Home Blog Page 1471

Electricity subsidy removal calls intensify amid rising industry debts

By
admin
-
0
Electricity subsidy removal calls intensify amid rising industry debts

There are concerns among Nigerians that further increases in electricity tariffs could worsen their economic situation, although the government and operators have consistently called for cost-reflective tariffs, write DARE OLAWIN

As it happened with fuel subsidy, the government and major players in the power sector have all agreed on the need to allow customers to pay for the electricity they consume. To them, electricity is no more a service, but a commodity that must be fully paid for by whoever is ready to buy it. While those in the government have been clamouring for an end to the electricity subsidy regime because it was no longer sustainable, investors in the supply chain want a fully deregulated power sector, saying lack of liquidity is ‘killing’ the industry.

Tinubu delaying process

It was gathered that stakeholders in the power sector have been on President Bola Tinubu’s neck to remove the subsidy on electricity. However, there were reports that the President had decided not to heed the request to end the electricity subsidy regime because of the negative effect it would have on Nigerians.

The President is very aware of the fact that the Nigerian economy ran into a problem after he removed fuel subsidy upon his assumption of office. This, coupled with his policy to float the naira, has made feeding difficult for many Nigerians as prices of commodities continued to skyrocket.

As a result, the repeated calls by stakeholders in the electricity value chain that subsidy be removed are being rebuffed by the President who fears adding more to the sufferings of the masses. Our correspondent learnt that the stakeholders had succeeded in convincing the Minister of Power, Adebayo Adelabu, that the only way to have an effective power sector was to allow liquidity through cost-reflective tariffs, which could only be achieved if the government removed the subsidy and allowed customers to pay for their consumption.

Adelabu had on many occasions emphasised that the government could no longer sustain the payment of subsidy on electricity. In November 2023, Adelabu said that the President stopped the implementation of a hike in electricity tariff and insisted that subsidy be paid on power consumed nationwide.

Speaking on the call for a cost-reflective tariff, which would lead to a hike in the amount payable for power, Adelabu said, “The power sector is an industry that is very sensitive to any leader. You cannot jump overnight and implement the cost-reflective tariff. I can tell you that till today the government still subsidises power. Tariffs should have been raised months back, but Mr President said until we are able to achieve regular and incremental power supply, we can’t touch the tariff.”

In January, the Nigerian Electricity Regulatory Commission released the 2024 electricity tariffs, which showed that the Federal Government was to shoulder about N1.6tn subsidy for the year, to avert a hike in tariff.

Instead of customers paying N122/KWh in some areas, the NERC allowed the distribution company to charge N56/kWh, leaving the remaining for the government to bear as subsidy. However, Adelabu recently said it was now “very difficult to sustain subsidy on electricity” because the country’s power debt had continued to soar.

The minister stated that only N450bn was appropriated for electricity subsidy in the 2024 budget, but findings by the NERC showed that subsidy would gulp about N2.9tn this year. He revealed that the country was currently indebted to the tune of N1.3tn to electricity generating companies, while the debt to gas companies was $1.3bn.

 The minister had been complaining that the Federal Government had not been able to fulfill its promises to Discos in paying electricity subsidy when due.

“We also want to appeal to the Federal Government that once there is a subsidy promise, it has to be fully funded. If our government is not ready to fund subsidies, it is actually better for us to migrate to a fully cost-reflective tariff; because liquidity is a major issue in the sector, which has led to a huge debt being owed power generating companies. And once they are owed, they are also unable to pay the gas suppliers.

“When the gas suppliers are not paid, they will be unwilling to supply regular gas to them. So, why are these debts piling up? Part of the debts is owed by the Discos. The Federal Government also owes a huge portion of these debts, which relates to the unfunded portion of the subsidy,” Adelabu told newsmen during his last visit to Olorunshogo and Omotosho power plants in Ogun and Ondo States, respectively.

Despite the pressure from Adelabu, sources said the President had insisted that he would not remove the subsidy on electricity yet.

Discos speak

In an exclusive interview with our correspondent, the Executive Director of Research and Advocacy of the Association of Nigerian Electricity Distributors, Sunday Oduntan, said Tinubu had been the one delaying power subsidy removal.

“As a customer in Nigeria, whether you are metred or not, whatever you are paying is below the cost of production. It is an average of N55/kWh when it should be N112/KWh. That’s why we have shortfalls that is why we are talking about subsidy.

“Until we all agree on the cost of production of electricity and the selling price, we will be talking about the same thing. We should look at it from all angles. Though DisCos also need to be efficient, but if the price is not right, the product will not be available,” he said.

 According to Oduntan, the government has been defaulting in paying electricity subsidies.

“They (FG) paid in the past; they promised to pay some this January. The price was to go up in January; the Federal Government said they would cushion the effect. By law, they have to review the tariff every six months. They reviewed it in December; the new tariff was to take effect in January. The President said, ‘No, don’t inflict more hardship on the people. We can’t remove subsidy on petrol and power at the same time’.

“That is what the President did. The man is the only person who has not allowed you and me to pay the true cost of electricity since January. The cost should have been between N112 and N150/kWh, but we are still paying N55, and some are paying N62. You know the cost of doing business in Lagos is different from Damaturu, Port Harcourt, Ilorin or Abuja. That is why we have 11 DisCos,” he added.

Subsidise the poor only

Oduntan advised the government to subsidise the poor and low-income earners, saying, however, that a database would be required to know who is poor or not.

“How will the government be subsidising power for rich men and people using Rolls Royce? It is not proper. But we don’t have a database to determine who is rich or poor in this country. If there should be subsidy on power, it should be for the low-income earners, the poor; not the rich,” Oduntan maintained.

Senate rejects tariff hike

In February, the Senate kicked against plans by the Ministry of Power to remove electricity subsidy given the current hardships in the country, calling on the government to step down the idea of an increase in electricity tariff.

The upper chamber also directed the committee on power to investigate the N2tn required for electricity subsidy payment to avoid the repeat of the fuel subsidy scenario, other debts owed in the sector, and the state of metering in the country.

It also resolved to conduct a proper investigation into the reasons behind the call for the removal of electricity subsidy. The Senate President, Godswill Akpabio, announced the resolution after a majority of the senators supported it through voice votes.

The According reports that the resolution of the Senate followed its consideration and approval of a motion moved by Senator Aminu Abbas of Adamawa Central during plenary on the need to retain subsidy on electricity in the country for the foreseeable future.

Abbas in his lead debate said, “Senate notes with greatest dismay the plan to increase electricity tariff by the relevant statutory authority in gross disregard of increased economic challenges with attendant widespread poverty and high cost of living.

“The Senate may note that the Hon. Minister of Power was reported saying ‘the nation must begin to move towards a cost-effective tariff model, as the country is currently indebted to the tune of N1.3tn naira to generating companies, and $1.3bn owed gas companies.

“According to him, over N2tn needed for subsidy, only N450bn was budgeted this year. The same electricity businesses are collecting money from customers for services not rendered. When they have not added anything to the equipment, they inherited it from PHCN. Communities buy transformers to replace damaged ones in addition to overburden bills and arbitrary estimates for unmetered customers.

“Regret that in addition to the high cost of living being experienced in the country, the unmetered customers who are owners of small and medium enterprises are adversely impacted by exorbitant electricity charges and by implication have their businesses affected.”

Contributing to the debate, Senator Aminu Tambuwal of Sokoto South said it was abnormal for the government to “consider hiking electricity tariff in the face of hardship,” stressing that “such action should not even be contemplated in the first place”.

Similarly, Senator Orji Kalu of Abia North noted that even advanced economies subsidise electricity, saying, “Why should people be paying for what they did not use? Our focus should be on transmission and distribution.”

Subsidy removal in phases

Following the outcry that greeted the planned subsidy removal, Adelabu proposed a gradual removal of the subsidy, saying it could be done in phases within the next three years.

He also concurred that it would not be fair to remove the subsidy at once in the face of current economic hardship.

“Resulting from the high inflation of almost 30 per cent, resulting from the devaluation of the naira, resulting from the subsidy, there is hardship. And everybody feels it. So, it is not the time that anybody will call for a total removal of electricity subsidy. No.

“It will sound highly insensitive to the feelings of our people. So, what we intend to have in the policy is a roadmap. Probably, two to three years roadmap that will migrate us into a cost-reflective tariff, which means that government subsidy will remain to the end, and we will keep reducing it from time to time.”

 The minister emphasised that currently, the government subsidy was about 66 per cent of the tariffs being paid by Nigerians for power consumption.

He said a draft policy to be released soon would see attempts at signing up to a minimum payment assurance for capacity in generating companies to ensure sustainability and stabilisation of generation output.

The minister’s statement is an attestation that the government is not going back on its planned removal of electricity subsidy, whether now or in the next three years. As a result, individual consumers should not be caught unawares like in the case of fuel subsidy.

Many feel it would only be fair to remove electricity subsidy after all the over 13 million consumers must have been metered so that Nigerians will not be paying heavily for darkness.

Holocaust survivor, Martin Greenfield dies at 95

By
admin
-
0
Holocaust survivor, Martin Greenfield dies at 95

Martin Greenfield, a Holocaust survivor whose custom-suit empire counted US presidents and celebrities among its clientele, died on Wednesday aged 95, according to the New York Times.

Widely considered one of the best tailors in the United States, Greenfield believed clothing had saved his life, AFP reports on Thursday.

Born Maximilian Grunfeld to a Jewish family from a part of Czechoslovakia that is now in Ukraine, he was imprisoned at Auschwitz as a teenager and tasked with washing the guards’ clothes.

After being beaten for accidentally ripping a Nazi’s shirt, he mended it and wore it underneath his uniform for the remainder of his time at the concetration camp, where it was mistaken as signifying special privileges.

“The day I first wore that shirt was the day I learned clothes possess power,” he wrote in his memoir “Measure of a Man: From Auschwitz Survivor to Presidents’ Tailor”.

Greenfield was freed in the 1945 liberation of Auschwitz, which was supervised by then US president Dwight D. Eisenhower, who later commissioned the survivor to make his suits.

At the age of 19, Greenfield boarded a ship to New York with just $10 in his pocket.

Within weeks he had changed his name and found work at a Brooklyn clothing factory.

Three decades later in 1977, he bought the factory, renamed it after himself and proceeded to transform it into a New York City institution.

His handsewn suits became a status symbol, and his patrons included film, music and sports stars, such as Frank Sinatra, Paul Newman, Martin Scorsese, Leonardo DiCaprio, Michael Jackson, Kobe Bryant and the mobster Meyer Lansky.

His business also clothed six presidents, including the last three: Barack Obama, Donald Trump and Joe Biden.

HBO contracted him to make the 1920s-style outfits for crime drama “Boardwalk Empire” and other TV and movie contracts followed.

According to the Times, his most recognizable creation may have been the red suit and contrasting orange vest sported by Joaquin Phoenix’s Joker.

In recent years, Greenfield handed over his business to his sons Tod and Jay, retiring to the North Shore of Long Island.

On Wednesday, Greenfield died in the hospital, his son Tod told the Times.

He is survived by his sons, his wife Arlene and four grandchildren.

AFP

Nigeria’s economy gradually reviving, says minister

By
admin
-
0
Nigeria's economy gradually reviving, says minister

The Minister of Information and National Orientation, Mohammed Idris, has called on Nigerians to have faith in the administration of President Bola Tinubu as it is making efforts to address the nation’s challenges.

He said the nation’s economy was gradually reviving under Tinubu.

Idris spoke on Wednesday during an Iftar (breaking of fast) with media executives in Kano.

According to him, the present administration under Tinubu is working hard to address the challenges that he said would soon be over.

He said the President had introduced policies and programmes that would uplift the well-being of Nigerians.

“Nigerians should have trust and confidence in the leadership of President Bola Tinubu to ensure successful implementation of the policies and programmes of his administration, ” he said.

He said the Ministry of Information and National Orientation was committed to ensuring a total overhaul of the agencies under the ministry with a view to enhancing the sector.

The minister disclosed that the administration is working hard to revive the nation’s refineries, stressing that the rehabilitation of the Port Harcourt Refinery would soon be completed for production to commence.

Idris, who expressed dismay at how the Central Bank of Nigeria was mismanaged by the previous leadership of the bank, noted that the administration of Tinubu had restored the lost glory of the apex bank through the adoption of apt policies.

“The Renewed Hope Agenda of President Tinubu has started yielding positive results because the economy of the country is gradually reviving,” he added.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from According.

Contact: [email protected]

Only Madonna University produces virgins as graduates- Founder

By
admin
-
0
Only Madonna University produces virgins as graduates- Founder

The founder of Madonna University, Nigeria, Reverend Father Emmanuel Edeh, has boasted that female students who enrol in the university as virgins always graduate as virgins because of the high morals instilled in them.

Edeh stated this in a video posted by Channels Television on Wednesday, while highlighting the university’s focus on morals and discipline.

He also said that when people from abroad come to him seeking to marry a virgin, the only way is to come to Madonna University.

He said, “Madonna is a university where there is no secret cultism, molestation, examination malpractice, no bullying, zero tolerance for hard drugs. A zero tolerance for sexual immorality.

“It is only in this university that is clearly maintained that girls who enter the university as virgins graduate as virgins. They enter our university as virgins and graduate as virgins.

“Tell me any other university in the whole world that can maintain this. That is why people from London, America, England, Germany, when I meet them, they will say Father, we want to marry a girl who is a virgin. And the only way to do that is to come to Madonna University.”

Edeh further highlighted the mandatory on-campus housing for students, adding that both students and lecturers have strict attendance requirements as students with less than 85% attendance and lecturers with less than 100% course coverage face sanctions.

He said, “Madonna University admits students from all walks of life, we don’t discriminate. Madonna University is unique, it is known for high morals and discipline, thus the motto is Decency in Academics and Morals.

“This is why any student who fails to meet the required 85% attendance in any course will not be allowed to sit for the examination. Also, lecturers who fail to cover 100% of their course outline are sanctioned.

“Number 2, 100% residency is offered to all students. That means we don’t allow our students to live in hotels or live in any other place and start coming to the school.

“Our 100 percent boarding system on the university campus enhances effective monitoring, guidance, and counselling, and with all the levels of management to know the students better, for more appropriate guidance.”

Madonna University, founded in 1999, is the first private Catholic university in Nigeria. It also has three campuses in Elele, Rivers State; Okija, Anambra State; and Akpugo; Enugu State.

Wales vs Finland Predictions: Betting Tips and Odds

By
admin
-
0
Wales vs Finland Predictions: Betting Tips and Odds

Our betting expert has prepared Wales vs Finland predictions for their Euro 2024 Qualifier clash on Thursday, March 21st.

Twelve nations go into battle for the remaining three places at the European Championships in Germany this summer. The winner of this clash will meet either Poland or Estonia in the Path A final.

Wales vs Finland Predictions & Tips

  • Wales to win @ 1.88 with Bet9ja
  • Over 2.5 goals @ 2.20 with Bet9ja
  • GG @ 1.99 with Bet9ja
  • Wales over 0.5 Goals first half @ 1.96 with Bet9ja
  • Ethan Ampadu to be booked @ 3.75 with bet365
  • Over 1.5 Goals second half @ 2.55 with Bet9ja
  • Kieffer Moore to score @ 3.25 with bet365

Wales are expected to win against Finland by a scoreline of 2-1.

Register and get a 170% Multiple Boost with CODE9JA

The Welsh continue to breathe fire on home soil

Wales are the clear favourite to be the winner of this semi-final, but I expected them to have shorter odds than 1.88. They have a fantastic record at home in EURO qualifying and are a must selection to begin my tips.

The Dragons have won 10 of their last 14 Euro qualifiers on home soil with just one defeat. They are also unbeaten in four games against Finland, winning the last head-to-head here 3-1 in 2020.

Bet 1: Wales to win @ 1.88 with Bet9ja

Quick start expected in white-hot atmosphere

Expect the Cardiff City stadium to be rocking this Thursday night. Robert Page will encourage his players to keep the crowd’s excitement high. With plenty of pace and athleticism, the home side certainly have the players to carry out that demand.

Looking at the stats from their qualifying group, Wales have scored in the opening half in three of their four fixtures. Fans enjoyed the early strikes against Turkey, Armenia and Latvia. While they failed to do so against the experienced Croatians, the Dragons opened the scoring just two minutes into the second half.

Bet 2: Wales over 0.5 Goals first half @ 1.96 with Bet9ja

Using my head and taking Moore to score

Trying to pick which of Wales’ several forward options will start is something of a headache. Still, I have a feeling Keiffer Moore will get the nod due to his physical and scoring form and that is why I am adding him to my predictions.

Moore made the loan switch to Ipswich Town in January to secure minutes and enhance his chance of being picked for the national team. The 31-year-old has scored six goals in 10 appearances for the Championship side and was on target for Wales in both Nations League wins over Finland in 2020.

Bet 3: Kieffer Moore to score @ 3.25 with bet365

Take advantage of the low goal line

I was surprised to see an odds against quote for over 2.5 goals in this game. Given it is a do-or-die qualifier, then at least one side will be pursuing a win throughout. There is also a wealth of attacking talent on show.

Wales have scored in all four group qualifiers. Yet, they kept only one clean sheet, with a total of 12 goals evenly split at an average of exactly four per game. Finland only failed to score in one away group qualifier, with their last four across all venues surpassing 2.5 goals each time.

Bet 4: Over 2.5 goals @ 2.20 with Bet9ja

Register and get a 170% Multiple Boost with CODE9JA

Luis Montenegro emerges Portugal prime minister

By
admin
-
0
Luis Montenegro emerges Portugal prime minister

Centre-right leader Luis Montenegro was appointed prime minister of Portugal on Wednesday night but will have to form a coalition government and grapple with a growing far-right after his party’s narrow victory in parliamentary elections.

The 51-year-old lawyer and veteran parliamentarian succeeds the Socialist Party’s Antonio Costa, who has been in power since 2015.

His Democratic Alliance (AD) had campaigned on promises to boost economic growth by cutting taxes, and to improve unreliable public health services and education, which have been hit by strikes by teachers and school workers over pay.

Montenegro will present his new government next Wednesday, with it due to take office on April 2, the newly elected leader told reporters after a meeting with President Marcelo Rebelo de Sousa.

Their meeting marked the end of the process of naming a new prime minister.

Montenegro’s AD beat the incumbent Socialist Party (PS) in the March 10 elections but won just 79 seats, far short of a majority in the 230-seat parliament.

Even with the backing of the tiny business-friendly Liberal Initiative (IL) party, the AD would still need the support of the anti-immigration party Chega to reach a majority of 116 seats in the assembly.

– Growing far right –

The election was called after Costa, 62, unexpectedly resigned in November following an influence-peddling investigation that involved a search of his official residence and the arrest of his chief of staff.

The PS came second in the elections, with 28 per cent of the vote and 78 seats in parliament.

Chega posted the biggest gains, winning 50 seats after taking just 12 in the last election in 2022, cementing its position in Portugal’s political landscape.

But Montenegro has ruled out forming a coalition with Chega, saying he intends to form a minority government.

Chega leader Andre Ventura this week warned of political instability if the AD continued to reject a coalition, threatening to oppose it if Montenegro refused to open negotiations.

– Budget negotiations –

The autumn deadline for agreeing on the state budget for 2025 will be Montenegro’s first trial by fire.

The new Socialist leader Pedro Nuno Santos has said his party would refrain from bringing down a centre-right minority government but warned it would vote against its first budget.

Santos said Tuesday that he was ready to vote on a budget amendment to increase the pay of teachers, police officers, nurses and court clerks, but that a favourable vote by the Socialist Party overall was “practically impossible”.

Montenegro’s new government will be “condemned to negotiation because that is the fate of minority governments”, political scientist Antonio Costa Pinto, of the University of Lisbon’s Institute of Social Sciences, told AFP.

But it is not necessarily doomed to be an unstable government since “none of the players have an interest in triggering a crisis”, he added.

In the event of political deadlock, President Rebelo de Sousa would mediate the negotiations.

Outgoing prime minister Costa said there would be “no change” to Portugal’s foreign policy.

“Even Chega, unlike the far-right parties in other European countries, has never campaigned against the European Union or exploited any Eurosceptic attitude,” Costa said at his last European Council meeting in Brussels.

Montenegro will also travel to Brussels to attend a meeting of the European People’s Party on Thursday.

Last week, a union called on all journalists in Portugal to join a one-day strike over low wages and job insecurity, the first stoppage of its kind in 42 years.

AFP

The Sandbox (SAND), SingularityNET (AGIX) and KangaMoon (KANG)

By
admin
-
0
The Sandbox (SAND), SingularityNET (AGIX) and KangaMoon (KANG)

The crypto market is buzzing with many projects springing up daily. KangaMoon (KANG), a meme coin with P2E and community focus, has raised over $2M in presale with thousands of investors trooping to the ongoing presale. Meanwhile, Sandbox (SAND), a metaverse project, has been projected to witness massive rallies in the year based on its strong fundamentals. In another development, SingularityNET (AGIX), an AI token is experiencing explosive growth driven by generative AI adoption. Some analysts believe these tokens will return huge profits in the year.

KangaMoon (KANG) Reigns in the Spotlight As It Sets Eyes on $3M Target

KangaMoon (KANG) Stage 4 presale is a roaring success, surpassing the $2M mark. Early investors are already celebrating a sweet 180% ROI, with the token price jumping from $0.0050 in Stage 1 to its current price of $0.014 in Stage 4 of the presale. Analysts are bullish, predicting a potential 50x surge that could push the KangaMoon price to a staggering $1 mark.

KangaMoon isn’t your average meme coin hopping on a fleeting trend. This project is taking the crypto space by storm with its innovative blend of community engagement, Play-to-Earn (P2E) mechanics, and ambitious plans for a future P2E arcade.

Unlike popular meme coins that leave you feeling like an outsider peering in, KangaMoon embraces its community. You can earn KANG tokens by participating in social media challenges, actively shaping the project’s direction, and spreading the word. This unique SocialFi approach fosters a strong sense of shared ownership and fuels long-term growth.

With a clear roadmap outlining a top-tier CEX listing in Q2 2024, KangaMoon is making a serious play for mainstream adoption. This wider accessibility, coupled with the project’s focus on community and utility, could propel KangaMoon to the forefront of the meme coin revolution. Now is the best time to join the 2024 hottest meme coin that is set to topple the likes of Dogecoin and Shiba Inu.

The Sandbox (SAND) Primed for Price Surge Despite Market Volatility

The Sandbox is one of the top cryptos that have witnessed price improvement in recent months. Analysts hinge on the metaverse token rally on the Strategic partnerships and technological advancements the ecosystem has witnessed in recent months. For context, The Sandbox price has increased by 35% in the past month. However, the token price has declined by 12% in the past 7 days based on data from CoinMarketCap.

The token’s recent decline is already threatening the $0.65 support zone. While analysts have projected the token to break through the $1 resistance trendline a few weeks ago, the recent downtrend is a source of concern. The Sandbox trading volume is also on the downtrend as investors search for alternatives. Despite these setbacks, some analysts still believe the Sandbox price will reach $1 before the end of Q1.

SingularityNET (AGIX) Set to Break New Ground After Explosive 40-Day Rally

The SingularityNET (AGIX) token has witnessed over 114% price rally in the past year. However, the majority of the rally came in the last 40 days, with the token price surging by a staggering 236% in the past month. The token has been trading between $0.3 and $1.4 in the past month as the demand for AI tokens increases.

Even though the SingularityNET price is on a downtrend, some analysts still believe that the tokens price will rally soon. That is based on the growing use of generative AI and favorable market conditions. They predict SingularityNET price will reach $5 in the year, surpassing the previous ATH record of $1.86. This makes the token one of the top cryptos to buy for long-term gains.

Explore the thrilling opportunities available in the KangaMoon (KANG) presale today!

Website:

Join Our Telegram Community:

 

 

 

Tinubu approves national honours for 17 slain soldiers

By
admin
-
0
Tinubu approves national honours for 17 slain soldiers

President Bola Tinubu has approved what he called a befitting burial for the 17 soldiers who were killed while on a peacekeeping mission in Delta State last week.

This was as he approved the conferment of post-houmous national honours on the slain soldiers.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed this in a statement on Wednesday

According to the statement, the President made the pronouncement while breaking the Ramadan fast with the Speaker of the House of Representatives, Tajudeen Abbas, and the House leadership.

The President, while expressing his heartfelt condolences to the families of the bereaved, pledged that the sacrifices of the fallen heroes would never be in vain.

He announced that the officers would be given a befitting burial and national honours.

”In responding to distress calls, they met the end of their lives in a savage manner. Let us work to sympathise and symbolise the fact that they are worth the sacrifices they have made for Nigeria.

”We salute all our men and women in uniform, and we sympathise with them. I will soon make further pronouncements, but they must have a befitting burial and national honours,” the President said.

No fewer than 16 Nigerian soldiers were killed while on a mission to douse clashes between two communities in the South-South state of Delta on Thursday.

Major General Cecil Esekhaigbe (retd.) revealed how 16 military personnel were murdered in the Okuama community of Ughelli South Local Government Area of Delta State.

He stated that the unsuspecting soldiers were ambushed by residents of the community.

Reacting to the dastardly act, the Nigerian Army, on Monday, said the Okuama community in the Ughelli South Local Government Area of Delta State where military personnel were killed, had resorted to propaganda.

It denied any form of reprisal on the community, as The According gathered that about 20 suspects have been arrested.

Also on Monday, the Defence headquarters released the names of the Army personnel who were killed on Thursday, during a peace mission to Okuama.

The military slammed the community and stressed that no amount of propaganda would stop culprits from being nabbed, while the Defence Headquarters vowed that there would be injurious consequences.

In his remarks, the Speaker, Tajudeen Abbas, emphasised the importance of forgiveness, generosity, and prayers during Ramadan and called for unity in the nation and support for President Tinubu.

”I want to urge us to use this month to increase our good deeds and minimise our bad deeds,” he said.

Reflecting on the 10 months of this administration, the Speaker noted that the executive and the legislature have continued to work in synergy for the progress of the country.

”So far, so good, the House has been very supportive of the President and his policies, and we shall continue to ensure that we work together,” the Speaker said.

What you should know about data privacy

By
admin
-
0
What you should know about data privacy

Understanding data privacy is vital not only for businesses navigating intricate regulatory frameworks but also for individuals who entrust their personal information to organisations daily. In this article, Princess Etuk examines the significance of data privacy and why you should be informed about it

A data breach refers to an incident in which secure, sensitive, and confidential information is accessed and exposed to an unauthorised and untrusted environment. The breach can be intentional or accidental. Technically, a data breach is a violation of security protocol for an organisation or individual in which confidential information is copied, transmitted, viewed, and stolen by an unauthorised person.

This occurs when unauthorised individuals gain access to data they are not permitted to view. Upon access, they can steal the data and sometimes modify it. The repercussions vary depending on the nature of the data breach, ranging from database destruction or corruption to the exposure of confidential information, intellectual property theft, and obligations to inform and potentially provide restitution to affected parties as per regulatory requirements.

The different types of data include the following:

Personally Identifiable Information: This includes data such as social security numbers, contact information, birth dates, education and other personal information.

Financial Information: This includes charge card numbers and expiry dates, bank accounts, investment details and similar data.

Health Information: This includes details on health conditions, prescription drugs, treatments and medical records.

Intellectual Property: This includes product drawings and manuals, specifications, scientific formulas, marketing texts and symbols, proprietary software and other material that the business has developed

Competition Information: This includes data on competitors, market studies, pricing information and business plans.

Legal Information: This includes documentation on court cases the company may be pursuing, legal opinions on business practices, mergers and acquisition details and regulatory rulings.

IT Security Data: This includes lists of user names and passwords, encryption keys, security strategies and network structure.

Threats targeting different types of data can come from your employees, from suppliers and consultants who have access to your network and from individuals outside your organization. They can access your data from inside your network, through external email accounts, mobile devices and the cloud if your business stores data there.

Causes of Data Breaches

Data breaches typically stem from vulnerabilities within systems and user actions. Hackers continuously seek out these weaknesses to exploit. The proliferation of smartphones and social media has heightened device interconnectivity, while rapid technological advancements often outpace efforts to bolster cybersecurity measures.

The following outlines various scenarios leading to data breaches:

Accidental Internal Breach: This occurs when an employee gains unauthorized access to a colleague’s information at the workplace or views data on a manager’s computer without permission. Despite not sharing the information, the unauthorised access still constitutes a breach.

Intentional Internal Breach: Involves an employee accessing company data, with or without authorization, with the intent to share it with unauthorized parties or cause harm for personal gain.

Physical Loss or Theft of Devices: Involves the loss or theft of devices containing sensitive, unencrypted information, potentially exposing it to unintended individuals.

Cybercrime: Involves cybercriminals or hackers conducting reconnaissance on an organization’s information systems before launching targeted attacks to breach and steal data for malicious purposes.

Drive-by download: Involves misleading users to unintentionally download malware by visiting compromised websites. It happens through exploiting out-of-date browsers, applications, and operating systems.

System vulnerabilities: Outdated firewalls and software pose vulnerabilities in the system, providing hackers with opportunities to infiltrate and deploy malware, leading to data theft.

Malware Attack: Targeted malware attacks leverage spam and phishing emails to deceive users into divulging their network credentials. Users may be coerced into downloading malicious attachments or directed to harmful websites via spam. Exploiting vulnerabilities in hardware and software security, malware operates covertly, with spyware being a specific type used to stealthily steal data.

Data privacy holds significant importance for several reasons:

Safeguarding Personal Information: Data privacy ensures the protection of individuals’ sensitive data, such as social security numbers, financial records, and health information, from unauthorized access. This protection helps mitigate risks such as identity theft, fraud, and other malicious activities.

Building Trust and Confidence: Prioritizing data privacy fosters trust between individuals and organizations. When companies demonstrate a commitment to protecting personal information, they establish a reputation for reliability and integrity, fostering customer confidence and long-term loyalty.

Ensuring Legal and Regulatory Compliance: Adhering to data protection laws and regulations, such as GDPR and CCPA, is essential for organizations to ensure compliance and avoid legal repercussions, hefty fines, and damage to their reputation.

Upholding Ethical Data Practices: Respecting data privacy is an ethical responsibility. Organizations must obtain proper consent for data collection, use, and sharing to demonstrate their commitment to respecting individuals’ rights and promoting transparency.

Driving Data-Driven Innovation: Data privacy fuels innovation by encouraging individuals to willingly share their data when they trust that it will be handled responsibly. This data can be used to derive valuable insights, drive personalized experiences, and advance research and development.

Empowering Individual Autonomy: Data privacy empowers individuals to maintain control over their personal information, allowing them to decide how it is collected, used, and shared. This respect for autonomy ensures that personal information is not exploited or misused without consent.

Today, major data breaches are a frequent occurrence, putting millions of customers’ data at risk of falling into the hands of criminals. Here are some essential tips to safeguard your personal information and prevent it from being compromised:

Generate secure passwords

Craft robust passwords by avoiding easily guessable combinations such as your birthday. Opt for a mix of uppercase and lowercase letters, numbers, and symbols. Periodically update passwords for enhanced security. Avoid reusing passwords across multiple platforms; consider using a password manager for efficient management.

Don’t overshare on social media

We all know someone who shares too much personal information online. Apart from being annoying, this habit can also jeopardize your privacy. Review your privacy settings to control who can view your posts. Exercise caution when sharing details like your location, hometown, birthday, or other personal information.

Be cautious using free Wi-Fi networks

A little online shopping never hurt anyone…or did it? Most free public Wi-Fi networks have very few security measures in place, which means others using the same network could easily access your activity. You should wait until you’re at home or on a secure, password-protected network before whipping out that credit card.

Watch out for links and attachments

Criminals in cyberspace are adept at crafting phishing scams that mimic genuine communications from banks, utility companies, or other reputable organizations. Look out for red flags such as spelling errors or email addresses differing from the usual sender, as these can indicate spam emails.

Data encryption

What you require is a data-focused solution that provides precise control over access to specific files and datasets. Encryption offers this level of control, but it must be implemented correctly. When a file or email is appropriately encrypted, you can dictate who has access to it at all times. This ensures that even in the event of a data breach where unauthorized individuals gain access, they are unable to read the encrypted data, effectively mitigating the risk of a data breach. Implementing such a solution can significantly reduce your exposure to data breach risks.

In summary, prioritizing data privacy is essential for protecting personal information, building trust, complying with regulations, upholding ethical standards, driving innovation, and empowering individuals. This focus on data privacy benefits both individuals and organizations by fostering a secure and responsible data ecosystem.

Let them work, Tinubu asks N’Assembly to minimise MDAs

By
admin
-
0
Let them work, Tinubu asks N'Assembly to minimise MDAs

President Bola Tinubu has appealed to members of the National Assembly to exercise restraint in summoning heads of Ministries, Departments and Agencies before parliamentary committees.

The President made the appeal while speaking at the breaking of the Ramadan fast on Wednesday in Abuja alongside the Speaker of the House of Representatives, Tajudeen Abbas, and the leadership of the House.

Tinubu noted that while oversight is essential for maintaining transparency and accountability in governance, excessive summoning of officials can disrupt operations and hinder service delivery to citizens.

He, therefore, urged lawmakers to, in the exercise of their oversight functions, ise discretion.

According to a statement on Wednesday by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, titled ‘President Tinubu Appeals To National Assembly: It Is Within Your Rights To Summon Heads Of MDAs, But Let Them Do Their Job’, the President appealed to the lawmakers to exercise their constitutional duties but allow the MDAs do their jobs also.

Tinubu said, ”I have been watching various committees summoning ministers and heads of agencies. I have complained to the Speaker to let the poor breathe. Let these people do the job. We are not saying that you are not influential.

“We are not saying you cannot do your oversight. But consider the primary duty of each agency, its personnel, or the responsibilities of the Governor of the Central Bank or the Coordinating Minister of the Economy and Minister of Finance to you and the entire nation.

”If they are distracted or disturbed, maybe we will shift parliamentary sitting all through the night. We must find a way to accommodate one another. This is an appeal to you. See if you can accept representatives in some instances or even documentation.”

Expressing confidence in the ability of the National Assembly to uphold good governance, Tinubu applauded the existing cordial relationship between the executive and the legislature.

He said the harmonious working relationship had resulted in the expeditious passage of several bills to improve the welfare of Nigerians.

He urged the legislators not to forget their constituencies and to take advantage of the holy month of Ramadan to show compassion and support the less privileged in society.

”We are making sacrifices for the country, and we are assuring citizens that there is a very bright light at the end of the tunnel.

”We must have faith, and please do not forget your constituencies and remember what they are going through.

”I cannot thank you enough for what you are doing, but it is for our country. There is nothing personal about this. It is for Nigeria, and we have no other country but Nigeria,” the President stated.

1...1,4701,4711,472...2,853Page 1,471 of 2,853

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

©