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LCCI President, Others Seek Adoption of Blockchain Technology to Drive Business, Regulatory

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Mrs. Toki Mabogunje, president, Lagos Chamber of Commerce & Industry, LCCI, has urged Nigerians in private and public sectors to adoption Blockchain innovations to drive business, regulatory and governance processes.

Mrs. Toki Mabogunje, President, Lagos Chamber of Commerce & Industry, LCCI

She gave the advice at a webinar with the theme: “Unlocking the Opportunities of BlockChain Technology” on Wednesday in Lagos.

She said that the webinar was organized to deepen awareness of stakeholders about the noticeably benefits of adoption of Blockchain innovations

Mrs. Mabogunje said: “Nigeria’s participation in the blockchain technology global market, especially in cryptocurrencies, has been recognised.

“According to Chainalysis (the blockchain data platform), Nigeria has the 8th highest crypto adoption in the world and generally, blockchain could potentially contribute up to US$ 29 billion to Nigeria’s GDP by 2030.

“Unlocking these inherent potentials, requires a level-playing field for all participants in both private and public sectors by eliminating entry barriers.

“This does not, however, imply total liberalisation or allowing self-rule to regulate the Nigeria blockchain ecosystem,” she said.

She also noted that the proposed digital currency, e-Naira built on blockchain, would create employment for the teeming youth, financial inclusion, faster and safer digital transactions, and reduced transaction risks

She advised that regulation of blockchain should be dynamic, robust, responsive, globally competitive and fit for the Nigerian context.

“This will give fillip to the tech savvy youth to innovate, spur confidence of tech investors, and attract significant investments in the blockchain ecosystem,” she said.

Mr Uche Elendu, Chief Executive Officer, Appzone Switch, said that blockchain provided trust without human intermediaries, and auto execute contracts transparently.

Elendu listed the features of blockchain to include enhanced security, data immutability, transparency, privacy; and allowed peer to peer transactions without intermediary.

He called for massive stakeholder education and sensitisation, and the creation of platforms for traditional veterans to collaborate with tech entrepreneurs to unlock the value in the technology.

“Blockchain has governance and regulatory framework which ensures that security audits would be done on smart contracts to verify that their logic is in line with rules of business network.

“It is safe and secured, and is one of the biggest opportunities we can think of in the next decades.

“The proper implementation of blockchain technology would enable the cashless economy that the country has been trying to achieve,” he said.

Mr Ernest Mbenkum, Founder, Bantu Blockchain Foundation, charged entrepreneurs to embrace blockchain technology, particularly, the African development model, “Bantu for improved global payment and trade.”

Mbenkum revealed that the Bantu blockchain was designed to quickly and securely transfer, swap, and trade digital assets globally and at almost zero cost.

He noted that blockchain opportunities for Africa would dramatically increase local production and exports via asset tokenisation and reduce dependence on imports.

He said that another opportunity for Africa was in the need for an open, secure and transparent Africa led global infrastructure to unlock unlimited liquidity via resources and asset tokenisation and real time value transfer.

“Bantu is enabling a Pan-African market infrastructure that unifies the secure issuance, trading, settlement, clearing and custody of digital assets in all their manifestation and mutations in real time.

“This will unlock the capital trapped in the informal sectors of the economy which will positively impact the Gross Domestic Product (GDP) of the continent.

“With Bantu, we can tokenise agricultural commodities, infrastructure, raw materials, real estate and we need to support it to grow our own ecosystem,” he said.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Sub-Saharan Africa Lost $1.56Bn to Internet Shutdown in 2024 – Report

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Sub-Saharan African countries lost $1.56 billion to government-induced shutdowns in 2024, according to a new report by Top10vpn, an international VPN review website.

Sub-Saharan Africa Lost $1.56Bn to Internet Shutdown in 2024 – Report

This is 19 per cent of the total $7.69 billion that was lost to Internet shutdowns worldwide and a 10 per cent decline from $1.74 billion reported in 2023.

According to the report, there were a total of 28 Internet shutdowns across 28 countries. Thirteen of these were African countries — Sudan, Ethiopia, Kenya, Algeria, Guinea, Mauritania, Senegal, Mozambique, Chad, Mauritius, Tanzania, Papua New Guinea, and Equatorial Guinea.

It revealed that Nigeria stood out as one of the few sub-Saharan African countries to avoid internet shutdowns in 2024.

Experts said the absence of an internet shutdown suggests that people in that country have continuous and unrestricted access to the internet, allowing them to communicate, access information, and participate in online activities without disruption imposed by the government.

Sudan is the African country that lost the most — $1.12 billion — to Internet shutdowns. Total Internet shutdowns in the country lasted for more than 12,707 hours or over 529 days.

The Internet shutdown in Sudan is mainly due to a prolonged conflict in the country, which has claimed 13,000 and displaced more than 10 million people.

Other African countries like Kenya and Ethiopia shut down the Internet because of protests.

 

Both countries lost $75 million and $211 million to Internet shutdowns, respectively.

Major platforms such as X, TikTok, Signal, Facebook, Instagram, and WhatsApp were restricted, affecting approximately 111.2 million internet users in the country.

“In late February 2024, authorities in Myanmar once again started blocking access to X. As this was a new restriction. This is also the second year we have included blocks of newer social media platforms, such as TikTok and Telegram,” it said.

Globally, Asia led in terms of internet shutdowns in 2024, losing $4.64 billion over 48,807 hours of disruptions affecting 331.3 million people. Sub-Saharan Africa followed with $1.5 billion in losses spread over 32,938 hours and impacting 111.2 million internet users.

While the global economic impact of internet shutdowns decreased by 16 percent compared to 2024, the duration of shutdowns increased by 12 per cent in the same period.

The report emphasised the damaging effects of internet shutdowns, both in terms of economic and human costs, and highlighted concerns about citizens resorting to unsafe VPNs to circumvent imposed restrictions.

 

 

 

 

 


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USSD Dispute: FG May Blacklist 18 Banks Allegedly Owing Telcos N250Bn

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Indications have emerged that federal government may this week list names of 18 banks owing almost N250 billion naira to Nigerian telecom operators on Unstructured Supplementary Service Data (USSD), and have remained adamant towards settling it for several years.

USSD Dispute: FG May Blacklist 18 Banks Allegedly Owing Telcos N250Bn

Nigerian Communications Commission (NCC) has reportedly been given the nod to publish the names and approve that telcos withdraw services to them if after two weeks they fail to settle the debts, according to Vangaurd.

Recall that the issue of banks’ multi billionnaira USSD debt to telcos has lingered since 2020, rising from below N40 billion to N57 billion by the end of 2021 and N80 billion in 2022.

But now, the telcos claim the debt has risen above N250 billion and accused the banks of not complying with the repayment plan.

The recent development, cannot be unconnected with a December joint meeting between the two regulators, NCC and the Central Bank of Nigeria (CBN) which resolved that the banks pay part of the money by December 31, last year and defray the remaining gradually.

However, Vanguard gathered authoritatively that only four banks complied with the directive, while 18 others are still adamant.

Similarly, when the matter brewed heavily a few years ago, the National Assembly, Central Bank of Nigeria, CBN, and the Nigerian Communications Commission, waded in and also generated such a gentleman’s agreement, which gave the banks leverage to defray the debts gradually.

However, that did not also happen as the banks allegedly reneged.

A few weeks ago Gbenga Adebayo, chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), accused the banks of deliberately frustrating any move to resolve the issue and threatened that the only option, since the banks have consistently failed to honour the agreements, would be to withdraw the support that gives the USSD platform life.

 


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Suspected Lakurawa Terrorists Kill 3 Telcoms Workers in Kebbi

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Terrorists belonging to Lakurawa group have reportedly killed three staff of a leading telecommunication firm.

Suspected Lakurawa Terrorists Kill 3 Telcoms Workers in Kebbi

The insurgents were said to have invaded a construction site at Gumki village in Arewa Local Government Area of Kebbi State.

The bandits reportedly attacked a construction site at Gumki village in Arewa Local Government Area of Kebbi State when their victims were installing a surveillance mast for the Nigeria Immigration Service and killed them and one other person who is yet to be identified.

There was a conflicting report of which organization the victims belonged as the police said three of the deceased were Airtel staff and the residents identified them to be Immigration staff.

A staff of Sir Yahaya Specialist Hospital however corroborated the villagers, saying the three victims brought to the hospital were Immigration staff.

But SP Nafiu Abubakar, police spokesperson, said four persons lost their lives, one indigene and three staff of Airtel.

He said from the report the police got, Bello M Sani, state Commissioner of Police, alongside with CIS Muhammad Bashir, Comptroller, Nigeria Immigration Service, Kebbi State Command, Lawali mobilized their men to the scene to evacuate the corpses to Sir Yahaya Memorial Hospital in Birnin Kebbi.

He said his CP has deployed additional tactical teams to the area and charged them to decisively deal with the suspected bandits operating in the area.

He said the CP also had meeting with people in the area and appealed to them to always assist the police and other security agencies with relevant information for their prompt response.


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