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TUESDAY DECEMBER 20, 2016 • T H I S D AY
NEWSEXTRA
CBN May Legalise Use of Bitcoin for Transactions, Says NDIC Obinna Chima with agency report The Managing Director of the Nigeria Deposit Insurance Commission (NDIC), Alhaji Umaru Ibrahim, at the weekend disclosed that the commission and the Central Bank of Nigeria (CBN) have set up a committee to look into the possibility of legalising the use of the digital currency, the Bitcoin, for transactions. According to Bitcoin.org, Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. The website says Bitcoin is an
open-source, its design is public, nobody owns or controls Bitcoin and everyone can take part. Unlike traditional currencies such as dollars, naira, the euro, etc., bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation, devaluation, import policies, currency fixing and corrupt banks. It is a true floating currency whose value is determined by demand and supply. According to the News Agency of Nigeria (NAN), Ibrahim made the remark on the use of bitcoins for digital transactions at the
Edo Govt Proposess N150bn Budget for 2017 Adibe Emenyonu in Benin City The Edo State Government yesterday proposed the sum of N150,011,831,079 as its 2017 budget estimates. Presenting the budget before the state House of Assembly for consideration, Governor Godwin Obaseki said the budget christened ‘Budget of Consolidation and Prosperity,’ was higher than the budget estimate of last year by 29 per cent of N15,913,642,987. According to him, the 2017 budget estimates is made up of N74,900,297,917 as recurrent expenditure and N75,111,533,162 as capital expenditure with revenue estimate based on a $42.0 bench mark for crude oil and average daily production of 1.9 million barrels per day and expectations of improved performance of internally generated revenue (IGR). In line with this, he said his administration intends to maintain a balance of capital to recurrent expenditure of 50:50 per cent in line with “our plan to spend our way out of recession.” Obaseki while acknowledging that this year’s budget would have
a deficit of N25 billion which is within the acceptable threshold, would be funded mainly by money the federation account and IGR. “The policy directions of this budget are largely informed by my interactions with the Edo people during my campaign which was validated in a strategy dialogue comprising political, religious and traditional leaders, professionals, civil society, women and youth groups. “The policy bedrock of the 2017 budget rests on economic revolution, infrastructural expansion, institutional reform, social welfare enhancement, culture and tourism and environmental sustainability. “These are the pillars which if pursued with uncommon focus, will help us build a new society, create new jobs, new opportunities and wealth and usher in a new era of prosperity for all,” he stated. Some of the highlights of the budget included N22.2billion for economic sector, N22.3 billion for infrastructure development, environment, N6.9 billion for social welfare,N17.3 billion among others such as payment of arrears of pensions and gratuities.
Int’l School Ibadan Alumni Honour Ighodalo, Ogunbayo Others The International School Ibadan Alumni Association (ISIAA) at its annual dinner and dance event recently, has honoured the Senior Pastor, Trinity House Church, Pastor Ituah Ighodalo; Managing Director/ Chief Executive Officer, KOA Consultants Limited, Ibikunle S. Ogunbayo; Managing Director, Prime Atlantic Ltd. (PAL) Group, Mr. Ayo Otuyalo, among others. According to the association in a statement made available to THISDAY yesterday, the Distinguished Alumni Awards was also an appreciation award to Mrs. Amorelle Inanga for her impact on students as the music teacher while she was at the school which was collected on her behalf by Mrs. Nimi Akinkugbe, CEO of Bestman Games while late Mr. Funto Akinkugbe was honoured posthumously. Accordingly, those in attendance at the event which
took place the Metropolitan Club, VI, Lagos. were former students representing several generations, including those who were there at inception of the school over 50 years ago in 1963. The association stated that the occasion was also used to present its plans for 2017, which include the building of the Dapo Fajembola Science Centre in the school and the Alumni Mentorship and Networking Programme. The President of the Alumni, Mr. Tive Ekpere, said the alumni body is getting more established with as worldwide reach and plans are underway to host a mega reunion in 2017 which will bring together all former students including those in the Diaspora. The Chairman of the Mentorship Programme, Mr. Segun Oshin, in his speech, stated how it will benefit all alumni and project members of the association into key areas of the business industry in Nigeria.
2016 Workshop for Financial Correspondents in Kaduna. He said: “On our part, we have constituted a committee together with the central bank to have an in depth study of this phenomenal bitcoin. “We will look at its advantages and disadvantages, what it means for the payment system and what it means for the safety and security of customers. “We will also look at what it means for money laundering, anticorruption, crime and measurement of money/near money instruments for the economy. “But we need a lot of education to do this and I’m calling on you (the media) to educate yourselves about all of this so you can educate the public.” Ibrahim said with the bitcoin, it has included block-chain technology-based products in the market. He said a lot of Nigerians had already started patronising the
digital currency, stressing that ‘it has started to creep in and nobody can stop it”. In Europe and the United States, Ibrahim noted, it has gained currency and some of the leading banks in Europe have also adopted their own versions of bitcoins. “Some of the central banks have also adopted it and are seriously doing everything possible to bring in the emergence of this invisible product. “The owners do not need any central bank; they do not need any physical bank. “If you are a subscriber, you only know yourselves and they give you the bitcoin and in some countries, you can convert it to cash. “You can make payments with it because it has been recognised and one of the famous ex-chief executives of Barclays PLC, Antony Jenkins, has joined the network’s board of directors,” Ibrahim explained. He said that the financial services
industry was not spared in the transition to the adoption of the digital currency. On the issue of “MMM”, he stressed that it was not recognised and was illegal. “It is a very serious matter and all hands must be on deck to educate the public on things like this.” On the current problems regarding the emergence of wonder banks, Ibrahim said NDIC would not relent in calling on Nigerians, educating and sensitising Nigerians on the dangers of patronising wonder banks. He urged the media to help and continue to educate the public not to in anyway patronise institutions that are not licenced by the central bank or insured by the NDIC. He also spoke on improving financial inclusion in the country, saying that although the success recorded was not considerable, there was some improvement. “The successes recorded are not much, but it is a good start given
the prevailing number of Nigerians excluded financially, “I think if you check the statistics that have been rolled out, you will appreciate that we have recorded some successes in the last three years. “This is since the introduction of the cashless policy and mobile banking to the extent that more Nigerians are getting involved. “But we still have a very long way to go and it is your responsibility, as journalists, to continue to help to educate Nigerians on the advantages of people not keeping money under their pillows and mattresses or in some cases in soakaways and ceilings. “We know that people fear electronic fraud, but I can assure you that the CBN and the banking community are doing everything possible to block all loop holes associated with mobile banking. And the advantages far out weighs the disadvantages,” he said.
CHRISTMAS IN THE AIR
L-R: Former Managing Director, Niger Delta Development Commission (NDDC), Mr. Timi Alaibe; Mrs. Ify Utomi; Prof. Pat Utomi; Chairman, NEPAL Oil and Gas Services, Mr. Eme Ekeoma; MD/CEO, NEPAL Oil and Gas Services, Mrs. Ngozi Ekeoma; and CEO, Anabel Group, Dr. Nicky Okoye, during NEPAL Christmas carol, in Lagos.....weekend. Kolawole Alli
Resident Doctors Threaten Showdown with FG over Poor Health Facilities Christopher Isiguzo in Enugu The National Association of Resident Doctors (NARD) yesterday in Enugu issued a 21-day ultimatum to the federal government to meet their demands or face a major crisis in the sector. The NARD President, Dr. John Onyebueze, who issued the ultimatum at a press conference in Enugu said by midnight on January 2, 2017, when the ultimatum expires, their members would have no other option but to possibly down tools. Onyebueze also stated that doctors in all public health institutions across the country would start wearing black ward coats if the federal government failed to meet an agreement it earlier reached with NARD by the expiration of the ultimatum. Speaking on the outcome of the extra-ordinary meeting of NARD in Abuja, Onyebueze explained that the health of Nigerian citizens was not receiving adequate attention it deserves as evidenced by the
worsening health indices and dilapidated infrastructure in health institutions in the country. He blamed the state of hospitals in the country on maladministration and inadequate planning of the Federal Ministry of Health, particularly the complacency of both the Minister of Health, Professor Isaac Adewole, believed to be gearing up for Osun State governorship position and retiring Director of Hospital Services, Dr Wapada I. Balami, believed to be gearing up to replace the minister. Part of the demands of NARD, according to Onyebueze,include urgent measures to stem the rot in the health sector and ensure access to quality healthcare for all Nigerians, adequate budgetary provisions and planning for both manpower and infrastructure development in subsequent budgets. Onyebueze said the doctors were equally demanding that the federal government should take steps to ensure proper placement of their members with its requisite funding and
immediately pay withheld salaries to their members as NARD would no longer tolerate deprivation of their members, following the ‘no work, no pay,’order of the Federal Government. “The recent unfortunate events have made glaring the fact that NYSC medical care points lack even the most basic facilities and armamentarium to attend to the health needs of youth corps members and NYSC staff as well as guidelines for emergency care response. “NARD commiserates with the good people of Akwa Ibom State on the recent disaster which claimed numerous lives and commends the gallant efforts of our members in the region who rose to the occasion with gusto despite the doctors their not having to receive salaries for more than three months. “The Federal Ministry of Health is undermining staff welfare in the tertiary health institutions through improper placement of its doctors on entry and non adjustment of grade levels and steps of other doctors according to selected steps in placements.
“The Federal Ministry of Health has set out and is implementing a selective and vindictive nonpayment of our members who have legally agitated for their due entitlements. “Pensions deductions and remittances of our members have been epileptic at best, which completely negates the underlying principles of pensions. Government has been insensitive in dealing with the pension challenges of our members,” he said. Onyebueze decried the continued delay in enrollment of their members into IPPIS despite repeated entreaties by the association for same. He said the Federal Government should as a matter of urgency pay all outstanding salaries of their members and offset all salary shortfalls. The NARD helmsman charged the Federal Government to implement the National Health Act 2014 and all agreements of the July 14, 2016 mediation meeting with the Speaker of House of Representatives, Rt. Hon. Yakubu Dogara, without further delay.