- Nigeria Ranks Third in Global Internet Crimes Behind UK, U.S.,
The Nigerian Communications Commission (NCC) says Nigeria currently ranks third globally in cyber crimes behind the UK and the U.S.
NCC’s Chief Executive Officer, Prof. Umar Danbatta, disclosed this on Tuesday at the ongoing 2017 Annual General Conference of the Nigerian Bar Association (NBA) in Lagos.
The News Agency of Nigeria (NAN) reports that the conference’ theme is: “African Business: Penetrating through Institution Building”.
Danbatta, at a breakout session with the sub-theme: “The Business of Cyber Law, Internet Policy and Privacy Rights”, moderated by Mr Augustine Alegeh (SAN) a former NBA President, said the number of internet users in Nigeria has hit 91.6 million.
“About N127 billion was the estimated loss to cybercrime in Nigeria in 2015; Nigeria ranks third in global internet crimes behind the UK and U.S.
“A critical factor militating against Africa’s economic resurgence is the weakness of its institutions.
“Nigeria ranks 169 out of 199 on the World Bank’s ease of doing business rankings; we are in a middle of a revolution and the rise of what we call the networked society.
“The NCC stipulates the laws of engagement that will make the cyberspace safe and ensure the confidence as well as the safety of the cyberspace,” Danbatta, a panelist, said.
“There are benefits and risks of the use of cyberspace and both has to be properly managed.”
NAN reports that other panelists at the breakout session were Mr Bayo Adekanmi, the Chief Transformation Officer of MTN and Ms Ibikun Abidoye, the legal counsel of Chocolate City Group.
Others are Ms Sascha Grimme, the Associate Solicitor of Cooley LLP, a UK-based Lawfirm; and Mr Bisi Adebutu of Premier Lotto, also known as ‘Baba Ijebu.’
In his remarks, Adebutu gave insight into the challenges Premier Lotto faced in conducting transactions on the cyberspace.
“Premier Lotto has moved from the streets to the internet, we have faced certain challenges including paying those who do business with us.
“The cyber laws are not favourable to our business, Premier Lotto ranks as the fourth most visited site in the country.
“We have no easy way of verifying or identifying the owner of cards used to transact business.
“In Nigeria, the business of giving is just emerging, and it is important that we respect the privacy of our clients when they interact with us through the use of usernames and passwords.
“Gaming is very popular on the internet and fraud is one to the challenges we have; if we apprehend an individual trying to perpetuate fraud, we block their access to us.
“We also have challenges of having to discipline offenders and the cyber laws have to be properly identified and implemented to appropriately punish offenders,” Adebutu said.
In her contributions, Grimme said:“Threats and perpetrators of cyber crimes and the motives behind the cyber attacks have to be properly identified.
“There are challenges in identifying perpetrators of cyber crimes; even when identified, there have been instances where they stay in different jurisdictions making prosecution difficult.”
Adekanmi, while speaking, noted that there is an ongoing online revolution happening in modern times, and that online security was very important.
“There is going to be what I call a technology apocalypse, you will wake up one day and someone is living your life somewhere.
“Someone once said that identity theft is worse than kidnapping, there is a thin line between privacy and security in modern business,” the MTN executive said.
On his part, Abiloye, who discussed copyright challenges in the nation’s music industry, said the general perception of copyright is that its incentive is to encourage people to create.
“There is a public slant to copyright; there are a lot of cases about unfair use of copyright.”
Brent Crude Oil Approaches $70 Per Barrel on Friday
Nigerian Oil Approaches $70 Per Barrel Following OPEC+ Production Cuts Extension
Brent crude oil, against which Nigerian oil is priced, rose to $69 on Friday at 3:55 pm Nigerian time.
Oil price jumped after OPEC and allies, known as OPEC plus, agreed to role-over crude oil production cuts to further reduce global oil supplies and artificially sustain oil price in a move experts said could stoke inflationary pressure.
Brent crude oil rose from $63.86 per barrel on Wednesday to $69 per barrel on Friday as energy investors became more optimistic about the oil outlook.
While certain experts are worried that U.S crude oil production will eventually hurt OPEC strategy once the economy fully opens, few experts are saying production in the world’s largest economy won’t hit pre-pandemic highs.
According to Vicki Hollub, the CEO of Occidental, U.S oil production may not return to pre-pandemic levels given a shift in corporates’ value.
“I do believe that most companies have committed to value growth, rather than production growth,” she said during a CNBC Evolve conversation with Brian Sullivan. “And so I do believe that that’s going to be part of the reason that oil production in the United States does not get back to 13 million barrels a day.”
Hollub believes corporate organisations will focus on optimizing present operations and facilities, rather than seeking growth at all costs. She, however, noted that oil prices rebounded faster than expected, largely due to China, India and United States’ growing consumption.
“The recovery looks more V-shaped than we had originally thought it would be,” she said. Occidental previous projection had oil production recovering to pre-pandemic levels by the middle of 2022. The CEO Now believes demand will return by the end of this year or the first few months of 2022.
“I do believe we’re headed for a much healthier supply and demand environment” she said.
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Oil Jumps to $67.70 as OPEC+ Extends Production Cuts
Brent crude oil, against which Nigerian oil is priced, rose to $67.70 per barrel on Thursday following the decision of OPEC and allies, known as OPEC+, to extend production cuts.
OPEC and allies are presently debating whether to restore as much as 1.5 million barrels per day of crude oil in April, according to people with the knowledge of the meeting.
Experts have said OPEC+ continuous production cuts could increase global inflationary pressure with the rising price of could oil. However, Saudi Energy Minister Prince Abdulaziz bin Salman said “I don’t think it will overheat.”
Last year “we suffered alone, we as OPEC+” and now “it’s about being vigilant and being careful,” he said.
Saudi minister added that the additional 1 million barrel-a-day voluntary production cut the kingdom introduced in February was now open-ended. Meaning, OPEC+ will be withholding 7 million barrels a day or 7 percent of global demand from the market– even as fuel consumption recovers in many nations.
Experts have started predicting $75 a barrel by April.
“We expect oil prices to rise toward $70 to $75 a barrel during April,” said Ann-Louise Hittle, vice president of macro oils at consultant Wood Mackenzie Ltd. “The risk is these higher prices will dampen the tentative global recovery. But the Saudi energy minister is adamant OPEC+ must watch for concrete signs of a demand rise before he moves on production.”
Gold Hits Eight-Month Low as Global Optimism Grows Amid Rising Demand for Bitcoin
Gold Struggles Ahead of Economic Recovery as Bitcoin, New Gold, Surges
Global haven asset, gold, declined to the lowest in more than eight months on Tuesday as signs of global economic recovery became glaring with rising bond yields.
The price of the precious metal declined to $1,718 per ounce during London trading on Thursday, down from $2,072 it traded in August as more investors continue to cut down on their holdings of the metal.
The previous metal usually performs poorly with rising yields on other assets like bonds, especially given the fact that gold does not provide streams of interest payments. Investors have been jumping on US bonds ahead of President Joe Biden’s $1.9 trillion coronavirus stimulus package, expected to stoke stronger US price growth.
“We see the rising bond yields as a sign of economic optimism, which has also prompted gold investors to sell some of their positions,” said Carsten Menke of Julius Baer.
Another analyst from Commerzbank, Carsten Fritsch, said that “gold’s reputation appears to have been tarnished considerably by the heavy losses of recent weeks, as evidenced by the ongoing outflows from gold ETFs”.
Experts at Investors King believed the growing demand for Bitcoin, now called the new gold, and other cryptocurrencies in recent months by institutional investors is hurting gold attractiveness.
In a recent report, analysts at Citigroup have started projecting mainstream acceptance for the unregulated dominant cryptocurrency, Bitcoin.
The price of Bitcoin has rallied by 60 percent to $52,000 this year alone. While Ethereum has risen by over 660 percent in 2021.
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