Finance
Blockchain Technology Will Redefine Company of the Future, Says CTO of Digital Encode
Dr. Akindeinde also received “AfriTECH Blockchain Technology Mastery Personality Award 2022”.
Dr. Oluseyi Akindehinde, the Co-founder and Chief Technical Officer (CTO) of Digital Encode Limited, has identified blockchain technology and the mobile phone as going to be fundamental to the company of the future.
Making a presentation at the just concluded Africa Tech Alliance Forum, otherwise known as AfriTECH 2.0, held in Lagos, recently, Akindehinde said that with the coming of the 5G technology, it is expected that the company of the future has to provide services along those lines.
The cybersecurity expert however, argued that it is doubtful that humans will completely live their lives using such tools as the mobile phone and the internet without any other thing explaining why he titled the presentation “Web 3.0, Blockchain and a decentralized digital identity.”
According to Akindehinde, “Blockchain is actually three things. Blockchain is a protocol, like when you have an email, for instance. Email has an organized protocol; it is called SMTP. Blockchain is also a protocol.
“Number two, why do you have a protocol? It presupposes that there is a network; there are servers that host the email. The last thing about blockchain is that it is software. That means you have the SMTP, the servers, and the software.
“When we talk about blockchain in this part of the world, it is usually an anonymous cryptocurrency. Cryptocurrency is just the work of four quadrants which are fungible, non-fungible, transferable, and non-transferable.
“Cryptocurrency is fungible and transferable. When we talk about it being fungible, if I bring out a thousand naira note for instance, you can bring yours, and we exchange it; it doesn’t matter. The problem with a physical asset like that is that we can only make that transaction when we are in the same space,” he further disclosed.
While explaining the difference between electronic transaction and digital transaction, Akindehinde stated that what people often do online is electronic because there is somebody in the middle granting access.
“When you log onto your bank mobile app and you make a transaction from bank A to bank B, what you are doing is transferring messages; it’s like email. When you take your ATM card to an ATM, what you are doing is that you are delegating control of that transfer to that man in the middle which is your bank.
“This brings out two things: The concept of ownership and the concept of control. So, when you are doing that electronic transaction, you do not own that transaction, you are only in control of it. If the network goes down, you can no longer do that transaction.
“Your university degree for instance, is an asset to you, it’s unique to you; it’s non-transferrable. Unlike money you can exchange with another person, you cannot exchange your certificate with another person.
“Why can’t we, therefore, have a digital driver’s license or a digital passport, or a digital identity management system? Why are we still carrying plastics? That is why there is the need to power a digital economy through decentralized identities.
“We all have BVNs and NINs, why can’t I be authenticated with my NIN for instance, and I sign in and go? When you are online and you go and authenticate to your bank, by putting your username and password, your bank is not authenticating to you,” he said.
On the difference between Web 2 and Web 3, the Digital Encode CTO said that “Web 2 simply means that something is entirely online. I can’t use what is online in the physical world. For instance, if you have Gmail, Google Authentication or Microsoft, you can only use it on Google. The authentication resides on the server of the bank. That is the entire concept of Web 2.
“Web 3.0 on the other hand simply means that instead of having all the things stored on a centralized internet, you now have the data in your control; you are the owner, and you are in control of it. And that is why we have what is called a self-solving identity system.”
Dr. Akindeinde also received “AfriTECH Blockchain Technology Mastery Personality Award 2022”.
Finance
Godwin Emefiele Disobeyed Direction Of Law With Intent To Harm The Public, He Printed ₦684.5M Using ₦18.9B Says EFCC in fresh charge
The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.
EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.
EFCC also alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.
The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.
EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu
Counts one to four of the charge, read,
“STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.
“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”
This and three other charges were stated against him. They read;
“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.
“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”
“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”
Finance
Immigration Office Place Ex Governor, Yahaya Bello On Watchlist While IG Of Police Withdraws All Police Officers Attached To Him
The Inspector General of Police, Olukayode Egbetokun, has withdrawn all police officers attached to the embattled former Governor of Kogi State, Yahaya Bello.
The order for the withdrawal was contained in a police wireless message. The document with reference number:
“CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 reads in part;“IG has ordered the withdrawal of all policemen attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello. Acknowledge compliance and treat with utmost importance.
Please, above, for your information and strict compliance.”
Meanwhile, the Nigerian Immigration Service has placed the former governor on its watchlist.
This comes after the Economic and Financial Crimes Commission on Thursday, April 18, declared him wanted in connection to an alleged case of money laundering to the tune of N80.2bn.
In a circular signed by an Assistant Comptroller of Immigration, DS Umar, for the Comptroller-General, Kemi Nandap, the NIS detailed the former governor’s name, nationality, and passport number.
And read;
“I am directed to inform you that the above-named person has been placed on the watch list.
Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.
If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.” the circular reads in part.
The Economic and Financial Crimes Commission has declared a former governor of Kogi State, Yahaya Bello, wanted for offences relating to economic and financial crimes.
This was contained in a notice posted on the commission’s official Facebook page on Thursday.
The notice read, “The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88
“Bello, a 48-year-old Ebira man, is a native of Okenne Local Government of Kogi State.
“His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.”
The notice asked anybody with useful information about the former governor’s whereabouts to contact any of the commission’s offices across the country.
The anti-graft commission had earlier stated that it would, on Thursday (today), arraign the former governor before a Federal High Court sitting in Abuja.
This was after the EFCC was granted a warrant of arrest by the Federal High Court in Abuja to apprehend the former governor.
Punch reported that The agency’s team of lawyers, led by Kemi Pinheiro, SAN, during the proceedings on Thursday, said that EFCC operatives were prepared to carry out the arrest warrant for the former governor, even if it requires the use of force.
Bello and three other suspects, Ali Bello, Dauda Suliman, and Abdulsalam Hudu, will be arraigned before Justice Emeka Nwite.
They face 19 counts related to money laundering to the tune of N80,246,470,088.88.
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