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Virtual Assets, Cryptocurrencies Risky For Nigeria, ICPC Warns

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The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, SAN, yesterday, said virtual assets and cryptocurrencies are risky for implementation in Nigeria.

Owasanoye made this known in his presentation to the Senate Committee on Banking, Insurance and Other Financial Institutions during its hearing on the Central Bank of Nigeria’s decision to stop financial institutions from transacting in cryptocurrencies and matters arising therefrom.

He said, “Virtual and cryptocurrencies pose serious legal and law enforcement risks for Nigeria. The current National Identification Number registration and linking with SIM cards is a pointer to the fact that insurgents, terrorists, kidnappers, bandits, and drug merchants have used the anonymity of unregistered SIM cards to commit their crimes with relative ease.

“Cryptocurrencies guarantees similar anonymity and can easily be used as leverage for terrorist financing and other crimes. With the NIN registration, cryptocurrencies may become an alternative payment platform for kidnappers, and this would be impossible for law enforcement agencies to trace.”

The ICPC boss cited a case study of a current investigation by the commission on money laundering involving several hundreds of millions of naira.

According to him, “The main suspect used technology in placing the money in the banking sector. A sizable amount was traced to several bank accounts but before investigators recovered some of the money, a large proportion had been made to disappear using serpentine ICT-aided transfer schemes that has so far eluded investigators.

“While the persons whose accounts were used have been located, the criminal mastermind has remained invisible and unidentified.

“This real ongoing case is a glimpse into the world of anonymity of virtual or digital transactions. With cryptocurrencies, the wallet of the user of cryptocurrency system only store information or encrypted links in the Blockchain where transaction confirmation can be found.

“There is no movement of any ‘currency’ in the real sense of the word. By their very nature, they provide considerable anonymity that is almost impossible to be accessed by unauthorized persons, including law enforcement authorities.”

Owasanoye identified the use of virtual assets and cryptocurrencies for criminal activities as a major risk associated with them.

“The use for criminal activities is the most obvious risk of virtual assets and cryptocurrencies. It has been reported that ‘criminally associated bitcoin addresses sent over $3.5billion worth of bitcoin in 2020’.

“This figure includes BTC addresses controlled by dark markets, ransomeware actors, hackers, and fraudsters. Most of this bitcoin will ultimately need to be laundered by these criminals, meaning it will make its way to an exchange where it can be converted to fiat currency and transferred to a bank,” the ICPC chairman said.

He also listed other risks of the use of virtual assets and cryptocurrencies to include: risk to finance of government, risk of theft of cryptocurrencies, abuse as medium of payment for hackers and ransomeware, risk of exit scams, risks of use of crypto assets for ponzi schemes, risks of tax evasion, and risk as a source of corruption-linked illicit financial flows.

He further noted that the Central Bank of Nigeria’s ability to regulate monetary policy will be lost due to the fact that cryptocurrencies are issued by private entities, which are foreign, and not issued or regulated by the bank.

“It is plausible that we cannot wish virtual assets away. Central Banks in many jurisdictions are considering floating officially recognized cryptocurrencies. Whether the time is right for the Central Bank of Nigeria to follow suit is anybody’s guess, but legal guidance is needed if any fresh initiative in that direction is to have legal force,” he added.

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Monarch Hails Fubara Over Road Project

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Ogene of Asa Asi Asaga Community in Ogba/Egbema/Ndoni Local Government Area of Rivers State, Eze Andrew Enemuwa, has expressed gratitude to the Governor of the State, Sir Siminalayi Fubara for the award of the contract for construction of Igiri- Ubimini-Egbeda-Elele road project.
Eze Enemuwa said the people of the local government are proud associating with a visionary leader like Governor Fubara whose interest in the development of his people knows no bounds.
The monarch, also the Secretary of Ogba Traditional Rulers and Chiefs Council said the unprecedented crowd of ONELGA people that attended the event shows that Governor Fubara is greatly loved and cherished by the people.
The Eze Dike Di Nu Obi of Ogbaland said the presence of the traditional rulers at the event speaks volumes.
The Okene Asa Kaka urged the people of the area to support Governor Fubara to attract more development to the local government area.

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1,680 Children Abducted In Nigeria -UNICEF

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As Nigeria marks 10 years anniversary of the abduction of the Chibok girls, the United Nations Children Fund( UNICEF) has  put the number of abducted children at different schools within the last 10 years in Nigeria at 1,680.
The organisation said this at an event it organised in conjunction with the Faculty of Media and Communications Studies in the University of Port Harcourt to mark the 10 years anniversary of Chibok girls abductions.
According to UNICEF release read by Communication officer, UNICEF Nigeria Dr Mrs Ijeoma Onuoha Ogwe, 180 children were killed within the period under review due to attacks on schools, while an estimated 60 school Staff were kidnapped,14 killed and more than 70 attacks on schools.
It urged the Nigerian Government and security agencies to intensify effort towards the rescue of the 90 remaining Chibok girls.
UNICEF described the Chibok girls saga as a wakeup call to the severe risks children face in their pursuit of education
‘Today, reflecting on this tragedy and other recent abductions, it is evident that our efforts to safeguard our children’s future must be amplified
“Given this alarming statistics, we must address not only the symptoms but also the root causes of this crisis,” it said.
UNICEF also said that the threat of abduction of students is severely affecting children’s learning.
“As at 2021, over one million children were afraid to return to school and in 2020, around 11,500 schools were closed due to attacks”, it said.
It called on the government and the international community to ensure that all schools have the resources and tools to fully implement the minimum standards for safe schools, focus on the most vulnerable regions and address critical gaps in safe schools infrastructure.
UNICEF also called for preparedness for natural disasters, conflicts and comprehensive approaches to violence against children.
Others include, strengthening law enforcement and security measures to protect educational institutions and communities from attacks and abduction, prioritising education and child protection in national policies and budget allocations to create a safer, more inclusive environment for all Nigerian children and ensure the continuity of education and learning when schools are shut through multiple learning pathways such as radio and TV programme and through digital platforms the Nigerian learning Passport.
Ogwe said UNICEF is working with the Nigerian Government to ensure that every child can access safe learning environment.
“The agency has supported the inauguration of state safe school steering committees and the drafting of state costed implementation plans for safe schools in 13 States.
“It also provides school grants, safety kits training and awareness raising to accelerate the implementation of the minimum standards for safe schools.
“As we remember the Chibok girls and all children whose rights to education have been compromised, let this somber anniversary serves as a catalyst for change”, UNICEF said.
Speaking with The Tide, Dr Nwachukwu Ginikanwa said the anniversary should serve as a wakeup call to the authorities to take the issue of security seriously.

John Bibor

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Fubara Has Rekindled Rivers Hope-Former Envoy

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As the one year anniversary of the Governor Siminalayi Fubara administration in Rivers State draws closer, a former Chairman of Eleme Local Government Council, Amb.Oji Ngofa, says the Governor has rekindled the hope of Rivers people.
Amb. Ngofa said within the one year of the administration, the Governor has shown a sense of connecting the people and the government unlike the immediate past administration led by Chief Nyesom Wike.
The former Deputy National Secretary of the All Progressives Congress ( APC) explained that within one year, Rivers people are seeing a visionary leadership whose imagination is essentially focused on the desire to improve the lives of the people, with the sole aim of creating an economy where everyone can participate.
Speaking in an interview in Port Harcourt, the forrmer Ambassador said Governor Fubara has been able to engage relevant stakeholders and sectors of the State which, according to him, remains the hallmark of leadership.
He emphasised that with Governor Fubara, no doubt, Rivers State is in safe hands, saying with Governor Fubara, there is the likelihood that the State would be greater than other States.
He noted that the Governor’s vision to develop and give capacity to the people in order to participate in the economy as well as creating the enabling environment for business to flourish in the State, coupled with his peaceful nature, have all combined to endear him to the people.
Amb Ngofa said real power comes from how well one is connected with the people through good leadership, and the people on their own voluntarily surrender to you just as Governor Fubara has demonstrated within the past one year, stressing that that has informed his decision as an astute politician just like all well-meaning Rivers people to align with the Governor in order to move the State forward .
He described Governor Fubara’s milestones in infrastructure, human capital development, health and agriculture as monumental.
Amb Ngofa urged the Governor to ensure his revitalisa- tion programme on Songhai Farms extends to Buguma and Andoni fish farms and Rivers State Sustainable Development Agency (RSSDA), and expand on the initiative, as it is critical in job creation for the teeming youths of the State.
“ In his one year in office as governor, Rivers people have seen the difference in terms of governance and total departure from self. Now Rivers people are having easy access to their governor. His focus is on policies and programmes that are capable of revitalising the economy aimed at improving the wellbeing of Rivers people, not just one man. Projects are springing up in all parts of the State, not necessarily in Port Harcourt and Obio,/ Akpor. All in just one year despite the distractions”, he said.

The Port Harcourt ring road loan to small skill medium businesses are one of the biggest achievements of his administration
Aleto- Woji road abandoned by the last administration had been carried on by a government that has interest of the people at heart
Despite the destruction ,he had demonstrated sense of focus on his primary duties as a governor
We are not just seeing monumental projects ,Rivers people are seeing total commitment to create an economy that will enable Rivers people to have a hold on there lives especially with projects like revitalizing Shonghai ,plaintain farms .
It is critical focusing on human capital development .I am aware of his programme of revitalising the economy ,state owned industries through public private partnership
Rivers people hope had been rekindled and those of us who are critic to the governor Wike led administration had been vindicated
Urging Eleme people to support the administration of governor Fubara to achieve their common dream which is development.

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