Connect with us

Uncategorized

Nigerian Leaders Stole $150Bn in 10 Years- Buhari

Published

on

Kindly share this post

President Muhammadu Buhari, on Monday, said he was in the United States (US) to seek President Barack Obama’s help to locate and return $150 billion stolen in the past decade and held in foreign bank accounts on behalf of former Nigerian officials.

He said the nation had been badly run in the past, devoid of a governance framework and real checks and balances, a development, he said, had allowed past leaders to plunder the country.

“The fact that I now seek Obama’s assistance in locating and returning $150 billion in funds stolen in the past decade and held in foreign bank accounts on behalf of former corrupt officials is testament to how badly Nigeria has been run. This way of conducting our affairs cannot continue,” he said.

Buhari, who is currently on a presidential visit to the United States, in an opinion article in Washington Post, on Monday, also said his cabinet members would be appointed in September, four months after inauguration into office.

“When cabinet ministers are appointed in September, it will be some months after I took the oath of office.

“There are too few examples in the history of Nigeria since independence where it can be said that good management and governance were instituted at a national level.

Justifying what Nigerians have perceived as being slow, the president said “it is worth noting that Obama himself did not have his full cabinet in place for several months after first taking office; the United States did not cease to function in the interim.

“In Nigeria’s case, it would neither be prudent nor serve the interests of sound government to have made these appointments immediately on my elevation to the presidency; instead, Nigeria must first put new rules of conduct and good governance in place.”

The president, in the article, entitled: “Nigeria committed to good governance and fighting terror,” acknowleged that “already, there are voices saying these changes are taking too long — even though only six weeks have passed since my inauguration. I hear such calls, but this task cannot and should not be rushed.

“As I meet with President Obama today — the first time a president of the United States will encounter a Nigerian counterpart, following the peaceful transfer of power in a contested election in our history — I will be discussing my plans for critical reforms. So, too, will I discuss why the formation of my administration is taking time and, crucially, why it must.”

The president also declared that all the new service chiefs would, henceforth, be based in Borno State, the major hot spot of the Boko Haram terrorist.

He told the world in the opinion article that “in one of my first acts since taking office as president six weeks ago, I have replaced the heads of Nigeria’s army, navy and air force. Our new military leadership has not been chosen because of their familiarity with those in government, as was too often the case in the past, but on their track records and qualifications alone.

“These new military leaders will be based in Borno State in northern Nigeria, where the headquarters of the armed services has been relocated. This shift of resources and command directly to the front line, in addition to the replacement of the head of the State Security Service, Nigeria’s intelligence organisation, and a new emphasis on working in partnership with our neighbours, has equipped us to take the fight directly to Boko Haram.”

Noting that the effects of all the actions taken so far against the terrorists had began to yield results, he said “this month, the world moved a step closer to the defeat of Boko Haram, the jihadist group that has terrorised hundreds of thousands in the northern states of Nigeria.

“Already we are beginning to see a degrading of Boko Haram’s capabilities as a fighting force. In recent weeks, it appears to have shifted away from confronting the military directly to an increase in attacks on civilian areas, as we saw only last week when an elderly woman and 10-year-old girl blew themselves up at a Muslim prayer gathering in north-eastern Nigeria.

“We should not be confused by this change, hateful as it is: It does not mean that Boko Haram is succeeding in its aims — it shows that it is losing.”

According to the president, “indeed, the failure of governance, it can be argued, has been as much a factor in Nigeria’s inability thus far to defeat Boko Haram as have been issues with the military campaign itself.

“So the path we must take is simple, even if it is not easy: First, instill rules and good governance; second, install officials who are experienced and capable of managing state agencies and ministries; and third, seek to recover funds stolen under previous regimes, so that this money can be invested in Nigeria for the benefit of all of our citizens.”

Through the opinion, President Buhari sought the support and partnership of the United States in these tasks.

According to him, “the importance of the fight against terrorism and corruption in Nigeria, Africa’s most powerful economy and largest populace, cannot be underestimated.

“Our allies can provide much-needed military training and intelligence as our soldiers take the war effort to Boko Haram. Similarly, we look to US businesses as well as the Obama administration to help develop governance initiatives that can ensure that Nigeria’s wealth benefits all its people, not just a few.

“By taking these steps, we will be positioned to benefit from increased investment — particularly in energy and electricity — from the United States,” he said.

He noted that “I was elected on a platform of change. I know this is what the people of Nigeria desire more than anything else. I know they are impatient for action. I realise the world waits to see evidence that my administration will be different from all those that came before. Yet reforming my country after so many years of abuse cannot be achieved overnight.

“In our campaigns against both Boko Haram and corruption, we should remain steadfast and remember, as it is said: ‘Have patience. All things become difficult before they become easy.’

“My determination should not be underestimated in other matters. This includes instilling good governance and tackling the scourge of corruption that has held Nigeria back for too long.”


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

Uncategorized

EAIF Commits Additional US$30M to Support Indorama’s Expansion with Third Urea Plant in Nigeria

Published

on

Kindly share this post

The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, has committed a US$30 million senior debt facility to Indorama, a leading producer and exporter of fertiliser.

The investment enables the construction of a new plant, port terminal, handling stations, and storage facilities in Nigeria, providing a major boost for the country’s agricultural sector, which is a crucial driver of the country and region’s economic growth.

EAIF acted as a co-lender within a broader debt financing package arranged by the International Finance Corporation (IFC), mobilising US$1.25 billion from a syndicate of impact investors, development finance solutions, and commercial banks.

EAIF’s investment increases the Fund’s lending to the company to $111 million, reflecting a joint-ambition to accelerate Indorama’s growth strategy and Nigeria’s aspirations for diversification and industrialisation.

The new funding unlocks fresh capital to enable the construction of a dedicated port terminal and state-of-the-art urea fertiliser plant, anticipating an increase in its current capacity from 2.8 million metric tons to 4.2 million metric tons per annum.

The expansion leverages the company’s strategic location as a freight-competitive supplier serving the needs of significant urea markets in the southern Atlantic, including Brazil, Argentina and Uruguay, as well as West Africa, South Africa and the USA.

The facility bolsters Indorama’s capacity, extending its complex beyond the current two urea fertiliser plants, which is well poised to meet the entire demand of the Nigerian market.

The third urea plant aims to maximise output to meet the food demands of growing populations as disruptions precipitated by the COVID-19 pandemic and the Russia-Ukraine crisis affect food security around the globe.

Global crop production is reliant on the international supply of fertiliser. The landmark project is expected to position Nigeria, Africa’s largest economy, as a leading producer of urea among the top 10 producers worldwide.

Contributing to the UN Sustainable Development Goals 8 and 9 on Decent Work and Economic Growth, and Industry, Innovation, and Infrastructure, EAIF’s loan forms part of the Private Infrastructure Development Group (PIDG) objective for new infrastructure to drive action on climate and nature.

The construction of the port terminal and third plant is set to begin in 2024, with commercial operations expected to commence in 2026. During the construction phase, it is estimated that over 500 jobs will be generated, further contributing to economic development in Nigeria and beyond.

Commenting on the transaction, Olivia Carballo, Managing Director, Emerging Market, Fixed Income at Ninety One, the fund manager of the EAIF, said: “Our continued support for Indorama demonstrates EAIF’s commitment to harnessing the region’s significant economic prospects.

Africa’s potential for industrialisation is tremendous, and this landmark project is a testament to Nigeria’s enhanced ability to produce and export competitively priced, high-quality fertiliser to farmers in regional and international markets, which will remain a priority for years to come.”

Munish Jindal, CEO, Indorama, said: “Indorama will utilise state-of-the-art technology and adhere to stringent environmental standards to ensure optimal efficiency, product quality and sustainability.

We believe that the establishment of this fertiliser will position Nigeria as a key player in the global agricultural market. We are committed to maximising the potential of this project to benefit farmers, communities, and stakeholders across the value chain.

The involvement of esteemed lenders like the Emerging Africa Infrastructure Fund will not only help Nigeria’s in becoming one of the largest exporter of the fertilisers in the region but will also address the issues of global food security. We extend our sincere appreciation to all our partners, lenders, and stakeholders for their unwavering support and dedication to our shared vision.”

Sérgio Pimenta, IFC Vice President for Africa, said: “Reliable access to high quality fertiliser is essential for food production and food security around the world. IFC’s investment in Indorama, along with African, Asian, European, and American partners, signals our joint commitment to support the agriculture sector, Nigeria’s economy, and the expansion of Indorama, an important supplier in the global food chain.”


Kindly share this post
Continue Reading

Uncategorized

Lifi.net Achieves 500mbps Speed to Rank among Fastest Internet Providers in Nigeria

Published

on

Kindly share this post

Lifi.net, a fast-growing internet service provider, has attained internet speed that is many times faster than the documented average internet speed in Nigeria as at January 2024.

Lifi.net Image

Latest disclosure by LIfi.net shows that the company now delivers up to 500 megabits per seconds (mbps) internet speed in unlimited services provided to homes and offices. This is higher than the country’s average internet speed of 26.74mbps.

As internet subscriber base increases in Nigeria and hit 161.68 million in January, the quality of internet service provided by operators to their users still constitutes concerns as 2G network which has limited speed dominates the space by covering 57.78%.

The Nigerian Communications Commission (NCC) revealed through its latest data that while 3G is responsible for 9.36% of internet users in the country, 4G covers 31.75% of internet access and 5G internet only serves 1.11% of internet users in the country.

This combination explains why Nigeria ranked 93rd on the global mobile internet speed test out of 144 countries tested by Ookla, a U.S-based internet speed analysis firm, in January, putting the country’s median internet speed at 26.74 megabits per second (mbps).

However, Lifi.net (NT/007/22), a licensee of NCC, is among few Internet service providers (ISPs) that deliver fastest internet speed in Nigeria with up 350mbps for homes and 2500mbps for offices while assisting new ISPs with speeds over 5000mbps at the data centre and delivering the capacity to their various hubs at no extra cost.

“For over five years Lifi.net has been a leading network company, providing quality internet solutions at the speed of light and at affordable rates. We have highly technical and hard-working personnel and partners. We are very skilled at managing Cisco and Mikrotik Routers’ deployment, configurations, and integrations, fibre laying, and splicing,” says Abraham Oluwambe, Chief Operating Officer of Lifi.net.

He added that as operators attract more subscribers to their respective networks, they should equally place a premium on upgrading the quality of services to deliver broadband at the fastest internet speed possible.

“Our services are not only widespread but also affordable. We believe in making quality connectivity accessible to all. We understand the importance of budget-friendly solutions. Our cost-effective broadband plans ensure you get the best value for your investment without compromising on quality.

“While providing high-speed and reliable broadband connectivity, operators may choose the floor or the peak performance of its service. At Lifi.net, we always go for the latter,” he said.


Kindly share this post
Continue Reading

Uncategorized

Our 2023 Ads Safety Report

Published

on

Kindly share this post

By Duncan Lennox, VP & GM of Ads Privacy and Safety

Billions of people around the world rely on Google products to provide relevant and trustworthy information, including ads. That’s why we have thousands of people working around the clock to safeguard the digital advertising ecosystem. Today, we are releasing our annual Ads Safety Report to share the progress we’ve made in enforcing our advertiser and publisher policies and to hold ourselves accountable in our work of maintaining a healthy ad-supported internet.

The key trend in 2023 was the impact of generative AI. This new technology introduced significant and exciting changes to the digital advertising industry, from performance optimization to image editing. Of course, generative AI also presents new challenges. We take these challenges seriously and will outline the work we are doing to address them head-on.

Just as importantly, generative AI presents a unique opportunity to improve our enforcement efforts significantly. Our teams are embracing this transformative technology, specifically Large Language Models (LLMs), so that we can better keep people safe online.

Gen AI Bolsters Enforcement 

Our safety teams have long used AI-driven machine learning systems to enforce our policies at scale. It’s how, for years, we’ve been able to detect and block billions of bad ads before a person ever sees them. But, while still highly sophisticated, these machine learning models have historically needed to be trained extensively – they often rely on hundreds of thousands, if not millions of examples of violative content.

LLMs, on the other hand, are able to rapidly review and interpret content at a high volume, while also capturing important nuances within that content. These advanced reasoning capabilities have already resulted in larger-scale and more precise enforcement decisions on some of our more complex policies. Take, for example, our policy against Unreliable Financial Claims which includes ads promoting get-rich-quick schemes. The bad actors behind these types of ads have grown more sophisticated. They  adjust their tactics and tailor ads around new financial services or products, such as investment advice or digital currencies, to scam users.

To be sure, traditional machine learning models are trained to detect these policy violations. Yet, the fast-paced and ever-changing nature of financial trends make it, at times, harder to differentiate between legitimate and fake services and quickly scale our automated enforcement systems to combat scams. LLMs are more capable of quickly recognizing new trends in financial services, identifying the patterns of bad actors who are abusing those trends and distinguishing a legitimate business from a get-rich-quick scam. This has helped our teams become even more nimble in confronting emerging threats of all kinds.

We’ve only just begun to leverage the power of LLMs for ads safety. Gemini, launched publicly last year, is Google’s most capable AI modeI. We’re excited to have started bringing its sophisticated reasoning capabilities into our ads safety and enforcement efforts.

Our Work to Prevent Fraud and Scams

In 2023, scams and fraud across all online platforms were on the rise. Bad actors are constantly evolving their tactics to manipulate digital advertising in order to scam people and legitimate businesses alike. To counter these ever-shifting threats, we quickly updated policies, deployed rapid-response enforcement teams and sharpened our detection techniques.

  • In November, we launched our Limited Ads Serving policy, which is designed to protect users by limiting the reach of advertisers with whom we are less familiar. Under this policy, we’ve implemented a “get-to-know-you” period for advertisers who don’t yet have an established track record of good behavior, during which impressions for their ads might be limited in certain circumstances–for example, when there is an unclear relationship between the advertiser and a brand they are referencing. Ultimately, Limited Ads Serving, which is still in its early stages, will help ensure well-intentioned advertisers are able to build up trust with users, while limiting the reach of bad actors and reducing the risk of scams and misleading ads.

  • A critical part of protecting people from online harm hinges on our ability to respond to new abuse trends quickly. Toward the end of 2023 and into 2024, we faced a targeted campaign of ads featuring the likeness of public figures to scam users, often through the use of deepfakes. When we detected this threat, we created a dedicated team to respond immediately. We pinpointed patterns in the bad actors’ behavior, trained our automated enforcement models to detect similar ads and began removing them at scale. We also updated our misrepresentation policy to better enable us to rapidly suspend the accounts of bad actors.

Overall, we blocked or removed 206.5 million advertisements for violating our misrepresentation policy, which includes many scam tactics and 273.4 million advertisements for violating our financial services policy. We also blocked or removed over 1 billion advertisements for violating our policy against abusing the ad network, which includes promoting malware.

The fight against scam ads is an ongoing effort, as we see bad actors operating with more sophistication, at a greater scale, using new tactics such as deepfakes to deceive people. We’ll continue to dedicate extensive resources, making significant investments in detection technology and partnering with organizations like the Global Anti-Scam Alliance and Stop Scams UK to facilitate information sharing and protect consumers worldwide.

Investing in Election Integrity

Political ads are an important part of democratic elections. Candidates and parties use ads to raise awareness, share information and engage potential voters. In a year with several major elections around the world, we want to make sure voters continue to trust the election ads they may see on our platforms. That’s why we have long-standing identity verification and transparency requirements for election advertisers, as well as restrictions on how these advertisers can target their election ads. All election ads must also include a “paid for by” disclosure and are compiled in our publicly available transparency report. In 2023, we verified more than 5,000 new election advertisers and removed more than 7.3M election ads that came from advertisers who did not complete verification.

Last year, we were the first tech company to launch a new disclosure requirement for election ads containing synthetic content. As more advertisers leverage the power and opportunity of AI, we want to make sure we continue to provide people with the greater transparency and the information they need to make informed decisions.

Additionally, we’ve continued to enforce our policies against ads that promote demonstrably false election claims that could undermine trust or participation in democratic processes.

Overall 2023 Numbers

Our goal is to catch bad ads and suspend fraudulent accounts before they make it onto our platforms or remove them immediately once detected. AI is improving our enforcement on all these fronts. In 2023, we blocked or removed over 5.5 billion ads, slightly up from the prior year, and 12.7 million advertiser accounts, nearly double from the previous year. Similarly, we work to protect advertisers and people by removing our ads from publisher pages and sites that violate our policies, such as sexually explicit content or dangerous products. In 2023, we blocked or restricted ads from serving on more than 2.1 billion publisher pages, up slightly from 2022. We are also getting better at tackling pervasive or egregious violations. We took broader site-level enforcement action on more than 395,000 publisher sites, up markedly from 2022.

To put the impact of AI on this work into perspective: last year more than 90% of our publisher page level enforcement started with the use of machine learning models, including our latest LLMs. Of course, any advertiser or publisher can still appeal an enforcement action if they think we got it wrong. Our teams will review it and, in the cases where we find errors, use it to improve our systems.

Staying Nimble and Looking Ahead

When it comes to ads safety, a lot can change over the course of a year: the introduction of new technology such as generative AI to novel abuse trends and global conflicts. And the digital advertising space has to be nimble and ready to react. That’s why we are continuously developing new policies, strengthening our enforcement systems, deepening cross-industry collaboration and offering more control to people, publishers and advertisers.

In 2023, for example, we launched the Ads Transparency Center, a searchable hub of all ads from verified advertisers, which helps people quickly and easily learn more about the ads they see on Search, YouTube and Display. We also updated our suitability controls to make it simpler and quicker for advertisers to exclude topics that they wish to avoid across YouTube and Display inventory. Overall, we made 31 updates to our Ads and Publisher policies.

Though we don’t yet know what the rest of 2024 has in store for us, we are confident that our investments in policy, detection and enforcement will prepare us for any challenges ahead.


Kindly share this post
Continue Reading

Trending