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ENDSARS

VP Osinbajo leads Committee to address unemployment, poverty among others

The National Economic Council (NEC) is ready to address the concerns of youths and Nigerians at large.

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VP Osinbajo leads Committee to address unemployment, poverty among others

After over four hours of deliberations at the emergency meeting of the National Economic Council (NEC), a Committee was set up to meet the needs and demands of Nigerian youths behind the #EndSARS protests. The head of the Committee is Vice President Yemi Osinbajo.

This information is contained in the circular issued by the National Economic Council and shared by Laolu Akande, the Senior Special Assistant-Media & Publicity to the Vice President.

READ: KPMG report blames FIRS, others over ₦8 trillion under-remittance into Federation accounts

According to Akande, the Joint Committee was consequently set up by Osinbajo, SAN, to work with State governments represented by the Governors of Ebonyi, Ondo, Niger, Delta, Borno and the Sokoto States to implement the resolutions of the emergency meeting.

The National Executive Council during the meeting affirmed an unequivocal belief and assurance that most members of the nation’s security personnel are law-abiding and are capable of restoring law and order in the country.

READ: CBN to sanction exporters who default on export proceed number

What you should know

The Joint Committee set-up by the NEC, to see to the implementation of the following frameworks and the given objectives:

• Framing of a new security and stability architecture for the country.

• A framework of engagement with the youths, civil society, and religious leaders, in a bid to promote national unity.

READ: 2021 Budget: Senate sets motion for budget defense, commences 2020 review

• A framework to engage with security agencies that will devolve more control to State governors who are the chief security officers of their states.

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• A framework for the Federal Government to provide compensation for those who have incurred losses in the last few weeks.

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• A social security framework for the youths and Nigerians to deal with the problem of unemployment and poverty in the country.

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Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Business

ICPC Chairman reveals #EndSARS protests was financed with cryptocurrency

ICPC Chairman has revealed to the Nigerian Senate that the #EndSARS protest was largely funded with cryptocurrency.

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School feeding, ICPC, FIRS moves to stop tax evasion with newly launched intelligence system 

The Chairman of Independent Corrupt Practices and Other Related Commission (ICPC), Bolaji Owasanoye has revealed to the Nigerian Senate that the #EndSARS protest was largely funded with cryptocurrency.

This is as he said there are strong indications that it could be used to fund Insurgency in the country.

According to a report from Vanguard, this disclosure was made by the ICPC Chairman, during an interactive session with Senate Joint Committee on Banking, ICT, Cybercrime and Capital Market led by Senator Uba Sani on Tuesday, February 23, 2021.

READ: ICPC uncovers N9.8 billion Government money hidden in Aso Savings

The Joint committee was mandated to look at the decision of the Central Bank of Nigeria (CBN) to ban Cryptocurrency in Nigeria.

The ICPC boss while supporting the position of the CBN, said that the nature of operations of Cryptocurrency exposes it to money laundering and terrorism financing.

Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has said that the agency averted a $3million fraud linked to 20 bank accounts.

READ: ICPC moves against NDDC top management over corruption allegations, quizzes directors

Owasanoye further explained that the anti-graft agency currently has a number of cases linked to Cryptocurrency but is unable to track the suspects.

He brought the attention of the Senate to a period in 2018 when a number of globally rated financial institutions said their financial statements had been hacked with the perpetrators asking to be paid in Cryptocurrencies.

ICPC Chairman noted that the CBN as a regulator has the responsibility to ensure sound financial stability and it will be difficult to achieve in the case of Cryptocurrencies where the players are anonymous.

While sharing the experience of the Indian Supreme Court and how it ruled and admitted that it does not know what it is, he urged the Lawmakers to as a matter of urgency, take decisive action against Cryptocurrencies.

READ: Most powerful financial leader takes side with CBN, says Bitcoin is untrustworthy

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What you should know

  • It can be recalled that the CBN had directed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.
  • The apex bank warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The latest directive is coming after the CBN had in 2018 stated that cryptocurrencies are not legal tender and as such are illegal.

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ENDSARS

#OccupyLekkiTollGate: Lagos Attorney-General explains large police presence at Lekki toll gate

Lagos Attorney-General has stated that the State does not support the abuse of peaceful protesters.

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The Lagos State Attorney-General, Moyosore Onigbanjo says that the reason for large numbers of policemen at the Lekki toll gate during Saturday’s protest was to prevent the protest from getting hijacked by hoodlums.

The Attorney-General of the State disclosed this in an interview with Channels TV on Sunday evening.

“Our duty is to face the dictate of the law.

“The state does not derive any joy from seeing people brutalized, but we must ensure that we have a society where law and order prevails and where everyone is free and secure to go about their businesses.

“Your right to protests only extends to where the other person’s freedom of association starts,” Onigbanjo said.

READ: #EndSARS: Sanwo-Olu presents Buhari report on Lagos destruction by hoodlums

He added that the State Government wanted to prevent any problems during the protests, citing Covid-19 regulations preventing the mass gathering of people and hoodlums hijacking the protests.

“I believe that was the desire of the state government yesterday that people can protests, but think about the Covid-19 regulations, the existing laws.

“We cannot afford the sort of vandalism we saw before, the state was genuinely apprehensive that hoodlums might take over a peaceful protest, we have seen this before. And that was why the police came out in large numbers that this did not degenerate the last time,” he added.

READ: #EndSARS: Freezing of accounts may trigger further protests – Tunde Bakare

What you should know 

Nairametrics reported over the weekend that Officers of the Nigerian Police Force arrested #OccupyLekkiTollGate protesters at the Lekki toll gate on Saturday morning.

This was confirmed by multiple media images and videos on social media, showing the protesters being arrested and loaded inside police trucks and van, popularly known as Black Maria.

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