Nigeria is planning to launch a new program to resolve its liquidity and foreign exchange woes. The Nigeria Diaspora Fund seeks to pool together billions of dollars remitted monthly by its citizens overseas for local investments, including infrastructure, healthcare, and education.
Tuesday, May 7, 2024
Video - Nigeria hopes remissions by overseas nationals can resolve foreign exchange issues
Arrest of journalist in Nigeria triggers criticism of worsening press freedoms
A Nigerian journalist's arrest last week has triggered criticism of worsening press freedoms in the West African country.
Daniel Ojukwu with the Foundation for Investigative Journalism went missing last Wednesday in the economic hub of Lagos. His family and employer found out on Friday that he was detained and held in a police station for allegedly violating the country's Cybercrime Act, often criticized as a tool for censorship.
The arrest of Ojukwu, who was later transferred to the Nigerian capital of Abuja, follows his report about alleged financial mismanagement of over 147 million naira ($104,600) involving a senior government official, according to his employer, the foundation.
Nigeria is ranked 112th out of 180 countries in the latest World Press Freedom Index by Reporters Without Borders. It is known for the country's tough environment for journalists who face frequent abductions, arrests and prosecution, usually after reporting on chronic corruption and bad governance plaguing the oil-rich country.
At least 25 journalists have been prosecuted under the country's Cybercrime Act since it was introduced in 2015, according to the Committee to Protect Journalists. They include eight detained under President Bola Tinubu whose government, in power since May last year, touts itself as one encouraging press freedoms — a claim it repeated last week during World Press Freedom Day events.
The Cybercrime Act was amended this year to remove some harsh provisions but the police still use it to "silence journalists and critics," Amnesty International's Nigeria office said.
Nigeria's law requires a suspect to be charged or released within 48 hours following arrest. Ojukwu, however, was not allowed any means of communication or access to a lawyer until his third day in custody, said Oke Ridwan, a human rights lawyer who met with the journalist at the police station where he was held.
Nigeria's Minister of Information Mohammed Idris Malagi told The Associated Press that he is making efforts to resolve the case and is "on top of the issue." Local and international civil society groups have condemned the detention.
It is a "symptom of a larger problem within Nigeria's law enforcement agencies, and their relationship with politically exposed persons undermining democratic principles," a coalition of at least 30 civil society groups known as the Action Group on Protection of Civic Actors said in a statement on Monday.
"The Nigerian Police Force has veered off course from its duty to uphold law and order to become an oppressive tool in stifling dissent and independent journalism," it added.
Nigeria to Ban Person-to-Person Crypto Trade in Battered Naira
Securities and Exchange Commission Director General Emomotimi Agama also told a meeting with fintech professionals on Monday that new rules would be rolled out “in the coming days” covering crypto exchanges, digital asset custodians and other corners of the sector.
“The thing that needs to be done is delisting the naira from the P2P space in order to avoid the level of manipulation that is currently happening,” Agama said. “Recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the naira has underscored the need for collective action,” he said in a statement released by the Abuja-based SEC on Monday evening.
Peer-to-peer platforms allow crypto investors to trade directly with one another, rather than via a central intermediary. In such transactions, the traders themselves negotiate the price.
The warning follows Nigeria’s ban on Binance Holdings Ltd., the world’s largest cryptocurrency exchange, and the arrest of two of its executives when they visited the country in February.
One of them fled but the other, Tigran Gambaryan, has been jailed at the Kuje correctional center in Abuja and will go on trial this month where he faces charges of tax evasion, currency speculation and money laundering.
“Manipulations and all forms of activities that undermine our national interest would not be acceptable,” Agama said.
Africa’s most populous nation has seen residents flock into crypto assets as a hedge for weakness in the naira, which has lost 65% of its value against the dollar since the government eased currency rules in June to make the unit more attractive to foreign investors.
Central bank Governor Olayemi Cardoso in February accused Binance of allowing illicit transactions in the naira on its platform, which the authorities subsequently blocked.
“SEC will not hesitate to utilize all the powers within its mandate to handle issues that are negative and pose a threat to national interest,” Agama said. “We ask that those involved in sharp practices that undermine national interest should cease and desist.”
By Emele Onu, Bloomberg
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