Home Blog Page 282

We’re All Migrants In This World, Ex President Buhari Reminds Muslims On New Year 

The immediate past President of Nigeria, Muhammadu Buhari has reminded Muslims across the nation and all over the world that we are all migrants in this world.
The former President, on the occasion of the Islamic New Year 1445, stressed the need for Muslims to follow the noble teachings of the Holy Prophet Muhammad (PBUH) and his companions.
A statement today, July 19, by Garba Shehu, his spokesperson when in office, quoted him as stressing the importance of self-retrospection.
“This is in the full awareness that we are all migrants in this world.”
He called for prayers for the nation and adherence of all citizens to our collective good and avoidance of actions and utterances unbecoming a united nation.

Oil Marketers Blame Tanker Drivers’ Illegal Levies For Fuel Price Increase

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has blamed the continued increase in fuel price, including the one that occurred yesterday, July 18, on the high illegal Levies being imposed on its members by Petroleum Tanker Drivers (PTD).
“The levy imposed on IPMAN members by tanker drivers had further depleted the little profit left for them to keep their fuel distribution business going, as a truck load of PMS which initially costs them about seven million naira to load but with the subsidy removal, had been pushed to above 23 million naira to load and transport the same product to their various fuel stations and we have been fighting extortion by petroleum tanker drivers for about 10 years now and we have been telling them that this market is based on profit but our pleas had fallen on deaf ears.”
Reacting to the grievances that have trailed the increase of the fuel price following the removal of subsidy in May, and the one of today, the national President of IPMAN, Chinedu Okoronkwo, said that they had warned that if Federal Government failed to prevail on the Petroleum Tanker Drivers (PTD), to stop the imposition of illegal levies on her members, it might lead to hike in pump price of petrol.
He recalled a meeting of the Central Working Committee (CWC) of IPMAN held recently in Abuja, during when they raised concerns on the implication of the action as well as informing the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL) of the act of sabotage being perpetrated by tanker drivers in the distribution of products.
“We want the Federal government and NNPCL to be aware that Petroleum Tanker Drivers (PTD) is allegedly the number one enemy of fuel subsidy removal and deregulation.”
He said that the PTD had allegedly exhibited an act of sabotage on PMS distribution by levying IPMAN members for each truck loaded at the depot.
According to him, the charges are different depending at what depot the marketer is loading.
He accused tanker drivers of extorting different amounts from IPMAN members and in some cases, charging N200,000 which would have stopped with the removal of subsidy.
He said that the only profit an average IPMAN member make is N500,000 on each truck of PMS after making over N23 million and which take days or weeks to sell.
Okoronkwo said that marketers also pay other logistics charges from the meagre profit, like providing fuel for the truck that will carry the product, providing fuel for the engine that will carry light at the stations and so on and at the end of the day, they are left with about N200,000, or slightly above it.

Tinubu Orders Review Of N8,000 Cash Transfer To 12 Million Nigerian Households

Dele Alake

President Bola Ahmed Tinubu has ordered the immediate review of the proposed N8,000 conditional cash transfer to 12 Million vulnerable Nigerian households to cushion the negative effects of the removal of subsidy on fuel.

The Presidential Chief spokesman, Dele Alake, who dropped the hint at a news briefing today July 18, at the Presidential villa, Abuja, said that the decision to review the programme is in deference to the views expressed by Nigerians against it.
Dele Alake said that the President also ordered that the whole gamut of palliative package of government be unveiled to Nigerians.
The President similarly directed the immediate release of fertilisers and grains to approximately 50 million farmers and households respectively in all the 36 states and the FCT.
“The President further assures Nigerians that the N500 billion approved by parliament to cushion the pain occasioned by the end of subsidy regime will be judiciously utilised. The beneficiaries of the reliefs shall be Nigerians, irrespective of their ethnic, religious or political affiliation.”
President Tinubu promised to always prioritize the wellbeing of Nigerians and that he is irrevocably committed to the vow.
“A number of decisions taken so far by this Administration have buttressed this stance.
“You will recall that the President took a similar decision after listening to complaints from the business community/stakeholders about burdensome taxes, particularly multiplicity of taxes they are made to experience.
“This warranted the signing of four Executive Orders cancelling some classes of taxes, while suspending the implementation dates of others.
“In addition, the President has also set up a Tax Reform/Fiscal Policy Committee to bring up recommendations that will engender a wholesome fiscal environment for the country and remove anti-business barriers.
“I wish to assure Nigerians that President Tinubu will continue to be a listening leader whose ears will not be dull to the views expressed by the citizenry. The President believes government exists to cater for the interest of the people and he has demonstrated this so clearly.”

Ex Nigeria Army Chief, Buratai, Describes Military Coup As Organised Crime

Former Chief of Army Staff, retired Lieutenant General Tukur Yusuf Buratai, has described military coup as an organised crime and should be punished accordingly to allow democracy to survive in Africa.
Buratai, who spoke at a One-Day International Conference on Organised Crimes, put together by the Tukur Buratai Centre for Contemporary Security Affairs, Igbenedion University Okada, today, July 18, in Abuja, said that the military has no business in governance.
The theme of the conference is: “Organised Crimes Network as an Emergent Threats to National Security.”
The retired General, who is also a former Nigerian Ambassador to the Republic of Benin, said that the battle against organised crime require concerted efforts of experts, policymakers and stakeholders from diverse sectors.
Buratai said that the contemporary challenges had shown that the military must continue to play its constitutional role without getting involved in governance while democratic governments should govern the citizens well.
He said that the military had been at the receiving end because of the rate of attrition, adding that the crave for democracy now requires the military to perform its constitutional role rather than get directly involved with governance.
“They can have many ways to influence the government to make sure that security role is played appropriately and also allow the democrats, the civilians, to perform their roles properly.
“The best way is for the military to remain within the constitutional bounds and also encourage the civil administration to do their best to solve the governance challenges or the developmental challenges of our country.
“It is by doing so that everybody playing his role, the democrats doing their own properly, the politicians, the military, the populace are performing their own roles properly.
“The politicians and the military should try to avoid being influenced externally to disrupt the democratic process in the country.”
The former army chief said  that the causes of organised crime in the Sahel, particularly in Nigeria, are multifaceted, adding that porous borders remains one of the primary contributing factors.
He said that the easy movement of criminals and illegal goods across national boundaries as well as the prolonged conflicts in countries like Somalia, DR Congo, Libya, Mali, Burkina Faso, and now Sudan, had a direct impact on the rise of organised crimes.
“In Nigeria, organised crime has taken various forms, reflecting the country’s socio-economic challenges and political landscape.
“One notable episode of organised crime was the Maitatsine insurgency in the 1980s, which saw a radical sect advocating for a strict form of Islamic governance, resulting in violence and loss of lives.
“Another infamous case was the Anini saga in the 1980s, where Lawrence Anini led a notorious gang involved in high-profile robberies and assassinations.
“Additionally, the rise of kidnapping syndicates has posed a significant security threat, with criminal groups targeting individuals for ransom.
“Furthermore, banditry has become a major concern, particularly in the northwestern region, where armed groups engage in cattle rustling, armed robbery, and other criminal activities.
“The emergence of drug cartels has also contributed to the expansion of organised crime, leading to increased drug trafficking, money laundering, and corruption.”
Buratai said that the scope of organised crime in Nigeria is vast and diverse, requiring comprehensive and multifaceted approach from law enforcement agencies and government to effectively combat and protect citizens.
According to him, Nigeria has a criminality score of 7.15 out of 1 to 10 and is ranked 5th out of 193 countries.
“It is 2nd of 54 countries in Africa and 1st of 15 countries in West Africa according to the Global Organized Crime Index.”
He added that the countries with the highest criminality levels were those experiencing conflict or fragility.
Buratai cautioned that the alarming reality of ongoing criminal activities, ranging from the illicit theft of about 500 barrels of crude oil on a daily basis to the calculated displacement of communities for the purpose of mining minerals could not be ignored.
“These multifaceted crimes not only undermine the stability and well-being of affected regions but also perpetuate a cycle of violence and exploitation.
“These criminal enterprises not only rob our economy of legitimate growth and development but also inflict immeasurable harm on individuals and communities,” he said.
The Vice Chancellor, Igbenedion University, Professor Lawrence Ezemonye, said the scale of insecurity in Nigeria was heightened by the growing convergence and proliferation of organised criminal activities such as banditry, terrorism, human and drug trafficking, kidnapping, among others.
Ezemonye said that the menace had together put serious strains on the nation’s security architecture.
He said that the university under the auspices of the Buratai Centre for Contemporary Security Affairs, is poised to respond to the challenges through convocation of versed security analysts and security personnel including top-notch operatives to interrogate the issues.
This, according to him, is in tandem with the overall goal of the centre, which is to build the nation’s capacity in dealing with evolving and novel security challenges through cutting edge knowledge.
Source: NAN.

I Did Not Authorize Withdrawal Of Aides To Aisha Buhari, Others – Police Boss

The Acting Inspector-General of Police, Kayode Adeolu Egbetokun has debunked the news trending in social media that police orderlies to the former First Lady and other Very Important Persons (VIPs) have been withdrawn.
A statement today, July 18, by the Force Public Relations Offer, CSP Olumuyiwa Adejobi described the trending news as ambiguous.
The statement said that the source of the news purportedly originating from MOPOL 45 FHQ ABJ, ordering the removal of police aides from certain top politicians and their relatives is fake.
“The Police hereby unequivocally clarifies that the signal is fake and did not emanate from the NPF or any of its formations.
“More emphatically, the signal deviates from the Police’s telegraphic message structure and standard as the signal bears the signature of a Deputy Commissioner of Police (DCP), which is highly irregular, as a signal of this nature would typically be signed by an Assistant Commissioner of Police (ACP), who heads such formations, and not a higher-ranking officer.
The Inspector General has ordered a thorough investigation into its source and assured that appropriate action will be taken against those responsible for its creation and dissemination.

We’re Determined To Redefine Modern Leadership – Vice President Shettima

Vice President Kashim Shettima has made it clear that the government of Bola Ahmed Tinubu is out to redefine the meaning and concept of modern leadership for the advancement of modern Nigeria.
“The President is determined to redefine the meaning and concept of modern leadership, and be rest assured that we will continue to develop policies that will drive investment.”
The Vice President spoke today, July 18, when he played host to the board and management of the Nigerian Economic Summit Group (NESG), led by the Chairman, Olaniyi Yusuf, at the Presidential villa, Abuja.
He said that the Federal Government will among other measures, enhance engagements and partnerships with the private sector, including the NESG, to achieve its objectives.
“I will suggest that we have a quarterly mini-summit (between the NESG and NEC) so that we can digest the previous three months, cross-pollinate ideas and come up with robust solutions to our nation’s challenges. It is absolutely essential because the world today, is knowledge driven. Nobody has the monopoly of ideas that is why we have to constantly engage with you.”
Vice President Shettima spoke about harnessing Nigeria’s population for economic development, saying: “the trajectory of global growth is facing Africa and Nigeria will make or mar that transition.
“The anticipated demographic bulge by 2050 where we are expected to be the 3rd most populous nation on earth is a major factor.
“Nigeria is a unique nation; we have to make it work. Opportunities abound everywhere. By 2035, there will be over 65 million global talent deficits. USA, Russia and China will have 6 million talent deficits. We are at a unique position to take advantage and create jobs in the digital world.
“We have the capacity to turn the anticipated demographic bulge into demographic dividends or they will be the demographic disaster that will consume all of us.
“So, it is absolutely in our self-enlightened interest to salvage our country. Agriculture, digital education and energy transition, in terms of infrastructure, are some of the key areas that we will focus attention on.”
Earlier in his remarks, the Chairman of the Nigerian Economic Summit Group (NESG), Yusuf said that the group is ready to support the Tinubu administration, especially in strategic areas of the economy.
“The NESG offers its support and is always willing to assist the new government in its strategic priorities and initiatives aimed at actualizing the mandate of the
President Bola Tinubu administration,” he said.
He said that different sector experts from the NESG will always be available to provide technical and associated support for the National Economic Council and other key interventions by the Federal Government.

Fuel Price Hike: Nigerians, The Ultimate Burden Bearers, By Auwal Ibrahim Musa

Nigerians still remain the ultimate burden bearers of the government’s failure to take effective preliminary, decisive and demonstrable actions towards addressing oil and gas sector challenges.
Citizens have been taken for a joy ride and lied to at every step of the way by various beneficiaries and stakeholders in the value chain. On 1st June 2023, the Group Chief Executive Officer, Nigerian National Petroleum Company Limited, Mele Kyari, in response to the rising prices of PMS, alleged that competition among major players in the oil sector would force down the price of petrol as against the upward trends that have caused panic in the country. Similarly, in trying to allay the fears of the citizens, the Independent Petroleum Marketers Association of Nigeria (IPMAN) on the 1st of July 2023, denied the alleged plan by the association to increase the pump price of Premium Motor Spirit (PMS), also known as petrol, to N700 per litre nationwide. The recent increase in petrol prices has been attributed to an increase in crude oil prices in the international market, with Brent crude benchmark price surpassing $80 per barrel; as well as the increase in the Dollar to Naira exchange. Why are there no corresponding adjustments in prices when these factors go in the opposite direction? So far, out of over 56 companies that applied for import licences to bring in petrol, only 10 made commitment to import, and only 3 have imported petrol into the country. What are the underlying drivers of this low investor response, that should drive competition and force down the price of petrol?
In January this year, daily petrol consumption was 62 million litres; February, 62 million litres; March, 71.4 million litres; April, 67.7 million litres; May 66.6 million litre; June, 49. 5 million litre; and now 46.3 million litres, a 35% reduction. While this suggests reduced demand, it does not suggest a reduced dependence on it. Less people can afford petrol to meet their transportation, home-powering and other needs, and Small and Medium-sized Enterprises (SMEs) are facing difficulties in accessing affordable power. This has huge implications for businesses which rely on refined crude products like diesel and petrol, respectively. Petrol and Diesel prices negatively and significantly affect manufacturing output in Nigeria. There are at least, 39.6 million micro, small and medium enterprises (MSMEs) operated in Nigeria as of December 2020, accounting for 96.7 percent of businesses, 87.9 percent of employment, and 49.7 percent of national GDP. Totaling about 17.4 million enterprises, they account for about 50% of industrial jobs and nearly 90% of activities in the manufacturing sector, in terms of number of enterprises. The trade deficit of $20 million recorded in November 2022 from the low crude oil export receipts signalled the urgency to jettison petrol subsidy, develop local production capacity and end fuel import dependency for a favourable balance of trade. While it is true that no nation has control over the price of crude oil, several measures can be put in place to mitigate the effect of oil price volatility on the country’s domestic economic productivity. The current underutilization of Nigeria’s refineries impedes the country’s ability to meet local demand and its economic potential. Nigerians are yet to receive firm commitments, actions and timelines on the delivery of our four moribund refineries to optimal operations. Furthermore, the private and modular refineries have a refining capacity that will strengthen Nigeria’s refining sector, eradicate dependency on imported oil products and lead to improved crude export earnings.
A major effect of the subsidy removal is its knock-on effect on prices of goods and services. Increased transportation costs due to the high fuel prices, directly impact agricultural production and have implications for food security. The government must show real concern and take urgent actions to cushion the effect of its decision which is perpetuating poverty and inequality. This is widening the country’s already-existing income inequality with low-income citizens and vulnerable segments of society facing greater financial strain to meet their basic food needs.
The government is clearly insensitive to the plight of the growing number of Nigerians slipping into poverty daily as a result of its harsh policy directions. It has so far demonstrated a lack of interest in people-centred programs that could help reduce poverty, economic inequality and economic suffering. At the same time this government is inconsistent in the application of its “austerity measures” as it is pursuing outrageous, unsustainable, unjustifiable and reckless spendings at the expense of the welfare of its citizenry. Nigerians do not know the economic blueprint of this government and this is the repercussion of the absence of political accountability under President Bola Tinubu right from his campaigns when he refused to participate in the political debates to enable the citizens to track his commitments towards socioeconomic and political reforms that can reduce corruption, poverty, unemployment and improved well-being of Nigerians.
The government should not take for granted, the patience of poor Nigerians who reluctantly bear the dire consequences of the over 300% fuel price increase due to the subsidy removal, as part of the sacrifice awaiting when government would have settled to come up with ameliorative measures for the citizens.
We must build a democracy centered on public trust and accountability. Unfortunately, we have a history, practice and tradition that has encouraged the misconception of the government as the public’s master and not its servant and this notion must be reversed.
Auwal Ibrahim Musa (Rafsanjani) is the
Executive Director, Civil Society Legislative Advocacy Center

Nigerian Sues Google, GoDaddy.Com, Claims $150 Million Damages For Alleged Contract Breach

Photo credit: Business Insider

A Nigerian, Chianugo Peter, has sought a 150 million dollars compensation from Google and GoDaddy.com over allegations bordering on the shutdown of his YouTube Audio domain name after eight years of promotional and marketing works.

Peter, through his lawyer, Emmanuel Ekpenyong of Fred-Young & Evans LP, filed the suit before Justice Obiora Egwuatu of a Federal High Court, Abuja.
The plaintiff, in the application marked: FHC/ABJ/CS/238/2023, sued GoDaddy.Com LLC and Google LLC as 1st and 2nd defendants.
In the suit, he sought the court declaration that he registered the YouTube Audio business name, commenced trademark registration on the logo of the business name and secured the YouTubeAudio.com domain name from the GoDaddy in good faith to carry out genuine business to host his application thereon to attract users.
He also sought a declaration that since GoDaddy and Google encouraged him to make use of the YouTubeAudio.com domain name for the past eight years, “they are estopped from claiming that the domain name infringes any of their trademarks or deny the plaintiff the use of the YouTubeAudio.com domain name.
“A declaration of this Honourable Court that the plaintiff is entitled to compensation from the defendants for the loss of the YouTubeAudio.com brand and goodwill which has accrued on the brand and domain name for 8 years of promotional and marketing works from 2nd July, 2015 to 7th December, 2022.”
Peter, therefore, sought an order directing the defendants to pay him the sum of $50 million for promotional and marketing works on the YouTube Audio business name and YouTube Audio.com domain name for eight years from July 2, 2015 to Dec. 7, 2022.
“An order of this Honourable Court directing the defendants to pay the sum of US $ 100, 000, 000 (One Hundred Million United States Dollars) to the plaintiff for loss of anticipated profits associated with the brand equity and goodwill of YouTube Audio and YouTube Audio.com domain name.
“An order of this Honourable Court directing the defendants to pay the Plaintiff the sum of N50, 000, 000 (Fifty Million naira) to enable the plaintiff to carry out fresh registrations of its new name and secure an alternative domain name to host its application to attract users.
“An order of this Honourable Court directing the defendants to pay the sum of N10, 00, 000 (Ten Million naira) paid to the plaintiff’s counsel for prosecution of this suit.”
In the statement of claim, Peter said that he was the owner of the YouTube Audio, also known as YTAudio, which could be accessed through platforms such as Google Play Store and Apple Store in Nigeria.
According to him, YouTube Audio is a creative mobile application that encourages users to be more creative and enjoy utilising audio as a primary source of entertainment, information, and expression.
He said that sometime in 2015, he acquired YoutubeAudio.com and YoutubeAudio.ca. domain names from GoDaddy without any caveat that it infringed the YouTube trademark or any other products of Google.
He further averred that in that year when he applied to GoDaddy to obtain the YouTubeAudio.com and YoutubeAudio.ca domain names, GoDaddycarried out an availability check and confirmed that the names were available for him.
Peter said that GoDaddy did not inform him that neither YouTubeAudio.com nor YoutubeAudio.ca domain name was similar to YouTube or any trademark of Google.
“It was upon this premise that the plaintiff consistently paid for the domain name and carried out promotional and marketing works on the domain name.”
He said that from 2015 to April 2022 when he carried out extensive promotional and marketing works on the domain name, Google did not lay claim to the domain name or insist that it was similar to the YouTube trademark.
The plaintiff said that he even paid Google to host the YouTube Audio.com application on the Google Play Store in 2021 without any query that the domain was similar to the YouTube trademark or any of its other trademarks.
Peter said the YouTube Audio was duly registered on Feb. 22, 2016 as a business name with the Corporate Affairs Commission (CAC) under the laws of the Federal Republic of Nigeria as BN 2395035 and continuously filed tax returns with the Federal Inland Revenue Service in Nigeria (FIRS).
He said that the domain was fully established and had a management team, business address, foreign and local bank accounts with several banks, including master card and cheque books.
He said that it was after eight years of serious promotional and marketing works on the YouTubeAudio.comdomain name to make it attractive to users and launch its application thereon that the defendants suddenly claimed that the domain name was similar to the YouTube trademark.
Peter, who stressed that GoDaddy registered the YouTube audio.com domain name and gave him the assurance that he had acquired a right over the name.
He insisted that Google also gave him the assurance that he had acquired a right over the name when it took no action throughout the eight years period when he carried out promotional works on the name and even gave approval for the YouTube Audio application to be listed on Google Play Store in 2021.
He said that it was based on the assurances of the defendants that he relied upon and incurred tremendous cost and expenses in registering and branding the YouTube Audio.com business and domain name and carried out wide promotional works on the name for eight years.
According to him, on 29th April, 2022, the 2nd defendant (Google), through its Solicitor, Aluko & Oyebode contacted the plaintiff to express its concerns about YouTube Audio and its similarities with YouTube.
He said that Google’s lawyer called for amicably settlement of the issue and advised him to change its business name, social media pages, domain names and trading style to YTAudio.
He said through his lawyer, he agreed to an amicable settlement of the issue only if Google was willing to compensate him.
He said that instead of taking steps to compensate him, GoDaddy shut down his domain on a claim that it infringed the YouTube trademark after an arbitration proceedings against him before the Forum under the Uniform Domain Name Dispute Resolution Policy, adopted by the Internet Corporation for Assigned Names and Numbers (ICANN).
According to him, on the basis of the forum’s decision, the 1st defendant shut down the plaintiff’s YouTubeAudio.com domain name and transferred it to the 2nd defendant on 7th December, 2022.
Peter argued that Google did not have a monopoly of the “YouTube” acronym and that was why there were other independent companies and domain names with the “YouTube” acronym such as “YouTube Downloader”, “YouTube Promoter”, “ssyoutube.com”, “YouTube to MP4 Converter” amongst others.
He said that the defendants acted against the assurances they gave him that he acquired a right over the YouTube Audio.com domain name when they commenced arbitration against him and took over the name without any compensation.
When the matter came up for report of service of originating processes on the defendants, only the plaintiff lawyer, Ekpenyong, and counsel to Google, Mark Mordi, SAN, were in court.
Justice Egwuatu adjourned the case to October 11 for mention.
Source: NAN.

NUJ Describes Hike In Fuel Price As Overkill, Wants It Reversed Immediately

Nigeria Union of Journalists (NUJ) has described the sudden hike in fuel price not too long after the first increase in June as an”Overkill.”
The Union said that it is alarmed at the just announced increase in the pump price of Premium Motor Spirit (PMS) to N617 per litre in Abuja and N568 in Lagos respectively, saying that this development has already triggered astronomical increases in transportation costs, with prices of food items soaring almost beyond the reach of many citizens, even as users of generators to power their homes are already groaning uncontrollably under the present situation.
In a statement today July 18, by the national secretary, Shuaibu Usman Leman (Walin Shadalafiya), NUJ applauded the decision to remove the costly subsidies on fuel, but that it had earlier cautioned against a hasty implementation of the policy without putting mitigating measures in place to cushion the excruciating effects.
“We are saddened by the fact that today, most people can hardly commute to work or other places of business without too much stress because the embarrassing sudden surge in petrol prices has made it so.
“We believe that this sudden decision is an over kill and we urge that the situation should be reversed immediately while adequate measures are considered and put in place to lessen the effects on ordinary Nigerians.”

Nigeria’s Apex Bank Partners Egyptian Counterpart To Set Up FinTech Bridge

The Central Bank of Nigeria (CBN) and the Central Bank of Egypt (CBE) have signed a memorandum of understanding (MOU) to establish a Nigeria-Egypt FinTech Bridge.
The signing ceremony, which took place at the Seamless North Africa 2023 conference at the Egypt International Exhibition Center, Cairo yesterday, July 17, came after a series of engagements on issues around payment systems, financial technology, and financial inclusion in Africa.
Speaking at the event, the CBN Deputy Governor, Financial System Stability, Mrs. Aishah Ahmad, who signed on behalf of the CBN, said that the Bank is extremely excited by the partnership with the Central Bank of Egypt, which followed several months of engagement on payments, fintech and financial inclusion.

Aishah
“We look forward to cultivating an innovative space for fintech startups and entrepreneurs in Egypt and Nigeria to accelerate financial inclusion, deepen our payment systems and drive economic growth across the African Continent.”
Also speaking, the Deputy Governor of the Bank of Egypt, Rami Aboulnaga, commended the MOU and expressed optimism that the partnership would yield the desired expectation.
The groundbreaking partnership between the apex banks of the two largest economies in Africa encompasses a broad range of collaborative initiatives, including joint regulatory innovation projects, coordinated licensing and supervisory frameworks, information sharing, fintech cross referrals and talent development.
The conference was hosted by the Central Bank of Egypt and had in attendance, over 4,000 policymakers, payment service providers, financial institutions and technology startups from Egypt, Nigeria and across the African continent.

Advertisement ADVERTORIAL
WP2Social Auto Publish Powered By : XYZScripts.com