Published February 12, 2021

The Senate on Thursday summoned the Governor of Central Bank of Nigeria, Godwin Emefiele, and Director General of the Security and Exchange Commission, Lamido Yuguda, over the decision of the CBN to restrict cryptocurrency in the country.

The decision was taken following a motion by Senator Istifanus Gyang and Tokunbo Abiru titled ‘CBN decision to stop financial institutions from transacting in cryptocurrencies and matters arising therefrom’.

The Senate asked its committees on Banking, Insurance, and Other Financial Institutions, Capital Market, and that of ICT and cybercrime to summon Emefiele and Yuguda.

The CBN governor and DG SEC are expected to brief the panels on the opportunities and threats of the cryptocurrency on the nation’s economy.

The Senate President, Ahmad Lawan, asked the joint committees to listen to Emefiele and Yuguda, and submit their report for the consideration of the Senate in plenary within two weeks.

Leading the debate on the issue, Gyang noted that the CBN issued a directive stopping all financial institutions from transacting in cryptocurrencies.

He said the CBN decision was a follow up to its earlier directives in January 2017 and February 2018 which forbade banks not to use, hold, trade and /or transact in cryptocurrencies.

He further noted that the decision of the CBN was said to have been predicated on the need to safeguard the Nigerian economy from the adverse effects of the cryptocurrency regime which are unregulated digital or virtual currencies that are issued by anonymous entities and secured by cryptography.

Gyang described cryptography as a method of encrypting and hiding codes that prevent oversight, accountability and regulation upon which the CBN said its use in Nigeria violated and contravened existing law as only the CBN was authorised by law to issue legal tender.

He expressed concern that cryptocurrency by nature was anchored on anonymity, obscurity and concealment of its patrons and actors.

He said such practise was making it difficult if not impossible to trace, track and uncover those that may deploy it for ignoble and illegal usage such as money laundering, terrorism financing, drug purchase, cybercrime, among others.

He explained that the action and directive of the CBN had attracted sharp reactions from Nigerians and had become a topical subject of national discuss.

He said, “Cryptocurrency is both an opportunity and a threat, hence the Senate has a responsibility to ensure that the nation and citizens do not miss out on the opportunities that cryptocurrency offers.

“In the same vein, the Senate intervention could mitigate and prevent likely consequential effects on the nation’s economy and security.”

In his contribution to the debate, Senator Tokunbo Abiru pleaded with the CBN to exercise caution in the implementation of the ban on cryptocurrency because it was currently serving as a source of revenue for many young people.

He said it would be difficult to stand on the way of such innovation.

He said, “The attraction is better underscored by the typical loss of value in legal tender.

“Over time, due to inflationary pressures, currencies lose values and particularly in the period that is further challenged by recession.

“In Nigeria, in the last five years, we have had an increase in cryptocurrency investment to the tune of $500m. Last year alone there was over $140m investment in cryptocurrency.”

He noted that the CBN was concerned because there was challenge of financial system stability, cyber crime and terrorism.

Senator Ibrahim Hadejia said Nigeria was already embracing global digital trends before the CBN came up with the shocking decision to ban cryptocurrency.

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He said, “Last year, the SEC came up with a nod to the cryptocurrency as an investment channel.

“The fact of the matter is that we can’t ban cryptocurrency because it is not regulated. As we speak now, people are still trading on cryptocurrency.

“The CBN is actually losing its oversight functions on what is happening. Banning cryptocurrency would mean that we are creating more dangers than solving a problem.

Senator Solomon Adeola also condemned the ban of cryptocurrency.

He said, “ I am strongly against the outright ban of cryptocurrency as a medium of exchange because the CBN has not told Nigerians what

it had put in place to regulate the activities of those who are operating the cryptocurrency.

He said, “Banning it is shying away from oversight duties because all over the world, the cryptocurrency is regulated and Nigeria will not be an exception.

“The operators of the currency are everywhere looking for people to invest. I think the CBN can regulate cryptocurrency by putting an end to its use for terrorism financing.”

Senator Mohammed Sani Musa said cryptocurrency had become a world wide means of transaction.

He said, “It is being protected by a technology that is so strong and I don’t see how we regulate it.

“I don’t know the kind of regulation that we can do that can stop usage. The bitcoin currency has made our currency valueless.

“Seven years ago, my son bought three pieces of bit coin which is now going for N17m per one.

“If we have an economy that is very weak and we cannot regulate cryptocurrency in Nigeria, I don’t know how our economy would be in the next few years.”

He advised the CBN to work with the ministres of Science and Technology and Communication to see how cyberspace would be regulated

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Schools, hospitals shut as herdsmen attack Ogun communities

Suspected Fulani herdsmen, on Thursday, attacked Owode-Ketu and Ijoun villages in the Yewa-North Local Government Area of Ogun State and reportedly killed two persons.

It was gathered that the victims, Isiaka Apesin and Oguntosin Adebayo, were killed on their way to their farms by the herdsmen, who laid an ambush for them.

Eyewitnesses said after killing the farmers, the herdsmen went into the two villages and started shooting indiscriminately and scaring away residents.

According to the source, the killer herdsmen ran into the bush after perpetrating the act.

It was gathered that when the day broke, there was tension in the affected villages, a development that made schools and hospitals in the villages to shut down abruptly.

It was gathered that the incident prompted the closure of schools, hospitals and other businesses as villagers scampered for safety after the killings and the indiscriminate shooting by the assailants.

The Baale of Owode-Ketu, Rev. Sanya Fabuyi, who confirmed the incident, stated that the herdsmen came with sophisticated weapons.

Fabuyi said the villagers were helpless as the herdsmen shot indiscriminately and caused panic in the area.

The youth leader of the community, Mr Sina Olaleye, said the herdsmen, who put on bulletproof vests, immediately fled into the forest after the attack.

He said, “The herdsmen were more than 100 and some of them were putting on bulletproof vests. They are still in the forest now and the police are combing the forest.

“All schools and businesses have been shut down and our people are indoors for fear of being attacked.”

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The Police Public Relations Officer in the state, Abimbola Oyeyemi, confirmed the incident.

Meanwhile, Governor Dapo Abiodun, on Thursday, warned to perpetrators of violence in Owode-Ketu, Eggua, Igan-Alade and Igbogila areas of the state.

The governor said his administration would leave no stone unturned in curtailing the activities of brigands in the state.

SAD STORY OF BABY REJECTED BY MOTHER AFTER BEING BORN WITH RARE CONDITION

A mother has rejected her premature baby girl born at an Indian city because she looks like an alien.

Some stories are too hard to write but we have to accept. Whichever the circumstances, mother should learn to love their children however hard it may be.

A mother has rejected her premature baby girl born at an Indian city because she looks like an alien. The 28-year-old woman, who refused to reveal her identity, gave birth to the girl at a government-run hospital in Patna district of Bihar, in eastern India

The mum said: “I have no idea how did this happen. Me and family are completely devastated.”

The rare genetic condition called Harlequin Ichthyosis happens due to an acute case of malnutrition causing thickening of the skin and facial deformities.

Harlequin Ichthyosis literally means one born with dry, scaly ‘fish’ like skin. It affects one in 300,000 births by inheriting a mutated gene from the parents.

Infants with this condition have very hard, thick skin covering most of their bodies. This is broken into large, diamond-shaped plates separated by deep cracks (fissures).

Dr Maruti Sinha, Senior Consultant Obstetrician and Gynaecologist told Mail Today, “It is for the first time we have witnessed a baby born with this skin deformity. Harlequin Ichthyosis involves an ‘ABCA 12’ gene defect.”

“Till date in India, only three such cases have been reported and they all died soon after birth. We can’t even confirm if the baby is a boy or girl as its genital organs haven’t fully developed,” she added.

After news of the bizarre looking girl’s birth broke, scores of locals flocked to the hospital to have a glimpse of her. Doctors were forced to intervene to remove the number of people gathered outside the hospital to see the baby.

Sadly the baby died after developing respiratory problems

survival rate is so less in babies born with Harlequin Ichthyosis that they die within few hours of birth. Globally, there are also three cases reported wherein patients are alive and suffering

PeakNews

Veteran actor, Pete Edochie has endorsed his son and actor, Yul for the presidency in 2023.

This was revealed in a video posted by Yul on his verified Instagram page on Thursday.

“One of my sons, who incidentally is an actor, has decided that he wants to be a politician. Most of the youngsters have been bugging my phone asking me to endorse my son that they want him as president and l get amused.

He captioned the video, “My Father Chief Pete Edochie endorses my 2023 Presidential ambition. God Almighty, take absolute control.”

In the video, the older Edochie talked about his religious beliefs as a Catholic and the values he grew up with.
“But they keep insisting daddy, we want Yul to be the president of this country.

“We like him. He is disciplined, sympathetic, he believes a lot in people. They have bothered me so much that today, I’m hereby presenting him to you. He has my blessing. He has my endorsement.”

Veteran actor, Pete Edochie endorses son, Yul Edochie for 2023 presidency

Veteran actor, Pete Edochie has endorsed his son and actor, Yul for the presidency in 2023.

This was revealed in a video posted by Yul on his verified Instagram page on Thursday.

“One of my sons, who incidentally is an actor, has decided that he wants to be a politician. Most of the youngsters have been bugging my phone asking me to endorse my son that they want him as president and l get amused.

He captioned the video, “My Father Chief Pete Edochie endorses my 2023 Presidential ambition. God Almighty, take absolute control.”

In the video, the older Edochie talked about his religious beliefs as a Catholic and the values he grew up with.
“But they keep insisting daddy, we want Yul to be the president of this country.

“We like him. He is disciplined, sympathetic, he believes a lot in people. They have bothered me so much that today, I’m hereby presenting him to you. He has my blessing. He has my endorsement.”

Low-cost housing, Buhari’s coup, 8 other things you should know about Jakande

Former Lagos State governor, Lateef Jakande is dead. He died at the age of 91.

Below are 10 things you should know about the late statesman:

1.Jakande, who was born on July 23, 1929, was fondly called Baba Kekere, in reference to him being the younger version of former Western Region Premier, Chief Obafemi Awolowo.

2. According to his profile on the Lagos government website, Jakande’s parents were from Omu-Aran in Kwara State.
3. He worked at Nigerian Tribune, where he rose through the ranks to become the Editor-in-Chief.
4. It was Awolowo who encouraged him to run for the governorship seat of Lagos in 1979 and he won on the platform of the Unity Party of Nigeria.
5. His time in office was terminated by the military coup of the current president, Major General Muhammadu Buhari (retd.)…
   on December 31 1983.
6. LKJ as he was also called lived a simple life including staying in his personal house and driving his personal car to work.
7. After the December 1983 coup, Jakande was charged, prosecuted and convicted of treason, although later he was pardoned.
8. Some of the legacies of his time in office include the Lagos State University, schools and low-cost housing estates popularly known as Jakande schools or estates, commercial boat transport plying Mile 2 to Marina, free education and more.
9. LKJ was the founding father of Nigerian Institute of Journalism in 1963, the brain behind the establishment of the Newspapers’ Proprietors Association of Nigeria and Nigerian Guild of Editors.
10. Throughout his lifetime, Jakande was never awarded a national honour, despite calls by notable Nigerians.

JANUARY

On December 31, 1983, Major-General Muhammadu Buhari became Nigeria’s 5th Head-of-State after a successful overthrow of President Shehu Shagari. His regime was a period remembered for a strict campaign against indiscipline and corruption and also for his human rights abuses.

During his rule, about 500 politicians, officials, and businessmen were jailed, as part of the campaign against waste and corruption. Also, as part of his “War Against Indiscipline”, he ordered Nigerians to form neat queues at bus-stops under the sharp eyes of whip-wielding soldiers. Even civil servants who were late to work were publicly humiliated by being forced to do frog jumps.

In addition to his anti-corruption measures, Buhari also ordered that the currency be replaced and the colour of the Naira notes changed, forcing all holders of old notes to exchange them at banks within a limited period.

The next day, January 1, 1984, Buhari addressed the nation:

In pursuance of the primary objective of saving our great nation from total collapse, I, Major-General Muhammadu Buhari of the Nigerian Army, have after due consultation amongst the services of the armed forces, been formally invested with the authority of the Head of the Federal Military Government and the Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria. It is with humility and a deep sense of responsibility that I accept this challenge and call to national duty.

As you must have heard in the previous announcement, the constitution of the Federal Republic of Nigeria (1979) has been suspended, except for those sections of it which are exempted in the constitution. The change became necessary in order to put an end to the serious economic predicament and the crisis of confidence now afflicting our nation.

Consequently, the Nigerian armed forces have constituted themselves into a Federal Military Government comprising of a Supreme Military Council, a National Council of States, a Federal Executive Council at the centre, and State Executive Councils to be presided over by military governors in each of the states of the federation. Members of these councils will be announced soon.

The last Federal Military Government drew up a programme with the aim of handing over political power to the civilians in 1979. This programme as you all know was implemented to the letter. The 1979 constitution was promulgated.

However, little did the military realise that the political leadership of the Second Republic will circumvent most of the checks and balances in the constitution and bring the present state of general insecurity.

The premium on political power became so exceedingly high that political contestants regarded victory at elections as a matter of life and death struggle and were determined to capture or retain power by all means. It is true that there is a worldwide economic recession.

However, in the case of Nigeria, its impact was aggravated by mismanagement. We believe the appropriate government agencies have good advice but the leadership disregarded their advice.

The situation could have been avoided if the legislators were alive to their constitutional responsibilities. Instead, the legislators were preoccupied with determining their salary scales, fringe benefits, and unnecessary foreign travels, et al, which took no account of the state of the economy and the welfare of the people they represented.

As a result of our inability to cultivate financial discipline and prudent management of the economy, we have come to depend largely on internal and external borrowing to execute government projects with attendant domestic pressure and soaring external debts, thus aggravating the propensity of the outgoing civilian administration to mismanage our financial resources.

Nigeria was already condemned perpetually with the twin problem of heavy budget deficits and weak balance of payments position, with the prospect of building a virile and viable economy.

The last general election was anything but free and fair. The only political parties that could complain of election rigging are those parties that lacked the resources to rig. There is ample evidence that rigging and thuggery were relative to the resources available to the parties.

This conclusively proved to us that the parties have not developed confidence in the presidential system of government on which the nation invested so much material and human resources. While corruption and indiscipline have been associated with our state of under-development, these two evils in our body politics have attained unprecedented heights in the past few years.

The corrupt, inept, and insensitive leadership in the last four years has been the source of immorality and impropriety in our society.

Since what happens in any society is largely a reflection of the leadership of that society, we deplore corruption in all its facets. This government will not tolerate kick-backs, inflation of contracts and over-invoicing of imports, etc. Nor will it condone forgery, fraud, embezzlement, misuse, and abuse of office and illegal dealings in foreign exchange and smuggling.

Arson has been used to cover up fraudulent acts in public institutions. I am referring to the fire incidents that gutted the P&T buildings in Lagos, the Anambra State Broadcasting Corporation, the Republic Building at Marina, the Federal Ministry of Education, the Federal Capital Development Authority Accounts at Abuja, and the NET Building.

Most of these fire incidents occurred at a time when Nigerians were being apprehensive of the frequency of fraud scandals and the government’s incapacity to deal with them. Corruption has become so pervasive and intractable that a whole ministry has been created to stem it.

Fellow Nigerians, this indeed is the moment of truth. My colleagues and I – the Supreme Military Council, must be frank enough to acknowledge the fact that at the moment, an accurate picture of the financial position is yet to be determined. We have no doubt that the situation is bad enough. In spite of all this, every effort will be made to ensure that the difficult and degrading conditions under which we are living are eliminated.

Let no one, however, be deceived that workers who have not received their salaries in the past eight or so months will receive such salaries within today or tomorrow or that hospitals that have been without drugs for months will be provided with enough immediately. We are determined that with the help of God we shall do our best to settle genuine payments to which the government is committed, including the backlog of workers’ salaries after scrutiny.

We are confident and we assure you that even in the face of the global recession, and the seemingly gloomy financial future, given prudent management of Nigeria’s existing financial resources and our determination to substantially reduce and eventually nail down rises in budgetary deficits and weak balance of payments position.

The Federal Military Government will reappraise policies with a view to paying greater attention to the following areas: The economy will be given a new impetus and a better sense of direction. Corrupt officials and their agents will be brought to book.

In view of the drought that affected most parts of the country, the federal government will, with the available resources, import foodstuffs to supplement the shortfalls suffered in the last harvest.

Our foreign policy will both be dynamic and realistic. Africa will of course continue to be the centrepiece of our foreign policy. The morale and combat readiness of the armed forces will be given high priority. Officers and men with high personal and professional integrity will have nothing to fear.

The Chief Justice of Nigeria and all other holders of judiciary appointments within the federation can continue in their appointments and the judiciary shall continue to function under existing laws subject to such exceptions as may be decreed from time to time by the Federal Military Government. All holders of appointments in the civil service, the police, and the National Security Organisation shall continue to exercise their functions in the normal way subject to changes that may be introduced by the Federal Military Government.

All those chairmen and members of statutory corporations, parastatals, and other executive departments are hereby relieved of their appointments with immediate effect.

The Federal Military Government will maintain and strengthen existing diplomatic relations with other states and with international organisations and institutions such as the Organisation of African Unity, the United Nations and its organs, Organisation of Petroleum Exporting Countries, ECOWAS and the Commonwealth, etc.

The Federal Military Government will honour and respect all treaties and obligations entered into by the previous government and we hope that such nations and bodies will reciprocate this gesture by respecting our country’s territorial integrity and sovereignty.

Fellow Nigerians, finally, we have dutifully intervened to save this nation from imminent collapse. We, therefore, expect all Nigerians, including those who participated directly or indirectly in bringing the nation to this present predicament, to cooperate with us. This generation of Nigerians, and indeed future generations, have no country other than Nigeria. We shall remain here and salvage it together. May God bless us all. Good morning. #HistoryVille #OnThisDay

How do I know I’m on the right path? Asking this question can send us into a knee-bending spiral of nail biting, insomnia-inducing confusion. Been there? I know I have! Your head and heart asks: How do I know for sure this is the right dream, career choice or partner for me? Yet, knowing we are on the right path is not nearly as hard as we think.

People who are in touch with their inner guides can better navigate life’s stumbling blocks. They quit jobs they know aren’t right for them. They end relationships that aren’t fulfilling. They make tough choices—because they know they’re the right choices.

Here are five signs you’re on the right path:

You’re not doing things that make you uncomfortable..

You’re not saying things you later apologize for.

You don’t feel the need to compromise on the Big Deal Stuff.

You feel your sense of value or worth and see it mirrored back by your environment.

You’re confident in your choices and life (and aren’t afraid to say so).

These are all tell-tale signs that you are fulfilling your divine potential in life. You are on the wrong path, however when you start to notice these five signs

The situation at hand is costing you your power.

You feel drained. Tired is okay. Drained means depleted and that’s a red flag.

You feel wildly confused about where your life is going.

You are especially on the wrong path when you feel like you are “losing yourself” to a particular situation.

If you find yourself saying “I can’t help feeling like I lost myself,” then you’ve probably betrayed yourself in some way.
Compromise, incidentally, is not betrayal. Compromise is when you willingly say Alright, I can give here. But if you’ve compromised to the point where you feel drained or depleted? Then you have betrayed yourself.

The choices you make in your life will either enhance your spiritor drain your spirit. What are you choosing? How often have you said, “I want to get out of this circumstance but I am too afraid. I’m just going to slap on a happy face instead”? Yup, you know it: betrayal.

People who are in touch with their inner guides can better navigate life’s stumbling blocks. They quit jobs they know aren’t right for them. They end relationships that aren’t fulfilling. They make tough choices—because they know they’re the right choices.

Think of every small “right” action as a massive billboard created for the Universe which says, “I am ready now. I believe.”

The powerful act of staying tuned in and aligned with what is true for you will create quantum shifts in your reality, your relationships, your confidence and energy field.

You won’t have to hunt, seek, or find “the right path.”

Some guidance to get you on the right track:

Don’t be so hard on yourself. Stop with the self-attack! It’s not productive. Don’t get down on yourself because you ended up on the wrong track—it happens to everyone.

Determine the first step. And then take it. Change starts with one step. For example: If you were trying to lose weight, a small first step would be to select whole grain bread instead of white bread. Cutting down on fats or sweets is also a good first step. If you’re looking for a special someone, join an online dating site. Don’t worry about writing your profile or going on dates—your first step is just joining. Career-wise, spend 20 minutes refreshing your resume.
Don’t bite off more than you can chew. Tiny, doable goals will get you there! Break down your BIG goals into a series of little, totally achievable steps. Step one: go for a 20 minute walk today. Step two: go for a 20 minute walk and switch to skim milk in your coffee.
Relax more. It may seem counterproductive to relax, but if this is what you need, then go ahead and relax for a day or so. Contemplate how you’ve been living your life, your delayed goals, and what things you want to change. Find a serene spot and write down your thoughts and desires in notebook. Begin by writing down what you need to get, want to give, and what your deal breakers are in regards to that area of your life. Make this day a mini retreat!
Have a mantra or meditation that helps to keep you on focus. If you tend to be discouraged easily by some things, create a simple mantra that will help you stay on target, one that will help you shift into a more loving and empowered perspective.
Accomplish a goal every week, every month and every year. Enjoy the snowball effect of gaining confidence as you accomplish more and more goals! When you set small, doable goals for yourself, you’ll be that much more likely to take on big ones.