Sunday, August 1, 2021
RESISTANCE TO LIBERATION -Fr. Ugonwa
Monday, February 8, 2021
COURT STOPS RETRIAL OF ORJI UZOR KALU BY EFCC.
Breaking: Court Stops Retrial of Orji Kalu by EFCC
By Eziafa Ken -February 8, 2021
The Abuja division of the Federal High Court on Monday gave a former Abia State Governor and Senate Chief Whip, Dr.Orji Kalu the permission to challenge his retrial by the Economic and Financial Crimes Commission (EFCC) on alleged money laundering charges.
Consequently, Justice Inyang Ekwo has ordered that the planned re-arraignment of the politician in the alleged N7.1billion money laundering charges be put on hold until the resolution of the legal questions raised against his retrial.
In a motion exparte which was moved an argued by his counsel, Prof. Awa Kalu (SAN), Senator Kalu asked for an order of Court prohibiting the EFCC from retrying him on same alleged money laundering charges against him.
He contented that having been tried, convicted and sentenced the n same charges FHC/ABJ/CR/56/ 2007, by the court by Justice M.B. Idris, it will amount to double jeopardy if is subjected to a fresh trial on same charge.
Justice Ekwo in his ruling, granted leave to Kalu to seek an order prohibiting the Federal Republic of Nigeria, through the EFCC (her agent), her officers, servants, others, agents, privies and any other person or bodies driving authority from the Federal Republic of Nigeria, from retrying him on charge No. FHC/ABJ/CR/56/2007 between FRN vs Orji Kalu & 2 ors or any other charge based on the same facts de novo, there being no extant judgment and ruling of a competent court in Nigeria mandating same.
An order prohibiting the Federal Republic of Nigeria, through the EFCC (her agent), her officers, servants, others, agents, privies and any other person or bodies driving authority from the Federal Republic of Nigeria, from retrying, harrassing and intimidating him with respect to the charge as concerns charge No: FHC/ABJ/CR/56/2007 between FRN vs Orji Kalu & 2 ors or any other charge based on same facts as he need not suffer double jeopardy.
The court further ordered that the leave should operate as a stay of proceedings until the determination of the application.
Justice Ekwo in his ruling held that the applicant who is fully clothed with the locus standi has placed sufficient materials in his supporting affidavits to warrant the court to exercise it’s discretion in his favour.
“Leave is at the discretion of the court under order 34(2) of the Federal High Court. In granting leave, there must be sufficient material fact placed before the court by the applicant to enable it exercise it’s discretion judicially and judiciously.
“The averrements in the affidavit in support of the motion are about the applicant who has demonstrated sufficient interest to cloth him with a locus standi to bring the action.
“By section 34 (9) of the constitution, no person who shows that he has been tried by any court of competent jurisdiction or tribunal for a criminal and either convicted or acquitted shall again be tried for that offence having the same ingredients as that offence serve upon the order of a competent court.”
Meantime, the court gave Kalu seven days to file and serve his process to the EFCC and adjourned the case to February 23 for mention
In his supporting affidavit deposed in support of his motion, Senator Kalu chronicled the historical background of the trial from his first arrangement and re-arraignment in 2016 and 2017, before the Abuja division of the Federal High Court after the initial charges were amended by the EFCC.
He further narrated how his application to quash the charges was not granted by both the trial court, the Court of Appeal and the Supreme Court.
Kalu told the court that following an application by the EFCC, to the Chief Judge of the Federal High Court, the charge was transferred to the Lagos division of the court and was assigned to Justice M.B. Idris (now a Justice of the Court of Appeal).
That upon the transfer of the charge to Lagos, he bore the cost of movement of his entire legal team from Abuja to Lagos including the cost of accommodation up till judgment.
Senator Kalu disclosed that at the trial, the prosecution called a total of 19 witnesses and thereafter, closed it’s case, necessitating him together with other defendants to enter individually and respectively a no case submission.
He stated how midway through the trial, Justice Idris was elevated to the Court of Appeal as a Justice of the Court and subsequently took the oath of office and subscribed to the oath of Allegiance on June 22, 2018 and lost his position as a Judge of the Federal High Court.
The applicant also narrated how by a Fiat dated July 2, 2018, issued under the hand of the President of the Court of Appeal, Justice Idris was directed to return to the Federal High Court to conclude the trial, then part-heard in charge no: FHC/ABJ/CR/56/2007, between FRN vs Orji Kalu and 2 ors.
That in his judgment on December 5, 2019, Justice Idris convicted and sentenced him with respect to the extant charge.
That following his conviction and sentence, he was incarcerated at the Kuje Correctional Centre where he served part of his term having first spent a few days in the Ikoyi Correctional Centre.
That on May 8, 2020, the Supreme Court in judgment in appeal No: SC.62C/2019, Udeh Jones Udeogu vs FRN & 2 ors, held that the trial of the appellant at the trial court was conducted without jurisdiction and thereby ordered the retrial of the appellant (Udeh Jones Udeogu) without reference to him.
He argued that there is no extant ruling or judgment of a competent court in Nigeria ordering his trial having regard to the fact that the Supreme Court excluded him from the explicit order for retrial arising from charge No: FHC/ABJ/56/2007.
That the unassailable position of the law is that no person who shows that he has been tried by any court of competent jurisdiction or tribunal for a criminal and either convicted or acquitted shall again be tried for that offence having the same ingredients as that offence serve upon the order of a competent court.
That his trial having been pronounced a nulity by the Supreme Court in it’s judgment of May 8, 2020 and without more cannot entitle the EFCC to institute the same charge against him.
After listening to Awa Kalu (SAN), Justice Kwo reserved ring till Monday, February 8, 2021.
While Prof. Awa Kalu (SAN) led the defence team of Senator Kalu, Chief Solomon Akuma (SAN) and K.C. Nwafor appeared for Udeh Jones Udeogu and Slok Nigeria Ltd respectively.
Meanwhile, the EFCC is seeking the transfer of the trial from Abuja to the Lagos division of the court.
When the case was called up, the prosecution counsel, Mr. Chile Okoroma informed the Judge of a letter by his client, seeking the transfer of the case to the Lagos division of the court.
He said that the request is predicated on previous decision of the Federal High Court and the Court of Appeal which held that “no element of defense in the charge took place in Abuja”.
Okoroma accordingly urged the court to adjourned the matter indefinitely (sine dine) pending the decision of the Chief Judge.
However, trial judge, Justice Inyang Ekwo declined adjourning indefinitely and fixed June 7 for report on the decision of the Chief Judge.
NIGERIANS DESERVE PDP's RETURN IN 2023 -GOV. WIKE
Why Nigerians will return PDP in 2023 – Wike
By Eziafa Ken -February 8, 2021
Nyesom Wike
Governor Nyesom Wike of Rivers State has lamented insecurity in the country, declaring that Nigerians will vote out the administration of All Progressives Congress (APC) in 2023.
He said Nigerians had realised that they made a mistake by voting APC into power in 2015 and were ready to correct the mistake by returning Peoples Democratic Party (PDP) to power in 2023.
The Rivers governor spoke in Yola, Adamawa State capital, where he inspected an overhead bridge and an underground subway being constructed by PDP administration led by Governor Ahmadu Fintiri.
Wike said: “Governor Fintiri has been to my state to inspect and open some projects. And for us as a tradition, when someone has honoured you, you also have to come back and say thank you and use that opportunity to see what he is also doing for his people, Adamawa people.
“I can tell you, I am in shock and overwhelmed with what I have seen. I was asking him about where he got the money from. The kind of construction is as if the current state of Nigeria’s economy does not affect Adamawa State. That’s what we have always said, whatever opportunity you have, try to make the people happy by providing for them the basic infrastructure.
“The kind of construction that I am seeing here is not what somebody will say he has tried, trying is an understatement, he has done very well. And you can see this majorly in Peoples Democratic Party (PDP) states. Anybody can be angry, it doesn’t matter, the truth must be told at all times, what the eyes can see is what the mouth will speak. Those who are angry that we are showing people what we are doing should show people what they are also doing.
“PDP governors are doing well. See the kind of gigantic flyover, I’m sure that in all the northeastern states, this is the first flyover. I commend my brother, he shouldn’t relent in his effort. I thank the commissioner for works and all the cabinet members for the support that they are giving you. Don’t be distracted or be worried about what people will say, continue to focus on infrastructure development because that is what can advance the economy of Adamawa State.”
On the ability of PDP to capture the presidency in 2023, the Rivers governor said: “The first thing is: are Nigerians happy? The answer is no. If they are not happy, what is the result? Obviously, Nigerians will not want All Progressives Congress (APC) government to govern them in 2023.
“With this kind of performance, I don’t see why PDP will not win in 2023. I believe that Nigerians, by now, know that they made a mistake and they want to correct the mistake by voting for PDP and not APC in 2023.
“When APC came in 2015, they said corruption would be fought, the issue of accountability would be focused. Now, Transparency International (TI), not the PDP, came out to say the situation of corruption was the worst that they have ever seen. It was not PDP that said this. The world has spoken that this government has not done anything in terms of corruption and transparency.
“Today, if I want to leave PDP and go to APC, I am no longer corrupt, but the moment I remain in PDP, I am corrupt. So, corruption is based on the party you belong to. That is APC’s definition of corruption and that is why everybody is disappointed.
“Not only corruption, but this country also has never been divided the way it has been divided now under APC. This country has never been insecure like this before. That is why I say if you have an old man who tells lies at home and he has children, they will ask: daddy are you saying Nigeria is safer than it used to be? With kidnapping, banditry and insurgency all over the place, have we had it like this before?
“The media have a role to play. You (media) said Nigeria would come down under former President Goodluck Jonathan, but you don’t say that anymore. We want you to say it the way you said it under Jonathan.”
REVIEW HAS SHOWN THAT EXCESSIVE WEED AND ALCOHOL IS TAKING OVER NIGERIAN SHOWBIZ
Excessive weed, alcohol take over Nigerian showbiz
There is a shift of trend in the Nigerian showbiz as leading celebrities and family brand ambassadors have been turning to sharing and flaunting their posting their binge smoking and alcohol on social media. Experts have warned that there would be an upsurge in the number of substance abuse by youths if caution is not taken.
Like a competition with each participant seeming to outdo the other, many Nigerian celebrities have continued to showcase their love for the constant intake of marijuana and alcohol with little or no care in the world.
The list is endless but fiercely led by leading Nigerian music stars that include Burna Boy, Davido, Wizkid, Naira Marley, and Olamide.
“I don’t do drugs, I just smoke weed,” confirming his addiction to marijuana at every given opportunity, controversial singer Afeez Fashola aka Naira Marley tells his combined followers of 7.6 million on social media platforms – Twitter and Instagram.
The singer, whose lyrics and songs glorify sex, violence, and drugs, followed up his assertions writing, “It’s a very strange thing when you make nature illegal.”
Known for consistently feeding his millions of followers with his lifestyle, his social media posts are not weird to many of his ardent followers, who refer to themselves as ‘Marlians’.
Except for the Ramadan period, the singer is fond of delighting his teeming fans and followers, who are made up of young teens and adults, with his huff and puff of marijuana videos and raunchy pictures on social media.
With much criticism from Nigerians, the ‘Soapy’ singer rarely gives a hoot nor worry about the consequences and the message he’s sending to younger generations.
Months ago, the singer had shared a picture of himself with his gang wrapping up marijuana and captioned it, “No permission! We do it with no permission.”
Naira Marley might seemingly be the most daring of them all but he’s sure not the only artist caught in this messy puddle of smoke promotion, as many of his colleagues seemed to have joined the trend.
Just like his mentor, Fela Kuti, Grammy award nominee, Damini Ogulu aka Burna Boy doesn’t feel guilty smoking in his music videos and public places. In 2013, to show his love for marijuana, the Africa Giant dropped a special tune titled, ‘Smoke Some Weed’ off his album, L.I.F.E. In the song, he confirmed his affection for smoking saying, “I need to sing this song cos marijuana has never ever done me wrong… Me have some marijuana in a me house that I would like to smoke with you gyal…”
On May 4, 2020, the 29-year-old singer caused a stir on social media as he was seen smoking in the presence of his mother and manager, Bose Ogulu. In the Instagram live video, the Port Harcourt born-artist and his mother were dancing to one of Wizkid’s songs as he was recorded exchanging blunts with a friend. Not his first attempt, the same year, a picture of him smoking in the presence of his father also surfaced on social media.
Not to be left out is Ayodeji Ibrahim Balogun aka Wizkid. The 30-year-old singer is fond of showing off his smoking habits arbitrarily on the internet – most especially on Instagram.
Before the release of his 2020 album, ‘Made in Lagos’, the Starboy usually feeds his fans with studio session clips that see him smoking while working. His Instagram page is filled with pictures and videos of the singer smoking or holding substances suspected to be marijuana.
Social commentators have observed that the father of three is losing weight and this has been alleged to be connected with his excessive intake of weed. “Smoke is drying you out… you need to take a chill,” a follower on Twitter cautioned the singer. Another Twitter user, Daddy GeeHoe, criticized that Wizkd has lost his good looks as a result of his continuous consumption of the substance suspected to be marijuana. “Too much weed has made Wizkid lose his beauty,” he posted.
A scroll on Olamide’s Instagram page proves that he is an avid smoker. While he’s hardly seen smoking other substances aside from cigarettes, he has, on several occasions, been cautioned by industry experts for promoting drug abuse in some of his songs.
Another promoter of the binge smoking and drinking lifestyle is 28-years-old David ‘Davido’ Adeleke. The 30BG honcho seems to have quickly forgotten the circumstances surrounding the death of some of his close friends in the spate of one week in 2017.
Precisely, on October 8, 2017, the FEM crooner’s crew including his official disc jockey, Oluwagbemiga Abiodun aka DJ Olu, and Chime were found dead in the car park of a luxurious building situated on Banana Island Lagos. According to reports, the deaths were a result of substance abuse.
Four days before the incident, another of the singer’s affiliates, Tagbo, had collapsed and died after embarking on a drinking binge to celebrate his birthday with the singer and his crew.
Though the 28-year-old singer once hinted that he was quitting smoking just after a music producer, Don Jazzy celebrated his one year of non-smoking on social media, he has since returned to his old habit stronger.
The list of musicians is endless. The same goes for Nollywood stars with many caught in the web of playing characters that sees them interpreting excessive smoking habits on screens.
So bad is the trend that up and coming music acts find it extremely difficult to exist in the space without having to tow the lines of the most popular and trending music acts. The glorification of sexual acts, binge smoking, and drinking has become a norm that should be followed for any entertainer seeking success.
The effects on an artiste’s career
The adverse effect of drug addiction on the lives, careers, and performances of entertainers is not one synonymous with only the Nigerian entertainment space. Just as it didn’t just start today, it is reputable to have dragged many superstars down the grave. Globally, leading musicians and actors from Charlie Sheen, Steve Howe, Judy Garland to Whitney Houston. The Nigerian entertainment industry has also had its fair share of bright stars who have seen their careers crumble over addiction or substance intake.
Early in January, Nigerians woke up to a viral clip where current rave, Bella Shmurda, was seen misbehaving on stage during a performance in Asaba, Delta state.
In the video, the 23-year-old singer was seen staggering and unable to take charge of his performance until his crew had to support him to stand properly. The ‘Cash App’ singer was alleged to have been highly intoxicated before climbing the stage to perform.
The development, however, ignited mixed reactions as many slams the young singer for public misconduct, while few advised him against the use of drugs.
“Bella Shmurda needs serious management before drugs will ruin him, his show at Asaba was an eyesore, he was too high to even perform. Talent without goods behaviours and good management will be a waste of talent at the end of the day,” a fan, Uncle Ajala ranted on Twitter.
Another fan, Xammy Official advised, “We’ve seen so many great talents lose it out to drugs. Bella Shmurda needs a very good advisor in the industry and a good management team. He might not last in the industry or as a human being if he continues these drugs.”
In December, the fast-rising star was full of praise to his friend and colleague, Zlatan, Pokolee for redeeming his life from excess intake of smoke and drinking.
“I was going astray, smoking and drinking nonsense but you helped and supported me with everything in 2020,” he confessed during an Instagram live video.
Does drug consumption contribute to artistic inspiration?
Some celebrities indulge in substance consumption for fun, while many believe it enhances their inspiration, lyrics, and performance artistry.
A brief chat with an upcoming rapper who was preparing himself with marijuana and a mixture of alcohol backstage believes the mixture is the best enhancer he needs to wow his crowd.
“Bros, na we dey do am ooo. I copy this lifestyle from my mentor… a superstar,” the young artist with dreadlock said with a smile.
Continuing he said, “I feel more confident, sharp, and fearless after I fill my body with these things. In fact, I can freestyle for one hour non-stop.”
However, veteran music producer, ID Cabasa, does not agree with the notion. According to him, intoxicating substances can bring talented musicians to a tragic end.
Commonly found in the entertainment space are substances that include marijuana, refnol, skunk, cocaine, loud, codeine, tramadol, ecstasy, methamphetamine, etc.
Implications on youths
Findings showed that viewing people smoking in movies prospectively predicts a substantial proportion of children smoking initiation. Similarly, exposure to smoking-related media promotions is associated with smoking initiation while alcoholic use in movies and promotions is also linked to actual alcohol use.
In fact, movies and entertainment materials are veritable tools for the transfer of ideas and promotion of alternative lifestyles.
The World Health Organisation (WHO) confirms that currently about 8 million people die annually from tobacco use, and if nothing is done to reverse or halt the epidemic, tobacco-related deaths could rise to 10 million annually by 2030.
Speaking on the development, Executive Director, Corporate Accountability and Public Participation Africa (CAPPA) Akinbode Oluwafemi, said there is a need for stakeholders to play an active role in introducing measures to curb smoking in videos.
According to Oluwafemi who has kicked off a campaign, #SmokefreeNollywood to stop smoking in movies and music videos in the entertainment industry to protect young Nigerians, recommend strategies to curb the menace.
“CAPPA is spearheading advocacy efforts at building a critical mass to confront the industry’s tactics of wooing the young and uninformed through films and music videos. The tobacco industry also exploits movies and music videos to give misleading positive impressions of tobacco use. Such has been identified as a cause of smoking initiation among young persons,” he said.
As revealed in CAPPA’s fact sheet entitled, Time to end smoking in Nollywood, in 2007, a screening of 10 randomly selected movies by tobacco control activists in Nigeria showed that the tobacco industry might have been using Nollywood to promote tobacco smoking. The 10 movies screened at the time were Million Dollar Sisters, Fatal Seduction, Battle for Battle, Holy Warden, GL2, Virgin Heart, Games Angel Play, War Game, Living in Pain, and My Share.
Following this discovery, tobacco control activists reported the preponderance of scenes that glamourize smoking. In the screened movies, tobacco smoking was portrayed to be widespread, socially acceptable, desirable, and classy. There were instances of brand placements in GL2, Million Dollar Sister, Virgin Heart, Fatal Seduction, Battle for Battle, and War Games where British American Tobacco’s Benson and Hedges and London were the culprits.
Recently, the Chief Managing Director of Federal Neuro-Psychiatric Hospital, Yaba, Dr. Olayemi Ogun disclosed that 80% of her patients are drug addicts.
“What we observed in our facility last year is that there was an upsurge in the number of patients with a substance disorder. Where we use as Short-Stay Ward, we now have 80 percent of patients, especially males. Before now, we have a dedicated drug ward but currently, our Short-Stay Ward has been converted to a drug ward,” Ogun said.
What the law says
The National Tobacco Control Act which was passed in 2015 and the National Tobacco Control Regulations 2019 contain provisions prohibiting tobacco advertising, promotion, and sponsorships in movies and entertainment, with some exceptions. Though the Advertising Practitioners Council of Nigeria (APCON) is the agency saddled with the implementation of the ban on tobacco advertising, promotion and sponsorships generally, several government agencies regulate the entertainment sector, while the entertainment industry has many pressure groups, coalition, etc.
Sections 12 (1) of the act relevant to smoking in movies and music videos, defines “tobacco advertising and promotion” to include “any form of commercial communication, recommendation, or actions with the aim, effect, or likely effect of promoting a tobacco product or tobacco use directly or indirectly.”
Civil and criminal penalties applying to several responsible entities range from a fine of 1 Million Naira to 5 Million Naira, and imprisonment of 1 or 2 years, in which a person that produces or publishes prohibited content to pay a minimum fine of 3 million Naira and maximum imprisonment term of 1 year.
Media or event organiser, celebrities or other participants, as a recipient of any sponsorship contribution, or as an intermediary that facilities any such contribution, to pay a minimum of 3 Million Naira and a maximum term of imprisonment of 1 year.
CBN LISTED SIX MAIN REASONS FOR BANNING BITCOIN IN NIGERIA.
CBN gives six main reasons for banning cryptocurrency in Nigeria
Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist from transacting in Cryptocurrencies.
In a statement on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies.
He recalled that all banks in the country had earlier been forbidden, through CBN’s circular dated January 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies.
Nwanisobi noted that the CBN’s position on cryptocurrencies is not an outlier as many countries, central banks, international financial institutions, and distinguished investors and economists have also warned against its use.
He said China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal and Cambodia have all placed certain level of restrictions on financial institutions facilitating cryptocurrency transactions.
CBN said in China, cryptocurrencies are completely banned and all exchanges closed as well.
Nwanisobi said even famed investor Warren Buffett has called cryptocurrencies “rat poison squared,” a “mirage,” and a “gambling device.”
“Mr. Buffett believes it is a “gambling device” given that they are mostly valuable because the person buying it does so, not as a means of payment; but in the hope they can sell it for even more than what they paid at some point.
During an online forum hosted by the Davos-based World Economic Forum few weeks ago, Andrew Bailey, the Governor of the Bank of England, highlighted the extreme price volatility of cryptocurrencies as one of the biggest flaws and explained that this flaw makes it impossible for them to be used as a lasting means of payment.
“It is not surprising he would take that position because, Bitcoin, the best-known cryptocurrency, hit a record high of $42,000 per unit on January 8, 2021, and sank as low as $28,800 about two weeks later. This is far greater volatility than is found with normal currencies.”
Nwanisobi said first, in light of the fact that they are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria.
In effect, the use of cryptocurrencies in Nigeria is a direct contravention of existing law.
He highlighted the critical between a Central Bank issued Digital Currency and cryptocurrencies, adding that as the names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued by unknown and unregulated entities.
“Second, the very name and nature of “cryptocurrencies” suggests that its patrons and users value anonymity, obscurity, and concealment.
“The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal. It is on the basis of this opacity that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.
“Indeed, many banks and investors who place a high value on reputation have been turned off from cryptocurrencies because of the damaging effects of the widespread use of cryptocurrencies for illegal activities.
“In fact, the role of cryptocurrencies in the purchase of hard and illegal drugs on the darknet website called “Silk Road” is well known. They have also been recent reports that cryptocurrencies have been used to finance terror plots, further damaging its image as a legitimate means of exchange.
“More also, repeated and recent evidence now suggests that some cryptocurrencies have become more widely used as speculative assets rather than as means of payment, thus explaining the significant volatility and variability in their prices. Because the total number of Bitcoins that would ever be issued is fixed (only 21 million will ever be created), new issuances are predetermined at a gradually decelerating pace.
“This limited supply has created a perverse incentive that encourages users to stockpile them in the hope that their prices rise. Unfortunately, with a conglomeration of desperate, disparate, and unregulated actors comes unprecedented price volatility that have threatened many sophisticated financial systems.
“In fact, the price of ether, one of the largest cryptocurrencies in the world, fell from US$320 to US$0.10 in June 2017. The price of Bitcoins has also suffered similar volatilities.
“Given that unlike Fiat money, which is accompanied by full faith and comfort of a country or Central Bank, cryptocurrencies do not have any intrinsic value and do not generate returns by themselves.
“When one buys a stock, say of a conglomerate in the Nigeria Stock Exchange, its price reflects the activity and production of that conglomerate and the value people place on their goods and/or services. This price may rise as the conglomerate produces better goods/services and probably gains greater market share.
“The reverse would be true if the conglomerate does not innovate to improve the quality of its goods/services. In other words, the price of that stock reflects market fundamentals.
“In contrast, cryptocurrencies do not have fundamentals and would never have fundamentals. Investors only buy in the hope that its use and acceptability will rise, thereby pushing up its demand and price.
“But since new versions of cryptocurrencies come on stream with new mathematical models, an infinite supply may someday crash the price to zero.”
CBN stressed that its actions are not in any way, shape or form inimical to the development of FinTech or a technology-driven payment system.
The apex bank said to the contrary, the Nigerian payment system has evolved significantly over the last decade, leapfrogging many of its counterparts in emerging, frontier and advanced economies propelled by reforms driven by the CBN.
The statement said this was evident from the variety of participants, products, channels, cutting-edge technology in the payments system.
CBN said the system was validated by the astronomical growth of volume/value of transactions and the fact that Nigeria is an investment destination of choice for international financial technology companies because of CBN’s policies that have created an enabling investment environment in the payments system
Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist from transacting in Cryptocurrencies.
In a statement on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies.
He recalled that all banks in the country had earlier been forbidden, through CBN’s circular dated January 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies.
Nwanisobi noted that the CBN’s position on cryptocurrencies is not an outlier as many countries, central banks, international financial institutions, and distinguished investors and economists have also warned against its use.
He said China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal and Cambodia have all placed certain level of restrictions on financial institutions facilitating cryptocurrency transactions.
CBN said in China, cryptocurrencies are completely banned and all exchanges closed as well.
Nwanisobi said even famed investor Warren Buffett has called cryptocurrencies “rat poison squared,” a “mirage,” and a “gambling device.”
“Mr. Buffett believes it is a “gambling device” given that they are mostly valuable because the person buying it does so, not as a means of payment; but in the hope they can sell it for even more than what they paid at some point.
During an online forum hosted by the Davos-based World Economic Forum few weeks ago, Andrew Bailey, the Governor of the Bank of England, highlighted the extreme price volatility of cryptocurrencies as one of the biggest flaws and explained that this flaw makes it impossible for them to be used as a lasting means of payment.
“It is not surprising he would take that position because, Bitcoin, the best-known cryptocurrency, hit a record high of $42,000 per unit on January 8, 2021, and sank as low as $28,800 about two weeks later. This is far greater volatility than is found with normal currencies.”
Nwanisobi said first, in light of the fact that they are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria.
In effect, the use of cryptocurrencies in Nigeria is a direct contravention of existing law.
He highlighted the critical between a Central Bank issued Digital Currency and cryptocurrencies, adding that as the names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued by unknown and unregulated entities.
“Second, the very name and nature of “cryptocurrencies” suggests that its patrons and users value anonymity, obscurity, and concealment.
“The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal. It is on the basis of this opacity that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.
“Indeed, many banks and investors who place a high value on reputation have been turned off from cryptocurrencies because of the damaging effects of the widespread use of cryptocurrencies for illegal activities.
“In fact, the role of cryptocurrencies in the purchase of hard and illegal drugs on the darknet website called “Silk Road” is well known. They have also been recent reports that cryptocurrencies have been used to finance terror plots, further damaging its image as a legitimate means of exchange.
“More also, repeated and recent evidence now suggests that some cryptocurrencies have become more widely used as speculative assets rather than as means of payment, thus explaining the significant volatility and variability in their prices. Because the total number of Bitcoins that would ever be issued is fixed (only 21 million will ever be created), new issuances are predetermined at a gradually decelerating pace.
“This limited supply has created a perverse incentive that encourages users to stockpile them in the hope that their prices rise. Unfortunately, with a conglomeration of desperate, disparate, and unregulated actors comes unprecedented price volatility that have threatened many sophisticated financial systems.
“In fact, the price of ether, one of the largest cryptocurrencies in the world, fell from US$320 to US$0.10 in June 2017. The price of Bitcoins has also suffered similar volatilities.
“Given that unlike Fiat money, which is accompanied by full faith and comfort of a country or Central Bank, cryptocurrencies do not have any intrinsic value and do not generate returns by themselves.
“When one buys a stock, say of a conglomerate in the Nigeria Stock Exchange, its price reflects the activity and production of that conglomerate and the value people place on their goods and/or services. This price may rise as the conglomerate produces better goods/services and probably gains greater market share.
“The reverse would be true if the conglomerate does not innovate to improve the quality of its goods/services. In other words, the price of that stock reflects market fundamentals.
“In contrast, cryptocurrencies do not have fundamentals and would never have fundamentals. Investors only buy in the hope that its use and acceptability will rise, thereby pushing up its demand and price.
“But since new versions of cryptocurrencies come on stream with new mathematical models, an infinite supply may someday crash the price to zero.”
CBN stressed that its actions are not in any way, shape or form inimical to the development of FinTech or a technology-driven payment system.
The apex bank said to the contrary, the Nigerian payment system has evolved significantly over the last decade, leapfrogging many of its counterparts in emerging, frontier and advanced economies propelled by reforms driven by the CBN.
The statement said this was evident from the variety of participants, products, channels, cutting-edge technology in the payments system.
CBN said the system was validated by the astronomical growth of volume/value of transactions and the fact that Nigeria is an investment destination of choice for international financial technology companies because of CBN’s policies that have created an enabling investment environment in the payments system
Friday, February 5, 2021
CULTISTS: THE WORLD ALWAYS LEFT THEM BEHIND.
One of the Stakeholders of Police Campaign Against Cultism And Other Vices (POCACOV) who wishes to remain anonymous shared his personal experience on the negative effect of Cultism in the society.
By Eziafa Ken -February 5, 2021
He wrote;
I graduated in 2007. I visited my school in 2019 and still saw some of my Cultists course mates still hanging around the school campus.
They're still there parading as Commanders, No 1, Exec etc. Some are in their 40s without a degree, job, training and family. The world has Left them behind.
One was living in the same compound with me then. He saw me and started calling me "Oga". He said he'll "Mount me" till I finish what I came to do. I don't need it but I had to allow him follow me up-and-down.
I dashed him 10k and left.
Cultism turns you into a baby. It humiliates and reduces you. It dehumanizes a man.
Also, it's not a matter of if a Cultist will die, it's a matter of when.
Do you know how many Youth we've lost in Rivers State on cult related clashes? Some were killed by security agencies while many are languishing in jail. Some were either beheaded or buried alive by their opponents.
In my LGA alone, I counted more than 150 souls wasted on cult related clashes since 2011 till date. I know some of them personally because we grew up together but they derailed.
My worry is that they have entered our primary schools. By the time the children enter secondary school, they're already active Cultists. They'll eventually enter the university to lead the campus Cult or become kidnappers and Armed robbers, drug dealers in the society.
Police Campaign Against Cultism And Other Vices (POCACOV) is a project of the Nigeria Police Force initiated by the present Inspector-General of Police, IGP Mohammed Abubakar Adamu NPM mni and its aim is to curb the act of cultism and other vices amongst the Nigerian Youths and Students. POCACOV initiative is different from core law enforcement duties.
For more information: www.pocacov.com
Please drop your comments in the box below;
BREAKING: COAST CLEAR FOR NGOZI OKONJO-IWEALA AS YOO MYUNG-HEE DROPS OUT OF WTO DG RACE.
WTO: Okonjo-Iweala now sole candidate as South Korean withdraws
By Eziafa Ken -February 5, 2021
South Korea’s candidate for the Director-General of the World Trade Organisation (WTO), Yoo Myung-Hee, has announced she will withdraw from the race.
It clears the path for Nigeria’s Ngozi Okonjo-Iweala who the General Council announced late last year as the consensus candidate.
The World Trade Organization’s General Council Chair David Walker announced in last October Nigeria’s Ngozi Okonjo-Iweala had garnered the most support among WTO members to become the next global trade chief but her appointment was vetoed by the United States.
Korea’s Trade Minister Yoo Myung-hee announced on Friday that she would withdraw her candidacy for the next World Trade Organization (WTO) Director-General.
Korea will continue to work with responsibility for the restoration of the multilateral trading system.
NOI, as she is fondly called, will be the first female and first African to head the WTO if affirmed by its 164 members.
Myunghee1’s withdrawal does not mean @NOIweala immediately becomes the WTO next Director-General.
That appointment is taken in a formal decision by the WTO’s 164 members.
Since the U.S. is the only WTO member blocking Okonjo-Iweala’s candidacy, it remains to be seen whether the Biden administration will reverse the Trump administration’s veto and support her.
If there is no opposition from any WTO members, the chairman of the WTO general council, David Walker, can announce the resumption of the WTO suspended October general council meeting to consider the appointment of a new Director-General.
Thursday, February 4, 2021
BREAKING: EKWEREMADU IS DEAD.
BREAKING SAD NEWS: Mathias Ekweremadu is dead
By Eziafa Ken -February 4, 20210
Breaking
News reaching Journalist101 suggests that Mr. Matthias Ekweremadu, the younger brother to Senator Ike Ekweremadu is dead.
Mr. Ekweremadu who’s the Commissioner for transport, Enugu state slumped at Enugu State House of Assembly when he appeared before the lawmakers to defend the budget of his ministry.
Late Mathias Ekweremadu
Mathias Ekweremadu who was appointed commissioner in 2019 was rushed to Niger foundation where he was confirmed dead.
A family source told us that his remains has been deposited to the morgue.
Stay with Eziafa Trending News online for more details.
JUST IN: BUHARI NOMINATES SACKED SERVICE CHIEFS AMBASSADORIAL POSITIONS
JUST IN: Buhari nominates sacked service Chiefs ambassadorial positions
By Eziafa Ken -February 4, 2021
President Muhammadu Buhari has forwarded the names of the immediate past service chiefs, as well as one other retired officer, to the Senate to be confirmed as non-career ambassadors-designate.
It would be recalled that the former service chiefs, including Gen Abayomi G. Olonisakin (Rtd ), Lt Gen Tukur Y. Buratai (Rtd), Vice Admiral Ibok-Ete Ibas (Rtd), and Air Marshal Sadique Abubakar (Rtd), were retired from service just last week Tuesday, after occupying their positions for almost six years.
According to a statement issued by Special Adviser to the President on Media and Publicity, Mr Femi Adesina, the Presidential request to the Senate also included the name of the retired Chief of Defense Intelligence, Air Vice Marshal Mohammed S. Usman (Rtd).
“President Muhammadu Buhari has forwarded the names of the immediate past Service Chiefs to the Senate as non-career Ambassadors-Designate.
“In a letter to Senator Ahmad Ibrahim Lawan, President of the Senate, the President said: ‘In accordance with section 171 (1), (2) (c) & sub-section (4) of 1999 Constitution of the Federal Republic of Nigeria as amended, I have the honour to forward for confirmation by the Senate, the under-listed five (5) names of nominees as Non-Career Ambassadors-Designate’.
“The nominees are: Gen Abayomi G. Olonisakin (Rtd ), Lt Gen Tukur Y. Buratai (Rtd), Vice Admiral Ibok-Ete Ibas (Rtd), Air Marshal Sadique Abubakar (Rtd), and Air Vice Marshal Mohammed S. Usman (Rtd).
“The President urged the Senate to give expeditious consideration to the nominations,” the statement said.
BUHARI EXTENDS IGP's TERM IN OFFICE BY 3 MONTHS
BREAKING: Buhari extends Adamu’s tenure as IGP for three months
By Eziafa Ken -February 4, 2021
President Muhammadu Buhari has extended the tenure of the Inspector General of Police, Mohammed Adamu, by three months.
Announcing this to State House Correspondents after a meeting with President Buhari, Minister of Police Affairs, Muhammad Dingyadi, said the decision was to allow for proper selection of a successor.
Details later…
TWO SIBLINGS ALLEGEDLY MURDERED A LADY FOR HAVING AN AFFAIR WITH HER BOYFRIEND.
Heartbreaking: Late Ijeoma’s mother, crying and cursing her alleged murderers.
February 04, 2021
Heartbreaking: After adjournment of Late Ijeoma’s case in court in Enugu, Mother of the deceased was seen crying and cursing her alleged murderers.
“Your generation is cursed” she hurled on the accused siblings.
Today at the Enugu State Magistrate Courts, two siblings Ifezue Chiamaka and Ifezue Emeka were arraigned for the alleged murder of Enugu based Make Up artist, Ijeoma Nweke.
According to the story,
Chiamaka and her brother allegedly killed Ijeoma for having an affair with her boyfriend
During the hearing, it was revealed that Chiamaka lured Ijeoma by inviting her for a make up job.
On getting there and suspecting foul play, Ijeoma quickly sent an SOS message to a friend, before forced to drink a poisoned substance.
The two siblings went on to pour substance said to be acid on the Ijeoma.
An eye witness who was also present in the court reveled that he witnessed as Emeka Ifezue poured acid on the body of Ijeoma after they dumped her corpse at Maryland axis of Enugu Metropolis.
Also present in court was the boyfriend
who was willing to testify against the two siblings.
The case was adjoined to February 24th, 2021.
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President Muhammadu Buhari has appointed new service chiefs. Special Adviser On Media and Publicity To President, Femi Adesina, made this kn...
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