Stealing is corruption. It has no other name. It is a crime that can never be excused, no matter the justification put forward.
As signal piracy spirals out of control globally, and also in Nigeria, broadcasters are up in arms and actively looking for ways to curb the rising scourge which has dire effects on their legitimate operations and service delivery.
Pirating signal makes it difficult for broadcasters to maximize the potential of their content, especially when viewers already have access to the content through illegal means.
When there are too many signal pirates swimming in the waters of the broadcasting industry, it results in a situation where there is an increase in subscriber disconnects, loss of revenue, absence of investor confidence, and credibility with content distributors. The anomaly also impacts the broadcaster’s ability to scale-up, invest in the acquisition, production, and transmission of quality content.
The activities of the pirates will also inadvertently result in economic losses for the government as players in the broadcasting industry will struggle to grow, be profitable and create more employment. This can amount to losses of millions of dollars, which could have been invested in the country’s education, housing or healthcare sectors.
Despite the fact that Section 20 of Nigeria’s Copyright Act prescribes five years imprisonment for anyone found guilty of illegal distribution of broadcast signals, the practice is widespread and steadily growing.
Recently, the Economic and Financial Crimes Commission (EFCC) raided the premises of CANTV (MultiMesh), Metro Digital TV and Communication Trends Limited (CTL) – three Port Harcourt-based cable television operators – after they were found to have been redistributing content exclusive to MultiChoice.
Following the raid, the companies attempted to justify their illegal actions by saying they don’t relay live – instead, they rebroadcast. They also noted that they “were not invited” by the anti-graft agency before the raid, insinuating that thieving, criminal enterprise must be extended an invitation despite being in clear breach of the law.
The operations manager of Metro TV, Paul Osuji, shot himself in the foot when he stated that, “we did not commit any crime known in law to merit that kind of treatment”. But according to chapter 3 of the Nigerian Broadcasting Commission (NBC) code, “the broadcast or rebroadcast of any content shall be only with the express permission of the rights owner.”
And without any form of approval from MultiChoice, these companies are clearly guilty of blatant theft and signal piracy.
Like the EFCC, other law enforcement agencies across the world have carried out similar raids on the operations of hardened broadcast pirates. In March 2019, the Spanish National Police and Europol carried out a raid dubbed ‘Operation Casper’ in 12 locations in Spain and Bulgaria. During the raid, eight individuals were arrested for the illegal distribution of 1,000 pay TV channels.
As acts of broadcast piracy increase in leaps and bounds, content producers and rights owners are experiencing dwindling revenue. Such piracy-related revenue loss has been heavily felt in recent months by English Premier League (EPL) clubs and their sponsors.
A study commissioned by GumGum Sports, a sponsorship valuation firm; and digital piracy authority MUSO, found that pirating EPL games is costing £1 million in “uncaptured sponsorship media value” per match, that’s a whopping £380 million per season!
The study, which focused on eight matches during the 2018-19 season, evaluated viewing patterns of 7.1 million fans across 149 countries, including China, Vietnam, Kenya, India, Nigeria, US and UK.
The study was carried out by identifying the size of the piracy audience, analysing on-screen exposure and duration for sponsorship placements, and producing global media equivalencies for the live broadcast to calculate media value per nation.
Similarly, Yousef al-Obaidly, CEO of beIN Media Group, the world’s largest investor in TV rights, recently warned that earnings from TV rights are about to nosedive for professional football clubs if piracy is not tackled head-on.
“The glorious media rights bubble is about to burst. And the truth is that our industry is completely unprepared. In response to piracy, they are paying lip service to the problem,” al-Obaidly said in October.
“If you look at Premier League clubs, if you take Watford or Bournemouth, 88% or 90% revenue comes from broadcast revenues. So if we don’t do anything about piracy, you will have quite a reduction in the value of rights.”
During the last Total Africa Cup of Nations organized in Egypt, Saudi-based pirate television platform, BeoutQ, carried out a major hacking operation and went on to fraudulently broadcast all the 36 matches in the group phase, with the support of satellite provider Arabsat — despite the fact that only beIN Sports had a contract from CAF to broadcast, on an exclusive basis and with the right to sub-license.
This resulted in a loss of millions in revenue for all the parties legitimately involved.
A 2017 research carried out by Markmonitor, a brand protection and anti-piracy company, noted that the growing demand for pirated content has resulted in over $100 billion in revenue losses for companies in the TV, music, software, gaming and film industries. In 2017, 54% of millenials admitted that they watched live sport streams illegally, while in the US and Canada, $840 million in video service revenue was lost to piracy in the same year.
Now, what are the solutions to this hydra-headed monster of broadcast, streaming and even cable piracy?
To avert further loss of revenue, broadcasters, government and law enforcement have to continuously and adequately educate the public that signal piracy is a dangerous crime which could lead to the downfall of a vibrant industry.
Efforts should be made to embark on PR campaigns to alert viewers that by patronizing pirates, they are inadvertently encouraging illegality.
Going by the rate at which pirates employ sophisticated means to hack systems, broadcasters need to guard their content more fiercely than ever before. Broadcasters should stop paying lip service to the problem of piracy and invest massively in technology to better monitor and detect breaches in their signal.
Nigeria’s law enforcement and anti-corruption agencies also need to be more proactive in the fight against piracy because the broadcasting industry cannot do it alone. They need to encourage honest trade by discouraging theft. This means prosecuting those who have flouted the code so blatantly. Stealing is stealing no matter how finely garbed; or how through the media, daylight robbery is being portrayed as a Robin Hood mission.
In the face of increasing broadband penetration and worsening piracy onslaught against the industry, practitioners and investors will have to work hand-in-hand with the government to put in place stronger laws, stricter enforcement measures and more stringent punishment.
Forex trading in Nigeria – A beginner’s guide
It is believed that Nigerian forex traders trade positions worth at least $1.25 million on average every day.
The foreign exchange market is more commonly known as the forex market. It is the financial market involved with the trading of currencies. It is the largest financial market in the world where trading volumes of more than $5 trillion occur daily.
These trades are executed over the counter, more commonly referred to as OTC. This means that transactions are executed around the world through online computer networks. In addition to being the largest market, the forex market is also the most liquid and volatile.
Liquidity refers to the ease with which an asset or a security can be converted into cash without it affecting its market price. Market volatility refers to the velocity of price changes which occur in any market.
The liquidity and volatility of the market is as a result of the significant amount of forex trades which occur daily and higher liquidity also results in lower transaction costs, a benefit for all traders.
Nigerian traders have access to the forex market 24 hours a day, 5 days a week, with the added benefit that trading can be done despite the trader’s time zone. This due to the fact once one market closes, another will open while some are open due to the overlap in time zones.
When considering forex trading specifically in Nigeria, forex trading has become easier in the country. The past decade reflects substantial economic growth as well as an increase in disposable income.
Nigeria is one of the most prosperous countries in Africa and it is believed that Nigerian forex traders trade positions worth at least $1.25 million on average every day.
There are also more brokers that are welcoming Nigerian traders in registering an account on their platform, allowing beginners and experts to connect to global markets.
The Basics – What all Beginner Nigerian Traders Must know
One of the most common mistakes that beginner traders make often is not ensuring that they have adequate forex trading knowledge. Before approaching the forex market, Nigerian beginner traders must ensure that they consult adequate educational resources to build up their knowledge.
One of the most basic areas to begin is learning common forex terms and their definitions. This will help Nigerian traders understand the forex ‘jargon’ that they will be exposed to from the get-go when they start trading.
Some of the terms that traders are more likely to see include the following:
- Base currency – this refers to the currency that the trader is currently holding, in this case, the Nigerian Naira. The base currency always appears first in a currency pair.
- Quote currency – this is the currency that the trader will purchase. The quote currency always appears second in a pair.
- Bid/Ask Price – the bid price refers to the price at which the broker is willing to buy the base currency. The ask price is the price that the broker will ask the trader in exchange for buying the quote currency of choice.
- Spread – the spread is the difference between the bid and the ask price which is expressed in pips. The spread is charged by the broker as payment for rendering services. There are floating/variable spreads which change with market conditions and fixed spreads which are determined by the broker.
- Pip – this stands for ‘Percentage in Point’. It is the smallest measurable value of currency movements and the smallest increment that a price can move. One pip is equal to 1/100th of the base currency of the trader.
In addition to this, another imperative educational tool is a demo account. Numerous brokers offer them to traders. A demo account provides a risk-free platform to traders where they can practice trading in an environment which mimics live trading conditions, without risking actual capital.
Why you should develop a forex trading plan
All traders who intend to be successful have a trading plan. It consists of a set of rules and guidelines that shapes and defines the trading behaviour of a trader.
Nigerian beginner traders must ensure that they evaluate their needs, goals, and limitations before they start trading. This will ensure that they do not give in to emotional or chaotic trading and ensures that they have a clear goal and objective in mind.
Trading plans also help traders manage their risks more effectively.
How to choose a trading strategy
Once Nigerian beginner traders have a better idea of what they want to achieve through their forex trading and what they are limited to, they can start looking at the different forex trading strategies to use when trading, or they can develop their own.
The trading strategy must be chosen according to the trading style of the trader and it must be in line with the trader’s trading plan. One of the main considerations when choosing a trading strategy is the personality of the trader.
This is because it will be assessed by performance as well as quality of historical data, and the implementation of the strategy. Factors such as time management, dedication, commitment, patience, and others are imperative when choosing a strategy.
You might like: Latest Africa Forex Trading Stats ( 2020 )
How to choose the right forex broker
When Nigerian traders start considering a broker to facilitate their trades, there are key factors to consider, including:
- Knowing your needs as a trader such as education, research, trading strategy provision, trading tools, and more.
- Regulation – beginners must ensure that they only deal with regulated brokers to ensure the safety of their funds
- Fees and commissions – Traders must ensure that they understand their financials and what they can spend and afford to lose. Here, traders must consider the trading and non-trading fees.
- Testing the broker’s platform by opening a demo account.
- Make sure that the broker offers adequate education and research.
- Look at the ease with which funds can be deposited and withdrawn.
- Test and evaluate the level of customer service.
What drives the forex market and why is observation important?
When traders start out, they must realize that there are factors that drive the prices and exchange rates in the forex market. These include, but is not limited to:
- Central Banks
- News Reports
- Mark Sentiment, and numerous others.
By staying up to date with news and other reports, traders can more effectively begin to anticipate what the market may do while making extensive use of both fundamental and technical analysis to assist them in trading decisions.
BUA donates 3 Emergency COVID-19 ambulances, 100,000 facemasks to Yobe
BUA Group has donated three ambulances and 100,000 facemasks to the Yobe State Government.
As COVID-19 cases continue to rise across Nigeria, BUA has donated three ambulances and 100,000 facemasks to the Yobe State Government as part of its social support and humanitarian commitment to combat the COVID-19 pandemic in the country.
Presenting the donations on behalf of the Chairman of BUA Group, Abdul Samad Rabiu at the Government House, Damaturu, Aliyu Idi Hong, Director of Government Relations, BUA Group commended Governor Mai Mala Buni of Yobe State for his tireless efforts in curbing the COVID-19 pandemic in the state.
According to Hong, “So far, the Chairman of BUA Group, Abdul Samad Rabiu has given more than 8 billion Naira worth of support to towards the fight against COVID-19 in Nigeria.”
“With the second wave spreading across Nigeria, we are expanding the scope of our intervention to various states and will continue to support initiatives aimed at helping to curb the spread of the virus in Nigeria,” Hong added.
Reacting, Governor Buni thanked Abdul Samad Rabiu, Chairman/Founder BUA Group, for his humanitarian gesture to the nation especially to Yobe State noting that the “donation is coming at the right time because of the second wave of the pandemic”.
The governor reminded the Yobe people to adhere strictly to the covid-19 preventive measures by wearing facemasks, keeping social distancing and washing their hands
Another First! Wragby becomes a Microsoft Azure Expert Managed Service Provider (MSP)
This makes Wragby the first Microsoft Partner in Nigeria and West East Central and Sub-Saharan Africa to achieve this!
Wragby Business Solutions & Technologies Limited (Wragby) has achieved the Microsoft Azure Expert Managed Services Provider (MSP) status, maintaining high proficiency in assessing, migrating, building, deploying, optimizing, and managing business solutions on Azure. This makes Wragby the first Microsoft Partner in Nigeria and West East Central and Sub-Saharan Africa to achieve this!
“We are super proud to be awarded this designation as a Microsoft Azure Expert Managed Service Provider. It is yet another proof to the depth of our expertise, by ensuring that our technical capabilities and processes meet and exceed the standards of the Azure Expert MSP program. We look forward to achieving more,” – Oluyomi Alarape , MD/CEO Wragby
Participation in the Azure Expert MSP program is granted to partners that meet several requirements, including verified customer delivery and technical expertise tests, as well as successfully complete an independent audit of their managed services, equipment, processes, and technologies. Providers must hold Microsoft Gold Cloud Platform competency, maintain end-to-end managed support for Azure, and provide multiple customer references of Azure managed service projects delivered over the last 12 months.
The Microsoft Azure Expert Managed Service Provider program is designed to give businesses migrating to the cloud confidence that their chosen partners have demonstrated the highest degree of capability to deliver repeatable high-fidelity managed services on Azure.
According to Akin Ayodele- Chief Technology Advisor at Wragby the attainment of the Azure Expert MSP Certification Wragby has once again demonstrated in very concrete terms her commitment Towards supporting our Customers journey and experience in the use of the Microsoft Azure Intelligent Cloud Platform family to exploit solutions and Innovations to realize their digital transformation objectives.
This recognition validates Wragby’s ability in orchestrating and integrating various services on Azure including cloud infrastructure, IoT services and application migration skills, as well as the ability to deliver value to customers by offering proactive monitoring, automation, and management of their Azure environments.
In the current ever-changing Business Landscape, Businesses need a greater level of auto-scaling to Increase Operational efficiency, be more Agile and deliver excellent customer experience through technology services. Businesses therefore need to auto-scale to meet their technology demands & save cost through Excellent but Cost-Effective Managed services.
Our Best-in-Class Digital Advisory Team has high proficiency in assessing, migrating, building, deploying, optimizing, and managing business solutions on Azure, using proven processes and tools. This is evident by our recent attainment of the Microsoft Azure Expert Managed Services Provider (MSP) status,
Meet IT demands & Save cost through our Expert Managed Services offer which includes:
- Integrated IT service management of workflow/automation
- App Migration/Modernization Services
- Infrastructure Configuration & Management
- Business Continuity, Backup and Disaster Recovery
- Data Protection
- Storage and Patch management
- Security and Identity management
- Cloud Advisory Services…plus more
We work with various teams for efficient delivery either On-premise, Hybrid, or in a Public Cloud.
We are just a call away. Contact us at www.wragbysolutions.com