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How Osinbajo Indicted Nigerian Banks

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The Vice President, Prof Yemi Osinbajo, on Monday decried the low impact of commercial banks on the citizenry with no fewer than 40 per cent of the people under-banked.

He said this in a remark at the public presentation and launching of the book “Banking Reform in Nigeria: the Law, the Prospects and the Challenges” written by a doctor of Law, former lecturer in the University of Ife and a member House of Representative,  Bode Ayorinde, in Abuja.

“It is perhaps accurate to say that for most Nigerians, banks have not really significantly impacted their lives or livelihoods.

“First, the under-banked population is said to be in the order of about 40 per cent, which means that a significant number do not even have access to banking facilities let alone banking products of any kind.

“The majority of those who have bank accounts for a variety of reasons are not able to access personal loans, mortgage or business loans

“This explains why financial inclusion has gained inclusive currency and resonance in the past few years.”

According to Osinbajo, depositors give their hard-earned funds to the banks at single-digit interest rate but cannot get anything less than double-digits when they seek the same funds for their businesses or mortgages for homes.

He noted that the practice occurred against the backdrop of what seemed to be regular declarations of hefty profits by banks.

The Vice President stated that the issue was not just about safe keeping of funds especially for the poor and those in the rural areas.

He said everyone should have access to financial products designed for low income earners as well as for the SMEs.

Osinbajo stated that when the administration started the conditional cash transfer scheme for the poor it experienced the banking problems first hand.

He said the government had relied on the words of enthusiastic banks for sending N5,000 to the first batch of the One million poor but got disappointed when the banks could not perform.

He said that by the way bank businesses were designed in the country there was little room for financial inclusion and little room for those who could pay the banks charges.

He, however, said it was not the fault of the banks alone as the financial system favoured the strong and excluded the weak.

Osinbajo noted that there was a need to use mobile banking as an important tool to reach more Nigerians.

“It is an important consideration in any economy that the banking system must be able to provide loans adding that the intention of the administration was to facilitate the growth of SMEs.

Osinbajo stated that the author had stirred intellectual discourse on the subject matter and there was the need for all to pay attention to his suggestions and adapt those that could propel the economy.

Accordingly, he said banking supervision was crucial as regulation was at the heart of the financial system.

“Regulation is at the heart of our whole financial and economic system.

“One thing that we have learnt from the last decade is that more often than not it is these ordinary citizens who pay for the misadventures of the financial services sector and the failures of government regulation.

“Not only do they lose their homes and moneys, sometimes even their live savings they also shoulder the cost of the bail outs in the banks.

“This is why, it is my view that independence governance of the CBN and closer and more regular forensic scrutiny of banks is fundamental,” he added.

According to Osinbajo, it is not more rules and regulations but greater enforcement.

“It is holding our bankers to account; it is insisting that they keep their books honestly and transparently and to sanction effectively those who so often step out of line.”

He expressed gratitude on the conversation of the book on the financial sector and the economy adding that it would be a worthwhile contribution on what needed to be done in the regulation of the financial system. (NAN)

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The Peruvian Government Has Officially Classified Transgender, Nonbinary And Intersex People As “Mentally ill”

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According to the country’s ministry of health, the controversial decision was made to ensure the country’s public health services could “guarantee full coverage of medical attention for mental health” for the trans community.

It also categorises “dual-role transvestitism,” “fetishistic transvestism,” and “other gender identity disorders” under the same bracket of mental illness.

The new law will change language in the Essential Health Insurance Plan (PEAS) to reflect the view of trans and intersex people as a mental health disorder.

Trans groups across Peru have loudly condemned the decision as a step backwards for the country’s already complex relationship with LGBTQ+ rights.

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Math Teacher Accused Of Having Sex With 2 Students And Getting Pregnant For One Tearfully Reveals The Baby Was Taken Away From Her

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The UK teacher who had a baby with an underage student while on trial for having sex with another teenage boy broke down in court after revealing her newborn baby girl had been “taken away” from her.

Manchester math teacher Rebecca Joynes, 30, sobbed to jurors over how her baby was taken “24 hours after being born” this past January — and now she only sees her for nine hours a week, Joynes told jurors on Monday, May 13, according to the Manchester Evening News.

“At the moment I have contact with her three times a week for three hours and that’s it,” she said through tears.

Joynes was arrested and released on bail on orders not to have unsupervised contact with anyone under 18 after allegedly grooming her pupil, known as Boy A in court, by buying him a $430 Gucci belt before bringing him to her apartment for unprotected sex.

She was suspended from school and eventually fired, but soon after, she began having a relationship with a 15-year-old boy, known in court as Boy B, whom she had a baby with in January.

Joynes, who has denied having sex with either boy when they were underage, told the court that when she learned of the allegations against her she had gone to the second boy in a “panic” and he deleted all of her phone’s content.

The former teacher denied having a sexual relationship with the second boy until after he turned 16 and she was already suspended from teaching.

According to her narration,

She said he had added her on Snapchat twice, which she only accepted the second time because she thought he “wanted to tell her something.”

Joynes said a friendship developed and he quickly became her “best friend” even though the boy would make flirtatious and sexualized comments toward her when he was drunk.

She told jurors that it wasn’t until after his 16th birthday that he messaged her saying “I’ve left school now” with a winky face.

After she received notice that she had been dismissed from her job, he went to her apartment, where following an emotional conversation, they had sex.

The two then entered a relationship that Joynes described as “quite toxic” telling the court how the teenager was “very controlling.”

After discovering she was pregnant, Joynes hid love notes for the boy to find around her apartment.

The notes eventually led to a piece of baby clothing that had the words “I love my daddy to the moon and back” written on it.

The court was told that she gave birth to their baby girl in January, but following an emergency court hearing, the newborn was taken away from Joynes.

Joynes has denied two counts of sexual activity with Boy A; two counts of sexual activity with Boy B; and two counts of sexual activity with Boy B while being a person in a position of trust.

Her trial is ongoing.

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First Man To Receive Pig Kidney Transplant Has Died

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The first Man to receive a genetically modified pig kidney transplant has died two months after the operation.

Massachusetts General Hospital (MGH), which carried out the procedure in March, announced Sunday, May 12, that Richard “Rick” Slayman, 62, has died.

They said there was no indication his death was a result of the transplant.

Transplants of other organs from genetically modified pigs have failed in the past, but the operation on Mr Slayman, who was suffering with end-stage kidney disease, was hailed as a historic milestone.

In addition to kidney disease, Mr Slayman also suffered from Type 2 diabetes and hypertension.

In 2018, he had a human kidney transplant, but it began to fail after five years.

Following his pig kidney transplant on March 16, his doctors confirmed he no longer needed dialysis after the new organ was said to be functioning well.

“Mr Slayman will forever be seen as a beacon of hope to countless transplant patients worldwide and we are deeply grateful for his trust and willingness to advance the field of xenotransplantation,” MGH said in a statement.

Xenotransplantation is the transplanting of living cells, tissues or organs from one species to another.

MGH said it was “deeply saddened” at his sudden death and offered condolences to his family.

Mr Slayman’s relatives said his story was an inspiration.

“Rick said that one of the reasons he underwent this procedure was to provide hope for the thousands of people who need a transplant to survive,” they said.

“Rick accomplished that goal and his hope and optimism will endure forever.

“To us, Rick was a kind-hearted man with a quick-witted sense of humour who was fiercely dedicated to his family, friends, and co-workers,” they added.

While Mr Slayman received the first pig kidney to be transplanted into a human, it is not the first pig organ to be used in a transplant procedure.

Two other patients have received pig heart transplants, but those procedures were unsuccessful as the recipients died a few weeks later.

In one case, there were signs the patient’s immune system had rejected the organ, which is a common risk in transplants.

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