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Home Blog Page 5153

Bala Mohammed And His Take On Buhari’s Government, PDP’s Prospects

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The Governor of Bauchi State and presidential aspirant on the platform of the People’s Democratic Party (PDP), Bala Mohammed, has opined that Muhammadu Buhari has failed as a president because he surrounds himself with ‘liars and sycophants’.

Mohammed, who was in Katsina State, Sunday 15th May 2022, to meet with PDP delegates ahead of the party’s presidential primary elections, stated that Buhari had failed to provide good leadership to Nigerians.

He said unequivocally that the country was in complete ‘disarray’ because the president lacked the political will to act.

Speaking further, he disclosed, “Katsina is a state that produces good leaders for the country. We know what the late Umaru Musa Yar’adua did when he was the president; even this one that is now the president (Buhari), we know that he is surrounded by a bunch of liars and sycophants.

“They tell him lies every day and you know how soldiers are. He doesn’t know how cunning people could be and he barely knows how government works. He doesn’t reach out to the poor in the local areas but he sits there and believes everything they tell him.

“He thinks everyone is an honest person. But I am different because I know what governance is… We need someone with the exposure and intelligence to change the situation.”

“The country is in disarray and things are falling apart as if there is no government in place, and this was not how we are known as Nigerians. There is poverty in the land. People are hungry. The issue of insecurity is always increasing that people can’t go to their farms, children can’t go to school, and people can’t travel to visit their loved ones. Just like a folktale setting.

“In this Katsina, you people are being disturbed by bandits and this is the state of the president. Does this sound like a comedy show to you? Just like the stories in folktales. And it’s as if the security agents don’t even know what they are doing.” Mohammed said.

The Bauchi Governor added that leaders in the Northern part of the country had failed to protect the common man, saying poor people in the rural areas only needed to be protected but the leaders couldn’t even guarantee that.

“Our deceitful ways led us into this mess. The common man in the North suffers a lot. If he is travelling, he is not safe; even at home, he is still not safe. People are continually getting lost as if in a dream… and there is nothing we have done. We have failed woefully as leaders.” he tendered.

Speaking about his home state where he currently governs, Mohammed spoke on how he had been making an impact as governor in Bauchi State.

“I brought traditional rulers, teachers and local leaders closer to me because they are crucial in ensuring the security of lives and property. What I do is to be fair to all irrespective of religious or tribal differences and that has been part of the reasons Bauchi is safe.

“We have made giant strides in all sectors, especially the education and health sectors. Primary health centres were built and equipped; drugs were given at subsidized rates. Local Government Councils’ secretariats were also reconstructed while 4,000 schools were built to ensure school-age students return to school. That’s why I don’t go to Abuja looking for anything because I have nothing to get there.” he said.

It’s noteworthy that he is among the 17 aspirants for president under the opposition PDP.

Sometime ago, Mohammed and a former Kwara State Governor and erstwhile Senate President, Bukola Saraki were announced as the ‘consensus candidates’ of the North by a former Vice-Chancellor of Ahmadu Bello University, Ango Abdullahi, though the three other candidates from the North who are also in the race for the PDP ticket immediately rejected the declaration.

The other aspirants from the North are former Vice President, Atiku Abubakar; Sokoto Governor, Aminu Tambuwal as well as an economist and entrepreneur, Mohammed Hayatu-Deen.

Having made a general statement that the Northern governors had failed their subjects, Mohammed further informed that he had done well in Bauchi State. Does it imply he isn’t among the aforementioned leaders, or his state doesn’t fall within the said region?

Whatever, the answer might be, Mohammed needs to acknowledge that any serving governor currently aspiring to emerge as Nigeria’s president come 2023 must have transformed the status of his home state to enviable standard.

The most worrisome aspect of these ongoing campaigns in Nigeria is that, virtually all the sitting governors aspiring to become president, presently owe the retirees in their respective states arrears of pensions and gratuities, among sundry debts.

Atiku Abubakar’s Deleted Post Over Deborah’s Death And The Lose Of His Credibility

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Following the death of Deborah, a student of Shehu Shagari College of Education in Sokoto state, who was allegedly lynched by her colleagues for blasphemy, Presidential aspirant Atiku Abubakar has come under heavy criticism after he deleted his post where he condemned the dastardly act.

Nigerians did not fail to blast him for such a despicable act, and many disclosed that he took such a move after fanatics in the North threatened his presidential ambition.

In the deleted post, he wrote, “There cannot be a justification for such gruesome murder. Deborah Yakubu was murdered, and all those behind her death must be brought to justice. My condolences to her family and friends”. 

His post was said to have infuriated a lot of Northern fanatics who openly told him to forget about his presidential ambition, as he will not get any votes from them. In a swift development, Atiku deleted the post and later disclosed that such post was made by his media aide without his approval which prompted him to delete it. Interesting!

His recent action has sparked a lot of actions and debates among netizens who took to their social media accounts to criticize the presidential aspirant for such a mischievous act. With the 2023 election gearing up, many citizens who once held Atiku in high esteem, as well as projecting him as the right one for the presidency, have withdrawn their allegiance after his recent action.

With the way he was criticized on the net, it is imperative to say that he has lost credibility from a lot of Nigerians who once rated him high. Even if his claims that the post which was deleted was made without his approval, condemning such a callous act was obviously the right thing any sane person would do.

So why does he feel the post is not worthy enough to be on the internet? There is no justifiable reason for one to kill another over trivial issues like blasphemy.  Someone wrote something on Twitter that caught my attention, in his words ” We woke up and God decided to show us why Atiku should never be president of Nigeria. Thank you father, once you have spoken, twice have in heard. You know the end from the beginning”. 

Indeed I couldn’t agree less with the tweet, because for years Atiku Abubakar has been projecting himself as the right one for Nigeria, which has seen him garner a lot of supporters not only from the north but west and East inclusive.

With this current act of his, one can only be thankful to God for creating a scenario that revealed his real identity. It is obvious that Atiku holds his ambition in high regard, more important than human life. He has joined the pack of leaders who devise different gimmicks and play to the gallery just to garner votes, meanwhile, they really do not care about the affairs of the people, but rather it is their self-desires that matter most.

Rather than call a spade a spade, Atiku chose not to offend the north by deleting a post where he earlier condemned an obviously wrong act. This is someone that a whole lot of Nigerians once trusted to drive Nigeria in the right direction. It is disheartening and embarrassing!

Atiku no doubt understands the importance of the Northern votes in his presidential ambition, which was what made him pull up such a despicable act. However, a lot of people have switched allegiance to other Presidential aspirants as his act has not only made him lose credibility but supporters as well.

He has also evidently shown to the majority of Nigerians that he does not deserve to be voted for because if given the mandate, such a person would be silent on violence carried out by the Northerners, rather than prosecute and punish offenders.

The New SEC Crypto Regulations in Nigeria – What you should know

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On the 11th of May, 2022, the Securities and Exchange Commission (SEC) issued new rules on the issuance, registration and custody of Digital assets.

The rules define “Digital assets” as digital tokens representing an asset such as a debt or equity claim on an issuer. This can be seen as a type of Cryptocurrency-based Investment security.

“Virtual Assets” are then defined in the rules as digital representations of value that can be traded, transferred, able to be used for payment and Investment purposes and which exclude items like digital representations of Fiat currencies (such as Stablecoins).

“Digital Asset Offerings” are defined in the rules as Initial Coin Offerings (or ICOs) which are simply digital equivalents of Initial Public Offerings to subscribe to Securities regulated by SEC and which are based on digital tokens instead of subscription-based Investment units.

“ICOs” are defined here as digital Capital raising for business projects (called “ICO” projects) based on distributed ledger technology involving token issuing to the public as digital securities in exchange for cash, Cryptocurrencies and other assets. ICOs subject to exceptions cannot go beyond a ceiling of 10 Billion Naira in a 12-month period.

ICOs can only be conducted by DAOPs(Digital Assets Offering Platforms) which are corporate entities dedicated to facilitating the offer of Digital assets.

“DACs” or Digital Asset Custodians, are basically digital equivalents of Assets custodians found in traditional Collective Investment Schemes and are charged by the SEC to render safe-keeping of digital assets invested in ICOs. DAOPs can, subject to approval and licensing by SEC, also render their own internal digital asset custodian needs.

DAOPs differ from “DAXs”(Digital Asset Exchanges) which are defined in the guidelines as digital platforms facilitating the trading of Virtual and Digital assets. This seems to be a roundabout way of bringing Crypto marketplaces like Patricia and Binance to the mainstream of Nigeria’s Capital Market.

“VASPs” or Virtual Asset Service Providers which are defined in the guidelines as platforms that conduct of behalf of other parties :-

a) exchanges between Cryptocurrencies and Fiat currencies;

b). exchanges between virtual assets;

c). the transfer of Virtual assets;

d). the safe-keeping of Virtual assets;

e). the provision of financial services related to an issuer’s offer or sale of a virtual asset.

This is also a return of Cryptocurrency brokerage services.

Capital requirements:-

This is where the SEC cooked up an entirely new set of problems. While the licensing requirements for VASPs did not include any cost implications, the requirements for DAOP and DAX Licensing are as follows :-

a). A filing/application fee of 100,000.00Naira;

b). A processing fee of 300,000.00 Naira;

c). A registration fee of 30 million Naira;

d). A minimum paid up Capital requirement of 500 million Naira.

Observations & Recommendations.

  • The SEC guidelines on digital assets, while presenting a cloak of full legality over what was a grey area left by the Central Bank of Nigeria ban on Cryptocurrency support services being provided by Banks. However, these rules point to a rather worrying lack of coordination among government agencies because the Central Bank of Nigeria (CBN) has still not revoked its Cryptocurrency ban. So how do interested companies pay the SEC fees?

There may be a way out as the SEC never expressly provided for Cryptocurrency legalization but provided for the full legalization of Blockchain Technology and Virtual Assets which are far more than just Cryptocurrencies, some of them being Non-fungible tokens(NFTs). This is a nuanced area that might be latched onto by Banks.

  • The SEC guidelines with its Registration & Capital requirements simply replaced one problem with another by potentially creating an enabling environment for monopolies to spring up, killing opportunities for start-ups, seed funding, Tech incubation and lTechpreneurs who are usually most responsible for the innovation quality on which Tech and especially Fintech depends. This will most likely also lead to clumsy mergers by lots and lots of Fintech companies just to meet license qualifications and a subsequent increase in fees to justify the huge starting costs.

  • This attempts to almost eradicate the very reason for Cryptocurrencies being a thing – decentralization of individual control over personal finances. The Nigerian state has been known to sometimes greatly limit financial freedoms for almost any reason.

  • There’s still an amount of ambiguity over the existence or presence of further Capital requirements for the Registration/Licensing of VASPs, which might be included in a schedule to be released later.

  • The SEC rules might turn out to be seen as very counter-productive, designed to permanently destroy and severely limit Nigeria’s Fintech space, very discriminatory, anti-financial inclusion, and might witness more Cryptocurrency trading companies going deeper and operating underground using alternative legal structures.

  • It remains to be seen if the SEC is actually operating out of its jurisdiction because it’s not in the place of the agency to determine what constitutes legal tender, but that of the CBN which also has jurisdiction over legal tender trading rules, lending rates, and inclusion of alternative legal tender in the country’s Banking and Capital Market system. The SEC needs to be called to order by a lawsuit seeking a clear interpretation of its functions under the Investment and Securities Act.

The SEC should get its act together, review its Capital requirements, and work on a more grassroot oriented Regulatory framework in collaboration with the Central Bank of Nigeria and the Nigerian Financial Intelligence Unit (NFIU).

Join Tekedia Capital Members And Invest In These GREAT Startups

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Nigeria 2023 Presidential Election: The Few and the Majority Game

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Citizens have expressed a variety of views since the door to form purchase for various political positions in 2023 was opened by political parties and politicians who are not expected to indicate interest in the presidential position purchased forms. According to our analysis, mixed emotions to the politicians who showed interest in the presidency are not as strong as to the sentiments exhibited towards the cost of form issued by the two major political parties, the All Progressives Congress and the People’s Democratic Party.

Our analyst discovered that the People’s Democratic Party made a total of N646 million by selling the forms to 17 aspirants, while the All Progressives Congress made a total of N1.23 billion.

Ordinary Nigerians and members of civil society organizations were startled that political parties could sell forms at a price that may improve residents’ socioeconomic position in areas where many hopefuls live. Many of the hopefuls, according to certain citizens and CSOs, bought the form in the hopes of securing political jobs after the 2023 general elections. The biggest parties, according to the submission, sell forms at a high cost in order to raise sufficient campaign funds.

Overall, our analyst believes that because all of the hopefuls cannot be candidates, the essential ones will emerge as the contest heats up. In the next days, the two parties are anticipated to use specific methods and techniques to reduce the number. President Buhari’s methods of imposing a mandatory resignation letter submission a few days ago, as well as some applicants’ inability to submit their forms before the deadline, have already paid off.

An online national newspaper reports that “No fewer than 25 presidential aspirants will contest for the presidential ticket of the ruling All Progressives Congress (APC). As of midnight Friday, the 25 aspirants were able to meet the deadline for the submission of completed forms. To this end, the 25 aspirants will slug it out at the presidential primary of the party slated for May 30.”

The critical few would emerge for the race, based on the earlier hypothesis. During the 2023 presidential election, Nigerians can anticipate five political parties to have formidable candidates. In other words, from a pool of less than 40 candidates, the critical few would be offered to Nigerians. Candidates will make up the final critical few, but the electorate will be the most important factor. The crucial major should be a requirement for one of the final critical few to become the next president.

The critical major, on the other hand, would not make the critical choice, which should be enough to change weak leadership and competence that have been the main problems of the country over the years. The low turnout in recent presidential elections, as well as voting along ethnic and religious lines, demonstrate this.