NAIJAFEED

Monday, March 15, 2021

Attempt to abduct hundreds of schoolboys foiled by security forces in Nigeria

Security forces have foiled an attempt to kidnap hundreds of schoolboys in northwestern Nigeria, a state official said on Sunday, days after dozens of students were seized in the latest mass abduction.

The kidnapping of 39 students on Thursday was the most recent in a string of abductions complicating the security challenges facing President Muhammadu Buhari’s security forces, who are also battling a more than decade-long Islamist insurgency in the northeast.

“Between the late hours of Saturday night and the early hours of today, suspected bandits stormed the Government Science Secondary School, Ikara … in an attempt to kidnap students,” Samuel Aruwan, state home affairs commissioner said of the foiled attack in a statement.

“Fortunately, the students used the security warning system in place, and were thus able to alert security forces in the area”, he said.

He said a joint security force, comprising soldiers, policemen and vigilantes, deployed to the school and “engaged the bandits, forcing them to flee”.

The military managed to rescue 180 students, including eight staff members, after a fierce battle with the gunmen.

Heavily armed gangs in northwest and central Nigeria have stepped up attacks in recent years.

They have recently turned their focus to schools, where they kidnap students or schoolchildren for ransom – Thursday’s abduction was at least the fourth such attack since December.

Aruwan said all 307 students in the school targeted on Saturday had been accounted for after a headcount.

“The attempted kidnap was foiled completely and no student was taken from the school.”

On Saturday, local media published video of some of the 39 students who were kidnapped on Thursday from the outskirts of Kaduna city appealing to the government to rescue them without violence.

The recording was purportedly sent through a Facebook account of one of the hostages.

They appeared to be in a forest, surrounded by gunmen in military uniform. The video could not be independently verified.

Aruwan said the government was committed to freeing the hostages.

“As a government, our focus is on getting back our missing students and preventing further episodes of school abductions,” he said.

AFP

Friday, March 12, 2021

Video - Unknown number of students abducted in Kaduna

Gunmen have taken students from Kaduna college in Nigeria.

Wednesday, March 10, 2021

UK to return $5.8m to Nigeria from politician’s stolen assets

The United Kingdom and Nigeria have signed a deal to return to the latter 4.2 million pounds ($5.84m) recovered from a former state governor who was jailed in London for money laundering.

James Ibori, who was the governor of southern Nigeria’s oil-producing Delta state from 1999 to 2007, pleaded guilty at London’s Southwark Crown Court in 2012 to 10 counts of fraud and money-laundering.

He received a 13-year jail sentence and spent four years behind bars for using public funds to buy luxury homes, top-of-the-range cars and a private jet.

“This is the first time that money recovered from criminals will be returned to Nigeria [from the UK] since an agreement was signed in 2016 to recover and return the proceeds of bribery or corruption in a responsible and transparent way,” the UK’s home and foreign office said in a statement.

Abubakar Malami, Nigeria’s attorney general, said the funds will be used to help complete a number of infrastructure projects, including a road connecting the capital, Abuja, and the northern commercial hub Kano.

“I am confident that both the Nigerian and British governments remain committed to all affirmative actions to combat corruption … [and] illicit financial flows,” Malami said at a ceremony at which officials from the two countries signed an agreement on the return of the funds.

The UK’s Home Office Minister Baroness Williams described the deal as “a significant moment”, saying it sent a clear message “to criminals that we will relentlessly pursue them, their assets and their money”, while Minister for Africa James Duddridge said the two countries “will continue to work together to tackle crime and corruption”.

Ibori was at some point one of Nigeria’s richest and most powerful men.

Anti-corruption campaigners had hailed the case as a milestone for Nigeria, where no one of his stature had been successfully prosecuted, and for its former colonial ruler Britain, long seen as too complacent about the proceeds of Nigerian corruption being laundered in the UK.

Al Jazeera

Monday, March 8, 2021

Video - Nigeria’s basketball team D'Tigers face the dilemma of aging players

The top-ranked men's basketball team in Africa, D'Tigers of Nigeria, qualified unbeaten at the recent AfroBasket qualifiers in Monastir, Tunisia. But while D'Tigers have been the dominant force in Africa, there is one big concern...the squad is aging. CGTN's Deji Badmus finds out whether this could spell an end to their reign.

Friday, March 5, 2021

Why Bitcoin has been so successful in Nigeria

Back in 2017, the idea of Bitcoin in Nigeria was an interesting one that generally got the attention of two main categories of people: the early adopters with an interest in emerging technologies and the “hustlers” that are always on the lookout for new ways to make money. The latter category consisted of the same people that turned to the Mavrodi Mundial Movement (MMM), one of the world’s largest Ponzi scheme, when it became popular in 2016.

Unfortunately, the average Nigerian has struggled greatly in the country’s current economy, and many have been forced to seek out alternatives that offered tangible opportunities to make money. When cryptocurrency exchanges started to show up in Nigeria, they made buying and selling bitcoin more convenient for these categories of people, because the alternative was to buy bitcoin from a stranger with no assurance of getting what you paid for. And, as a result, the country’s cryptocurrency community began to grow.

BITCOIN’S RISE IN NIGERIA

The booming cryptocurrency market in Nigeria today has come a long way from those early days as the adoption rate in Nigeria, Africa’s largest economy, keeps growing year after year. A major reason for the exponential growth of the Nigerian cryptocurrency community can be linked to the country’s predominantly young population — it is significantly more tech-savvy than its parents, and it has taken to the internet in hopes of finding jobs and income that often prove fleeting at home.

Understandably, the young population went digital in its pursuit of a better life. Many younger Nigerians became freelancers in their chosen fields and started offering their services to the international community where their work is valued. But, once again, the challenge of getting paid for their work because of their location was difficult. In the same vein, Nigerians in the diaspora also experienced a similar challenge when sending money back home, as exorbitant charges from foreign banks and money transfer companies discouraged many from doing so.

Meanwhile, things kept getting worse for the average Nigerian, with the naira experiencing incessant inflation, making the country’s fiat a poor store of value; traditional banks charging ridiculous fees for simple transactions; and a rise in the unemployment rate. In the midst of all of these issues, the gospel of Bitcoin kept spreading as the foremost cryptocurrency’s major features made it look like it was specifically designed to save Nigerians.

WHY BITCOIN IS SUCCESSFUL IN NIGERIA

Bitcoin’s decentralized features, its ability to furnish cheaper and faster transactions and its rising value ultimately turned the attention of many Nigerians to it, so that in a 2020 COVID-19 halted world, Bitcoin had finally found a home in Nigeria. And this reflected in the numbers, as our cryptocurrency exchange, Yellow Card, processed over $200 million in cryptocurrency volume in 2020, with most of that volume coming from Nigeria. Blockchain.com also reported that there was an increase from Nigeria in the number of new Bitcoin wallets created on its platform.

Bitcoin offered the glimmer of hope that many Nigerians desperately needed as they could finally see the chance of attaining financial freedom to be more likely than ever. And, in the following ways, Bitcoin has become successful in Nigeria:

1. As a store of value: The naira’s continuous inflation has made many lose confidence in keeping their hard-earned money in fiat. Bitcoin offers a better alternative as its adoption across the world increases, thus driving up its demand and, consequently, its price.
2. As a better investment alternative: Many Nigerians have turned to trading and investing in bitcoin as a form of passive income and, despite the cryptocurrency’s volatile nature, the returns over time have seen many become millionaires.
3. As an enabler of easy transactions: The sending and receiving of money across the border for the payment of goods and services, or to loved ones, has never been easier with bitcoin, thanks to its cheaper network rate and faster transfer time than traditional remittance systems.

While a recent directive from the nation’s apex bank reiterating that regulated financial institutions are not authorized to offer services to cryptocurrency exchanges, the interest in Bitcoin has only continued to grow in the country as, coincidentally, institutional investments have propelled the price of bitcoin past $57,000, as of the third week of February.

It is, therefore, no longer a matter of if Bitcoin will continue to bloom in Nigeria, but a matter of how long before it reaches everyone in the country. The Central Bank of Nigeria’s directive may take some exchanges in the country offline for the time being, but peer-to-peer transactions, which have always been an extremely popular and active trading method in Nigeria, will only grow more quickly.

By Joel Ogunjimi and Chris Maurice

Bitcoin Magazine