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Home Blog Page 5766

The Need for Keeping Records of People’s Occupations

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The recent arrest of thirty suspected internet fraudsters, aka Yahoo Boys, in Ilorin should bother all of us. These are our neighbours, friends, brothers, sisters, sons, and daughters. We should be bothered because these people are making their living through the wrong path and we have done little or nothing to stop them. Some of us knew the kind of jobs they do but we looked the other way because we don’t want their “wahala”. But they are stealing from people and creating more victims every day and many of us behave as if it is nothing. If the government sets up a policy to make it more difficult for these fraudsters to carry out their illicit transactions, we join them to shout “incompetent government”, “terrorist government”, and “killer government” without realizing the motive behind the clamour.

What about the killer of Iniubong Umoren, the young graduate that was lured to her death with a fake job interview? Is he not a member of a community? This young man carried out atrocities in his father’s compounds and no one seemed to notice. Even if people did notice, they looked the other way. I mean, who wants to have a problem with a “big man” or a “big man’s son”? No one dared ask him what was happening in his father’s compound and so he continued to kill people and bury them in shallow graves. Thank God he has been exposed; let’s just hope the Nigerian factor does not apply to his case.

But let’s face the truth, many of us don’t know or care to find out how the other person makes his income. Many may suspect foul play but they still don’t care because they don’t believe they will be affected in any way. Those that want to act may be unable to prove their suspicions or even know how to contact the right authorities. But then, apart from the case of some salary earners (especially civil servants), little is known about how a lot of people earn their money in Nigeria.

Some years ago, while in Ibadan, my parish received reports that some parishioners engage in dubious activities to make money. It got to a stage where the whole thing almost became scandalous so that the church stakeholders had to convene several meetings to decide how to prevent scammers and other criminal elements from continuing with their activities if they want to remain members of the parish. By the end of the day, the church decided that every member must fill a membership form. One of the information that must be provided in that form was the member’s source of income and office address. As expected, those that didn’t want to provide such information left the parish while the ones that wanted to remain adjusted their lives and filled the form. Did this initiative solve the ensuing problems? The answer is yes; the wheat was separated from the tares and the parish was spared from some scandals.

If a church could ask its members for such vital information (and receive it), why can’t community leaders do the same? I know some landlords also ask for such details before renting out their houses/apartments but they do theirs for a different reason. What about churches, mosques, and other religious houses? How many of them have bothered going the extra mile to find out if their parishioners are earning their incomes honestly? What efforts are these religious leaders making towards ridding the country of her bad elements? Like we are told, faith without works is dead, so religious leaders should add actions to their sermons. They should have comprehensive registers of all parishioners, their occupations, and office/business address. Community leaders should also think of ways of conducting background checks on new and old tenants and/or members. That way, these people will either change or live in isolation.

There’s no doubt that the number of criminals in the country is on the increase because they were accepted and absorbed into the community. Some even have prestigious positions and responsibilities in societies, giving the impression that their crimes are norms or excused. All these kidnappers, bandits, unknown gunmen, terrorists, armed robbers, internet fraudsters, rapists, and the rest of them do not live in the bushes. They are members of our various communities and we know them. But then, we gave ourselves the duties of shielding them from the authorities but we still come out to cry against insecurity and crime. Anyway, so long as we allow wolves to live freely amongst us, we should expect our sheep to go missing every day. The problem here is that when the sheep are exhausted, the humans become their next meal.

CBN Headquarters Needs Factories and Warehouses To Save Nigeria

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“Further to the CBN Circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on May 8, 2021, we hereby announce the continuation of the scheme until further notice,” noted the Central Bank of Nigeria. Simply, CBN is expanding the horizons to attract US dollars. Yet, there are many skeptics.

Chief Executive Officer of Financial Derivatives Company Bismarck Rewane described the scheme as a ‘promo gimmick’, and “unusual”: “The Central Bank would probably understand in the end that there is no other way of managing an exchange rate than having one rate so that people would stop exploiting it.”

Nigeria’s diaspora remittance is currently estimated at $25 billion, and the central is targeting at least $30 billion annual remittance to curtail COVID-19 strains on the economy. Some experts believe the move will help the African largest economy to stay afloat amidst decline in oil revenue.

“The projection is that very soon, we can hit as much as $30 billion in terms of diaspora remittances annually which can be directed at investments at home. The chambers of commerce, which is located all over the country, is a solid platform through which these diaspora remittances can be channeled into developmental purposes,” Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) Ayo Olukanni said.

For me, Naira will not advance unless Nigeria begins to make things. All the financial engineering in CBN headquarters is hopeless in the long-term. Naira will be saved through factories and warehouses, and we hope CBN and the government will help those communities.

CBN Extends Naira 4 Dollar Scheme Indefinitely

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Nigeria Naira US Dollar

The Central Bank of Nigeria (CBN) has extended the deadline for the Naira 4 Dollar scheme introduced in March to boost diaspora remittances.

The apex bank announced in a statement that the scheme, which was scheduled to end on May 8, would continue until further notice.

The circular, signed by Director, Trade and Exchange Department, CBN, Saleh Jibrin, stated: “Further to the CBN Circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on May 8, 2021, we hereby announce the continuation of the scheme until further notice.”

The scheme offers recipients of diaspora remittances through CBN’s International Money Transfer Operators (IMTO)s, N5 for every $1 received as remittance inflow.

The extension has come amidst a growing economic crisis that has seen the naira in free fall, forcing the apex bank to take drastic measures to curb the shocks.

However, experts believe the naira 4 dollar scheme is far from the solution to Nigeria’s forex and economic crisis.

Chief Executive Officer of Financial Derivatives Company Bismarck Rewane described the scheme as a ‘promo gimmick’, and “unusual.”

“The Central Bank would probably understand in the end that there is no other way of managing an exchange rate than having one rate so that people would stop exploiting it,” said Rewane.

Naira fell against the US dollar to close at N411 to a dollar on Thursday, representing a 50 kobo decline when compared to N410.5/$1 that was recorded on Wednesday. But it has gained more than N4 as of Friday, trading at N406.6746/$1 at the interbank market.

Meanwhile, the naira maintained stability at the parallel market, trading at N485/$1, while Nigeria’s external reserve plunged $28.94 million to close at $34.76 billion on Wednesday.

The cryptocurrency effect

The impact of cryptocurrency in the declining diaspora remittances through regulated financial institutions is among the reasons why the CBN ban crypto trading and introduced the naira 4 dollar scheme. However, more than four months after the ban, and three months after the scheme was launched, Nigerian Peer-to-peer (P2P) transaction volume has risen to a defiant height.

Paxful, a peer-to-peer trading platform, said Nigeria’s cryptocurrency traded volumes on the platform topped $1.5 billion in the first four months of the year 2021. This figure represents almost a third of Paxful’s global total volume of $5 billion. This latest traded volume also signals that more Nigerians are switching to P2P, defying CBN’s attempt to curtail the shift of diaspora remittance from conventional financial system to cryptocurrency.

Nigeria thus retains its status as one of the biggest cryptocurrency markets globally.

Nigeria’s diaspora remittance is currently estimated at $25 billion, and the central is targeting at least $30 billion annual remittance to curtail COVID-19 strains on the economy. Some experts believe the move will help the African largest economy to stay afloat amidst decline in oil revenue.

“The projection is that very soon, we can hit as much as $30 billion in terms of diaspora remittances annually which can be directed at investments at home. The chambers of commerce, which is located all over the country, is a solid platform through which these diaspora remittances can be channeled into developmental purposes,” Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) Ayo Olukanni said.

But the indefinite extension of the scheme is also seen as a sign of Nigeria’s vulnerability amidst heightening economic turmoil. The Nigerian National Petroleum Corporation (NNPC) said last week there will be no FAAC, distribution of revenue allocation to states and local governments in May, underlying how empty the government purse is. The government is therefore, besides borrowing, appears to be counting on diaspora remittances to spur economic growth.

ABU Zaria Students, Welcome To Tekedia CollegeBoost

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Good People, join me as we welcome Ahmadu Bello University (ABU Zaria) students to Tekedia CollegeBoost, a Tekedia Mini-MBA designed for students. Your university has prepared you all, Tekedia will simply expand your horizons on market systems. As we begin the academic excursion on Monday, we are very confident that new vistas will emerge and young people will advance the wealth in nations. Welcome!

Tekedia CollegeBoost is an Advanced Diploma in Business Administration designed for students in colleges. It involves an 8-week program which could be broken into two semesters or taken in one semester, depending on the arrangement with the school or group of students. This course is only offered to a group of students.

Schools, to join Tekedia CollegeBoost, connect here via email .

Thank you Jollof Republik for Offering Scholarships To Tekedia Mini-MBA

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Thank you Jollof Republik, Texas, USA for sponsoring 10 students to Tekedia Mini-MBA which begins June 7 to end Sept 1, 2021. At Tekedia Institute, we thank you for investing in the future of the youth; you are a Funder of the Future.

Jollof Republik  is uniting people of a colorful heritage. It guarantees an authentic cultural experience, an opportunity to create impactful relationships, and a community that builds bridges and harnesses our collective strengths.

This scholarship is for current students in any university in Africa. Youth Up will do the selection and send the ten names to the Institute. (If your non-profit has structures to find in-need people or students for academic scholarships, email my team to be included in our recruitment system.)

Jollof Republik, we wish you open markets and opportunities as you continue to serve your customers, and bless humanity. Thank you for your partnership.