General News
Yes to Phone Bugging Scheme
Opponents of lawful interception (LI) don’t have a leg to stand on when they argue that the legally sanctioned official access to private communications, such as telephone calls or e-mail messages by security agencies is violation of citizens’ privacy.
This is beacuae lawful interception has become increasingly necessary because of the sophistication of criminal enterprises in exploiting emerging communications channels such as the internet.
The anonymity technologies provide offer them comfort.
Today, illegal and unauthorized Internet usage has increased due to open communications policy in Nigeria and despite all the efforts to curb and detect these illegal usage activities, criminals have continued to thrive due to many back door paths.
In fact, technology savvy criminals are the greatest threat to Nigeria’s national security.
Terrorists love the Internet and exploit all possible way of communications among themselves through the Internet.
Politicians also use of Internet to spread their propaganda and message to their supporters.
Illegal betting organizations make use of Internet for illegal transactions.
Drugs and weapons dealers exploit the Internet to close on drug and weapons smuggling deals.
The concern here is that we are closing our eyes and waiting for kegs of gunpowder to explode in our faces.
Criminal activities pose real challenge to organizations responsible for protecting public safety including the police and courts.
But with lawful interception, in response to a warrant from a judge, lawful interception is performed simply by applying a ‘tap’ on the telephone line of the target, making it possible for security agencies in Nigeria to listen to terrorist and criminal cell phone calls and gather communications intelligence on their dark activities.
It is highly desirable and Nigerian Communications Commission (NCC), the major proponent has sufficient backings from Section 70 of the Nigerian Communications Act, 2003 and all other powers enabling it in that regard.
A draft guideline posted on NCC website requires service providers and Internet service providers to implement their networks to explicitly support authorized electronic surveillance.
“These regulations are made to provide a legal and regulatory framework for the lawful interception of Communications in Nigeria, the collection and disclosure of intercepted Communications. These Regulations shall; provide the legal and regulatory framework for the lawful interception of Communications in Nigeria and to put into effect the provisions of sections 146 and 147 of the Act; specify the nature and types of Communications to be intercepted; prescribe penalties for non-compliance with these Regulations; provide a notification procedure to the Commission of all Warrants issued, amended renewed or cancelled under these Regulations; ensure the privacy of subscribers as contained in the Constitution of Federal Republic of Nigeria is persevered” the commission said.
According to the NCC, a fine of N5 million awaits a service provider or any of its officers which fails to comply with the provisions of the regulation.
“If such an offence is continuing, such a Licensee or officer shall be liable to a daily default penalty of N 500,000; the Commission may revoke the License of the Licensee for failure to comply with the regulation. The Commission shall give a prior written notice to the Licensee of such revocation, not less than [30] days to the withdrawal of the License. In addition the Commission may institute an action for non-compliance by way of an injunction or a specific performance or any or such other judicial means of enforcing a duty or obligation imposed on a Licensee pursuant to this regulation” it said.
Lawful interception has existed since the inception of electronic communications in the form “wiretapping”, it has become increasingly necessary now because of the sophistication of criminal enterprises in exploiting emerging communications channels.
It is expected to be undetectable with secure transport to authorized law enforcement agencies as well as scalable and high availability to accommodate changing network environments.
Lawful interception will also help address concerns over ARPU, telecommunications fraud, denial of service attacks, customer satisfaction, and growing security fears – particularly over global terrorist activities.
It makes a lot of sense in today’s unstable environments which requires intelligence information to prevent and combat crime.
But in implementing lawful interception, there must be high security requirements to prevent possible manipulation and misuse.
There is also need to complement the multifaceted regulation of lawful interception with elaborated provisions of law concerning the requirements for the design and development of lawful interception systems.
If lawful interception is not in place, think how much chaos criminal gangs can mete out on Nigerians and the country.
Victims of internet and telephone crimes deserve justice; potential victims deserve protection.
Then and only then can Nigerians enjoy the benefits of ICT.
Central Bank of Nigeria (CBN) has yet to publish its annual financial statements beyond the 2022 financial year, despite legal provisions requiring the apex bank to release its audited accounts annually.
An annual report is a comprehensive report on a company’s activities throughout the preceding year.
Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.
The most recent annual report and financial statements of the CBN available to the public remain those for the 2022 financial year.
Under Section 50 of the Central Bank of Nigeria (CBN) Act, the bank is required to prepare, submit and publish its audited annual financial statements.
Section 50(1) stipulates that the CBN must transmit its annual accounts, certified by an external auditor, to the President and the National Assembly within two months after the end of each financial year.
Section 50(2) further provides that the annual report submitted to the President and the National Assembly should be published in a manner determined by the CBN Governor, while Section 50(3) mandates the CBN Board to ensure the accounts are published in the Federal Government Gazette as soon as possible.
Despite these statutory requirements, the apex bank has not made public any annual financial statements after the 2022 reporting year.
The development comes after the CBN, on August 11, 2023, released its consolidated financial statements covering seven years the first such publication since 2015.
President Bola Tinubu appointed Olayemi Cardoso as Governor of the CBN on September 15, 2023, following the removal of former Governor Godwin Emefiele in June of the same year.
Emefiele is currently facing trial over alleged corruption-related offences.
Last week, the Supreme Court ordered the final forfeiture of several of Emefiele’s properties, along with $2.045 million in cash.
Dangote Petroleum Refinery and Petrochemicals has successfully completed a landmark US$2.5 billion private equity placement, in what is believed to be Africa’s largest publicly disclosed primary equity private placement by value.
This marks a major milestone in the company’s long-term expansion strategy.
In a statement issued on Thursday, the company said the offering was 3.7 times oversubscribed relative to its initial offer size, reflecting strong investor confidence in the refinery’s growth prospects and resulting in the issuance and allotment of approximately US$2.5 billion in new equity.
The fundraising follows the recent equity capital raise in which existing investors expanded their holdings alongside new institutional investors, strengthening the refinery’s capital base to support its next phase of growth.
According to the company, proceeds from the private placement will finance the continued expansion of its refining and petrochemical operations, reinforce its capital structure and enhance financial flexibility for future investments.
The transaction attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions and long-term strategic partners.
Among the key investors were the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank). The offering also drew participation from a diverse mix of institutional and individual investors, underscoring strong market confidence in the refinery’s long-term strategy.
Chairman of Dangote Petroleum Refinery and Petrochemicals, Aliko Dangote, described the successful capital raise as a strategic move to deepen and institutionalise the company’s shareholder base while complementing internal cash flows and external financing.
“This further demonstrates our profound commitment to developing domestic refining and petrochemical capacity, reducing Africa’s reliance on imported refined products and strengthening the continent’s energy security,” Dangote said.
Managing Director and Chief Executive Officer of the refinery, David Bird, attributed the strong investor response to the company’s operational performance and leadership.
“The exceptional demand we saw is a testament to our operational excellence, execution capacity, and investor confidence in DPRP’s leadership,” he said.
Following the completion of the transaction, the company said it is well positioned to continue executing its long-term growth strategy by expanding world-class refining and petrochemical capacity while strengthening Africa’s energy security.
Once again, The Gathering on 100 Pitchathon has rewarded some of Nigeria’s most promising young entrepreneurs, with three startups sharing ₦5 million in funding.
Pitchathon
The pitchathon took place at the Abuja edition of the Gathering on 100 held between July 18 and 19, at This Day Dome, Central Business District, Abuja.
The competition brought together founders from different sectors to pitch their businesses before a panel of judges.
The Pitchathon remains one of the most sought after experiences at The Gathering on 100, an MTN Nigeria initiative that connects young Nigerians with opportunities for entrepreneurship, innovation and personal development.
Omolola Rebecca, founder of Agrovest, emerged overall winner, receiving ₦2.5 million for her agritech solution, which provides funding for farmers to improve access to capital and boost agricultural productivity.
Reacting to her victory, Rebecca said the recognition would give her business greater visibility and open doors to more investors. “Winning this competition means more people will notice what we’re building.
“It puts Agrovest in front of potential investors and partners, and gives us the opportunity to grow our impact by supporting even more farmers,” she said.
The second prize of ₦1.5 million went to Agbo Obinnaya, founder of Case Radar, a legal technology platform that uses generative artificial intelligence to simplify access to legal services in Nigeria.
The platform enables users to obtain legal guidance, understand legal documents and connect with legal professionals through a single digital platform.
Abdulmuiz Adam secured third place and ₦1 million with WaveBudget, a fintech platform that combines savings and responsible financing.
The platform allows users to save towards financial goals, access buy now, pay later services through partner merchants with a 50 per cent down payment, and manage their savings in one place.
Presenting the prizes to the winners, Lanre Coker, Manager, Customer Acquisition and Compliance, North-West, MTN Nigeria, said the initiative reflects MTN’s commitment to supporting young Nigerians with the resources they need to grow their ideas into sustainable businesses.
“The Gathering on 100 is about helping young Nigerians achieve the height of their endeavours, whatever they may be.
“We know there are brilliant ideas across the country, and through initiatives like the Gathering on 100, we are creating opportunities for innovators to access funding and the confidence to keep building,” he said.
The Abuja edition builds on the success of previous Pitchathons held during The Gathering on 100 across the country.
In Lagos, eight startups received a combined ₦45 million in funding, while three startups shared ₦5 million at the Aba, Enugu, and Kano editions. With the Abuja winners now joining the growing list of recipients, the Pitchathon continues to position itself as a platform for discovering and supporting the next generation of Nigerian entrepreneurs.
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