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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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Reps Invite PenCom, PTAD Over Failure to Pay Pensioners

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PTAD

By Aduragbemi Omiyale

The Director-General of the National Pension Commission (PenCom) and the Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD) have been asked to explain to the House of Representatives Committees on Pension and Public Service Matters why they have failed to pay federal civil service retirees their pensions for nine months.

This directive was given to the officials after a lawmaker from Edo State, Mr Sergius Ose-Ogun, moved a motion on the matter on the floor of the lower chamber of the National Assembly in Abuja on Tuesday.

Also to appear before the panels are the Head of Service (HoS) of the federation and the Accountant-General of the Federation (AGoF).

Presiding over the plenary today, the Speaker of the House of Reps, Mr Femi Gbajabiamila, directed the teams to investigate the alleged non-payment of pension to the retirees by PTAD within four weeks and report back to the lower parliament with their findings.

While moving his motion today, Mr Ose-Ogun described as “unacceptable” the claims by PTAD that the non-payment was caused by technological glitches, specifically from the AGoF and the Government Integrated Financial Management System (GIFMIS).

According to him, the failure of the agency to pay pensioners’ monthly pensions and gratuities under the “Defined Benefits Scheme for the said period of nine months…amounts “to gross incompetence and ineffectiveness” as Section 32(b) of the Pension Reform Act Cap P4 Laws of the Federation of Nigeria, 2004 saddles PTAD with the responsibility of carrying out functions aimed at ensuring the welfare of pensioners.

He said emphasised that Section 14(2) (b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) provides that the security and welfare of the people of Nigeria shall be the primary purpose of government.

He used the opportunity for the House to look into the matter based on Section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), which empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly.

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INEC Gives Tinubu, Obi July 15 Deadline to Confirm Running Mates

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inec electoral bill

By Adedapo Adesanya

The Independent National Electoral Commission (INEC) has given presidential candidates of the various political parties partaking in the 2023 general elections until July 16, 2022, to confirm their running mates.

Nigerians head to the polls next year to elect someone to replace President Muhammadu Buhari, who leaves office on May 29, 2023, after he must have served a two-term of eight years.

Early this month, most political parties held their presidential primaries and while names have been submitted to the electoral umpire, there are speculations that things may still change.

The latest announcement is coming after the electoral body released the list of candidates of political parties for the 2023 general elections and it includes names of presidential candidates and their vice-presidential selections, as well as senatorial and House of Representatives candidates.

Presidential candidates on the list are Mr Bola Tinubu of the ruling All Progressives Congress (APC) and his running mate, Mr Ibrahim Masari; and Mr Atiku Abubakar of the Peoples Democratic Party (PDP) and his running mate, Mr Ifeanyi Okowa.

Others are Mr Peter Obi of the Labour Party (LP) and his running mate, Mr Doyin Okupe; and Mr Osita Nnadi of the Action Peoples Party (APP) and his running mate, Mr Isa Hamisu.

The other presidential candidates are Mr Abiola Kolawole of the Peoples Redemption Party (PRP) and his running mate, Mr Ribi Marshal; Mr Rabiu Musa Kwankwaso of the New Nigeria People’s Party (NNPP) and his running mate, Mr Johnson Oladipupo; Mr Yabagi Sani of the Action Democratic Party (ADP) and his running mate, Mr Udo Okey-Okoro; Mr Ado-Ibrahim Abdulmalik of the Young Progressives Party (YPP) and his running mate, Mr Enyinna Kasarachi.

Also are Mr Omoyele Sowore of the African Action Congress (AAC) and his running mate, Mr Garba Magashi; Mr Mamman Dantalle of the Allied Peoples Movement (APM) and his running mate, Mrs Ojei Princess; Mr Chukwudi Umeadi of the All Progressives Grand Alliance (APGA) and his running mate, Mr Koli Mohammed; Mr Oluwafemi Adenuga of the Boot Party (BP) and his running mate, Mr Turaku Mustapha; Mr Daberechukwu Nwanyanwu of the Zenith Labour Party (ZLP) and his running mate, Mr Ramalan Abubakar; Mr Dumebi Kachikwu of the African Democratic Congress (ADC) and his running mate, Mr Ahmed Mani; and Mr Hamsa Almustafa, presidential candidate, Action Alliance (AA) and his running mate, Mr Chukwuka Johnson.

The duo of Mr Tinubu and Mr Obi, while submitting their running mates, claimed they may still change them after consultations with key stakeholders.

The timetable and schedule of activities for the 2023 general elections released by INEC indicate that political parties have less than 20 days to withdraw or replace their candidates and running mates for the presidential and National Assembly elections.

Nigeria’s presidential and National Assembly elections have been slated for February 25, 2023, while governorship and state assembly elections will be held on March 11, 2023.

Initially, February 18, 2023, was chosen for the presidential poll but the date was amended after the signing of the amendments to the Electoral Bill by President Buhari.

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Eaton Calls for Stoppage of Sulphur Hexafluoride Gas 

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Sulphur hexafluoride gas

By Adedapo Adesanya

Leading power management company, Eaton Nigeria, has advocated the regulation of sulphur hexafluoride (SF6) gas usage in electrical power distribution networks.

This call was made during the company’s Power & Water Nigeria Exhibition and Conference 2022, an event that connects the Nigerian utility industry.

The event which was organised by Vertex Global services saw the participation of experts and exhibitors from over 20 countries.

The gathering enabled global stakeholders to access engaging technical discussions, on-the-spot assessment of the region’s opportunities in power generation, distribution, renewables, and water & utility sectors; as well as exhibitions from leading local and international suppliers.

During his presentation on the topic, A Call to Action on the ‘dirtiest’ greenhouse gas in clean energy, Mr Charles Iyo, Regional Sales Manager Eaton West Africa said “Sulphur hexafluoride gas which is used in the production of most switchgears remains one of the world’s potent greenhouse gases that adversely affect the environment. 1kg of SF6 is equivalent to 23,500 Kg of CO2 in global warming potential, and each unit of switchgear is estimated to use 2.5 kg of SF6 gas; which makes it devastatingly dangerous to the climate.”

“Government in Africa, especially Nigeria needs to take proactive measures such as implementing new regulations to ban the use of SF6 Gas in switchgear production. Also, regulatory bodies and industry stakeholders need to collaborate and elevate industry practice and policies to implement the use of SF6 free technology thereby creating a safe and sustainable future,” he added.

Mr Iyo further highlighted SF6-free alternatives that could positively combat climate change, saying the adoption of vacuum technology is considered a safe, compact and reliable alternative to SF6 gas in the production of switchgears.

Eaton has been at the forefront of advocating the elimination of SF6 gas globally. The power management company pioneered SF₆ free medium voltage switchgear production in 1960 with Magnefix, a compact solution for distribution system operators.

The various range of SF6 free switchgears are produced with environmentally friendly technology in comparison with the methods used by many other suppliers, which use SF6 as insulation gas.

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