City Crime

Crypto Boom Creates New Financial Stability Problems – IMF

Published

4 years ago

October 4, 2021

The International Monetary Fund (IMF) has said that the steady increase and global boom of crypto currency is posing new problems for financial stability across the globe.
The global financial institution in a blog post at the weekend said that the crypto ecosystem allows for quick and easy payments, innovative financial services, and inclusive access to the unbanked.
The IMF said that the total market value of all the crypto assets had grown by 10-folds ($2tn) since 2020, with the ecosystem flourishing, and replete with exchanges, wallets, miners, and stablecoin issuers, but that many of these entities lacked strong operational, governance and risk practices.
The monetary body said, “Crypto exchanges, for instance, have faced significant disruptions during periods of market turbulence.
“There are also several high-profile cases of hacking-related thefts of customer funds and so far, these incidents have not had a significant impact on financial stability.
“However, as crypto assets become more mainstream, their importance in terms of potential implications for the wider economy is set to increase.
“Consumer protection risks remain substantial, given limited or inadequate disclosure and oversight. For example, more than 16,000 tokens have been listed in various exchanges and around 9,000 exist today, while the rest have disappeared in some forms.
“Many of them have no volumes or the developers have walked away from the project. Some were likely created solely for speculation purposes or even outright fraud. The (pseudo) anonymity of crypto assets also creates data gaps for regulators and can open unwanted doors for money laundering, as well as terrorist financing,” it stated.
According to the world financial institution, crypto adoption is being driven by emerging markets and developing economies, with residents in these countries increasing their trading volumes in crypto exchanges in 2021.
”Looking ahead, widespread and rapid adoption can pose significant challenges by reinforcing dollarization forces in the economy or in this case cryptoization, where residents start using crypto assets instead of the local currency.
“Cryptoization can reduce the ability of central banks to effectively implement monetary policy. It could also create financial stability risks, for example, through funding and solvency risks arising from currency mismatches, as well as amplify the importance of some of the previously mentioned risks to consumer protection and financial integrity.
“Threats to fiscal policy could also intensify, given the potential for crypto assets to facilitate tax evasion. And seigniorage (the profits accruing from the right to issue currency) may also decline. Increased demand for crypto assets could also facilitate capital outflows that impact the foreign exchange market.” the IMF explained.
The Find, however, urged global regulators and supervisors to start monitoring developments in the crypto ecosystem and the risks they create by tackling data gaps.
It added that the use of crypto in emerging economies was as a result of weak central bank credibility, vulnerable banking systems, inefficiencies in payment systems and limited access to financial services.

By: Corlins Walter

City Crime

ECN Commences 7MW Solar Power Project In AKTH

Published

16 hours ago

September 22, 2025

Uchechukwu Okwum

As a landmark intervention designed to guarantee uninterrupted electricity supply, the Energy Commission of Nigeria (ECN), has commenced a 7MW solar power project at the Aminu Kano Teaching Hospital (AKTH)

The project is the outcome of ECN’s comprehensive energy audit and strategic planning, which exposed the unsustainable cost of diesel and the risks associated with AKTH’s dependence on the national grid.

Working in close collaboration with the Federal Ministry of Innovation, Science, and Technology under the coordinating leadership of Chief Uche Nnaji, the ECN planned and executed this critical project to secure the hospital’s energy future.

The Director – General, ECN, Dr. Mustapha Abullahi, said “the timing of this intervention could not be more crucial” recalling that only days ago, AKTH suffered prolonged power outages that tragically claimed lives in its Intensive Care Unit.

“That painful incident has strengthened our resolve. With this solar installation, we are ensuring that such tragedies are prevented in the future and that critical medical services can operate without fear of disruption”.

Abdullahi stated that the project is a clear demonstration of the Renewed Hope Agenda of President Bola Ahmed Tinubu in action and reflects ECN’s commitment to making Nigeria’s energy transition people-centered, where hospitals, schools, and other essential institutions thrive on reliable, clean, and sustainable power.

The ECN boss further reaffirmed ECN’s commitment to continued deployment of innovative energy solutions across the nation.

“This is not just about powering institutions; it is about saving lives, restoring confidence, and securing a brighter future for Nigerians”, he stated.

City Crime

Women And Dangers Of Obnoxious Practices

Published

2 weeks ago

September 12, 2025

The Tide

It is worrisome to hear that a woman or a girl is bathed with acidic contents just because she refuses to adhere to one instruction or the other from an opposite sex.

Sometimes, you see a woman with bruises on the face, with one eye swollen as if she is an animal perhaps she demanded one or two things from her spouse.

A situation where a widow will be mandated to marry a brother-in-law for her to still belong to the family where she is married and to partake in inheritance should be looked into.

Severally, there have been talks, seminars, workshops, fora, arguments, bills and laws abolishing the issues that concern women, especially violence. But much has not been achieved to curtail the menace.

Violence against girls and women has been on the increase. From time to time, it is either girls are denied access to father’s property or a widow is denied inheritance to husband’s properties. Even when laws are put in place about things that will help women have their rights, some persons feel that culture and tradition do not permit such laws.

We are aware that some women are rich and may not want to partake in the share of their late parents’ property, but there are vulnerable ones who may need to be empowered, through perhaps, late parents’ property inheritance.

Some of the obnoxious laws were made before now without the consent of women. There was no enough representation to either argue for or against so as to be beneficial to women generally. Some of the laws were so primitive that even when civilisation came, became difficult to change. Very unfortunately, it is the women sometimes who execute the laws made by men in their absence. But women are suffering it.

If government can establish laws abolishing certain practices against women and girls, it will be better for them and should in the presence of women so that they can contribute as well.

For long, laws against female genital mutilation and circumcision have existed but some communities with their culture and tradition have refused to put a stop to it with reasons best known to them.

Circumcision of a full-grown girl or lady may not be the only way of attaining maturity. It is a harmful practice and the pain associated with it cannot be imagined. The illegal operation is not performed in the hospital so the dangers inherent will be much.

For those who still practise it, the menace should be discouraged as that is not a proper way of ushering a girl into womanhood. A lot of women lose their lives due to pains experienced during the process. If it was practised in the past when civilisation was not there, it is a different case, nowadays with science and technology proving it wrong, those who still practice should resist.

We know that government is doing a lot to save women and girls from some of the pains they go through but right steps should be taken in the right direction and all stakeholders intensify efforts in dealing with persons who perpetuate evil against their fellow women.

One issue that comes to mind is implementation even if policies and laws are out in place by relevant agencies. The issues have been dwelt on for decades, but it is still practised as big ceremonies in some communities.

When it comes to inheritance, a girl born into a family, married or unmarried will be denied access to father’s property.

When parents are sick, the female child will pick him or her for care and offset medical bills. If it has to do with the demise of parents, the woman and the husband will be mandated to provide a cow and perform other burial rites.

If the National Assembly makes laws concerning the well-being of women, community heads, molecular leaders, women groups and associations, religious organisations, Non-Governmental organizations (NGOs) and Civil Society Organisations (CSOs) should create more awareness through the media to sensitise rural dwellers.

In this digital era, it should be forbidden that a woman loses her spouse and she is mandated to drink water used on the late husband.

A legal practitioner, Tam Jacobs, said if one forcefully shaves a woman’s hair with the intention that she is mourning her late spouse, she can sue that person for assault.

He said if the woman is forced to drink water used on her late husband’s body, she can also sue for attempted murder.

According to him, several cases of girl-child inheritance have been won and documented in the law court but some cannot claim it.

“Even a widow who is handicapped may not be able to make attempts so NGOs, CSOs should be in the forefront to support them and ensure that the laws are implemented at the grassroots level where they are practised”, he said.

A pharmacist, Eno Amos said any culture that does not add colour and value to life, especially as it concerns women should be abolished.

She added that implementation can be easy in the cities where awareness has been created but expressed fear that it may not be easy in the rural areas where culture is really practised.

A business woman, Agnes Ugwu, said tradition and culture were made by man and not God and wondered why people who claim to be educated still follow the tradition of ancestors who never went to school.

Ignorance also comes to play here. If you have watched a documentary showing female genital mutilation and the gory experience the young women go through is something else. Some of the perpetrators claim that the practice has existed for ages. Women have to learn more about issues that concern them.

A nurse, Rosy Ekeocha, said it is not about culture but about the behavior of a group of people in the community who force it on others.

According to her, let people change their behaviour and leave culture alone. It does not happen in every family and if any family allows it that is its business.

She said we are in the 21st century, certain cultures and tradition need to be reviewed to ensure that they align with today’s reality.

Culture is dynamic she said, but that implementation of laws relating to the vulnerable in the society calls for concern.

We should not behave the way people behaved twenty decades ago, after all, we do not dress the way our forefathers dressed. Time has evolved and things are getting better as it concerns women. We are getting more exposed and more enlightened about issues that concern us. Information is moving round as the world is a global village.

Talking about culture nowadays, we wear shoes whereas our forefathers never had any. They walked barefooted

far distances to get family necessities but things are better now as we are mobile.

That should also happen to culture and tradition. There are certain aspects of our culture and tradition which are practised today that have expired long ago. We should get rid off them.

Sometime, the bill for prohibition of obnoxious practices against women at the National Assembly was a welcome development, how far have the powers that be gone to ensure that it favours women.

It is expected that the bills abolishing obnoxious practices against women and girls in the society should have started achieving results as it concerns their wellbeing.

Eunice Choko-Kayode

City Crime

Association Raises Alarm Over Increasing Migration Of Young Pharmacists Abroad

Published

2 weeks ago

September 12, 2025

The Tide

The Nigeria Association of Pharmacists in Academia (NAPA) has called on the Federal Government to urgently address the growing shortage of academic pharmacists in the country.

National Chairperson of NAPA, Prof. Catherine Stanley, made the appeal during the opening of the 23rd Annual National Scientific Conference of NAPA, held at the University of Port Harcourt (UNIPORT), midweek.

The event had as its theme: “Pharmacy Practice in the New Global Economy: Education, Technology and Collaborations”.

Stanley attributed the shortage of pharmacists to increasing migration of young professionals to Europe and North America in search of better opportunities.

She described pharmacists in academia as “an endangered species”, citing their migration to foreign countries and the lack of replacements for retirees and deceased colleagues.

“There is an acute shortage of needed manpower in critical sectors of pharmacy education. This trend should not be allowed to continue”, she pleaded.

Stanley urged the government to prioritise the welfare of academic pharmacists to ensure sustainability in pharmaceutical education and research.

According to her, the current situation poses a threat to the future of pharmacy training and healthcare delivery in Nigeria.

In a keynote address, Prof. Charles Esimone, a former Vice-Chancellor of Nnamdi Azikiwe University, Enugu, attributed the dearth of pharmacists to new global challenges confronting the profession.

Discussing the theme of the conference, Esimone noted that the world was more interconnected than ever, and blamed globalisation for some of the difficulties facing the education sector.

He stressed the need to balance local requirements with a global outlook.

“This realisation has fuelled a push towards purposeful best practices in curriculum development, faculty exchanges, and addressing regulatory issues across borders.

“Our curricula must train pharmacists to be effective both locally and globally, ably to understand local health traditions while applying international standards”, he said.

Esimone explained that the International Pharmaceutical Federation (FIP) and other global bodies have been working on developing a Global Competency Framework to harmonise pharmacist training worldwide.

He said the goal was to align education with the competences required to deliver essential services in any country.

He also highlighted the impact of advances in technology, which are revolutionising every aspect of pharmacy practice from dispensing processes to patient counselling, noting that the pace of change was accelerating.

“Pharmacists have increasingly embraced digital health tools, automation, and artificial intelligence (AI) to enhance their services.

“However, technology in pharmacy is a double-edged sword, it can greatly enhance our practice, but must be wielded with care”, he warned.

On his part, the Vice-Chancellor of UNIPORT, Prof. Owunari Georgewill, called on pharmacists in the academia to adopt practical and innovative approaches that would transform pharmacy education and practice in Nigeria.

Represented by the institution’s Deputy Vice-Chancellor (Administration), Prof. Chukwudi Onyeasor, Georgewill urged practitioners to move beyond theoretical discourse, embrace technology, strengthen collaborations, and align pharmacy with global standards.

“This is necessary to produce professionals who are equipped to serve a rapidly evolving healthcare system”, he concluded.

The Tide reports that the conference brought together pharmacists, researchers, educators, and policymakers from across the country to discuss innovations and strategies for advancing pharmaceutical practice in Nigeria.

Theresa Frederick & Charity Amiso