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See why you should not partake in online fraud

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See why you should not partake in online fraud
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Nigeria Senate on Thursday considered a bill to provide enabling framework that would legalize all forms of electronic transactions undertaken in Nigeria.

The bill, if passed and signed into law, will prohibit and criminalize online fraud, and also make it legally possible to admit evidence of electronic transactions between parties in court during proceedings.

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Sponsor of the bill, Senator Ibikunle Amosun (APC – Ogun Central), said the online transactions in the United States reached three trillion dollars in 2014 alone.

According to the lawmaker, online transactions account for well over ten trillion dollars in sales of goods and service globally.

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Explaining the importance of enacting the necessary regime for electronic transaction in Nigeria, Amosun said that the European Union in the year 2000 approved a directive on electronic commerce which required member-states to implement same. adsbygoogle || []).push({});

He added, “The United Kingdom passed the Electronic Communication Act 2000. Even our African neighbour, South Africa passed the Electronic Communications and Transactions Act, 25 of 2002.

“All the developed countries, including Malaysia, China, India, Brazil, Singapore, Japan, etc. have laws on electronic contract, and this has resulted into remarkable increase in their business transactions.

The lawmaker, however, lamented that Nigeria’s extant laws provide inadequate protection for e-commerce businesses and consumers in the country.

“Every day, we are involved in electronic contracting, either through the use of the Automated Teller Machine (ATM) to transact business or when we book our flight tickets online.

“These electronic transactions, which are the ones we can manage now, are not covered by our legal regime.

“How can we now talk of contracts running into billions of dollars between two machines programmed to process sales and purchase orders? Such complex transactions cannot be contemplated in our present circumstances.

“Yet, if we must tap into the global market, we must move with the trend of the market, we must move with time and have in place a legal framework that will deal with issues such as this,” Amosun said.

The lawmaker said that when the bill eventually becomes law, all challenges arising from jurisdiction and authentication in matters dealing wit contracts will be accordingly resolved.

“How can the contract be authenticated? How do we guarantee the integrity, non-repudiation, confidentiality, writing and signature within the electronic commerce environment?

“All these issues need to be resolved by legislation to boost our economy, encourage foreign investment and ease transactions.

“This Bill is aim to resolve these legal challenges by removing barriers to electronic commerce, while validating and effectuating electronic records and signatures,” Amosun explained.

Reeling out the benefits of the bill, the lawmaker said the piece of legislation when enacted, will among others, provide legal assistance to the consumers on their rights and legal remedies to all those who may be short-changed in electronic transactions.

He stated that it would also specifically provide for the prohibition and punishment of electronic crimes and fraud; and facilitate the use of all electronically generated information in the court of law for all civil transactions and validate the use of such information in contract and at the trial of cases in courts.

The bill, which scaled second reading during plenary, was referred by the Senate President, Ahmad Lawan, to the Committee on Banking, Insurance and Financial Institutions for further legislative work.

The Committee is chaired by Senator Uba Sani (APC – Kaduna Central) and is expected to submit its report in four weeks.

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

Business and Economy

BECCIMA Lauds FG For Initiating To Establish Cottage Industries In 774 LGAs

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The Benue State Chamber of Commerce, Industry, Mines and Agriculture (BECCIMA) has lauded the Federal Government for establishing cottage industries across all the Local Governments Areas (LGAs) in Nigeria

President of BECCIMA, Dr Paul Ubwa, made the commendation at a news conference on Friday in Makurdi.

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“It is a well thought out initiative by the Federal Government to set aside the sum of one trillion naira to establish cottage industries in each of the 774 LGAs in the country.

“This all important news was disclosed by the Hon. Minister for Special Duties and Inter-Governmental Affairs, George Akume.

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“We the organised private sector in Benue express our sincere appreciation to the government of President Muhammadu Buhari for coming up with this unique initiative. adsbygoogle || []).push({});

“The initiative is aimed at creating wealth for the common man,’’ he said.

According to him, the initiative when implemented will go a long way in eradicating poverty in Benue State and indeed Nigeria and the president’s name will be written in gold for posterity.

“In Benue state, we are hoping that in order to ensure stability, sustainability and longevity of the proposed cottage industries, each should be incorporated as a company with a Board of Directors.

“This should be made up of indigenes of the catchment area or host community.

“The plan will involve the local government council itself, traditional institutions, cooperative societies and associations, youth/women groups, existing entrepreneurs, traditional land owners and other interest groups.

“We are assured of and envisage the support of the Benue State government’’

Ubwa also appealed to the Federal Government and most especially, the Minister of Special Duties and Inter-Governmental Affairs to make Benue one of the pilot states for the take-off of the programme.

“On our part, we stand ready to co-operate with the ministry and other support agencies to ensure success and sustainability of the initiative,’’ he said. 

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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FG Flag-off Gold Processing Cluster in Kogi

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President-Muhammadu-Buhari
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The Federal government on Tuesday carried out the groundbreaking ceremony of the Gold Processing Cluster, located in Mopa, Mopamuro council area of Kogi State.

The Permanent Secretary, Federal Ministry of Mines and Steel Development, Dr. Oluwatoyin Akinlade who led the Federal government team for the event said the projects is part of the FG efforts to refocus the economy from oil depended.

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Dr. Akinlade said the Gold Processing Cluster will also cater for other Gems stones and solid mineral mining activities in the North Central of the country.

“The Ministry of Mines and Steel Development has commenced the implementation of programmes aimed at establishing and accelerating mineral value chain activities through the development of a Mineral Mining cluster in each of the six geopolitical zone. adsbygoogle || []).push({});

“The objective of the project is to Assembly and coordinate the activities of the artisanal and small scale miners in the identified areas based on the identified mineral type for each geopolitical zone.

“The mining cluster is to provide common facilities and coordinated activities to enable easy formalization of the artisanal miners in the identified zones and avail them an opportunity for mineral value addition, as well as creation of market access.

“Furthermore, the cluster shall be adequately equipped with state of the art equipment for the purpose of imparting modern morning expertise and knowledge into the teeming youths across north Central zone. Provision shall also be made for heavy equipment such as excavators leasing by the artisan miners.”

The Kogi State Governor, Yahaya Bello said the state government will consolidate on the idea of the Gold Processing Cluster in diversifying the economy of the state.

Bello who was represented at the event by the state Commissioner for Information and Communication, Mr. Kingsley Fanwo said, “We thank Mr. President for this project. This will spur the economy of the state. It will create jobs and make Kogi the economic hubs of the country.

“It will increase the trading of the state. This underscore the economic blueprint of the state government in making the state a giant amongst other states in term of industrialization.”

Fanwo who promised that the state will ensure proper security of the projects, urged stakeholders to take advantage of the opportunities.

The Permanent secretary said the project is expected to be commissioned by ending of June, and become operational immediately.

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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MPC Retains MPR At 11.5%, Holds Other Parameters Constant

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The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%.

The  Governor, of CBN, Godwin Emefiele who disclosed this while reading the communique in press briefing in Abuja, at the end of the MPC meeting said that the committee decision are: MPR retained at 11.50%, asymmetric corridor of +100/-700 basis points around the MPR, CRR was retained at 27.5%, While Liquid Ratio was also kept at 30%.

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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