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SEC grants approval-in-principle to 2 digital exchanges

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The Securities and Exchange Commission (SEC) has granted two  digital assets Exchanges “Approval-in-Principle” to commence operation under the Accelerated Regulatory Incubation Program (ARIP).
Ms Efe Ebelo, the spokesperson of the commission announced this in a statement on Thursday in Lagos.
According to Ebelo,  the companies that were granted the approval are Busha Digital Ltd., and  Quidax Technologies Ltd.
She  said  that the approval-in-principle was in furtherance of SEC’s commitment to enabling innovation that would deepen the capital market while guaranteeing the protection of investors.
She said that the cohort comprises of two digital asset exchanges, four digital asset offering platforms and one digital asset custodian.
“Busha operates a digital exchange that facilitates the buying and selling of crypto assets with fiat currency.
“It enables individuals and businesses in Nigeria and other developing economies to access basic digital asset investment services.
“Busha’s customers use the mobile and web applications to buy, sell, store, send, receive, trade, invest and make payments in cryptocurrencies,” she said.
The  spokesperson said that Quidax Technologies operated a cryptocurrency trading platform in Nigeria.
“The platform leverages blockchain technology to list and trade already issued crypto tokens (assets).
“The services are provided via a proprietary blockchain owned and controlled by Quidax,” she  said.
According to her, the exchange platform is both web and mobile enabled for ease of access and use.
She said Quidax also utilised digital wallet to enable its users store, receive and transact in variety of cryptocurrencies.
Similarly, Ebelo onfirmed that five firms had been admitted to test their models and technology under the commission’s Regulatory Incubation(RI) Programme.
She listed the companies as Trovotech Ltd., Wrapped CBDC Ltd., HousingExhange.NG Ltd., Dream City Capital and Blockvault Custodian Ltd.
She said that the commission recently introduced ARIP to “strategically on-board firms” which had commenced operations prior to the release of the Rules on Virtual Asset Service Providers in May 2022.
According to her, the current cohort of the ARIP and the RI programmes is characterised by the increased use of distributed ledger technology (“DLT”) in creating and trading crypto assets
She added that the outcome of the process would inform further policy development in the space.
She said that tests would be conducted on a short-term and small-scale basis,  and the commission would continue to work with the participating firms to agree on testing parameters and robust consumer safeguards.
“The referenced approvals-in-principle are a precursor to the granting of full registration by SEC and are meant to ensure that appropriate protection and transparency is in place in respect of each product or service.
“It is noteworthy that the above firms are not the only entities that have applied to ARIP and the RI programmes.
“Other applications received are being assessed and would be granted approval-in-principle on a case-by-case basis as they meet all SEC requirements,” she said.
Ebelo, however, reiterated that only approved digital exchanges and platforms are legally authorised to carry out the business of crypto trading in any form in Nigeria.
She said that in this regard, ARIP and RI remained the only avenues for well-intentioned entities to legitimately introduce their digital products and services to the Nigerian capital market.
She advised the public to refrain from dealing with illegal operators who had not applied to and received SEC’s approval under the ARIP or the RI programme.
“Intending investors are also reminded to always confirm from various SEC information portals whether entities purporting to provide investment services are legally empowered to so do,” she said.(NAN)
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Education

92 Visually Impaired Candidates Sit for UTME in Kano

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A total of 92 visually impaired candidates participated in the ongoing Unified Tertiary Matriculation Examinations (UTME) conducted by the Joint Admissions and Matriculation Board (JAMB) at the Kano centre.

Prof. Muhammad Yahuza-Bello, JAMB Coordinator for the Kano centre, made the announcement while monitoring the exercise on Monday.

The examination took place at the School of Continuing Education, Bayero University Kano (BUK), under the JAMB Equal Opportunity Group (JEOG) initiative for candidates with special needs.

Yahuza-Bello, a former vice-chancellor of BUK, explained that the 92 candidates were drawn from Kano, Jigawa, Katsina, Zamfara, and Kaduna States.

He added that among the candidates, two had Down syndrome, while two others had autism.

The candidates, both male and female, were provided with specialized gadgets such as typewriters, braille machines, slates, styluses, and paper to facilitate their participation in the exams.

The coordinator also said over 500 candidates with special needs-ranging from visual impairments and albinism to Down syndrome and autism-had registered to take the exam at 11 centres across the country.

He said, unlike regular Computer-Based Testing (CBT) centres where candidates interact with screens and keyboards, special needs candidates benefit from adaptive materials to eliminate barriers to education.

Since its introduction in 2017, JEOG has seen positive results, with an increasing number of special needs candidates gaining admission into tertiary institutions.

Yahuza-Bello pointed out that while approximately 25% of regular candidates gain admission, over 33% of special needs candidates are successful in securing placements.

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National

Court Approves Federal Government’s Request to Protect Witness Identities in Nnamdi Kanu Trial

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A federal high court in Abuja has authorized the federal government’s request to keep the identities of witnesses in the trial of Nnamdi Kanu confidential.

Kanu, who leads the banned Indigenous People of Biafra (IPOB), has been held by the Department of State Services (DSS) since 2021 on charges of terrorism and treasonable felony.

On Tuesday, prosecution attorney Adegboyega Awomolo informed the court that he had submitted an ex parte application on April 10 to safeguard the identities of the witnesses. He requested that the court provide screens and masks to ensure their anonymity.

“The purpose of this request is to ensure the safety and security of state officers who will serve as witnesses,” he stated.

Kanu Agabi, the defendant’s counsel, did not contest the application.

The trial is underway, with the first witness, a DSS operative, already called to testify.

Kanu was re-arraigned on March 21 before Judge James Omotosho of the federal high court in Abuja.

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National

EFCC Arrests Aisha Achimugu at Abuja Airport

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The Economic and Financial Crimes Commission (EFCC) has arrested Aisha Achimugu.

The managing director and chief executive officer (CEO) of Felak Concept Group was arrested at the Nnamdi Azikiwe International Airport in Abuja.

Achimugu was taken in around 5am on Tuesday after arriving in Nigeria from London.

More to follow…

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