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Business News

Saraki, Keyamo, Amaechi, others make Buhari’s ministerial list

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Lagos-Ibadan Rail, Ministerial list

President Muhammadu Buhari’s ministerial list is finally out. The Senate President, Ahmed Lawan, read the full list on the Floor of the Senate on Tuesday in Abuja. A total of 43 ministerial nominees were announced on the floor of the Senate.

The announcement of the long-awaited ministerial list came after the Nigerian Senate revealed it would be proceeding on a two-month recess on Thursday.

Earlier Development: Report on the ministerial nominees broke out earlier in the day when the Senate President broke the news of the submission of the list of ministerial nominees at the closed of the legislative session.

The Chief of Staff to the President, Abba Kyari, was said to have personally submitted the ministerial list to the Senate President, Ahmad Lawan.

The Full-Lists of Nominees: The President read the names of the nominees on the floor of the Senate immediately after a closed session held by the lawmakers. By the new list, out of the 43 nominees, 11 ministers were reappointed. Here is the full list below:

  • Dr. Ikechukwu Ogar (Abia State)
  • Muhammadu Musa Bello (Adamawa State)
  • Sen Godswill Akpabio (Akwa Ibom State)
  • Dr. Chris Ngige (Anambra State)
  • Sharon O. Ikeazor (Anambra State)
  • Adamu Adamu (Bauchi State)
  • Amb Maryam Katagun (Bauchi State)
  • Timipre Sylva (Bayelsa State)
  • Sen. George Akume (Benue State)
  • Mustafa Baba Shewuye (Borno State)
  • Goddy Agba (Cross-River State)
  • Festus Keyamo (Delta State)
  • Dr. Ogbonnaya Onu (Ebonyi State)
  • Dr. Osagie Ehanire (Edo State)
  • Clement Agba (Edo State)
  • Otunba Richard Adeniyi Adebayo (Ekiti State)
  • Geofrey Onyeama (Enugu State)
  • Dr. Ali Ibrahim Isa Pantami (Gombe State)
  • Emeka Nwajuiba (Imo State)
  • Engr Suleman Adamu (Jigawa State)
  • Zainab Shamsuna Ahmed (Kaduna State)
  • Dr. Mohammed Mamood (Kaduna State)
  • Sabo Nanono (Kano State)
  • Maj. Gen. Bashir Saleh Magashi Rtd (Kano State)
  • Sen Hadi Sirika (Katsina State)
  • Abubakar Malami (Kebbi State)
  • Ramatu Tijani (Kogi State)
  • Lai Mohammed (Kwara State)
  • Sen Gbemisola Saraki (Kwara State)
  • Babatunde Raji Fashola (Lagos State)
  • Adeleke Olurunnimbe Mamora (Lagos State)
  • Mohammed H. Abdullahi (Nasarawa State)
  • Amb Zubairu Dada (Niger State)
  • Arc Olamilekan Adegbite (Ogun State)
  • Sen Tayo Alasaodura (Ondo State)
  • Rauf Aregbesola (Osun State)
  • Sunday Dare (Oyo State)
  • Pauline Talen (Plateau State)
  • Rotimi Amaechi (Rivers State)
  • Muhammadu Maigari Dangyadi (Sokoto State)
  • Engr. Saleh Mamman (Taraba State)
  • Abubakar D. Aliyu (Yobe State)
  • Sadiya Umar Farouk (Zamfara State)

In the meantime, after reading the names of the nominees, Lawan announced that screening and confirmation of the nominees would begin on Wednesday and is expected to be completed before the end of the week.

The Senate President further disclosed that other legislative activities in the chamber would take back seat to ensure the speedy completion of the important assignment.

[READ FURTHER: CBN finally confirms licensing three new banks in Nigeria]

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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    Cryptocurrency

    Cryptocurrency market bearish as ICP and SHIBA make top 20 entry

    ICP and SHIB made entries into the top 20 coins by market capitalization, taking the #5 and #17 spot respectively.

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    Paypal

    In the last 24hrs, the cryptocurrency market space took a hit amidst a decline in the Dow Jones Industrial Index, S&P500 and NASDAQ composite index. Although there is no known reason for the current decline, it is important to know that the cryptocurrency space is known for its volatility, and these types of dumps are expected.

    With the decline in certain major cryptocurrency like Bitcoin, Ethereum and Binance, it is important to also note that 2 coins, Internet Computer (ICP) and Shiba Inu (SHIB) made entries into the top 20 coins by market capitalization, calculated by coinmarketcap, taking the #5 and #17 spot respectively.

    Internet Computer (ICP)

    ICP was listed yesterday on coinmarketcap with the price currently trading $459.24 which represents 213.58% gain from its all-time low. It has a market cap of $56,830,052,964 and a circulating supply of 123,747,068 units.

    Internet Computer is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum. It is a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenized internet services, pan-industry platforms, decentralized financial systems, and even traditional enterprise systems and websites.

    Shiba Inu (SHIB)

    The Shiba Inu is currently trading at $0.000032. The coin is up 108.12% in the last 24 hours as a result of its listing on the Binance exchange. It has a market capitalization of $12,527,102,361 and a circulating supply of 394,796,000,000,000 units.

    Shiba Inu coin is a cryptocurrency meme token and allows users to hold trillions of them, according to its website. These tokens are listed and incentivized on the ShibaSwap, its decentralized exchange. Its website claims to have locked 50% of its total supply to Uniswap, while the remaining have been burned to Ethereum founder Vitalik Buterin. The tokens feature the same Shiba Inu dog as Dogecoin, which has rocketed in popularity recently. The Shiba token is nicknamed the “Dogecoin Killer” as it aims to replicate and surpass the success of Dogecoin.

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    Business

    How FG can implement blockchain technology for efficient service delivery

    Blockchain technology is an efficient and cheaper platform for governance as it curbs middlemen and bureaucratic channels, makes processes more effective and adequately reduces fraud.

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    KPMG, PwC, Blockchain technology expected to tackle Africa’s challenges across multiple industries

    A report on the Nigerian budget by BugIT last week revealed that Nigeria’s 2021 budget had 316 duplicated capital projects totalling N39.5 billion, a 14% increase to the security sector allocation with no audit done in 5 years and many others.

    Other discrepancies discovered in the report include ZERO audit records of the N10.02 trillion received by the security sector between 2015 and 2021, a total of 117 federal agencies received allocations for “Security Votes” worth N24.3 billion despite many of these agencies already having allocations for “Security Charges” to cover each agency’s security needs, etc. These figures show that the government is permitting multiple leakages in its budget despite falling crude oil revenues and rising debt to revenue ratio.

    The damning report was a catalyst for Socio-Economic Rights and Accountability Project (SERAP) to petition President Muhammadu Buhari to probe the reported N39.5 billion duplicated and mysterious projects inserted into the 2021 budget.

    The Election problem

    Nigeria also lacks transparency in her electoral process resulting in voter apathy, rigging and other forms of electoral fraud, post-election violence, and post-election litigations. The ugly situation is not lost on the Independent National Electoral Commission (INEC) which has called for better use of technology in the conduct of elections, stating that the introduction of technology would enhance the credibility of elections in Nigeria. The electoral umpire has also alluded to working with the National Assembly to introduce reforms to Nigeria’s Electoral Act.

    “There is a need to introduce further technology to enhance the credibility of the elections that we are going to conduct in 2023. That explains why INEC intends to introduce new technology in the revalidation of register, that we have been putting in place since 2010-2011. The way forward is to introduce technology and ensure the register is credible and 2023 elections reflect this credibility and that election are better,” INEC said.

    Can Blockchain offer this technology for transparent service delivery?

    According to euromoney.com, a blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.

    The decentralised database managed by multiple participants makes blockchain technology a system that is difficult to change, hack, falsify or defraud.

    In 2018, Sierra Leone became the first country in West Africa to conduct an election with the aid of the Blockchain, recording votes at 70% of the polling to the blockchain, a first of its kind to prevent electoral fraud.

    Hotflex

    Sierra Leone wishes to create an environment of trust with the voters in a contentious election, especially looking at how the election will be publicly viewed post-election. By using blockchain as a means to immutably record ballots and results, the country hopes to create legitimacy around the election and reduce fall-out from opposition parties,” the developer, Agora said in a statement.

    “Blockchain is the only technology that has been created which can provide an end-to-end verifiable and fully-transparent voting solution for the future” they added.

    Perhaps, Blockchain is proof that it may indeed be possible to “ innovate to prosperity” using technology, especially in low trust societies like Nigeria bedevilled with poor public accounting and electoral processes.

    This position is supported in a report by Northwestern University, citing that Blockchain’s smart contracts can improve efficiency in emerging markets like Nigeria.

    “Blockchain technology has the potential to eliminate one of the most significant barriers to economic growth through private business transactions in developing countries—lack of trust,” the report said.

    “Developing countries often lack effective or transparent institutions and are frequently plagued with corruption that weakens substantially their level of security in economic transactions.

    First, because blockchain uses an open architecture, all transactions are publicly accessible, immutable, and verifiable by anyone. This helps to eliminate corruption and fraud from the transaction. Second, because all smart contract transactions are recorded along a blockchain and cannot be modified ex-post, a permanent and publicly accessible ledger is available to shed any doubt about payments or other transactions throughout the process. And third, because blockchain systems are automated, security in the enforcement mechanism is all but guaranteed. For instance, failure to deliver goods by a set time will automatically trigger a default clause that transmits payment of liquidated damages to the injured party without the intervention of a judge or arbitrator,” the report added.

    Jaiz bank

    Basically, the report suggests that if the Nigerian government pursues a policy on total efficiency in service delivery, blockchain could be the best alternative for the nation as it reduces corruption and fraud in multiple government sectors.

    Olumide Adesina, a financial market analyst and Yahoo Finance Contributor says implementing a blockchain-driven service delivery model would make governance cheaper and reduce corruption.

    “A blockchain is simply a digital ledger that records information on the network in such a way that it is almost impossible to forge, hack and manipulate despite being open source,” he said.

    “This is an efficient and cheaper platform for governance as it curbs middlemen and bureaucratic channels, makes processes more effective and adequately reduces fraud,” he added.

    Would the CBN’s crypto ban affect blockchain’s use in governance?

    “The CBN ban has little or no effect on the blockchain, as its statutory powers only excluded Nigerian financial institutions from relating to Crypto Exchanges and platforms,” Adesina said.

    Bottomline

    The report of over N39 billion in duplicate expenses shows that even in a period of revenue decline, the government is struggling with curbing corruption in various sectors. The implementation of technology-backed solutions will not only save the nation from resource pilfering and wastage, but it will also be vital in electing credible government officials to oversee proper, efficient service delivery and governance.

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