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Home Blog Page 6370

Technology in the Wake of Coronavirus

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The 21st century ushered in a scintillating side of life that has brought ease, speed and efficiency together in a space called technology. Human dependence on machines to carry out tasks has undoubtedly yielded unprecedented results and spurred imaginable growth in many fields including the health sector.

As the year 2020 appeared with a roar of interesting events, among them the novel coronavirus that has grown beyond borders and shores, wreaking havoc along the way. The world was counting on machines to curtail the outbreak if not to totally quell it in the shortest time.

In the early stage of the disease, scientific laboratories were on the spotlight to find a cure. With the hope and trust of so many people invested, every minute seemed like an hour counting with lambo speed; until the reality shoved up the despair, dividing attention from the search for a cure to the search for the infected.

As people move, the virus follows them to new places where it is equally not wanted; transmitting with such ease that it has become difficult to point at its last stop. And that has been the bane of its containment.

Apple and Google stepped in to help with contact-tracing of those infected via Bluetooth and GPS developed apps. It appeared to be the answer to what has been the most distressing part of the pandemic. The more there is reliable data about the number of people who are infected in a radius, the easier it is to halt the spread.

So when Google announced it is opening its API to the public to enable those interested in developing their own contact-tracing app to develop their own, many countries jumped on it. It’s part of Apple and Google’s effort to help the fight against the virus. The duo was building software into smartphones that will tell people when they come in contact with coronavirus-positive people.

Starting from Singapore, countries joined the race to beat the outbreak using contact-tracing apps. France, the UK, the Netherlands etc. all started to work on their own apps. There was hope it would solve a large part of the problem, though a cure remains a mystery to be unraveled.

However, there are few problems: Privacy and speed. Speedily developed software has consequences, and the privacy of users of the apps is a glitch that could make or mar the idea of contract-tracing. With governments asking Apple and Google to relax the privacy policy of the contact-tracing apps, the challenge in its use becomes more obvious.

The apps are supposed to gather information on the movement of people using it, and if anyone tests positive for COVID-19, the places he went to, the people he met could be easily traced. However, the actualization of the aim depends on the willingness of people to sign up on the apps, but the scare of privacy breach holds many back.

In view of this, Apple, Google and Microsoft are making sure that people’s information is not tampered with. The Care19 app being used in North Dakota uses Wi-Fi, cell towers and GPS to gauge people’s location within about 175 feet, which is more effective than Bluetooth-based tracing apps.

The New York Times analyzed the app and confirmed that it sends people’s location data to a private server hosted on Microsoft cloud platform. The developer said only him and one other person have access to the storage, and health officials can only get the information of people who test positive and agree to share their data.

In another tech development, the quarantine app, used mostly in India to check the movement of people under surveillance and to create virtual parameters for them, has been deployed since April. So is Aarogya Setu (health care bridge), that uses smartphone location data and Bluetooth to log people’s travel routes and the other phones they encounter.

However, the misuse of private data especially by governments has been at the center stage of the concern about the use of these apps. For privately developed apps, there has been a constant battle between the government and the developers for more information from the app. Moreover, the possibility of data error has become part of the concern. The Aarogya Setup app wrongly sent the user’s latitude and longitude to a YouTube server. That heightened the fear of the risk collective surveillance data would pose if mismanaged – a reality no one wants to be caught up in.

There has been a handful of quick inventions aimed at curtailing the virus, doing one thing or the other faster than humans can – from testing tools to ventilators. But on the other hand, the quick-fixes that the available tech tools appear to be offering are far from the solution, and may create problems that will last longer than the pandemic.

While there has been an undeniable contribution of technology to human successes in the fight against coronavirus, the gaps are telling the hurtful truth – technology can’t fix everything!

Tekedia Mini-MBA Business & Commerce Law Session

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Course Outline of our Business & Commercial Law session

Our lecture materials for the second edition of Tekedia Mini-MBA (starts June 22) have started arriving from our eminent faculty members. The Business & Commerce Law session would be supreme. I recommend this program to everyone; you will learn and develop capabilities which will help your career or mission. People, three hours of video with supporting class notes will open your mind to the world of law. Scale that to digital transformation, supply chain, strategy, innovation, etc, you will see why Tekedia Mini-MBA has entered corporate boards: a Lagos bank wants us to help.

In the law session, I know nothing about law except to stay out of trouble. But we have legal experts to take us on the excursion of legal knowledge. Register today and join Tekedia Mini-MBA. Begin here – https://www.tekedia.com/mini-mba-2/

https://www.tekedia.com/mini-mba-2/

 

 

 

Sani Abacha “Gifts” $311 Million To Nigeria; NBS Says 88% Sokoto Citizens Are Poor

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Good People, it don happen. Dictator Sani Abacha continues to fund the Nigerian treasury with the trickle of his loots. The Attorney General of the Federation and Minister of Justice, Abubakar Malami, has confirmed that Nigeria received about $311 million  of the Abacha loot from the US and Jersey: “The amount increased significantly from over $308 million as stated in a press release in February to over $311 million because of the interest that accrued from February 3, 2020, to 28th April, 2020, when the fund was transferred to the Central Bank of Nigeria.” My hope is that the money is not re-looted! Now, the government wants you to get involved to ensure that re-looting does not happen.

“The process for the engagement of the CSO monitor has already commenced with the adverts placed in two Nigeria newspapers – Daily Trust and The PUNCH (4th March, 2020 and a Notice of Extension on 17th April, 2020), the Federal Tender Journal (9th and 23rd March, 2020), the Economist (14th March, 2020). The advert can also be found on the website of the Federal Ministry of Justice.

This money is coming when the National Bureau of Statistics (NBS) just noted that 83 million Nigerians live in poverty. In Sokoto, 88% of the population are poor! I don’t really believe that because NBS is measuring poverty based on formalized assets. The richest people in my village are not the teachers but people with lands which they lease yearly. Because those records are not in any government data, there is a tendency to record them as poor even though most are loaded well ahead of the N30,000-monthly wage teacher. In Sokoto, whenever I go there, I see camels. You may think those people are poor because they have no bank accounts and do not earn formal income, but they have goats, cows, etc. Of course, this is not to say there is no poverty; my point is that 88% of Sokoto citizens are not poor!

About 40 per cent of Nigerians (or 82.9 million people) live in poverty, the Nigeria Bureau of Statistics said in its latest report.

The NBS in its 2019 Poverty and Inequality report also said the poverty rate varied across states. It is highest in Sokoto where almost 90 per cent (87.73 per cent) of the population are poor and lowest in Lagos where 4.5 per cent of the population live in poverty.

Comment on LinkedIn Feed

Comment: I understand your position. My suggestion remains. Back it up with researched data. If you present a definitive alternative that is a function of on the ground reality, nobody will argue further. Even the world bank will put it in perspective. But in the absence of that, 88% of Sakwatto people could realistically be poor. I believe the data, because its based on poverty and not extreme poverty which are very different. Base on my experience, I believe that much people are poor in Sakwatto. Just leave some allowance for some doubt. Its a possibility.


My Response: No issues, we are not arguing over the data. You keep bringing up data. The issue is interpretation using the same data. U.S. has poverty rate of about 14% using govt data https://www.census.gov/library/publications/2019/demo/p60-266.html . A man that makes $1k monthly in U.S. is poor but that guy is “rich” in Nigeria. A man that makes $1 in Sokoto is better off than a man that makes $1.50 in Victoria Island.

So, using Lagos benchmark and throw it across Nigeria does not cut it. Yes, using the same data, we can come to different conclusions. I do not need new data, I just need to question the data in my own way. If I am called, I will defend. The $2 or so that World Bank uses makes no flat sense because it does not account for earning powers and living expenses across rural and urban areas.

If you live in mud house in Abia state and earn $1.90 per day, you may be better than someone who is NOT poor in Lagos but earning $2.1.

This will be my last word on this, thanks for the debate.

 

STATEMENT ON THE RETURN OF THE ABACHA STOLEN MILLIONS FROM THE UNITED STATES AND JERSEY

On Monday, May 4, 2020, some $311 million US Dollars – stolen from the citizens of Nigeria during the Abacha regime – were safely returned to our country from the United States.

These funds have already been allocated, and will be used in full, for vital and decades-overdue infrastructure development: The second Niger Bridge, the Lagos-Ibadan and Abuja-Kaduna-Kano expressways – creating tens of thousands of Nigerian construction jobs and local skills, which can then be useful in future projects.

Part of the funds will also be invested in the Mambilla Power Project which, when completed, will provide electricity to some three million homes – over ten million citizens – in our country.

The receipt of these stolen monies – and the hundreds of millions more that have already been returned from the United Kingdom and Switzerland – are an opportunity for the development of our nation, made far harder for those decades the country was robbed of these funds.

Indeed, previous monies returned last year from Switzerland – some $320 million US dollars – are already being used for the government’s free school feeding scheme, a stipend for millions of disadvantaged citizens, and grain grants for those in severe food hardship.

The latest return is a testament to the growing and deepening relationship between the government of Nigeria and the government of the United States.

Without the cooperation both from the UK Government, the US Executive branch and US Congress, we would not have achieved the return of these funds at all.

For years many countries deemed successive Nigerian administrations as too corrupt, too venal and too likely to squander and re-steal the stolen monies – so they did not return the funds.

Today, US, UK and other jurisdictions have found the partnership with the nation of Nigeria they can finally trust.

The Buhari Administration is committed to – and is enacting – total and zero tolerance to corruption in politics and public administration.

The days when government was seen and used by the political class as their personal ATM to empty are over.

The time of better governance and clean hands in the affairs of state is here to stay.

Garba Shehu

Senior Special Assistant to the President

(Media & Publicity)

May 5, 2020

Nigeria Reopens – And What Did We Achieve With This Lockdown? [Videos]

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NIGERIA REOPENS – and what did we achieve with this lockdown over Covid-19? People, this is one of those experiments we followed Western Europe and the U.S. without thinking deeper into the whole process. I personally supported lockdown (so, I was in the possibly wrong part) but looking at videos of the first day of partial lifting of lockdown in Nigeria, we might have all missed it. All protocols for social distancing have been broken just by looking at the 2 videos.

3rd Mainland Bridge

 

 

The bridge and border

CBN, Oil Prices, Stock Market: Insights and Headlines

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Resumption of Economic Activities: life of humans or life of the economy

“I have approved for a phased and gradual easing of lockdown measures in FCT, Lagos and Ogun States effective from Monday, 4th May, 2020 at 9 am” President Muhammadu Buhari

“We need to restart our economy, we need to restart our society.” Australian Prime Minister, Scott Morrison

It’s the same echo in Europe and Asia, Germany will continue easing today, while Slovenia, Poland and Hungary will allow public spaces and businesses to partially reopen. Iranian President Hassan Rouhani announced mosques would reopen and South Korea has also allowed public gatherings.

At TrustBanc, we are super excited to see that humans are gradually resuming their normal Pre-Covid activities as they continue to battle the virus head-on.

The virus has infected over 3.4 million people globally and killed over 247,100. A lot of the countries easing lockdown guidelines have seen the worst of the virus, unlike Nigeria, we are still very far from touching the peak of the pandemic. Number of infections is now 2,558, over 130% growth in the last 10 days and over 1,000% growth in the last one month with 85 deaths already recorded.

In the absence of a cure or vaccine, Governments are faced with a tricky decision – the life of humans and/or the life of the economy?

Stay safe, don’t go for the economy to live.

 

Oil Prices: stability or growth

As humans resume economic activities, businesses, offices and factories will reopen, we expect demand for oil to power these activities to increase. In addition, the price war between Russia and Saudi Arabia has ended and the production cut has taken effect since 1st May. All these point to increase in oil prices, it’s time to celebrate. Sadly, we cannot celebrate yet as more than 4.6 billion people are still on some form of lockdown or obligation to stay confined.

One thing is certain though, oil prices will not go negative again and we are optimistic of some stability in the coming days.

Already, we have started seeing positive movement in prices. In the last four days, Brent has gained over 3% while Nigeria’s Bonny Light has done over 13%.

CBN is Back… let the dollar flow

It’s no more news that the CBN supplied Nil FX to the I & E window in the whole of April. In March, the Investors & Exporters (I&E) FX window received about 78% of its supplies from the CBN.

Faced with depleting reserves and crashing oil prices, the lockdown order imposed by the FG in March through April provided the perfect opportunity for the CBN to dodge the dollar demands of Foreign Portfolio Investors (FPIs).

Now that the lockdown has been eased, now that we have received $3.4 billion from the IMF, we expect dollars to exchange hands between FPIs and the CBN in the coming days and weeks. The current queue for dollars in the I & E FX window is currently valued at about $1.5 billion.

Stock Market: local Investors or FPIs

By the time dollars starts to exchange hands between the CBN and FPIs, we expect heavy sale activities from FPIs. Heavy sales bring Bears to the equities market, that can only mean a decline in the value of ASI and loss to Investors.

For most of April, local investors dominated the equities market. Heavy bargain hunting by the Bulls pushed the ASI up by 7.92%, unlike in March when FPIs sold heavily and ASI lost -18.75% of its value.

The muted sale activities by FPIs in April was due to their inability to repatriate FX proceeds from their naira equity sales, if CBN resumes heavy activities in the I & E Fx Window, sales pressure on the equities market will resume. Can local investors fill the gap that will be created by FPIs? How far the ASI will go down will be determined by how much gap local investors can fill.

This is the week to watch the Market with four eyes.

Currently, the market is down by -0.29%.

Click on the link https://bit.ly/2XrvIf9 to open a stockbroking/share purchase account and trade within 24 hours

Headlines:

Nigeria Records 170 New Cases, Total Infections Now 2,558
Nigeria has recorded 170 new cases of the novel coronavirus, bringing the country’s total infections to 2,558. According to a tweet by the Nigeria Centre for Disease Control (NCDC) on Sunday, of the new infections, 39 are in Lagos, 29 from Kano, 24 in Ogun and 18 from Bauchi. The FCT and Sokoto had 12 each, while Katsina has 8 cases and 7 cases were recorded in Borno. Read more
Global coronavirus cases surpass 3.5 million amid underreporting fears
Global coronavirus cases surpassed 3.5 million on Monday and deaths neared a quarter of a million, according to a Reuters tally, concerning experts who fear substantial underreporting even as the rate of fatalities and new cases slows. North America and European countries, where growth rates are easing, still accounted for most of the new infections reported in recent days. But case numbers were rising from smaller bases in Latin America, Africa and Russia, and experts expressed concern that the overall data falls well short of the true impact of the pandemic. Globally, there were 74,779 new cases over the past 24 hours, according to the Reuters tally that is based on official government data, taking total cases to around 3.52 million. Read more
CBN, Bankers’ Committee Suspend Lay-Offs in Banks
The Central Bank of Nigeria (CBN) and the bankers’ committee have agreed to suspend lay-offs in banks across the federation. This agreement was reached at a special meeting of the Bankers’ Committee which was convened on May 2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry. At the special meeting, the Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the global economic difficulties. Read more
Anxiety, as lockdown eases in Lagos, Ogun, FCT
The Nigerian Medical Association, NMA, Joint Health Sector Unions, JOHESU, and Nigerian Union of Allied Health Professionals, NUAHP, have again warned the Federal Government against easing the lock-down on the Federal Capital Territory, FCT, Lagos and Ogun states in the wake of coronavirus. Easing of the lock-down begins today. This is even as members of the Peoples Democratic Party Caucus in the House of Representatives yesterday, asked President Muhammadu Buhari to immediately rescind the decision to ease the lockdown, sayibng relaxing it would increase spread of the disease. Read more
Presidential Task Force Links Kano Deaths to COVID-19
Ejiofor Alike, Segun James, Chinedu Eze in Lagos, Olawale Ajimotokan in Abuja and Ibrahim Shuaibu in Kano.The Head of the Presidential Task Force on COVID-19 sent to investigate the high incidence of deaths in Kano State, Dr. Nasiru Gwarzo, yesterday linked the deaths to COVID-19, saying the results of 80 per cent of the tests conducted were positive for the disease. His report came on the day the Nigeria Centre for Disease Control (NCDC) said the tally for confirmed cases of the virus had climbed to 2,558 with 400 discharged and 87 dead. Read more
COVID-19: Shell cuts dividend for first time since WWII
Royal Dutch Shell on Thursday cut its dividend for the first time since the 1940s after a first-quarter loss – and warned virus-ravaged oil prices will take time to fully recover. The Anglo-Dutch group sank into a $24 million ($29.5 million) net loss in the three months to March – when oil went into freefall on tumbling demand and a price war between producers Saudi Arabia and Russia. That contrasted sharply with profit after tax of $6.0 billion in the same period a year earlier, the London-listed giant added in a statement. Read more
3,256 listed as CBN begins N50bn COVID-19 fund disbursement
NIRSAL Microfinance Bank has commenced the disbursement of the Central Bank of Nigeria N50bn Targeted Credit Facility. The Managing Director, NIRSAL MFB, Mr Abubakar Kure, inaugurated the disbursement of the fund on Thursday in Abuja. Read more
Cut interest rates to boost economy, says Tinubu
he National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, has said the Central Bank of Nigeria should seize the opportunity of the coronavirus crisis to lower interest rates in a bid to boost the nation’s economy. Tinubu also urged the Federal Government to demand a renegotiation of existing loans or debt relief from the World Bank and other development finance institutions. Read more
FG retains N125/litre petrol price despite crude oil crash
The Federal Government has failed to review the N123.5 to N125/litre pump price of petrol for the month of May 2020 despite continued crash of crude oil price. The Petroleum Products Pricing Regulatory Agency had stated that the cost of petrol would be reviewed monthly in accordance with the fluctuation of crude oil price in the international market. Read more
Stocks fall as U.S./China tensions threaten rebound
European stock markets and oil prices fell on Monday as a spat between top U.S. officials and China over the origin of the coronavirus fuelled fears of a new trade war, derailing a rebound in global markets. European shares opened down 2.5% with U.S. stock futures trading close to 1% in the red. Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2.5%, pulled down by Hong Kong where the Hang Seng returned from a two-session holiday with its biggest drop in six weeks. Read more
European stocks drop, kick off May on dour note
European stocks tumbled on Monday as investors returned from a May Day break to a fresh spat between the United States and China over the coronavirus crisis that triggered losses in cyclical sectors. The pan-European STOXX 600 fell 2.5% in a downbeat start to May after the index recorded a 6% gain in April. Oil & gas. SXEP, automakers. SXAP, banking. SX7P and technology indexes. SX8P were the biggest drags on the index, falling between 3.6% and 5%. Read more
Oil prices fall on demand concerns, U.S.-China trade tension
Oil prices fell on Monday, paring last week’s gains, on worries a global oil glut may persist amid slumping demand and U.S.-China trade tensions that could restrict an economic recovery even as coronavirus pandemic lockdowns start to ease. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell as low as $18.10 a barrel earlier in the session and were down $1.01, or 5.1%, at $18.77 at 0658 GMT. The benchmark contract rose 17% last week. Brent crude LCOc1 futures were down 10 cents, or 0.4%, at $26.34, after touching a low of $25.50. Brent rose about 23% last week following three consecutive weeks of losses. “As optimism fades around global growth prospects, oil is giving up (last week’s) gains, aided by a strengthening U.S. dollar,” said Michael McCarthy, chief market strategist at CMC Markets. Read more
China, Russia take advantage of virus emergency, U.S defense secretary says
Russia and China are taking advantage of the coronavirus emergency to put their interests forward in Europe, U.S. Defense Secretary Mark Esper said on Monday, describing Chinese efforts to promote Huawei mobile phone network equipment as malign. “(The United States) is aware that some (countries) will try to use the pandemic as a way to invest in critical industry and infrastructure, with effect on security in the long term,” Esper told newspaper La Stampa, when asked whether China and Russia were trying to gain influence in Italy by sending aid. Read more
Italy eases long lockdown, but fears resurgence of coronavirus
Italy started on Monday to unwind Europe’s longest coronavirus lockdown, letting some 4.5 million people return to work after nearly two months at home and finally allowing families to reunite. A continuous hum of cars, buses and motorbikes pointed to an increase in early morning commuting, but traffic was still noticeably lighter than before the virus struck in February. The government has ordered only a gradual revival, giving factories the green light to restart their dormant production lines. It has also said parks can reopen, giving children the chance to run around, while relatives can once again meet up. Read more
UK starts state-backed loans for smallest firms
A government-backed loan scheme to help Britain’s small businesses survive the coronavirus lockdown comes into effect on Monday, allowing firms such as hairdressing salons, coffee shops and florists to receive emergency cash. Finance minister Rishi Sunak, who previously opposed 100% state backing for commercial loans, announced the new facility on April 27, bowing to pressure to do more for the smallest companies after a previous scheme got off to a slow start. The new “Bounce Back Loans” allow businesses including sole traders to borrow between 2,000 and 50,000 pounds ($2,500-$62,500) for up to six years. The first year is interest-free for firms, after which they pay an interest rate of 2.5%. Read more
Trump says up to 100,000 Americans may die from coronavirus
U.S. President Donald Trump said on Sunday he now believes as many as 100,000 Americans could die in the coronavirus pandemic, after the death toll passed his earlier estimates, but said he was confident a vaccine would be developed by the year’s end. Trump alternated during a two-hour virtual town hall broadcast by FOX News between forecasting a rapid recovery for the U.S. economy and casting blame for the pandemic’s spread on China, where the disease is believed to have originated. Read more