Home Blog Page 456

Collapse Of Stablecoin: Crypto Investor Sues Binance U.S. Exchange

Many coins of various cryptocurrencies

A U.S. investor, Jeffrey Lockhart has sued Binance U.S. and its CEO over allegation that the cryptocurrency exchange falsely marketed Terra USD as a safe asset ahead of the so-called stablecoin’s collapse in value last month.

Stablecoins are digital tokens pegged to the value of traditional assets, such as the U.S. dollar, and are popular as safe havens in times of turmoil in crypto markets.

But Terra USD’s value plunged last month, breaking its 1:1 dollar peg and contributing to a tumble in other crypto assets like Bitcoin.

In the lawsuit against Binance and Chief Executive Brian Shroder, Utah resident, Jeffrey Lockhart said Binance falsely advertised Terra USD as “safe” and backed by fiat currency, when in fact, it was an unregistered security.

Lockhart said Binance’s failure to register with the U.S. government as a securities exchange limits disclosure about assets traded on the platform, harming investors.

“Binance and other exchanges were critical enablers of this devastating failure to comply with the securities laws,” said Tibor Nagy of law firm Dontzin Nagy & Fleissig, which represents Lockhart.

“Crypto exchanges made massive profits by flouting securities laws and causing real harm to real people.”

A Binance spokesperson said the exchange is registered with the Financial Crimes Enforcement Network (FinCEN) – a unit of the U.S. Treasury Department – and complies with all applicable regulations.

“These assertions are without merit and we will defend ourselves vigorously,” the spokesperson said in a statement, adding that the exchange will delist Terra USD, a decision made before the lawsuit was filed. Lockhart is seeking to have himself and other investors who bought Terra on Binance registered as a class.

In a separate lawsuit in 2020, investors accused Binance of selling unregistered tokens and failing to register as an exchange or broker-dealer.

A federal judge in Manhattan dismissed that case in March, stating that the investors had waited until too long after their losses to sue and that U.S. securities law did not apply because Binance was not a domestic exchange. The investors are appealing.

Lockhart’s lawsuit, by contrast, targets Binance’s U.S. unit and comes just weeks after Terra USD’s collapse.

His suit comes after a bipartisan group of U.S. Senators last week proposed legislation to have the Commodity Futures Trading Commission (CFTC), not the Securities and Exchange Commission (SEC), play the primary role in regulating crypto.

The CFTC is generally seen as friendlier toward cryptocurrencies, as the SEC has found crypto assets should be seen as securities.Cryptocurrencies continued their slide on Monday, with Bitcoin touching an 18-month low and No. 2 token ether tumbling as much as 18 percent.

My Running Mate Will Be Northern Christian, Tinubu Clears Air

The National Leader of the All Progressives Congress (APC) and the party’s 2023 presidential flag-bearer, Bola Tinubu has said that his running mate will be a Northern Christian.

“The VP slot belongs to the Northeastern region and particularly the Christians, but consultations are yet ongoing as to who will be decided.”

Tinubu, who spoke to newsmen at the APC governorship rally in Ekiti State yesterday, June 14, ahead of the state’s governorship election, described those who have been flying the news about his decision to go for a Muslim-Muslim ticket as ignorants, even as he made it clear that he intends to pick a Northern Christian as his running mate.

Tinubu also described the carriers of the claims as undemocratic elements.

The presidential hopeful said that the carriers of the untrue report were only being threatened by his imminent victory in the coming presidential election.

Tinubu assured Nigerians that no group, institution or person can impose a running mate on him.

What Igbos Need Is Presidency, Not Running Mate, Imo Gov, Uzodinma Insists

Gov. Hope Uzodinma

The Governor of Imo State, Hope Uzodinma has said that at this point in the life of Nigeria, what Igbos in the Southeast need now is Presidency and not running mate to Northern Presidential candidate.

Uzodinma, who spoke to newsmen yesterday at the Presidential villa, Abuja after a private audience with President Muhammadu Buhari, condemned the excitement in the Southeast about who becomes a running mate to the candidate of the opposition Peoples Democratic Party (PDP), Atiku Abubakar after the Igbos had messed themselves up at the party’s Presidential primary in Abuja.

The Governor, who spoke extensively on where the running mate of Presidential candidate of the ruling All Pogressives Congress (APC), Asiwaju Bola Tinubu should come from, said: “there are internal characteristics that the decision-maker may consider in the process of making his decision. The decision whether to choose Mr. A or Mr. B to be a running mate to a candidate is entirely that of the candidate.

“You started by saying the governors of the South-East are complaining of not having the opportunity of being a running mate anymore. But that is not the sole ambition of Southeasterners, let alone the governors. In the business of presidential primaries, there is no election for a vice-presidential candidate. The business there is just to elect a candidate.

“In that ballot paper, there is no room for delegates to vote for who will be your running mate. So, that explains why it is not a decision for the public. It is the decision of the candidate. The first thing to do is to let the candidate. Now a candidate has emerged.

“Now the candidate will factor into consideration some ideas and issues like how to create a spread. Spread is very important to be able to attract votes. So, the decision of who becomes your running mate, if I were the candidate, what will inform it is an action that will enable me to get the kind of votes I’m looking for, because the ultimate goal is to win the election.

“So, maybe I’ll start from the denomination, ethnicity, or followership. In this business of democracy, I think the number is what is very important. And there are certain things as a nation, we should not bring to the public discourse.

“Those things that are capable of creating divisiveness against national unity should not be encouraged. It does not mean that I will not remember that I come from a place but I must also be cautious about how to use where I come from in taking national decisions.

“The second question which is about a running mate, South-East is not meant for running mates. What we wanted as a zone was to be the president of Nigeria and I was convinced that it was proper for us to ask for it. But in this business, it is partisan democracy, the minority will have their view but the majority will have their way. In the wisdom of the delegates that elected the presidential candidate, a candidate has emerged, our party APC will come together, work for our candidate and produce the next president.”

When asked to comment on the alleged move by Tinubu to run with a Muslim-Muslim ticket, the Imo governor argued that the Nigerian Constitution does not dwell on religion as a factor in the selection of a presidential running mate.

Source: Daily Post.

Middleage Woman Lands In Court For Alleged N4.5 Million Job Scam, Impersonation

A middle age business woman, Mrs. Ramat Mercy Mba, has been charged to court by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for allegedly defrauding job seekers of N4.5 million.
Mba, who was docked before Justice Ibrahim Mohammed of the Federal Capital Territory (FCT) High Court, Gwagwalada, was also accused of impersonating the late Chief of Staff to the President, Abba Kyari, with the intent to procure employments into the service of ICPC for two unsuspecting job seekers.
The Commission, in a 5-count charge, accused her of demanding and receiving N2 million from one Chimezie Akpata Terry and another N1.5 million from one Susan Jumai Daniel, in exchange for non-existing employments into government agencies, contrary to Section 13 of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under Section 68 of the same Act.
Counsel to ICPC, Mashkur Salisu, told the court that Mba committed the offence sometime in 2020 when she collected N4.5 million from several job seekers promising to secure jobs for them with ICPC and National Air Space Research and Development Agency (NASRDA).
The court further heard how the defendant fraudulently forged the signature of the late Abba Kyari, with which she sent letter to the ICPC Chairman, requesting that the duo of Chimezie Akpata and Ismail Adewole Oladipopo be employed into the service of the Commission.
The late chief of Staff however distanced himself from the request prior to his death in 2020 as revealed by ICPC Counsel, Salisu.
Counsel to the defendant, Alozie Chigozie moved the bail application for the accused, praying the court to grant her bail on liberal terms.
Salisu, who did not oppose the bail application, however prayed the court to admit the accused to bail on reasonable terms that would ensure her attendance in court for trial.
Justice Mohammed thereafter admitted her to bail in the sum of N10 million with one surety who must be an Assistant Director in the federal service and resident within the FCT. The case has been adjourned to 22nd September, 2022 for definite hearing.

U.S President, Biden, Scheduled To Meet Saudi Crown Prince On His M/East Trip In July

Photo credit: CCN

American President, Joe Biden has scheduled to meet Saudi Crown Prince, Mohammed bin Salman during a trip to the Middle East in July, in a break with his campaign pledge of making the kingdom a “pariah.”

Weeks after taking office, Biden shifted U.S. policy on Saudi Arabia, adopting a tougher stance over the kingdom’s human rights record and in particular the killing and dismembering of Washington Post journalist Jamal Khashoggi in Turkey in 2018. U.S. intelligence implicated the prince in the murder. The Saudi government has denied any involvement by him.

Biden’s predecessor Donald Trump had a close relationship with the prince, the defacto ruler of the country. But while a presidential candidate in 2019, Biden vowed to make Saudi Arabia “pay the price, and make them, in fact, the pariah that they are” over the killing of Khashoggi. The White House has said, as recently as this month, that Biden’s view has not changed.

The talks with the crown prince – part of Biden’s first trip to the region – are seen by rights advocates as at odds with his promise to put human rights at the heart of U.S. foreign policy. Biden’s trip from July 13 to July 16 will also include a stop in Israel and the occupied West Bank.

A senior U.S. official, speaking on condition of anonymity, said that if Biden “determines it’s in his interest to engage with any particular leader, and if such an engagement can deliver results, then he will do so.”

The official pointed to the crown prince’s role in helping secure an extension of a U.N.-brokered truce between Yemen’s warring parties as an example of what he said was a need to engage with Saudi Arabia as way to help bring peace and security to the region.

Biden’s July 15-16 visit to the kingdom comes after the OPEC+ group of oil-producing nations, led by Saudi Arabia, agreed to boost oil production to offset Russian losses – following Western sanctions on Moscow over its invasion of Ukraine – and combat surging oil prices and inflation.

Washington’s desire to improve ties with Gulf monarchies has become more urgent following Russia’s Feb. 24 invasion of Ukraine, which highlighted the relevance of Gulf oil producers as Europe looks to cut its energy dependence on Russia.

The United States is also trying to further isolate Russia over the Ukraine war, urging Gulf states to publicly condemn Moscow, three Western diplomats said. Gulf states have so far tried to maintain what they say is a neutral position, but some Western diplomats view that as siding with Moscow.

Biden will meet with regional leaders including Iraq, Egypt and Jordan in Saudi Arabia as part of a summit of the Gulf Cooperation Council, the White House said. Washington has proposed an agenda that includes regional security, food security, the Israeli-Palestinian conflict and energy issues, a Gulf source familiar with the matter said.

In Israel July 13-14, Biden will emphasize the U.S. commitment to the country, which includes billions of dollars in military support. He will hold a virtual summit with the leaders of Israel, India, and the United Arab Emirates.

Biden will also travel to the West Bank to meet with Palestinian President Mahmoud Abbas and other leaders to reaffirm his commitment to a two-state solution between the Israelis and the Palestinians, the U.S. official said.

The visit will help “integrate Israel into the Middle East,” the Israeli prime minister’s office said in a statement.

Saudi Arabia has signaled its backing for the so-called Abraham Accords under which the United Arab Emirates and Bahrain forged relations with Israel two years ago. But Riyadh has stopped short of formally recognizing neighboring Israel

Buhari Not Under The Influence Of Cabal, Backroom Boys – Presidency

The Presidency has made it clear that in taking any important decisions affecting Nigeria, President Muhammadu Buhari had never been influenced by the so-called cabal or what it called “back room boys.”

In a statement today, June 14, Senior Special Assistant to the President on media and publicity, Malam Garba Shehu said: “President Buhari takes his own decisions and carries them out without the backup of a so-called “cabal” or back room boys. The strong leader myth in Nigeria has lasted far too long.

“People make assumptions that if you are a leader, you dominate everything, and even determine electoral outcomes.

“Luckily for Nigeria, President Buhari does not suffer from such constraints. He refuses to act as the elected autocrat.”

Garba Shehu, who was obviously reacting to what he called: “conspiracy theories” and all manner of speculations on the All Progressives Congress (APC) before the recent Presidential Primary, said that the President had a clear purpose leading up to the primary, which was to ensure a transparent, free and fair process that will bring back people’s faith in democracy by taking good governance up to the grassroots level.

“By this alone, people’s faith and that of the international community in our democracy has received a major boost since the completion of the APC nomination.

“The flagbearer has been chosen. He has the President’s unwavering support. The journey to victory continues.

The Presidential spokesman concurred however that when it is election season people expect speculation to reach fever-pitch, saying that the press pores over every word spoken, scours every photo taken, and reports every indication suggested, seeking signs of who is supporting who like private investigators – or fiction writers.

According to Garba Shehu, there’s no greater intrigue for this kind of speculation-journalism than a party flagbearer primary, saying that such hysteria comes around once every four years, or every eight following President Buhari’s second term.

“Therefore, the media must make the most of it.

“So, what a disappointment the All Progressives Congress (APC) party flagbearer primary must have been for those who assembled to witness a catastrophe?

“No intrigue, no division, no disagreement, no defeated candidates rejecting the result, no splits, no third-party runs. It was only determination to rally around the chosen flagbearer to deliver victory and an APC third term in February 2023.

“The opposition reaction to this successful nomination convention has come by way of a counter offensive, so that we do not go on the offensive.

“In some instances, there is clear evidence of a conspiracy to destabilize the governing party and defame the President.

“The media are being inundated with made up stories– speculating about the role of the President in the flagbearer contest: whether he had a favoured candidate, and whether manoeuvres were made to install them; whether the chosen flagbearer was the President’s choice, or another.

“Speculation is easy. But facts are simple. The President always said he had a favoured candidate. He said that candidate was whoever was chosen by the APC in a democratic primary to lead the party at the election.”

Rising Prices Of Goods, Services Pushing 7 Million Nigerians Into Poverty – World Bank

World Bank has said that rising prices of goods and services in Nigeria, will push additional one million Nigerians into poverty, making it seven million by the end of 2022.

The rate of changes in prices in Nigeria, the Bank said, is already one of the highest in the world before the war in Ukraine, adding that it will push an additional one million Nigerians into poverty by the end of 2022.

This fact is contained in the World Bank Nigeria Development Update (NDU) report, titled: “The Continuing Urgency of Business Unusual”, which was released today, June 1.

The report said that the additional 1 million is different from the six million Nigerians that were already predicted to fall into poverty this year because of the rise in prices, particularly food prices.

The report said: “Nigeria is in a paradoxical situation; growth prospects have improved compared to six months ago but inflationary and fiscal pressures have increased considerably, leaving the economy much more vulnerable.”

According to the Bank: “Inflation in Nigeria, already one of the highest in the world before the war in Ukraine, is likely to increase further as a result of the rise in global fuel and food prices caused by the war. And that, it estimates, is likely to push an additional one million Nigerians into poverty by the end of 2022, on top of the 6 million Nigerians that were already predicted to fall into poverty this year because of the rise in prices, particularly food prices.

“This latest edition of the NDU highlights that the inflationary pressures will be compounded by the fiscal pressures Nigeria will face this year because of the ballooning cost of gasoline subsidies at a time when oil production continues to decline. Hence, Nigeria, for the first time since its return to democracy, and alone amongst major oil exporters, is unlikely to benefit fiscally from the windfall opportunity created by higher global oil prices.” Shubham Chaudhuri, World Bank Country Director for Nigeria, said, “When we launched our previous Nigeria Development Update in November 2021, we estimated that Nigeria could stand to lose more than N3 trillion in revenues in 2022 because the proceeds from crude oil sales, instead of going to the federation account, would be used to cover the rising cost of gasoline subsidies that mostly benefit the rich. Sadly, that projection turned out to be optimistic.

“With oil prices going up significantly, and with it, the price of imported gasoline, we now estimate that the foregone revenues as a result of gasoline subsidies will be closer to N5 trillion in 2022. And that 5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities, to invest in Nigeria’s children and youth, and in the infrastructure needed for private businesses small and large to flourish, grow and create jobs.”

According to the report, Nigeria’s growing macroeconomic challenges in 2022 highlights the continuing urgency of a departure from business as usual, and there is the need for consensus around a package of robust reforms.

The Report highlights three policy priorities that government should focus on to address the situation.

The areas are: reducing inflation through a sequenced and coordinated mix of exchange rate, trade, monetary, and fiscal policies including the adoption of a single, market-responsive exchange rate; addressing mounting fiscal pressures at the federal and sub-national levels by phasing out the petrol subsidy (estimated to cost up to 5 trillion naira in 2022) and redirecting fiscal resources to investments in infrastructure, education, and health services; increasing “pro-health taxes”, and improving tax compliance and catalyzing private investment to boost job creation by improving the transparency of key government-to-business services and eliminating trade restrictions.

Why I Will Involve Private Sector In Infrastructure Development – Atiku

Alhaji Atiku Abubakar | Reuters

Presidential candidate of the opposition Peoples Democratic Party (PDP), Atiku Abubakar has insisted that if he becomes Nigeria’s President in 2023, he would stop at nothing in engaging private participation in infrastructure development of the country.

Reacting to the National Union of Electricity Employees (NUEE), which criticized Atiku’s agenda as it relates to the development of the critical infrastructure needed to unleash the full potentials of the nation’s economy, the Presidential hopeful said that actively promoting private sector participation in infrastructure development will be beneficial to the economy.
in a statement today, June 14 by his spokesman, Paul Ibe, the Candidate stressed the inevitability of “incentivize the private sector to take risk and invest in the economy for various reasons.

He listed such reasons thus:
“Therefore, to build the economy of our dreams, we must increase the stock and improve the quality of our infrastructure. Inadequate infrastructure has been identified as the most problematic factor for doing business in Nigeria.
“In terms of actual spending, Nigeria currently spends less than 1% of its annual GDP on infrastructure as against the required levels of between 3%-5% of annual GDP. This shortfall has created a deficit, estimated at USD 3 Trillion over the next 30 years. Our overwhelmed public sector does not have the resources or expertise to deliver. While our financing requirement is approximately 100 billion USD per annum, Nigeria’s entire budget is only USD 30 billion.  The National Development Plan envisages that 80% of all investments will come from the private sector.
“Regrettably, Nigeria’s core infrastructure sectors are not operating efficiently. Almost all the infrastructure sectors from roads, railways, housing, power, and energy are operating below potential. Over the years, we have observed how these enterprises consume huge public resources while offering poor quality services. Many of these State-owned Enterprises have become a source for political patronage, corruption, and rent seeking to the detriment of Nigeria’s long-term economic growth.
“For example, Nigeria’s refining infrastructure remains poor despite the perennial injection of unending public resources for turnaround maintenance. The country’s refining capacity per capita is 0.002 bpd/capita compared to Libya’s 0.06 bpd/capita and South Africa’s 0.01 bpd/capita.  As of today, Nigeria imports over 80% of its refined products to meet its current needs and is said to be the largest importer of PMS in the world, with significant balance of trade implications.
“Sadly, the fiscal cost of maintaining these State-Owned Enterprises is enormous, and it comes with even greater opportunity costs.  By holding unto these underperforming enterprises, Nigeria is sacrificing investments in critical areas, including education, health, water, sanitation, and rural infrastructure.  For example, the first phase in the rehabilitation of Nigeria’s refineries is expected to gulp US$1.55 billion!  With its current precarious fiscal position and daunting development challenges, Nigeria cannot afford to forego productivity enhancing investments in human capital development and channel scarce resources to moribund enterprises.
“We need to stress that the vision of Atiku Abubakar as encapsulated in “My Covenant With Nigeria” is to drive private investment to shift Nigeria from being a “net importer” to a “net exporter” of petroleum products and become the refining hub of the entire West Africa region. We cannot hope to achieve this without extensive reforms to restore investor confidence which is currently at its lowest ebb. The active participation of the private sector in the downstream sector will help drive efficiency and healthy competition in the oil and gas sector.
“According to the Bureau of Public Enterprises 67% of the 142 privatized firms are performing. It must be noted that several firms, not just liberalised enterprises, are facing business environment challenges in Nigeria. Many have closed and or been forced to relocate to neighbouring countries because of the poor business environment.
“There is no denying the fact that Nigeria has derived enormous benefits from the creation of a liberal environment to facilitate private sector participation in key sectors of the economy. Today, the IT sector is undeniably the fastest growing services sector in the Nigerian economy. We need to replicate these efforts by extending the reform initiatives to other sectors.
“Of course, different countries have implemented liberalisation programmes with varied outcomes and over time and space just as other policies. But it is easier to point to success stories around the world: from Vietnam to Mexico; from Indonesia to South Africa and Egypt etcetera than outright failures. For the avoidance of doubt, liberalisation and deregulation programmes have supported the private sector to unleash its growth potentials and enabled these governments focus on investing in education, healthcare, poverty alleviation, water and sanitation with such proceeds.
“Every reform measure has the potential to create difficulties especially in the short-term, but with a positive impact on incomes, employment, and poverty, over the medium and long-term. Liberalised firms may face difficulties as they transit from the old culture of rent seeking and dependence on government for survival, to a new business culture that is driven by efficiency and competition.  But Atiku Abubakar will ensure that his economic reform measures are accompanied by a series of mutually supportive activities aimed at easing these difficulties and making the reform measures impactful.”

Finally, we shall not hold brief for the BPE, as they are best suited to answer some of the questions raised by NUEE for example, who bought the companies and what process was followed etcetera.

Signed:
Paul Ibe
Media Adviser to Atiku Abubakar

Dangers Of Leaders Swearing With Holy Books And Doing Different Things – Minister

Minister of the Federal Capital Territory (FCT), Malam Muhammad Musa Bello has listed the dangers in leaders swearing with Holy Books to serve the people in their capacities only for them to be doing other things that are contrary to the oath taken.

Swearing the six Area Council Chairmen of the FCT and their deputies after their elections recently, Muhammad Musa Bello said: “I urge you all to go back to your houses, carefully read and understand what you swore, because all of you, I noticed, held the holy books while you were doing so.

“These words that you uttered today, holding the holy books and also in the presence of all of us as witnesses and above all in the presence of God Almighty, are not simple words.”

The minister asked the elected leaders to limit themselves to simple things they will do to impact on the people, such as provision of water, education, primary healthcare and sanitation.

“If I were you, I will go for the basics. I will tackle primary education, I will tackle primary healthcare, I will tackle sanitation, I will tackle insecurity.

“And whoever you are, you can’t do anything on the security of your community unless you relate with your elders in the country.  So, hold on to these three or four items diligently and understand that you are local government authority and you are meant to provide local services.

“During your tenure, don’t ever allow one day to pass with your pupils out of school because somebody is on strike… Don’t ever allow a primary healthcare in your Area Council to be without water, to be without electricity, to be without staff, so that that woman who is pregnant, or that little boy who has diarrhea or that young girl that has malaria is taken care of. I tell you, if you handle these little things that you may think are small, your people will forever be grateful to you”.

He also enjoined the new Chairmen and Vice Chairmen to take time to go round their Area Councils with a view to familiarizing themselves with the various environmental challenges such as blocked drainages, waste and unkept streets.

He assured the newly inaugurated Chairmen of the continuous support of the FCT Administration while also charging residents to always hold those in authority accountable for what they swore to do.

The new Chairmen are Christopher Zakka Maikalangu of Abuja Municipal Area Council (AMAC), John S. Gabaya of Bwari, Danladi Chiya of Kwali, Abubakar Umar Abdullahi of Abaji, Abdullahi Sulaiman Sabo of Kuje and Abubakar Jibrin Giri of Gwagwalada.

 

Media Rights Agenda Kicks Against Moves To Regulate Social Media Through Back Door

 

Media Rights Agenda (MRA) has called on the Federal Government to discontinue its moves to adopt a Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries.

The group described the moves as ways of trying to regulate social media and other online platforms through the backdoor by circumventing the legislative process.

It also described the draft Code of Practice developed by the National Information Technology Development Agency (NITDA) and published for public comments as a clumsy attempt to usurp the powers, functions and authority of the National Assembly as well as a breach of the constitutional rights of Nigerians.

MRA’s Programme Director, Ayode Longe, said: “the Federal Government is clearly attempting to circumvent the legislative process in favour of a backdoor approach to regulate social media and other internet platforms. It is curious that the Government has chosen to use an administrative document to surreptitiously create criminal offences as the document states unequivocally that any platform or internet intermediary responsible for violating its provisions will be liable to prosecution and conviction.”

He argued that NITDA’s misuse of the term “Code of Practice” to describe the document amounts to acting under false pretenses to dupe Nigerians into believing that the Government is seeking to protect them when its real intention is so obviously to control social media and other Internet platforms by compelling them to register with the Government and thereby muzzle the right to freedom of expression online.

Longe contended that the document is a breach of Articles 19 of the Universal Declaration of Human Rights (UDHR) and Nigeria’s treaty obligations under the International Covenant on Civil and Political Rights (ICCPR), which gives everyone the right to freedom of expression, including the “freedom to seek, receive and impart information and ideas of all kinds, regardless of frontiers

“The name is problematic. Although it is termed a code of practice, it is in fact not intended to provide guidance for the implementation of any specific law or regulation. Rather, it creates criminal offences which are not contained in any existing Law and attempts to legitimize them by a vague reference to its enabling Act and other laws, which is beyond the remit of any such administrative document.”

Longe argued that the underlying rationale for many of the provisions of the document is unrealistic and unreasonable as they defy logic and common sense.

“In today’s globalized world, is it possible or realistic to expect global Internet platforms like Facebook, Twitter and others to register with the government of every country in the world where they have users and set up offices in all those countries, which is the implication of the Federal Government’s demand? Conversely, Nigeria’s external broadcaster, the Voice of Nigeria, broadcasts its signal and content to dozens of countries around the world and runs a website that is accessible globally; is it registered and does it have offices in all the countries where its signals are received as Nigeria is now demanding of platforms registered in other countries?”

Longe described many of the provisions of the document as arbitrary and draconian, saying the requirement that platforms take down “unlawful content” within 24 hours after receiving a notice or complaint from any authorized government agency constitutes an attempt by the Government to control content published on social media and other online platforms while bypassing the judicial process and usurping the functions of  the courts which should legitimately determine what content that is illegal or unlawful.

MRA therefore rejected the “Code of Practice” in its totality.  It called on the government to abandon it and approach the National Assembly with an appropriately bill, if its genuine intention is to address legitimate issues rather than violating the rights of Nigerians and other members of the public on the pretext of protecting them from fake news and misinformation.

NITDA’s Head of Corporate Affairs and External Relationship, Mrs. Hadiza Umar, had issued a statement announcing the new Code of Practice which it is presenting for public input, on the directive of President Muhammadu Buhari, in accordance with its mandate under the NITDA Act, to standardize, coordinate and develop regulatory frameworks for all information technology practices in Nigeria.

Advertisement
Advertisement ADVERTORIAL
WP2Social Auto Publish Powered By : XYZScripts.com