News

Reps To Probe Implications Of Cryptocurrency, Other Digital Asset Transactions

Published

9 months ago

March 5, 2024

By Gloria Ikibah

The House of Representatives as resolved to investigate the current status of Cryptocurrency, blockchain, digital asset transactions in Nigeria to identify threats to National Security and gaps in legislative framework and regulations to the detriment of the country.

Others to be investigated are all the online peer-to-peer (P2P) marketplace, utility sharing.

These resolution was sequel to a motion by Rep. Isiaka Ibrahim on “International money transfer operators, payment gateways and platforms, cloud computing, infrastructure (networks).

The House also resolved to investigate the current status of the e-Naira on the global cryptocurrency platform, the cost incurred, processes undertaken, and statutory compliance in creating the digital currency.

The House further resolved to engage all relevant stakeholders to initiate necessary processes for establishing required legislation and regulations, while establishing the profile of operators in the sector such as legal status, parent company, and assess their compliance with our existing statutes or complicity in infractions against Nigeria including money laundering, illicit transactions, currency speculation and bad practices.

The House also resolved to superintend the engagement of the office of the NationalSecurityAdviser(NSA), other relevant agencies, cryptocurrency exchanges, and stakeholders in tracking, Identifying, and recovering illicit and laundered funds or assets.

The House is to ensure that equity, probity, transparency, the rule of law, and international best practices are observed by the government in investigating cryptocurrency exchanges and others.

Leadingthedebate, Rep Isiaka highlighted the growing global concerns about the national security implications of cryptocurrency transactions through cryptocurrency exchanges including consumer and investor security as these exchanges are said to enable money laundering by criminals and terrorists for their illicit activities.

The lawmaker further stated that as part of its sweeping market friendly reforms designed to attract substantial foreign direct investment into the countries struggling economy, this administration reversed the ban on cryptocurrency transactions in Nigeria imposed by the previous administration.

He further explained that the current actions by the government should not be perceived by the global community and international investors as a policy somersault so early in the life of the administration and the existence of a hostile business environment.

The motion reads: “Cognisance of the concerns expressed by the CBN with regards to the likelihood of illicit transactions and money laundering on the cryptocurrency exchanges and their seeming use as an alternative platform for determining local foreign exchange rates.

“The US Treasury 2022 National Money Laundering Risk Assessment indicates that fiat and traditional financial activities contribute substantially higher (over 200%) than digital assets transactions to global money laundering activities.

“The conflict with the government about whether or not the crypto exchanges are determining the local foreign exchange rate and usurping the functions of the national bank does not appear to arise in other developed climes where appropriate statutes and regulations have been enacted and enforced to superintend crypto and other digital asset transactions”.

Rep Isiaka opined that the government should not be seen to be trying to “throw away the baby with the bath water” without considering the benefits of digital asset transactions to the country.

The House adopted the motion and mandated its Committee on National security and Intelligence to investigate and report back to the House for further legislative action.

News

NECO accredits more foreign schools for SSCE, BECE

Published

4 hours ago

November 24, 2024

Kayode Sanni-Arewa

The National Examinations Council (NECO) has given accreditation to more foreign schools to write the Senior School Certificate Examination (SSCE) and the Basic Education Certificate Examination (BECE).

The Acting Director, Information and Public Relations, Mr. Azeez Sani, disclosed this in a statement.

The newly accredited schools are in Niger Republic and Equatorial Guinea.

“NECO Accreditation Team visited the Schools to assess their readiness to write the SSCE and BECE.

“The Accreditation Team inspected classrooms, laboratories, libraries, computer laboratories, workshops, examination halls and sport facilities to determine their adequacy and suitability for NECO Examinations.

“After a thorough evaluation and comprehensive assessment, the schools were granted full SSCE and full BECE accreditation status,” the statement said.

The statement added that the accreditation of additional foreign schools is a testament to NECO’s commitment to providing quality education and assessment beyond the shores of Nigeria.

“With its expanding global presence, NECO is poised to become a leading examination body in Africa, offering opportunities for students worldwide to benefits from its expertise, thus contributing to the advancement of education in Africa and beyond.”

In another development, the statement disclosed that candidates are participating in the on-going NECO SSCE External in Diffa, Niger Republic.

“The UNHCR School, Diffa, Niger Republic is the first NECO SSCE External Centre outside Nigeria.”

NECO examinations are now written by candidates in Benin Republic, Togo, Cote’ d’Ivoire, Niger Republic, Equatorial Guinea and Saudi Arabia.

News

Guardiola suffers worst defeat of career as Tottenham hammer Man City 4-0

Published

4 hours ago

November 24, 2024

Kayode Sanni-Arewa

Manchester City manager, Pep Guardiola, suffered the worst defeat of his managerial career as they lost 4-0 to Tottenham Hotspur on Saturday night.

The Premier League champions were already on a run of four consecutive defeats ahead of the visit of the North London side.

James Maddison scored twice in the first half to set Spurs on their way to a sensational win.

Pedro Porro drilled in a third, before Brennan Johnson got on the scoresheet late in the game.

The result leaves City in second place with 23 points. They could go eight points behind Liverpool by the end of this Game Week.

Guardiola takes his men to Anfield next weekend.

News

FUOYE Re-Marks Exam Papers of Student Failed By Lecturer Over Sex-for-Grade Scandal, Secures Justice

Published

4 hours ago

November 24, 2024

Kayode Sanni-Arewa

The Federal University, Oye Ekiti, Ekiti State, has cleared a female student, Ramota Olahanloye, to graduate following the re-marking of her final-year examination scripts.

Olahanloye had alleged that a lecturer, Dr. Anthony Agbegbedia, demanded sexual favours from her, and when she declined, he deliberately failed her in two final-year courses.

In a statement issued on Friday by the Special Adviser on Media to the Vice-Chancellor, Dr. Wole Balogun, the university confirmed that Olahanloye’s allegations were investigated, and her scripts were re-marked.

“The young lady’s scripts were re-marked, and she performed fairly better than the scores initially awarded by Dr. Anthony Agbegbedia,” the statement read.

According to Balogun, the university management approved Olahanloye’s revised results, which qualified her for graduation.

“The university management has given executive approval for her results to be processed. She has since commenced her final clearance from relevant units of the university,” the statement added.

Balogun also disclosed that Agbegbedia had been sanctioned by the institution for his misconduct.

Olahanloye expressed her joy over the resolution of the case, saying, “I am happy that I have gotten justice, and I really appreciate the university Vice-Chancellor for setting up the committee that investigated the matter.

“I was shown my entire results, including the graduation list with my name on it. I have started my clearance as a graduating student of the university, and I am truly happy.”

Her father, Rasaki Olahanloye, also lauded the university for its commitment to justice.

“I can confirm to the world that FUOYE has served justice to my daughter. I was shown her upgraded results after her scripts were re-marked, and it is clear that she passed.

“The university fulfilled its promise to ensure fairness, and I appreciate the VC, Prof. Sunday Fasina, and the committee members for ensuring my daughter gets justice,” he said.