In October, the Central Bank of Nigeria (CBN) launched Nigeria’s digital currency eNaira, in an aim to counter the burgeoning influence of cryptocurrency that’s rapidly overshadowing the financial industry.

The CBN urged Nigerians to download and sign up to the eNaira as it’s designed to facilitate easy financial transactions, including cross-border transactions. The Central Bank Digital Currency (CBDC) has racked up more than 694,000 downloads since it was launched. But in a country of over 200 million people, the number of downloads is meager. But that’s not all.

The International Monetary Transfer (IMF), in its ‘Nigeria Staff Report for the 2021 Article IV Consultation’, said the expansion of the use of the eNaira to cross-border fund transfers and agency bank networks could lead to new money-laundering and terrorism financing risks.

“Prospective expansion of eNaira use to cross-border fund transfers and agency bank networks may cause new money-laundering/financing of terrorism risks,” the IMF said.

The Washington-based financial body also pointed at other possible risks facing the digital app, including cyberfraud.

“There are cyber security risks associated with the eNaira. Unforeseen legal issues, including for private law aspects of its operations (e.g., the exact nature of legal relationship between the wallet providers and CBDC holders), may subject eNaira to litigation and operational risks,” it added.

The CBN launched digital currency in the aftermath of its ban on cryptocurrency, providing a government-backed alternative to a large section of Nigerians, who by their adoption of cryptocurrency, showed willingness to embrace digital transactions.

It was swift, compared to how long other countries like China worked on their CBDCs. Many are still trialing even though they started much earlier than Nigeria. The CBN started work on eNaira about mid-last year, and the CBDC was launched in October, taking only a few months – and it was never trialed. Nigeria thus became the first country in the world to launch digital currency.

While there are aspects of the eNaira applauded by the IMF, such as bank funding, the risks it pointed out put the digital currency’s chances of adoption under question. The CBN said part of the reasons it banned regulated financial institutions from dealing with cryptocurrency is because it is used to finance terrorism and facilitate money laundering.

It is a concern the eNaira has failed to address since according to the IMF, the CBDC poses the same risks and some others not yet observed. The international lender said there is need for vigilance to various risks, including monetary policy implementation, bank funding, cyber security, operational resilience, and financial integrity and stability, through regular risk assessment and contingency planning.

The CBN has repeatedly assured users of the credibility of the eNaira, and has also denied that it poses any risk. However, the IMF suggested a line of actions the apex bank should follow to address the risks.

“While preventive measures and the planned AML/CFT regulations for eNaira intermediaries are welcome, a money laundering/terrorist financing risk assessment of domestic and cross-border uses of eNaira and the adoption and implementation of the regulation along with putting in place risk-sensitive mitigation measures should be a priority,” the IMF said.

DCP Abba Kyari (now demoted to the rank of ACP), the erstwhile commander of the Intelligence Response Bureau (IRT) of the Force Intelligence Bureau (FIB) was declared wanted by the men of the National Drug Law Enforcement Agency  (NDLEA), last week Monday; the 14th of February, 2022 over his alleged involvement in the crime of drug importation, drug trafficking, tampering and selling of seized drugs. He was also pointed as the leading member of the Brazil- Ethiopia- Nigeria drug importation pipeline.

He has been in the NDLEA detention since last week Monday, after he was arrested by the police agency and duly handed over to the NDLEA for him to answer for the offenses he was accused of.

Having spent over a week in detention, Mr Abba Kyari through his lawyer, Cynthia Ikenna, Esq, today prayed the court In the suit marked FHC/ABJ/CS/182/22 before his Lordship, Justice Ekwo of the Federal High Court, FCT judicial division, to grant him an order of the court to immediately release him and admit him to bail on liberal condition due to his deteriorating health conditions. Mr. Kyari claimed that he is seriously sick; suffering from diabetes and hypertension and needs urgent medical attention before his health condition gets worse. 

(Un)fortunately, the court in her infinite wisdom refused to grant Abba Kyari’s request to be granted bail today.

Mr. Abba Kyari’s likely punishments as provided by law if found guilty of the offenses he’s been accused of:

Since Mr. Kyari  was accused of the crime of being an importer of drugs and a drug trafficker; in accordance with s.11 and s. 16 of the NDLEA act; if he is found guilty of those offenses, his punishment is life imprisonment; i.e jailed for life and never to see the world outside the prison facility for the rest of his life again. 

S.11 of the NDLEA act hereby provides: 

Importation, etc., of cocaine, heroine, or similar drugs etc. Any person who, without lawful authority:-

Imports, manufactures, produces, processes, plants or grows the drugs popularly known as cocaine. LSD, heroine or any other similar drugs shall be guilty of an offence and liable on conviction to be sentenced to imprisonment for life: or

Export, transport or otherwise traffic in the drugs popularly known as cocaine, LSD heroine or any other similar drugs shall be guilty of an offense and liable on conviction to be sentenced to imprisonment for life.

Sells, buys, exposes or offers for sale or otherwise deals in or with the drugs popularly known as cocaine. LSD heroine or any other similar drugs shall be guilty of an offense and liable on conviction to be sentenced to imprisonment for life: 

The corresponding section 16 of the NDLEA act which tackles illegal tampering with drugs provides as follows: 

1. 16 Tampering with drugs

Any person who unlawfully remove, conceals, destroys or in any way tampers with the drug popularly known as cocaine, LSD, heroine or any other similar drug seized from any person or otherwise in the possession of the Agency or any authorized person shall be guilty of an offense under this Act and liable on conviction to be sentenced to imprisonment for a term not exceeding 25 years.

Therefore, Mr. Abba Kyari if found guilty of been a drug baron running the Brazil-Ethiopia-Nigeria drug pipeline (as he is accused of), he is to be jailed for life with his gangs, and if he luckily escapes that but he is found guilty of tampering with seized drugs, which include hiding seized drugs or selling some part of it (as he is also accused of), the law provides that he should be jailed for not less than 25 years.

While we thank the NDLEA for their swift action in catching up with Mr. Abba Kyari, we are still looking forward to the day Acp Abba Kyari will be paraded with placards for the offenses he’s accused of; NDLEA officers parade suspects with lesser offenses so it will be right and just to do same with Mr. Abba Kyari and his accomplices who are even accused of committing higher offenses, unless we are to believe that the law that applies to the rich and the influential men in the society  is different from the one that applies  to the poor and the commoners.

About a year after he was kicked out of major social media platforms for using his account to instigate the Jan. 6 Capitol riot, which resulted in the death of more than five Americans, former US president Donald Trump has launched his own social media – Truth Social.

Truth Social has been under development for months now, a push Trump is making to bolster his aim at the 2024 presidential election, which very much depends on his social media presence.

The platform was launched in Apple’s app Store late Sunday night, and was available to download shortly before midnight ET. It is only available in the United States now. A report said the app was automatically downloaded to Apple devices belonging to users who had pre-ordered it.

Trump has been seeking ways to return to social media after the ban cut off communication between him and his supporters. Early last year, Trump launched a website to substitute for his lost social media accounts, but it failed to gain patronage even from among his supporters. Truth, which has the backing of Digital World Acquisition Corp. (DWAC), is so far the biggest chance to potentially put the ex-president on social media’s center stage and according to him, rival Big Tech.

“I’m excited to soon begin sharing my thoughts on Truth Social and to fight back against big tech, Trump said last year during the announcement.

The Truth Social operates under Trump Media & Technology Group (TMTG), which was created through a merger with Digital World Acquisition Corp. The group said it seeks to become a publicly listed company.

However, the launch of Truth does not guarantee that Trump will regain his famous social media presence as it requires millions of users to bring the platform to limelight. Former Republican U.S. Representative Devin Nunes, who leads the TMTG, is optimistic that the app will thrive, and has started urging people to download the app and sign up.

“This week we will begin to roll out on the Apple App Store. That’s going to be awesome, because we’re going to get so many more people that are going to be on the platform,” Nunes said in a Sunday appearance on Fox News’ “Sunday Morning Futures with Maria Bartiromo”.

“Our goal is, I think we’re going to hit it, I think by the end of March we’re going to be fully operational at least within the United States,” he added.

Truth features

Talking about the features of the app, Nunes said it will function for now without an edit button. He explained that there will be direct messages, or DMs, between users.

“The company is also considering allowing users to sign up to receive notifications when others post content,” the executive said, adding that there will always be block functionality in the app.

Nunes also explained that Truth Social will issue a policy on verified accounts “in the coming weeks.” These features, as explained by the executive, suggest that the app is a Republican version of Twitter.

TMTG, which raised $1 billion in December from private investors, is planning to list in New York through a merger with blank-check firm Digital World Acquisition Corp. and stands to receive $293 million in cash that DWAC holds in a trust, assuming no DWAC shareholder redeems their shares, according to TMTG’s Oct. 21 press release.