The Federal Government yesterday confirmed that Twitter has formally written to seek for dialogue on issues leading to the indefinite suspension of its operations in the country.
The Minister of Information and Culture, Alhaji Lai Mohammed, confirmed this when he featured on “Politics Nationwide,’’ a Radio Nigeria call-in programme in Abuja.
“I can confirm that Twitter has written the Federal Government that they are ready to talk.
“As we have always maintained, the door is not locked and we are open minded but Twitter must work toward it,” he said.
The minister reiterated the government’s position that it would not tolerate any platform that would be used to destabilise the country.
Mohammed said among other conditions for Twitter to resume operation in Nigeria, there must be an agreement as to what contents it could post.
He said Twitter and other platforms must also register as a Nigerian company, obtain license from the National Broadcasting Commission (NBC) and be guided by the rules of the licensing as well as pay taxes.
According to the minister, regulation of social media platforms is becoming a global practice.
He said most countries were just waking up to the fact that the platforms were becoming more powerful than even government and needed to be regulated.
“Singapore, Algeria, Pakistan, Turkey regulate the social media, Australia has done so.
“ Even EU that does not have particular laws on social media has made recommendations in a white paper,” he said.
The minister said that the UK initiated a new law which would make social media companies to be fined up to 18 million pounds (about N10.8 billion) if they failed to stamp out online abuses.
He said Google was fined 220 million Euros (about N110 billion) on June 7 by French Competition Regulator for abusing its dominance in the online advertising market in France.
Similarly, the minister said the Federal Cabinet of Pakistan had approved a new set of rules to regulate social media.
In the rules, according to the minister, companies such as Facebook, Twitter, YouTube and even TikTok were to register and open offices in Pakistan.
He said in compliance with the new online broadcasting rule of Turkey, Netflix and Amazon Prime Video had obtained licences from that country’s broadcasting authority.
Mohammed noted that regulation of the social media was not synonymous with stifling press freedom.
“We must not confuse press freedom with irresponsibility.
“How can you stay in your country and allow your own platform to be used to propagate war in another country?
“The suspension of Twitter is to ensure that no particular platform is used to cause war in Nigeria.
“Secondly, to ensure that whoever is making money in Nigeria must be made to pay tax.
“Our appeal to Nigerians is that they should understand where we are coming from.
“We have no intention to stifle people’s freedom or to cut off the source of livelihood of anybody.
“There must be a country devoid of war before we can talk of freedom and a source of living,’’ he said.
The Federal Government had on June 4 suspended indefinitely the operations of the microblogging and social networking service in Nigeria.
Mohammed, who announced the suspension, cited the persistent use of the platform for activities capable of undermining Nigeria’s corporate existence.
He said the Federal Government had also directed the NBC to immediately commence the process of licensing all Over the Top (OTT) and social media operations in the country.
Ekiti Poll: Improve On BVAS Innovation, Group Urges INEC
The group’s Team Lead, Mrs Mojisola Akinbohun, told The Tide’s source in Ado-Ekiti recently that it would make future elections in Nigeria to be credible.
Akinbohun said the use of BVAS for Ekiti election showed a significant improvement over the previous elections.
“This is a great opportunity for INEC to showcase its preparedness for the 2023 general elections with the test of functionality and effectiveness of the BVAS. I commend INEC for its quick response to resolving all challenges observed during the election in Ekiti,” she said.
Akinbohun disclosed that the group had deployed its members to monitor the election across some loycal Government Areas for independent monitoring.
She said that there were tremendous improvements in the timely arrival of election materials to the polling units as well as responses to any issue raised by the electorate.
The team lead said the group, however, observed cases of vote buying during the election, adding that it remains a monster in the electoral system in the country, which must be checked.
Akinbohun also commended the electorate that shunned and resisted attempts and temptations to sell their votes to political agents during the election in the state, and lauded the security for their presence, which ensured utmost calm and peace within and around the polling units and some local governments visited by the group.
The Team Lead said the group observed that there was an impressive turnout across the council areas the group monitored.
She commended the people of Ekiti for their maturity, especially for putting behind the string of violence and not entertaining fears against early predictions that the election might be marred by violence.
Firm Wants Blockchain For Dispute Resolution
Co-founder of Appzone, Mr Uche Elendu, said in a statement that it was needed, with the increased rate of fraud and dispute claims between customers and financial institutions across Nigeria.
Elendu noted that the adoption of blockchain technology was not only to decentralise the process of moving money from one bank to the other .
According to him, it would help to increase the level of visibility and transparency of the procedure.
“As more Nigerians get financially included, customers have continued to move away from cash and checks toward electronic payments,” he said.
This trend, he said, is a positive development for banks and the Central Bank of Nigeria (CBN).
According to him, card and online transactions grow as well as the number of disputable transactions and the incidence of fraud, putting pressure on dispute processes.
“Financial institutions across the continent have continued to evolve, leveraging technology.They have metamorphosed from the days of a heavy analogue process to a more digitised era.
“With the continuous increase in the volume of banking transactions, it remains pertinent to continuously adopt newer and more sophisticated technology infrastructure to remain dependable, especially with payment settlements.
“For us at Appzone, we are firm believers in blockchain technology,” he said.
He continued that its decentralised nature not only made it faster, cheaper, and transparent, but also makes it sophisticated enough to enable real-time settlement.
Elendu said having rolled out Zone – Africa’s first blockchain platform for payment processing in 2021, partner banks that had onboarded have seen a drastic change in their payment settlement process.
He said that Zone’s innovative architecture would reduce complaints from customers and provide banks with an opportunity to deliver delightful experiences on payment channels while also driving down costs.
He further stated that it developed in line with Appzone’s recent evolution into a payment infrastructure company.
Noting that Zone is Africa’s first decentralised payment network.he said t allows inter-bank transactions to be processed directly between banks on the vlockchain without the involvement of any intermediary.
According to him, with Zone, players in the industry should expect a reliable and scalable payment network that enables frictionless and instant payments, within and between every African country.
The Tide’s source reports that Appzone Layer-1 Blockchain network digitises Fiat payments, and enables the transition to digital currencies while connecting previously excluded financial institutions into an all-inclusive payment ecosystem.
‘FinTechs Important In Ecosystem Growth In Africa’
Aina said this at a two-day virtual forum of the 2022 Maiden CABS FinTech, organised by the Community of African Banking Supervisors (CABS) in partnership with Africa Fintech Network (AFN).
The forum had the theme: “Opportunities and Challenges of FinTech Development in Africa.”
Aina, former President, Chartered Institute of Bankers of Nigeria (CIBN), said the future was bright for the continent, especially for the growth of FinTechs.
The banker said the AFN was committed to making contributions that would positively impact the growth of the ecosystem.
He noted that there was need to work directly with the Association of African Central Banks, particularly the committee of African banking supervisors to achieve such impact.
Aina said the financial subsector had recorded an unprecedented growth with huge investment, mostly by foreign investors.
He said FinTechs were trending with presence in different countries and also contributing to their Gross Domestic Product (GDP).
“As people continue to embrace digital banking, FinTech startup became bigger in terms of valuation (market value) amid challenges of corporate governance”, he said.
According to him, this is evolving despite the opportunities that abound across the entire FinTech ecosystem in Africa.
Aina, however, noted that regulators were attempting to catch up to FinTech as they had realised the need to play in the digital innovation space.
He also said FinTechs and startups in the same space had gained prominence in the last 10 years, which was driven by advancement, enabled by internet and mobile phones.
This development, he said, had made banks to set up FinTech subsidiaries, while their former senior regulators serve on the boards of fintech companies.
The former CIBN boss said mobile money indicator showed that 500 million people subscribed to mobile phones in Africa and 245 million use mobile internet.
Aina also said the continent continued to record the highest year-on-year growth in internet penetration and with the support of funding from outside Africa.
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