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Ignore European Union, Don’t Sign EPA, Group Tells Nigerian Government

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European Stocks

Social Action, an economic and social rights group, has asked the federal government to not to sign the Economic Partnership Agreement, EPA, with the European Union, EU.

The EPA is purportedly to eliminate trade restrictions between it and member states of the Economic Community of West African States (ECOWAS).

Promoters of the agreement say signing it will give the 16-member ECOWAS states ECOWAS better access to EU markets and ensure their integration into the global economy.

Although about 13 members of the regional body have since signed the draft agreement, Nigeria has consistently resisted the pressure to do so.
Ghana and Ivory Coast have also resisted the EPA.

At the 49th Ordinary Session of the ECOWAS in Dakar, Senegal in June 2016, Vice President Yemi Osinbajo reiterated Nigeria’s fears about the agreement.

Apart from fear of the agreement exposing Nigeria to become dumping ground for European goods and services, Mr. Osinbajo said some of its terms were capable of restricting Nigerian manufacturers and trading activities.

But, at the end of a roundtable organized by Social Action on the EU/ECOWAS EPA in Abuja, participants urged the Nigerian government to unequivocally reject the deal.

The group said it was worried by the enormous pressure by EU on Nigeria, saying government risked ratifying an EPA Nigerian manufacturers, civil society actors and trade experts have raised red flags against.

A12-page “briefing” document discussed during the roundtable revealed a high level of ignorance among Nigerians on the implications of the proposed agreement.

The head of Social Action, Vivian-Bellonwu Okafor, said the group was shocked that signing the EPA resurfaced this year after several rejections by successive governments.

“Nigerians need to analyze and understand how the EPA would affect the national economy,” Mrs. Okafor said.

The group said it doubted whether the Nigerian economy was strong or prepared enough to take advantage of the European markets as proposed under the EPA.

Besides, the group said Nigeria did not have a readily available comparative advantage to explore EU markets, while most African countries, particularly Nigeria, do not have finished goods to sell to EU markets.

“Considering the mismatch of the two regions, in terms of technological advancement and manufacturing experience, is Nigeria advantageously placed in this agreement?” the group asked.

Lead speaker, Jaiye Gaskiya, opposed the EPA, describing it as “premature and counter-productive, as Nigeria’s industrial revolution plan will never see the light of the day.”

A trade lawyer, Ken Ukoha, who represented the National Association of Nigerian Traders (NANTS), said “judging the outcome against objectives, it would be ill-advised for Nigeria to sign an agreement that would weaken her economy through capital flight.”

The coordinator, African Media and Information Literacy, Chido Onumah, said signing the agreement with the EU would be tantamount to further subjecting Nigeria to the dictates of Western financial capital.

“This certainly is a neo-colonialist attempt to render Nigerians and Africans permanently dependent on the Europeans,” Mr. Onumah said.

In the communiqué at the end of the meeting, the group said rather than sign the EPA, government should pursue and implement the National Industrial Revolution Plan to strengthen the Nigeria industrial sector.

Besides, it urged government to engage Nigerians and get inputs towards the efficient implementation of the industrial development policy.

Other recommendations included diversification of the economy by maintaining a paradigm shift from mono to multi-products, for opportunity to cash in on the proposed open EU markets.

The group also urged government to encourage extraction activities and utilization of local raw materials through the development of local content policy and enforcement.

“Government must embark on infrastructural development revolution policy to restore effectiveness and capacity to support industrialization.

“Government must maintain the culture of development sustainability through objective formulation and implementation of sustainable development policies framework,” it said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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