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Terrorists, Kidnappers Now Demand Ransom in Cryptocurrency- Moghalu

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Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN) has said that terrorists and kidnappers are now demanding ransom in cryptocurrency.

Terrorists, Kidnappers Now Demand Ransom in Cryptocurrency- Moghalu

Moghalu, also former presidential candidate of the Young Progressives Party (YPP), who spoke at the recent cybertech global conference in Dubai, United Arab Emirates (UAE), Moghalu said the digital currency became attractive to the criminals because it cannot be traced by regulatory agencies.

He  said although cyber fraud remains a significant threat to fintech, the level of trust in fintech in Africa is much higher than in other parts of the world because it addresses the continent’s basic problems.

“Cryptocurrency has become attractive to kidnappers and terrorists who demand to be paid ransom in the currency because it is not easily traceable and is uncontrolled by governments and central banks,” Moghalu said.

“Although the Central Bank of Nigeria has barred cryptocurrency platforms and bank accounts from its banking system, Nigeria remains one of the world’s highest traders in cryptocurrency, in particular Bitcoin, coming in third behind only the United States and Russia with over $400 million in trades in 2020.

“Overall, African countries suffer from an under qualified cybersecurity workforce. The level of investment in cybersecurity in the fintech sector is still relatively low, although it is rising, and African banks are still vulnerable to cyber attacks.

“There is inadequate protection of ICT infrastructure and relatively weak cybercrime laws. There is a strong need for educational campaigns for fintech users, and the private sector, which hosts most fintech networks, needs to work more closely with governments in Africa to prevent and combat cybercrime. There is also significant opportunity for peer to peer exchange of best practices in cyber security between market players in technologically.

“Thus, while fintech in the west is a technological convenience in addition to what already exists, in Africa it serves much more basic needs such as communication itself, that most Africans previously lacked in terms of access to landlines. The trust fintech enjoys is directly correlated with its social origins.”

 


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Private Employers Paying Below N70,000 Risk Jail – FG

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Federal government has said that private employers who pay their workers less than the new minimum wage of N70,000 risk facing jail time.

Private Employers Paying Below N70,000 Risk Jail - FG

This warning was announced by Alhaji Ismaila Abubakar, permanent secretary, federal ministry of labour and employment, at the 13th Annual General Meeting of the Employers Association for Private Employment Agencies of Nigeria.

According to Abubakar, the minimum wage is now a law, and paying less than N70,000 is a punishable crime. Employers are expected to make it compulsory in any contract that their workers earn at least the minimum wage, after all deductions.

The Nigeria Labour Congress (NLC) has also weighed in on the issue, with Funmilayo Sessi, chairperson of the Lagos State Council, calling on private employers to pay the N70,000 minimum wage. She noted that the current economic realities make it difficult for workers to survive on lower wages.

It’s worth noting that there is some ambiguity surrounding whether the N70,000 minimum wage is net or gross, with Dr. Olufemi Ogunlowo, president,  Employers Association for Private Employment Agencies of Nigeria, calling for clarification on this issue.

 

 


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NAFDAC Says Dettol Health Fresh Soap is Fake

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National Agency for Food and Drugs Administration and Control (NAFDAC) has alerted Nigeria to the sale of a fake soap labelled as “Dettol Health Fresh Soap” in the market.

NAFDAC Says Dettol Health Fresh Soap is Fake

According to the alert on NAFDAC’s website on Thursday, the manufacturer of Dettol Antiseptic products confirmed that the soap is fake as it does not have any product by the name “Dettol Health Fresh Soap.”

“The Marketing Authorisation Holder and manufacturer (Reckitt Benckiser Nigeria Limited) of Dettol Antiseptic products, received a consumer complaint regarding the above-mentioned product. The product was reported to have caused skin irritation to the complainant.

“The MAH has confirmed that the product is fake as they do not have any product by the name “Dettol Health Fresh Soap”. Dettol Antiseptic products are widely used in Nigeria for household disinfection and personal hygiene to prevent illnesses from germs (bacterial infection),” it said.

It added that details of the complaint product were not provided by the complainant except for the name of the product “Dettol Health Fresh Soap.”

The agency noted that the illegal marketing of NAFDAC-regulated products or fake products poses a risk to people’s health, and since they do not comply with the regulatory provisions, the products’ safety, quality, and efficacy are not guaranteed.

It said all NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the fake product if found within the zones and states.

“Importers, distributors, retailers, healthcare professionals, caregivers, and consumers are advised to exercise caution and vigilance within the supply chain to avoid the importation, distribution, sale, and use of the fake product. All medical products must be obtained from authorised/licensed suppliers. The products’ authenticity and physical condition should be carefully checked.

“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified medicines or medical products to the nearest NAFDAC office, NAFDAC on 0800-162-3322 or via email: [email protected].

“Similarly, healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office, or through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med- safety application available for download on android and IOS stores or via e-mail on [email protected].”


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NiRA Announces First Edition of The Tech Convergence: A Gathering of Stakeholders in Nigeria’s Digital Economy

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The Nigeria Internet Registration Association (NiRA), the official registry for the .ng country code Top-Level Domain (ccTLD), is proud to announce The Tech Convergence 1.0, a two-day conference and exhibition set to take place on the 28th and 29th of November 2024 at the Muson Centre, Onikan, Lagos.

The Tech Convergence 1.0, commemorating its inaugural edition this year, will become a conference and exhibition held each year. For this year, it will precede the 7th edition of the awards also being held in November.

Why Tech Convergence 1.0?

Over the years, Nigeria’s digital scene has seen an explosion of innovators, showcasing how rapidly our digital and internet space is evolving. However, numerous challenges still limit its potential for growth and global competitiveness.

The Nigerian Internet Registration Association (NiRA) recognizes that to ensure Nigeria’s digital future is secure, sustainable, and globally competitive, there is a need to address these issues collectively.

The Tech Convergence 1.0 was conceived by NiRA to serve as a collaborative platform where stakeholders can explore synergies, foster innovation, and collectively drive Nigeria’s digital landscape forward. This ground-breaking event will bring together key stakeholders, innovators, creators, and tech enthusiasts within Nigeria’s digital ecosystem.

The event, themed “Innovating Nigeria’s Digital Future Through Tech and Creativity,” will explore how technological advancements, particularly in the DNS industry and digital content, can accelerate Nigeria’s journey toward becoming a digital powerhouse. It will also create an enabling environment for innovators and creators to thrive.

Additionally, it provides an avenue for stakeholders to explore synergies that will drive the growth of Nigeria’s digital space and contribute to the growth of our internet and DNS industry by promoting the adoption of the .ng domain.

Speaking on the upcoming event, Mr. Adesola Akinsanya, President of NiRA, noted: “The Tech Convergence 1.0 is a pivotal moment for us to come together as a digital community and chart the course for Nigeria’s digital future.

“Our digital future depends on how well we adapt, innovate, and collaborate today. Through the .ng domain, we have a powerful tool that can drive not only business growth but also our nation’s global digital presence.”

The event will feature key activities such as exhibitions, plenary sessions, masterclasses, networking sessions, VR games, raffle draws, and a meet-and-greet with our partners. The event is free and open to the public to attend.

Registration for The Tech Convergence 1.0 is now open, and we invite businesses, innovators, digital creators, government agencies, corporate organizations, tech enthusiasts, and others to register and participate in shaping the future of Nigeria’s digital space.

The Tech Convergence 1.0 will also feature insightful panel sessions on both days, led by top industry leaders and experts. These sessions will explore crucial topics such as digital innovation, content creation, and the adoption of emerging technologies.

Exhibitors are encouraged to showcase their products and services, as The Tech Convergence 1.0 offers an ideal platform to present the latest innovative products and technologies in Nigeria’s digital space to a wide audience of tech enthusiasts and industry leaders.

Recognizing the importance of collaboration, NiRA is seeking sponsors and partners to help make this event a success. We invite you to visit our website to explore sponsorship options or learn how to partner with us.

By partnering with NiRA and other key ecosystem players, you will not only expand your network but also collaborate with influential figures in the Nigerian digital space and showcase your brand to the right audience.

For more information and details on The Tech Convergence 1.0, please visit the official website.

For enquires on sponsorship, partnership and how to be an exhibitor at The Tech Convergence 1.0, contact Ms. Abimbola Aderibigbe at [email protected].


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