FEATURES

FEATURES

The House of Representatives on Thursday adopted a motion to investigate the Economic and Financial Crimes Commission (EFCC) on the allegation of receiving ₦15 million from crossdresser, Idris Okuneye, popularly known as Bobrisky.

Social media influencer, Martins Otse, popularly known as VeryDarkMan, alleged that Bobrisky, when convicted by the court for abusing the naira, allegedly served his jail term in a private residency and not the correctional center.

 

Following a motion titled ‘Urgent Need to investigate the disturbing allegation of corruption against the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correctional Service‘ by Hon Patrick Umoh, the House resolved to set up a committee to probe the allegation against EFCC.

The motion by the Ikot Ekpene/Essien Udim/Obot Akara federal constituency member read in part:

The House notes the disturbing and widely circulated publication emanating from Martins Vincent Otse (also known as VeryDarkMan) against critical Nigerian law enforcement institutions; the Economic and Financial Crimes Commission (EFCC) and the Nigerian Correctional Service;

Also notes the publication alleges that the Economic and Financial Crimes Commission (EFCC) dropped money laundry charges against Idris Okuneye (also known as Bobrisky) upon collection of the sum of Fifteen Million Naira (15, 000, 000):

“Further notes that the publication alleges that Idris Okuneye, upon conviction for abuse and defacing of the Naira, by the court did not serve his time at the Nigeria Correctional Service, but was lodged outside the confines of the Service.”

The motion further “Urge the House to set up an ad-hoc Committee comprising of persons of unquestionable integrity to immediately probe the allegation and report to the House within 3 legislative weeks.

Bobrisky: Reps Resolve To Investigate EFCC

Source: Terry Ikumi

…Taps 30% of Tetfund income to fund NELFUND

…To deploy tax tools to drive jobs, exports

The federal government is making plans to bring more eligible individuals and entities into the tax net to increase its revenues and meet obligations to the citizens.

It aims to actualise this objective through a project named, “Tax Identification Consolidation and Collaboration (TICC).”

The project will widen the tax net and the tax base in line with the newly proposed Economic Stabilisation Bills (ESB) set to be sent to the National Assembly.

The initiative is part of the 15 bills set for amendment as approved by the Federal Executive Council (FEC) on Monday, Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said on his X handle.

“Part of the plan is the introduction of ‘Tax Identification Consolidation and Collaboration (TICC)’ initiative to expand the tax base, widen the tax net, and create a level playing field for businesses,” he noted.

Collaboration with states

The government is also planning to collaborate with state governments to suspend certain taxes on small businesses and vulnerable population to give them a breath of fresh air.

The federal government intends to woo states to eliminate taxes such as road haulage levies and other charges on transportation of goods; business premises registration; animal trade and produce sales tax; bicycle, truck, canoe, wheelbarrow, and cart fees; shops, kiosks and market taxes and levies.

“The ESB seeks to amend about 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth,” Oyedele said.

Other objectives contained in the proposed bills include changes designed to achieve inflation reduction and price stability.

The proposed bills are also expected to promote fiscal discipline and consolidation, enhance job creation and poverty alleviation, as well as serve as catalyst for export promotion and diversification.

The key changes to be made to the various laws include amendments to the income tax laws to facilitate employment opportunities for Nigerians in Nigeria within the global value chain, including the digital economy.

 

FG eyes TETFUND’s 30% revenue

On the amendment to the Tertiary Education Trust Fund Act, Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, told journalists in Abuja on Wednesday that the government has successfully pushed an amendment to the Tertiary Education Trust Fund (TETFUND) Act, which provides for the deduction of 30 percent of revenue accruable to the agency to fund the newly established National Education Loan Fund (NELFUND).

“There is an amendment to the TETFUND 2011 Act, which now says it shall fund the disbursement of NELFUND. This means that TETFUND, before it disburses the amount in its fund, shall set aside an initial one-third of the amount to be transferred to the Nigeria Education Loan Fund, This is 30 percent of whatever TETFUND gets from the federation account. The amount will now be passed on to a readymade source of fund to NELFUND,” he said.

 

Onanuga confirmed an amendment of the Nigerian Maritime Administration and Safety Agency (NIMASA) Act and that of the Nigeria Ports Authority (NPA) such that all their fees, charges, levies, fines and other monetary accruals will now be paid in naira at the applicable exchange rate.

“You will recall that, hitherto, those agencies were charging their fees in dollars. So, those agencies can now collect naira.

“This affirms that the government wants to place emphasis on our national currency instead of dollarising our economy.”

Nigeria’s poor fiscal position

Nigeria wants to generate more revenue not just by raising taxes but by bringing more persons and entities into the net.

The nation’s revenue to the gross domestic product (GDP) stood at 9.4 percent in 2023, but it was a decline from 10.9 percent in 2021, according to the International Monetary Fund (IMF).

South Africa’s revenue to GDP stood at 25.1 percent in 2023, according to South Africa Revenue Service (SARS).

Ghana’s tax to GDP is estimated at 14 percent. Rwanda is currently at 24 percent, while Kenya’s is 14.3 percent, says the World Bank.

Nigeria’s total public debt stood at N121. 67 trillion in the first quarter of 2024, from N97. 34 trillion in the fourth quarter (Q4) of 2023.

Bill Gates, co-chair of Bill and Melinda Gates Foundation, in his recent visit to Nigeria said, “Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50 percent of your GDP for the first time since 2001.”

“And while your revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago. The result is that Nigeria spends less per-capita on its people than other African countries with a fraction of your wealth.”

He further said that the Nigerian government must demonstrate that it is properly utilising tax revenues before propping the citizens to pay.

“Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life.”

The Nigerian Economic Society (NES) recently warned that Nigeria’s slowing revenue generation may pose significant challenges to its economic growth and social wellbeing of its citizens.

This is contained in a report presented by Adeola Adenikinju, president of NES, at the 65th annual conference of the economic group in Abuja.

Adenikinju noted that with the level of revenues generated in the country, Nigeria may find itself among countries with lowest revenue collection, raising concerns over its economic sustainability.

“Nigeria’s fiscal performance benefited from the foreign exchange liberalisation in 2023, but the country still suffers a revenue problem and could remain among the bottom 10 countries with the lowest revenue in the medium-term,” NES president warned.

[BusinessDay]

One of the strongest use cases for today’s generative AI models is using them to write hundreds of lines of code in a matter of minutes. However, hackers are reportedly misusing these tools to generate malicious code, according to new research published on Tuesday, September 24.

Security researchers at HP found that hackers launched a malicious campaign targeting French speakers. As part of the campaign, the bad actors sought to access and record victims’ screens and keystrokes by infecting their devices with malware known as AsyncRAT.

This malware contained code that was written in VBScript and JavaScript programming languages with the help of generative AI tools, as per the report.

“The structure of the scripts, comments explaining each line of code, and the choice of native language function names and variables are strong indications that the threat actor used GenAI to create the malware,” it said.

The report by HP’s threat security team is significant since it shows that hackers are moving beyond using generative AI to lure victims through phishing attacks. “The activity shows how GenAI is lowering the bar for cybercriminals to infect endpoints,” HP Wolf Security said.

Other findings of the report include an increase in ChromeLoader campaigns, which direct victims to well-designed websites offering PDF converters tools through false advertising around popular search keywords.

 

Hackers are also smuggling malware through vector images in SVG format. SVG images open automatically in browsers and thus, any embedded malicious code is executed when the image is viewed, the report said.

[indianexpress]

A prospective investment by Meta Platforms (META.O), opens new tab in eyeglasses maker EssilorLuxottica (ESLX.PA), opens new tab will be a "symbolic" gesture to cement their long-term partnership, Meta CEO Mark Zuckerberg told technology news website The Verge.
 
Earlier this month, EssilorLuxottica said it had extended its partnership with Meta for developing smart eyewear.
"I think we've talked about investing in them. It's not going to be a major thing. I'd say it's more of a symbolic thing. We want to have this be a long-term partnership, and as part of that, I thought that this would be a nice gesture," Zuckerberg said in a video interview published late on Wednesday on The Verge.
 
 
"I fundamentally believe in them a lot. I think that they're going to go from being the premier glasses company in the world to one of the major technology companies in the world," he added.
In July, EssilorLuxottica confirmed that the tech giant might invest in the company, after the Wall Street Journal reported that the two companies had discussed Meta taking a 5% stake in the French-Italian group.
 
EssilorLuxottica and Meta have been collaborating since 2019, creating two generations of Ray-Ban-branded smart glasses.
Zuckerberg said sales of the latest version were going "very well", with demand much stronger than expected.
"We thought that Ray-Ban Meta was probably going to sell three or five times more than the first version did. And we just dramatically underestimated it," he said.
Zuckerberg said it was hard to gauge real demand for Ray-Ban Metas because they had sold out. But more manufacturing lines have been built and the situation has been resolved, he added.
 
 
Facebook owner Meta showed off its first working prototype of augmented-reality glasses, called Orion, during its annual Connect conference on Wednesday.
 
[Reuters]

OpenAI, the artificial intelligence startup behind ChatGPT, is reportedly discussing a significant restructuring that would grant Chief Executive Officer Sam Altman a 7% equity stake in the company, according to people familiar with the matter.

This move marks a major shift for the company, as it pivots from its original nonprofit roots towards a for-profit model.

The company, founded in 2015 as a nonprofit research organization with the mission of developing AI that is safe and beneficial to society, is now considering transitioning into a public benefit corporation.

 

This type of entity aims to balance profitability with a broader commitment to societal good, the sources said. The restructuring discussions remain ongoing, and no specific timeline has been set for the change.

In a statement, OpenAI reaffirmed its commitment to developing AI for the benefit of all, stating that “the nonprofit is core to our mission and will continue to exist.” The spokesperson declined to comment further on Altman’s potential stake or the restructuring timeline.

This shift comes at a time of significant internal change at OpenAI. Mira Murati, the company’s chief technology officer and a influential figure in its development, announced her departure this week.

The company has also seen leadership transitions, with co-founder Greg Brockman currently on leave.

What to know 

OpenAI’s move to restructure and grant Altman equity ownership shows the company’s ambition to attract more investment as it continues to scale. Since the launch of ChatGPT in late 2022, OpenAI has become a key player in the global AI race, attracting major funding from Microsoft and drawing interest from investors like Thrive Capital and Apple. The company’s valuation has soared, from $14 billion in 2021 to a potential $150 billion, as discussions over a new convertible debt round are underway.

The restructuring will likely allow OpenAI to raise more capital by removing current caps on returns for investors. This would make the company more competitive as it continues to develop advanced AI systems and position itself at the forefront of artificial general intelligence (AGI).

Despite the leadership changes and restructuring plans, OpenAI remains focused on its broader mission of advancing AI safety and ensuring that its technologies have a positive impact on society. However, as the company continues to navigate the balance between innovation, safety, and profitability, these changes signal a new phase in its evolution from nonprofit research lab to a major player in the for-profit tech landscape.

More insight  

Sam Altman, the 39-year-old CEO of OpenAI, is a serial venture investor and one of the leading figures in the tech industry today. According to Forbes, Altman has an estimated net worth of $1 billion.

Altman became a partner at the renowned startup accelerator Y Combinator around that time and eventually served as its president from 2014 to 2019. Under his leadership, Y Combinator nurtured several successful companies, making it a cornerstone of Silicon Valley’s startup ecosystem. In 2019, Altman left Y Combinator to become the CEO of OpenAI, a leading artificial intelligence company currently valued at approximately $80 billion.

His wealth largely stems from his investments in other high-profile ventures, including stakes in companies like Stripe, Reddit, and nuclear fusion startup Helion. In addition to his ranking among the world’s billionaires, Altman was featured in Forbes’ “30 Under 30” in Venture Capital in 2015.

[Nairametrics]

The National Youth Service Corps (NYSC) in Nigeria has undergone several adjustments regarding the monthly allowance (also referred to as “allawee”) given to corps members over the years.

Naija News understands that the Federal Government just yesterday approved an increase in the monthly allowance of corps members in the NYSC from ₦33,000 to ₦77,000.

 

This was disclosed in a statement on Wednesday by the Acting Director of Information and Public Relations of the NYSC, Caroline Embu.

The allowance at different times has been increased due to the level of inflation in the country and in line with minimum wage increases.

Here’s a detailed overview of how the NYSC allowance has changed:

1. Initial Allowance: When the NYSC was established in 1973, the monthly allowance for corps members was relatively modest. Initially, it was set at a mere ₦120 (approximately $0.30) per month, which was intended to cover basic living expenses during the one-year mandatory service.

2. Increment Over the Years: As inflation and the cost of living increased, the allowance was periodically reviewed. By the late 1990s and early 2000s, the NYSC allowance had increased to around ₦4,000 (approximately $10.50) monthly.

3. 2009 Adjustment: In 2009, the then-Minister of Youth Development, Bolaji Abdullahi, announced a significant increment, raising the monthly allowance to ₦7,500 (about $19).

This adjustment was part of a broader effort to improve the welfare of corps members and address the rising costs associated with living expenses.

4. 2016 Increase: Following discussions about the economic hardships faced by corps members, the allowance was raised again in 2016 to ₦19,800 (approximately $51). This increase was well-received, as it aimed to provide better financial support during the challenging period of national service.

5. 2022 Increase: In 2022, the NYSC allowance saw another increment to ₦33,000 (around $86). This change was made amid ongoing economic challenges and was part of efforts to enhance the welfare of corps members in light of rising costs.

6. Latest Increase:The federal government, on the 25th of September, 2024 approved an increase in the monthly allowance of corps members in the National Youth Service Corps (NYSC) from ₦33,000 to ₦77,000.

[NaijaNews]

Senator Orji Uzor Kalu has urged President Tinubu to convene an emergency meeting to address Nigeria’s current economic hardship.

Chairman, Senate Committee on Privatisation, Senator Orji Uzor Kalu, has urged President Bola Tinubu to call an emergency meeting of his economic team and come up with strategies to urgently address the current biting hardship in the country.

Kalu, who is representing Abia North Senatorial District, made the appeal on Tuesday while addressing questions from journalists, who ambushed him at the federal parliament.

The former governor of Abia State attributed the cause of the current hardship to removal of fuel subsidy but was quick to explain that it was the best way to go.

He suggested that the federal government should come up with economic plans that would make life bearable for the poor masses.

“Even in my village, everywhere I go, companies, everybody, there is hardship, but I appeal to the federal government, the president to know how he can bring succor quickly to the people of Nigeria.

 

“He has to do something not yesterday, but today. He must do something like yesterday because the condition of the Nigerian people is not too good.

“I believe that no president in the world elected by people would want his people to suffer. I’m not in the economic team, I have not seen the president or anyone to ask but this is what (return of subsidy) has caused.

“The president has to sit with his economic team to discuss, but the decisions he has taken is what no president in the 60 years of the republic, no president has been able to take that decision.

“The hardship is true, people are suffering. We have hundreds of thousands of workers, we have about 10,000 workers in our group that we run.”

[Leadership]

The Chairman and the Convener of National Peace Committee (NPC), General Abdulsalami Abubakar and Bishop Matthew Hassan Kukah, have said a national stakeholders’ meeting will hold today in Abuja to discuss how to tackle the multifaceted challenges facing the country.

In a statement yesterday, the committee’s leaders said last year’s general election was marked by a renewed sense of optimism and desire for change among Nigerians.

They said the optimism was demonstrated in the number of people who registered for the elections – 93,469,008 million, compared to just 57,938,945 million registered voters in 1999.

“Nigerians believed that the 2023 elections would usher in an administration that would swiftly address the nation’s lingering socio-economic challenges.

“The preparations for the elections heightened the hopes for positive socio-economic and political change. However, the outcome of the keenly contested presidential elections amplified the regional and ethnic cleavages that have underpinned our journey of nationhood,” the statement read.

 

It added that the well-intentioned policy of the government to improve the lives and well-being of Nigerians is yet to meet the expectations of the citizens while the economic strain is being felt by all and sundry.

 

“This dire situation has fuelled frustration and discontent, culminating in the recent nationwide protests on hunger.

“The demands made during the protests reflect the deep-seated challenges facing the country and the urgent need for responsive and effective governance.

“In response to this and in line with its mandate to mediate and intervene in electoral and non-electoral matters that impact on the peace and stability of Nigeria, the NPC has decided to convene a one-day town hall meeting with critical stakeholders to discuss frankly and explore the pathways to support the government in addressing and overcoming the current socio-political and economic situation facing the country,” the statement said.

The committee said the meeting will hold today at the Nigeria Air Force (NAF) Conference Centre in Abuja.

It said: “This meeting will provide a platform for constructive dialogue and collaboration, where the concerns and aspirations of the people can be discussed, and the outcomes are presented to the government.

“It is a crucial step towards bridging the gap between the government and its citizens, ensuring that their voices are heard, and their legitimate concerns addressed.”

[TheNation]

Social media influencer, Martins Otse, a.k.a. VeryDarkMan, has revealed that he possesses further damning evidence to support his exposé regarding Idris Okuneye, popularly known as Bobrisky and the voice note in which Bobrisky claimed to have served his sentence in a private apartment.

He also clarified that he had no intention of defaming human rights lawyer and Senior Advocate of Nigeria, Femi Falana, as suggested online.

“Now, let me tell you something even more interesting. I have another voice note to post, which I will share tomorrow, and it’s from a different person,” VeryDarkMan said in an Instagram post. “I want a thorough investigation into this matter because the EFCC was mentioned, the Comptroller General of Prisons was named, as well as Uncle Femi Falana and Falz. A deep investigation will reveal everything.”

This statement follows Falana’s denial of any involvement with Bobrisky and his issuance of a 24-hour ultimatum to VeryDarkMan to retract the statement linking him to Bobrisky.

Falana’s lawyer, in a letter to VeryDarkMan, had demanded a retraction and an apology.

The controversy began when VeryDarkMan shared a voice note in which Bobrisky claimed that, following his conviction and sentencing for the abuse of naira notes in April, his godfather, in collaboration with the Controller General of the Nigerian Correctional Service, arranged for him to serve his six-month sentence in a private apartment.

According to the voice note, Bobrisky also allegedly claimed that he had been contacted by the rapper Falz and his father, Falana, who proposed to help him secure a Federal Government pardon for a fee of ₦10 million.

 

However, in the letter from his lawyers demanding a retraction and apology, Falana stated: “We wish to state, without any fear of contradiction, that our client (Falana) has never, in his life, spoken to Bobrisky regarding his alleged pardon or on any matter whatsoever.”

Reacting to the letter, VeryDarkMan clarified that he never defamed the human rights lawyer, but merely expressed doubt about his alleged involvement.

He said, “First of all, I did not defame Uncle Falana, and I never will. Uncle Falana, SAN, is someone I respect 100%. I respect him not just because of his position as SAN, but because of what he has used that position to achieve—representing people like me. People like me, speak out against societal ills, the abuse of power, and influence, and the misdeeds of the government.

“How could I ever defame him? I only responded to Bobrisky’s claim that Falz connected Uncle Falana with a ₦10 million deal. What I said was that I chose not to believe Uncle Femi Falana would be associated with such a thing, and if he was, I would be disappointed because of his standing in society and what he represents.

“I had the option to cut the video where Falz was mentioned, but I didn’t because I wanted the matter to be investigated. I want a thorough investigation into this issue.

“I want a deep investigation into this case. The EFCC was named, the Comptroller General of Prisons was named, and then Uncle Femi Falana and Falz were named. A deep investigation would uncover everything, and if Bobrisky is lying, he should face the law for using someone as prominent as Uncle Falana in such a way.

“Uncle Falana, I will never defame you, and I did not defame you. Thank you very much; I still love you. You are my daddy, and I love you 100%.”

[Punch]

Yusuf Tuggar, minister of foreign affairs, has called for a bridging of the digital divide between developed and developing economies.

The minister made the demand on Wednesday during his address at the United Nations General Assembly (UNGA) in New York.

He also asked for support from the international community to enable Africa finance implementation of the sustainable development goals (SDGs).
 
He said the global north must do more to support sustainable development in the global south, adding that it is imperative to adopt measures to tackle challenges impeding development.
 

Tuggar said the global community must take action-oriented measures to “reform the international financial architecture” in a bid “to promote an inclusive non-discriminatory and transparent international trading system as well as to implement comprehensive debt relief measures”.

He also sought for “strengthening of measures to ensure timely repatriation of illicit financial flows and assets”.

“Adoption of a UN framework convention on international tax cooperation to ensure African economies are no longer shortchanged through tax evasion and exclusion in global tax decision making,” he said.
 

“Support for the actualisation and implementation of the UN secretary general’s SDGs stimulation proposal which includes a provision of $500 billion per year for the global south.

“Commitment to fossil fuel energy transition.

“Access to the climate loss and damage funds for the global south.

“Bridging the digital divide between the global north and south through technology sharing and capacity building, including in areas such as artificial intelligence, to ensure no one is left behind.

 

“It is also imperative that the international community develops measures to enhance a common understanding on cryptocurrency given its significant impact on the global economy as well as its links to transnational crimes and money laundering.

“This is especially important in Africa, where economies are most vulnerable due to historical imbalances in the international multilateral system.”

SUPPORT FOR AFRICA TO MEET SDGs

Tuggar asked the international community to lend Africa a helping hand on the SDGs.

 

“The SDG Index estimates that only about 16 percent of the SDG targets are on track to be achieved. We must, therefore, ensure that today’s adoption of the Pact for the Future is backed by a real willingness to fulfil outstanding commitments,” he said.

“With the remaining 84 percent of the SDG targets for 2030 yet to be achieved, countries in the global north must do more to support sustainable development in the global south.

 

“We are optimistic that these targets can be met if commitments are backed by action. However, in the event we fall short of achieving the SDG targets by 2030, we strongly believe that the deadline should be extended.

“The collective resolve and support of the international community could help Africa tackle regional challenges, particularly with regard to sustainable financing for SDG implementation.”

 

He also urged support for indigenous production and exports from Africa.

[TheCable]