Why Timo Werner is struggling at Chelsea – Michael Ballack

 

Former Chelsea midfielder, Michael Ballack, has revealed why striker, Timo Werner, is struggling at Chelsea.

Werner, one of Frank Lampard’s marquee signings, has struggled to adapt to Chelsea’s style of play since his move to Stamford Bridge from RB Leipzig last year.

The Germany international has not scored in 14 Premier League games for Chelsea.

But Ballack is now saying that Werner is struggling at Chelsea because he was used to playing differently at Leipzig.

According to him, the 24-year-old had a lot more space in front of him during his time at the German club, while Chelsea is the kind of team that has a lot of ball possession.

“Timo started off pretty well,” Ballack told Omnisport.

“Of course, if you are not scoring as a striker, then it is hard on your self-confidence.

“I believe that it’s very hard for him. Overall, as he was used to playing differently at Leipzig, he had a lot more space in front of him.

“Chelsea is the kind of team that has a lot of ball possession, wanting to dominate the opponent. Maybe even more so with [Thomas] Tuchel.

“Maybe he has to work on his playing style a little bit or try to get himself into better positions.

“As a striker, you are depending on your fellow players to find you, and if the [goal drought] breaks, then he will be able to find his old form.

“He used to have good phases with the national team, using his physical presence and power to break down on the wing.

“So when the [drought] breaks, then things will go better again.”

Stop insulting successful women in entertainment – Toyin Abraham replies Ruggedman’s tweet

 

Nollywood actress Toyin Abraham on Monday cautioned against snide remarks about successful women especially in the entertainment sector.

Toyin said this in reaction to a post by Nigerian rapper, Ruggedman about female actresses making it more than their male counterparts in the entertainment sector.

Ruggedman had in a post last week wondered why his male colleagues were not doing as well as the female ones.

Reacting through her Instagram @toyin_abraham, Toyin said she understands what message Ruggedman was trying to pass but finds it saddening that many seized the opportunity to use derogatory words against female actors.

She said a woman is more than the sum total of her sexuality and most women are doing great things legitimately.

Toyin explained that people need to stop attributing every woman’s success to her sexual prowess with men.

According to her, Women deserve the success they have as much as men without attributing it to their sexuality.

She wrote, “I saw the social media post made by respected rapper, ruggedman about women making more money and doing better than men.

“I read between the lines and saw what ruggedman implied. It is a little bit sad that many people on social media leeched on it with many derogatory comments about women especially those of us in Nollywood.

“It is important that I put this out there that many women make money and make it legitimately. I know actresses who charge between two to five million in this Nollywood.

“I get paid in millions of naira for gigs as a matter of fact; I just paid for a very good car worth millions.At the same time, I know a lot of men in Nollywood who are doing extraordinary well and paid in millions.

She further added that the fact that most choose not to make noise on social media does not in any way mean that they are second class citizens in this industry.

Herds men and the Security Challenge, By Dakuku Peterside

 

Following persistent attacks in Ibarapa area of Oyo State by suspected Fulani herdsmen, Mr Adeyemo issued an ultimatum to the herdsmen to vacate the area.

In the South West, Sunday Adeniyi Adeyemo, popularly known as Sunday Igboho has recently been in the news. The self-styled Yoruba activist gained popularity (or notoriety) recently in the country after he led an attack against a Fulani community leader in Oyo whom he accused of harbouring Fulani herders engaging in criminal activities. Following persistent attacks in Ibarapa area of Oyo State by suspected Fulani herdsmen, Mr Adeyemo issued an ultimatum to the herdsmen to vacate the area.

When the ultimatum expired, he led some youth to the house of the head of the Fulani community in Igangan town , Abdulkadri Saliu, chased him out of the community . The Fulani leader, called the Seriki Fulani has since relocated to Kwara State with his family. Mr Adeyemo subsequently visited Ogun State and ordered herdsmen out in his self-appointed mandate of chasing Fulani herders out of Yorubaland.

In the South East on December 12, 2020, leader of Indigenous Peoples of Biafra, Nnamdi Kanu, announced the formation of Indigenous People of Biafra (IPOB) Eastern Security Network (ESN). He claimed the purpose of the ESN is to protect Igbos against Fulani raiders. Unwilling to countenance the formation of a non-state-sanctioned paramilitary organisation on its territory, the Nigerian government was said to have deployed the army to locate ESN camps.

On January 22, Nigerian soldiers invaded Orlu in Imo State to search for ESN operatives. The resulting fracas caused the burning of buildings and death and injury of both soldiers and ESN members. On January 28, more than 400 Nigerian soldiers including Nigerian Air Force planes, were deployed to oust the ESN. The state government declared a curfew which caused civilians to flee the city in large numbers.

In the North Central, in a video clip that has gone viral on social media, Benue State Governor, Samuel Ortom, accused the Federal Government of protecting the interest of armed herders despite the atrocities they commit in different parts of the country worsening the security situation in Nigeria. The governor stated that there is insecurity propelled by armed herdsmen from North West, North East, North Central, South East, South West, and South-South. He argued that the Miyetti Allah leaders must be arrested and prosecuted for the crisis and the government must openly criticise, arrest, and prosecute Fulani herdsmen carrying AK47. He accused the federal government of playing Ostrich with the herdsmen crisis.

The above incidents are snapshots of some Nigerians’ security concerns and sentiments in the past few weeks across the country. They are baffling as they are harmful. Since Nigeria returned to democratic rule in 1999, the country has been grappling with various security challenges – insurgency, kidnapping, and the herder-farmer conflicts. The herdsmen/farmer crises have demonstrated high potential to exacerbate the insecurity in rural and urban communities in Nigeria. Violence between Fulani herdsmen and farmers is one of Nigeria’s most persistent security problems and has left thousands of people dead in the past few years. This is part of the general security challenges in the country and the focus of today’s discourse.

The prevalence of the country’s security crises has become a significant concern for the well-meaning Nigerians considering the impact on the nation’s peace, security, and economy. Destruction of lives and properties arising from farmer-herder clashes has almost become an everyday affair in different parts of the country. These crises have led to acute instability, creating a fearful atmosphere that harms the economy as it discourages investors, both domestic and foreign.

In recent times, the herder-farmer clashes have taken a new dimension as host communities accuse the herdsmen of kidnappings, rape, murder, and all manner of criminal activities. They are perceived as a severe security threat in many communities in the North Central and Southern parts of the country. Today, the herdsmen’s actions might be viewed by many as the greatest threat to Nigeria’s corporate existence.

The origins of the farmer-herder imbroglio are well known. Farmer-herder crises in Nigeria occur due to resource scarcity; there is a growing scarcity of arable land, impending desertification of the Sahel-Savannah, and scarcity of water essential to sustain crop cultivation and cattle herds. The increasing desertification and the effects of climate change have further increased the herdsmen’s drive to move further south in search of grazing land and pasture for their livestock.

Biafran Army Or Vigilante Group? By Ozodinukwe Okenwa

 

Days after the formation of the ESN the panicked federal security forces reportedly began combing the entire south-east forests by air to be able to locate where the Kanu 'army' were lodged with an 'order from above' for them to be dislodged or neutralized.

Days before the dawn of Yuletide last year the fugitive leader of the proscribed Indigenous Peoples of Biafra (IPOB) Mazi Nnamdi Kanu had launched the Eastern Security Network (ESN) to protect the people of south-east and south-south regions from terrorists, bandits and armed Fulani herdsmen allegedly trooping in from the north and even elsewhere outside our borders. The formation of the security outfit was announced by a video online showing thousands of young men and women decked in paramilitary uniform inside a jungle. 

Kanu called it a vigilante group out to protect Biafrans from marauding Fulani herdsmen attacks and kidnappings and banditry but the federal goverment viewed it differently describing ESN as a "Biafran Army" formed by the leader of a 'terrorist' separatist organization.

Days after the formation of the ESN the panicked federal security forces reportedly began combing the entire south-east forests by air to be able to locate where the Kanu 'army' were lodged with an 'order from above' for them to be dislodged or neutralized. 

Reports online had it that the Nigerian Army under the recently-retired Gen. Tukur Buratai (now Ambassador-designate!) had deployed combat helicopters, gun trucks and soldiers to search some forests in the south-east states. The frantic search was fruitless as no one was arrested nor any camp inside the jungle located.

Last December Prof. Itse Sagay (SAN), the Chairman of the Presidential Advisory Committee Against Corruption (PACAC), had advised President Muhammadu Buhari and the Inspector-General of Police, Muhammed Adamu, to allow ordinary Nigerians to bear firearms to protect themselves. He had reportedly argued that the unprovoked attacks especially on villages by bandits would drastically reduce in the country if the communities were allowed to arm themselves with weapons to defend themselves. He spoke the minds of millions of oppressed Nigerians.

When 'Amotekun', the south-western regional security organization was launched last year it sparked national controversy. Like 'Amotekun' ESN had generated some controversy even in Igboland due to Nnamdi Kanu's Biafran nationhood agitation. And his ferocious battle against the country he labelled a "zoo".

Unlike 'Amotekun', however, ESN was not backed with any state legislative instrument thereby giving it a legal backing. Kanu must have seen the dire need to save a people terrorised or subjugated and he exploited the vaccum left by the foot-dragging attitude of the Governors of the region.

Now that the Governors have seen the extent to which Kanu is prepared to go in defense of the people noises are being made from Abakaliki to Owerri over the imminent emergence of Amotekun-like force for the south-east geopolitical zone. According to Gov. Dave Umahi of Ebonyi State they are in the decisive conclusive process of forming a regional security outfit.

NEWS UPDATE : Will the New Service Chiefs Stem the Tide of Bloodletting in Nigeria?

 

Kingsley Nwezeh writes that the appointment of new service chiefs has renewed hopes for a renewed onslaught against insurgents, bandits and other criminal gangs whose despicable activities have shot issues of insecurity into a national emergency

With the appointment of new service chiefs last week by President Muhammadu Buhari, all eyes are now on the new military helmsmen to deliver where their predecessors failed.

The appointment of the new service chiefs, notably, Major General Lucky Irabor, Chief of Defence Staff (CDS), Major General Ibrahim Attahiru, Chief of Army Staff (COAS), Chief of the Air Staff (CAS), Air Vice Marshal Oladayo Amao and Chief of the Naval Staff (CNS), Rear Admiral Zubairu Gambo, was a culmination of strident calls by stakeholders for a change of strategy in a conflict, particularly against Boko Haram insurgents that has become a war of attrition.

The insurgency war has been a tragedy of immense proportions. .A former governor of Borno State, Senator Kashim Shettima, once said that 100,000 or more people have been killed since the start of hostilities in the North-east in 2009.

Statistics also show that 1000 security personnel were killed in the last 11 years while 3.7 million people are internally displaced according to the 2021 statistics of the Human Rights Watch.

On the North-western flank, the United Nations Committee on Human Rights (UNCHR) said 30, 000 refugees fled the North-western part of the country to neighbouring Niger Republic in the last two months

The report said the refugees were fleeing “growing insecurity and atrocities across North-western Nigeria, most of it at the hands of armed gangs that rob, loot, rape and kill.”

Internal Security Operations/ Human Rights Abuses

The involvement of the military in internal security operations, a task that constitutionally belongs to the Nigerian Police, has also raised concerns that the lean resources of the military have been stretched.

Beside the allegations of killing of 150 members of the Indigenous Peoples of Biafra (IPOB) in the South-east some years ago, new allegations of rights abuse against the military have emerged.

A research and human rights advocacy group, the International Society for Civil Liberties & Rule of Law (Intersociety) in its latest report alleged that after the recent killings in Obigbo, Rivers State, where 400 Obigbo residents were abducted by soldiers and transported to secret military dungeons in the North raises questions on the involvement of the military in internal peacekeeping.

The group claimed that 52 of them were rescued in Niger State, three tortured to death while 150 languished in Abacha Barracks in Abuja.

In addition to that, a report last week claimed that there was secret execution of six soldiers of South-east origin in Abuja which the army authorities denied.

Intersociety further alleged that “one major attribute of the dreaded Decree 2 now being used clandestinely by the then Lt. Gen. Buratai-led Nigerian Army is the extrajudicial transfer and incarceration of citizens abducted by Army at prison facilities without recourse to court orders or remands.

“In other words, citizens abducted by soldiers are now sent directly to prisons from military custodies on orders of the army high command. This is one of the dreaded features of the obnoxious Decree 2 now in clandestine practice in the country,” it said.

The group further alleged that “the military authorities, too, now get some magistrates to sign detention orders for them outside the courtroom and due processes.

“The above was the case in the case of the 52 rescued Obigbo residents and three others that died in army captivity in Niger State as well as 150 others presently languishing without trial in army and spy police dungeons in Abuja.

The human rights group further alleged that “corroboratively, Intersociety had back in September 2020…received some independent reports that ‘dozens of citizens of Igbo Christian extraction were being held secretly and outside the law in places like Gusau Prisons located in Zamfara State.

“They are defenseless and unarmed citizens vindictively arrested across various states in old Eastern and Mid Western Nigeria, labeled “IPOB terrorists” and secretly transferred to far away Zamfara State, etc where they are secretly being held without trial.

The Lekki Toll Gate incident during the #EndSARS protests and the military involvement is still fresh in our memory.

The International Criminal Court (ICC)/Arms Procurement

The incessant complaints of abuse of human rights abuse by Nigerian soldiers championed by Amnesty International (AI), Human Rights Watch (HRW) and other Civil Society Organisations (CSOs) cannot be wished away even when military authorities have issued denials because they are a recurring decimal.

The Chief Prosecutor of the International Criminal Court (ICC), Fatou Bensouda, said recently that she had enough evidence to open full investigation into continuing violence in Nigeria by Boko Haram fighters and security forces.

The ICC boss said she would seek full investigations into possible war crimes and crimes against humanity committed in Nigeria.

She maintained that her office recognised a major part of the crimes were attributable to non-state actors but also found a “reasonable basis” to believe that members of the Nigerian security forces had also committed crimes.

According to her, the crimes include “murder, rape, torture and cruel treatment, as well as enforced disappearance and forcible transfer of the population and attacks directed at civilians.”

The Challenge before Service Chiefs

The former service chiefs during their handover ceremonies spoke glowingly of the capacity of their successors to steer their various commands.

They expressed the hope that the new military helmsmen would take the military to the next level.

The former Chief of Defence Staff, General Abayomi Olonisakin (rtd) said, “I am confident that General Irabor will lead the Armed Forces of Nigeria to build on what we have been able to achieve in the past five and half years and take the Armed Forces of Nigeria to much greater heights.”

“It gladdens my heart that the incoming Chief of Defence Staff is very familiar with these security challenges having previously served as Theatre Commander, Operation Lafiya Dole, Commander Multinational Joint Task Force and above all, the immediate past Chief of Training and Operations at the Defence Headquarters.

“There couldn’t have been a better choice of a seasoned senior officer who will hit the ground running as the Chief of Defence Staff,” he said.

On his part, the former Army Chief, Lt. General Tukur Buratai (rtd) urged the new Army Chief to ensure that the Nigerian Army remained professionally responsive in the discharge of its constitutional duties.

Buratai said that the army under his watch ensured support for democratic rule while urging his successor to ensure that the army continued to be loyal and professional.

He also urged Attahiru to remember him for three things notably improved professionalism of the Nigerian army, improved responsiveness of the army in the area of training administration and logistics needs and responsiveness to Nigeria’s democratic imperatives.

In his remarks during the handover ceremony, the former Chief of Naval Staff, Vice Admiral Ibok-Ete Ekwe Ibas, took a swipe at bad eggs in the Navy, who subvert the system at every opportunity.

“I refer to all those who mindlessly subvert the system at every opportunity. Our experiences in their treachery of connivance with some criminal elements, complicity in crime commission, negligence performance of duty permitting aggravation of cases in some instances,” he said.

“The disrepute to the institution of Nigerian Navy in their less than professional conduct through alleged unethical behaviour,” he said urging such personnel to turn a new leaf

The new Chief of Defence Staff has already hit the ground running by directing other service chiefs after their inaugural meeting to proceed on a tour of the North-east where they met war commanders to ascertain the state of affairs in the theatres of war.

Many senior military officers have pointed to a likely synergy amongst the military chiefs especially the fact that the Chief of Army Staff, Major General Ibrahim Attahiru and Chief the Air Staff, Air Vice Marshal Oladayo Amao, are members of Regular Course 35 and would not be disposed to policies that would lead to failure.

Joint Operations

The issue of operational disharmony as it affects the services in some military operations in the North-east affected the general output in the past.

There were cases of ground troops calling for air support and the air force failing to do so. This was more pronounced at a time the former army and air force bosses were allegedly engaged in gritty ego battle on who should become the next chief of defence staff which never materialised. There is, however, a remarkable improvement in recent joint operations.

Collusion with Insurgents, Criminals

In war situations, the issues of sabotage cannot be ruled out. There have been alleged cases of troops approaching terrorist locations only to receive instruction to halt and continue after the insurgents must have escaped.

The new Naval boss while delivering his mission and vision statement warned naval personnel against collusion with drug barons and traffickers, kidnappers and armed robbers.

“The established policies and measures to sanction identified Nigerian Navy personnel that collude with economic saboteurs, drug traffickers/barons, bandits, kidnappers and armed robbers shall be overhauled and strengthened,” he said.

Shekau and His Band of Terrorists

One of the reasons adduced for the removal of the new army chief from his command as Commander, Operation Lafiya Dole under the former Army Chief, Lt General Tukur Buratai (rtd) was that he failed to meet the target to capture Boko Haram leader, Abubakar Shekau, dead or alive.

Attahiru had argued that his removal was routine deployment that took him back to Army Headquarters.

Whether that is accurate or not, an opportunity has now come to hold Shekau by the jugular and bring him to justice.

President Idris Derby of Chad last year led his troops to kill 1000 insurgents of the Boko Haram hue.

This was after they attacked and killed 98 Chadian soldiers in Bohoma military base.

On completing the rout of the insurgents, President Derby had said that he had cleared the Chadian axis based on the multinational joint task force arrangement and urged Nigeria and Niger to finish off the insurgents in their territory.

Abubakar Shekau felt the brutal pain inflicted on his fighters and took to lamentation, urging the remnants of his fighters to take heart.

Major General Lucky Irabor

As the head of the Nigerian military, Major General Lucky Irabor is battle tested. Having commanded Operation Lafiya Dole, he understands the nature of the theatre of war and the welfare requirements of troops. Having commanded the Multi-national Joint Task Force, he is in a position to handle the sometimes testy relations with other coalition partners.

He will understand the welfare demands of troops especially those who have stayed more than three years on the frontlines and are battle-weary and others with salary issues.

Described by colleagues as a “no nonsense officer, who will take charge,” Major General Lucky Irabor is urged to clean the Augean stable and restore the image of the military noted for its exploits in Sierra Leone, Liberia, Gambia and other International peace keeping operations and more than anything else keep a clean human rights record to enable the country access weapons from western arms manufacturers.

Irabor had thanked President Buhari for considering him fit for the appointment as CDS and pledged to hit the ground running.

“Let me on this note thank the former Chief of Defence Staff and the former service chiefs for their various contributions throughout their tenure in office.

“Let me at this time invite every Nigerian to please join effort to support us and indeed members of the armed forces and other security agencies in ensuring that security returnS to every nook and cranny of our dear country,” he said.

The Watchmen

As new service chiefs have been appointed to watch the military, Nigerians are watching them. Even their appointment are closely observed by higher heavenly authorities.

The Bible says in James 4:17:”Anyone, then, who knows the good he ought to do and doesn’t do it, sins.”

Profile of the New Service Chiefs

Major General Leo Irabor (CDS)

Major General Leo Irobor is from Agbor in Delta State, he was a member of the Regular Course 39 of the NDA.
He served as a Commander Training and Doctrine Command (TRADOC) of the Nigerian Army, Minna.
Major General Irabor also served as Chief of Training and Operations (CTOP) Defence Headquarters.
He served as the Theatre Commander Operation Lafiya Dole and headed the Multi National Joint Task Force (MNJTF) as the Field Commander.
General Irabor also served as the Chief of Staff to the Chief of Army Staff.
He is a trained Engineer.

Major General Ibrahim Attahiru (COAS)

Major General Attahiru Ibrahim until his appointment as the Chief of Army Staff, was the General Officer Commanding 82 Division, Nigerian Army.
He was appointed to lead the offensive against Boko Haram in the North-East in May 2017.
He was however redeployed by the then Chief of Army Staff, Lieutenant General Tukur Buratai after a string of attacks by the insurgents, including failure after he was given a deadline in July to deliver Boko Haram leader Abubakar Shekau dead or alive within 40 days.

But Attahiru claimed in his valedictory speech as Theatre Commander that his removal was routine and not as a result of failure to fulfil his mandate.
“Permit me to seize this opportunity to clear the air on certain insinuations that had arisen following my posting. May I point out here that such insinuations being touted by a cross section of the media are far from the truth, misleading and capable of eroding the successes so far achieved in the fight against insurgency in the North-east.

“It could also send a wrong signal and precipitate disaffection among troops of the Nigerian Army and indeed the Theatre of Operation. My redeployment to Army Headquarters is a routine posting premised on needs assessment and is a normal exercise in the Nigerian Army. It is a call to higher responsibility and I assure you of my resolve to serve the Nigerian Army and the nation even better in that new capacity.

Rear Admiral Zubairu Gambo

Rear Admiral Awwal Zubairu Gambo was born on 22 April, 1966 and hails from Nasarawa LGA in Kano State. He enlisted into the Nigerian Navy on 24 September, 1984 as a member of Regular Course 36 and was commissioned Sub-Lieutenant on 24 September 1988. He is an Underwater Warfare specialist with a sub-specialisation in Intelligence.

The senior officer has attended several military courses which include; Sub-Technical course and Officers Long course both at NNS QUORRA. He also attended Junior Division 48/99 and Senior Course 26 both at AFCSC Jaji. Other courses attended include the National Defence Course at the South African National Defence College. Until his recent appointment as the CNS, he was the Director of Procurement at the Defence Space Administration.

The senior officer holds a PGD in Transport Management and a Master’s degree in Transport Management (Logistics option) both from Ladoke Akintola University of Technology.

He is also a member of the Nigerian Institute of Management, Fellow of the Certified Institute of Shipping, Fellow of the Institute of Corporate Administration of Nigeria as well as a fellow of the National Defence College, South Africa.

The senior officer has been awarded the Grand Service Star, Distinguished Service Star, Passed Staff Course among other several decorations and awards. He is married to Hajiya Nana Aishat Gambo and the marriage is blessed with three children.

Air Vice Marshal Isiaka Oladayo Amao

Air Vice Marshal Isiaka Oladayo Amao was born on 14 September 1965 at Enugu. He hails from Oshogbo Local Government Area of Osun State, Nigeria. He enlisted into the Nigerian Air Force on 19 January 1984 as a member of 35th Nigerian Defence Academy Regular Course and was commissioned as Pilot Officer on 20 December 1986. He has the following academic qualifications: Master of Science (MSc) in Defence and Strategic Studies from University of Madras India, Master of Military Science and Strategy (MMSc) and Advance Diploma in Defence and Strategy Studies from National Defence University (NDU) China, Post Graduate Diploma in International Relations and Diplomacy from Kaduna Polytechnic Nigeria, National Diploma in Freshwater and Fisheries Technology from Federal College of Freshwater and Fisheries Technology (FCFFT) New Bussa Nigeria and Nigerian Defence Academy Certificate of Education.

Many senior military officers have pointed to a likely synergy amongst the military chiefs especially the fact that the Chief of Army Staff, Major General Ibrahim Attahiru and Chief the Air Staff, Air Vice Marshal Oladayo Amao, are members of Regular Course 35 and would not be disposed to policies that would lead to failure.The issue of operational disharmony as it affects the services in some military operations in the North-east affected the general output in the past. There were cases of ground troops calling for air support and the air force failing to do so. This was more pronounced at a time the former army and air force bosses were allegedly engaged in gritty ego battle on who should become the next chief of defence staff which never materialised. There is, however, a remarkable improvement in recent joint operations

The incessant complaints of abuse of human rights abuse by Nigerian soldiers championed by Amnesty International (AI), Human Rights Watch (HRW) and other Civil Society Organisations (CSOs) cannot be wished away even when military authorities have issued denials because they are a recurring decimal. The Chief Prosecutor of the International Criminal Court (ICC), Fatou Bensouda, said recently that she had enough evidence to open full investigation into continuing violence in Nigeria by Boko Haram fighters and security forces. The ICC boss said she would seek full investigations into possible war crimes and crimes against humanity committed in Nigeria.

She maintained that her office recognised a major part of the crimes were attributable to non-state actors but also found a “reasonable basis” to believe that members of the Nigerian security forces had also committed crimes. According to her, the crimes include “murder, rape, torture and cruel treatment, as well as enforced disappearance and forcible transfer of the population and attacks directed at civilians

Why we banned cryptocurrency in Nigeria – CBN

 

The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist from

transacting in cryptocurrencies.  NEWS LAND

In a statement on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies.

He recalled that all banks in the country had earlier been forbidden, through CBN’s circular dated January 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies.

Nwanisobi noted that the CBN’s position on cryptocurrencies is not an outlier as many countries, central banks, international financial institutions, and distinguished investors and economists have also warned against its use.

He said China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal and Cambodia have all
placed certain level of restrictions on financial institutions facilitating cryptocurrency transactions.

CBN said in China, cryptocurrencies are completely banned and all exchanges closed as well.

Nwanisobi said even famed investor Warren Buffett has called cryptocurrencies “rat poison squared,” a “mirage,” and a “gambling device.”

“Mr. Buffett believes it is a “gambling device” given that they are mostly valuable because the person buying it does so, not as a means of payment; but in the hope they can sell it for even more than what they paid at some point.

During an online forum hosted by the Davos-based World Economic Forum few weeks ago, Andrew Bailey, the Governor of the Bank of England, highlighted the extreme price volatility of cryptocurrencies as one of the biggest flaws and explained that this flaw makes it impossible for them to be used as a lasting means of payment.

“It is not surprising he would take that position because, Bitcoin, the best-known cryptocurrency, hit a record high of $42,000 per unit on January 8, 2021, and sank as low as $28,800 about two weeks later. This is far greater volatility than is found with normal currencies.”

CBN listed the justifications for CBN’s recent policy reminder.

Nwanisobi said first, in light of the fact that they are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria. In effect, the use of cryptocurrencies in Nigeria are a direct contravention of existing law.

He highlighted the critical between a Central Bank issued Digital Currency and cryptocurrencies, adding that as the names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued by unknown and unregulated entities.

“Second, the very name and nature of “cryptocurrencies” suggests that its patrons and users value anonymity, obscurity, and concealment. The question that one may need to ask therefore is, why any entity would disguise its transactions if they were legal. It is on the basis of this opacity that cryptocurrencies have become well-suited for conducting many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.

“Indeed, many banks and investors who place a high value on reputation have been turned off from cryptocurrencies because of the damaging effects of the widespread use of cryptocurrencies for illegal activities. In fact, the role of cryptocurrencies in the purchase of hard and illegal drugs on the darknet website called “Silk Road” is well known. They have also been recent reports that cryptocurrencies have been used to finance terror plots, further damaging its image as a legitimate means of exchange.

“More also, repeated and recent evidence now suggests that some cryptocurrencies have become more widely used as speculative assets rather than as means of payment, thus explaining the significant volatility and variability in their prices. Because the total number of Bitcoins that would ever be issued is fixed (only 21 million will ever be created), new issuances are predetermined at a gradually decelerating pace.

“This limited supply has created a perverse incentive that encourages users to stockpile them in the hope that their prices rise. Unfortunately, with a conglomeration of desperate, disparate, and unregulated actors comes unprecedented price volatility that have threatened many sophisticated financial systems. In fact, the price of ether, one of the largest cryptocurrencies in the world, fell from US$320 to US$0.10 in June 2017. The price of Bitcoins has also suffered similar volatilities.

“Given that unlike Fiat money, which is accompanied by full faith and comfort of a country or Central Bank, cryptocurrencies do not have any intrinsic value and do not generate returns by themselves. When one buys a stock, say of a conglomerate in the Nigeria Stock Exchange, its price reflects the activity and production of that conglomerate and the value people place on their goods and/or services. This price may rise as the conglomerate produces better goods/services and probably gains greater market share.

“The reverse would be true if the conglomerate does not innovate to improve the quality of its goods/services. In other words, the price of that stock reflects market fundamentals. In contrast, , cryptocurrencies do not have fundamentals and would never have fundamentals. Investors only buy in the hope that its use and acceptability will rise, thereby pushing up its demand and price.But since new versions of cryptocurrencies come on stream with new mathematical models, an infinite supply may someday crash the price to zero.

CBN stressed that its actions are not in any way, shape or form inimical to the development of FinTech or a technology-driven payment system.

The apex bank said to the contrary, the Nigerian payment system has evolved significantly over the last decade, leapfrogging many of its counterparts in emerging, frontier and advanced economies propelled by reforms driven by the CBN.

The statement said this was evident from the variety of participants, products, channels, cutting-edge technology in the payments system.

CBN said the system was validated by the astronomical growth of volume/value of transactions and the fact that Nigeria is an investment destination of choice for international financial technology companies because of CBN’s policies that have created an enabling investment environment in the payments system.

BIAFRA : Soldier Killed In Orlu Clash Laid To Rest

 

A source told SaharaReporters that the soldier was one of many officers who passed away in the community recently.

Amember of the Nigerian Army who died in the Orlu clash between the Army and operatives of Eastern Security Network has been buried on Saturday.

A source told SaharaReporters that the soldier was one of many officers who passed away in the community recently.

According to him, the military authorities tries as much as possible to cover up the death of soldiers, leaving such incidents unreported.

He alleged that a similar situation occurred during the #EndSARS protest where a soldier was among the four persons burnt to death. 

He said, "Meanwhile, in a compound, block 17 in Obinze barracks, a soldier also was among the 4 people burnt to death during the #EndSARS aftermath but the military killed the story.

"Orlu has been a big problem to 34 Artillery Bridge."

Orlu in Imo State made the headlines recently when operatives of the Nigerian Army clashed with members of the Eastern Security Network, a group formed by Nnamdi Kanu, a major agitator for the realisation of Biafra. 

Kanu has said the aim of the ESN was to protect the region from the activities of kidnappers and killer-herdsmen. 

According to reports, shoot-outs between members of the ESN and the Nigerian Army led to the deaths of innocent civilians. 

Five persons, including a middle-aged woman, were said to have been killed by stray bullets from guns of the Nigerian Army while some properties were burnt.

The soldiers were said to have been drawn from the 34 Artillery Brigade in Obinze.