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Binance, the largest crypto exchange in the industry has helped Indian authorities trace $47.6 million from a trending game project which scammed its players.
Binance announced this development stating how it helped India’s Enforcement Directorate recover millions from an online gaming platform Fiewin.
The investigation and detection of the loot was carried out by Binance’s Financial Intelligence Unit which provided crucial information that led to the crackdown on the culprits and the arrest of four of them.
The Online game in question is known as Fiewin an Android application that allows users to play wagering games and earn cash.
Binance in its announcement explained the ulterior motive of the people behind the game and how they used it to scam people.
“The Fiewin app lured users into online gambling and gaming with false promises of easy profits”, Binance said.
Binance’s team in their investigation found that the flow of funds was distributed to various crypto-wallets linked to a global crypto exchange.
At the moment it has not been revealed whether the traced $47.6 million has been recovered or not.
Binance explained that the case was still ongoing and that they would continue to assist the Indian Enforcement Directorate in tracking down the broader criminal network behind the fraud.
India’s Enforcement Directorate Reacts
The Indian Enforcement Directorate reacted to the statement by Binance explaining the importance of the public and private sectors working together to combat Financial crime.
A spokesperson for the Indian Agency admitted that Binance’s role was crucial in untangling the complex network behind the Fiewin scam.
The Fiewin Scam
Fiewin is an online gaming app where users can play mini-games and earn money in return. The platform was initially promoted as a legitimate project until players noticed that once their earnings reached a certain amount their accounts would be frozen making them unable to withdraw funds.
Several victims of the gaming app reported to the police which took the case to India’s Enforcement Directorate after receiving multiple complaints.
A thorough investigation by the ED revealed that Fiewin was part of a much larger international crime network that orchestrated the movement of illicit funds through various methods. The international crime syndicate uses bank accounts and crypto wallets to move money which accumulates in a complex web of difficult-to-trace transactions.
What to Know
- Binance Ltd and Indian authorities were involved in a Spat earlier this year which led to Binance being ordered to pay a fine. The renewed collaboration between both parties spells an amended relationship between Binance and Indian Authorities.
- In May 2024, The ED and Binance’s FIU also managed to uncover the E-Nugget scam, a digital investment fraud that used a gaming platform to lure in victims.
[Nairametrics]
The Take It Back Movement (TIB) has proposed holding a virtual meeting with the Lagos State Police Command instead of an in-person discussion, citing logistical challenges.
This proposal was outlined in a letter sent on Wednesday to the Assistant Commissioner of Police, State Intelligence Department, Jaiyeoba Joseph, by the group’s legal team, Inibehe Effiong Chambers.
Naija News reports that the letter follows an invitation from the police, delivered on Tuesday, which requested key members of the TIB, including National Coordinator Sanyaolu Juwon, to meet with the new Commissioner of Police, Olanrewaju Ishola, to discuss matters of national interest.
According to The Punch, an insiders from the TIB expressed concerns that the physical meeting could be used as an opportunity to arrest some of their members.
Despite these fears, police spokesperson, Benjamin Hundeyin, confirmed the invitation and assured that the meeting was intended to be friendly, with no plans for any arrests.
He also noted that the upcoming October 1 protest would be a key point of discussion.
According to the letter from the TIB’s legal representatives, several members of the group’s leadership are currently out of Lagos and would find it difficult to attend a physical meeting at short notice.
As a solution, the TIB suggested that a virtual meeting would allow all participants to join remotely, making it easier to discuss the important matters at hand.
“Due to the short notice and the fact that several key members of the Take It Back Movement are currently out of Lagos State, attending the physical meeting may be impracticable.
“We respectfully propose a virtual meeting as an alternative, as this would enable all necessary participants to join remotely and contribute productively to the discussions,” the letter partly read.
However, the group also mentioned that if a physical meeting was essential, they would be willing to reschedule, suggesting early October as a possible time when all members could attend in person.
The planned October 1 protest, themed ‘FearlessInOctober,’ is aimed at highlighting economic challenges in Nigeria, with a particular focus on rising inflation and the ongoing fuel crisis.
The Lagos State government has sealed off some organizations and outfits in the state over non-compliance with environmental laws in the state including noise pollution.
The Lagos State Environmental Protection Agency (LASEPA), which carried out the exercise, noted that the sealed establishments include churches, restaurants and hotels.
The General Manager of LASEPA, Babatunde Ajayi, in a statement on Wednesday, said the agency would maintain zero tolerance for non-compliance with environmental laws in Lagos State.
Ajayi disclosed that the areas targeted during the current operation were Ikeja, Mushin, Gbagada, and Maryland.
He added that the sealed establishments include Vital Products Limited, A&P Nigeria Limited, Polite Anchorage and Suites, the Redeemed Christian Church of God, Terrag Inn Apartment, Evening Class Guest House, Celestial Church of God, a printing press, Charley’s Bar, and 7th Heaven Hotel & Suites.
The LASEPA boss noted that before they were sealed, the facilities ignored several warnings from the agency.
Ajayi urged all businesses to fulfil their environmental responsibilities and collaborate with the state government to ensure a cleaner, more sustainable Lagos.
“In a decisive step towards tackling noise pollution and other environmental violations, the Lagos State Environmental Protection Agency (LASEPA) today sealed off multiple establishments across various parts of Lagos state.
“The General Manager LASEPA, Dr Babatunde Ajayi, emphasized the agency’s zero-tolerance stance on non-compliance with environmental laws.
“We will not tolerate non-compliance with our regulations,” the statement reads.
MKO Abiola: My father married 30 wives – Late politician’s son, Abdul opens up on father’s will
AFOLABI
Abdulmumuni Abiola, son of the acclaimed winner of the June 12, 1993 presidential elections, the late Moshood Kashimawo Olawale (MKO) Abiola, has shared personal insights about his father’s family life and Will.
In a recent video that has gained traction on social media, Abdul opened up about his father’s meticulous nature and how his estate was handled after his passing.
He revealed that his father had 30 wives, with each receiving specific amounts of money as stipulated in his Will.
According to Abdul, MKO Abiola, a trained accountant and auditor, ensured that his wealth was distributed carefully, with the first wife, Simbiat, receiving £300,000, while other wives were also allocated significant sums.
Abdul explained that his father’s attention to detail extended to every aspect of his life, including how he structured his financial legacy.
Abdul further discussed issues within the family concerning the management of the Abiola estate.
He accused his brothers, Kola and Wuraola Abiola, of acting as self-appointed directors, lifting over 600,000 barrels of oil from their father’s oil block without consulting or sharing the proceeds with their other siblings.
He claimed that these actions have marginalized the other children, with Kola and his full siblings allegedly running the estate like personal property.
Reflecting on his father’s Will, Abdul described it as a “very detailed document” that outlined specific instructions regarding the distribution of wealth among family members, including wives and siblings.
He noted that his father had also included provisions for a blood test to confirm anyone claiming to be an Abiola before benefiting from the estate.
Asked about his father’s Will, Abdul said, “Like with everything my father did, he was very meticulous in his outlook and approach to everything.
“You know, he was an accountant by trade, as matter of fact, an auditor. And if anybody knows anything about auditors, you know that they’re the one group of accountants that people don’t like, because what they do is they check other people’s work.
“So my father, being an auditor and being an accountant, was very meticulous in everything he did. So, you know, at the time of his passing in 1990s you have to understand that he had been arrested in 94 and he was later on assassinated in 98 and once he was assassinated, you know, my father had a Will and last testimony, you know, and it was very detailed piece of document.
“It was a very detailed piece of document, because what you see, if anybody was to look at the document a little, the document is actually available online, if anybody wanted to check whatever father had put in his Will, what you see is a man who was deliberate, who wanted to ensure that his wealth was divided properly according to his wishes.
“You’ll see that he had specified the wives and the exact amount of money that should be apportioned to each wife.
“He did that basically, what was due the first wife was about $300,000. My mother was apportioned about $150,000 and the third wife was to take about, I think 100,000, just like that.
“And he went down like that. He went to the point that, after he had accounted for all the wives, I think about maybe 30 wives identified, he also accounted for his siblings.
“It was what my father had, if you know, you know, he had a bunch, he had a lot of wives. But then you have to understand that it was also not something that was frowned upon at the time, in the 20th century.
“And so, yeah, so he had 30 wives, and he also identified some of his siblings, and also apportioned funds to them as well.
“So you can see that he was, he was a family man through and through, you know, he identified his family, his wives, he identified his siblings, and some certain people also that he had included in his Will.
“So my father was adamant about certain things, one of which was that anybody who was claiming to be an Abiola would have to go through a blood test, which we had, most of us have done.”
Media
Abdul Mumuni Abiola has revealed shocking family secrets in this revealing interview about his late father MKO Abiola, urging President Tinubu to intervene.
— Imran Muhammad (@Imranmuhdz) September 24, 2024
MKO Abiola’s WILL: Abdul sheds light on how MKO arranged cash payments for all his 30+ wives. First wife Simbiat got… pic.twitter.com/mSAX7y5vBV
Lawyers have analyzed the legal implications and consequences associated with the Central Bank of Nigeria’s (CBN) reaffirmation that its Ways and Means Advances to the federal government will continue to be maintained at the 5% threshold for the fiscal years 2024-2025.
Last Tuesday, the CBN revealed it can advance up to 5% of the previous year’s actual collected revenue to the federal government, which must be repaid within the year to prevent a long-term fiscal burden.
The Ways and Means facility allows the apex bank to provide short-term financing to the federal government to address budget shortfalls.
This aligns with its Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024-2025, released by the CBN on Tuesday.
In an exclusive interview with Nairametrics, prominent legal practitioners shared their thoughts on the development in relation to relevant financial laws in Nigeria.
CBN to Consider Sub-Accounts of MDAs in Calculating Threshold
The Ways and Means advances from the CBN have been associated with various forms of misappropriation in the past.
In guidelines previously reported by Nairametrics, the CBN clarified that the advances would now be determined by recognizing the sub-accounts of various Ministries, Departments, and Agencies (MDAs) linked to the Consolidated Revenue Fund (CRF), ensuring a consolidated cash position for the federal government in line with Treasury Single Account (TSA) arrangements.
The apex bank noted: “Consistent with the banking arrangement of the Treasury Single Account (TSA), Ways and Means Advances would now be determined after recognizing the sub-accounts of the various MDAs, which are now linked to the Consolidated Revenue Fund (CRF), to arrive at the Federal Government’s consolidated cash position. This will continue in the 2024/2025 fiscal years.”
What Nigerian Lawyers Are Saying
Dr. Olisa Agbakoba, SAN, in an exclusive interview with Nairametrics, said the CBN guidelines on Ways and Means are a complex issue intertwined with legal, economic, and political realities.
According to him, the reason for limiting Ways and Means borrowing to 5% by the CBN is to control public sector borrowing requirements, which are generally not appropriated.
He also stated that the 5% cap is intended to control inflation; otherwise, a government might continuously print money to fund its public spending.
However, he maintained that this approach lacks economic basis and fundamentals.
“In simple terms, you cannot borrow without the underlying fundamentals that the economy will benefit from. Therefore, it makes sense to set a ceiling on Ways and Means borrowing. Unfortunately, this legal ceiling is often not observed. In the context of the CBN statement of policy, what it implies is that the CBN, as a lender of last resort, is available to assist the government,” he said.
He further explained that the reason why the government needs the money is of vital importance to relevant stakeholders and the economy.
He noted that if the borrowing is for productive purposes, then Ways and Means “is in principle good.”
On the other hand, Agbakoba stressed that “borrowing to pay recurrent obligations is not a good idea, as it has inflationary pressures and consequences” for the country and its citizens.
Professor Mike Ozekhome, SAN, also in an exclusive interview with Nairametrics, said the CBN’s plan to advance up to 5% of last year’s revenue may appear suspicious or even illegal on the surface.
He noted, however, that the CBN’s enabling statute, namely the CBN Act of 2007, expressly confers on the bank under Section 38, the powers to grant temporary advances to the Federal Government in respect of temporary deficiencies of budget revenue at such rate of interest as the Bank may determine.
He stated that by virtue of Section 38 of the CBN Act, the National Assembly has authorized the apex bank to grant advances (which it calls “Ways and Means”) to the federal government under strict compliance with the provisions of the CBN Act regarding the modalities, conditions for the grant of the advances, as well as their tenor and repayment.
According to him, it would be difficult to fault the CBN on the issue of Ways and Means.
He explained that regarding Ways and Means, a supplementary budget is required to be passed by the National Assembly, in line with Section 81(4) of the Constitution, emphasizing that this is the norm, as the 1999 Constitution is supreme.
He posited that in the absence of authorization by the National Assembly for a supplementary budget to capture the said Ways and Means advances by the CBN to the federal government, the advances become beyond the powers of the apex bank and unconstitutional.
“Beyond this requirement for a supplementary budget before the CBN can grant the federal government any advances, either by way of the so-called ‘Ways and Means’ or under any other guise, it is my humble opinion that this method has always been shown to be opaque and susceptible to multiple layers of corruption. A government should plan thorough budgets, not knee-jerk ad-hoc appropriations that lack transparency and accountability,” Ozekhome said.
For public interest lawyer Opatola Victor, he told Nairametrics in an exclusive interview that Nigerians must pay close attention to the issue of Ways and Means advances granted by the Central Bank of Nigeria (CBN) to the federal government, as the consequences of misuse and abuse can be far-reaching and detrimental to the country’s economic stability.
He said a major concern lies in how the CBN funds these advances and the accountability for the use of these funds, as the apex bank has no independent revenue stream to cover these large sums, leading to the conclusion that it prints vast amounts of money to meet the government’s borrowing needs.
“This unchecked money printing inevitably fuels inflation, as more money circulates without a corresponding increase in goods and services. The consequences of this are felt directly by the average Nigerian in the form of rising prices, diminishing purchasing power, and an overall decline in economic well-being,” he added.
He stated that while the Debt Management Office (DMO) recently issued 37 FGN bonds, effectively converting the unpaid Ways and Means advances into long-term debt that will be serviced with interest over the next 37 years, this move, which seems like a solution, carries significant implications.
“The securitized debt is now part of the national debt, meaning that servicing it will come from future budget allocations. This not only burdens future administrations but also reduces the funds available for critical infrastructure, social services, and other developmental needs,” he added.
The lawyer warned that without vigilant oversight from the public and a concerted effort to hold the government accountable, accumulated debts will continue under different guises.
According to him, “inflation, currency devaluation, and a growing national debt are direct outcomes of the government’s fiscal irresponsibility,” which can erode the economic prospects of ordinary Nigerians.
What You Should Know
The Senate and the House of Representatives recently passed a bill to increase the percentage of Ways and Means loans the Central Bank of Nigeria (CBN) can give to the federal government.
The upper chamber of the Nigerian legislature raised the credit facility obtainable by the federal government from the apex bank from 5% to 10% of the revenue of a fiscal year.
However, Murtala Sabo Sagagi, a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), expressed concerns that the proposed increase in the federal government’s Ways and Means limit from 5% to 10% could lead to a significant surge in excess liquidity within the Nigerian economy.
Sagagi noted that this development poses a risk of exacerbating inflationary pressures and undermining the efforts of the CBN to stabilize the economy through its tight monetary policy stance.
In May 2023, shortly before the end of the Muhammadu Buhari government, the Senate approved the request of the then President to restructure the N22.7 trillion loans the CBN extended to the federal government under its Ways and Means provision.
Earlier in the year, the Governor of the Central Bank of Nigeria, Yemi Cardoso, stated that the apex bank will no longer grant Ways and Means to the federal government until the previous loans are repaid.
Cardoso noted that this was one of the measures taken by the apex bank to address the economic issues currently plaguing the country.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recently announced that the federal government has repaid N7.3 trillion in Ways and Means advances to the apex bank.
[Nairametrics]
TikTok purges accounts tied to Russian media over ‘covert influence’ efforts ahead of US election
Admin
TikTok has removed accounts associated with two Russian media groups for trying to exercise what it called “covert influence” on the upcoming US presidential election, in violation of its guidelines.
The accounts are linked to Rossiya Segodnya and TV-Novosti, the organizations behind the Sputnik news agency and the RT broadcaster respectively, the social media platform said on its website Monday, labeling the groups “state-affiliated.”
The move mirrors an announcement by Meta (META) last week that it had banned Rossiya Segodnya, RT and “other related entities” from its apps globally for “foreign interference activity.”
Rossiya Segodnya and RT did not immediately respond to a CNN request for comment on the TikTok measure.
Earlier this month, the US Justice Department announced charges against two RT employees for funneling nearly $10 million into a US company, identified by CNN as Tenet Media, to create and amplify content that aligned with Russian state interests. The covert influence campaign was aimed at the American public ahead of the presidential election, US officials said.
Tenet Media boasts a slate of high-profile right-wing, pro-Trump commentators, including Tim Pool, Dave Rubin, Benny Johnson and several others. All of them released statements saying they were victims of the alleged Russian scheme.
After the Justice Department announcement, RT responded with mocking statements that did not address the specifics of the US allegations.
TikTok, for its part, has itself faced questions over whether or not the Chinese government can manipulate its algorithm to influence the American public. The platform, which 170 million Americans use to watch videos about sports, fashion and politics, is owned by Chinese company ByteDance.
In April, President Joe Biden signed a bill that could lead to a nationwide ban on TikTok in the United States unless the app finds a new owner, which the company has since challenged in court.
[CNN]
ChatGPT is ready for more natural audio chats.
OpenAI said Tuesday that its popular chatbot now has an advanced voice feature for people who pay for the premium service. The tool allows for more fluid conversations.
The release will continue through the week. The company said it’s not yet available in EU countries, Iceland, Liechtenstein, Norway, Switzerland or the U.K.
OpenAI announced the new capability in May. The rollout got plenty of publicity because of a voice called Sky that resembled that of Scarlett Johansson in the 2013 movie “Her.” Legal counsel working on behalf of Johansson sent OpenAI letters claiming the company didn’t have the right to use the near-identical voice, and OpenAI paused using it in its products, CNBC reported.
In the months since, people have been able to configure ChatGPT to talk to them in other voices through a free tier. The advanced version responds more quickly and will stop talking and listen if you interrupt it. There are now nine voices to choose from, and you can enter instructions for voice chats in the Customizations part of the app’s settings.
“Hope you think it was worth the wait,” Sam Altman, OpenAI’s co-founder and CEO, wrote in an X post on Tuesday.
It’s an increasingly competitive space for OpenAI, which is backed by Microsoft.
For the past couple weeks, Google has been releasing its own Gemini Live voice feature in English on Android devices. And on Monday, Reuters reported that Meta will introduce celebrity voices later this week that can be accessed through Facebook, Instagram and WhatsApp.
OpenAI got a head start in the generative AI chatbot market, when it launched ChatGPT in late 2022. In August, OpenAI told media outlets that ChatGPT had over 200 million weekly active users.
The advanced mode is only available to those with subscriptions to OpenAI’s Plus, Team or Enterprise plans. The most affordable option is the Plus tier at $20 per month.
Here’s what to do
If you’re paying, it’s easy to get started, assuming OpenAI has granted access to your device.
First, make sure you have the latest version of the app on your phone.
Open the ChatGPT app.
OpenAI says you’ll receive a notification in the app once it’s turned on access to the new feature. Hit the continue button to get started.
Create a new chat by swiping right or tapping the two-line icon in the top left corner and selecting ChatGPT at the top. To the right of the “Message” text field and the microphone icon, you should see a sound wave icon. Tap that and make sure your sound is on.
In a few seconds, you’ll hear a little “bump” sound, and the circle in the middle of the screen will morph into a fluid sky-like blue and white animation. Start speaking. You should receive a response quickly. Don’t be surprised if audio breaks up a bit.
OpenAI said it has improved accents in some foreign languages and has increased the speed of conversations. But if you don’t like what you’re hearing, you can ask ChatGPT to speak differently. You can tell it to speed up, for example, or incorporate a Southern accent.
With advanced voice mode, you can have ChatGPT tell you a bedtime story, help you get ready for a job interview or even work on your foreign language skills.
But even if you’re paying, you won’t have unlimited access to advanced voice mode. After using it for about a half hour on Tuesday, I started seeing “15 minutes left” at the bottom of the screen.
OpenAI didn’t immediately respond to a request for details about the time limit.
[CNBC]
Airtel announces AI-powered spam detection solution that processes 1 trillion records in real-time
Admin
On Wednesday, Bharti Airtel, the second largest telecom operator in India introduced India’s first AI-powered spam detection solution, which according to the telco will significantly reduce the spam calls and SMSs for its network users.
Airtel calls it a first-of-its-kind solution, where it will alert users in real-time about suspected spam calls and SMSes for free and it is auto-activated for all Airtel network users.
Spam detection works on calls and SMS. (Image credit: Airtel)
According to Gopal Vittal, Managing Director and Chief Executive Officer, Bharti Airtel “Designed as a dual-layer protection, the solution has two filters – one at the network layer and the second at the IT systems layer. Every call and SMS passes through this dual-layered AI shield. In 2 milliseconds our solution processes 1.5 billion messages and 2.5 billion calls every day. This is equivalent to processing 1 trillion records on a real-time basis using the power of AI.”
https://www.youtube.com/watch?v=ba9XMEmexsw
Vittal added that the solution has been able to successfully identify 100 million potential spam calls and three million spam SMSes originating every day. “For us, keeping our customers secure is a burning priority.”
This product is designed and developed in-house by Airtel, which uses a proprietary algorithm to identify and classify calls and SMSes as “Suspected SPAM”, which can analyse calls and SMS by pattern, frequency, duration, and several other parameters. This solution also alerts users when they receive a spam SMS, which might include blacklisted URLs by analysing frequent IMEI changes.
However, users will continue to receive service, and transactional calls with the prefix 160 from institutions like Banks, Mutual Funds, Insurance Companies, Enterprises, SMEs, and promotional calls with the prefix 140 to those who have not enabled do-not-disturb (DND) service.
[indianexpres]
Facebook owner Meta (META.O), opens new tab prepared on Wednesday to kick off its annual Connect conference at its California headquarters, where it is expected to preview its first augmented reality glasses and announce updates to its existing virtual reality and artificial intelligence products.
Among those AI updates is an audio upgrade offering users the option to select a voice for Meta's ChatGPT-like chatbot, including the ability to make it sound like celebrities including Judi Dench and John Cena, Reuters reported on Monday.
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The augmented reality reveal is a long time in the making for Meta Chief Executive Mark Zuckerberg, who positioned AR technology as a sort of magnum opus when he first pivoted the world’s biggest social media company toward building immersive “metaverse” systems in 2021.
However, Meta has struggled to overcome technical challenges with its AR project since then, prompting the head of the company’s metaverse-oriented Reality Labs division to acknowledge last year that a product it could viably bring to market was “still a few years away - a few, to put it lightly."
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The company has been plowing tens of billions of dollars into its investments in artificial intelligence, augmented reality and other metaverse technologies, driving up its capital expense forecast for 2024 to a record high of between $37 billion and $40 billion.
Its metaverse unit Reality Labs lost $8.3 billion in the first half of this year, according to the most recent disclosures. It lost $16 billion last year.
The social media giant is planning for the first generation of the AR glasses this year to be distributed only internally and to a select group of developers, with each device costing tens of thousands of dollars to produce, according to a source familiar with the project.
Meta aims to ship its first commercial AR glasses to consumers in 2027, by which point technical breakthroughs should bring down the cost of production, the source said.
The source spoke on condition of anonymity because they were not authorized to discuss company plans.
Zuckerberg appeared to confirm that approach, describing the AR work and telling an audience at a live taping of the Acquired podcast in San Francisco that Meta was “pretty close to being able to show off the first prototype that we have of that.”
Meta did not immediately respond to a request for comment on the plans.
In the meantime, Meta has leaned into an unexpected interim success on the road to AR with its camera-equipped Ray-Ban Meta smart glasses.
Riding a wave of excitement around emerging generative AI technology, the company announced at last year’s Connect conference that it was adding an AI-powered digital assistant to the glasses, turning a once-forgotten device into the most popular AI wearable on the market.
Although Meta has not disclosed sales numbers for the smart glasses, the CEO of Ray-Ban maker EssilorLuxottica (ESLX.PA), opens new tab said this summer that more of the new generation sold in a few months than the old ones did in two years. Market research firm IDC estimates that more than 700,000 pairs of the glasses have shipped since the update last year.
Meta recently extended its partnership with EssilorLuxottica and contemplated a possible investment in the eyewear company, prompting speculation that the AR glasses may also bear the Ray-Ban name. More immediately, Meta’s roadmap for the smart glasses includes plans for a next generation that will feature a viewfinder capable of displaying basic text and images through the lenses.
It has been shipping software updates this year enhancing the AI assistant’s capabilities on the existing glasses, including an update in April that enabled the agent to identify and converse about objects seen by the wearer.
[reuters]
The Petroleum and Natural Gas Senior Staff Association of Nigeria has offered reasons why independent marketers are unable to purchase petrol directly from Dangote Refinery.
The President of the association, Festas Osifo, offered the explanation when he spoke with newsmen in Lagos on Tuesday.
Osifo said the major reason is the pricing disparity between the costs at which the Nigerian National Petroleum Company Limited buys petrol and the price it sells to independent marketers.
He said while the NNPC may purchase petrol at N950, it sells it to independent marketers for around N700.
He said the NNPCL then manages the significant shortfall.
Osifo said if the major marketers buy directly from Dangote at a price similar to that at which NNPCL purchases it, they will need to sell for at least N1,000 anywhere in the country.
He added that this accounted for why the marketers still buy petrol from NNPCL.
He noted that some part of Nigeria’s crude oil has been tied to loan repayments, thus limiting the available supply for local consumption.
He said the ongoing divestment by International Oil Companies poses both risks and opportunities for Nigeria, including potential reduction in foreign direct investment and production level.
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The Centre for Credible Leadership and Citizens Awareness (CCLCA) announced yesterday that the governorship election in Edo State was conducted in a manner that was free, fair, and credible.
According to CCLCA, the Independent National Electoral Commission (INEC) adhered to most of the established electoral standards.
This centre, which is comprised of a coalition of 51 observer organizations accredited by INEC, held a press conference in Benin City, the capital of Edo State.
During the event, Dr. Gabriel Nwambu, the convener of the centre, along with secretary Mr. Osaretin Omoh, stated that the coalition was providing an impartial report based on their observations.
Naija News reports that the submission of this coalition differs from those of Yiaga Africa and the Center for Democracy and Development (CDD), which raised concerns regarding the election’s conduct.
Nevertheless, in its assessment of the overall execution of the election, CCLCA reported that it observed the distribution of both sensitive and non-sensitive electoral materials from the Central Bank of Nigeria in Benin City to the local government offices of INEC.
Also, it observed the subsequent transfer to various Registration Area Centres (RAC) was carried out under stringent security measures.
“We noted that the election materials were ultimately moved to the 4,518 polling units by INEC ad hoc staff, predominantly National Youth Service Corps members.
“Voting commenced between 9:00 AM and 10:00 AM in most observed polling units. The delay in some areas was due primarily to heavy rainfall, with a few instances of logistical challenges noted. In certain RAC centres, electoral materials and staff were prepared for movement but lacked police escorts. Although these instances were minimal, they warrant attention,” the CCLCA noted.
It, however, observed some anomalies, “Vote buying was observed in some polling units, notably more sophisticated than in previous elections.
“An incident of concern involved military personnel denying access to accredited observers despite proper identification.”
Similarly, the centre also strongly condemned the unauthorized declaration by Governor Ahmadu Fintiri of Adamawa state, in which the governor declared that the candidate of the Peoples Democratic Party (PDP) was the validly elected candidate.
“We are compelled to address a severe violation that occurred post-election. The Governor of Adamawa State, Mr. Ahmadu Fintiri, held a press conference declaring the candidate of his party as the winner of the Edo State governorship election.
“This action blatantly contravenes Sections 178 and 179 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) and undermines the authority of INEC. Such behaviour is unbecoming of a public office holder and could erode public trust in our democratic processes,” the CCLCA noted.
Part of the text of their address reads:
“We were relieved to report that the election concluded without violence, despite the inflammatory remarks made by some politicians, including the outgoing governor, who referred to the election as a “do or die” affair.
“The collation of results was conducted meticulously, adhering to the provisions of the Electoral Act, 2022 Amended and the 1999 Constitution of the Federal Republic of Nigeria as amended.”
The centre, therefore, strongly recommended that Fintiri be held accountable for usurping the powers of INEC, and appropriate legal actions should be taken, saying he has to be prosecuted in 2027 as the immunity is lifted.
“Further investigations into the logistics failures witnessed, including the absence of police escort and delays caused by transport workers, should be conducted to ensure future elections run smoothly.
“We acknowledge the relatively low voter turnout of 22%, largely attributable to adverse weather conditions. However, we assert that the Edo State Governorship Election of September 21, 2024, was conducted in line with the Electoral Act, 2022 and the 1999 Constitution as amended.
“We as 51 INEC Accredited observer organizations, hereby unequivocally declare that this election was transparent, free, fair, and credible. Importantly, we report no loss of life on election day, which reflects positively on the overall conduct.
“We commend the Inspector General of the Nigerian Police for the professionalism exhibited by officers in the discharge of their duties, as well as INEC for overseeing a credible election. Lastly, we applaud the people of Edo State for their peaceful disposition, demonstrating their unwavering love for peace,” the Centre concluded.
Afrobeats megastar, David Adeleke popularly known as Davido is set to perform at United Nations General Assembly (UNGA) event.
UNGA is one of the six principal organs of the United Nations, serving as its main deliberative, policymaking, and representative organ with its headquarter in New York.
In a post via X on Tuesday, Davido announced he will be performing at one of the events at the UNGA tonight.
The Grammy-nominated artiste also urged his fans to anticipate his performance.
“Touch down New York City for the @UN General Assembly. My first time attending should be interesting,” he wrote.
“Also performing tonight at one of the events ! Catch me if u can!”
Davido’s announcement comes a few days after DJ Cuppy, the Nigerian disc jockey, made history at the UNGA. She hosted an opening session at the event.
During her session, Cuppy emphasized the importance of engaging young people worldwide in meaningful conversations.
She revealed her passion for quality education — the Sustainable Development Goals (SDG 4).
The disc jockey also highlighted her foundation’s efforts in funding education for underprivileged Africans.
After her keynote session, Cuppy also gave a musical performance at the event.
[PM News]
The Academic Staff Union of Universities (ASUU) has issued a 14-day ultimatum to the federal government to meet its pending demands as contained in the agreements between both parties or risk facing a fresh strike action.
ASUU, in a statement on Wednesday by its president, Professor Emmanuel Osodoke, accused the federal government of not showing commitment to executing the agreements with the union, some of which date as far back as 2009.
It urged the government to pay the withheld salaries due to the 2022 strike action and stop exhibiting delay tactics.
The University academic union is also seeking the conclusion of the renegotiation of the 2009 FGN/ASUU Agreement based on the Nimi Briggs Committee’s Draft Agreement of 2021.
ASUU, in its statement on Wednesday, said if its demands are not satisfactorily met in two weeks time, its members will embark on strike, which would cripple academic activities in the nation’s public universities.
“In view of the foregoing, ASUU resolves to give the Nigerian Government another 14 days, in addition to the earlier 21 days, beginning from Monday, September 23, 2024, during which all the lingering issues must have been concretely addressed to the satisfaction of the membership of the union.
“The union should not be held responsible for any industrial disharmony that arises from the government’s failure to seize the new opportunity offered by ASUU to nip the looming crisis in the bud,” ASUU said
ASUU is also demanding the release of unpaid salaries for staff on sabbatical, part-time, and adjunct appointments affected by the Integrated Payroll and Personnel Information System (IPPIS), and the payment of outstanding third-party deductions such as check-off dues and cooperative contributions.
Its demands also include funding for the revitalization of public universities, partly captured in the 2023 Federal Government Budget, and the payment of Earned Academic Allowances partly captured in the 2023 Federal Government Budget.
Other grievances of ASUU are the proliferation of universities by Federal and State Governments, the implementation of the reports of visitation panels to universities, the reversal of the illegal dissolution of Governing Councils, and the adoption of the University Transparency and Accountability Solution as a replacement for IPPIS.
[NaijaNews]
The Central Bank of Nigeria (CBN) has again raised the benchmark interest rate by a half percentage point to 27.25 percent, marking the fifth consecutive rise despite slowing inflation.
The CBN has so far raised the monetary policy rate – a rate set by policymakers to control money supply in the economy – by a combined 850 basis points from 18.75 percent last July, reaching the highest ever recorded in the country.
The continued rise in the interest rate, though aimed to combat inflationary pressures and stabilise the economy, has far-reaching consequences on businesses with households grappling with its passthrough effect.
Babatunde Adesanya, an economist with the University of Abuja said raising the lending rates is geared towards slowing rising inflation “going by conventional belief”.
“But the challenge of inflation in Nigeria is not just a monetary problem. Other problems such as corruption and mismanagement in fiscal sector are also causing inflation in Nigeria,” he said.
Raising MPR halts soaring inflation
Africa’s biggest economy has been struggling with rising prices for the past 19 months which has led to widespread discontent before beginning to decelerate in July from almost 40 percent.
The National Bureau of Statistics report shows that Nigeria’s headline inflation eases to a six month low of 33.59 percent in August, marking the second consecutive decline in nearly two years.
But with a hike in MPR, the CBN is maintaining a stricter monetary control to rein in the stubbornly high inflation.
Marvelous Ige, a financial analyst at Lagos-based investment firm, Commercio Partners, explained that since inflation is defined as “too much money pursuing few goods”, the goal of high interest rates is to reduce the money in circulation in order to control inflation.
“The CBN raises interest rates to tackle inflation, hence lessening cost of living crisis. The approach also reduces frivolous spending and protect or restore purchasing power,” said Samson G Simon, chief economist at ARKK Economics and Data Limited.
For many analysts, the recent drop in Nigeria’s consumer prices is largely attributed to the decline in food inflation, supported by the ongoing harvest season on food supply and not by monetary tightening.
Reduction in business expansion and loss of jobs
While raising benchmark interest rates helps in slowing inflation and reigniting purchasing power, it could also hamper business growth.
Nigeria is a country where small and medium enterprises (SMEs) account for 96 percent of its business activities and provide more than 80 percent employment opportunities.
But with a tightening monetary conditions, credit will be accessed at higher rates, discouraging business expansion and fueling the already high unemployment rate.
“By hiking inflation rates, credits are discouraged since they are now more costly to obtain. However, what really happens is that certain manufacturers go on with obtaining credits/loans at high costs.
“The increased cost of borrowing will be passed down to final consumers in form of higher prices,” Ige said
“For consumers, higher costs of borrowing means reduced access to finance to fund their personal demands/projects.” the finance expert added.
According to Simon, cited earlier, the 50 basis points hike in lending rates will lead to higher cost of credit resulting in less business expansion for a country where small businesses contribute almost 50 percent to its GDP.
“It will result in contraction or slowing down economic growth and higher unemployment,” the economist added.
Echoing same sentiment, Adedotun Adesile, a US-based finance analyst said high lending rates may lead to slower economic growth as it reduces business investment and expansion.
“This will invariably lead to increased unemployment as businesses cut costs due to higher borrowing expenses,” he added.
Increased FX inflows and stable naira
A higher interest rate environment is expected to drive in dollar liquidity as investors will be in search for a market that gives higher returns on investment.
This inflows is will ensure the stability of the naira and improves consumers’ spending power.
Nigeria’s naira has suffered a 70 percent devaluation since it was allowed to trade freely and made its value to be determined by market forces last June.
The naira, though predicted to appreciate to between 1,350/1,450 per US dollar before the year runs out, is for the past weeks trading above N1,500 at the official market and N1,600 at the parallel market.
“The continuous hike in MPR should increase FX inflows from foreign investments and improve the value of the naira or at least stabilise its value,” Simon said.
He however added that with an increased monetary rate environment, cases of non-performing loans and payment defaults become higher.
High interest rates gives higher returns
In a high-interest rate environment, individuals with excess funds in savings accounts, fixed deposits, or other interest-earning financial instruments benefit from higher returns.
This means they earn more interest income on their savings, making it more attractive to save rather than spend. However, this can also mean higher borrowing costs for loans and mortgages.
Adesile explained that a high interest rates environment gives higher returns on deposits as savings accounts and fixed deposits earn more interest.
“Bonds, debentures, and other fixed-income securities become more appealing,” the financial analysts said.
“It’s not all bad news, a high interest rate environment means higher interest income for individuals with excess funds. They can fix their monies in financial instruments and earn higher interest income,” Ige, earlier cited said.
[BusinessDay]