Connect with us

E-Financial

Analysts See Surge of Blockchain Tech Market

Published

on

Kindly share this post

Blockchain technology’s burgeoning market is set to exceed the billion-dollar mark, with a new report crediting rising demand for immutability of information on networks.

The Blockchain Technology Market report by Future Market Insights says the capability of blockchain technology to accommodate immutability of data will motivate end-users to accelerate adoption over the forecast period of 2020 to 2030.

As a result, it says, by the end of the forecast period, the global blockchain technology market value is estimated to grow more than 35 times its value in 2019.

Future Market Insights explains that blockchain technology is constituted of ordered records distributed in a block structure. Every data block contains a hash of unique identifiers like digital fingerprint, time-stamped batches of transactions, and a hash of the previous block.

In this design, it says, each block is connected in chronological order. “The interconnected blocks constitute a blockchain. Practically, it is not possible to change or modify any block in the middle of the chain. This is because all the blocks located after the modified block are required to be modified at the same instant,” Future Market Insights states.

The company projects that the blockchain technology market will exceed the $1.5 billion mark by the end of 2020.

“The global market is projected to offer an incremental opportunity worth more than $55 billion in the forecast period of 2020 to 2030,” reads the report.

It also says blockchain-based supply chain management is the primary use case in the global market, followed by decentralised finance, while large enterprises will continue being the primary contributors to the growth of the blockchain technology market on a global scale.

Further, the report cites the banking, financial services and insurance (BFSI) industry as the primary contributor to market growth, with transportation and logistics industries following suit.

The report says blockchain will remain important for the BFSI industry.

“Blockchain technology providers are recording considerable procurement from the demand side for supply chain management applications. Vendors are striving to target customers requiring decentralised finance in order to open up an additional stream of income.”

A decentralised offering, especially in the banking sector, can reduce the chances of fraud by eliminating intermediaries, says Future Market Insights.

“Blockchain effectively removes vulnerability to cyber attacks, breach and theft, making it a safer choice.

“Blockchain infrastructure set-up demands inherent complexities. Since the technology has not achieved commercialisation on a global level, the demand for middleware solutions for integration, analytics and correlation, along with governance and security, is likely to rise among technology procurers,” says the report.

Assessing the competition landscape of the blockchain technology market, the report says as the technology is lagging behind in global diffusion, blockchain technology start-ups are striving to develop long-term partnerships with blockchain technology integrators.

“The move comes in order to ensure steady revenue generation during the forecast period. Start-ups are partnering up with artificial intelligence-based technology developers in order to market comprehensive solutions for decentralised financial applications,” it says.

“Market leaders such as Bitfury Group are focusing on expanding their blockchain portfolio to include hardware solutions that enable end-users to transfer or share assets swiftly and securely over a blockchain-based network.”


Kindly share this post
Continue Reading
Comments

E-Financial

SEC, EFCC Partner Against Ponzi Schemes

Published

on

Kindly share this post

The Securities and Exchange Commission, SEC, and the Economic and Financial Crimes Commission, EFCC, are committed to strengthening the partnership between the agencies with a view to tackling the menace of Ponzi schemes in the country.

This commitment was restated during a courtesy visit by Mohammed Danladi, the Kano Zonal Head of the Securities and Exchange Commission, to his EFCC counterpart, Sanusi Aliyu Mohammed on Tuesday.

The SEC Zonal Head described his visit to EFCC as an effort to solidify the already existing relationship between EFCC and SEC.

“This visit is nothing more than to solidify the existing relationship between EFCC and SEC which dates back to the inception of EFCC. We are here to renew that relationship, foster it and fight the common enemy together”, he said.

Mr. Danladi expressed concern about his Commission’s challenges dealing with operators of wonder banks which are on the rise especially in the northern part of the country.

According to him, “the operators of the illegal scheme are taking advantage of the financial illiteracy of the public to defraud them in the name of investment”.

He added that most of the Ponzi scheme operators avoid SEC registration because they know they would be monitored.

In his response, Sanusi Mohammed, the EFCC Zonal Head, suggested a joint operation between the two agencies to curtail the spread of Ponzi schemes and prevent the public from falling victims of the scam.

Mohammed further assured the SEC of the Commission’s continued support as the two agencies share common objectives to fight financial crimes. “As long as the mandate of EFCC and that of SEC remain, you cannot separate the SEC and EFCC. We will continue to work together institutionally, “he said.

“Where the SEC’s main concern is to make sure investors are protected from losing their investments, the EFCC’s concern is the protection of the general public from the activities of fraudsters, which are one and the same,” the Zonal Head added.


Kindly share this post
Continue Reading

E-Financial

Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m

Published

on

Kindly share this post

Oreoluwa Adesakin, a staff of First Bank of Nigeria Limited, has been convicted for fraud and handed a total term of 98 years in prison by Justice Muniru Olagunju of the Oyo State High Court.

Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m

Oreoluwa Adesakin

But she will spend just seven years in jail.

Adesakin was found to have committed financial fraud against First Bank to the tune of N49,320,652.32.

She also stole $368,203.00 belonging to the bank, which she converted to her personal use.

Adesakin, before she was busted by the bank and sacked, was its Money Transfer Operator, saddled with the responsibility of effecting payments through Western Union Money Transfer and MoneyGram platforms.

The convict was prosecuted by the Ibadan Zonal Office of the Economic and Financial Crimes Commission, (EFCC), on a 14-count charge, bordering on stealing, forgery and fraudulent accounting.

One of the counts read: “That you Oreoluwa Adesakin sometime between the months of May, 2013 and November, 2013, at Ibadan within the Ibadan Judicial Division, whilst being a staff of First Bank PLC stole the sum of N25,974,116.13 (Twenty Five Million, Nine Hundred and Seventy Four Thousand, One Hundred and Sixteen Naira, Thirteen Kobo) from First Bank PLC MoneyGram Payment Naira Account, property of First bank PLC.”

She pleaded not guilty to the charge.

Usman Murtala, prosecution counsel, presented every vital document and witnesses which nailed the convict.

Justice Olagunju noted that the EFCC presented incontrovertible evidence against the convict and did a diligent investigation and prosecution.

He thus pronounced Adesakin guilty of all the counts.

He sentenced her to seven years in prison without an option of fine on each of the 14 counts. The sentencing will run concurrently.

Apart from the jail term, the convict is also to restitute the First Bank, through the EFCC, all the money she stole.

The convict was arraigned April 4, 2014 by the EFCC following a conclusion of investigations against her which arose from a petition from her former employer, dated December 18, 2013.

The bank alleged in the petition that Adesakin fraudulently manipulated its Moneygram accounting and withdrew N49,320,652.32 and another $368,203.00 for herself, which the bank only uncovered while reviewing its internal account.

The EFCC was also able to establish that the convict used part of the proceeds of her crime to acquire landed properties in different parts of Oyo State.


Kindly share this post
Continue Reading

E-Financial

CIBN Recertifies NDIC Academy as Bankers Training Provider

Published

on

Kindly share this post

Council of the Chartered Institute of Bankers of Nigeria (CIBN) has recertified the Nigeria Deposit Insurance Corporation (NDIC) Academy as a training service provider for various professionals in the banking industry.

CIBN Recertifies NDIC Academy as Bankers Training Provider

The council also renewed the academy’s accreditation for the next three years, effective from June 2020.

Mr. Saubana Ogunpola, head of the five-man CIBN Accreditation Team, said the recertification followed the exemplary performance of the NDIC Academy since it initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.

The recertification, according to Mr. Saubana Ogunpola, Head of the five-man CIBN Accreditation Team, followed the exemplary performance of the NDIC Academy since its initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.

He noted that there would be periodic monitoring to ensure that quality standards are being adhered to.

Mr Ogunpola commended the NDIC for its consistent efforts toward meeting the high standards for the benefit of the banking industry and the larger economy.

He described the NDIC’s readiness to subject itself to the rigors of the Institute’s accreditation process as a testimony of its Management’s commitment to capacity development for all stakeholders.

In his reaction, Mr. Umaru Ibrahim, managing director/chief executive, NDIC, described the recertification as another milestone in the NDIC efforts to consolidate the position of the Academy as a center of academic excellence in the nation’s banking industry and on deposit insurance in Africa.

Mr Ibrahim disclosed that the Academy had so far trained a total of 13,368 participants cutting across the NDIC’s workforce.

“It had also trained 135 participants from relevant stakeholders, including the EFCC, Security and Exchange Commission (SEC), Assets Management Company of Nigeria (AMCON), National Pension Commission (PENCOM) and the Nigeria Financial Intelligence Unit (NFIU).

“On the international front, 19 employees from sister deposit insurance agencies in other African countries had benefitted from the expertise of the Academy,” the managing director noted.

He stated that the NDIC Academy has been designated to host the African Centre for Studies on Deposit Insurance System (ACSDIS) recently established by the Africa Regional Committee (ARC) of the International Association of Deposit Insurance (IADI).

Mr. Ibrahim reiterated that with the recertification, the NDIC Academy is positioned to fulfill the NDIC’s goal of serving as a center of excellence for capacity building on Deposit Insurance Scheme (DIS) for countries in Sub-Saharan Africa.

He added that the NDIC prides itself on establishing the highest standards of professionalism and competency among its staff through the NDIC Academy and other human capital development initiatives, including the Chartered Banker/MBA program at Bangor University, Wales in partnership with the CIBN.

The NDIC boss emphasized that the Corporation places high premium on capacity building and continuous high level training of its staff to achieve the NDIC mandate of deposit guarantee, bank supervision, bank distress resolution and liquidation.

“The ultimate goal would be to enhance depositor protection and public confidence in the nation’s banking system,” he said.


Kindly share this post
Continue Reading

Trending