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Ex-Binance CEO Scheduled To Be Sentenced In US Court

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Federal prosecutors in the US are urging for the imprisonment of former Binance CEO Changpeng Zhao as he appears in court on Tuesday on money laundering charges.

As part of an agreement with US authorities, Zhao, a Canadian citizen, stepped down from his position at the world’s largest cryptocurrency exchange platform late last year.

Zhao admitted guilty to breaching US anti-money laundering regulations, while Binance reached a settlement in February agreeing to pay $4.3 billion to resolve the charges.

According to a court filing, prosecutors are seeking a $50 million fine and a three-year prison sentence for Zhao, which is uncommon for a crime that usually results in probation.

“He made a business decision that violating US law was the best way to attract users, build his company, and line his pockets,” Justice Department lawyers said of Zhao in a sentencing memorandum.

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NIN: NIMC says Front End Partners, agents across Nigeria to undergo security checks

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The National Identity Management Commission (NIMC) has said its licensed Front End Partners (FEPs) and verification agents across the country will now go through a mandatory security vetting.

The Commission disclosed this in a statement issued on Saturday by its Director of Corporate Communications, Kayode Adegoke. According to the statement, the vetting is part of measures to ensure the security of the National Identification Number (NIN) database.

This comes amidst concerns over the security of Nigerians data and recent alleged data breach by a third party.

Secure identity Reaffirming its commitment to providing secure identity services and protecting the citizens’ data per its mandate as Nigeria’s foundational identity provider, the Commission said it has also implemented enhanced measures to safeguard the information stored in its National Identity Database.

“These actions align with the commitment outlined by the Director-General/CEO, Engr Abisoye Coker-Odusote, upon assuming office in August 2023. Engr CokerOdusote emphasized that the NIMC collaborates with relevant security agencies to uphold the utmost data security standards and regulatory compliance.

“As part of these new security protocols, all Licensed Verification Agents, Front End Partners (FEPs), and Diaspora FEPs will undergo rigorous security vetting to ensure adherence to global best practices in identity management. Any FEPs in violation will face sanctions by established regulations and the nation’s laws,” it said.

The Commission said it has also temporarily suspended the bypass enrollment process to prevent abuse and rectify any irregularities.

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Nigeria is the largest importer of generators in Africa due to insufficient power supply.

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Nigeria generates 5,000MW of electricity with a population of 220 million people.

Egypt generates 59,063MW for 114 million people.

South Africa generates 58,095MW for 61 million people.

Me:

Who is the giant of Africa ?
5,000 MW for 220,000,000 people ????????
59,063 MV for 114,000,000 people ????????
58,095MV for 61,000,000 people ????????
A country ???????? that prays more than every other nation in Africa. A country ???????? with crooks as leaders.

And Meanwhile In Nigeria The Senate And House Of Representative Of That Country Are Debating The Citizenship Of Cattle As Members Of The Population ????

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FG seeks Korea’s investment in electric vehicle projects in Nigeria, assures of incentives

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The federal government of Nigeria wants its South Korean counterpart to invest in electric vehicle projects in Nigeria.

This was disclosed by Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar via his X page on Wednesday.

The request was made during his meeting with a Korean official at the sidelines of the Korea-Africa 2-day Summit.

The summit already saw the South Korean government pledging about $24 billion for the development and trade benefits of African countries including Nigeria.

Nigeria’s Request
Tuggar disclosed that Nigeria was conducive enough to accommodate Korea’s electric vehicle projects.

The call is apparently part of the Nigerian government’s move to diversify its economic from overdependence on crude oil products.

He stated,

“During a productive bilateral meeting at the Korea-Africa Business Summit, I engaged with my Korean counterpart to explore enhanced cooperation.

emerging as the world’s 5th largest electric car seller last year, following BYD, Tesla, VW and Stellantis, as of 2023.

“We focused on strategic areas such as Liquefied Natural Gas (LNG), automotive processes, and potential investments in electric vehicle projects.

“I emphasized Nigeria’s commitment to facilitating Korean investments with incentives and ensuring the security of Korean citizens and assets.”

Also, Tuggar acknowledged the significant contributions of the Korea International Cooperation Agency (KOICA) in Nigeria, particularly in education and entrepreneurship.

He called for the expansion of these initiatives, advocating for increased support in language training and cultural exchange programs.

He called for the expansion of these initiatives, advocating for increased support in language training and cultural exchange programs.

He reiterated Nigeria’s aspiration for a seat on the United Nations Security Council, highlighting the country’s role in Africa and our commitment to promoting denuclearization and peace in crisis-stricken regions.

“In defense, I called for heightened cooperation, seeking support in access to kinetic and non-kinetic weaponry to address the conflicts in the North-East of Nigeria and surrounding communities,” he added.

From the Korean side,

it prides itself on its Korean businesses whose presence in Nigeria is playing a huge role in resource development and construction.

“In construction, the total value of orders received by Korean companies reached US$ 15 billion in 2020, which means that Nigeria is by far the biggest construction market to Korea among Sub-Sahara African countries,” the statement on the Korean government website partly reads.

According to data from the Korean government, InvestKorea, South Korea’s automobile industry produced more than 400,000 electric vehicles, and exports reached 267,000 units in 2022, making Korea, the world’s fifth-largest automobile producer, with its home-based Hyundai Motor Group emerging as the world’s 5th largest electric car seller last year, following BYD, Tesla, VW and Stellantis, as of 2023.

Hence, FG’s plan to offer incentives to Korea is its way of attracting investment from a big player in EV production.

The Director General of the National Automotive Design and Development Council (NADDC), Mr Joseph Osanipin, had said the government recognised the level of investment EVs could bring to the country, adding that the current administration was committed to collaborating with relevant stakeholders to support such innovations.

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