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Showing posts with label Tech News. Show all posts
Showing posts with label Tech News. Show all posts

Nigeria Federal Government Lifts Twitter Ban after about 222 days.

 President Muhammadu Buhari has directed that the ban on Twitter be lifted after about 222 days.


Mr Buhari had ordered the ban June last year days after his tweet deemed genocidal against the people of the South-East geo-political zone was deleted.


Mr Buhari gave the order after reviewing a memo to that effect from the Minister of Communication and Digital Economy, Isa Pantami.


The was made known in a statement released by the Chairman Technical Committee Nigeria-Twitter Engagement and Director-General National Information Technology Development Agency (NITDA), Kashifu Inuwa Abdullahi, CCIE.


“The Federal Government of Nigeria (FGN) directs me to inform the public that President Muhammadu Buhari, GCFR, has approved the lifting of the suspension of Twitter operation in Nigeria effective from 12am tonight, 13th January 2022,” Mr Abdullahi said.


“The approval was given following a memo written to the President by the Honourable Minister of Communications and Digital Economy, Prof Isa Ali Ibrahim.


“In the Memo, the Minister updated and requested the President’s approval for the lifting based on the Technical Committee Nigeria-Twitter Engagement’s recommendation.”








That Blackberry Phone Is NOW Obsolete!

 On Tuesday, the company will stop running support for its classic devices running BlackBerry 10, 7.1 OS and earlier. This means all of its older devices not running on Android software will no longer be able to use data, send text messages, access the internet or make calls, even to 911.


While most mobile users have moved on from BlackBerry -- the last version of its operating system launched in 2013 -- the decision to discontinue support for its phones represents the end of what was once considered bleeding-edge technology.


BlackBerry (BB) has been mostly out of the phone business since 2016, but over the years it continued to license its brand to phone manufacturers, including TCL and more recently OnwardMobility, an Austin, Texas-based security startup, for a 5G Blackberry device running on Android software.


BlackBerry's old school cell phones with physical keyboards from the late 1990s and early 2000s were once so popular people nicknamed them "CrackBerries." The devices became a status symbol and fixture for people on Wall Street, celebrities like Kim Kardashian, and even former President Barack Obama, thanks in part to its great reputation for security. At its peak in 2012, BlackBerry had more than 80 million active users.


But Apple's touchscreen revolution with the iPhone in 2007 made BlackBerry's offerings appear lacking. It tried touch screens and slide-out keyboard models, with little success. It developed a few phones with no physical keyboard, but those were missing BlackBerry's key differentiator: its tactile keyboard.

BlackBerry eventually gave up on its own software, embracing Android and layering its security software on top.





Germany shuts three nuclear Power plants

 Germany has pulled the plug on three of its last six nuclear power stations as it moves towards completing its withdrawal from nuclear power as it turns its focus to renewables.


The government decided to speed up the phasing out of nuclear power following Japan's Fukushima reactor meltdown in 2011 when an earthquake and tsunami destroyed the coastal plant in the world's worst nuclear disaster since Chernobyl in 1986.


The reactors of Brokdorf, Grohnde and Gundremmingen C, run by utilities E.ON (EONGn.DE) and RWE (RWEG.DE), shut down late on Friday after three and half decades in operation. read more


The last three nuclear power plants - Isar 2, Emsland and Neckarwestheim II - will be turned off by the end of 2022.


Preussen Elektra, which runs the Brokdorf and Grohnde plants, said in a statement on Saturday the two had been shut down shortly before midnight on Friday. RWE said the Gundremmingen C plant also stopped generation on Friday evening.


PreussenElektra CEO Guido Knott thanked staff for their commitment to safety: "We have made a decisive contribution to the secure, climate-friendly and reliable supply of electricity in Germany for decades."


The phase-out of an energy deemed clean and cheap by some is an irreversible step for Europe's biggest economy even as it faces ambitious climate targets and rising power prices.


The six nuclear power plants contributed to around 12% of electricity production in Germany in 2021, preliminary figures showed. The share of renewable energy was almost 41%, with coal generating just under 28% and gas around 15%.


Germany aims to make renewables meet 80% of power demand by 2030 by expanding wind and solar power infrastructure.




MTN, Mafab Communications Win Slots For $273m

 The Mobile Telephone Network (MTN) and MAFAB Communications Limited have both been awarded the slots for the 3.5 gigahertz (Ghz) Fifth Generation (5G) Technology spectrum as they emerged winners of the auction by the Nigerian Communication Commission (NCC).


The auctioning was organised on Monday, November 13, in Abuja, by NCC, in conjunction with the Ministry of Communications and Digital Economy.


The 5G Technology spectrum auction ended with the total sum of $273.6 million per lot of 100 MHz TDD with the bidding in 2 stages that came in Main stage and Assignment stage.



In the assignment stage, two slots of 100MHzTDD available at 3.5GHz band were for bidding to support the delivery of broadband services for the deployment of 5G in Nigeria.


The bidders which were Mobile Telephone Network (MTN), Airtel Nigeria and MAFAB Communications ended at the Main stage, dropping down to two bidders.


This disclosure is contained in a press statement issued by NCC and signed by its Director, Public Affairs, Ikechukwu Adinde, and can be seen on its website.


The NCC was auctioning two slots in the 3.5 gigahertz (Ghz) 5G spectrum.


The first round of the auction, which took off with the three bidders, started with the price of the spectrum $197.4 million to $199, 374 million until it ended in round 10 at $263,017,050.77 million.



MainOne, a West African data centre and connectivity solutions provider Acquired By US Giant Equinix For $320m

 MainOne, a West African data centre and connectivity solutions provider with a presence in Nigeria, Ghana, and Côte d’Ivoire is set to be acquired for $320 million by American multinational Equinix Inc., the US company said in a statement Tuesday.


The all-cash transaction is expected to close in the first quarter of next year, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals.


Founded by Funke Opeke in 2010, MainOne is a key provider of enterprise connectivity solutions, with an estimated 800+ business-to-business customers. These include major international technology enterprises, social media companies, global telecom operators, financial service companies, and cloud service providers.


The company owns and operates an extensive submarine network extending 7,000 kilometers from Portugal to Lagos, Accra, and along the West African coast, with landing stations in Nigeria, Ghana, and Côte d’Ivoire. These provide connectivity to and from Europe, West African countries, and the major business communities in Nigeria.


MainOne also owns digital infrastructure assets that include three operational data centers, with an additional facility under construction expected to open in Q1 2022. These are in addition to key internet exchanges enabling low latency to key global networks, including Amazon, Microsoft, Apple, Google, and Facebook.


Under the terms of the agreement, the management team, including CEO Funke Opeke, will continue to serve in their respective roles.


“The MainOne team is excited about the partnership created through the acquisition,” Opeke said in the statement. “With similar values and culture to what we have built in 12 years, Equinix is the preferred partner for our growth journey and will accelerate our long-term vision to grow digital infrastructure investments across Africa.”


For Equinix, a global specialist in data centres and internet connectivity, the deal marks the first step in a long-term strategy to become a leading provider of digital infrastructure in Africa.


Equinix believes MainOne to be one of the most exciting technology businesses to emerge from Africa, making the acquisition a pivotal entry point for the US company into the continent.


“Expansion in Africa has long been a strategic priority for us. With MainOne, we have found a company that not only has a highly complementary data center and connectivity assets but can further accelerate the expansion of our business model and growth objectives,” said Eugene Bergen, EMEA President at Equinix.


Globally, Platform Equinix is comprised of 237 data centres across 65 metros and 27 countries, providing data center and interconnection services for over 10,000 businesses, including more than 50% of Fortune 500 companies. When completed, the acquisition will extend Platform Equinix into West Africa.


“MainOne’s leading interconnection position and experienced management team represent critical assets in our aspirations to be the leading neutral provider of digital infrastructure in Africa,” added Charles Meyers, President, and CEO of Equinix.




The New Phase of the Internet Web3 : Make money with MetaVerse

 

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We are now entering into the new phase of the internet( Web3)

few people know little about this revolution coming up.

In the nutshell your Mobile phone will face  extinction, we are going into the new world of Virtual Reality(3D)

You can start your Web3 Journey through NFTs collection, Avatar Creation,Games and Many more.

With DMarket You can start to builds bridges between real and virtual worlds by creating a cross-chain platform that accumulates multiple metaverses for brands, influencers, video .


Follow the Below Link to start your Web3 Journey

https://dmarket.com?ref=xOkZPSOKvO

START MAKING MONEY BEFORE FACEBOOK STEAL THE SHOW

What is metaverse? Why Facebook is investing billions of Dollars in the New Virtual Internet

Metaverse is a broad term. It generally refers to shared virtual world environments which people can access via the internet.


Facebook Inc said on Monday it will start publishing the financial results of its augmented and virtual reality labs as a separate unit, where it is investing billions in its ambitions to build the "metaverse" and as it reported that its main advertising business faces "significant uncertainty."


The concept of the metaverse is quickly becoming a buzzword in technology and business. But what does it mean?

Apparently, it's the next big thing. What is the metaverse? - BBC News

WHAT IS THE METAVERSE?


Metaverse is a broad term. It generally refers to shared virtual world environments which people can access via the internet.


The term can refer to digital spaces which are made more lifelike by the use of virtual reality (VR) or augmented reality (AR).


Some people also use the word metaverse to describe gaming worlds, in which users have a character that can walk around and interact with other players.


There is also a specific type of metaverse which uses blockchain technology. In these, users can buy virtual land and other digital assets using cryptocurrencies.


Many science fiction books and films are set in fully-fledged metaverses - alternative digital worlds which are indistinguishable from the real physical world. But this is still the stuff of fiction. 


Blockchain Gaming & The Metaverse: Everything You Need to Know | Hacker Noon 

WHY IS IT TAKING OFF?


Fans of the metaverse see it as the next stage in the development of the internet.


At the moment, people interact with each other online by going to websites such as social media platforms or using messaging applications. The idea of the metaverse is that it will create new online spaces in which people's interactions can be more multi-dimensional, where users are able to immerse themselves in digital content rather than simply viewing it.


The accelerated interest in the metaverse can be seen as a result of the COVID-19 pandemic. As more people have started working and going to school remotely, there has been increased demand for ways to make online interaction more lifelike.


WHO IS GETTING INVOLVED?


The idea of the metaverse is attracting a lot of interest from investors and companies who are keen to be part of the next big thing.


Facebook CEO Mark Zuckerberg said in July that the company will try to transition from being a social media company to a metaverse company in the next five years or so.


The term is popular in Silicon Valley, with Microsoft also having mentioned converging the digital and physical worlds.


The popular children's game Roblox, which had its New York Stock Exchange debut in March, describes itself as a metaverse company. Epic Games' Fortnite is also considered to be part of the metaverse.


Musicians can do virtual concerts within these platforms. For example, in September millions of people watched the singer Ariana Grande virtually perform in Fortnite, Epic Games said.


The world's biggest fashion companies have also experimented with making virtual clothing, which people's avatars can wear in metaverse environments.

Source: Livemint

Facebook Changes Its Name To Meta - Zuckerberg

Facebook CEO Mark Zuckerberg said his company is rebranding itself as Meta in an effort to encompass its virtual-reality vision for the future, what Zuckerberg calls the “metaverse.”


Skeptics point out that it also appears to be an attempt to change the subject from the Facebook Papers, a leaked document trove that has revealed the ways Facebook ignored internal reports and warnings of the harms its social network created or magnified across the world.


Zuckerberg says he expects the metaverse to reach a billion people within the next decade. The metaverse, he says, will be a place people will be able to interact, work and create products and content in what he hopes will be a new ecosystem that creates “millions” of jobs for creators.


The announcement comes amid an existential crisis for Facebook. It faces legislative and regulatory scrutiny in many parts of the world following revelations in the Facebook Papers.


[b]In explaining the rebrand, Zuckerberg said the name “Facebook” just doesn’t encompass “everything we do” any more. In addition to its primary social network, that now includes Instagram, Messenger, its Quest VR headset, its Horizon VR platform and more.


What is the metaverse? Meaning explained


NASA: Astronomers have detected mysterious radio waves coming from the center of the Milky Way

Astronomers have detected mysterious radio waves coming from the center of the Milky Way, but so far they have no idea what's causing it


A team of scientists from across the world discovered the object using the CSIRO radio telescope in Western Australia. Ziteng Wang, the lead author of the study and a PhD student at the University of Sydney, said in a press release that they initially believed it could be a spinning dead star called a pulsar, but its signal didn't match what they expected from those types of celestial objects.


"The strangest property of this new signal is that it is has a very high polarisation," Wang said. "This means its light oscillates in only one direction, but that direction rotates with time."


"The brightness of the object also varies dramatically, by a factor of 100, and the signal switches on and off apparently at random," Wang added. "We've never seen anything like it."


The radio signal — named ASKAP J173608.2-321635 after its coordinates — was "unique" because it started out invisible, then it turned bright and faded away before reappearing again, said Tara Murphy, who is Wang's PhD supervisor and professor at the Sydney Institute for Astronomy and the School of Physics.


"This behaviour was extraordinary," she said.


The scientists detected six radio signals from the source over nine months in 2020 and tried to find the object in visual light, but found nothing. They opted to use the CSIRO radio telescope and failed to recognize the source.


According to the press release, the signals don't fit any currently understood pattern of variable radio source, and it could suggest a new class of stellar object.


"The information we do have has some parallels with another emerging class of mysterious objects known as Galactic Centre Radio Transients, including one dubbed the 'cosmic burper,'" said Wang's co-supervisor, David Kaplan, a professor from the University of Wisconsin-Milwaukee.


"While our new object, ASKAP J173608.2-321635, does share some properties with GCRTs there are also differences. And we don't really understand those sources, anyway, so this adds to the mystery," he said.


As scientists continue to keep an eye out for more clues, sources from other radio signals have been detected in recent months. In May, NASA traced the source of mysterious fast radio bursts sending signals to Earth.




11 Brand New Courses To Be Taught In South African Universities

 The South African education authority responsible for media and ICTs (MICT SETA) has developed 11 new qualifications aimed at addressing the shortage of skilled labour in the country's IT sector.


“As the MICT SETA we are excited about our partnership with the Higher Learning Institutions in launching and spearheading the provision of formal training for 4IR (the fourth industrial revolution) in South Africa,” said Matome Madibana - MICT SETA’s acting chief executive.


“We are hopeful that with these 11 qualifications we are going to bridge the current shortage of skilled labour within the ICT and digital industries and, ultimately, increase the employment rate and entrepreneurship.”


The newly developed qualifications are:


1. Artificial Intelligence;

2. Cloud Computing;

3. Cyber Security;

4. Data Science;

5. Design Thinking Lead;

6. Design Thinking Practitioner;

7. Internet of Things;

8. Robotic Processing Automation;

9. Quality Engineering Automation;

10. Systems Development;

11. e-Waste.


Madibana said that these qualifications will equip young professionals and the current workforce to deal with the disruptive effects of new technologies, enabling them to innovate and create new products and services across industries.



The qualifications were developed in collaboration with a community of experts such as universities, colleges, and government departments, he said.





SuperTV partners MTN to deliver Zero Data TV app in Nigeria

 SuperTV partners MTN to deliver Zero Data TV app (SuperTV, MTN partnership on Zero Data TV App excites Nigerians)


Super Network Limited is set to make available its new online streaming app, SuperTV on Nigeria's Independence Day, October 1, 2021. The app is set to be made available on both Google Play and Apple stores.


This launch has many watchers of the Nigerian entertainment sector excited, especially given the partnership with leading telecoms giant, MTN Nigeria. This market entry strategy is seen by many industry experts as a power move that will ensure easy subscribers’ network access, and affordability of SuperTV products and services given the fact of MTN's wide network coverage.


SuperTV app, set to offer both live TV and Video on Demand services has also gone into other partnerships with different live TV channels in order to be able to provide diverse content to its users, including Nollywood and international movies, educational kid content, sports, history and other varieties.



Speaking at the event to unveil the “ZERO DATA” offering, Acting CEO of Super Network Limited, Ijeoma Onah said that, “Nigeria currently has about 173 million mobile subscribers with a penetration rate of 123%. Smartphone penetration is 40 million - forecasted to grow to more than 140 million by 2025. In spite of these very impressive numbers, Nigeria is still performing very poorly in the streaming markets, hardly even showing up in global statistics. The major reason for this is that the average Nigerian cannot afford the data costs required to stream video. This is how and why SuperTV was conceived, to democratise streaming in Nigeria and Africa.”


She further said that SuperTV is opening up access to inclusiveness in entertainment without barriers since the use of smart devices is evolving and the SuperTV brand will be uniquely opening the doors of access, communication and participation on the global stage. According to her, this ‘democratisation of streaming’ entails that the subscriber does not incur internet data charges to stream their preferred content after subscribing to SuperTV.


“The user gets to enjoy either Live TV, Video on Demand or both at absolutely no additional cost after subscribing successfully. They have access to TV everywhere with MTN network coverage. We also leveraged on the sachet culture in Nigeria by providing daily plans across all our bouquets thereby making the service affordable and inclusive for everyone. Our entry level price of N200 for the Bronze Daily plan is about the cost of a bottle of soft drink for example. SuperTV therefore offers great entertainment and an affordable viewing experience,” Onah added.


With its quality content offerings, flexible and affordable packages, and market entry strategy, many entertainment enthusiasts are projecting that SuperTV will soon be a force to reckon with in the sector. Many say the benefits of using SuperTV streaming media, because of its convenience and ubiquity, might just transform the viewing experience as millions of Nigerians.









Kano State: Nigeria to produce 150 MW of electricity from waste

 Plans are underway in Kano state, Nigeria to produce 150 MW of electricity from waste. This was announced by Capegate Investment Limited, a Nigerian-based company that specializes in Biotechnology and Waste management, approximately three months after it signed a 20-year public-private partnership with the Kano State Government and took over waste management in the state.


Speaking on the aforementioned plans, Bello Abba Yakasai, the company’s Chief Operating Officer (COO) said that next year, they will generate 10 megawatts of electricity and in the next five years, depending on how the typology of waste changes, will yield to 150 megawatts for Kano and Jigawa.


A part of a larger waste recycling plan

According to the Capegate Investment COO, the plan to produce 150 MW of electricity from waste in Kano is a part of a larger plan where the company intends to establish three major industries.


“One of the industries is what we call a transfer station. This is where all the wastes including plastic, metals, and aluminium among others, will be sorted. The sorted out waste will be recycled or transformed into other products. High-density plastic (HDP) and tires would be converted into burnable oil, while low-density plastic would be converted into shopping bags, water bottles, and other relevant products.”


“The next phase is the diversification industry. In here we will be converting biodegradable waste to produce gas and create steel, which in turn, would be processed into turbines to produce electricity. Under this phase/industry, we hope to facilitate the generation of at least 10 megawatts of electricity before the end of next year (2022),” explained Mr. Yakasai.


In the third industry food waste and bio-waste would be turned into organic fertilizer, which is safer health-wise on crops and human consumption.




3% To Communities More Than 30% Share For Oil Exploration in Northern Nigeria-Group Managing Director of the NNPC Mele Kyari

 Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, says the 3% operating expense allocated to host communities in the recently assented Petroleum Industry Act 2021 is more than the 30% profit share for oil exploration in the entire north


The NNPC GMD stated this on Tuesday when he featured as a guest on NTA’s ‘Good Morning Nigeria’ breakfast show monitored by The PUNCH.


He also said the Host Communities Fund would be within the control of the host communities, and would not be managed by the NNPC.


The President, Major General Muhammadu Buhari (retd.), had signed the Petroleum Industry Bill 2021 into law last week Monday, ending about 20 years of legislative stalemate of the bill. Now known as the PIA, the legislation would regulate all aspects of the oil sector.


By assenting to the bill, the President approved at least 30 per cent of the profit to be generated by the proposed Nigerian National Petroleum Company Limited to go to the exploration of oil in ‘ the north basins according to Section 9 of the PIB.


The nothern basins include Chad Basin, Gongola Basin, Sokoto Basin, Dahomey Basin, Bida Basin, Benue Basin, amongst others.


At the moment, crude oil is obtained from eight states in the Niger Delta region which include: Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers States.


The 19 northern state governments had in 2016 intensified their search for oil and gas in the region with the appointment of a British firm to carry out the exploration activities which was sequel to Buhari’s directive to the Nigerian National Petroleum Corporation to increase the tempo of the crude oil find in the North-East.


With the presidential assent to the PIB, the oil exploration move of the 19 northern governors had received a huge boost.


However, the Pan Niger Delta Forum had lambasted the President for assenting to the PIB without the amendment of some controversial sections, adding that the move was a way to siphon oil money from Southern Nigeria to the North.


The group described as outrageous and fraudulent, the allocation of 30 per cent for the exploration of oil in the nothern basins, noting that oil business is a private affair and that investors should use their resources in the search for oil anywhere in the country.



Toyota To Cut Global Production By 40% Due to the global shortage of microchips and resurgence of coronavirus cases across Asia

 Toyota Motor Corporation , Japanese multinational automotive manufacturer, on Thursday announced that it will slash its worldwide vehicle production by 40 per cent in September due to the global shortage of microchips and resurgence of coronavirus cases across Asia.


Microchips are transistor-based components used in electronic devices including computers, phones, and vehicles’ electronic systems to perform specific operations.


Toyota, the world’s biggest carmaker, planned to manufacture almost 900,000 cars next month, but has now reduced that to 540,000 vehicles, a BBC report said.


The Japanese automaker hinted that some cuts in production would be made in August at its plants in Japan and across other stations.


Toyota shares fell by 4.4 per cent on Thursday, the biggest daily drop the company has recorded since December 2018.


In a similar manner, Volkswagen, the world’s second-biggest car producer, which had earlier scaled back production due to a shortage of microchips, also warned that it may further cut its output.


“We currently expect supply of chips in the third quarter to be very volatile and tight. We can’t rule out further changes to production,” Volkswagen was quoted to have told Reuters Thursday.


Pat Gelsinger, chipmaker Intel boss, last month said the worst of the global chip crisis was yet to avail itself.


He predicted that the shortage would get worse in the “second half of this year” and that it will take “a year or two” before supplies returned to normal.


The microchip shortage prompted U.S. President Joe Biden to sign an executive order to address its scarcity.


He vowed to seek $37 billion in funding for

legislation to increase chip manufacturing in the U.S.



     


Mcafee Anti-Virus Founder, John McAfee Found Dead In Barcelona Prison Spain

 Eccentric tech entrepreneur John McAfee died by suicide in a Spanish jail cell Wednesday evening - hours after reports surfaced that he would be extradited to face federal charges in the US, according to local media.

           


McAfee, the founder of a antivirus software company (McAfee Anti-virus), was arrested in October of last year and awaiting extradition when he was found dead, police sources told the newspaper El Pais



20 Online Businesses That Can Make You Millions With Just A Laptop & Internet

  

 Do you know that you can become rich with just a laptop and internet? Hold on let me show you few.


Below are top 20 Online Businesses that could fetch you real cool cash.


✔️Online marketing

✔️Web designer

✔️Blogger

✔️Shopify merchant

✔️SEO Optimisation

✔️Survey taker

✔️Online tutor

✔️Virtual PA (more popular than you think)

✔️Product reviewer

✔️Remote customer service provider

✔️YouTuber

✔️eBay seller

✔️App creator

✔️Amazon trader

✔️Dropshipping

✔️Online music reviewer

✔️Project writer

✔️Affiliate marketer

✔️Podcaster

✔️CV/Resumer writer


The Main One, You Have To Focus More Is Blogging Business - I, Udokabestluv Is a Professional Blogger, I Earn Cool Cash From Blogging Business, From Comfort Of My Home, You Can Earn From 1000$ to 10,000$ Or More Monthly, From Blogging Business.


According to Reno, making money on the Internet is not that hard, stop surfing and start earning, because every penny you make outside your job makes you less dependent on that job, thus increasing your happiness level – NAIJACOVER


Have Any Question?

Drop your comment below �



7 Important Reasons to Run Away from Online Loan Shark in Nigeria

7

 The idea of collateral-free loans seems incredible to just about any Nigerian who has had a first-hand experience in accessing a loan from conventional loan providers. After all, this is Nigeria; a country where personal finances are fast going South for most people while some are hanging by a thread despite a rigorous 9-5 almost on a daily basis.


With the advent of fintech companies in Nigeria comes the vegetable-like growth of online lending platforms that give loans just by downloading their apps and filling out one’s details.


While this is supposed to be a blessing to average Nigerians who are struggling to stay above poverty line, these online lending platforms, which are nothing but loan sharks, have further plunged Nigerians into figurative shark-infested waters and led them into deeper trouble than they found themselves before borrowing and even worse; making them rely on more lending platforms to get by.


Although these platforms offer loans that can take care of certain emergencies and sort immediate bills — their aftereffect on one’s personal finances can be very devastating. There have been first-hand reports of these loans driving people to near-suicide states because of the many inconveniences that come with them!


Loan Shark Definition


Cambridge Dictionary defines a loan shark as “a person who charges large amounts of interest for lending money to someone, especially when their financial position means they cannot borrow money from a bank“; while The Free Dictionary defines it as “One who lends money at exorbitant interest rates, especially one financed and supported by an organized crime network.” Both definitions are in fact correct but not totally applicable as with Nigerian loan sharks.


In Nigeria, all online lending platforms — though offer collateral-free loans — are in reality nothing but loan sharks that grant short-term loans at extremely high-interest rates to desperate borrowers who mostly need the loans to cushion the effect of the biting economy.


Borrowers can get a loan in less than five minutes just by downloading an online lending platform app, enter required details and get credited just like that. In the end, most borrowers are left much worse because they are expected to pay back their loans within 1-3 weeks plus an interest rate that is nearly as high as 50%!


Here, we explain the reasons why you should avoid taking loans from online lending platforms (loan sharks) or loan apps in Nigeria:


1. Extremely high-interest rates


What makes a lender qualify as a loan shark is the high interest rates that come with their loans. While Nigerian bank interest rates are mostly between 9%-11.130% per annum, these loan sharks offer loans with interest rates mostly between 15%-30% weekly or monthly. Although some claim to offer loans between as little as 2% – 5% — this is never the case. This means a borrower who accesses a N10,000 loan could pay between N11,500 – N13,000 weekly or monthly. For someone who is barely managing, he/she is left to not only pay up the principal + interest but will also pay extra charges with each passing day if he defaults as a penalty.


2. Giving up your BVN


Although online lending platforms sell their short-term loans mostly using the “collateral-free” caption, what they won’t tell until you start filling out a form on their app is that your BVN will be required in order to be eligible for a loan. According to them, the BVN is used in determining the creditworthiness of every individual who signs up on their platform. And while desperate borrowers might not be concerned about giving out their BVN details, financial institutions have repeatedly warned that the BVN is one’s “financial ID card” and it can be used to access some of your financial information/records and can also be used to orchestrate a fraud. What’s worse is that it can be submitted to the credit bureau in order to have your BVN blacklisted if at all you default. While this might not be much of a concern to you now, your credit rating will be negatively impacted which means chances of borrowing from your financial institution or carry out some more serious business transactions in the nearest future are slim since your credit rating is bad.


3. Unfethered access to your mobile device


Every loan app requires certain access in order to function on your phone. Although these apps should work without your access — it is their way of getting every sensitive information about you without really asking directly. These include but are not limited to your contact details, text messages, email accounts, social media accounts, media, camera, etc. This means that you must be willing to grant an online lending app access to use them as they deem fit. With this access, your contacts are extracted and contacted without notice if you default or have your picture posted on social media platforms or worse; have your social media hijacked since you granted them access to post on your behalf.


4. Harassment, humiliation and intimidation


With each passing day, online lending platforms have become more notorious in the art debt recovery by harassing, humiliating and intimidating loan defaulters. Whether your reasons for defaulting are of serious concern or not, online lending platforms can send libellous text messages to your contacts; brand you a wanted criminal who ran away with their company’s money. The humiliation is often much because long lost friends, family members, bosses, colleagues at work, religious colleagues, and siblings all of whose contacts you have saved to your phone, are likely to receive damaging messages about your person.


In some cases, one is likely to be threatened personally about having their details sent to the credit bureau for blacklisting if they fail to make repayment on time. And then there are constant phone calls that can be considered intrusive — all to remind defaulters to make payment.


All of these have been known to bring nothing but shame and humiliation to some borrowers and pushed many to the brink of suicide for being humiliated in terrible ways.


5. Lien on your bank account


Most people get angry and worked up when online lending platforms automatically make deductions from their bank accounts without their “consent” when in reality they agreed to the platform’s terms of use the moment they started using it. Having a lien placed on your account means a loan shark can legally make deductions directly from your account without having to write to your bank. Liens on accounts, as regards securing loans from online lending platforms, are activated the moment you enter your debit card details on their website or mobile app. While they may lure borrowers to enter their debit card to get paid or as a final means of verification, doing so means submitting every detail of your debit card to them from where they will automatically deduct not just their principal and interest you accrued over time.


6. Inability to develop a saving culture


A common, noticeable pattern with people who access loans from online lending platforms is their inability to save since they are mostly servicing high-interest loans they accessed from these loan sharks. Their inability to save stems from repaying loans + interest, which often leaves them with little or nothing in the end and have to depend on more loans in other to get by. For some people, they borrow from some other loan sharks to settle another and get caught in a web of financial struggle. The cycle can be very difficult to break for those who want to get out but since they don’t have enough no thanks to constant high-interest debts that are being serviced, they must continue to remain subservient to these loan sharks who profit off them and leave them in worse financial mess than they were.


7. Addiction


Getting constant loans from fintech loan sharks can be somewhat addictive since the idea is similar to that of “free money” until one starts struggling to pay back. Getting used to them can be very addictive, particularly payday loans; meaning one might have to depend on multiple online lending platforms periodically — wait till one gets paid at work at the end of the month and pay off the debts then go back to borrowing again. The “wash, rinse and repeat” process with payday loans can be devastating to one’s finances, financial growth and personal life.



Social Media Giant Twitter An Agent Of Division In Nigeria

 Garba Shehu, presidential spokesman, has accused Twitter of being a promoter of division in Nigeria.


On June 4, the Federal Government suspended Twitter, alleging that platform was being used for activities that “undermine Nigeria’s corporate existence”.


Speaking when he featured on ‘Good Morning Nigeria’, a programme on the Nigeria Television Authority (NTA), on Monday, Shehu justified the suspension of Twitter, saying the platform was being used to attack national cohesion and progress.


“I think in the last few days, we are seeing a firmer determination by the administration of President Muhammadu Buhari to tackle artificial divisions that are standing in the way of national cohesion and progress of the country,” he said.


“As I said, Twitter is one of them, but from the pronouncement of the president, in the interview he did on Arise TV and the one on NTA here, the speech he gave in Lagos and the broadcast he gave, I think they are suggestive of the fact that the growing heat in the country must not


Nigeria Loses ₦2 Billion Daily To Twitter Ban

            

 Nigeria Dying, Loses Over N2billion Daily To Twitter Ban Amid Massive Unemployment, Economic Downturn


Nigeria loses over N2 billion to Twitter shutdown in the country on a daily basis, SaharaReporters has learnt.


This was disclosed by NetBlocks, which put the total cost impact of the shutdown at $6, 014, 390 and it naira equivalent at N2, 177, 089,051.


The NetBlocks Cost of Shutdown Tool (Cost) estimates the economic impact of an Internet disruption, mobile data blackout or app restriction using indicators from the World Bank, ITU, Eurostat and US. Census.


Meanwhile, the estimate is for one day.


Nigeria's unemployment rate increased to the second highest on a global list of countries monitored by Bloomberg recently.


The jobless rate in Nigeria rose to 33.3% in the three months through December, according to a report published by the National Bureau of Statistics on March 15.


It went up from 27.1% in the second quarter of 2020.


Experts have noted that a good number of Nigeria's youth population earn their livelihood through Twitter and that such incomes will be affected by ban. will be lost no thanks to the ban.


The Nigerian Government on Friday suspended, indefinitely, the operations of the microblogging and social networking service, Twitter, in Nigeria.


Therefore, Nigeria has lost over N4 billion since it banned Twitter on Friday.


Minister of Information and Culture, Lai Mohammed, announced the suspension in a statement signed by his Special Assistant Segun Adeyemi, citing the “persistent use of the platform for activities that are capable of undermining Nigeria’s corporate existence”.


The Minister said the Federal Government had also directed the National Broadcasting Commission (NBC) to immediately commence the process of licensing all OTT and social media operations in Nigeria.


The development comes after Twitter deleted President Muhammadu Buhari’s tweet where he threatened to treat Nigerians “misbehaving” in “the language they understand”.


Buhari had in a tweet on Tuesday stated that his government will get “harder” on those hell-bent on destroying the country.


He said those wanting to destroy his government will receive the shock of their lives as his administration will do everything possible to ensure they fail.


The president said the sponsors and orchestrators of insecurity in the country are doing so because they want his administration to fail.


His tweet had read, ”I receive daily security reports on the attacks on critical national infrastructure, and it is very clear that those behind them want this administration to fail. Whoever wants the destruction of the system will soon have the shock of their lives. We’ve given them enough time.


“I received a briefing today from the Chairman of the Independent National Electoral Commission (INEC), on the series of attacks on their facilities nationwide. These attacks are totally unacceptable, and we will not allow those behind them to achieve their evil objectives.


"I receive daily security reports on the attacks on critical national infrastructure, and it is very clear that those behind them want this administration to fail. Whoever wants the destruction of the system will soon have the shock of their lives. We've given them enough time.


“I have assured INEC that we will make available to them everything they need to operate efficiently, so that no one will say we don’t want to go, or that we want a third term. There will be no excuse for failure. We will meet all of INEC’s demands.


“In the area of security, we have changed the Service Chiefs and the Inspector-General, and we are demanding that they rise fully to the challenges confronting us. There must be zero tolerance for all those bent on destroying our country by promoting crime and insurrection!


“Many of those misbehaving today are too young to be aware of the destruction and loss of lives that occurred during the Nigerian Civil War. Those of us in the fields for 30 months, who went through the war, will treat them in the language they understand.”


The President's Twitter account was reported by Nigerians who understood the last part of the thread to mean a threat to kill the people of the South-East like the Nigerian government did in the Nigerian Civil War.


Many reminded Buhari of the consequences of the Nigerian Civil War which lasted from 1967 to 1970, stating that such must not be repeated.


Over 3 million Nigerians, mostly Igbo people, died during the war. Millions of people, especially children also starved to death.


Source: Sahara Reporters


Nigerian Bar Association to Challenge Nigeria Govt Twitter Suspension

            

 The Nigerian Bar Association Assoc has noted with great concern the extraordinary decision of the Federal Government of Nigeria to suspend the operations of Twitter in Nigeria and, by necessary implication, the right of Nigerians to freely express their constitutionally guaranteed opinions through that medium.


The Federal Government also directed the Nigerian Communications Commission to immediately commence the process of licensing all OTT and social media operations in Nigeria, which is, at best, yet another disguised attempt to regulate social media, restrict freedom of speech and shrink civic space.


Whether one likes it or not, we are operating a constitutional democracy, the primary consequence of which is that every thing must be done according to law; and government must be conducted within the framework of recognised rules and principles which restrict discretionary power.


The Nigerian Bar Association finds no constitutional or legal authority to support the peremptory action of the Federal Government to suspend the operations of Twitter in Nigeria and deprive Nigerians of their right to freely express their constitutionally guaranteed opinions. Beyond the dent on our constitutional democracy, at a time when the Nigerian economy is unarguably struggling, the impact of arbitrary decisions such as this on investor confidence is better imagined.


Consequently, if this decision is not immediately reversed, the Nigerian Bar Association will have no choice but to challenge same in the interest of the public and our democracy.


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