NEWS AGENCY OF NIGERIA
W.TEC trains secondary school girls on Artificial Intelligence

W.TEC trains secondary school girls on Artificial Intelligence

259 total views today

 

 

By Funmilola Gboteku/Olanrewaju Akojede

A Non-Governmental Organisation (NGO), Women Technology Empowerment Centre (W.TEC), has completed an Artificial Intelligence (AI) empowerment summer camp for 24 girls drawn from some secondary schools in Lagos.

The News Agency of Nigeria (NAN) reports that the two weeks intensive Summer Camp was held at Laureates College and Kiddies Kingdom Private School,Mafoluku, Oshodi.

The training tagged: “SheCreatesCamp”, with the theme “Solve with AI”, according to the organisers was necessitated primarily to target more females to embracing technology and its immense opportunities.

The Chief Executive Officer of W.TEC, Mrs Oreoluwa Lesi, told NAN on the sideline of the event that the organisation was seeking ways to encourage more women in the STEM – Science, Technology Engineering and Maths – career path.

“We target women and girls because of the unfavourable statistics that shows that women are under-represented in the technology space and not just tech alone but the broad spectrum of STEM.

“When we look at the numbers of women who are studying and working in STEM field, it is very low. Looking at the numbers of women studying STEM degrees across the world, they only make up of 36 per cent while the rest are men.

“In Nigeria, the figures we have show that we only have 22 per cent of women in engineering and technology.

“When we also look at the workspace, women only make up 20 per cent, so we can see that women are already in the minority in STEM field,” she noted.

Lesi explained that the purpose of having the rudiments of AI taught among the school girls was to arouse their interests and help the society to bridge the gap and disparity in the numbers of women in STEM.

“We are targeting these young girls because we want to catch them young, while some of them have yet to make up their minds on the career path they want to take.

“We chose the topic `Solve with AI” so as to introduce the topic to younger girls, we want to assist them to make informed decision about their careers.

“We are providing workshops, seminars and summer camps like this so that the little children can think about themselves and possibly pursue a career in tech or generally STEM field.

“The camp also has other activities to relax them and allows them to connect more because AI has spaces in all fields of human endeavours.

“No matter what people might have studied, there is an application of AI in them which makes it more interesting and amazing,” she said.

Lesi noted that with more awareness women would understand the immense opportunities in AI and embrace its study and applications.

“There are immense opportunities in STEM because we cannot only leave it to the men alone, if our women are able to contribute to the development of AI, then a meaningful impact would be made in terms of decisions when creating an App that both men and women will eventually use.

“The children from the summer camp actually performed above my expectations as they have been able to solve complex issues using the AI, while many of them have also developed interests in STEM related subjects.

“During the intense camping, they were able to build an automated waste bin that we don’t need to use our hands to open, but can open by itself through human sensor.

“The children were also able to build an automated water dispenser machine that can operate just with human sensors, these are some of the amazing projects carried out by the girls during the summer camp,” she said.

The beneficiaries who were esctatic about the prospects in AI told NAN various things that they had gained at the summer camp.

Ikenna Okoro, a Senior Secondary School Student of Trinity International College, Lagos, said that camp experience was worth more than the time she invested in it.

“I have been able to learn new things about AI and I will like to pursue a career in any STEM course in the future,” she said.

Also, Bushroh Yussuf from Tunwase High School, said through AI she learnt about software innovations and how to create apps.

“We were also taught web designing, we sat down to think about our own ideas on how to develop apps which led us to our projects on automated waste bin and automated water dispenser machine,” she said.

Adaeze Nworah, from International School of Beam, told NAN that though she already had ideas about AI, yet the summer was challenging.

“I already knew about AI before the camp and I have developed interests as well, all in all, this summer camp is very interesting and challenging to me.

“I am so thrilled that we can actually sit together to think about how to make an automated water dispenser, because it took us a lot of test run to making sure that we achieved the best product.

“We had time to correct the errors and minimise the human factor that may affect the efficient usage of the water dispenser as well,” she said.

Tamilore Paul-Taiwo from Springforte Lead College, said that her knowledge of AI would help her embrace the idea of creating more job opportunities in the tech industry.

Esther Ajanigo of Royal Regent School, said that the summer camp had opened her consciousness to pursuing a career in software engineering.

“I want to join the league of women in tech space especially AI and I want to create more awareness so that more girls can join me on this journey.

“I will like to build an app that can work on smartphones which will make life easier for us all,” she said.

Lesley Tarabina, a coach at the summer, said that the students had learned a lot which could change their future positively. (NAN)

Edited by Yinusa Ishola/Chinyere Joel-Nwokeoma

 Runsewe harps on role of traditional rulers in tackling youths restiveness

 Runsewe harps on role of traditional rulers in tackling youths restiveness

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By Taiye Olayemi
 
 
The National Council for Arts and Culture (NCAC) has advised the Federal Government on the need for direct involvement of traditional rulers in governance.
 
 
Its Director-General, Chief Olusegun Runsewe, gave the advice when he received in audience a delegation led by the  Olujumu of Ijumu land in Kogi, Oba Williams Olusegun, at the Nigerian Culture House, on Friday in Abuja.
 
 
Runsewe in a statement  said the traditional rulers should be recognised and assigned constitutional roles of Chief Security Officers to tackle the problem of crime and youth restiveness.
 
 
“For the rate of crime and criminality, youth restiveness to take a downward turn in our society, the traditional institutions should be recognized and assigned constitutional roles of chief security officers of their various domains,” he said

Runsewe noted that as the primary custodian of culture and tradition, the traditional rulers play a very vital role of maintaining peace in their various community.
 
 
He said that the traditional institution was the closest to the grassroots which makes it possible for the traditional rulers to easily detect trouble spots and violence and curb them from escalation
 
 
He explained that the high rate of crime and criminality in various parts of the country stem from the fast eroding norms, culture and tradition of the people.
 
 
“As primary custodians of our various tradition and culture, the traditional rulers will make out traditional institutions a veritable springboard for cultural reorientation for our teeming youths who have gone under the wild influence of westernisation,” he said.
 
 
Speaking earlier, Oba Olusegun expressed profound gratitude for the warm hospitality accorded him and members of his entourage.
 
 
He said before the advent of Christianity in Ijumu kingdom, tradition and culture played key roles in the administration of the Kingdom but regrets that most of the beliefs, customs and traditions of the people of his kingdom had been lost.
 
 
He noted that on his assumption to the throne of his fore fathers, the need to reintroduce the lost culture and traditions of the people came to the front burner.
 
 
The traditional ruler said the delegation were in Runsewe’s office to invite him officially to the first ever Indigenous Ijumu Cultural Festival coming up on November 4, at the Ojumu Palace, Iyara in Kogi State.
 
 
He said this was neccesary as the director general remained an icon and ambassador of the Nigerian culture. (NAN) (nannews.ng)
 

Edited by Folasade Adeniran

Shettima urges political office holders to shun personal, sectional gains

Shettima urges political office holders to shun personal, sectional gains

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By Salisu Sani-Idris

Vice President Kashim Shettima has urged political office holders to put the interest, unity and progress of the nation above personal or sectional gains.

Mr Olusola Abiola, Director Information, Office of the Vice President, in a statement, said Shettima gave the advice at a reception to celebrate the appointment and accomplishments of Sen. George Akume, the Secretary to the Government of the Federation (SGF).

The News Agency of Nigeria (NAN) reports that the reception was organised by North-Central Governors’ Forum.

Shettima also called on present and aspiring political office holders to emulate the SGF’s virtues.

The Vice President, who paid glowing tributes to the SGF in a message titled ‘a life of honour’, described Akume as “an idea, a man of honour, a beacon of unity, loyalty and integrity in our nation.

” Let’s not only celebrate his appointment but also learn from his life. Sen. Akume’s political longevity is not by an accident.

” It is the result of his unwavering pan-Nigerian principle, reflecting his wisdom and vision of a peaceful, stable, and safe Nigeria.”

Shettima also eulogized the virtues that have endeared the SGF to so many across political and ethnic lines.

He added: ” We are not here to celebrate an individual; we are here to praise the potency of an idea; to raise a toast to a shining beacon of unity and integrity in our great nation.

” On the path that has led our honouree to this strategic position, we find woven the threads of unshaken belief in the ideals of a united Nigeria.

“It is this belief that has been the driving force behind his every endeavour.

” The conviction that our strength lies in our unity and diversity, that together we are stronger than the sum of our parts, has guided his steps and fuelled his determination.”

Shettima described Akume “as the ally you can count on with your eyes closed, and that’s the highest compliment you can receive in politics.

” His journey to this height exemplifies his fidelity to the pact he has signed.

“It’s what you do when you have agreed to uphold the values that our great nation holds dear.

” It’s what you do when you subscribe to the principles of justice, fairness, and equality.”

The Vice President also underscored the significance of character for aspiring political office holders.

Shettima said: ” There are offices for which no amount of academic and professional qualifications is sufficient to earn you.

” Our honoree here today occupies one such office, an office that makes you understand why our learning institutions emphasize character when issuing degree certificates to their graduating students.

” Our honoree is here today because of his loyalty to a cause greater than himself.

“In a time of wavering political loyalties, Sen. Akume is both a model and a source of inspiration for all those who seek to understand the importance of cooperation in public service.”

Shettima said what truly sets Akume apart was his belief in fostering unity across the rich tapestry of religions, ethnicities, and regions that make up our nation.

” In a land of diverse cultures and traditions, his examples have transcended boundaries, bridging gaps, and nurturing understanding.

” His commitment to building bridges between different groups and backgrounds in one of the most challenging places to do so is the reason he is not just a man but an idea,” the VP added.”

Dignitaries at the event included former Head of State, Gen. Yakubu Gowon; Senate President, Godswill Akpabio; Chief of Staff to the President, Femi Gbajabiamila; and Deputy Speaker of House of Reps. Ben Kalu.

Others were: Senate Leader, Bamidele Opeyemi; Gov. Abdullahi Sule of Nasarawa State; Gov. Hyacinth Alia of Benue; Gov. Mohammed Bago of Niger; Gov. Caleb Mutfwang of Plateau and Gov. Yahaya Bello of Kogi.

Also in attendance were: Gov. Ademola Adeleke of Osun; Gov. Abdulrahman Abdulrazaq of Kwara; former Governors Simon Lalong and Rochas Okorocha; North-Central elders; traditional and religious leaders and Ministers-designate, amongs others. (NAN)(www.nannews.ng)

Edited by Benson Iziama/Bashir Rabe Mani

NATOP congratulates new tourism minister, canvasses development fund for sector

NATOP congratulates new tourism minister, canvasses development fund for sector

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By Taiye Olayemi

 

 

The Nigeria Association of Tour Operators (NATOP) has congratulated Lola Ade-John, the designated Minister of Tourism, urging her to devise ways to create a development fund for the growth of the industry.

 

 

 

Mrs Ime Udo, National President of NATOP,  said this during an interview with the News Agency of Nigeria (NAN) on Saturday in Lagos.

 

 

“We congratulate the new minister for tourism, with her background in Information Technology and being in the technological age, she must bring to bear her expertise in data collation and tourism technology.

 

 

“And as a former banker, we expect that she will be able to devise ways through which tourism development fund can  be created to advance the industry.

 

“One of the major inhibitors for tourism growth is the lack of funding and inability to attract investors.

 

 

“Tourism is first of all a business and should be approached as such,” she said.

 

 

Udo advised the minister to embark on physical tour of some of the heritage sites within the country in view of the deplorable state of most of the sites.

 

 

She said Ade-John would have to connect with the tourism board in each state to ascertain the current state of their activities to evaluate and plan on tourism development.

 

 

“The minister must be very intentional about making Nigeria a destination, she must immediately call for a roundtable stakeholders’ meeting to rub minds and know the true state of things in the industry.

 

 

Udo said the integration of a Minister of Tourism in Nigeria with an Information Technology background presents numerous intriguing possibilities for the country’s tourism sector.

 

 

She said the development and promotion of e-tourism platforms could provide a seamless experience for tourists.

 

 

According to her, such platforms can include online visa applications, digital city guides, and easy online booking for accommodations and attractions.

 

 

She said leveraging technologies such as  Internet of Things (IoT) could help develop “smart tourist destinations”.

 

 

“For instance, smart signage provides real-time information or smart bracelets for tourists that offer guided tours and ensure safety

 

 

“The minister’s expertise can drive the digital transformation of Nigeria’s tourism sector, from online ticketing systems to virtual tours of historical sites, the possibilities are vast.

 

 

“It is certain that she would understand the importance of data, which will lead to better-informed decisions based on tourism trends, visitor preferences, and feedback.

 

 

“Being in a technological age, historical sites and museums could be enhanced with Augumented Reality (AR) and Virtual Reality (VR) technology, providing interactive experiences and bringing Nigeria’s rich history to life,” she said. (NAN) (nannews.ng)

 

Edited by Folasade Adeniran

Impact FCT residents through CDS, perm. sec. urges corps members

Impact FCT residents through CDS, perm. sec. urges corps members

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By Folasade Akpan/08059110536

The Permanent Secretary, Federal Capital Territory Administration (FCTA), Mr Olusade Adesola, has enjoined youth corps members posted to the territory to impact residents through their activities.

He gave the advice on Friday in Abuja at the swearing-in ceremony of the 2023 Batch ‘B’, Stream Two National Youth Service Corps (NYSC) orientation course.

Adesola said: “One of the best ways the residents of Abuja can feel your presence and indelible impacts is by your individual performance and outstanding contributions in the Community Development Service (CDS).

“To this end therefore, you must strive to identify areas of needs in your respective host communities and work towards bridging such gaps.’’

He also urged them to maximise the one-year service national engagement by identifying and acquiring industry-oriented skills that would enable them successfully shape their future career.

The permanent secretary added that this was necessary as the labour market was saturated with trained graduates seeking office employment.

Adesola said that NYSC was established by the Federal Government in 1976 to engender national unity, cohesion and to promote nation building between and amongst Nigerian youths.

“The deployment policy of the NYSC ensures that young Nigerians are posted to states other than their own.

“This is expected to provide corps members the rare opportunity of appreciating and exploring the nation’s deep cultural, social, religious as well as ethnic diversities.

“I believe every one of you will be willing to take advantage of this golden platform to build social and professional contacts within your service year,” he said.

The NYSC FCT Coordinator, Mrs Winifred Shokpeka, said so far, a total number of 2,580 corps members comprising 1,752 females and 828 males had been duly registered for the orientation course.

She assured them that during their stay at the camp, they would be treated with dignity and respect.

Shokpeka advised them to comport themselves in a disciplined and orderly manner, as any form of negative behaviour such as drug abuse and other anti-social acts would not be tolerated.

“You are enjoined to key into the NYSC Skills Acquisition and Entrepreneurship Development (SAED) programme.

“Avail yourself of this rare opportunity which is aimed at transforming your lives after the service year to be job creators rather than job seekers,’’ he said.

The oath of allegiance was administered by the Chief Judge of the FCT, Justice Hussein Yusuf, who was represented by Justice Ikeolu Adelaja.

The News Agency of Nigeria (NAN) reports that the orientation course which commenced on Tuesday would end on Sept. 5. (NAN) (www.nannews.ng)

Edited by Dorcas Jonah/Bashir Rabe Mani

Can women be allowed breathing space in Nigerian politics?

Can women be allowed breathing space in Nigerian politics?

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Can women be allowed breathing space in Nigerian politics?

A news analysis by Emmanuel Oloniruha, News Agency of Nigeria (NAN)
Women have continued to play leading roles in the history and economic life of Nigeria since the pre-colonial period till today. They have been contributing immensely not only to the continuous growth and shaping of the family and the society, but also the nation in general.

During the struggle for independence from the British government, several women made a footprint in the annals of the successful freedom of Nigeria. Their contributions did not only define how Nigerians stood up to the colonialists, they also led several active political and socio-economic movements that culminated into Nigeria’s independence.

The circumstance, however, played out differently when the contributions of nationalists such as Anthony Enahoro, Nnamdi Azikiwe and Remi Fani-Kayode were acknowledged. The names of women like Funmilayo Ransome-Kuti, Hajia Gambo Sawaba, and Margaret Ekpo among others were conveniently relegated to the back stage.

Today, while most developed political systems in the world place a premium on women in their political affairs, Nigerian woman have continued to witness low participation in governance, even under democratic governance, a system of government expected to bridge the gap.

In the 10th National Assembly inaugurated on June 13, the numbers of women in both chamber of the Senate and House of Representative mirrored the dwindling level of their participation in politics.

In the Senate, out of the 109 senators only three are female, which was a reduction from the seven in the 9th Assembly. In the House of Representatives with 360 lawmakers, 16 women were sworn in, representing a slight increase when compared to 13 of them that made it to previous House.

The female lawmakers are from Anambra, Bayelsa, Benue, Borno, Delta, Imo, Ogun, Plateau, Lagos, Yobe and Oyo.

In the recent ministerial nomination by President Bola Tinubu, only seven women made the list. They are Hannatu Musawa, Betta Edu, Doris Aniche Uzoka, Nkiru Onyeojiocha, Stella Okotete, Uju Kennedy Ohaneye, and Imaan Ibrahim. This to some stakeholders is short of the affirmative action quota for women in politics.

The low number of women in both the elective and appointive political positions has continued to be a thing of growing concern which many analysts attributed to lack of political will among the men to accord women their rightful place as contained in several national and global declarations.

Some efforts, however, have been put to improve women participation in politics. In Nigeria, the extant National Gender Policy (NGP) recommends 35 per cent affirmative action and sought for a more inclusive representation of women in both elective political and appointive public service positions.

Analysts said the under representation of women in political participation gained root due to the patriarchal practice inherent in our society. However, the re-introduction of democratic governance in 1999 has witnessed once again an increase in women political participation.

The national average of women’s political participation in Nigeria has remained 6.7 per cent in elective and appointive positions, which is far below the Global Average of 22.5 per cent, Africa Regional Average of 23.4 per cent and West African Sub Regional Average of 15 per cent. Even with her 15 years uninterrupted democratic governance (1999-2015), Nigeria is yet to produce a female governor in any of the 36 states of the federation.

Other efforts to address the low representation of women in elective and appointive positions in Nigeria includes the establishment of Women Political empowerment office, Nigeria Women Trust Funds, Women Lobby Group, the institution of an INEC gender policy, the national multi stakeholder dialogue, initiation of several interventions to actualise affirmative action, and the convening of the Nigeria Women Strategy Conference.

Notably, Non-Governmental Organisations also played significant roles towards addressing the shortage of women participation in politics. All political parties now have the office of women leaders who play key roles in mobilising women during elections as well as propagate the relevance of women after the elections.

Similarly, fora and workshops are now common place to sensitise both the women and government/parties to make adequate representation of women a priority in governance.

The Goodluck Jonathan Foundation (GJF) is one of such NGOs advocating increase in women participation in politics. As a non-profit organisation, the GJF has been engaged in several advocacy for improved democracy, good governance and credible election in Nigeria, West Africa and at the continental level. One of its active bodies is the West African Elders Forum.

Over the years since its establishment, GJF has successfully implemented projects in Nigeria and various African countries targeted at building democratic accountability, strengthening governance and building leadership, as well as ensuring transparent and peaceful transition of power.

As parts of efforts to advance democratic consolidation on Africa continent, especially in West Africa, GJF instituted a home-grown, credible platform called the West African Elders Forum.

The forum, officially inaugurated on March 4, 2021, consists of former leaders and statesmen to provide mediation and interlocutory roles in addressing electoral and democratic conflicts in the region including the current disruptions occasioned by the COVID-19 pandemic.

At a workshop tagged ‘’Democracy and the Voice of Women,’’ the GJF questioned the many obstacles hindering the participation of women in politics. The Executive Director of GJF, Ann Iyonu, posited that women occupy less than 10 per cent of leadership positions worldwide.

Iyonu said it has become imperative to interrogate the gender bias with the aim of finding a solution to the challenge.

‘’We need to seek a just society where women have access to justice and can participate equally in the democratic process like their male counterparts.

‘’According to the UN, at this rate, gender equality will not be reached until 2150, that’s another 130 years, unless drastic actions are taken by all stakeholders.

‘’Women hold about 21 per cent of ministerial positions globally. Only three countries have 50 per cent or more female representation in parliament and 22 countries are led by women. Closing this gap is crucial to our activities as a foundation.

“The call for gender equality and women’s participation should not be seen as an agenda against men, but a call for inclusivity and collective responsibility for a peaceful and prosperous society,’’ she said.

Also at the workshop, Hon. Mulikat Akande-Adeola, former member of the House of Representative, said that international institutions were still paying lip service to the issue of gender inclusion and women’s participation in politics.

Akande-Adeola is a lawyer and politician. She was elected to the House of Representatives on the platform of the People’s Democratic Party representing Ogbomoso North, South and Orire Constituency in the year 2007. She was re-elected in 2011.

‘’There are other aspects of society where international institutions have actually made a difference, so why can’t they prioritise this issue?” she asked.

Akande-Adeola added that much could not be achieved without the participation and buy-in of men.

‘’We must be willing to carry women along and they too must be ready to participate in the process that will lead to women’s participation and gender inclusion.

“If we leave more than 50 per cent of the global population out of political participation, we cannot achieve anything.

‘’Also, women must have the appetite to be change makers and reject no for an answer,” she said.

Akande-Adeola added that the more women participate, the more the likelihood of their inclusion in the process.

“We have to move beyond being mere voters to challengers for positions of leadership,” she added.

To Dr Onyinye Onwuka, democracy is a system that allows full participation of persons in the political and decision making of the society at all times, irrespective of gender.

Onwuka is the Head of the Political Affairs and International Cooperation Division, Directorate of Political Affairs, Department of Political Affairs, Peace and Security, the ECOWAS Commission, in Abuja.

She stated, “Democracy is the government of the people, by the people and for the people. Who are the people? They are the men and women.

“So, it is important for us to have a level playing field for the other half of “the people” to be able to participate,” she said.

Akande-Adeola added that both the male and female folks were all guilty of the gender stereotype that had kept women on the fringes of political participation.

“We say all sorts of things, including the claim that politics is dirty and noble women shouldn’t participate in it.

“We also culturally divide roles for men and women, saying women belong to the kitchen, while men belong to the boardroom. That’s the mind-set we were mostly raised with,” she advised.

Akande-Adeola, however, said that mentorship was important in advancing the topic, advising women who have broken the “glass ceiling” to pull others up.

Another participant at the workshop, Biodun Baiyewu, Executive Director, Global Rights, was also of the view that to increase women participation in political and appointive positions, the mindset and long stereotype about gender must be addressed.

‘’We need to revisit our history as a people. We have systems that, generation after generation, tell women to be ambitious, but not more ambitious than their male siblings or husbands.

“There are many instances, in a committee, a man can be chosen as chairman and then they will say ‘let us select a woman as the secretary’.

‘’It is the same mindset of tokenism that we take into governance. You are not a democracy yet when half of your people can’t hold a significant number of leadership positions.

“We need to get it into our heads that we are all first human beings before we are a particular gender. Hence, we are all deserving of leadership positions.’’

Jude Ilo, Founder, Natasha Ilo Foundation, called for a concerted effort to enforce various adopted actions to increase women political participation.

Ilo said that while some progress had been recorded with regards to awareness and consciousness, it was time for their enforcement across board.

‘’We have to look at enforcing some of the affirmative actions against those factors that are holding women down.

“Access to land, access to inheritance, and access to credit are some of the empowerment possibilities which give women economic empowerment.

‘’When you take away something as basic as access to inheritance from women, you are making it impossible for millions of women to speak for themselves,” she said.

Political analysts believe that women’s representation in Nigerian politics has been on a downward slide since 2011, while the 2023 elections confirmed the expectations of poor outcomes for women.

They argued that concerted efforts are needed to achieve the affirmative action taken at the Beijing Conference in order to allow more women participation.

To achieve this, all stakeholders: governments, NGOs and civil societies as well as religious groups, must rise up to work with the women in fulfilling their other half of the bargain in national and international development.(NAN)

***If used, credit the writer and the News Agency of Nigeria (NAN).

CIBN supports Tinubu on exchange rate unification

CIBN supports Tinubu on exchange rate unification

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The Chartered Institute of Bankers of Nigeria (CIBN) has commended President Bola Tinubu for unifying the Naira exchange rate to save the country from financial crisis.

The President/ Chairman of Council of CIBN, Dr Ken Opara, said this at the 2023 Lagos Bankers Night with the theme, ” Exchange Rate Unification: Glocal Implications, Organisation’s and the Country “, on Friday night in Lagos.

According to him, the institute has always advocated transparency and a free market that would allow the interplay of supply and demand.

He said, “The Chartered Institute of Bankers of Nigeria totally supports the Central Bank of Nigeria’s reform as it relates to the unification of the exchange rate and other measures basically taken to ensure the true value of the Naira.

“As a matter of fact, we have been advocating for this and during the week, Dr ‘Biodun Adedipe, leading other scholars, and Mr Laoye Jaiyeola of the Nigeria Economic Summit Group, gathered at the Bankers House to applaud the reform, especially as it relates to the unification of the exchange rate.

“We have seen that the effort that the Central Bank of Nigeria has initiated is already yielding dividend.

“We can see that the exchange rate between the Naira and the dollar has started coming down which means it is a good initiative that is well thought out.”

Opara said that the institute recently organised a half year economic review, where captains of industries also spoke in support of the reform.

He urged Nigerians to take advantage of the good opportunities that the reform had presented, saying wherever there are challenges lie in opportunities.

The CIBN president pledged the institutes continued commitment to making contributions and suggestions relating to what should be done to support and grow the country.

He said, “As it is the concept of the industry; we played this role very well when the industry was facing challenges and we will continue to do that because we believe that the banking industry is very solid, stable and efficient.”

He described the payment system in Nigeria as “the best” all over the world, stressing that it is a system that one could consummate transactions on an online real-time basis.

Opara said this showed that the banking industry and its regulator had done well in stabilising what an effective payment system.

He debunked media reports that its Lagos branch was not in support of the exchange rate unification, describing as “untrue”, but calculated to cause panic.

Chief Consultant of B. Adedipe Associates Ltd. (BAA Consult), Dr ‘Biodun Adedipe, said that the exchange rate unification, which was not new in Nigeria, had gone through the route before with different appellations.

“Let me trade very quickly what I brand as Nigeria’s journey to exchange rate unification.

“Nigeria has gone through this route before but with different appellations like devaluation, correction, alignment, depreciation, all of which are matter of semantics.

“The simple interpretation of this is to remove the premium on the official rate and the parallel market or road side market.

“Of course, this is a typical Bretton Woods recipe; keep premium within five per cent to decentivise round tripping and then find liquidity to sustain it.

“This is the easy way out; but, it never brings enduring solution to the persistent crisis in the external sector of the Nigerian economy.”.

According to him, there are 54 evidence-based research documents to establish that free float is not always the most appropriate for all economics.

Giving historical illustrations, the expert noted that exchange rate movements had a more significant impact on all other prices more than interest rates adjustment.

He said the only period that Nigeria experienced a successful and stable rate convergence in the country was when it had a significant external reserve.

Adedipe said it took the country an average of two to six weeks for the parallel market rates to diverge from the official exchange rate during each episode of premium removal.

He added that speculative attack on the currency occured each time there was no clear sight to a stable and enduring supply.

NAN recalls that President Bola Tinubu, had during his inauguration on May 29, said his administration would seek to bring the different exchange rate regimes being operated across the country’s foreign exchange channels under a single regime.

However, in June, Tinubu through the Special Adviser on Special Duties, Communications, and Strategy, Dele Alake, announced the implementation of a unified exchange rate to save the country from a financial crisis.

He emphasised that his decision to implement a managed float, similar to his approach to fuel subsidy removal, was in the best interest of Nigeria.(NAN)

Edited by Olawunmi Ashafa

NEFF seeks stakeholders collaboration to address e-fraud

NEFF seeks stakeholders collaboration to address e-fraud

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By Lydia Ngwakwe

The Nigeria Electronic Fraud Forum (NEFF) has called on stakeholders in the financial sector to collectively address and mitigate risks posed by electronic fraud.

Mr Musa Jimoh, Director, Payment Systems Management of the Central Bank of Nigeria (CBN), made the call at the company’ third quarter 2023 general meeting on Friday in Lagos.

The News Agency of Nigeria (NAN) reports that the meeting has “New Strategies for Combating e-Fraud in a Cashless Environment,” as its theme.

Jimoh, who is also the Chairman, NEFF, noted that the criminals in the cyber world had increased and that if not addressed could increase individuals and organisations exposure to financial losses.

He said, “Today, we are here to look at the new strategies by which we can combat fraud; If we don’t combat the cyber criminals; they will weigh us down and breed the entire system.

“So, we all need to work together to see how we can make life extremely difficult for the cyber criminals.

“You know like the popular saying today; they say you should let the poor breath, but we shouldn’t let this criminals breath.

“We should actually suffocate them to death because our hard earned money is what these guys are forcibly taking away from us,” he said.

The Chief Executive Officer, Ignis Solutions Ltd., Simon Martin, while speaking on the topic, “e-Fraud in a Cashless Environment: Trends, Threats, Emerging Typologies and International Standards for Regulators”, urged stakeholders to pay more attention to building capacity to be able to combat e-Fraud.

She said, “I think it’s important that we build our capacity; I think it’s important that we pay attention to possible emerging threats that could hamper our developments in digital payments and moving toward a cashless society.

“I think education is definitely important, not only for our systems and for people, but for our individual self and it’s one of the reasons why I identify myself as an unconventional regulator.

“It’s important that we apply design thinking in our lives as we go forward. Things are evolving, and so too, we must evolve as well.”
Martin, therefore, urged individuals and organisations to protect, properly store and manage their data to avoid bad actors leverage on it.

Mr Premier Oiwoh, Managing Director, Nigeria Inter-Bank Settlement Systems (NIBSS), urged stakeholders to pay more attention on mobile channels, saying it was the most significant point used for defrauding.

Oiwoh, represented by Mr Temidayo Adekanye, spoke on the topic, “The Current and Emerging e-fraud Landscape in Nigeria: Data Analytic”.

Oiwoh said, “So, I will advise that everyone focuses on mobile channels as the most significant point used for these fraudulent actions.

“But what we see most importantly is the fact that the primary channels are the betting platforms.

“So, once the money leaves the betting platform; Wallet account, or in some cases PoS agents; once it is cashed out, it is a black hole. There is no way you can recover that money.

“Literally we’re talking about potentially five per cent recovery rate across the industry.

“So, we all have to identify those betting Wallet accounts, PoS agents, cryptocurrency accounts, and in some cases purchases,” he said.

NAN reports that the goal of NEFF is not only to identify the latest fraud trends but also to craft dynamic and effective countermeasures.

The forum serves as a catalyst for stimulating dialogue, enhancing collaboration, and fostering partnerships that will result in practical solutions to combat e-fraud.

The major highlight of the meeting was the unveiling of the NEFF website (neffng.com/site/new-home) to share information that is fit for public consumption.(NAN)

Edited by Yinusa/Olawunmi Ashafa

Iran to provide infrastructure for Nigeria’s oil, gas devt – Ambassador

Iran to provide infrastructure for Nigeria’s oil, gas devt – Ambassador

255 total views today

By EricJames Ochigbo

The Iranian  Government has expressed its readiness to collaborate in developing Nigeria’s oil and gas downstream sector.

The Iranian Ambassador to Nigeria, Muhammad Alibak, made this known when he hosted Rep. Ikenga Ugochinyere (PDP-Imo), Chairman, House Committee on Downstream Petroleum and Rep. Aliyu Mustapha (PDP-Kaduna state) in Abuja.

The ambassador explained that the assistance would include in refineries and other related infrastructure.

He said that Iran was ready to support the Nigerian Government in addressing its energy challenges through collaborative investment and cooperation.

The ambassador expressed Iran’s enthusiasm to bolster Nigeria’s oil and gas sector and explore alternative energy sources.

Alibak also said that areas of collaboration included Compressed Natural Gas (CNG) projects, refinery improvements, petrochemical ventures, and impactful exploration initiatives.

He expressed the unwavering commitment of Iran, exemplified through a Memorandum of Understanding (MoU), previously signed by the former Minister of Petroleum Resources, Mr Timpre Slyva.

The ambassador also highlighted subsequent correspondence from Iran’s current Oil Minister, demonstrating their determination to collaborate closely with Nigeria.

In his remarks, Ugochinyere said that the purpose of their visit was to solidify deeper cooperation based on Iran’s long-standing willingness to contribute to Nigeria’s growth and expansion in the downstream sector.

He said sequel to the enacted Petroleum Industry Act (PlA), “there are many opportunities within the downstream and midstream oil domains.”

The lawmaker sought enhanced investment collaboration with Iran in terms of technology transfer that would fortify the ongoing evolution in the oil and gas sector.

Ugochinyere underscored the significance of refining alternative energy sources, advancing the CNG project, accelerating petrochemical initiatives, and boosting profitable exploration endeavours.

The chairman commended Iran’s successful utilisation of gas resources, leading to widespread connectivity to refined gas and enabling economic growth.

He commended Iran’s resilience in maintaining local petroleum refining and expanding refining capacity amidst global economic sanctions.

Ugochinyere said that closer collaboration with Iran, a country that successfully overcame challenges including global sanctions, could strengthen Nigeria’s energy security, exploration activities, local refining, and overall industry growth.

The chairman assured that the Nigerian Parliament would vigilantly oversee the implementation of the PlA, ensuring its intentions so upheld with unwavering consistency.

He encouraged Iranian investors and oil companies to capitalise on the transparent and competitive market environment, leveraging the newfound stability in Nigeria’s oil and gas sector and invest heavily.

Also speaking, Mustapha expressed the urgent need for Nigeria to transition from exporting crude materials to refining locally.

“This transformation would pave the way for job creation, forex generation, energy security, and greater economic stability.

“This is further made possible given the removal of subsidies and the resulting volatility of Nigeria’s oil and gas sector and the potential opportunities presented by the PIA,” he said. (NAN) (www.nannews.ng)

Edited by Thompson Yamput/Vincent Obi

UNILAG refutes additional increase in school fees

UNILAG refutes additional increase in school fees

212 total views today
By Chinyere Nwachukwu
The University of Lagos (UNILAG) has dismissed reports insinuating that the institution had made additional increase in school fees on the one it made in July.
This is contained in a statement by Mrs Adejoke Alaga-Ibraheem, Head, Communication Unit of the institution, issued to newsmen on Friday night in Lagos.
According to her, the information is false and misleading and a misrepresentation of facts.
She noted that the institution was not unmindful of the prevailing economic realities, adding that it had not issued any other notice of increment in fees.
“UNILAG wishes to explicitly refute unsubstantiated claims making the rounds that the institution has slammed additional unauthorised charges to its earlier increments.
“This is a completely untrue and misleading claim and a misrepresentation of facts, aimed at misinforming the public into believing that there has been another adjustment of fees.
“Apart from the recently adjusted obligatory fees for new students and returning undergraduates published in the university’s Information Flash news bulletin, there has been no other increase in fees,” she said.
The News Agency of Nigeria (NAN) recalls that the institution had in July, announced adjustment in fees which was expected to take effect from the first semester of the 2023/2024 academic session.
UNILAG explained that the move was in line with the prevailing economic realities and the need for the university to be able to meet its obligation to its students, staff and municipal service providers among others.

A breakdown of the fees showed that the mandatory charges for one academic session for new undergraduate students was N126,325, for courses without laboratory/studio fees.

The university further fixed N176,325 as mandatory charges for one academic session for courses with laboratory and studio.

A further breakdown of the approved mandatory charges for one academic session for returning students showed that they would pay N100,750 for courses without laboratory and studio, while those needing laboratory and studio would pay N140,250, among others. (NAN) (www.nannews.ng)

Edited by Vincent Obi
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