News
Nigerians Commend Senators for Dropping Gag on Social Media
A cross section of Nigerians have commended the Senate for listening to the outcries of Nigerians who spoke against the section of the proposed bill on electronic fraud which recommended a five-year jail term for anyone who speaks against the government on social media.
Sen. Gbenga Kaka (APC-Ogun) yesterday (Tuesday) announced that Senators had decided to delete section 13 (3) from the proposed bill on electronic fraud because it could be abused and misinterpreted.
The section stipulates a seven-year jail for people who intentionally publish slanderous messages about government electronically.
“Anyone who intentionally propagates false information that could threaten the security of the country or capable of inciting the general public against the government through electronic message shall be guilty of an offence.
“And upon conviction shall be sentenced to seven years imprisonment or N5 million fine. ”
According to him, they consulted with several stakeholders before reaching the decision.
“Following the public hearing which was held after the second reading, the section 13 (3) of the provision was taken exception to by the social media.
“And since the bill is now in the public, I decided to consult with the Senate Committee Chairman on Information, Media and Public Affairs, and that of Judiciary.
“After consultations, we resolved that section 13 (3) of the proposed bill could be abused at any point in time and could be misinterpreted.
“And as a result, I have their permission to announce to the world that that section shall be deleted.”
Many Nigerians who responded via social media this morning said the lawmakers made the right decision.
Tope Okeyanju said: “The lawmakers demonstrated that we are in a democracy where the voice of the people matters. They proposed it, we spoke against it and they hearkened to our call for its deletion.”
Dapo Awosanya said if they had gone ahead and passed the bill into law, many Nigerians would be silenced.
“Social media is currently the only place where we can say what is truly on our minds. If they take that away from us, it could lead to anarchy and social perversion,” he said.
The bill is entitled: ‘’A bill for an Act to provide for the prohibition of and punishment for electronic fraud and crime in all electronic transactions in Nigeria.’’
The bill passed through the second reading in the senate and was greeted with a lot of criticism from the social media.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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