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Panic as CBN Revokes Licenses of 42 Microfinance Banks

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Central Bank of Nigeria (CBN)has revoked the licenses of 42 microfinance banks in the country and has subsequently closed them  with many depositors apprehensive.

Panic as CBN Revokes Licenses of 42 Microfinance Banks

Mr. Godwin Emefiele, CBN governor

The Nigeria Deposit Insurance Corporation (NDIC) while disclosing this in a statement said it will promptly commence the verification of claims of depositors of the affected banks from tomorrow Monday, December 21, 2020.

The affected banks include Hedgeworth MFB, Utako, Abuja;    Future Growth MFB, Utako, Abuja;  Bagwai MFB, Bagwai LGA, Kano; Ere City MFB, Oriade LGA, Osun State; Cafon MFB, Garki II, Abuja; Akcofed MFB,       Uyo, Akwa-Ibom State;  Gufax MFB,           Uyo, Akwa Ibom State, Partnership  MFB,      Onitsha, Anambra State;  ICB MFB, Ilah, Delta State;  Onima MFB, Ezinihite Mbaise LGA, Imo State; and Hometrust (NATIONS) MFB, Nkwere, Imo State.

Others are Ringim MFB, Ringim,  Jigawa State; Bigthana MFB, Ali Akilu Road,  Kaduna;  Rogo MFB, Rogo LGA, Kano State;  Makoda MFB, Makoda LGA, Kano; Takai MFB, Takai LGA, Kano State; Bebeji MFB, Bebeji  L.G.A., Kano State;  Ajingi MFB, Ajingi LGA, Kano State; Garko MFB,  Garko, Kano; Kangiwa MFB, Kangiwa LGA, Kebbi State; Augie MFB, Augie LGA, Kebbi State;  Mopa  MFB, Mopa, Kogi State; Solid Base MFB, Ijumu  LGA, Kogi State; Ultimate Benefit MFB, Lokoja, Kogi State; Ovidi MFB,  Okene, Kogi State; Kirfi MFB, Kirfi LGA, Bauchi; Credit  Express MFB, Kakawa Street, Lagos; King Solomon MFB, Western Avenue, Iponri, Lagos; Riggs MFB, Victoria Island, Lagos; Billionaire Blue Bricks MFB, Ajah, Lagos; Susu MFB, Yaba, Lagos; Wealthstream MFB, Apapa,  Lagos; Aguda Titun MFB, Ogba, Lagos and Sapphire MFB, Uyo, Akwa Ibom State.

Also on the list are Metro  MFB,    Ogba, Ikeja, Lagos, Mountain Top MFB, Trade Fair Complex, Lagos; Unyogba MFB, Ofu LGA, Kogi State; Wapo MFB, Okene, Kogi State; Ibogun MFB, Ifo LGA, Ogun State;  Korede MFB, Igbotako, Ondo State;  Ahetou  MFB, Ogba/Egbema/Ndoni LGA, Rivers State and Fufore MFB, Yola, Adamawa State.

The NDIC statement said, “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 Microfinance Banks (MFBs) have been revoked by the Central Bank of Nigeria (CBN) effective from 12th of November, 2020.

“The Nigeria Deposit Insurance Corporation (NDIC), the official liquidator of the banks whose licences were recently revoked, is in the process of closing the listed banks and paying their insured depositors.

“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”

The statement added that for further clarification or any assistance, eligible depositors should contact the representatives of the director, Claims Resolution Department of the NDIC in any of the centres/zonal offices in Abuja, Lagos, Enugu, Benin, Kano, Ilorin, Bauchi, Sokoto, Yola and Port Harcourt.

 


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The dematerialized office: A Vision of the Internet of Senses in the 2030 Future Workplace by Ericsson

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The Ericsson IndustryLab report, The Dematerialized Office explores the white-collar employee perspective on a potential future reality where digital technology by 2030 could interact with our senses of sight, sound, taste, smell and touch.

The pandemic as a digital tipping point

Welcome to the future workplace. But what does that workplace look like?

We surveyed over 8,400 white collar workers who are early adopters of AR, VR or virtual assistants from 16 countries, representing around 133 million people, about their expectations of the future workspace. They anticipate:

  • A digital workstation that transforms with each task
  • A virtual cake from a colleague that you can even taste
  • Interactive digital meetings with people rather than being passively stuck behind a screen all day
  • But also, future business that takes place digitally, where you can visit virtual stores and warehouses

This year’s pandemic has changed the mindset of many companies and their employees. In our report we present a vision of the internet of senses in the 2030 workplace and explore the challenges and opportunities that this could present.

Key findings from the report

  1. Employees want an internet of senses for work

Imagine a fully immersive office experience, where all sensory experiences are digitally interactive. By 2030, the dematerialized office may be a reality. And for those working from home, the full-sense digital home office will also get a boost.

In fact, half of respondents want a digital workstation allowing full-sense presence at work from anywhere. Today, companies direct their funds into maintaining physical office space, but in the future, respondents hope this will be geared towards improving their home office environment.

  1. The pandemic has become a digital tipping point

The Covid-19 pandemic has changed the mindset of many companies and their employees. After months of working on their computers at home, constantly engaged in video meetings in their sometimes chaotic home environments, nearly 6 in 10 foresee a permanent increase in online meetings.

They are also realizing that while connectivity is more important than ever before, digital meetings need to evolve before they become as effective as the real thing. There is simply a need for tools that better support remote interaction

  1. The sustainable dematerialized office

Dematerialization of the office will be driven by efficiency gains and sales, but the environment is also expected to benefit. With virtual offices for example, there would be no need to commute, or for companies to keep physical office spaces running. As many as 77 percent indicate that an internet of senses for business use would make companies more sustainable.

  1. Virtual interaction with clients and colleagues

How about a team building trip to Pompeii? What if Vesuvius suddenly erupted and engulfed you in lava, there would be a lot to talk about around the virtual water cooler later.

Team building becomes more important when there are fewer physical meetings, but virtual interaction has other benefits for companies too. 50 percent are saying that digital temperature will be used to more immersively engage customers by 2030. Providing immersive full-sense sales environments, such as a virtual shopping mall or warehouse will enable customers to digitally try before they buy.

  1. A taste of the future

Not a fan of the food in the canteen? Respondents think internet of senses technology will also be used inside companies and could help with this. 73 percent of senior managers believe that food in the company canteen can be digitally enhanced to taste like anything by 2030, opening up for optimization of both cost and perceived quality.

  1. Security and privacy are key barriers

Privacy is increasingly set to become a critical challenge filled with paradoxes over the next decade. While many employees see the benefits of enhanced technology there is also a lot of fear.

As digital interaction moves beyond sound and vision to incorporate all our senses, and potentially also enables functionality such as thought control of devices, the avenues for fraud, manipulation and identity theft will grow exponentially.

While 66 percent think that by 2030, technology will enable them to sense when a colleague is upset, that also means their employer will know when they themselves are upset. The challenge will be in finding a balance that allows for fast adoption of digital technology in the workplace, while also respecting the integrity of employees.


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FG Makes NIN Compulsory for Foreign Diplomats

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Federal government has said that National Identity Number (NIN) is mandatory for foreign diplomats who will reside in Nigeria for a continuous period of two years or more.

FG Makes NIN Compulsory for Foreign Diplomats

Dr Isa Pantami, minister of Communications and Digital Economy, said this in a statement by Dr Femi Adeluyi, his technical assistant, on Sunday.

He said that an enrolment centre has been established for the foreign diplomats at the Federal Ministry of Foreign Affairs.

The statement read, “The Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami, has approved the setting up of a National Identity Number (NIN) enrolment centre at the Federal Ministry of Foreign Affairs.

“The desk will be set up by Tuesday, 19th of January, 2021.

“This enrolment centre will provide support for members of the Diplomatic Corps and will be managed by the Federal Ministry of Communications and Digital Economy, through the National Identity Management Commission.

“The centre is being set up based on the request of the Honourable Minister of Foreign Affairs, Geoffrey Onyeama, in order to simplify the process for diplomats.

“The National Identity Number is mandatory for diplomats who will reside in Nigeria for a continuous period of two years or more.

“It is also mandatory for all other lawful residents in the country as stated in Section 16 of the National Identity Management Commission Act 2007.

“The Law has made it mandatory for Nigerians and legal residents to obtain a NIN since 2007. However, compliance has been low, until recently.”


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Security Expert Raises Alarm Over New Feature on Telegram

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Mr Ahmed Hassan, a security researcher, has warned Telegram users to be careful of the new feature on the messaging platform called People Nearby.

Security Expert Raises Alarm Over New Feature on Telegram

The latest feature shows a list of other nearby users and their approximate proximity, letting them create group chats based on geographic location.

The feature is turned off by default and must be manually enabled by the user, but it’s an “idiosyncratic addition for an app that markets itself as a private, end-to-end encrypted messaging service,” according to Mr Hassan, who noted that it’s a major security risk.

He warned in a recent blog post that users can fake their geographic location on Telegram, opening them up to potential scams.

In his words, “Many scammers spoof their location and try to sell fake bitcoin investments, hacking tools, SSNs that are used for unemployment fraud, and so on. The number of illegal activities I saw there make the Silkroad look like amateurs ran it.”

Mr Hassan further identified a flaw in the People Nearby feature that could let people with ulterior motives triangulate the exact location of other app-users by using two accounts with fake addresses. This opens users up to hacks, stalking, or worse—and Telegram has announced it has no plans to fix the problem.

Mr Hassan reported the vulnerability to Telegram, but the company says it won’t be patched since it is an optional feature.

In fact, Telegram told Mr Hassan that discovering a user’s specific location is an “expected” outcome of the People Nearby feature in certain cases.

Mr Hassan claimed that the response feels out of character for an encrypted messaging app that sells itself on its privacy features. Even adding a more detailed warning that other users could find your precise location would be helpful, but it doesn’t look like that will happen either.

Although Telegram is generally more secure than other chatting apps, and since the  People Nearby feature is turned off by default, this may not seem like a serious issue.

However, users could turn the feature on without knowing, thinking they’re simply broadcasting their general proximity to someone else, and not their exact location, which is why a warning would be warranted. It is believed that if many know about this and stake a claim, it might spur the app to action.

Experts have warned that if users value their privacy, they should not use Telegram’s People Nearby feature.


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