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Treasury Single Account: Why Nigerians Must See The Big Picture [MUST READ]

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TSA

It is often said that Nigerians are resilient and can ‘suffer and smile’ their way through any situation, however tough. Maybe so. But as Nigeria gradually slides into full-scale economic recession, frowns are beginning to outnumber smiles and many fear the future looks bleak.

Recently, the International Monetary Fund (IMF) painted a gloomy picture when it forecast that the Nigerian economy was likely to contract by 1.8 percent this year. Central Bank of Nigeria Governor Godwin Emefelie’s prognosis was no less dire.

He disclosed that Nigeria was experiencing economic stagflation, which is a euphemistic way of admitting the economy is experiencing little or no growth, resulting in high rates of unemployment, inflation and a decline in Gross Domestic Product (GDP).

Already, the prices of foodstuff, transportation, shelter and other basic necessities are at an all-time high. No one needs to be reminded that massive unemployment only means an increase in social vices. After all, Nigerians have their hands full struggling to make ends meet amidst one of the toughest economic downturns they have ever experienced.

In situations like this, Nigerians are quick to trade blames rather than see the big picture. Some groups and individuals are already blaming the parlous economy on the Federal Government’s implementation of the Treasury Single Account (TSA) policy. I beg to differ.

It is ironic how a policy that eliminates the diversion of public funds by stipulating that all revenue receipts and payments conducted by Ministries, Departments and Agencies (MDAs) be deposited into a Consolidated Revenue Account (CRA) can actually have negative implications for the economy. Rather, we should blame previous administrations for not implementing such a policy sooner, leaving much room for corruption which well-nigh left the treasury empty during the inception of this administration.

It is also questionable to blame banks’ liquidity problems on the adoption of the TSA policy. After all, we want a banking system that is strong enough to power the economy and keep our investments safe.

So there is absolutely no justification for Diamond Bank to lay off 200 staff, Ecobank 1,040 and FBN Holdings a projected 1000 just because the new policy stipulates that Deposit Money Banks (DMB) remit the revenue they receive from MDAs to the CRA at the close of every banking day. A strong banking system cannot be built on profit generated from cash deposits left stagnant while the government is starved of funds meant for capital and other projects.

What this dire situation calls for is that Nigeria urgently diversify its economy away from crude oil. Information and Communication Technology (ICT) is the veritable tool for economic growth that many other forward-looking nations of the world have adopted.

According to statistics, India raked in a whopping $75 billion from its software exports between 2014 and 2015, and is continuously registering double-digit annual growth in the process.

At the World Economic Forum (WEF) in Kigali earlier this year, South African Deputy President Cyril Ramaphosa reportedly assured potential investors of positive returns on their investments in South Africa’s infrastructure and ICT sectors. He emphasised that such innovative partnerships could help bridge the financing gaps for economic and social infrastructure.

Nigeria cannot afford to lag behind if we must move forward. Ours is a country that boasts several homegrown ICT companies and initiatives that show much promise and can be encouraged. For the record, Glohas beat the odds to become a powerhouse in telecoms; whilePaga and eTranzactare two ePayment systems that have made a difference on the Nigerian economic landscape.

More crucially, the revolutionary TSA policy adopted by the Federal Government was invented and continues to be powered by indigenous software giant SystemSpecs, using its software Remita. According to recent reports, the software has already saved the government up to N3 trillion in the first quarter of 2016 alone and has the potential to do more.

Recently, Minister of Information and Culture, Lai Mohammed admitted that the judicious management of the TSA has helped advance the President Muhammadu Buhari administration’s fight against corruption and saved Nigeria from imminent collapse.

He maintained that this administration had managed scarce resources prudently, thanks to TSA, the anti-corruption fight and elimination of ghost workers. All of this can only be good for brand Nigeria as a reference point for something other than corruption and terrorism.

So rather than throw the baby away with the bathwater, we must begin to appreciate the positive changes in our payment landscape. If change is to happen, sacrifices must be made urgently and that includes economic diversification in favour of ICT.

Aderemi is a Warri-based ICT Enthusiast

BIG STORY

#MakeWeHalla Movement Shows It’s Time To Change Culture Of Silence Around Domestic Violence In Nigeria — Charles Inojie [PHOTOS]

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Nollywood actor and director Charles Inojie has opened up what inspired he and actor Ali Nuhu to create the #MakeWeHalla movement against domestic violence.

In a recent interview with Wazobia FM, Inojie noted that he wanted to use his platform to change the culture of silence around domestic violence, and he realized that the way to do it was to make noise.

“When we all keep quiet, the abuser, perpetrator of this act of abuse seems confident to do more. But when we speak up and against the abuse without being violent, it sends a signal to the perpetrator that he should desist.”

Inojie continued, “This evokes what prompted myself and Ali to decide to join our voices for this matter. We thought about it and arrived at the fact that we all are guilty if we continue to keep quiet, and watch domestic abuse happen around us. “Make We Halla” is actually a call to action to everybody around to say “if you see something that is bad, speak out and do not keep quiet.”

Ali Nuhu and Inojie recently teamed up in a viral video, “Make We Halla”, that has continued to make waves on social media. In the video, the two friends start banging on their plates in a restaurant in an attempt to call out the domestic violence they witness. Other patrons join in on the halla in a moving display of solidarity, and the violence stops.

The two film stars have gone a step further to start the #MakeWeHalla challenge that has seen celebrities like Wumi Toriola, Kiki Bakare, and Tosin Olaniyan, and many other fans jump on the #MakeWeHalla train and lend their voice.

Explaining the challenge during his interview, Inojie said, “We’ve been overwhelmed by how much support we’ve seen in this movement. It just shows how much we need this conversation. People have spoken up, shared their stories, and most importantly, committed to “Halla” whenever they see domestic violence.”

He continued, “The #MakeWeHalla challenge for everyone is very easy. Just go Tiktok or Instagram. Almost everybody is now on Tiktok, almost everybody is on Instagram. Take your phone. It’s easy. No rules, just halla your way. Anyhow, you deem fit to add your voice in raising awareness against domestic violence is welcome. Halla, talk am. Or if you feel like “I am someone that is shy’, you can go to the videos already uploaded -whether my own oo, or Ali’s own – you can duet. Just post with the hashtag #MakeWeHalla. And the beautiful thing is that joining in the challenge to create more awareness even gets you a reward. The best Halla video will collect brand new iphone 12..”

Going further, he said, “The hashtag is very important so that we can see the video. The hashtag is #MakeWeHalla. If you like, tag Ali or tag myself and for the prize we have, the middle of May will be the finale.”

When asked about his motivations for “Make We Halla”, Inojie also revealed how an incident he witnessed as a young man further changed his mindset about the need to always speak up when domestic violence is witnessed.

“By myself, as a little boy, I have seen one who, till today, lost one eye to domestic violence. That time, many of us could have done something in that same compound but we felt like we were concerned about it, because they are a couple and they will sort themselves out. So, all of those things are what we refer to as silent bystanders, passive. People just say “Wetin concern me?” or ignore and move on with their lives and in little time, major damage would have been caused. This has led to several innocent children losing their mothers and some becoming orphans. Hence, we say no to domestic violence, it shouldn’t thrive in our midst or our society. Let’s see a way, a movement to call people to action saying don’t keep quiet when you see domestic violence, no matter where it happens, no matter who it happens to, speak out but not in a violent way. Let’s Make We Halla!”, Inojie encouraged.

Links to #MakeWeHalla Challenge entries:

https://www.instagram.com/reel/C5bzgAhqf5w/?igsh=MXZ6Y2d0dmdjcHpwdg%3D%3D

@jire_ogunleye

#duet with @Joseph A. Momodu #MakeWeHalla #challenge Please join me as l join Uncle Charles to Halla against Domestic. I am also Halla-ing! Domestic violence is not good.

♬ original sound – Jire🖤

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BIG STORY

Canada Fines Binance $4.38m For Breach Of Money Laundering Laws

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Popular cryptocurrency platform Binance was fined “$6 million for violating the country’s money laundering and terrorist financing laws” by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

International media reports indicate that the fine is denominated in Canadian dollars, which, when converted, brings the total sum to USD4.38 million.

FINTRAC claimed in a recent post on its website that Binance had neglected to register with the organisation as a foreign money services provider.

The cryptocurrency company allegedly neglected to disclose significant virtual currency transactions totaling $10,000 or more, according to the anti-money laundering agency.

“FINTRAC announced today [Thursday] that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance,” the statement reads.

“This foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

“Binance Holdings Limited was found to have committed the following administrative violations: Failure to register with FINTRAC as a foreign money services business; and failure to report large virtual currency transactions of $10,000 or more in the course of a single transaction, together with the prescribed information.”

Commenting on the matter, Sarah Paquet, director and chief executive officer of FINTRAC, said the country’s anti-money laundering and anti-terrorist financing regime is in place to protect the safety of Canadians and the security of the nation’s economy.

“FINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Adjudged to be the largest cryptocurrency exchange by trading volume, Binance has been the subject of regulatory sanctions in some parts of the world.

On April 30, Changpeng Zhao, the founder of Binance, was sentenced to four months in prison for money laundering, unlicensed money transmitting and violations in Seattle, United States (US).

According to US officials, Zhao intentionally turned a blind eye to transactions that financed terrorism, the illegal drug trade, and child sex abuse.

Earlier in February, a federal judge in the US approved a plea deal by Binance, requiring the cryptocurrency exchange to pay over $4.3 billion in fines and reparations.

Binance is also under investigation for illicit operations and foreign exchange (FX) rate manipulation in Nigeria.

The firm, and two of its top officials, Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan, the company’s head of financial crime compliance, were charged with tax evasion and money laundering by the federal government.

The duo were arrested and detained on February 28, but Anjarwalla escaped from custody in March.

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BIG STORY

Kitigbe O: Honouring Six Years of Oba Adeyemi Obalanlege’s Reign As Olota Of Otta-Awori Kingdom By Victor Ojelabi

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As the sun sets over the vibrant town of Otta, the air is filled with a sense of celebration and reverence. It marks the six-year anniversary of the coronation of His Majesty, Oba Professor Adeyemi Obalanlege, the esteemed Olota of Otta-Awori Kingdom.

Stepping into his reign, Oba Obalanlege brought with him not only the weight of tradition but also a distinguished background in academia and a fervent dedication to community service.

Born into the esteemed lineage of Prince Taiwo Hassan Obalanlege and Mrs. Mutiat Afolake Obalanlege (Nee Anjorin), Oba Adeyemi entered the world on August 28, 1966, in Mushin, Lagos State.

His educational journey began in AUD Primary School, Iganmode and led him to Ansar-ud-Deen College, Isolo, before culminating at Iganmode Grammar School in Otta. This foundation laid the groundwork for his illustrious academic career.

With a Higher National Diploma in Mass Communication from Ogun State Polytechnic and a Bachelor of Arts (Hons.) in Journalism from independent Colleges, UK, Oba Adeyemi’s thirst for knowledge propelled him further. He pursued postgraduate studies in Food Safety and Quality Management at Greenwich University, London, and attained a Master’s degree in Mass Communication from the University of Leicester. His quest for scholarly excellence reached its pinnacle with a Ph.D. in Communication Studies from the University of Antwerp in Belgium.

Oba Adeyemi’s academic prowess extended beyond the confines of the classroom, earning him recognition as a world-class scholar. His contributions to the field of Mass Communication, including publications in esteemed academic journals and presentations at conferences across Africa, Europe, and North America, solidified his reputation as a cerebral intellectual.

However, his journey was not confined to academia alone.

Oba Adeyemi’s foray into journalism began humbly as a reporter for The Mail newspaper, where he honed his skills under the mentorship of Prof Idowu Sobowale. His career trajectory led him to prominent roles, including Public Relations Officer at the Lagos State Polytechnic and positions at Thisday Newspaper, where he earned acclaim for his coverage of tourism and hospitality.

Even as his academic and professional pursuits flourished, Oba Adeyemi remained deeply rooted in community service.

His commitment to uplifting others led to his election as the Chairman of the Awori Obas Forum, Ogun State, and his involvement in Rotary Clubs, where he earned recognition as a Paul Harris Fellow.

In 2018, Oba Professor Adeyemi Abdulkabir Obalanlege was crowned the Olota of Otta, emerging as the preferred candidate after rigorous selection by the Ijemo Isoloshi Ruling House. Since then, he has led with wisdom and compassion, fostering unity and progress within the Awori Kingdom.

As the Royal Symbol of Awori Nation celebrates six years on the throne alongside his beloved wife, Olori Oloruntoyin Obalanlege, and their two accomplished sons, Mustapha and Tobi, the good people of Otta-Awori are satisfied about his legacy of scholarship, leadership, and service.

This is a testament to his unwavering commitment to the betterment of the kingdom and the preservation of Yoruba heritage.

May the reign of Lanlege Ekun II, Arole Iganmode Olofin continue to bring peace and tranquility to the entire Otta-Awori kingdom.

Kitigbe o! Omo Iganmode a f’ele ja, a f’ikoti y’oju egba, a fi ponpondo y’oju Ketu.

Happy 6th coronation anniversary, baba mi!

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