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CBN, MTN Close to Deal in $8.1Bn Claim

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A settlement is expected by Monday and could come as early as today (Friday) in the sensational fight between the Central Bank of Nigeria (CBN) and MTN Group over $10 billion in repatriated funds and back taxes.

 

A person familiar with the matter, who asked not to be identified because they’re not authorized to comment publicly told Bloomberg that a deal could be struck soon.

 

The Central Bank of Nigeria will on Friday meet the four banks accused of facilitating the transfers — Standard Chartered Plc, Citigroup Inc., Stanbic IBTC Plc and Diamond Bank Plc — and that Lagos meeting could end the saga, the person said.

 

MTN, Citibank, Standard Chartered and Stanbic IBTC declined to comment.

 

A spokesman for CBN and representatives from Diamond Bank didn’t answer calls seeking confirmation after regular business hours.

 

An end to the dispute would come as a relief for MTN, Africa’s largest wireless carrier by subscribers.

 

The Johannesburg-based company has lost almost a fifth of its market value since Nigerian authorities said in late August that it needed to repay the $8.1 billion.

 

MTN and the four banks, which have been fined $16 million between them, deny any wrongdoing.

 

If a deal is reached, MTN will probably dismiss its court case against the central bank and Nigeria’s attorney general, which it brought to stop the transfer order, according to the person.

 

However, the company is also facing a claim that it owes $2 billion in back taxes in Nigeria, its biggest market.

 

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#LagosPhotoFestival: TECNO Brings Lagos to Life With Amazing Camera & A.I Technology

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The pace at which smartphone cameras are evolving, most people are making it their favourite alternative to actual cameras.

 

TECNO Mobile in a bid to continually sustain an amazing user experience has collaborated with pros in the field of photography namely; Abdusalam Hamza, a documentary and lifestyle photographer and ObasaOlorunfemi, the founder/lead photographer at Wakafire mobile photography to present a smartphone photography master class during the recently concluded Lagos Photo Festival.

 

The Lagos Photo Festival is the first international art festival of photography in Nigeria.

Launched in October 2010, it is organised by the African Artists’ Foundation (AAF) as part of an ongoing project designed to use art in public spaces as a medium for increasing societal awareness.

 

The festival includes workshops and classes for professional artists, art fairs and indoor and outdoor exhibitions citywide.

 

The annually festival features emerging photographers alongside established photographers.

 

In a presentation on ‘Street Photography’, Hamza took participants through the rudiments of Street Photography covering a range of subjects such as understanding the camera and the components of street photography.

He also urged everyone to start with what they have- their phone, all that is needed is to create the concept behind the picture in the mind first.

 

He showcased a cross-section of his exhibitions taken with various TECNO devices.

 

After the masterclass everyone was given a chance to put what they had learnt into practice at the last session which saw participants divided into 2 groups to experience and capture the essence of different locations on the Lagos island such as Falomo and Tafawa Balewa.

 

Equipped with the latest TECNO Camon 11 that uses AI technology, they were able to bring to life, in amazing selfies, the pulse and vibrancy of the areas visited.

According to Jesse Oguntimehin, PR and Strategic Partnership manager, TECNO Nigeria, ‘The revolutionary AI technology embedded in CAMON 11 PRO and CAMON 11’s camera will elevate the smartphone selfie entirely.

 

“Selfie-lovers will enjoy the high-end 24 or 16-megapixel front camera, which has advanced with intelligent features based on artificial intelligence.

 

“The AI-technology smartly allows you to create high-quality self-portraits with natural skin color and optimize the image, achieving brighter colors and sharp contours’ A partnership with the organizers of the festival is in line with the camera-centric features of our Camon series. A win-win for both organizations.”

 

It is worthy to note that the wonderful images taken during the photowalk of the Lagos Photo festival were showcased at the official launch of the Camon 11 and 11 Pro.

 

 

 

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IIM Africa President Discloses Plan on Launching First Ever InfoMgt Varsity

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L-R: Amb. (Dr) Oyedokun Ayodeji Oyewole FIIM, President /Chairman Governing Council, Institute of Information Management, Dr. Oseni Kolawole FIIM, Director Training – Institute of Information Management, Dr. Abdur-Raheem Adebayo Shittu FIIM, Hon. Minister of Communications, Federal Republic of Nigeria, and Hon. Prince Adeniyi Adesanya JP, FIIM Special Adviser/Consultant to His Excellency on Political Matters & Government Administration, Office of the Governor Okemosan Abeokuta Ogun State and Mrs. Akanbi Titilola Taiwo FIIM, CEO Busicon Nigeria Ltd. during the Panel Session at the 2018 Institute of Information Management National Summit, Induction, & Investiture Ceremony in Abuja, Nigeria recently.

Amb. (Dr) Oyedokun Oyewole, President/Chairman-GC, Institute of Information Management (IIM) Africa, has disclosed plans for the commissioning of the first ever Information Management University “The International University of Information Management (IUIM) – USA www.iuim-edu.oline”.

Dr. Oyewole in a New Year message to members of the Institute said that the global project and initiative of the Records and Information Management Awareness (RIMA) Foundation shall be executed in collaboration with the Institute of Information Management (IIM), Africa.

“Official Presentation of IUIM will take place during the first-ever Founders day ceremony slated for 12th of May 2019 (Location and opportunities for involvement to be announced later).

“We sincerely cherish all the moments that we shared with you during the year.

“It means everything to us that you remain confident in our leadership ability to provide you with experience that transcends beyond membership.

“We are ready, willing and able to do more for you and the society in 2019. You are, after all, the reason why we are here (from information to value)”, the statement stated.

Guests and Inductees at the recent IIM Africa lecture and induction.

Reviewing the past year, Dr. Oyewole said that “at the beginning of 2018, IIM Africa set milestones aimed at developing, propagating and creating the necessary awareness concerning the Information Management industry across the globe, coupled with activities aimed at playing a deeper role in the lives and career of the members, providing more value wherever they can and offering greater impact wherever they must.

“Embarking on this cause through the year has brought many memorable moments that we have been very honored to share with you.

“Among these landmarks, achievements include the successful hosting of IIM activities and induction in four (4) new locations (United State, Akwa-Ibom, Ghana, and South Africa) coupled with hosting at other old locations (Lagos, United Kingdom, Port-Harcourt, and Abuja).

“It is also worth mentioning that our GREAT Institute has been officially registered to operate in the United State of America and South Africa in 2018, while that of the United Kingdom and Ghana has reached advanced stages.

“We are also proud to mention the fact that in 2018 we hosted the RIMA Foundation Awards, aimed at promoting the Information Management Industry and organizational excellence through the pursuit of excellence, efficiency, and efficacy.

“RIMA Awards is the only emerging leader and largest Enterprise Content/Document Management & Security Awards in Nigeria & Africa, recognized symbols of excellence and innovation in the management of business information and security”, he added.

Guests and Inductees at the recent IIM Africa lecture and induction.

However, the President/Chairman in Council said that information management courses are fiercely contested and highly valued within the IT and business world hence the awards are highly coveted for.

“The Awards clearly demonstrate leadership for individual recipients and very sound business proposition for deploying new technology by organizations awarded for well-conceived and highly successful data, information, records, document and archives management products and projects submitted as entries since 2005.

“Another major milestone was the successful hosting of the RIMA/IIM Free Quarterly Training (FQT) (Lagos & Abuja), with other new locations envisaged in 2019.

“The FQT is a RIMA Foundation programme, aimed at educating members of the public on the management and security of records and information, covering data, Information, records, document and archives management, technology and security topics / issues, for the development, encouragement / enhancement of professionalism among practitioners (professionals and non-professionals) for the enthronement of global best practices in the RIM industry since 2004”.

On the greater targets for the year 2019 as indicated in the Calendar of events and activities, he said, “… we do hope to have you all participate actively in our drive  to further promote the frontiers of Information Management across the globe, for the benefit of humanity and the professions in ensuring transparency and accountability which will ultimately pave the way for a better society where issues around unemployment, insecurity, poor governance, poor planning, poor decision making, and unnecessary wastage of resources will be a thing of the past, with effective information management in place in both public and private organizations globally”.

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HEDA Demands Details of CBN, MTN Settlement of $8.1Bn Repatriation Feud

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Human and Environmental Development Agenda Resource Centre (HEDA), a non-governmental organization has invoked a Freedom of Information Act on the Central Bank of Nigeria (CBN), demanding for detailed information on the alleged resolution between the apex bank and telecommunication giant, MTN Nigeria, on the charges of improper repatriation of about $8.13 Billion.

 

The FoI request to the CBN was signed by Olanrewaju Suraju, HEDA’s chairman, according to HEDA statement.

 

The NGO said the wide margin between the reported final payment and the alleged charged sum has left the public puzzled as to the procedure and steps taken to arrive at the resolution.

 

It said there was the need to clarify on how the Federal Government arrived at the resolution.

 

The request reads: “On the 4th day of September, 2018, the online platform of the Business Day Newspaper reported that the Central Bank of Nigeria sometimes in 2018 revealed that MTN Nigeria illegally repatriated foreign exchange of about $8.13 Billion with irregularly issued Certificates of Capital Importation (CCIs) by some commercial banks namely; Standard Chartered Bank, Citibank, Diamond bank and Stanbic IBTC bank and also converted its shareholders’ loan to Preference shares without fulfilling the requisite conditions.

 

“Sequel to this, the affected banks were sanctioned by the Federal Government and appropriate fines were paid by the banks.

 

“In furtherance of the above paragraph, the Nigeria Lawyer Online legal newspaper reported on the 24th day of December, 2018 that the alleged charge of improper repatriation leveled against MTN Nigeria has been resolved to the tune of $52.6 Million as against $8.13 Billion earlier reported as the fine to be paid by the telecommunication company.

 

“There seems to be a wide margin between the reported final payment and the alleged charged sum which has left the public puzzled as to the procedure and steps taken to arrive at the resolution.

 

“It is on the above basis that we are making this request, as we believe that the records and details of the said resolution made available will aid the investigations of our Organisation, thus this application is brought pursuant to the provisions of Section 2, 3, and 4 of the Freedom of Information Act, 2011.

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