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LCCI Urges Better Blockchain Adaptation in Nigeria

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Umi Blockchain Ecosystem

By Sodeinde Temidayo David

The Lagos Chamber of Commerce and Industry (LCCI) has reinforced the need to position Nigeria strategically to leverage blockchain technology for rapid economic growth, safer digital transactions, and improved cross border trade.

Blockchain is an encrypted list of records distributed across multiple computer systems and stored in groups called blocks that are chronologically ordered and linked together.

Mrs Toki Mabogunje, President, LCCI, gave the advice at a webinar themed Unlocking the Opportunities of Blockchain Technology on Wednesday in Lagos.

She noted that the Central Bank of Nigeria (CBN) proposed digital currency, e-Naira, built on blockchain, would create employment for the teeming youth, financial inclusion, faster and safer digital transactions, and reduced transaction risks.

She noted that the webinar was organised to deepen awareness among stakeholders about the benefits of the adoption of blockchain innovations to drive business, as well as regulatory and governance processes.

“Nigeria’s participation in the blockchain technology global market, especially in cryptocurrencies, has been recognised.

“According to Chainalysis (the blockchain data platform), Nigeria has the 8th highest crypto adoption in the world and generally, blockchain could potentially contribute up to $29 billion to Nigeria’s GDP by 2030.

“Unlocking these inherent potentials requires a level-playing field for all participants in both private and public sectors by eliminating entry barriers.

“This does not, however, imply total liberalisation or allowing self-rule to regulate the Nigeria blockchain ecosystem,” she said.

Mrs Mabogunje advised that regulation of blockchain should be dynamic, robust, responsive, globally competitive and fit for the Nigerian context.

“This will give a fillip to the tech-savvy youth to innovate, spur confidence of tech investors, and attract significant investments in the blockchain ecosystem,” she said.

On his part, Mr Uche Elendu, Chief Executive Officer, Appzone Switch, said that blockchain provided trust without human intermediaries, and auto-execute contracts transparently.

He listed the features of blockchain to include enhanced security, data immutability, transparency, privacy;  and allowed peer to peer transactions without an intermediary.

He called for massive stakeholder education and sensitisation, and the creation of platforms for traditional veterans to collaborate with tech entrepreneurs to unlock the value in the technology.

“Blockchain has governance and regulatory framework which ensures that security audits would be done on smart contracts to verify that their logic is in line with rules of business network.

“It is safe and secured, and is one of the biggest opportunities we can think of in the next decades.

“The proper implementation of blockchain technology would enable the cashless economy that the country has been trying to achieve,” he said.

Mr Ernest Mbenkum, Founder, Bantu Blockchain Foundation, charged entrepreneurs to embrace blockchain technology, particularly, the African development model, “Bantu for improved global payment and trade.”

He revealed that the Bantu blockchain was designed to quickly and securely transfer, swap, and trade digital assets globally and at almost zero cost.

He noted that blockchain opportunities for Africa would dramatically increase local production and exports via asset tokenisation and reduce dependence on imports.

He said that another opportunity for Africa was in the need for an open, secure and transparent Africa led global infrastructure to unlock unlimited liquidity via resources and asset tokenisation and real-time value transfer.

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Facebook May Leave Nigeria Over $220m FCCPC Fine, Others

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Facebook Nigerian Advertisers

By Modupe Gbadeyanka

Nigerians may lose access to the social media platforms operated by Meta, a report by the BBC has said.

If this happens, it will not be the first time social media users in the country have experienced such blackout.

Recall that in 2021, the Nigerian government banned Twitter after the platform removed a post by the immediate past president of the country, Mr Muhammadu Buhari, for violating its rules.

The embargo was lifted in January 2022 after seven months.

Last week, Nigeria’s Competition and Consumer Protection Tribunal on Friday ordered WhatsApp and Meta Platforms Incorporated to pay a $220 million penalty and $35,000 to the Federal Competition and Consumer Protection Commission (FCCPC) within 60 days over data discrimination practices in Nigeria.

The tribunal’s three-member panel, led by Mr Thomas Okosun, in a verdict last Friday, dismissed the appeal by WhatsApp and Meta Platforms Incorporated regarding the $220 million penalty imposed by the FCCPC for alleged discriminatory practices in Nigeria.

In a report, the BBC said Meta argued that if it is forced to pay the fine, its users in Nigeria may lose access to Facebook and Instagram.

“The applicant may be forced to effectively shut down the Facebook and Instagram services in Nigeria in order to mitigate the risk of enforcement measures,” the company said in the court papers.

If this happens, it may greatly affect content creators, who rely on the platform for earnings.

Facebook remains one of the most popular social media platforms in the country like TikTok and Twitter, now known as X after Mr Elon Musk acquired it.

Meta is battling with different fines in Nigeria, including a $32.8 million sanction from the Nigerian Data Protection Commission (NDPC) alleged Meta over data privacy laws, and a $37.5 million fine for unapproved advertising.

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Workers’ Day: NLC Decries Deteriorating Standard of Living of Nigerian Workers

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NLC protests in Abuja

By Adedapo Adesanya

The Nigeria Labour Congress (NLC) has outlined demands to the federal government while expressing deep concerns over the deteriorating economic conditions of workers as the world marks the International Workers’ Day (May 1).

NLC President, Mr Joe Ajaero, said Nigerian workers are groaning because of poor pay as a result of the economic policies of President Bola Tinubu as well as growing insecurity and political interference in labour affairs across the country.

Mr Ajaero described the current state of the Nigerian economy as hostile to workers, noting that the removal of fuel subsidy, Naira devaluation and rising inflation have plunged millions of households into deeper poverty.

He maintained that the current economic trajectory has eroded the value of wages, rendering workers helpless and unable to meet basic needs.

“It is clear that the policies of the government, particularly the ill-timed and unstructured removal of fuel subsidies and the floating of the Naira, have pushed Nigerian workers and their families to the brink,” he said.

The NLC president reiterated the labour union’s position on the new minimum wage, stating that N70, 000 is the barest minimum that workers can accept under the current economic conditions. He argued that the amount, though still insufficient considering the skyrocketing cost of living, could serve as a starting point for negotiation.

He lamented the increasing hunger facing workers in the country, “We are hungry,” he said, adding that, “The minimum wage cannot buy a bag of rice. If you are sincere and you go to work every day, 20 days, your salary is gone on transportation.

“We are not asking for luxury. We are simply demanding a wage that allows a worker to live a dignified life, pay rent, feed their families, send their children to school, and transport themselves to work.”

He said that even this figure would need to be adjusted periodically to keep pace with inflation and market forces.

“If the government can effectively implement some of the measures they have put in place -such as the N70, 000 minimum wage, the CNG transport system, and the students’ loan- then one can say that the renewed hope idea is working. I think the foundation has been laid, but we need the real implementation of these,” he stated.

On energy and transport, he criticised the government’s failure to deliver on the promised palliatives to cushion the effect of subsidy removal. He cited the delay in rolling out Compressed Natural Gas (CNG) infrastructure and vehicles, which was supposed to provide affordable alternatives to petrol-powered transportation.

“They promised us CNG buses. Where are they? They promised wage awards. Many states have not implemented anything. The promises made last year have remained largely on paper,” he said.

He called on the Federal Government to accelerate the implementation of energy reforms, especially in the transportation sector, to alleviate the burden on workers who spend a significant portion of their income on transportation.

Mr Ajaero also raised concerns over the inconsistencies in salary payments and implementation of wage awards across various states and federal agencies.

He noted that many state governments have either failed to implement the approved wage increases or are paying workers below the agreed minimum wage, thereby violating labour agreements.

He pointed out that the disparities in the federal and state public service salary structures were unacceptable and called for immediate harmonisation, including a review of salary step progression and grade levels to ensure equity.

The NLC president further urged the government to reform the country’s tax regime, which he said unfairly targets the poor while allowing multinational corporations and political elite to evade taxes.

“It is only in Nigeria that someone earning N50, 000 a month is taxed heavily while the real billionaires are not paying their fair share. This system must change,” he said.

Additionally, the labour leader condemned the growing state of insecurity in many parts of the country, which he said not only affects productivity but, also, endangers the lives of workers, especially those in rural communities and high-risk professions.

He also criticised the decay in the health and education sectors, lamenting that many workers can no longer afford basic healthcare or quality education for their children. Turning to internal challenges within the labour movement, he decried the increasing political interference in union activities, particularly in Rivers and Edo states.

He accused state governors of undermining the autonomy of the trade unions, suppressing workers’ voices, and in some cases, promoting parallel union leadership to create division.

“In Rivers State, we are witnessing a complete breakdown of labour-government relations. Retirees are not being paid, union meetings are disrupted, and workers’ rights are trampled upon. In Edo, we are dealing with a crisis of leadership instigated by the state government,” he alleged.

He urged the federal government to call erring state governors to order and protect the rights of workers as enshrined in the Constitution to prevent the escalation of events in those states. He further stated the status of no May Day celebrations in the states still stands. He challenged the government to prioritise social services in its spending plans and cut waste in governance.

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Nigeria, UK Sign Partnership to Detect, Disrupt Rising Fraud

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UK Nigeria

By Adedapo Adesanya

Nigeria and the United Kingdom (UK) have further boosted their partnership to detect, disrupt and deter rising financial losses and increasingly sophisticated fraud threats against UK citizens.

The UK’s Minister for Fraud, Mr Lord Hanson; Nigeria’s Attorney General and Minister of Justice, Mr Lateef Fagbemi (SAN); and the National Security Adviser (NSA), Mr Nuhu Ribadu, signed a Memorandum of Understanding (MoU) on a joint action plan, formalising a commitment to deeper collaboration.

According to a statement, the partnership will provide increased protection for victims by focusing on earlier detection of threats, faster law enforcement intervention, and the disruption of cross-border criminal networks before they can cause harm.

It will also support stronger systems to help prevent people from falling victim to fraud in the first place.

Areas of collaboration include intelligence sharing, trend analysis, and joint performance monitoring as part of a new, expanded UK Fraud Strategy due to be published later this year.

“The public will be better protected from fraud as law enforcement collaboration between the UK and Nigeria is stepped up under a new joint fraud action plan agreed between the two countries today,” the British High Commission said in a statement shared with Business Post.

The joint plan action navigates around five key elements: information sharing and operational coordination, including the potential for joint law enforcement operations involving the UK’s National Crime Agency (NCA) and Nigeria’s Office of the National Security Adviser; development and strengthening of National Fraud Strategies through the exchange of best practice, frameworks, and lessons learned, along with potential joint public awareness campaigns to deter fraudsters; and exploration of collaboration between financial, online, and telecoms regulators and industry bodies in both countries to help close loopholes exploited by criminals.

Others include sharing insights on the misuse of financial systems, with the potential for joint studies and research into emerging threats, as well as, identifying training needs and delivering capacity-building initiatives, starting with targeted training for Nigerian prosecutors by the UK’s Serious Fraud Office, with further programmes planned, subject to funding.

Speaking on this, Lord Hanson, said, “Fraud ruins lives. It strips people of their savings, their confidence, and their sense of security. The fact so many of these crimes now originate overseas makes our international partnerships more important than ever.

Our new agreement with Nigeria will help us better identify and stop fraud before it happens, crack down on criminals who exploit our systems, and ultimately protect the public from the devastating impact of fraud.”

Adding his input, NSA Ribadu said, “Building on the foundation of the past successes, we must confront crime with greater seriousness, deepen collaboration across all fronts; addressing enablers, supporting victims, and pursuing perpetrators, and sustain an unyielding commitment to protect our societies.”

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