Connect with us

National

SEC grants approval-in-principle to 2 digital exchanges

Published

on

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)
ALSO READ:  Group Alleges Tribunal Verdicts in Ododo Vs Ajaka Case Sold for ₦6 Billion
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National

NOA Investigation Reveals Shocking Misappropriation In Student Loan Scheme

Published

on

An investigation by Nigeria’s National Orientation Agency (NOA) has uncovered alleged collusion between universities and banks to misappropriate funds from the Federal Government’s Student Loan Scheme, depriving students of their entitled financial support.

In a statement released on Sunday, NOA Director General Mallam Lanre Issa-Onilu revealed the findings following a meeting with Akintunde Sawyerr, Managing Director of the Nigerian Education Loan Fund (NELFUND).

The probe, conducted by NOA’s Community Orientation and Mobilisation Officers, exposed deliberate delays in loan disbursements to students for personal gain by certain institutions and banks.

“Some universities fail to acknowledge NELFUND’s disbursements to students,” Sawyerr said, noting that affected institutions receive funds directly but neither inform students nor record payments, forcing students to pay tuition fees out of pocket.

“Withholding critical financial information from students is unethical and a breach of NELFUND’s principles,” he added.

He warned that legal action awaits any institution found culpable.

The NOA has issued a stern directive to implicated schools and banks to halt such practices immediately.

It has also instructed its state directorates to gather further feedback from students nationwide to ensure accountability and prompt government action against those involved.

ALSO READ:  FG advocates harmonisation of NIN, TIN for access to information
Continue Reading

National

Tinubu pledges nationwide road infrastructure boost

Published

on

President Bola Tinubu has said his vision is to complete and expand all key road infrastructure projects across Nigeria to improve nationwide connectivity.

President Tinubu stated this on Sunday during the inauguration of section two of the Abuja-Kaduna-Zaria-Kano road project.

The President, who was represented by the Governor of Kaduna State, Uba Sani, said the road is a vital link between the South and North, and the government is committed to easing travel across the country.

“My vision is to overhaul Nigeria’s roadways by completing and expanding critical infrastructure projects nationwide,” Tinubu stated.

He acknowledged that some projects began under past administrations but praised his government for refining partnerships, addressing funding issues, and setting new completion timelines.

“In almost two years, we’ve awarded several new road projects, many of which have already been completed to boost trade, productivity, and regional development,” Tinubu said.

He added that no part of Nigeria is being neglected in the ongoing infrastructure upgrades sweeping across the nation under his leadership.

Tinubu said Kaduna State and Northern Nigeria have especially benefited from major infrastructure improvements since his administration began.

He highlighted the Abuja-Kaduna-Zaria-Kano dual carriageway as a landmark project and one of Nigeria’s most critical road networks.

The road connects the Federal Capital Territory with about 12 states across the north-central, northwest, and northeast, aiding both economic and social development.

Also, Tinubu approved an 11-kilometre extension to connect the road to Aminu Kano International Airport.

He also added 10 kilometres at the start of section one, between Kogi State and Abuja, for greater coverage.

ALSO READ:  335 deaths, 2,055 Injuries Recorded In Traffic Accidents In One Month – FRSC

Tinubu directed that solar-powered lights be installed throughout the road for safety and illumination.

Minister of Works, David Umahi, praised Tinubu’s dedication to improving Nigeria’s infrastructure, especially in the road sector.

Umahi revealed that the 700-kilometre road would be completed using concrete-reinforced pavement within 14 months.

He said the project spans 350 kilometres each way from Abuja, passing through Niger State to Kaduna, Zaria, and ending in Kano.

The minister confirmed that Julius Berger had completed 480 kilometres of the Kano section, with 280 kilometres remaining to be done.

Umahi stated that construction of sections one and three, totalling 118 kilometres, had been awarded for N252 billion with 30 per cent upfront payment to Infiouest.

He added that section two, 82 kilometres each way (164 kilometres total), had been flagged off at a cost of N525 billion.

The entire road project, close to a trillion naira in total, is being executed by Infiouest, which Umahi endorsed as reliable.

Umahi assured Nigerians of progress and said the ministry would return in 30 days to assess the ongoing work.

He disclosed plans for zonal engagements across the six geopolitical zones to report on road and bridge achievements under the Tinubu administration.

Minister of State for Works, Bello Goronyo, reaffirmed Tinubu’s commitment to Nigeria’s socioeconomic development.

Goronyo called Tinubu a leader for all regions, with dedication to every corner of the country.

“We deeply appreciate your efforts; your impact is felt nationwide,” Goronyo said.

He commended Tinubu for projects in Illela, Sokoto, Lagos, and Badagry, highlighting them as part of major legacy superhighways.

ALSO READ:  Omoyele Sowore Says Tinubu Government Is Sinking, Garnering Massive Attention, Support Online

“This is a performing President, bringing renewed hope and positive change to Nigerian lives,” Goronyo added.

He encouraged communities to support the contractors, governors, and the president in building a prosperous and transformed Nigeria. (NAN)

Continue Reading

National

Soyinka Calls For Reversal Of Ban On Eedris Abdulkareem’s Song

Published

on

Nobel Laureate, Professor Wole Soyinka, has criticised the recent ban placed on a song by Nigerian musician, Eedris Abdulkareem, calling for the reversal of the action.

Abdulkareem, who is popular for his song ‘Jaga Jaga’, which was critical of the then President, Olusegun Obasanjo, recently released a new song titled ‘Tell Your Papa’ directed at President Bola Tinubu’s son Seyi. In the song, the singer criticised the President for the worsening economy and hardship in the country.

This moved the Nigerian Broadcasting Corporation (NBC), to release a memo on Wednesday, banning the song from being aired on radio and television, citing its “objectionable nature.” The action has since sparked outrage from Nigerians.

In a statement he issued from New York University, Abu Dhabi, on Sunday, Soyinka described the ban as a return to the culture of censorship and a threat to the right to free expression.

According to him, the action echoed past attempts to stifle artistic and socio-political commentary in Nigeria.

The Nobel Laureate noted that any government that is only tolerant for praise-singers and dancers to the official beat, has already commenced a downhill slide into the abyss.

“Courtesy of an artist operating in a different genre – the cartoon – who sent me his recent graphic comment on the event, I learnt recently of a return to the culture of censorship with the banning of the product of a music artist, Eedris Abdulkareem.

“My position is that such a progressive move by the government and its agencies does not go far enough. It is not only the allegedly offensive record that should be banned – the musician himself should be proscribed. Next, PMAN, or whatever musical association of which Abdulkareem is member, should also go under the hammer. Nor should we ignore the cartoonist, Ebun Aleshinloye, who not only etched out his trenchant response to the ban but disseminated it all the way to Abu Dhabi. Let’s simply go the whole hog!

ALSO READ:  NASS Dashes Hopes For New States

“I have yet to listen to the record, but the principle is inflexibly etched on any democratic template. It cannot be flouted. That, surely is basic. This is why I feel that we should look on the bright side of any picture and thus recommend the Aleshinloye’ cartoon – and others in allied vein – as an easy to apprehend, easy to digest summation of the wisdom of attempting to stifle unpalatable works of art or socio-political commentary, The ban is a boost to the artist’s nest egg, thanks to free governmental promotion. Mr. Abdulkareem must be currently warbling his merry way all the way to the bank. I envy him.

“We have been through this before, over and over again, ad nauseum. We know where it all ends. It is boring, time-wasting, diversionary but most essential of all, subversive of all seizure of the fundamental right of free expression. It also creates a permissive atmosphere of trickle-down power where governors have been known to pursue social critics across state borders, kidnap and imprison them for long spells, using the judicial machinery of never-ending trials.

“Oh, bear in mind also theocratic “authorities” that continue to arrogate to themselves the right to arrest and imprison artists and thinkers for their expression of opinion and vision of human existence. The fundamental right of free expression, as already touched upon, is not a closet affair, it is never hidden but echoes as loudly on international fora as in the most obscure hamlet.

Any government that is tolerant only of yes-men and women, which accommodate only praise-singers and dancers to the official beat, has already commenced a downhill slide into the abyss. Whatever regulating body is responsible for this petulant irrationality should be compelled to reverse its misstep.

ALSO READ:  Omoyele Sowore Says Tinubu Government Is Sinking, Garnering Massive Attention, Support Online

The statement by the literary icon also touched on the recent mob action in Edo State where no fewer than 19 lives were lost.

He recalled how young student, Deborah Samuel, was also killed in a similar fashion in Sokoto in 2022, regretting that her “identified killers” were freed without any consequence.

He said, “It is a sadly opportune moment, but also an enraged one, to join in conveying my commiseration to the families of the latest victims of the lynch mob mentality that is fast overtaking the nation. Edo today, which state next? Nineteen youths in one fell swoop?

“Let this latest dent in the national armour not pass as the yet soul searing orgy that ended the life of the young student, Deborah Samuel. Recall that identified killers were set free to gloat, and paste their photos on the social media as having lit the consuming pyre – this in full daylight glare, in the presence of both citizen voyeurs and security forces. The horror is not in numbers but in the act itself.

“As long as the culture of impunity is given the sheerest strain of legitimacy in any given cause, such gruesome assaults on our common humanity will continue to prevail, and a reversion to brutish existence become a nation’s stamp of identity.

“The culprits are in plain sight and so are witnesses. There can be no excuses. My heart goes out to friends, colleagues and families of victims and traumatized survivors of this senseless slaughter. Our thirst for justice must remain unslaked.”

ALSO READ:  Breaking news: CBN again raises MPR by 50 basis points
Continue Reading