solid minerals, yet it remains untapped. A look at Nigeria’s neighbor, Ghana, its mining industry provides 41 percent of its exports. Therefore, proper mining of these resources present in Nigeria can serve as a potential for industrial growth which will no doubt attract foreign investors.

There is a strong need for federal and state governments in the country to look inwardly and utilize these resources to develop the region, as well as attract foreign investors that will no doubt boost the nation’s economy.

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