Anytime the Joint Admissions and Matriculation Board (JAMB) examinations are written, there is bound to be headline news! No wonder, then, that JAMB is every newsman’s delight! The down-to-earth disposition of its Registrar, Professor Ishaq Oloyede, apart, the many battles and wars that JAMB perpetually fights against election malpractice and its beneficiaries before, during and after its examinations always make headline news. The last JAMB exams were no exception.

When one had thought that the hijab controversy had been finally laid to rest, some overzealous CBT centre officials exhumed its ghost again, barring a hijab-wearing candidate from the examination hall. Bedlam! You would think this was more than an isolated case! Mercifully, the prompt intervention of the JAMB officials on ground and the explanation, afterwards, of JAMB’s image-maker, Dr. Fabian Benjamin, arrested the situation and prevented the fleeing ghost from escaping into town to wreak havoc! Religion issues are damn too touchy here - and needlessly so. If hijab or any form of dressing is not employed to aid cheating in examinations, I think the wearer should be at liberty to do so. Avoid trouble!

Next was the news of parents caught in the act of writing the examination for their wards. What kind of parents are those? And what manner of children as well? In my own days, few parents knew anything about university education and how their wards got there. My father only knew I had gained admission when I went to ask him for the school fees. My mother only stepped her feet on the University of Ife soil on my graduation day. Now, when a father or mother writes exams for their child, how will the child cope when he gets into the university? He must continue to cheat and cut corners and the parents must be available to provide all the support and encouragement.

If standards are falling, this must be one of the reasons. Examinations are meant to determine competence and qualification for the next level but once the system is perverted and the incompetent and less qualified gain ascendancy by foul means, then, standards are bound to get compromised. Thus, we have students who get to the university and are unable to cope. It is only cases of lecturers stalking students for sex that make the headlines, what of students running after lecturers, vending whatever, to pass their examinations? All manner of unhealthy practices go on in our tertiary institutions orchestrated not only by randy lecturers but also by students who cannot cope with their studies on fair grounds.

The many layers of examinations that we have erected have failed to effectively arrest the slide in rectitude. WAEC and NECO, JAMB and Post-JAMB: Still, the cankerworms of examination malpractice remain with us. The quality of graduates that we produce today leaves much to be desired. We have certificate-flashing youths all over the place who are not employable. I was at a workshop recently where a Professor complained to the organizers that the Youth corpers assigned to work with him knew next-to-nothing. The workshop organizers fought back bravely: ”Sir, they are your products. You trained them for three, four or more years. You examined and certified them okay. You awarded them certificates and unleashed them on society. We are the ones who should be complaining to you and not the other way round!” Silence!

Are we surprised at the reported mass failure in the last JAMB examinations? According to reports, 77 percent of the 1,842,464 candidates whose 2024 UTME results were released by JAMB scored less than 200 marks out of 400; meaning that only 23 percent scored 200 marks and above. Now, only the first generation universities and a handful of state and private universities usually set their admission cut-off marks at not less than 200. Others fall as low as 120 marks over 400. I have heard demands of 100 marks shouted down at JAMB stakeholders’ meetings! With the general failure witnessed this time around, I wonder whether the cut-off marks for many will not be as low as 100 marks or even less! Where are we going?   

Another controversy raised during the last JAMB examinations was the Minister of Education, Professor Tahir Mamman, hinting that the Federal Government plans to review and peg the minimum entry age into tertiary institutions at 18 years. That way, the FG plans to climb its tree from the leaves! Who did this to us!

In my own days, your right palm, passed over your head, must touch your left ear before you were deemed old enough to start elementary or primary school. That was in the sixties. School age then was six years minimum but how touching your left ear with the right hand passed over your head mathematically translated to six years, I cannot explain. In an age when birth certificates and declaration of age were not commonplace, that was the standard procedure that was strictly adhered to.

When I began to have children, I took my first child to Nursery school at age 18 months! My wife and I were working class. So, dumping her (for that, actually, was what it was) at Je’le-o-sinmi (give the home a break) was the best option available. Her first report sheet carried the teacher’s remarks: “Cannot read”, Cannot talk”, “Cannot write”. I was livid! But, truth be told, was it the teacher’s fault - or the baby’s? At 18 months, what else could I have reasonably expected from both ends?

Now that there are talks of making 18 years the minimum entry age to tertiary institutions, the right place to start is at the elementary level, reverting to the old school age of six years at the least. But we must learn from the Chinese how they engage their pre-elementary school children and do likewise. Videos of the Chinese model trend on the internet. So much havoc was done to us by colonization, which made us abandon our own traditional ways of life for the inferior quality imposed by the rampaging colonialists. The little good they did, we have ruined with the mindless corruption that has run riot in every facet of our national life.

The colonialists imposed their language and we have, to all intents and purposes, lost hold of ours. It will take a lot of grit to claw our way back. Let our children spend the first six years of their life correcting that. The colonialists also imposed their religion and demonized ours. Religion thus became an opium which was employed to dull our intellect. They point us to paradise in heaven while they mindlessly exploit our human, material and natural resources to create paradise for themselves here on earth. To have a feel of the good life, we “japa”to their countries. The racial discrimination they inflict on us apart, the brain drain that goes with “japa” further accentuates our misery and deepens our penury. They imposed their educational system and took away our traditional educational system of passing knowledge and values from generation to generation. Today, we read and write but the education we get is not functional.

The colonialists subverted our value system while imposing theirs. Our culture is perverted. We hanker after their way of life - their food, their drink, their medicine, their mannerism, and their dresses. We are hardly original in anything again but are copy-cats of the ways and methods of foreigners. Yet, in virtually everything, we have found, to our chagrin, that our way of breastfeeding our babies, our diet of whole grains, our roots, barks and leaves, our culture, etc. are vastly superior to theirs. We have only been led by the colonialists “among the sharps of the forest” like Kofi Awoonor moaned in “Songs of Sorrow”. “Returning is not possible. And going forward is a great difficulty”.

But we must return! Those benefiting from the present system, who glamorize and glorify it, whose pot of soup it is and whose bread is buttered by it will not give up without a fight. The disadvantages of letting our children start school before attaining the school age of at least six years far outweigh its advantages. There are always prodigious children - but that is the exception rather than the rule. Robbing our children of their childhood; rushing them into an early adulthood that is beyond their capability; thrusting upon them responsibilities they cannot cope with at such a tender age; all of these visit upon them vicissitudes they are least prepared for. Education devoid of maturity is a disaster waiting to happen.         

LAST WORDS: JAMB, for good reasons after the Ejimeke Mmesoma forged result saga of 2023, decided not to release any official “best results” again! But with the avalanche of “best results” daily swarming the internet since May 1st when the latest JAMB results were released, we can safely echo William Shakespeare’s character, Cassius, in “Julius Caesar”, that the fault is not in our stars nor in JAMB but in ourselves that we choose to stoke the embers of needless controversy perpetually! Who gains?

The truth, however, is that many of these internet "best result" may still not qualify the candidate for admission because it is just one leg of a three-leg process of Ordinary or A Level result, JAMB score and Post-UTME score that combine to give a candidate his or her final score. We have seen some "best results" without the right subject combinations or good O or A Level result. There have also been "best results" with absymal post-UTME performance. When the aggregate of all the scores is taken and a so-called "best result" fails to make the cut-off marks, another round of needless controversy and pointing of accusing fingers ensue. 

Many "best results" also fail to gain admission because a disproportionate number of them want to read Medicine, Pharmacy, Law, etc where the competition is cut-throat because the carrying capacity of the universities cannot accommodate the avalanche of requests.

I have been privileged to attend series of JAMB stakeholders' meeting and I know that contrary to another fake news already making the news on social media, JAMB does not unilaterally fix admission cut-off marks; the universities, polytechnics, colleges of education, and monotechnics congregate in the open, where they discuss, debate and decide for themselves and by themselves their cut-off marks session after session with the JAMB Registrar, Oloyede, merely playing the role of a moderator or an impartial umpire. 

How many candidates, their parents and the know-it-all emergency, half-baked and yellow journalism social media "journalists" have these useful information? Ignorance is costly! Deliberate falsehood more so!

President Bola Tinubu has condoled with the National Security Adviser (NSA), Mallam Nuhu Ribadu, over the passing of his brother, Salihu Ahmadu Ribadu, who died on Sunday in Yola, Adamawa State.

The President was represented by his Chief of Staff, Honourable Femi Gbajabiamila, who led a federal government delegation on a condolence visit to Yola, on Tuesday.

Speaking at the Ribadu family home in Yola, the Chief of Staff said President Tinubu is saddened by the loss and describes it as "painful and irreparable."

"Mr. President has mandated us to come to Yola and condole with a valued member of his team, the National Security Adviser, and by extension the rest of the family over the sad loss suffered by them. 

"The loss of a close family member like this is very painful, and it is therefore important for friends and family to come together and commiserate with the bereaved family," Honourable Gbajabiamila said. 

The Chief of Staff was accompanied by the Deputy Chief of Staff to the President, Senator Ibrahim Hadejia; Minister of Information and National Orientation, Alhaji Mohammed Idris; Minister of Education, Professor Tahir Mamman; Minister of Arts and Creative Economy, Barrister Hannatu Musawa; Minister of State for Health and Social Welfare, Dr. Tunji Alausa, and Special Adviser to the President on General Duties (Office of the Vice President), Dr. Aliyu Modibbo Umar. 

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

A total of 252 graduating students of the University of Nigeria Nsukka (UNN), Enugu State, will bag first-class honours degrees at the 52nd convocation ceremony of the institution billed to hold between Thursday 9th and Friday 10th, May 2024.

The vice-chancellor of the university, Prof Charles Igwe, while addressing a press conference on the activities lined up for the event in Enugu on Tuesday, disclosed that a total of 12,526 students will be graduating from the university on that day.

He added that out of the total, 4,834 graduates will receive 2nd class Honours upper division, 5,883 will be awarded 2nd Class Honours (Lower division), 747 will be conferred with 3rd Class Honours, 25 with Pass, and 746 unclassified.

He noted that the unclassified degrees are awarded to graduates of some courses, such as medicine, pharmacy, and veterinary medicine which are not usually classified into first, second, or third class.

The VC also announced that a total of 1,438 postgraduate degrees and diplomas from the University of Nigeria will be awarded at the 52nd convocation ceremony.

Giving a further breakdown, Igwe said: “412 persons will earn the Doctorate, while 961 persons will be awarded the Master’s Degrees. A total of 75 postgraduate diplomas of the university will also be awarded at the convocation.

“Four persons have been found deserving of the honorary doctorate degrees of the University. They are Professor El Anatsui who would receive the Doctor of Letters (Honoris Causa) and Brigadier General J. O. J. Okoloagau, rtd, who would receive the Doctor of Public Administration. The other awardees are Mr Igor Weli, who would receive the degree of Doctor of Public Administration (Honoris Causa), and Sir. Emeka Chuka Wilson Orakwue Offor, who would receive the degree of Doctor of Business Administration (Honoris Causa)”.

He also disclosed that in keeping with the university’s tradition, two former Vice Chancellors of the University – Professor Bartho N. Okolo and Professor Benjamin C. Ozumba and elder statesman and pioneer Chief Executive Officer, Nigeria Economic Summit Group (NESG), Professor Anya O. Anya seven other deserving retired professors of the university will be elevated to the distinguished status of Professor Emeritus.

The vice-chancellor, however, revealed that Governor Hope Uzodimma of Imo State will deliver the convocation lecture on Thursday, May 9th, with the theme: “Why Nigerian universities should lead the way to a new country.

“The lecture will be chaired by another distinguished Nigerian, General Ike Nwachukwu (Rtd). General Ike Nwachukwu is a distinguished Nigerian who has served the country in various capacities, namely as the military governor of old Imo State, Minister of Foreign Affairs, and Senator of the Federal Republic of Nigeria.”

[TheNation]

The leadership of the All Progressives Congress in Rivers State has called on the 27 members of the State House of Assembly loyal to the Minister of the Federal Capital Territory, Nyesom Wike, to immediately commence an impeachment process against Governor Siminlayi Fubara.

The State APC Caretaker Committee Chairman, Tony Okocha, made the call at a news briefing in Port Harcourt on Tuesday.

He said the Governor has continued to disrespect President Bola Tinubu by refusing to implement all the eight-point peace agreement reached in Abuja on the political crisis in the state, to which he appended his signature.

He further stated, “A state as crucial and all-important as Rivers State churned out a dunderhead. We cannot accept that. Our charge to the Assembly is to immediately commence an impeachment process against the Governor.

“And if they don’t do that there is what they call party discipline. We shall invoke the relevant section of the constitution.”

Details later…

[Punch]

Senate President Godswill Akpabio says since the name of the Nigerian Prison Service was changed to Nigerian Correctional Service there have been more jailbreaks in the country.

Akpabio spoke on the floor of the senate on Tuesday while commenting on two pieces of legislation billed for concurrence.

The bills for concurrence were one to repeal and enact the law establishing Revenue Mobilsation Allocation and Fiscal Commission, and another to repeal the Fire Service Act and enact Federal Fire and Rescue Service.

Abba Moro, senate minority leader, argued that there was no need to change the name because the “rescue component” is already part of the responsibility of the fire service.

“I do not think there is a need for that,” Moro said.

In his response, the senate president said there is a need to examine such laws.

“This is something to be looked at. When you are convicted, you are supposed to learn a skill,” Akpabio said.

“But since we changed the name to the correctional centre, there have been more jailbreaks.”

In 2019, former President Muhammadu Buhari signed into law the bill that changed the name of the Nigerian Prison Service to Nigerian Correctional Service (NCoS).

The law provides that the correctional service is split into the custodial service and non-custodial service.

In the non-custodial service, convicts are eligible for community service, probation, and parole.

Since Buhari signed the bill into law, more than 1,000 inmates have escaped from correctional centres across the country.

On April 25, 119 inmates escaped from the Medium Security Custodial Centre in Suleja, Niger state, following a downpour.

[TheCable]

United Bank for Africa Plc (UBA), Africa’s Global Bank , released its financial results for the first quarter ended March 31st, 2024, showing very strong growth across key performance measures.

The Group’s results, which were released to the Nigerian Exchange Limited (NGX) on Friday May 3rd, 2024, saw outstanding year-on-year increases: Gross Earnings rose by 110%, from N271.1billion to N570.2 billion; Interest Income grew by 130%, to N440.7 billion. Operating Income increased by 115%, from N175.7 billion in 2023, to N378.59 billion.

Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw Profit Before Tax rising significantly by 155% from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024; while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165% year-on-year.

Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the Group delivered strong first quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.

He said, “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income. Fees and Commissions rose by 118% year-on-year on the back of improved efficiencies and continued digital adoption. This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8%.”

“The Group’s balance sheet grew steadily with Total Assets increasing by 23% to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23% increase year-on-year, largely attributed to growth in current accounts and savings accounts.”

“Our unwavering commitment to sound governance, robust risk management, and financial strength positions us for continued growth, while we contribute meaningfully to inclusive economic development across our network.”

Also speaking on the performance, UBA's Executive Director, Finance and Risk, Ugo Nwaghodoh, said the Group’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.

He said, “Our first quarter results highlight our relentless customer focus and the strength of UBA’s geographic and product diversification, with good performance across all our regions. We continue to differentiate ourselves across all key financial metrics, with a keen focus on high-quality risk adjusted revenues and cost discipline, while maintaining very sound asset quality.“

“We remain committed to reducing both interest expense and operating expenses and expect to make steady progress as we move through the year toward our stated profitability targets,” Nwaghodoh stated.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers , across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom, France and the United Arab Emirates , UBA connects people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

South African club, Kaizer Chiefs have been put away by the heavy price tag of Super Eagles goalkeeper, Stanley Nwabali.

Chiefs, according to reports in South Africa have keen interest in the shot stopper but can’t afford his R30m (approximately £1.3m) transfer fee.

Nwabali has been linked with several clubs since his impressive performance for the Super Eagles at the 2023 Africa Cup of Nations early this year in Cote d’Ivoire.

Saudi club, El-Ettifaq and Sky Bet Championship outfit, Queens Park Rangers are among the clubs which have been linked with the goalie.

“Kaizer Chiefs, once showing strong interest in Nwabali, are rumoured to have stepped back from any potential deal due to his hefty R30 million price tag.

“However, if Amakhosi are genuinely committed to reshaping their fortunes and bolstering their squad with notable talent, they should consider investing in players like Nwabali, especially given the uncertainty surrounding Itumeleng Khune’s future,” Goal.com writer, Celine Abrahams, noted.

The 27-year-old has two years remaining on his contract with Chippa United.

[DailyPost]

• It’s welcome, say Reps, Muda Yusuf

The Trade Union Congress (TUC), electricity workers, and consumers yesterday described as ‘negligible,’ the 8.1  per cent reduction in the tariff paid by Band A customers.

They called for a reversal of the tariff announced last month by the Nigeria Electricity Regulatory Commission (NERC) for Band A customers, saying there should not be segregation of electricity users.

The House of Representatives and Center for the Promotion of Private Enterprise (CPPE) Chief Executive Officer  Muda Yusuf, however, described the review as a step in the right direction.

NERC which is the regulator of the nation’s electricity sector, had in a statement yesterday directed    the 11 electricity Distribution Companies (DisCos) in the country  to reduce Band A   tariff from N225/kWh to N206.8/kWh for this month. 

The DisCos immediately started complying with the order which NERC explained was primarily informed by the stability of the Naira against foreign currencies.

When the commission upped the tariff paid by customers on Band A feeders last month,  it cited variables like the high cost of gas, prevailing exchange rate, and other macroeconomic factors as reasons.

However, there was an uproar over the adjustments from different quarters.

Yesterday, TUC which is    the umbrella body of senior workers, said pre-April tariff of N66/KWh should be restored while NERC engages with stakeholders .

The union had during the May 1 Workers Day celebration,  issued NERC  a one- week ultimatum to return the tariff to the old price of N66/KKWh . The ultimatum expires today.

“Our ultimatum was very clear: revert to the old N66/KKWh not to reduce. Because the Electricity  Act is very clear there should be stakeholders’ engagement. That was not done.

“ NERC has to revert to the old tariff and let there be stakeholders engagement in line with the provisions of the Electricity Act. So reducing it is unacceptable to us,” said TUC’s Deputy President  Tommy Okon.

Also,  National Union of Electricity Employees (NUEE) Ag. General Secretary  Dominic Igwebike, said: ‘’We are asking for total reversal of the tariff for band A customers.’’

‘’To us as electricity workers, there should be no discriminatory tariff for Nigerians, “  added in a text message.

Consumers   under the aegis of the  Association for Public Policy Analysis (APPA), argued that the new rate of N206.80/kwh ‘’does not make any difference.’’

They  wondered whether or not  the reduction was  enough incentive for manufacturers to remain in business or reduce the costs of their goods.

“Reducing it (tariff) what is the difference? N225, you are now reducing to N206.80.  Industries are dying. What we should be asking is that this amount they are putting now, will it make the industry functional? Will it make the manufacturers to be able to manufacture more and reduce the costs of their products ?,” APPA National President   Princewill Okorie, asked.

Recommending solutions to the Federal Government, Okorie urged it to reverse its policy on gas.

He said: ‘’Government should come up with a new policy that will spell out domestic gas obligation for power generation. Why should  gas that is produced locally  be sold to generating companies(GenCos) in dollars? How should Nigeria that lacks gas for electricity generation export the same product?

‘’It is not a patriotic policy. The solution we want is that the Federal Government should reverse the policy on gas.

“If gas is made available to  the generation companies to generate electricity,   tariff  will be reduced. Why will we have gas in quantity and be  buying gas in dollars in Nigeria  and no percentage   is reserved for generating electricity for Nigerians.

“Rather, the gas is sold abroad by private companies while citizens are suffering by paying high tariffs. It does not help. It is not a patriotic decision at all. Let gas be made available for GenCos.”

The APPA chief  also called on the Federal Government to settle the N47 billion that its Ministries, Departments and Agencies are owing the DisCos.

He said that it was unfortunate that government’s  decisions in the power were, more  often, based on data from the DisCos  and not those generated  by any of its agencies .

Okorie asked:   “Where are the data ? All these decisions taken in the power sector are they based on data from consumers generated at community level? Should the ministry (Power) depend of DisCos to give them report and not verify from the consumers.  

“Who is overseeing consumers’ issues in the Ministry of power? Who is advising the ministry and the President on issues regarding power? Nobody.’’

But the House of Representatives which welcomed the 8.1 tariff reduction agreed that there is more to be done.

The House  had  on April 30 called on NERC  to reverse N225/kWh  tarrif increase. It also raised a committee to hold a public hearing with stakeholders in the power sector and Organised Labour.

Spokesman for the House Akintunde Rotimi told The Nation that the public hearing would proffer lasting solutions to frequent tariff increases by NERC and DisCos.

CPPE founder Yusuf said NERC had by the review shown that it was responsive to the peoples’  concerns

He added that he believes that the tariff slash, no matter how minimal, would have a positive impact on manufacturing in particular and electricity consumers in general.

Yusuf said: “The review is a welcome development and above every other thing it proves that NERC is sensitive to the concerns that have been expressed by the citizens, electricity consumers and the national assembly. It is a good development for manufacturers and electricity consumers generally.

“As to the factor of macroeconomic environment, I hope that if the situation changes may be by this month  or next, NERC would not come back and start reviewing it again because there is also a need for stability in electricity tariff. 

‘’Electricity is of  strategic importance to the economy and not only for its comfort for the people  but for the productivity in the economy.

‘’It is not a sector where we should be expecting another volatility because we have enough volatility in other sectors and no need adding that of electricity into it.’’

 Why tariff was slashed, by NERC

Improvement in the exchange rate  , among other macroeconomic parameters,   induced  the tariff  reduction, said the commission.

It explained in  a statement that the slash was in tandem with the tariff methodology covering this month.

 “The commission has considered changes in the macroeconomic parameters over the preceding month of April 2024 and especially the appreciation of exchange rates – consequently the Commission has approved a downward review of end-user tariffs for Band “A” customers from N225/kWh to N206.8/kWh,” the statement read. 

NERC also reiterated that it was committed to providing a balanced and effective regulatory regime serving the needs of the Nigerian Electricity Supply Industry (NESI).

In their separate reactions, the DisCos  which complied almost immediately by reducing the Band A tariff, said  they  follow ‘’directives given by the regulators knowing they are  in the best interest of all parties.’’

They assured customers of continued improvement in service delivery. 

Ikeja Electricity (IE) Head of Corporate Communications, Kingsley Okotie,  assured customers  in   Bands B, C, D, and E that their tariff  ‘’remains unchanged.”

 Okotie added: “We are a compliant Disco; we follow directives given by the regulators knowing it is in the best interest of all parties. We assure our customers of continued improvement in our service delivery as we strive to give them a better quality of service.

  ‘’Please be informed of the downward tariff review of our Band A feeders from N225/kwh to N206.80/kwh effective 6th May 2024 with guaranteed availability of 20 to 24 hours  supply daily.’’ 

The Abuja Electricity Distribution Company said: “We are pleased to share with you the revised tariff for our Band A feeders, which will decrease from N225/kWh to N206.80/kWh effective today(Monday). We assure customers on our Band A feeders of continued availability of electricity supply for 20-24 hours daily.”

The Federal Government, through the Securities and Exchange Commission, is set to delist the naira from all peer-to-peer crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers.

The development came against the backdrop of the recent moves by the Federal Government to regulate Nigeria’s crypto market estimated at $57bn.

The newly-appointed Director-General of the Commission, Emomotimi Agama, disclosed the government’s latest plan during a meeting with members of the Nigerian blockchain industry on Monday.

The meeting was organised by the Blockchain Industry Coordinating Committee of Nigeria.

Agama confirmed that the government was currently drafting a new set of regulations to govern the crypto sector.

Operators in the crypto space have allegedly used the P2P platforms to manipulate the naira and the exchange rate.

 “That is one of the things that must be done to save this space; the delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening. I want your cooperation in dealing with this as we roll out regulations in the coming days,” the SEC DG told the members of the local crypto community.

Agama’s announcement came barely a week after the Central Bank of Nigeria instructed payment service banks to caution their customers against engaging in crypto transactions.

The PUNCH understands that some local exchanges in the country, such as OKX, Bitbarter and some platforms under the membership of Stakeholders in the Blockchain Technology Association of Nigeria had already stopped naira services in solidarity with the government.

In March, SiBAN sought collaboration with the Federal Government for proper regulation after developing the Virtual Assets Service Providers Code of Conduct in 2022.

However, the SEC DG urged members of the crypto community in Nigeria to “name and shame” the players involved in the manipulation of the naira.

He maintained that some bad players in the industry were manipulating the national currency, an act that the government was determined to deal with.

Agama said, “We ask with all sense of sincerity that those involved in sharp practices cease. We encourage you to reach out to us by naming and shaming those involved.

“This nation has a future, and this future is dependent on this community. For us at the SEC, our interest is to provide an enabling environment for fintech to thrive, and by so doing; we expect the fintech community to reciprocate by doing the right thing.

“Patriotism can never be wished away. Whatever we do that would bring dishonor to our country, we must try to avoid it. What is very critical and has brought about this meeting are the concerns regarding crypto P2P traders and their effect on the naira.”

He maintained that the SEC under his watch was poised for an innovative digital asset regulatory regime that would sustain Nigeria as Africa’s digital asset powerhouse with diverse solutions like real-world asset tokenization.

This, according to him, will drive wealth and catalyse the country’s capital market.

He said, “We must explore innovative solutions to this problem and strike the right balance between encouraging innovation and safeguarding our national economic interests. This we will do in a friendly and firm manner to enable us to achieve the desired result.

“On that note, I want to emphasise that we are working on different fronts to sustain decent practices within our market. However, we are here to meet ourselves to know those playing within the sector decently and are open to hearing your suggestions on how we can effectively manage all obscure cryptocurrency trading activities within our jurisdiction, P2P inclusive, irrespective of the challenge we all know that P2P trading poses.”

Sunday PUNCH had reported that the proposed Monday meeting would see the government take decisive action on the sector.

Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of Cryptocurrency Report by Chainalysis, a United States-based international blockchain analysis firm.

Stakeholders seek collaboration.

In his remarks, the Chairman of the Fintech Association of Nigeria, Dr. Babatunde Obrimah, commended the SEC DG for the bold steps and the proposed partnership with the ecosystem.

He pledged the association’s commitment to working with the DG to sanitise the virtual ecosystem.

On its part, BICCoN requested the setting up of a working group to tackle the various challenges facing the crypto space and move the market forward.

The co-founder of a local exchange, Bitbarter.io, Chukwuemeka Ezike, told The PUNCH that operators within the ecosystem were willing to support and work with the government to ensure that some of the issues relating to the naira’s value were resolved.

While acknowledging that huge investments have been put into building their platforms, he said it would be imperative to work out possible resolutions to enhance the sector’s growth.

On Saturday, the Chairman of BICCoN, Lucky Uwakwe, had said that the group would be seeking to reach a middle ground with the regulator.

Ukakwe said the meeting “is for us to try and bring the industry to be compliant and remove bad actors who abuse technology, especially the concern raised by the government. This has to do with those who use the technology to manipulate the naira.

“We also hope that innovation is encouraged to enable the industry to gain more foreign inflow that will aid the current administration’s drive for foreign investment into the nation, as seen in other countries such as China and the UAE, and not to stifle the industry.”

Fintechs.

Last week, the CBN stopped major fintech firms from onboarding new customers in an ongoing audit of their Know-Your-Customer process.

The ‘Know Your Customer’ compliance level of fintechs has also been a source of worry for regulators. This involves verifying a customer’s identity and understanding their financial activity to prevent financial crimes, such as money laundering, terrorist financing, and fraud.

According to the Nigeria Inter-Bank Settlement System’s fraud watch report, fraud losses increased by 496.96 per cent over the past five years, and financial institution customers lost N59.33bn between 2019 and 2023.

Following the regulatory action, major fintech firms, including Opay and PalmPay, sent emails to their customers on Friday, warning them against trading in cryptocurrency or any virtual currency on their apps. They also threatened to block any accounts found engaging in such activities.

Already, the Economic and Financial Crimes Commission has obtained a court order to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

The 85-page court order (document), which listed the bank account details of the suspects, was obtained by The PUNCH on Monday.

Justice Emeka Nwite, in a ruling on the ex-parte motion, moved by counsel for the anti-graft agency, Ekele Iheanacho, also granted the commission’s application to conclude the investigation within 90 days.

Part of the court document read, “That the applicant’s (EFCC) application is hereby granted as prayed.

“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below, which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering, and terrorism financing, to the extent that the investigation will be for a period of 90 (ninety) days.”

The President of the Bank Customers Association of Nigeria, Uju Ogubunka, backed the CBN’s move to suspend new account openings on the affected platforms.

He told The PUNCH that the strict regulations that govern deposit money banks must apply to fintechs and microfinance banks to ensure the integrity of the financial institutions.

He said, “Anything that can disrupt the system should not be permitted. If the platforms are being used for things that are against the regulations, I think the CBN decision is OK. I don’t see anything wrong with that. It behoves the companies now to get their KYC right.

In 2021, the CBN restricted banks and other financial institutions from operating accounts for cryptocurrency service providers.

However, in December 2023, the financial regulator lifted the ban.

But fresh concerns emerged in February over the activities of the largest cryptocurrency exchange in the world, Binance, on its peer-to-peer platform, especially on issues relating to its price cap on USDT trading.

Authorities said those activities contributed to the depreciation of the naira.

On March 8, Binance stopped its naira services after two of its executives were detained by the Nigerian authorities

A presidential spokesman, Bayo Onanuga, said Binance could destroy the Nigerian economy by arbitrarily fixing the foreign exchange, rate if not stopped.

While confirming that the government has taken strict action against the website, Onanuga said, “If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate.”

“We have saboteurs. Look at what Binance is doing to our economy. That is why the government moved against Binance. Some people sit down using cyberspace to dictate even our exchange rate, hijacking the role of the CBN.

“They just sit down and fix anything they like. It’s sabotage, and we are trying to prevent that from happening henceforth.”

[Punch]