The Inspector-General of Police, M.A Adamu, has banned the Federal Special Anti-Robbery Squad (FSARS) and other Tactical Squads of the Force including the Special Tactical Squad (STS), Intelligence Response Team (IRT), Anti-Cultism Squad operating at the Federal, Zonal and Command levels, from carrying out routine patrols and other conventional low-risk duties – stop and search duties, checkpoints, mounting of roadblocks, traffic checks, etc – with immediate effect.
This was announced by the Police in a statement on Sunday afternoon, after the Online outrage from the activities of the officers of SARS.
IGP BANS FSARS, OTHER POLICE TACTICAL SQUADS FROM ROUTINE PATROLS
– As Police Arrest 2 FSARS Operatives, 1 Civilian Accomplice in Lagos State
The Inspector-General of Police, IGP M.A Adamu, NPM, mni has banned the personnel of the Federal Special Anti-Robbery Squad (FSARS) and
— Nigeria Police Force (@PoliceNG) October 4, 2020
Nairametrics reported today that Nigeria’s Ministry of Youth, former Senate President, Bukola Saraki, and the former Vice President, Atiku Abubakar all called on actions to be taken on SARS after the online outrage on Saturday.
“The Special Anti-Robbery Squad (SARS) unit of the Police was set up to confront violent crimes such as armed robbery, kidnapping and other related crimes. However, the unit has today morphed into an oppressor of the Nigerian masses who strive every day for a better life. Reports of intimidation, harassment and outright extortion by officers of the Special Anti-Robbery Squad (SARS) have continued unabated,” Atiku said.
The Police also announced today that no personnel of the Force is authorized to embark on patrols or tactical assignments without Police uniforms.
Stating, “They must always appear in their police uniforms or approved tactical gear”.
The IGP’s directives come against the backdrop of findings by the leadership of the Force that a few personnel of the Tactical Squads hide under this guise to perpetrate all forms of illegality, contrary to the Standard Operating Procedure (SOP), Code of Conduct and Rules of Engagement establishing the squads.
The IGP warned that SARS should not invade the privacy of Nigerian citizens through indiscriminate and unauthorized search of mobile phones, laptops and other smart devices.
“They are to concentrate and respond only to cases of armed robbery, kidnapping and other violent crimes when the need arises,” he said.
The IGP urged that SARS is a critical component of the Police in fighting violent crimes nationwide, and condemned the acts of unprofessionalism, abuse of human rights and high-handedness by some personnel of the Squads.
The IGP has therefore ordered the X-Squad and the Monitoring Unit to embark on immediate and massive nationwide monitoring of activities of Tactical Squads and other police officers on the road.
“They are to ensure prompt arrest, investigation and prosecution of all erring police officers who violate these directives and other extant regulations of the Force,” he stated.
The IGP warned that the Commissioner of Police in charge of FSARS and other State Area Commanders will be held liable for any misconduct within their Area of Responsibility (AOR).
Zoom is 3 times bigger than Nigeria’s Stock Market Capitalization
Zoom sported a market valuation of $131 billion, compared to the Nigerian Stock market with a value standing at $42.1 billion.
The world’s fastest-growing video conferencing service company, Zoom, has seen its market valuation rocket past $130 billion—more than 3 times the value of the Nigerian Stock Exchange.
Zoom has attracted high demand growth for its service, especially since COVID-19 changed the way the world works. As one of the pioneers of modern work-from-home tools, millions of organizations around the world have adopted the application as their preferred communication tool in the workplace, particularly video conferencing.
What we know: At the time of drafting this report, Zoom sported a market valuation of $131 billion, compared to the Nigerian Stock market with a value presently standing at $42.1 billion (N16 trillion), using the official exchange rate of N380 to $1.
- Zoom’s enviable performance began in early 2020, when it printed a market capitalization of just $19 billion. While Zoom posted $1.35 billion in revenue over the past 12 months, the Nigerian Stocks bourse, in comparison, printed a market capitalization of $39.1 Billion (N14.87 trillion) at the end of January, according to data obtained from Nairalytics (financial data arm of Nairametrics).
- The bullish run got intensified for the tech company, particularly in Q2 that ended August 31, when it posted an impressive earning result of $663.5 million in revenue (far beating analysts’ prediction of $500.5 million)—and it still firing on all cylinders.
- Such gains seen in Zoom’s stock price have added so much wealth to its investors, that Zoom founder, Eric Yuan, has seen his own fortune rise more than 551% year to date, with a valuation put at about $23.2 billion, according to data seen from Bloomberg Billionaire Index.
Eric Yuan is presently the chairman and CEO of Zoom Video Communications, the world’s biggest provider of video conferencing software to the business.
On the other hand, Nigerian stocks also defied expectations and produced positive returns, with every month in the third quarter, printing positive returns as buying pressure increased across the market spectrum. The Nigerian stock market’s performance was triggered by the Industrial Index emerging as the biggest gainer, up by 8.14% followed by the most liquid index, banking index (10.08%), and the Consumer Index printing (2.74%), still market capitalization hovered below $40 billion.
Zoom has now boosted its revenue forecasts to $690 million for the present quarter (through the end of October), and also increased its financial guidance for the full fiscal year, through Jan 2021, to about $2.4 billion in revenue, up from $623 million for the year through January 2020, as it takes into account the demand for remote work solutions for businesses reaching a record high.
The exponential valuation seen in the world’s biggest video company had been enhanced by the fact that a significant amount of businesses and individuals now work remotely, on the bias of the world’s most disruptive biological pathogen COVID-19’s continued spread, triggering global investors to increase their buying pressure on the American communications technology company, which is barely less 10 years old in operation.
Bottom-line: Covid-19 may have caused a lot of damage to the global economy since it was declared a pandemic in the first quarter of the year, but not for remote working app companies like Zoom, Slack, and Microsoft Teams.
- The US stock markets assign significant value to companies that can grow exponentially, as they believe these are companies that will continue to dominate the future of work.
- Just like US tech stocks, stocks on the Nigerian Stock Exchange have also gained significantly in the latter part of this year.
- However, rather than gaining from higher revenues growth, they have relied on Meffynomics (lower interest rate in a high inflation economy) to attract portfolio inflows from local investors.
Rich investors are moving cryptos at an alarming rate
Over $1.5 billion worth of Bitcoins have been transferred from one point to another in more than 15 transactions.
Wealthy investors have lately intensified their moves at an astronomical rate, with the prevailing price seen at the world’s flagship crypto hovering above $13,000.
At the time of writing, over $1.5 billion worth of Bitcoins has been transferred from one point to another in more than 15 transactions less than 5 hours ago, as tracked by Nairametrics, thus giving a signal that wealthy investors are definitely up to something.
The most recent price movement captured by Nairametrics showed a BTC whale moving about $34 million worth of cryptos to Coinbase, the world’s most valuable crypto exchange company.
— Whale Alert (@whale_alert) October 31, 2020
Why you should know: In the crypto-verse, traders, or global investors who own large numbers of BTCs are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
The number of large entities owning BTCs recently reached an all-time high amid Bitcoin’s ascension. By October 25, the number of large entities owning over 1000 BTCs increased to 2,231.
Whales could be anticipating a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.
What this means: much of the recent increase can be attributed to wealthy entities withdrawing their BTC from exchanges. Apparently, this is not new wealth; rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
Explore the Advanced Financial Calculators on Nairametrics
- That said, it’s critical to note these large entities are on record highs amid last week’s price ascension. Statistics obtained from BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply.
- That brings an affirmative bias that these large entities’ movements are trajectory to price movements at unprecedented levels.
- This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation.
- Bitcoin accumulation has been on a constant upward trend for months. 2.6M $BTC (14% of supply) are currently held in accumulation addresses.
IGP says protesters attacked 205 public, private facilities
Data collated when the #End SARS peaceful protest started indicated that 14 states recorded major violence.
The Nigerian Police Force has stated that about 205 critical national security assets, corporate facilities and private properties were razed down and vandalized during the EndSARS protest, which was hijacked by hoodlums and arsonists.
This was disclosed by Mr Mohammed Adamu, the Inspector-General of Police, during a virtual conference of Senior Police Officers in Abuja, according to a news report by NAN.
Adamu disclosed that data collated between Oct. 11, when the #End SARS peaceful protest started as a demonstration, and Oct. 27, after it was hijacked by the vandals, indicated that 14 states recorded major violence.
He said that some of the states severely affected by this civil unrest are Lagos, Edo, Delta, Oyo, Kano, Plateau, Osun, Ondo, Ogun, Rivers, Abia, Imo, Ekiti, and the Federal Capital Territory (FCT).
The violence had resulted in attacks on critical national security infrastructure, other corporate and private properties, as well as injuries or fatalities to civilians, the police, and other security agents.
What you should know
- 71 public warehouses and 248 privately owned stores were looted in the course of the protests nationwide.
- 51 civilian fatalities with 37 injured, and 22 policemen gruesomely murdered with 26 others injured were recorded during the protest.
- 10 firearms, including 8 AK 47 rifles, were carted away during the attack on police stations, and a locally made pistol had been recovered from elements operating under the guise of the EndSARS protest.
- 1,596 suspects have so far been arrested in connection with the violence and widespread looting across the country.
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