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Check ENaira Risks,  IMF Asks Central Bank Of Nigeria

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The International Monetary Fund’s ‘Nigeria Staff Report for the 2021 Article IV Consultation has disclosed the potential expansion of the use of the eNaira to cross-border fund transfers and agency bank networks could lead to new money-laundering and terrorism financing risks.

According to the report, with the launch of eNaira on October 25, Nigeria became one of the first countries in the world to introduce a Central Bank Digital Currency (CBDC) that is open to the public.

Despite the benefits, such as promoting financial inclusion, there are also some risks around the eNaira, which the Central Bank of Nigeria needs to address.

The IMF welcomed the gradual rollout of the CBDC and highlighted the need for vigilance to various risks, including monetary policy implementation, bank funding, cyber security, operational resilience, and financial integrity and stability, through regular risk assessment and contingency planning.

The IMF said, “Prospective expansion of eNaira use to cross-border fund transfers and agency bank networks may cause new money-laundering/financing of terrorism risks.”

However, the IMF has said that the CBDC is exposed to cyber security risks, unforeseen legal issues and financial integrity risks.

The IMF suggested a way out stating, “There are financial integrity risks which are mitigated by using a tiered identity verification system and applying more stringent controls to relatively less verified users.”

The Washington-based lender stressed the need for attentiveness to the different risks, urging the CBN to fix existing deficiencies in anti-money laundering laws and combat terrorism financing.

Once Upon A Time – Feb. 21 – 1922Britain Declares Egypt A Sovereign State

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1173 Pope Alexander III canonizes Thomas Becket, Archbishop of Canterbury

1613 Michael Romanov, son of Patriarch of Moscow, elected first Russian Tsar of the house of Romanov

1804 1st locomotive, Richard Trevithick’s, runs for the 1st time, along the tramway of the Penydarren Ironworks in Merthyr Tydfil, Wales

1896 Walter Grand Taylor converts to Christianity in a hotel room. The conversion is brought on by his realization that his young wife, a Christian, who has just died, is already in heaven, while he is doomed. Twenty years later he will become head of the Pacific Garden Mission.

1916 World War I: Battle of Verdun begins with a German offensive, leads to an estimated 1 million casualties and becomes the longest battle of the entire war (9 months)

1922 Britain declares Egypt a sovereign state

1972 Richard Nixon becomes the first US President to visit China, normalizing relations between the countries in a meeting with Chinese leader Mao Zedong in Beijing

HISTORICAL EVENTS TODAY

TODAY IN FILM & TV

1990 “The Batman Theme” by Danny Elfman wins Grammy Award for Best Instrumental Composition at 32nd Annual Grammy Awards

2003 Bill Maher’s political talk show “Real Time with Bill Maher” debuts on HBO

TODAY IN SPORT

1931 Chicago White Sox & NY Giants play 1st exhibition night game

DO YOU KNOW THIS FACT ABOUT TODAY?

1848 Karl Marx and Friedrich Engels publish “The Communist Manifesto” in London

WOULD YOU BELIEVE THIS FACT ABOUT TODAY?

1878 World’s 1st telephone directory issued, 50 subscribers (New Harbor, Connecticut)

Ethiopia Launches Africa’s Biggest Dam On Edge Of The Nile

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At 8:53 am on February 20th, Ethiopia powered one of the 13 turbines on the Grand Ethiopian renaissance dam sitting on the edge of the blue Nile.

The dam will be Africa’s largest hydroelectric dam upon completion, which according to the dams project manager, will take another two and half three years.

With a total power generating capacity of 6,500 megawatts, the dam, has been a source of tensions between Ethiopia and the other riparian states, Sudan and Egypt. Egypt fears a quick filling of the dam will reduce its share of Nile waters, especially during the drought and seeks a binding legal agreement in case of a dispute.

Ethiopia’s Prime Minister Abiy Ahmed Ali, however, said the dam would be of benefit to Egypt and Sudan as well.

 “We want to export our pollution-free electricity to Europe through Sudan and Egypt, so the way forward is cooperation among us. Ethiopia doesn’t want and intend to harm anyone else,” he said.

Egypt’s Foreign Ministry put out a terse statement the day the dam was launched, saying that Ethiopia’s move is another “breach” of the agreement of principles that the three countries signed in 2015 but refrained from elaborating.

Ethiopia contends the $4.2 billion dam is essential for its development and will enable it to distribute power to its population of more than 110 million.

Several rounds of talks have been held in attempts to solve the stalemate.

The dam’s construction started in 2011 and the completion date was missed years ago due to the embezzlement of funds and design flaws.

Domestic Airlines In Nigeria Increases Fares by 100%

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Domestic airline operators in Nigeria, had a meeting in Lagos and have resolved to increase airfares by 100% with effect from next week, March 1.
The increment is said to be across board.

The resolution adopted by all the domestic operators sees the least economy ticket now selling for 50,000 naira, instead of the previous 22,000 naira for an hour flight.

Several of the airlines have already fixed some of the fares that will come into effect on March 1.

Investigation revealed that an economy class domestic ticket on Max Air outbound Jos to Abuja from March 1, 2022 sells at ₦50,000, while Green Africa Airlines’ Lagos to PortHarcourt goes for ₦35,000 as opposed to its current ₦16,500 fare.

Green Africa will sell its Owerri to Abuja flight tickets at ₦35,000, while Air Peace Lagos to Abuja will sell at ₦50,000. Equally, Air Peace will sell Lagos to Benin return ₦105,000.

Azman Air flight from Abuja to Kano from the same March 1 sells at ₦50,000, while Overland Airways Akure to Abuja will go for the same ₦50,000. Other airlines , namely,  Dana, Ibom Air, Aero Contractors will also raise their ticket prices by 100%

Recall the airlines, under the aegis of Airline Operators of Nigeria, AON, had issued a statement complaining about the current high cost of aviation fuel.


They revealed that ” aviation fuel cost above N410 in Lagos, N422 in Abuja and Port Harcourt, and N429 in Kano per litre, while the dollar, which sells for between N580 to N600 is in short supply.”

The airlines also expressed anger at the ” Unavailability of Forex for spare parts and maintenance . Airlines carry out most of their activities in dollars which today sells for between N580 to N600 and is in short supply. Nigeria’s domestic airlines are in a critical struggle to secure the Forex they need to acquire their spare parts to maintain their aircraft.”

”This is a major influence on how quickly a grounded aircraft can be fixed and restored to its flight schedule, which in turn has a huge impact on the schedule reliability of the domestic airlines,” AON said.

As at the time of filing this report, the civil aviation regulatory authority, Nigeria Civil Aviation Authority, NCAA, has not issued any statement on the new fares . A source within the authority however said airfares have since be ” deregulated by NCAA, leaving market forces to determine price.”

”NCAA only intervene when an airline fixes ridiculously low airfares. That can compromise safety standard as operations of any airline is capital intensive,” he said.

Fuel Scarcity: Nigerian Govt. Appeals To Citizenry To Be Patient

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The Federal Government of Nigeria has sympathised with its citizens over unforeseen hardship occasioned by scarcity of Premium Motor Spirit (PMS) and called for patience in finding lasting solutions to the problem.

Minister of State for Petroleum Resources, Timipre Sylva made the appeal on Sunday in a statement by his Senior Adviser (Media & Communications), Horatius Egua.

“In the last weeks, Nigerians have grappled with fuel scarcity not because of the absence of supply of products but due to inspection failure, which allowed adulterated products into the country.

“This is regrettable, and the Federal Government sympathises with the citizenry over the unforeseen hardship, occasioned by the inevitable scarcity.

“Let me once again appeal to Nigerians to be patient with government in finding lasting solutions to the crisis.”

Sylva appreciated the NNPC for showing so much concern to the plight of Nigerians by coming forward with an apology.

“This is unprecedented and showed that we on the government side are not afraid to take responsibility,” he added.

The minister also said the Midstream and Downstream Petroleum Regulatory Authority had been out on the streets, fuel stations to ensure that the situation normalise quickly.

According to him, we are beginning to see the fruits of their efforts.

“It is not a time to trade blames as is customary in Nigeria. It is, therefore, not a time to query anyone but a time to come together to salvage the plight of the average Nigerian.

“After the storm settles, there will be time enough to investigate and get to the bottom, so that this does not repeat itself.

“President Muhammadu Buhari’s charge to all parties and agencies concerned is to work together to ensure that normalcy returns quickly.

“The Nigerian people deserve the best and the government is determined to set the country on the right path of petroleum products availability and sustainability.”

This, he said was demonstrated in the award of the contracts for the rehabilitation of all our refineries and the acquisition of stake in the Dangote Refinery.

Ethiopia Begins Power Generation From Mega-Dam

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The Ethiopian Government, on Sunday, announced its grand hydroelectric dam has started generating electricity.

Prime Minister Abiy Ahmed officially inaugurated the first power generation of the Grand Ethiopian Renaissance Dam (GERD).

It is set to be the largest hydroelectric plant in Africa, state-run, Ethiopian Broadcasting Corporation (EBC) reported.

“The dam’s electricity generation is a blessing for the downstream countries too.

The Ethiopian prime minister, during the inaugural ceremony,  said “We want to export our pollution-free power to Europe through Sudan and Egypt.

Ethiopia’s state television reported that one of the 13 turbines of the grand dam commenced power generation on Sunday, with a power generating capacity of 375 megawatts of electricity.

The first power generation comes as Ethiopia’s downstream neighbours, Egypt and Sudan view the dam as a threat to reduce the volume of water reaching their territories.

Addis Ababa claims the dam is essential for its electrification and development and will insignificantly impact the downstream countries.

Ethiopia frequently said the dam is essential for its development and will enable it to distribute power to its population of more than 110 million.

The East African nation had initially planned to generate around 6,500 megawatts of electricity from the dam, which is now 84 per cent complete.

The power generating capacity was later reduced to 5,150 megawatts.

The dam is being built on the Blue Nile River in Ethiopia’s Benishangul-Gumuz Regional State with a designed total water holding capacity of 74 billion cubic metres.

President Trump’s Truth Social App Out February 21

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Ex President Donald Trump’s new social media venture, Truth Social, is set to launch in Apple’s App Store on Monday, according to posts from an executive on a test version.

The launch potentially marks the return of the former president to social media on the U.S. Presidents Day holiday.

“This week we will begin to roll out on the Apple App Store. That’s going to be awesome, because we’re going to get so many more people that are going to be on the platform,” said former Republican U.S. Representative and head of the Trump Media & Technology Group (TMTG), Devin Nunes.

Nunes who spoke in a Sunday appearance on Fox News’ ‘Sunday Morning Futures with Maria Bartiromo, said;

“Our goal is, I think we’re going to hit it, I think by the end of March we’re going to be fully operational at least within the United States.”

In a series of posts late on Friday, a verified account for the network’s chief product officer, listed as Billy B., answered questions on the app from people invited to use it during its test phase.


One user asked him when the app, which has been available this week for beta testers, would be released to the public, according to screenshots viewed by news agency.

“We’re currently set for release in the Apple App store for Monday Feb. 21,” the executive responded.

The launch would restore Trump’s presence on social media more than a year after he was banned from Twitter Inc, Facebook and Alphabet Inc’s YouTube.

On Feb. 15 Trump’s eldest son, Donald Jr. posted on Twitter a screenshot of his father’s verified @realDonaldTrump Truth Social account with one post, or “truth,” that he uploaded on Feb. 14: “Get Ready! Your favorite President will see you soon!”

Trump Media & Technology Group (TMTG), the venture behind Truth Social, will join a growing portfolio of technology companies that are positioning themselves as champions of free speech.


They hope to draw users who feel their views are suppressed on platforms such as Twitter, Facebook and YouTube.

So far none of the companies, which include Twitter competitors Gettr and Parler and video site Rumble, have come close to matching the popularity of their mainstream counterparts.

Lagos State Government Advocates For Community-Based Tourism

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The Lagos State Government has again sensitised officers and stakeholders in the tourism sector on the expectations of the administration of Mr. Babajide Olusola Sanwo-Olu in the area of Community-Based Tourism as stated in the State’s Tourism Master Plan.

The Commissioner for Tourism, Arts and Culture, Mrs. Uzamat Akinbile-Yussuf, addressing a group of tourism officers during the stakeholders’ workshop with the theme: “Importance and Benefits of CBT”, held recently in Alausa, Ikeja, said the present administration is keen about making visitors experience the best the sector has to offer.

She said: “Community-Based Tourism is part of what was presented in our master plan last year and we are deliberate about this because unless we look inwards and harness all the potentials around tourism within our local areas, we will not attain much. This is the reason we got the approval of Governor Babajide Sanwo-Olu to launch CBT in six Local Government Areas of the State”.

“We have established CBT in all the divisions of the State such as Ikorodu, Badagry, Ikeja, Oshodi-Isolo, Lagos Island and Eti-Osa to enlighten the stakeholders, tourism officers, the communities and members of the Local Government Service Commission so they can share in our vision and understand what we seek to achieve, which is to give Lagosians the best of tourism”.

The Permanent Secretary of the Ministry, Mrs. Adenike Adedoyin-Ajayi, urged participants at the workshop to promote traditional culture and heritage, stressing that it would boost the tourism sector.

“Every one of us here should become advocates for Lagos State tourism. To this end, we need to develop local contents that will promote the sector as laid down in our master plan through preservation of our culture, showcasing our heritage and promoting our traditions through films, festivals and entertainment. We should stop emphasising the negatives about ourselves and present the positives”, she said.

Exploring Chelif River, Longest River In Algeria

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Chelif River, also known as Chlef River, is the longest river that can be found in the North African People’s Democratic Republic of Algeria.

Being 700 km (430 mi) long, its source originates from the Saharan Atlas Mountains, near the city of Aflou, then flowing through the Tell Atlas Mountains, to reach the final destination, the Mediterranean Sea.

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The importance of the Chelif River is enormous as the river is often used for irrigation, which makes the water level to fluctuate all the time, however, this is done mainly in the lower part of the flow.

The water levels are always high in winter time, where the water levels then are followed by a period of very low water during which the flow rate may drop to several hundred or even tens of cubic meters per second.

There are plenty of tributaries that flow in this great river, among which the Sebgag River is the farthest tributary.

Three main dams have been constructed on the Chelif system at Ksar el-Boukhari, built in 1932, Ech-Cheliff, formerly known as El-Asnam, built in 1932, and El-Khemis, built in 1939, and they are all operated by the Algerian Agence Nationale des Barrages.

The Chelif River is not navigable, as the flow is irregular, but with its irrigation, cereals, oranges and grapes are the principal crops that are growing along the way to the Mediterranean, and providing a wonderful scenery in the almost deserted surrounding for those who would like to explore the amazing Algeria.

Israel To Allow Unvaccinated Tourists Into Country

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Israel announced Sunday that it would allow unvaccinated tourists to enter the country beginning next month as the latest wave of the so-called coronavirus recedes.

Prime Minister Naftali Bennett said that foreign tourists, both vaccinated and unvaccinated, would be required to take PCR coronavirus tests before their flights and upon landing. The rules go into effect on March 1.

Recent data has shown a sharp drop in new cases, mirroring patterns in other countries around the world.

Bennett’s office said that restrictions would also be eased on Israelis returning to the country, with travelers no longer required to take a PCR test before their flight.

Requirements for weekly testing of school children will also be halted in the coming weeks.