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eNaira: An Example of How to Avoid Implementing an Effective Cashless Policy

Tosin Ranks
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eNaira: An Example of How to Avoid Implementing an Effective Cashless Policy

The eNaira, the world’s inaugural Central Bank Digital Currency (CBDC), finds itself in an uncertain position two years after its launch, despite substantial investments in its development and promotion. Its primary challenge remains its inability to attract users.

In May 2022, the International Monetary Fund (IMF) released an unfavorable report indicating that less than one percent of Nigeria’s banking customers had downloaded the eNaira wallet two years after its October 25, 2021 release. The volume of transactions, at 802,000, fell short of the number of downloaded wallets, which reached 919,000.

However, by 2023, the number of wallets had surged more than 12-fold to 13 million, and the total transaction value had risen by 63 percent to N22 billion ($48 million). Yet, for a country with nearly 110 million adults, these figures remain relatively modest.

As of September 2023, the eNaira wallet’s total installs on the Google Play store still languish below 1 million, and its website ranks 4,062 in Nigeria, according to Similarweb. Users continue to voice concerns about the platform’s subpar service.

One user on X (formerly Twitter) praised the eNaira’s functionality but criticized its nonexistent customer service. When the Central Bank of Nigeria (CBN) introduced the eNaira in October 2021, it aimed to enhance financial inclusion and stimulate economic growth. However, experts argue that its implementation serves as an example of how not to drive financial inclusion policy. Several factors have deterred potential users from embracing the eNaira:

1. eNaira Launch and Cryptocurrency Ban: The eNaira debuted in the same month that the CBN imposed severe restrictions on the thriving cryptocurrency market in Nigeria, causing significant losses for users. The subsequent launch of digital money by the same CBN, without clear differentiation from the banned digital currency, led to apathy among potential users.

2. Low Industry Support: The CBN failed to convince the financial services industry of the eNaira’s viability and potential return on investment. The CBN maintained strict control over the platform, disallowing third-party services, which limited commercial banks’ incentives to promote digital money. The eNaira essentially replicated services already offered by individual banks, as highlighted by the IMF’s concerns about CBDCs.

3. Limited Banking Buy-In: Without active support from banks and financial institutions, the eNaira’s reach remained restricted. While the CBN formed partnerships with fintech companies like Flutterwave and improved the eNaira app with Near Field Communication technology, the lack of incentives and network effects hindered mass adoption.

In conclusion, some experts suggest that the CBN should reconsider its approach to the eNaira project to overcome these challenges and foster broader acceptance.

Ten Key Insights About the Artist Mohbad

Tosin Ranks
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0
Ten Key Insights About the Artist Mohbad

Singer Ilerioluwa Oladimeji, widely recognized as Mohbad, tragically passed away at the young age of 27 this past Tuesday. To shed light on his life and career, here are ten key points worth noting:

1. Mohbad was born on June 8, 1996, in Lagos, Nigeria.

2. Hailing from Lagos, he carved a name for himself as a versatile Nigerian rapper, singer, and songwriter.

3. Mohbad received his primary and secondary education in Lagos.

4. Within the Nigerian music scene, he was hailed as one of the most promising talents, steadily amassing a dedicated fan base.

5. Initially affiliated with Naira Marley’s “Marlian Records,” he parted ways with the label in 2022.

6. His debut album, “Light EP,” dropped in the latter part of 2020, following the success of his viral track “Ponmo,” featuring Naira Marley and Lil Kesh.

7. Mohbad’s claim to fame rested on hit singles like “Ponmo,” “Feel Good,” and “Ko Por Ke” with Rexxie, earning him three nominations at The Headies Awards in 2022.

8. He collaborated with a range of notable artists, including Davido, Zlatan, Oladips, Small Doctor, Lil Kesh, Bella Shmurda, Lil Frosh, and others.

9. His lyrical prowess was characterized by relatable, streetwise themes that often touched upon everyday life and experiences.

10. In a poignant revelation, Bella Shmurda once shared that Mohbad had grappled with mental health challenges.

This encapsulates the life and career of the late Mohbad, a talent whose star burned brightly in the Nigerian music industry.

 

Bella Shmurda has shared an old video where he reveals that Mohbad once made a suicide attempt

Tosin Ranks
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0
Bella Shmurda has shared an old video where he reveals that Mohbad once made a suicide attempt

A vintage video featuring singer Bella Shmurda discussing the late MohBad’s mental health struggles has resurfaced recently.

In this revealing interview with media personality Chude Jideonwo back in January, Shmurda openly disclosed that MohBad had battled suicidal thoughts.

Shmurda explained that the late singer had grappled with depression, primarily stemming from the termination of his contract with Marlian Music, a record label owned by the renowned artist Naira Marley.

During the interview, Shmurda shared a troubling incident, recounting how he and MohBad once found themselves in an apartment when MohBad expressed a desire to jump from the floor they were on, all due to the challenges he faced with his music label.

It was MohBad’s girlfriend who urgently alerted them to his precarious situation, as he stood at the edge of his window, contemplating a potentially fatal leap.

The gravity of any situation that drives someone to contemplate taking their own life cannot be overstated, and Shmurda’s words serve as a stark reminder of the profound impact of such struggles.

Tragically, MohBad’s passing was officially announced on a Tuesday evening.

Mohbad’s management has officially confirmed the passing of the singer

Tosin Ranks
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0
Mohbad’s management has officially confirmed the passing of the singer

The management of the late singer Ilerioluwa Oladimeji Aloba, known as MohBad, has issued an official statement confirming his unfortunate passing.

The talented artist, aged 27, passed away on Tuesday, reportedly due to complications arising from an ear infection.

The brief statement, shared on both his Instagram and Twitter profiles, reads: “With deep sorrow, we announce the passing of Promise Oladimeji Aloba PK/A Mohbad (Imole) on September 12, 2023.

Mohbad’s light shone brightly until the very end, and as we grieve the loss of this radiant talent, the family expresses gratitude for your love and prayers.

They kindly request that you respect their privacy during this challenging period. Imole has found peace.”

It’s worth noting that MohBad had parted ways with Naira Marley’s label in 2022, amid concerns about his mental well-being.

In a candid interview with Chude Jideonwo, his close friend and colleague, Bella Shmurda, detailed MohBad’s battle with depression and a near-suicidal experience.

Akeredolu dismisses aides of the deputy governor

Tosin Ranks
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0
Akeredolu dismisses aides of the deputy governor

All media personnel affiliated with the office of the Deputy Governor of Ondo State, Lucky Aiyedatiwa, have been relieved of their duties.

This information was conveyed through an announcement issued by Richard Olatunde, the Chief Press Secretary to Governor Rotimi Akeredolu, on Tuesday.

According to the statement, the affected personnel include Kenneth Odusola, who served as the Press Secretary to the Governor, Okunniga Oladipupo, who held the role of Special Assistant to the Governor (New Media), and Abayomi Samson Adefolalu, who worked as Special Assistant to the Governor (Photography).

The statement explained, “All media aides who were initially appointed by the Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, SAN, CON, and were assigned to the deputy governor’s office, have had their appointments terminated with immediate effect.

They are required to return all government property in their possession to the Acting Permanent Secretary of the Deputy Governor’s Office.

“In addition, the press team attached to the deputy governor’s office has been disbanded. Consequently, all members of the press team are instructed to resume their respective duties in their respective ministries and stations.

“Furthermore, the Ministry of Information and Orientation has been tasked with ensuring comprehensive coverage of the deputy governor’s office activities going forward.”

Governor Akeredolu recently returned to the country from Germany, where he had undergone a medical vacation last Thursday.

Awoniyi clinches both Player of the Month and Goal of the Month honors for Nottingham Forest

Tosin Ranks
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0
Awoniyi clinches both Player of the Month and Goal of the Month honors for Nottingham Forest

Nottingham Forest’s August awards were claimed by Super Eagles striker Taiwo Awoniyi, who secured both the Player of the Month and Goal of the Month accolades. Awoniyi, at 25, found himself among the candidates for the Premier League Player of the Month award for August as well.

In the current season, Awoniyi displayed his scoring prowess with three goals in just 184 minutes across four games for Nottingham Forest.

This impressive streak extends his remarkable run from the previous season, where he scored in seven consecutive Premier League matches, a feat previously achieved only by African players Mohammed Salah and Sheyi Adebayor.

His competition for the Premier League Player of the Month title includes Jarod Bowen from West Ham, James Maddison of Tottenham Hotspur, Rodri from Manchester City, Bryan Mbeumo from Brentford, and Kaoru Mitoma from Brighton and Hove Albion.

The club officially declared Awoniyi as the winner of both the Player of the Month and Goal of the Month awards.

They praised his performance, noting his continuation of excellent form from the previous season, where he contributed three goals and an assist in four Premier League games during the current season.

Awoniyi’s August achievements were especially noteworthy, as he netted three goals in as many matches, earning him the distinction of being the third African player to score in seven consecutive Premier League matches.

Furthermore, his nine goals in seven consecutive Premier League appearances made him the first Forest player ever to accomplish this feat, leading to his nomination for the August Premier League Player of the Month award.

With an impressive 83% of the votes, Awoniyi secured the Player of the Month title and also clinched the August Goal of the Month award for his remarkable run and finish against Manchester United. His goal at Old Trafford received 38% of the votes and emerged as the winner.

Awoniyi’s goal at Arsenal, another remarkable effort following a lung-busting run, took second place, while Chris Wood’s last-minute winner against Sheffield United finished third.

Additionally, Awoniyi was voted as Forest’s Player of the Month for August, once again earning 83% of the votes.

Tribunal removes Plateau’s PDP Representative from office

Tosin Ranks
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0
Tribunal removes Plateau’s PDP Representative from office

The National Assembly Elections Petitions Tribunal, convening in Jos, Plateau State, has rendered void the election of Dachung Bagos, a two-term member of the House of Representatives from the state, who represents the Jos South/Jos East Federal Constituency under the banner of the Peoples Democratic Party during the National Assembly poll on February 25.

In nullifying Bagos’s election, the tribunal has proclaimed Ajang Alfred, the Labour Party candidate, as the legitimate victor of the election.

The tribunal’s verdict rests on its determination that the PDP candidate was not properly nominated by his party for the contest.

Notably, Bagos is the third PDP candidate in the state to have their elections nullified by the tribunal, following Senator Napoleon Bali representing Plateau South and Peter Gyengdeng representing Barkin Ladi/Riyom Federal Constituency.

 

Nigerian and UAE ministers are in the final stages of negotiations to lift the visa ban, according to the Presidency

Tosin Ranks
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0
Nigerian and UAE ministers are in the final stages of negotiations to lift the visa ban, according to the Presidency

On Tuesday, the Presidency announced that Nigerian cabinet officials and their counterparts from the United Arab Emirates (UAE) are in the final stages of negotiations to lift the visa ban imposed on Nigerian travelers. President Bola Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, shared this development with State House Correspondents.

This positive development follows a meeting between President Tinubu and UAE’s President, Mohamed bin Zayed Al Nahyan, in Abu Dhabi on Monday. As a result of their discussions, the immediate lifting of the visa ban was agreed upon, allowing both Etihad and Emirates Airlines to promptly resume their flight schedules to and from Nigeria.

In a statement issued by Ngelale, it was emphasized that the finer details and cross-sectoral agreements between the two nations will be worked out by cabinet officials from both sides, signaling a collaborative effort towards a successful resolution.

The visa ban, initially imposed in October 2022, affected nationals from approximately 20 African countries, including Nigeria.

During this period, all visa applications from these nations were halted, except for those holding diplomatic passports.

The ban had led to diplomatic tensions between the UAE and Nigeria, with disputes regarding flight allocations and travel restrictions.

In February 2023, former President Muhammadu Buhari made an appeal to President Al Nahyan to lift the visa ban, but it was initially rejected by UAE authorities.

President Tinubu expressed his appreciation for President Al Nahyan’s steadfast friendship and their joint efforts to fully normalize and enhance relations between these two important nations to an excellent standard.

Students from UNIJOS demonstrate against the increase in tuition fees

Tosin Ranks
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0
Students from UNIJOS demonstrate against the increase in tuition fees

On Tuesday, students from the University of Jos in Plateau State took to the streets, staging a protest that effectively blocked access to the university campus.

Their demonstration was a direct response to the recent hike in school fees and various charges imposed by the institution.

These impassioned student protesters, organized by leaders within the Students Union Government, demanded an immediate reversal of the fee increases and service charges implemented by the University administration.

Brandishing placards bearing powerful messages like “If your children can afford it, we can’t,” and “We don’t want to be forced out of school,” among others, the students vocalized their concerns.

They argued that with the existing hardships faced by Nigerians, authorities should refrain from exacerbating the situation by imposing further fee hikes.

Stay tuned for more updates on this developing situation.

 

A court has mandated a new election to be held in Banky W’s federal constituency

Tosin Ranks
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0
A court has mandated a new election to be held in Banky W’s federal constituency

The National Assembly Elections Petition Tribunal, situated at Tafawa Balewa Square in Lagos State, has declared Thaddeus Atta’s election victory from the Labour Party in Eti Osa Federal Constituency as void.

In a late-night ruling on Monday, the tribunal found the elections inconclusive and directed the Independent National Electoral Commission (INEC) to conduct a supplementary election within 90 days in polling units where voting did not occur.

Bankole Wellington, the Nigerian singer and actor, known as Banky W, who represented the Peoples Democratic Party and was the runner-up in the February 2023 election, along with Ibrahim Babajide Obanikoro from the All Progressives Congress, had both filed petitions challenging the election results.

The electoral commission initially declared Thaddeus Atta the winner with 24,075 votes, while Banky W and Obanikoro garnered 18,668 and 16,901 votes, respectively.

Ibrahim Obanikoro, the APC candidate, reacted positively on his official Instagram account (@repibrahimobanikoro) on Tuesday morning, expressing his approval of the tribunal’s ruling, which he believes aligns with the Constitution.

The tribunal’s decision to order a supplementary election in multiple polling units under the Eti-Osa Federal constituency where voting did not take place was met with satisfaction and optimism.

It signifies a positive step for our justice system, and the judges are praised for their adherence to constitutional principles. Work will commence promptly.

Ibrahim Obanikoro also conveyed through his Instagram story that the February 25 election was rightfully declared inconclusive, and the court had instructed INEC to withdraw the return certificate and conduct elections in areas where voting was disrupted on Election Day.

Thaddeus Atta, representing the LP, shared on his Instagram handle (@_JtAtta) on Tuesday morning, emphasizing that he was not removed from office.

The Tribunal’s decision simply necessitates a re-run (supplementary election) in the 32 polling units where elections could not be held.

He urged constituents to remain calm, assuring them of his unwavering commitment to Eti-osa.

Banky W, reacting similarly to the election outcome, posted on his verified handle on Monday night, stating, “It is possible. Still.”

 

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