News
eVoting Innovators Demand N77Bn from INEC, FG for Alleged Suppressed Proposal
Dr Adah Edache Obekpa, US-based medical professional, and Renaissance Network Africa (RNA) have filed a lawsuit against the Independent National Electoral Commission (INEC) and the Federal Government of Nigeria (FGN) over alleged suppression of their contributions to the introduction of electronic voting (E-voting) in Nigeria.
Dr Obekpa stated that RNA, an organisation working for the unification of Africa and its Diaspora through trade, tourism, and innovative endeavours, claimed to have proposed the E-voting system to INEC in 2010 and presented the “Renaissance I-voting Proposal for INEC” to Prof Mahmud Jega on behalf of INEC in October 2010.
A statement issued on Sunday, April 2, 2023 by Jonathan Akeme, the innovator’s lawyers, further noted that Dr. Adah Edache Obekpa and Renaissance Network Africa (RNA), firmly believe in the rights of creators to benefit from and be recognised for their innovative contributions,”.
“They view INEC’s actions in circumventing their pioneering I-voting proposal as a violation of these fundamental rights.
The statement further noted that: “Our legal action seeks to protect not only our clients’ interests but also to uphold the principles of transparency, justice, and fair recognition for inventors and innovators.
“It is our belief that these values must be honored and defended in this matter,” he ended.
The proposal, prepared by Layer3, was given comprehensive media coverage with a special news briefing on the subject matter hosted by Dr Obekpa at the Unity Hall of Reiz Continental Hotel, Central Business District, Abuja, on October 23, 2010.
According to Dr Obekpa and RNA, the I-voting proposal for INEC is the same in contents, features, design, and operation as the Biometric Verification System (BIVAS) tech device and INEC online result viewing portal (IReV).
They alleged that the failure of the BIVAS and IReV, as well as the lack of complete transparency in the just-concluded 2023 general elections, is a result of INEC’s refusal to adopt salient security features contained in the I-voting proposal submitted to the commission.
The plaintiffs alleged that INEC jettisoned the system protocol’s transparency features, including using another iPhone as a hidden camera discreetly placed in the polling booth where the ballot box resides.
Its purpose is to record the whole electoral process and the voters as they vote. They also allege that the sharing of polling unit results with political parties and the media in real-time when the results are sent to INEC’s server was not adopted by INEC.
Dr Obekpa and RNA are aggrieved that they have neither received any credit from INEC nor been recognised by the FGN for being the first to introduce the E-voting system to the commission as far back as 2010.
They claim that INEC deliberately suppressed all information relating to them as originators of the idea leading to the introduction of the BIVAS and IReV portals.
Dr Obekpa and RNA have accordingly approached the Abuja Division of the Federal High Court (FHC) for redress in Suit No FHC/ABJ/CS/391/2023 before Justice I. E. Ekwo of Court No. 7. In the said Suit instituted on their behalf by their lawyer, Jonathan Akeme, Esq, they are praying the court to direct INEC and FGN to compensate them in the sum of N77 billion for their novel and innovative I-voting proposal, which birthed the BIVAS and IReV, and to be publicly recognised.
INEC and the FGN are yet to respond to the allegations levelled against them by Dr Obekpa and RNA.
News
FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards
FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.
This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.
The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.
“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”
FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.
The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.
The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.
News
FG Launches Amnesty to Allow Deposits of Forex outside Banking System
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
News
NAICOM Sacks African Alliance Insurance Board
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
- Telecom21 hours ago
Edo State Launches Data Centre in Benin
- E-Business3 days ago
FG Invests $40m in Intercept Technology, $583m in Surveillance- S4C
- News2 days ago
FG Launches Amnesty to Allow Deposits of Forex outside Banking System
- Telecom3 days ago
NCC Waxes Worriedly as Telcos Lose Billions to Vandalism, Theft
- E-Financial3 days ago
CBN Puts Nigerian Adults with Certified Bank Accounts @ 54m
- Telecom3 days ago
Telcos Key to Bridging Financial Gaps, Fostering Inclusion – MTN’s Tobe Okigbo
- E-Financial3 days ago
SEC to Include Cybersecurity, AI in Curriculum Review – DG
- Telecom2 days ago
Google Grants Nigeria N2.8Bn for Al Development to Advance Digital Economy