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CBN, blockchain firm sign MoU to boost eNaira adoption

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CBN, blockchain firm sign MoU to boost eNaira adoption

The Central Bank of Nigeria has signed a Memorandum of Understanding with blockchain firm, Gluwa, to accelerate the adoption of eNaira, Nigeria’s digital currency.

In an announcement made on Thursday, Gluwa disclosed that the partnership aimed at utilising blockchain technology to strengthen the technical capabilities of the eNaira.

The company said it will onboard millions of Nigerians by implementing its credal technology to build credit reputations for eNaira users, offering a valuable new approach to driving the adoption of the eNaira.

“We are thrilled to share monumental news! After years of relentless effort, Gluwa has signed a Memorandum of Understanding with the Central Bank of Nigeria to officially onboard as a partner agent and help drive the increased adoption of Nigeria’s CBDC, also known as eNaira.

“The partnership’s core objective is to harness the power of blockchain technology to enhance financial inclusion, improve eNaira functionality, and foster financial innovation.

“The first step towards deepened collaboration is to integrate Gluwa’s Credal blockchain innovation directly with Nigeria’s CBDC (eNaira).

“Gluwa is aiming to onboard millions of Nigerians and help them build secure, on-chain credit reputations as a valuable new mechanism to drive CBDC adoption.

“In addition, Credal’s integration with eNaira will enable easier loan origination, tracking, settlement, and credit scoring for local fintech lenders,” the blockchain company said in a statement.

Nigeria introduced its digital currency, eNaira, in October 2021 to boost financial inclusion, facilitating cross-border transactions, and enhance diaspora remittances. However, over the past two years since its launch, adoption has been sluggish, facing various challenges.

According to a paper titled “Nigeria’s eNaira, One Year After” by the International Monetary Fund, the adoption of eNaira has been disappointingly low.

The report highlighted that around 98.5 per cent of eNaira wallets downloaded after the digital currency’s launch have been abandoned, with only 1.5 per cent being actively used for transactions.

In response to these challenges, stakeholders advised the CBN last year to collaborate with fintech companies, emphasizing the importance of such partnerships in driving the adoption of eNaira.

FG commences construction of 700km Lagos-Calabar coastal road

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FG commences construction of 700km Lagos-Calabar coastal road

The Federal Government said on Thursday that it has commenced the construction of the 700km Lagos-Calabar coastal highway.

The Minister of Works, David Umahi, disclosed this in a statement issued by his Special Adviser on Media, Orji Uchenna, in Abuja

This is coming one week after the Federal Executive Council approved a contract worth N1.067 trillion for the first phase of the highway’s construction.

The works minister, addressing journalists after the council meeting, said the 47.47km dual carriageway has five lanes on each side and a train track in the middle. Umahi explained that it forms part of the 700km road spanning nine states, with two spurs leading up north, noting that the facility will be constructed with concrete.

He said the highway to be constructed using concrete technology will start from Lagos through the nine coastal routes or states up to Cross Rivers, meaning that it goes to Lagos, the Lekki Deep Seaport, Ogun, Ondo, Delta, Bayelsa, Rivers, and Akwa Ibom.

Though the project was initially franchised on a public-private partnership, the paucity of funds on the contractor’s part made the minister seek the executive council’s approval to award the project.

Recall that the minister on Tuesday initiated a discussion with the African Development Bank on possible financing mechanisms to hasten the delivery of the project.

In the statement, the special adviser noted that the contractor kickstarted the project after the official handover of the first phase of the project, made up of 47.47 kilometres of dual carriageway, to Hitech Construction Company Ltd.

Umahi, who was in company with the Federal Ministry of Works’ Controller in charge of Lagos State, Engr. Olukorede Keisha, stressed the need for contractors handling Federal Government road projects to deliver within record time, noting that the government would not allow delays or slow pace once mobilisation has taken place.

He, however, highly commended Hitech Construction Company Nigeria Ltd. for being reputable for quality and speedy delivery of jobs. He acknowledged their efforts in start work immediately after the contract was awarded.

He said, “They have completed some filling of 1.3 kilometres from the day the project was awarded to them. It shows the speed they are going to deploy this project. Within a couple of weeks, we awarded the project to them, they mobilised a lot of dredging equipment, and you can see that they have recovered 1.3 kilometres of section one of the phase.”

According to the statement, the former Ebonyi governor visited project sites at the Queen’s Drive Ikoyi, the Third Mainland Bridge top deck, the underwater, the Eko Bridge and the Carter Bridge and expressed the determination of the Federal Government to carry out a comprehensive rehabilitation of the bridges which he said are critical links between the Mainland and the Island of Lagos, the economic hub of the country. These repairs are expected to cover not only the top of the bridge but also the under-bridge works.

He said, “At the Third Mainland bridge, we have three or four critical elements to be rehabilitated. The first one is the deck, and the deck is about 11 kilometres. That is a dual carriageway, including the ramps, and it has been done by CCECC. They have done very beautiful jobs, but we have not concluded. Before the end of March, we’ll be concluding the asphalt milling and the asphalting.

He further stated, “But that is not all our commitment there. We are installing the guardrails, we are replacing the lights with solar lights, we are going to put some decorative lights too, and then we are going to put CCTV cameras both on top and under the bridge to check insecurity and illegal mining of sand, which is causing scouring on the piles and the pipe bits. The second job is that some sections of the slab are deflected, so we have gotten an expert to understudy the level of deflection.

“That’s the tendons of the slab that deflected. And so we are going to cut open the slabs, enter and then look at it, scoop it, and then reinstate the tendons of the slab. There’s nothing to worry about. It’s been done at an Eko bridge by Buildwell. So this one is not a threat to us at all.”

He commended what Julius Berger Nigeria Ltd. is doing already, which is the restoration of deteriorated piers and pier caps, and said the piles, which he also inspected, were the most critical of the work to be done.

Futsal AFCON 2024 final draw

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Futsal AFCON 2024 final draw

The draw for the TotalEnergies CAF Futsal AFCON Morocco 2024 was held on Thursday, at the Mohamed VI Complex in Rabat.

During the event, eight nations were officially drawn into two groups of four teams each, setting the stage for the 7th edition of the competition.

Scheduled to unfold at the Moulay Prince Abdallah and IBN Yassine Halls in Rabat from April 11 to 21, 2024, the draw for this high-paced football tournament was conducted by Moroccan football icon Noureddine Naybet.

The outcome of the draw revealed some captivating match-ups in both groups, promising an exciting and competitive tournament.

Here is a full list of the Futsal AFCON 2024 final draw:

Group A:  Morocco (Host Nation); Angola; Ghana; and Zambia.

Group B: Egypt; Libya; Namibia; and Mauritania.

As the hosts and reigning champions, Morocco leads an intriguing Group A in the upcoming tournament.

Joining them are 2020’s third-place finishers, Angola, 1996 runners-up Ghana, and Zambia, who are making a comeback to the competition after missing out in the last edition in 2020.

Group B features Egypt, who narrowly missed victory in the 2020 final, alongside 2008 champions Libya.

Additionally, debutants Namibia and Mauritania are set to make their first appearances at the continental finals, adding a fresh dynamic to the group-stage matchups.

CAF Online reports that Egypt stands as the most successful nation in the history of the TotalEnergies CAF Futsal AFCON, boasting three titles.

Defending champions Morocco follow closely with two championships to their name, while Libya seeks a second title, reminiscing their 2008 triumph as hosts.

Advancement to the semi-finals in the competition awaits the top two finishers from each group. Additionally, the tournament serves as a crucial qualifier for the FIFA Futsal World Cup.

Teams securing podium finishes in Morocco will earn automatic qualification to the global showcase set to unfold in Uzbekistan from September 14 to October 6, 2024.

‘Postman’ Joshua vows to deliver victory over Ngannou

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‘Postman’ Joshua vows to deliver victory over Ngannou

Former world champion Anthony Joshua described himself as a “postman” who will deliver victory against Francis Ngannou in Friday’s heavyweight clash in Riyadh.

Joshua weighed in at 114.48kg (18st 02lbs) on Thursday with his Cameroonian opponent, a former UFC heavyweight champion, tipping the scales almost two stones heavier.

Ex-Mixed Martial Arts star Ngannou weighed in at 123.64kg (19st 47lbs), just slightly more than when he fought Tyson Fury in October in what was his maiden professional boxing bout.

“Official prediction? I deliver — I am the postman,” said 34-year-old Joshua at the weigh-in.

Ngannou, three years older than his British opponent, is the sentimental favourite to win Friday’s clash which has been dubbed “Knockout Chaos”.

As a child, Ngannou once laboured in a sand quarry for as little as $2 a day before arriving in France where he slept rough in a car park.

Against Fury in October, he sent the world champion crumbling to the canvas in just the third round before losing on a split decision.

“I have learnt a little bit from the last fight, the last camp, and leading up to this one, so I get a little bit of experience, but the mindset is still the same,” he said.

“This is just my second boxing match, even though I am taking on the two best guys in the world in boxing.

“I am the underdog, I am going out there to prove that you can be an underdog and stand your ground.”

The winner of Friday’s contest is expected to be in line to at some stage face either Fury or Oleksandr Usyk, who will fight for the undisputed heavyweight title on May 18 in Saudi Arabia.

“Sometimes it just makes me laugh a little bit, because we are going to fight in boxing rules, but what would happen if it was a ‘free’ fight under MMA rules?” added Ngannou.

“I would smoke this guy. I am the only one to go in their backyard, none of them can come in my backyard. I would take two of them at once.”

AFP

Tinubu works a lot, goes to bed 3 am — spokesperson

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Tinubu works a lot, goes to bed 3 am — spokesperson

Presidential spokesperson Ajuri Ngelale has praised President Bola Tinubu as a dedicated worker, describing him as a relentless “workaholic” who tirelessly devotes himself to the betterment of Nigeria.

Speaking with Chude Jideonwo in an interview shared on Thursday, Ngelale emphasised Tinubu’s commitment, revealing that the President consistently burns the midnight oil, often staying up until 2 am or 3 am, even on Sundays, to tackle the nation’s challenges.

He said, “I’m saying hang in there because I can see an end to this. I’m working with a man who I can personally vouch for because he’s going to bed at 2 am-3 am every single night, including Sundays.”

He continued, “He (Tinubu) wakes up at 7 am-8 am every morning including Sundays. Opening his files, working into the late nights when no one is there to say anything good or bad about him. He is doing the work.

“He is a workaholic, and he is doing it all to build a country that is reflective of a progressive and advanced country and prosperous society that he has envisioned, the same way he did in Lagos.

“I’m asking Nigerians to support the president, he means well.”

Ngelale’s comment about the president is reminiscent of Babatunde Fashola’s remark about him in April 2023.

While speaking on Channels TV, the former Governor of Lagos State, said Tinubu does his best work in the dead of the night.

Fashola, who worked under Tinubu as the chief of staff for four and a half years urged those working with the president to be prepared to be nocturnal.

 

Senate leader decries weak investment

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Senate leader decries weak investment

The Senate Leader, Opeyemi Bamidele, on Thursday, raised concern over weak investment in the capacity of women in Nigeria which according to him has hindered the possibility of achieving the fifth agenda of the Sustainable Development Goals.

The fifth agenda of SDG is to “End all forms of discrimination against all females everywhere.”

Bamidele, in a statement issued by his Directorate of Media and Public Affairs in commemoration of the 2024 International Women’s Day, said despite being six years away from bridging the gap between men and women, Nigeria is still confronted with under-representation both in the corporate and public sectors.

He further lamented how women are victims of armed attacks in different parts of the country.

Bamidele, therefore, admitted that the National Assembly recognises that women’s inclusion in governance is pivotal to achieving sustainable development in Nigeria, adding that gender inclusiveness is at the core of the Revised Legislative Agenda of the 10th Senate.

He said, “Currently, as shown in the UNICEF statistics, Nigeria has no fewer than 18.5 million out-of-school children. More than 60% of them – approximately 10 million – are regrettably female. Also, at least 30.3% of girls in Nigeria are married before the age of 18 while 12.3% before the age of 15. Most of them are victims of armed attacks in different parts of the federation.

“As shown in recent data, women are under-represented in Nigeria’s political space. Women hold only 3.4% of federal legislative seats – four are 109 senators and 14 out of 360 members of the House of Representatives. Across all sectors, women’s inclusion is largely low in Nigeria whether in the corporate world or public sector.

“All these figures attest to weak investment in women and eclipse the possibility of achieving the fifth agenda of the Sustainable Development Goals, which mandates that world leaders invest in initiatives and programmes that bring about gender equality by 2030. 2030 is just six years away, and we are still confronted with ugly indices that remind us of the widening gap between men and women.”

He added, “At the National Assembly, we are conscious of the criticality of gender equality to our collective prosperity as a federation of 227 million. We also recognise that women’s inclusion in governance and decision-making is crucial to achieving sustainable development in Nigeria.

“This is at the core of the Revised Legislative Agenda of the 10th Senate, which in the main emphasises the exigency of accelerating Nigeria’s socio-economic growth through women inclusion.

“This was also a critical factor in the design and enactment of the 2024 Appropriation Act. And the legislation was structured to address critical issues undermining strategic inclusion of women in the process of decision-making, especially in business or government.”

Tinubu orders ministers to implement only research-driven policies

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Tinubu orders ministers to implement only research-driven policies

President Bola Tinubu has directed relevant Ministries, Departments and Agencies of the Federal Government to ensure that the outcomes of research in science and technology are used to enrich policies that impact the real sector.

Tinubu issued the directive when he received the President of the Nigerian Academy of Science, Ekanem Braide and the fellows of the Academy who paid him a courtesy visit at the State House in Abuja on Thursday.

The Special Adviser on Media and Publicity to the President, Ajuri Ngelale, revealed this in a statement he signed Thursday titled, ‘President Tinubu directs ministers to ensure research outcomes guide policy formulation and execution across key sectors.’

Tinubu emphasised that his administration is advancing an all-encompassing approach to leveraging the capacity of Nigerians to innovate and create solutions from all spheres of human initiative across the public and private sectors, including farming, manufacturing, information technology, and academia.

He said, “The pathway to unlocking the potential of our national contribution to the global economy of tomorrow lies in what we do today.

“I am fully committed to the comprehensive integration of research, and the outcomes of research with the process of policy formulation and implementation in all fields of national endeavour.”

During his investiture as the Grand Patron of Science by the Academy, the President said the pace of change around the world, reflected in some national and global challenges, requires more reliance on research for solutions and actionable data, especially in health and education.

“The Minister of Education, the Coordinating Minister of Health and Social Welfare, and the Minister of Budget and Economic Planning are here.

“All the relevant ministries should sit up and ensure that science research guides process development in relevant areas of advantage.

“We must not fail to utilise research outcomes in the process of enriching our policies,” the President said.

In her remarks, Braide said a national research fund should be established as the country moves towards a knowledge-driven economy.

“Mr. President, we thank you for your support for a national research fund and we believe that this will go a long way in resolving our challenges and indeed, we can make quicker progress if we take advantage of the inputs of all Nigerians from the business community, the academia, and the public sector,” said Braide.

She listed some of the interventions and achievements of the Academy in improving the lives of Nigerians, advising that the nation’s 265 universities, 84 polytechnics, and 205 colleges of education be upscaled in science research infrastructure and funding.

The President also acknowledged Prof. Braide’s historic feat of emerging as the first female President of the Nigerian Academy of Science since its establishment in 1977.

Braide, alongside her Vice, Abubakar Sambo, Olatunde Farounmbi, amongst others, decorated the President as the Grand Patron of the Academy.

In attendance were, the Executive Secretary of the Tertiary Education Trust Fund, Sonny Echono; the Registrar of the Joint Admissions and Matriculation Board, Prof. Ishaq Oloyede.

Others were the Minister of Health, Prof. Ali Pate; Minister of Education, Prof. Tahir Mamman; Minister of Budget and Economic Planning, Abubakar Bagudu among others.

Two pilots survive as NAF aircraft crashes during training

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Two pilots survive as NAF aircraft crashes during training

A trainer aircraft belonging to the Nigerian Air Force on Thursday experienced a minor accident in Kaduna State.

The aircraft, a Super Mushshak trainer aircraft, was involved in a minor accident at about 2.35pm.

According to a statement by the Director of Public Relations and Information, Nigerian Air Force, Air Vice Marshal Edward Gabkwet, the incident occurred while the pilots were returning from routine training.

He, however, said the two pilots escaped unhurt.

The statement read, “A Nigerian Air Force Super Mushshak trainer aircraft was involved in a minor mishap earlier today, March 7, 2024, at about 2.35 p.m. The accident, which occurred about 3.5 nautical miles from Kaduna Military Airfield, involved two pilots who were returning from a routine training flight. Luckily, both pilots came out of the crash unscathed.”

Gabkwet, however, said the Chief of Air Staff, Air Marshal Hasan Abubakar, has ordered a probe into the incident.

He said, “The CAS has since directed a preliminary investigation to ascertain the immediate cause of the crash.”

Recent NAF aircraft crashes

According Online reports that between 2015 and December 2023, Nigeria suffered at least 17 military air crashes, leading to the deaths of many.

Some of the incidents include the crash that occurred in Port Harcourt in December 2023. A MI-35P helicopter belonging to the Air Force crash-landed, with five crew members sustaining injuries.

On August 14, 2023, a NAF aircraft was said to have departed Zungeru Primary School en route to Kaduna but was later discovered to have crashed in a village in Shiroro Local Government Area of Niger.

Also, in July 2023, an FT7-NI aircraft crashed in Makurdi; no deaths were recorded.

In addition, in February 2023, the Air Force recorded a crash after one of their jets lost its tyre mid-air and made an emergency landing at Lagos Airport on its belly. No death was equally recorded.

On February 22, 2021, seven NAF personnel on their way from Abuja to Minna, Niger State, to rescue the abducted students and workers of Government Science College, Kagara, died when their plane crashed shortly after takeoff from the Nnamdi Azikwe International Airport.

Elon Musk may remove likes, reposts from X platform

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Elon Musk may remove likes, reposts from X platform

The Chief Executive Officer of X, Elon Musk, has said that he may remove likes and reposts from the X platform.

He disclosed this during his appearance at the Morgan Stanley technology, media, and telecom conference on Wednesday.

Musk revealed that his social media platform X is contemplating the removal of visible engagement metrics such as likes and reposts from posts.

As reported by Dailymail Online on Thursday, Musk added that X is also on track to secure approval for a money transmitter license in New York within the next few months.

Musk cited concerns about content clutter as a reason for considering the removal of likes and reposts while also noting the addition of view counts to each post since assuming control of the company.

X, formerly known as Twitter, aims to incorporate financial features into its platform, including the ability to facilitate payments between users. Securing licenses in various U.S. states is integral to realizing these features.

The issue of engagement metrics such as likes and reposts has been a source of contention for Musk since he acquired the company. Reports indicate that Musk exerted pressure on engineers to adjust algorithms to amplify the visibility of his posts, particularly following instances where his posts garnered less engagement than others, such as President Joe Biden’s tweet during the Super Bowl.

In response to concerns over privacy and user rights, Musk announced intentions to collect biometric data from users, including fingerprints, retinal scans, and voice and face recognition. However, plans to eliminate users’ ability to block others, which elicited widespread apprehension among X’s user base, did not come to fruition.

NCoS cooperative society offers soft loans to personnel

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NCoS cooperative society offers soft loans to personnel

The Nigeria Correctional Service Cooperative Society said it gave out soft loans to members to cushion the economic hardships bedeviling the country.

The General Manager of the Cooperative Society, Lydia Abraham, made this known at the 27th Annual General Meeting of the Correctional Service Multipurpose Cooperative Society held in Abuja on Thursday.

The increasing cost of living in the country sparked demonstrations as youths and women from various parts of the country took to the streets to voice their concerns, joined by the Nigerian Labour Congress to protest the economic challenge.

Abraham noted that the cooperative was aimed at enhancing the welfare of every staff of the NCoS while in active service, after retirement and upon demise.

She explained, “A large number of officers are retiring from the S
Service this year, 2024 requiring the payment of substantial amounts in terminal benefits.

“This situation limits the ability of COCOS to engage in other welfare packages for staff like the supply of rice and other food stuff, household items and granting of soft loans.

“COCOS has liaised and directed the Microfinance Banks to provide some of these services to Correctional officers. Henceforth, loans, supply of rice and land acquisition – will be done by the Banks. COCOS and the Banks have worked out the modalities for these services.”

She also noted that some beneficiaries of the staff housing scheme have completed their buildings, while majority are still paying for the land within the period of five years.

“The Staff housing scheme was flagged off on the 21st November 2020 with the acquisition of 160 plots of land at the KYC La Villa Diamante Housing Estate, Airport Road Abuja.

“The repayment period for the land is 5 years commencing from November 2020 and payments are still ongoing. Some beneficiaries have completed their buildings, others are under construction while majority are still paying for the land,” the General Manager added.

At the event, the Controller General of the Nigeria Correctional Service, Haliru Nababa said its cooperative society was a reference point for other organizations.

Nababa noted, “Nigerian Correctional Service through the activities of COCOS has given a very good account of itself by way of addressing the basic welfare concerns of staff.

“Indeed, COCOS has remained one of the golden achievements of the Service. From a paltry deduction of ₦2:00 only, per staff in 1988, COCOS has today grown to be a phenomenal reference point for other organizations.”

The CG however urged the cooperative society to urgently come up with measures to reduce the economic hardships on members.

“However, given the state of the Nigerian economy and the attendant high cost of living, we have an urgent demand to think outside the box and come up with measures that will help bridge the prevailing economic gaps for our personnel.

“The need for them to be in the right frame of mind to concentrate on their duties rather than living under the pressure of trying to make ends meet, should drive us to passionately pursue this goal.

“It is only by so doing that the Cooperative will truly answer its name, of being a dependable shoulder to lean on, in time of need”, Nababa said.

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