🎯 Past bites us in the ass

Oct 30, 2021

Facebook changed its name to Meta (short for Metaverse) to “partake in the future of the internet” through virtual reality and more. But the internet is NOT forgetting its past so easily.

In this edition

Senate rejects” outrageous” loan requests from FG
eNaira launch drama
Another security agency claims Nigeria is safer
Lagos making money off COVID vaccines?

pharasito! on Twitter: "julie andem has put eva with a boy that put weed over her, blamed eva for her trust issues, made eva feel stupid and made fun of her.… https://t.co/ETOAMIWWZd"

The Nigerian government may not care about your life, but your health is totally important to them.

This week, it was revealed that the President and Ministry of Health were looking to borrow $200 million to import mosquito nets to 13 states.
When asked by the Senate to explain the budget, the Permanent Secretary, Federal Ministry of Health, Mahmuda Mamman, said it was to combat malaria. The intention was to buy mosquito nets for people in the most vulnerable parts of the country.
The Senate didn’t have it. They reminded the Ministry that they already have N450 Million for malaria treatment in their 2022 budget.
They also wondered why the nets need to come from abroad when we have manufacturers here.
They’ve asked the Ministry of Health to come and explain the budget and how they intend to implement it.

Hours after the mosquito net debate, the Senate Committee on Debts rejected the president’s $700 Million loan request for Rural Water Supply, Sanitation and Hygiene under the Ministry of Water Resources.

The committee chairman reminded them that 3 loans (over $400,000 in total) have already been approved for water projects.
The Senate rejected the loan request after a meeting with the Ministry of Water Resources provided very little detail about why they need over $1.1 Billion for water projects.

All these loans and Nigeria is still making the same income per capita as 40 years ago

eNaira eventful launch

After 48hrs, eNaira app removed from Google Store amid criticism

The eNaira’s launch has suffered almost as many bumps as Nigeria’s roads.

If you’ve been following this newsletter, you’ll recall that at the start of the month, CBN halted the launch of Nigeria’s CBDC eNaira due to copyright issues with another company. Those issues were settled, and eNaira launched on Monday, the 25th.
The eNaira has two applications — eNaira speed wallet and eNaira speed merchant wallet.
While unveiling the digital currency, the president also revealed that they intend to use it as an instrument to financially support 300 private sector companies in Nigeria.
Less than 48 hours after the launch, the app was pulled down from the Google Play store. The Nigerian government claims they removed it to “fix technical glitches”, but According to Google Play, an app can be removed from its store for violating policies.
Regardless of the reason, CBN stressed that they will not be liable for any losses.
The applications seem to be back on Google Play Store now.

More CBN drama

In August, the CBN froze the accounts of 6 fintech companies: Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.

The order was for 180 days to give the CBN time to investigate the companies for “illegal foreign exchange (and crypto) trading”.
But Risevest took it to court, and this week, a Federal High Court in Abuja ruled that CBN must unfreeze the bank accounts of RiseVest Technologies.
The judge pointed out that the CBN had failed to produce any law demonstrating that dealing in cryptocurrency is prohibited in Nigeria and that the CBN must unfreeze the accounts asap.

State of security

Facu Díaz on Twitter: "Pues yo me voy a montar un huerto.… "

Despite the recurring killings across the country, the Inspector General of Police (IGP), Usman Alkali, has said security has “significantly stabilised”.

The IGP said the police force under his leadership “is doing its best to sustain peaceful coexistence in the country.”
Note that at least 200 people, including security personnel, have been murdered by armed attackers in the last month across the country.
The Stability:
Anambra: Monday activities have stopped due to the sit-at-home order (imposed by IPOB). Saturday is now a school day.
Abuja: incidents of bombings and kidnappings are becoming more rampant in the FCT, so the FCT minister, Malam Muhammad Musa Bello, has proposed fencing around schools to protect students.
In Oyo: an armed group invaded the Abolongo Correctional Centre in Oyo Town with bombs and guns. They are believed to have freed over 800 inmates.

Everyday Nigeria struggles

Despite their insistence that everyone gets vaccinated (and the dreadful poverty in the country), the Lagos State government has approved the sum of N6,000 for COVID vaccines at private health facilities in the state.

Patients who have been confirmed positive and want to isolate are to pay N350,000 daily and must make a deposit of N1,350,000 before any treatment is administered on them.

A federal high court in Lagos has restrained about 21 banks from releasing funds to Imagine Global Holding Company Limited (Imagine Lenders) and its owners, Bamise and Elizabeth Ajetunmobi, over an alleged N22 billion scam.

The company owners had scammed many (including banks) into investing with them and fled with billions of the money.
Imagine Lenders claimed to be a licensed Microfinance institution in Nigeria. Still, it was later found out that the company was not on the CBN’s Microfinance list.
See CBN’s approved lists of commercial banks and Microfinance Banks

Fuel scarcity:

According to the News Agency of Nigeria (NAN), only 4 petrol stations in Taraba are selling petrol now. The Department of Petroleum Resources (DPR) in Taraba says the scarcity is because there has recently been a cut in their petrol supply (Guardian NG)
The FG is looking to end petrol subsidy by the second half of 2022 (The Cable)

Other news this week

There was news that 6 people in an NYSC camp in Kwara got COVID. The NYSC officials say it’s absolutely untrue (GuardianNG)
The Minister of Defence, Maj. Gen. Bashir Magashi says the FG’s refusal to call bandits terrorists is because there are “due processes” that have apparently not been fulfilled in the > 10 years since the terrorist groups started operating (GuardianNG)
FG working to conclude Civil servants salary review by December (TheCable)
CBN is looking to boost private sector productivity and the value of the Naira by supporting 100 private sector companies for 100 days, starting on the 1st of November (The Cable)
Over 3,000 Nigerians are stranded in the UAE because the Emirate authorities have refused to review their work permits: (GuardianNG)
Independent Corrupt Practices Commission (ICPC) seizes over 300 houses from 2 civil servants who are believed to have illicitly obtained the properties using their connections in the Federal Capital Development office (Leadership)
FG lists belongings of former Minister of Petroleum Resources— Diezani Alison-Madueke— up for sale to recover looted funds (Punch)
After going undercover to investigate corruption in Nigeria’s immigration network, the Nigeria Immigration Service have fired a few senior officers they found to be complicit (Premium Times)

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