Two Binance executives are being detained against their will in Abuja, Nigeria, according to a Wired report. The report says that Tigran Gambaryan, a former US federal agent who now leads the criminal investigations team at Binance and Nadeem Anjarwalla, the crypto exchange’s regional manager for Africa, are being held in the Nigerian capital. According […]
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Binance, the world’s largest crypto exchange by trading volume is discontinuing support for the largest economy in Africa’s national currency. Late last week, the government of Nigeria demanded nearly $10 billion from Binance, alleging that the crypto exchange manipulated the exchange rate of its fiat currency. According to local reports, the Nigerian government slapped Binance with […]
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A Nigerian lawmaker is accusing Binance of violating the law, according to a report by the Punch newspaper. The Punch report quotes the chairman of Nigeria’s House of Representatives Committee on Financial Crimes, Ginger Onwusibe, saying that the country’s constitution empowers lawmakers to “protect Nigerians from financial crimes, especially by foreign companies.” “We also have […]
The post Nigerian Politician Calls Terror Financing and Money Laundering Allegations Against Binance ‘Damning’: Report appeared first on The Daily Hodl.
The promise of the blockchain and cryptocurrency still remains strong. Globally, there continues to be growing interest in the blockchain and peer-to-peer exchanges. We are seeing the institutional adoption of crypto and a rise in interest in retail adoption, too. We have seen the example in the approval of ETFs for bitcoin. However, with every […]
The government of Nigeria is demanding billions of dollars from Binance, alleging that the crypto exchange manipulated the exchange rate of its fiat currency. According to a new report by the BBC, the Nigerian government is slapping Binance with a $10 billion fine, claiming that the top global crypto exchange by volume manipulated foreign exchange […]
The post Nigerian Government Demands Nearly $10,000,000,000 From Binance for Alleged Foreign Exchange Rate Manipulation: Report appeared first on The Daily Hodl.
As bitcoin’s value surged to $52,545 this week, the fascination with it appears subdued, with Google Trends indicating a low level of interest. Currently, global metrics from the last 90 days reveal the search term “bitcoin” holds a score of 36 out of 100, significantly less than when bitcoin first exceeded the $50K threshold nearly […]
SiBAN president Obinna Iwuno stressed the necessity of establishing a forward-thinking regulatory framework to accelerate the infusion of blockchain technology into diverse sectors of the economy.
A stakeholder in the blockchain and fintech ecosystem has called on the federal government of Nigeria to implement regulations that will foster the widespread integration of the approved blockchain policy in the country. Nigeria’s National Blockchain Policy aims to deliver economic growth, job creation and more financial inclusion.
Obinna Iwuno, the president of the Stakeholders in Blockchain Association of Nigeria (SiBAN) — an association of blockchain and digital assets industry players advocating for a friendlier digital asset landscape in Nigeria — recently highlighted this during an interview at the National Information Technology Development Agency and Stakeholders in Blockchain Technology Association of Nigeria Stakeholders’ Policy Dialogue held in Lagos. Iwuno stressed the necessity of establishing a forward-thinking regulatory framework to accelerate the infusion of blockchain technology into diverse sectors of the economy.
Former President Muhammadu Buhari approved the National Blockchain Policy in May. Iwuno told Cointelegraph that Nigeria is fully equipped to implement blockchain technology:
“This is the first time we have a full house of industry stakeholders, regulators and operators. We are ready for full adoption now, and the blockchain policy initiated by the government positions Nigeria as a trailblazer in the continent’s digital economy landscape if fully implemented.”
According to the National Blockchain Policy, the potential of blockchain technology is far-reaching. The blockchain policy document states that the technology holds the potential to drive economic growth, foster job creation and tackle the long-standing issue of financial inclusion.
Related: Arrest made in Nigeria’s Patricia Technologies crypto wallet heist
According to Iwuno, with technological advancements driving leading countries today, the call to position Nigeria as a formidable contender on the global stage resonates strongly. The journey toward integrating blockchain technology into Nigeria’s mainstream is not merely a governmental initiative but a collaborative one driven by the collective determination of stakeholders to position Nigeria as a leader on the global stage, he added.
Iwuno also highlighted the collaborative drive between industry stakeholders and the government to transform Nigeria into a global blockchain hub.
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The Nigerian Police Force spokesperson said in the statement that Ambassador Wilfred Bonse has been arrested concerning the theft, conversion of cryptocurrency wallets, and unauthorized fund diversion from Patricia Technologies Limited.
The Nigeria Police Force (NPF) said it has arrested one politician, Ambassador Wilfred Bonse, concerning the theft of over $246,153 (200 million naira) from Patricia Technologies’ crypto wallet.
The disclosure was made by ACP Olumuyiwa Adejobi, the Force Public Relations Officer, in a statement issued on Friday. It was reported that Bonse assisted hackers in laundering $61,538 (50 million naira) from the stolen funds.
He stated that the Force, via its National Cybercrime Center (NPF-NCCC), has achieved notable progress in probing an intricate financial fraud case reported by Patricia Technologies Limited. The case encompasses criminal conspiracy, unauthorized alteration of computer systems and network data, and the illicit diversion of funds exceeding $246,153 (200 million naira), as outlined in a petition submitted to the Inspector General of Police.
The NPF spokesperson said in the statement that Ambassador Wilfred Bonse has been arrested concerning the theft, conversion of cryptocurrency wallets, and unauthorized fund diversion from Patricia Technologies Limited. The petition detailed the alleged involvement of several individuals, and while some are still at large, Bonse has been apprehended.
PRESS BRIEFING BY THE FORCE PUBLIC RELATIONS OFFICER, ACP OLUMUYIWA ADEJOBI ON ACHIEVEMENTS RECORDED BY THE NPF-NCCC
— Nigeria Police Force (@PoliceNG) November 24, 2023
NPF-NCCC ARRESTS ONE WILFRED BONSE IN CONNECTION WITH PATRICIA SECURITY BREACH AND COMPLEX FINANCIAL FRAUD
Similarly, the NPF-NCCC has made significant strides…
He is accused of conspiring to launder $61,538 (50 million naira) from the fraudulent diversion of $747,076 (607 million naira) from Patricia Technology’s account to his bank account through a cryptocurrency wallet. The investigation is ongoing, and the Nigeria Police Force assures all involved individuals will be brought to justice.
The arrest linked to the Patricial Technologies heist brings potential relief to the crypto trading company. Patricia Technologies faced significant scrutiny after a hacking incident earlier this year resulted in the loss of billions in customer funds.
Responding to customer requests, Patricia converted the value of customer assets into Patricia Tokens, assuring repayment in the future. A White Paper attributed this move to a cyberattack that resulted in asset loss. Patricia emphasized its dedication to integrity and customer trust, introducing the Patricia Token as an internal customer holding.
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As per the firm, the Token is committed to reimbursing holders with 1 USDT for each Patricia Token, ensuring asset recovery post the security breach. Patricia clarified that the Patricia Token is not on-chain but functions as an internal token, representing debt and managed by the company.
To appease its concerned clients, Patricia Technologies revealed in October that it had enlisted DLM Trust as an escrow agent for distributing customer repayments. Despite DLM’s withdrawal due to disagreements, Patricia Technologies intends to proceed with the repayment schedule this month.
NITDA chief Kashifu Inuwa Abdullahi said it’s crucial to take proactive measures to harness AI benefits and mitigate threats.
In a bid for greater global recognition and domestic use of the Nigeria Payments System, the director-general (DG) of the National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, has stressed the importance of collaboration between NITDA, the Central Bank of Nigeria (CBN) and financial institutions.
In an interview with Cointelegraph at the CBN’s 2023 Payments System Management Departmental Retreat program, Inuwa said collaboration is necessary to leverage emerging technologies such as artificial intelligence (AI) and data analytics to deepen digital payments.
Inuwa said financial technology (fintech) has shown it can help drive Nigeria’s performance in the industry and environmental, social and governance sectors, especially with the application of a developmental regulation approach and enabling policies co-created by the tech ecosystem.
Inuwa said it’s important for measures to be deliberately taken to reap the benefits and forestall the impending threats of AI, and he emphasized that NITDA will be working collaboratively with the CBN, as with others, in regulating the AI space. He added that if the CBN adopts a particular technology, the potential to move quickly is high.
Asked about Nigeria’s strategy around the opportunities and threats posed by artificial intelligence, Inuwa explained that the federal government had noted the trajectory of AI models, which have seen growth proportions shift from linear to geometrical. He added that the government had, in the previous administration, started working on an artificial intelligence policy through the agency, which he said would be soon unveiled to the public.
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This AI policy will serve as the foundation for outlining rules, and agencies like NITDA, tasked with implementation, will discuss strategies, frameworks and guidelines for adopting and deploying artificial intelligence. Inuwa noted:
“Although artificial intelligence is often regarded as a double-edged sword, the potential and benefits are tangible but not without a lot of threats, and that is apart from the biases that abound, notwithstanding, our regulatory approach has always been not to stifle innovation.”
Inuwa, while citing a list of other policies of the federal government for the industry, claimed that the initiatives are startup ecosystem-friendly.
Nigeria’s Minister of Communications, Innovation and Digital Economy, Bosun Tijani, recently unveiled the 3 Million Technical Talent (3MTT) program. This is intended to offer over 1 million applicants the chance to follow an introductory AI course.
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Nigeria’s communication ministry said the Code Clubs will introduce young participants to coding and digital technology and encourage them to deploy creative problem-solving in their everyday lives.
The Federal Government of Nigeria, through the Ministry of Communications, Innovation and Digital Economy, has entered into a partnership with a UK-based computing education charity, Raspberry Pi Foundation, to launch Code Clubs across Nigeria.
The initiative is crafted for students aged 7 to 17, and the Code Clubs represent a series of extracurricular artificial intelligence (AI) programming clubs aimed at fostering digitally literate and innovative young minds in Nigeria.
Announcing the program in a statement issued on Wednesday, Nov. 8, the ministry said the Code Clubs will introduce participants to the world of coding and digital technology and encourage them to deploy creative problem-solving in their everyday lives. These clubs, which will initially start from 17 knowledge exchange centers, will further expand to other locations across the six geopolitical zones of Nigeria.
Building a pipeline of technical talent is a lot easier when young people have early exposure to science and technology, so I am delighted to announce that we have partnered with the Raspberry Pi Foundation @RaspberryPi_org to set up Code Clubs across Nigeria, starting with 17… pic.twitter.com/x5lruL0HGW
— Dr. 'Bosun Tijani (@bosuntijani) November 8, 2023
Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, emphasizes the importance of fostering a knowledge pipeline in Nigeria through free coding clubs in collaboration with the Raspberry Pi Foundation. The initiative aims to accelerate Nigeria’s digital economy by enhancing technical knowledge and talent development.
Within the collaboration, the Raspberry Pi Foundation will offer educators and young participants extensive toolkits, assistance, and directives. Simultaneously, the ministry will oversee the creation and functioning of Code Clubs nationwide through a partnership framework.
The partners, including individuals, educational entities, and enthusiastic organizations dedicated to advancing computing education, will be assisted with resources, support, and operational guidance by a specified central organization.
Related: Nigeria’s 3MTT program draws 1M+ applicants, introduces AI course
The ministry said the educational pathways offered to Code Club partners will encompass a diverse range of coding and technology-related topics, spanning Robotics and Electronics, Game Development, Algorithms and Problem Solving, Introduction to Coding, Basic Concepts, Web Development, Programming Languages, and Project-Based Learning.
In October, the Nigerian government unveiled a program providing 5 million naira ($6,444) grants to 45 AI-focused startups and researchers. This initiative is a component of the newly launched Nigeria Artificial Intelligence Research Scheme, aiming to promote the extensive application of AI for economic progress.
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