Home Blog Page 692

CBN Recovers $22m, N115.5 Excessive Charges

0

The Central Bank of Nigeria (CBN) Tuesday says it has recovered $22.8 million and N115.5 billion for multiplicity of charges imposed on customers by the Deposit Money Banks (DMBs) over the past 11 years.

Its Director of Corporate Communications, Isa Abdulmumin disclosed this in Ado-Ekiti, the Ekiti State capital at the 2023 CBN Fair with ‘Promoting Alternative Payment Chanels as Tools for Financial Inclusion’ as theme.

Abdulmumin said the monies were recovered from the banks in response to various complaints lodged by their customers ranging from excess charges being deducted from their bank account

He stated that the Consumer Protection Department of the bank received 35,453 complaints from the customers between 2012-2023 out of which 33,437 were resolved.

Represented by Esu Imo, the Corporate Communications Director noted that the CBN was irrevocably determined to ensure that no customer was overburdened adding that the mission of any bank should be to serve its customer without expecting any favour.

The CBN image maker said the essence of the recovery initiative was to enhance consumer confidence in financial service and promote financial stability as well as growth.

Abdulmumin warned that any financial institution that breached the provision of the consumers’ protection legal framework which allow fair treatment of customers risks heavy sanctions.

He restated the commitment of the bank to deliver on its core mandates of ensuring monetary and price stability through implementation of proactive and innovative policies and programmes to stabilize the economy.

Ekiti State CBN Branch Controller, Abiola Omotosho said the Fair was organized to interact with members of the public on the various polices and strategic interventions of the bank for sustainable economic development.

Omotosho urged Nigerians to embrace e-Naira as alternative payment platform for daily transactions to deepen financial inclusion and bolster the integrity of the country’s financial ecosystem.

Ayobami Adebayo Becomes 5th Nigerian To Be Longlisted For Booker Prize

0

The Booker Prize is given each year to the best novel written in English and published in the United Kingdom or Ireland.

Authors are nominated for the prize based on their quality and dedication to promoting art and literature.

Originally, the prize was exclusively open to citizens of the Commonwealth, Ireland, South Africa, and later Zimbabwe. However, in 2014, the eligibility criteria were broadened to encompass any novel written in the English language.

Read More: City Pays $300K In Settlement After Arresting Christians For Singing Hymns During COVID-19 Lockdowns

Ayobami Adebayo shot into the limelight with her debut novel, ‘Stay With Me’, which won the 9mobile Prize for Literature and the Prix Les Afriques. She was awarded The Future Awards Africa Prize for Arts and Culture in 2017. Now she has been shortlisted for the Booker Prize for 2023 and has been longlisted for her latest book, ‘A Spell of Good Things’.

The novel has been described as a “magnificent novel that illuminates Nigeria’s haves and have-nots, as well as the shared humanity that exists in between.”

Kenya Suspends Worldcoin Crypto Over Privacy Concerns

0

Kenya has suspended the Worldcoin crypto project that relies on an eye scan to verify a user’s identity, citing concerns about data protection.

Set up by OpenAI chief executive Sam Altman, Worldcoin, began operating in June in Germany and provides users with a private digital identity — a “World ID” — after they get their eye’s unique iris pattern scanned.

The project, according to its founders, aims to solve one of the main challenges facing the crypto industry which largely relies on pseudonyms to operate, leaving it vulnerable to spam bots and scams.

Users who registered with the project in Kenya were offered 25 free Worldcoin tokens worth about 7,000 shillings ($45), drawing thousands of people to multiple sign-up points in the capital Nairobi.

Interior minister Kithure Kindiki said authorities were “concerned” by the project and launched investigations to ascertain “the safety and protection of the data being harvested, and how the harvesters intend to use the data”.

“The government has suspended forthwith, activities of ‘Worldcoin’ and any other entity that may be similarly engaging the people of Kenya until relevant public agencies certify the absence of any risks,” Kindiki said.

Read Also : Debt Shaming: Kenya Fines Loan App

Kenya is one of the most dynamic economies in East Africa but about a third of the population lives in poverty.

The country has been battling soaring inflation and a jobs crisis, particularly among the young, prompting many people to flock to register with Worldcoin in exchange for cash.

The project is already under scrutiny for running afoul of strict data privacy rules in Europe.

“Worldcoin has begun to collect data in France… which seems questionable as does the conservation of biometric data,” France’s CNIL data regulator told AFP last week.

After conducting an initial review, CNIL said it identified its counterpart in the German state of Bavaria as the lead agency in Europe to conduct a probe into Worldcoin, and said it supports their investigation.

More than 2.1 million people have signed up for Worldcoin across the world, with iris scans conducted in 34 countries, according to the company’s website.

Worldcoin is now trading at $2.37, up from the initial price of $1.70, according to CoinMarketCap.

NIS: Illegal Migrants Behind Most Crimes In Nigeria

0

Illegal immigrants are behind most criminal activities in the country, Nigeria Immigration Service (NIS) has said.

Kwara State Comptroller of NIS, Aminu Shamsuddin, made the statement while addressing journalists in Ilorin, during the 60th anniversary of the Service.

The comptroller noted that the country was surrounded by francophone countries, whose nationals desperately love to stay in Nigeria due to socio-economic hardship in their countries.

He added that NIS has had to take extra measures to scrutinize every immigrant at entry point.

According to him “These people think Nigeria is a paradise and, truly, we are the mother of Africa. They always struggle to be part of us and are ready to spend huge sums of money to obtain a Nigerian passport. They also get married to Nigerians in their bid to naturalise, which is why we painstakingly check every immigrant.

“Through our training, we can easily ascertain if someone is a Nigerian or not,” he said.

Shamsuddin explained that processes of scrutiny sometimes make the issuance of international passports take some time, and enjoined Nigerians to show understanding and patience.

According to him, NIS is closer to the people than other paramilitary agencies, due to the services it renders to the people.

Shamsuddin said the Ag. CG of NIS, Caroline Adepoju, directed the 36 states to celebrate the diamond jubilee.

NLC Proceeds On Nationwide Protests

0

Despite court injunctions and long-drawn negotiation meetings, the Nigeria Labour Congress (NLC) is slated to, proceed with its planned protest against recent fuel price hike, tuition fees hike in public schools and withheld salaries of lecturers and workers in universities today

There had been doubts over the fate of the nationwide protest called to demonstrate against what Labor described as ‘anti-poor and anti-workers policies’ of government, with some saying NLC would as usual, chicken out at the last minute, especially after suspending a planned strike twice this year alone.

Rising yesterday from the rescheduled Presidential Steering Committee on Palliatives meeting with Organised Labour, comprising NLC and Trade Union Congress (TUC), there had been insinuations that the labour leaders would rethink its planned nationwide protest but TUC president Festus Osifo, said the Organised Labour would consult with members whom they represent to reach a consensus on the next course of action before the day ends.

Osifo stated that while President Bola Tinubu’s palliative measures were welcoming, they were not comprehensive.

Read Also: Subsidy Removal: NLC Expresses Worry Over Wage Review

Meanwhile, Chief of Staff to the President, Femi Gbajabiamila, described Organised Labour as a listening organisation that would not go ahead with its planned protests after listening to President Tinubu’s national broadcast on Monday.

He said: “Basically, we laid out the plan and intervention of the President as you all heard in his broadcast. We made it clear that this was Mr. President’s initial roll out interventions and the conversations will be ongoing as we go along. So, we’re hopeful that they will do the right thing and not protest tomorrow (Wednesday).”

But in a swift reaction, NLC denied rumours making the rounds that it was reconsidering the nationwide protest, which it alleged was the handwork of fifth columnists. It insisted that despite all distractions, the Congress and its members were fully mobilised across the country and nothing has changed.

NLC President, Joe Ajaero, said the Congress neither reconsidered nor suspended the nationwide mass protest. Ajaero, in a statement signed by him, listed the Congress’ demands, which include the immediate implementation in good faith of the resolution with the Congress, jointly signed with the government and TUC.

It demanded the immediate reversal of all anti-poor policies of the government, including the recent hike in fuel prices, school fees and Value Added Tax (VAT).

Part of the NLC demands, Ajaero said also include the fixing of local refineries in Port Harcourt, Warri and Kaduna; release of eight months withheld salaries of University lecturers and workers.

Nigeria Stock Market Starts August on Negative Note

0

Nigeria’s equities market started the new month of August on a negative note as investors continued to price-in the half-year (H1) financials released by some companies, most of them tilting towards poor earnings.

At the close of trading on Tuesday August 1, the Nigerian Exchange Limited (NGX) All-Share Index and equities market capitalisation depreciated further by 0.23 percent to 64,192.20 points and N34.932trillion respectively as against preceding day’s 64,337.52 points and N35.011trillion.

“Considering that there are many stocks trading at attractive discount, we expect a
mixed sentiment in the market this week,” Futureview research analysts said at the beginning of this week.

In 7,935 deals, investors exchanged 762,097,373 shares worth N7.7billion. AIICO, UBA, AXA Mansard, ETI and FCMB Group were actively traded stocks on Tuesday.

Investors took profit in stocks likes Fidelity Bank which dipped most, from N8.60 to N7.75, losing 85kobo or 9.88 percent. It was followed by Ellah Lakes which was down from N3.93 to N3.54, losing 39kobo or 9.92percent.

The year-to-date (YtD) postive return dropped to +25.25 percent as the market further defied analysts expectations this week.

“This week, we expect the bullish sentiments in the equities market to persist on the back of the attractiveness of the market over the depressed rates in the fixed-income market”, said United Capital research analysts in their recent note.

They also believe the positive sentiments around the new policies will continue to drive the rally in the market, adding that they expect the commencement of the second quarter (Q2) 2023 earnings season will play an important role in the market’s direction.

Nigerian Safety Investigation Bureau To Investigate Light Single Airplane Crash

0

The Nigerian Safety Investigation Bureau (NSIB) has been notified and commenced investigation into an accident involving a Jabiru J430, a light single airplane with Nationality and Registration Marks 5N-CCQ operated by Air First Hospitality & Tours, which occurred around a little after 1500hrs local time on August 1, 2023.

The aircraft was on a test flight within Lagos with two passengers onboard, before it crashed around Oba Akran area of Lagos State with no fatalities.

The aircraft caught fire on impact but the spread was contained by the rainfall at the time of impact.

The two souls on board were taken to the hospital.

The NSIB, hereby, solicits information from the general public in form of pictures, video or recording evidences to assist in conducting a comprehensive investigation.

The Bureau can be reached through info@aib.gov.ng and NSIB_Nigeria on its social media platforms. The Bureau can also be reached on its emergency line +234-807-709-0909.

The NSIB is a multimodal investigation agency charged with the mandate to investigate transportation accidents and serious incidents in Nigeria with the aim of identifying the probable causes and proffer safety recommendations that can prevent reoccurrence.

But in some ways, the hard work has only just begun. Archaeologists will spend the next three years trying to unravel the gamut of Fort Kormantine – its architecture, look and feel – which should in turn reveal its true significance.

First English Slave Fort In Africa Uncovered on Ghana’s coast

0

The exact location of what is thought to be the first English slave fort in Africa may have been found – in a significant discovery in Ghana.

A gunflint (used in old-fashioned guns), tobacco pipes, broken pottery and the jawbone of a goat are carefully laid out. These discarded fragments, unearthed from centuries of compacted soil, offer clues to a lost past.

“Any archaeologist who says they are not excited when they find something are not being entirely truthful,” the professor from Syracuse University in the US says with a broad smile.

These remnants point to the existence of “the first English outpost established anywhere in Africa”, he argues.

The archaeologist is standing in the ruins of Fort Amsterdam, speaking above the wind and roar of the Atlantic Ocean waves hitting Ghana’s coastline.

Inside that fort are what are thought to be the remains of an older fort – Kormantine – long-lost under the earth, which the professor’s team are gradually excavating with brisk activity.

They are methodically combing through distinct layers of soil and stones with soft-bristle brushes and trowels. The disturbed soil removed from the trenches is carefully sieved.

A canopy protects the team and the site from the weather and despite the intense sun and the occasional shower, the archaeologists’ work continues.

Ancient maps had referred to a Fort Kormantine in that area, for example the name of the nearby town, Kormantse, is clearly related. In addition, another version of the name, Coromantee, was given to some of the enslaved people in the Caribbean thought to have been transported from this place and later known for slave rebellions.

But where exactly the fort was located remained a matter of speculation, which may have now been brought to an end.

Dating back to the 17th Century, Fort Kormantine sat on the Atlantic coast just at the time when Europeans started shifting their interest from the trade in gold to the trade in humans.

It was a pivotal moment in the history of their involvement in Africa that would have a profound effect on the continent.

The discovery by the team of archaeologists may shed some light on the lives of those early traders and what they were doing, as well as those who were sold and the impact on the community around them.

Ghana’s coastal fishing towns, known for their colourful boats and the melodies sung by the fishermen, remain scarred by a past of European exploitation and human cruelty.

The slave forts dotted along what was called the Gold Coast are a looming reminder of that past.

Hundreds of thousands passed through them before being transported in horrific conditions across the sea.

Fort Kormantine – built by the English in 1631 – was one of the earliest places where that journey started.

It began life as a trading post for gold and other items like ivory.

The slave trade only began from there in 1663 when King Charles II granted a charter to the Company of Royal Adventurers of England Trading into Africa (later the Royal African Company). He gave it monopoly rights over the trade in human beings.

It was only in English hands for another two years before the Dutch seized it but Fort Kormantine played a key role in the initial stages of the slave trade.

It served as a warehouse for the goods that were used to buy slaves. It was also a brief holding point for those who had been kidnapped in different parts of West Africa before being shipped to the Caribbean to work in plantations to develop the sugar economy.

“We don’t have that many details on exactly what these early outposts of the slave trade looked like, which is one of the things that make uncovering the foundations of Fort Kormantine interesting,” Prof DeCorse says.

After capturing the fort, the Dutch built Fort Amsterdam on the same site, which is why its exact location could not be pinpointed, especially after it became a United Nations-recognised World Heritage Site, making excavation difficult.

But initial digs in 2019 in and near Fort Amsterdam, which turned up some early 17th Century artefacts, suggested where it might be.

Archaeologists returned earlier this year and began further searches.

Nigerian Omokolade Omigbule says it was “mind-blowing” to see the remains of the English fort.

At first there was some disappointment as they started by finding a lot of plastic items that must have been dropped more recently. But then Nigerian graduate student Omokolade Omigbule uncovered a stone that Prof DeCorse identified as part of a bigger structure.

“It was mind-blowing, seeing first-hand the remnants, the footprints of an actual building subsumed under a new fort,” says the student from the University of Virginia.

“Seeing the imprints of these external forces in Africa first-hand and being a part of such a dig takes me back a few hundred years, it feels like I was there.”

As the excavations continued, they uncovered a six-metre-long (20ft) wall, a door post, foundations and a drainage system made of red brick.

All these indicate an English presence pre-dating the Dutch fort.

Returning to the display of artefacts in neatly labelled zip-lock bags, Prof DeCorse points out the rusty gunflint, which he says was in use in England in the early 17th Century.

The pipes with their small bowls where the tobacco was placed “is also very distinctive of the time that we are talking about here”, the professor says, adding that over time the bowls got larger as tobacco became cheaper and more readily available.

Pre-empting the question about why the jawbone of a goat is important, Prof DeCorse suggest that it is proof of how the English occupants may have domesticated local animals as an alternative source of protein despite being on a coastline where there were fish in abundance.

Archaeology is painstaking work. Each fragment of the past it throws up needs to be interrogated and interpreted.

But in some ways, the hard work has only just begun. Archaeologists will spend the next three years trying to unravel the gamut of Fort Kormantine – its architecture, look and feel – which should in turn reveal its true significance.

Northern Ireland Wet July Breaks 1936 Record

0

Northern Ireland has had its wettest July on record, with figures going back to 1836, according to the Met Office.

Provisional figures show more than double the normal amount of rain fell during the month, with 185.4mm recorded.

The previous record was 185.2mm, set back in July 1936.

It will come as no great surprise to hear that July 2023 was wet, and exceptionally wet, in parts of Northern Ireland.

Rainfall records were also broken at individual weather stations, including at Castlederg, in County Tyrone, which recorded about two and a half times its normal amount of rainfall for the month.

A lot of that fell when heavy and persistent rain caused flooding in the County Tyrone town, as well as parts of County Donegal, in the Republic of Ireland, on 23 July.

Seven other stations also recorded their wettest July on record in all six counties.

South East England’s Viking Bay Swimmers Warned About Pollution Risk

0

Swimmers have been advised to stay out of the water at Viking Bay in Broadstairs due to a pollution risk.

The Environment Agency did not give a specific reason for the warning but said “water quality may be temporarily reduced based on factors such as heavy rainfall, wind or the tide”.

“When a temporary reduction in water quality is forecast, we issue a pollution risk warning and advice against bathing,” a spokesperson added.

The warning was issued at 08:30 BST on Tuesday and pollution risks are issued daily.

Andy Knebb from Kent Surf School, which is based on Viking Beach, said he was losing business as a result.