Category: Foreign

 

Culled from NewsNav

 

In a significant development, a company director faced a staggering loss of RM11,130,123 due to his involvement in a cryptocurrency investment scheme known as ‘CCERX,’ which was actively promoted on Facebook in September of the previous year.

The gravity of this incident was highlighted by Datuk Rohaimi Md Isa, the deputy director (Investigation) of the Bukit Aman Commercial Crime Investigation Department (CCID). This particular case stands out as the largest recorded instance of cryptocurrency investment fraud.

The affected individual, a 60-year-old company director, took decisive action by filing a police report on January 30 at a police station in Sentul. Subsequently, the police initiated an investigation under Section 420 of the Penal Code.

Providing a broader context, Rohaimi disclosed that the police had been dealing with a surge in reports related to investment fraud since November of the previous year. A total of 124 reports were received from victims across the nation, collectively representing a staggering loss amounting to RM90,364,463.08.

In response to this alarming trend, law enforcement has identified 73 companies and 83 bank accounts associated with these fraudulent activities. Additionally, a singular individual bank account has been flagged as being instrumental in facilitating this widespread fraud.

Expressing concern over the situation, Rohaimi issued a warning to individuals still entangled in the ‘CCERX’ investment scheme.

He strongly urged them to immediately discontinue their involvement and, crucially, report their experiences to the police. Furthermore, he emphasized the importance of due diligence for those considering cryptocurrency transactions.

Prospective investors were advised to thoroughly verify the legitimacy of any service before committing to financial transactions in the realm of cryptocurrency.

This incident sheds light on the escalating challenges posed by fraudulent cryptocurrency schemes, prompting authorities to take proactive measures in safeguarding potential victims.

As the investigation unfolds, the hope is that these efforts will not only bring justice to those affected but also serve as a deterrent against future instances of crypto-related fraud.

In an evolving financial landscape, it becomes imperative for individuals to exercise caution and vigilance when engaging in cryptocurrency investments to protect themselves from such financial threats.

Evon Anak Jerim is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!

 

 

By Paul Ejime

Senegalese President Macky Sall has “taken note” of Thursday’s decision by the Constitutional Council annulling a presidential decree and overturning a controversial law passed by parliament postponing the country’s presidential election scheduled for 25th February.

In his statement on Friday, the President undertook to fully implement the Constitutional Council’s decision by carrying out “without delay the necessary consultations for the organization of the presidential election as soon as possible.”

Under the constitution, President Sall’s mandatory two-terms ends on 2nd April 2024.

One possible political scenario is for the president to hand over power to the President/Speaker of the Parliament, in case the first round and run-off votes are not concluded by the 2nd of April. (Flowerbudnews)

 

By Paul Ejime

Senegal’s Constitutional Council late Thursday overtunred the controversial law recently passed by parliament postponing the country’s presidential election scheduled for 25 February.

In a statement, the Council, whose decisions cannot be appealed against also voided a presidential decree on the postponed presidential vote.

The Council described as unconstitutional the decree and the law passed after opposition MPs were ejected from the floor of the parliamentary Chambers.

A new date for the presidential election is expected to be agreed, but there appears to be a desire to respect the constitutional provision which stipulates that sitting President Macky Sall must vacate power by the 2nd of April at the end of his two mandates.

The postponement of the vote had been greeted by street protests, resulting in at least three deaths.

There was no immediate reaction from the parliament or the presidency to the Constitutional Council’s decision, which followed government’s announcement on Thursday of the release of some political detainees including relatives of opposition leader Ousmane Sonko, jailed for formating insurrection.

The appeasement move by the embattled government of President Sall, could also see the release of Sonko himself and his anointed candidate for the presidential election Bassirou Diomaye Faye, who is also detained and awaiting trial on charges of contempt of court, defamation and intention to cause public disorder.

ECOWAS, the regional bloc has launched diplomatic initiatives to douse the political tension in Senegal, which until recently was considered an anchor of stability in a politically restive region.

On Wednesday, the current Chairman of the ECOWAS Authority and Nigeria’s President Bola Tinubu cancelled his planned visit to Senegal, considered part of the preventive diplomacy.

No official reason was given for the cancellation, but diplomatic sources said that Senegalese government views the political crisis as an internal matter.

The Senegalese ministerial delegation was able to prevent the ECOWAS Mediation and Security Council from discussing the country’s crisis at an extraordinary meeting held last Thursday in Abuja, the Nigerian capital.

These unprecedented developments in Senegal could not have come at a worst time for ECOWAS. Four of the bloc’s 15 member States – Guinea, Mali, Burkina Faso and Niger – are under military rule, and the last three have served notice of their intention to quit the organisation, set up in May 1975, to foster regional integration.## (Flowerbudnews)

– Indians Set to Invest $25 Dollars More – Envoy

 

By Biola Lawal
Abuja (Flowerbudnews): India’s Consul-General in Nigeria, Shri Chandramouli Kumar Kern has reiterated the confidence of Indian investors in the Nigerian economy, disclosing that Indian Manufacturers were set to invest additional $25 Million dollars in the Nigerian economy.

The Indian Envoy made the declaration during the inauguration of a multi-billion Naira pharmaceutical facility by Artemis Laboratories Limited in Ota, Ogun State, a statement by Sayo Akintola, NAFDAC Resident Media Consultant stated.

The Indian Envoy disclosed that, in fact, another set of Indian investors had received approval to invest $25 million in the Nigerian economy

He stated that the Nigerian market’s substantial size made it impossible for any sensible investor to overlook it despite challenges.

Despite the exit of some pharmaceutical companies, Shri Chandramouli Kumar Kern affirmed that Indian manufacturers remained committed to investing in Nigeria.

There is a pressing need for local pharmaceutical manufacturing to meet the healthcare requirements of the Nigerian population, he observed.

India is prepared to collaborate and emphasizes a commitment beyond merely exporting medicines to Nigeria. The intent is to work closely with Nigerian businesses, encouraging the establishment of numerous Indian manufacturing companies within Nigeria, he stated.

While acknowledging that certain life-saving drugs requiring extensive research might not currently be produced locally in Nigeria, he questioned the logic behind importing common medications like Paracetamol.

He emphasized that resources allocated to importing basic drugs such as Paracetamol could be better utilized in other critical areas to foster the development of the Nigerian economy.

The Indian envoy affirmed Indias support for NAFDACs 5+5 policy, designed to promote the growth of the manufacturing sector for the overall development of the Nigerian economy.

He highlighted the journey of Artemis Laboratories Limited, stating that the company transitioned from importation to local manufacturing of pharmaceutical products.

However, he announced Indias readiness to fill the gap left by the exit of some major pharmaceutical companies from Nigeria, emphasizing that the Nigerian market holds immense importance and strategic value that cannot be overlooked.

Ambassador Kumar Kern acknowledged the substantial transformation in NAFDAC but encouraged the Agency to address the request for an increased number of product registrations, particularly for investors engaged in local manufacturing of medical products.

This, he explained, was crucial for ensuring the viability and sustainability of the substantial investments made in constructing the multi-billion Naira factory.

Highlighting the challenge, he stated, Huge investments in machinery becomes unsustainable by having a small range of NAFDAC registered medicines.

They need approval for a large number of products to be able to make it profitable.

Echoing similar sentiments, Mr. Rajesh Gupta, the Group Managing Director of Artemis Laboratories Limited, emphasized that the substantial investments in the new plant marked a significant milestone in the groups dedication to advancing healthcare and contributing to the well-being of Nigerian communities.

Highlighting the challenge, he stated, “Huge investments in machinery become unsustainable by having a small range of NAFDAC registered medicines. They need approval for a larger number of products to be able to make it profitable.”

Mr. Gupta characterized the investment as a strategic and longstanding commitment to advancing Nigeria’s pharmaceutical industries, fostering job creation, and facilitating technology transfer.

He outlined their plan to emerge as a prominent pharmaceutical player in the region, boasting a robust production capacity of over 2 billion tablets annually.

We have already secured additional space to establish this venture. This marks the initiation of a journey towards growth and development for the betterment of the Nigerian citizens and the broader ECOWAS region, he stated.

He emphasised their profound belief in Nigerias healthcare sector potential and the significance of delivering high quality Artemis medicines to a wide audience.

He highlighted the cutting-edge technology employed in the facility, adhering to the highest standards to ensure the production of safe and effective pharmaceutical products.

Mr. Gupta emphasized that the companys commitment extended beyond manufacturing, as they were in Nigeria to encourage collaborations, support local talent, and contribute to the development of the ecosystem through research, innovation, and sustainable practices.

The investor highlighted Nigeria’s potential to emerge as the primary producer and distributor of essential medicines in the broader Sub-Saharan African region.

Expressing appreciation, he acknowledged NAFDAC for its invaluable support in establishing the business, emphasizing the agency’s guidance and collaboration as crucial factors in bringing the venture to fruition.

He conveyed gratitude for NAFDAC’s commitment to maintaining the highest standards of healthcare products and expressed anticipation for their ongoing partnership.

The companys Group Chief Executive Officer, Mr. Nand Kumar, stated that the state-of-the-art facility would enable their team of investors to significantly increase the production of high quality medications.

These medications include those for treating malaria, infections, iron deficiencies, and pain management essential for daily use. He emphasized the pivotal role of the local manufacturing in diminishing dependence on imported medications, making them more affordable and accessible to the general public.

Mr Kumar expressed the managements eagerness and ambition to establish additional medicine factories in Nigeria in the near future, anticipating market growth, increased demand, and investment opportunities within the healthcare sector.

During the inauguration of the new plant, Prof. Mojisola Adeyeye, the Director General of the National Agency for Food and Drug Administration and Control NAFDAC, conveyed her excitement, stating,This is a positive day for us in Nigeria

She mentioned the prevalent news regarding drug shortages and the departure of major pharmaceutical companies from Nigeria, while expressing her enthusiasm about being present at the opening of a local manufacturing company, Artemis Laboratories Limited. Appreciating the investment made in this venture, she remarked,

“For us to be here today, witnessing the establishment of a local manufacturing company, is a significant development for Nigeria. I want to express gratitude for your financial commitment to this endeavour. (Flowerbudnews)

 

Ppp

By Taiye Olayemi

Dr Vijay Chauthaiwale, Head of Department of Foreign Affairs, Bharatiya Janata Party (BJP), has commended Indian Prime Minister, Narendra Modi, for his laudable achievements since 10 years in office.

Chauthaiwale, in a statement on Saturday said that as the Prime Minister goes ahead for the third term re-election, he deserves to be considered for another mandate.

The News Agency of Nigeria (NAN) reports that Modi has served as the 14th Prime Minister of India since May 2014.

He commended two of Modi’s first term policies on demonetisation and implementation of the Goods and Service Tax (GST).

He said that the policy on demonetisation caused a lot of disruption initially but later won the support of the poor as they believed in Modi’s war against black money and corruption.

He noted that while GST implementation was disruptive for businesses, transiently slowed down the economy and ran into teething troubles, the new tax regime made the Indian economy efficient and modern.

“In both instances, the prime minister did not hesitate to put his political capital on the line because he felt the decisions were needed.

“Modi’s strength is his direct communication with people, explaining the rationale behind major decisions, and the humility with which he asks people to tolerate short-term pain, especially in case of demonetisation and lockdown during COVID-19.

“He converted a crisis relating to non-availability of cash into an opportunity by launching the Unified Payments Interface (UPI) and encouraging people to use digital payments.

“Today, UPI is viewed globally as a transformative technology for its ease and security.

“India’s emergence from the COVID-19 crisis has much to do with Modi’s ability to impose a national lockdown and then keep public morale up by leading by example,” he said.

According to Chauthaiwale, there is a significant capacity-building in India’s healthcare infrastructure and success in the manufacture and supply of critical medicines and vaccines.

He said India achieving 200 core vaccinations was irrefutable evidence of Modi’s leadership.

“A consistent facet of Modi’s leadership style is ’empathy’ for common people and this increases the chances of success.

“This process enables him to listen to feedback from the grassroots and accordingly select the right policies,” he said.

Also, Mr Sanjay Srivastava, President of Overseas Friends of Bharatiya Janata Party (OFBJP) Nigeria, said using Indian development as role model for other developing countries would go a long way in global overall development.

He said Modi’s bold and brave leadership styles had transformed India in diverse ways.

According to him, India has become one of the world’s fastest-growing economies, with record-breaking growth rates and unprecedented job creation.

Srivastava noted that Modi’s government had successfully brought about unprecedented unity in India, particularly, Non Resident Indians (NRI) worldwide commending his diligent efforts and accomplishments.

“As India strives to become the world’s third-largest economy, Indian businesses, entrepreneurs, and NRIs should wholeheartedly commit themselves to the goal of VikshitBharat, signifying India’s development in this Amritkaal, the golden era of Bharat,” he said. (NAN)

 

 

By Biola Lawal

Abuja (Flowerbudnews): Nigerian Technical Aid Corps  and the Nigerian Television Authority have agreed to partner to enhance showcasing of Nigeria’s Global Impact on Human Development

The understanding was reached today in Abuja when the Director General of the Directorate of Technical Aids Corps (DTAC), Dr. Yussuf Buba Yakubu visited the Director General of the Nigerian Television Authority (NTA), SalihuA dulHamid Dembos  at the NTA Headquarters.

The two organisations also acknowledged that such fruitful partnership would also help to promote the Foreign Policy Agenda of the Tinubu Administration, a statement by Nkem Anyata-Lafia, the SA Media and Publicity,to the TAC DG, disclosed.

Hon. Yusuf Buba Yakub, said the  partnership was necessary to change the narrative of the contributions of Nigeria to global progress and development of mankind.

The DTAC DG was accompanied on the visit but the entire Management team of the Agency and members of the NTAC delegation led by the Agency’s DG.

Commenting on the visit, Hon. Buba Yakubu said,  ”I am happy that,alongside his entire Management and members of the TAC delegation, we agreed on a working partnership that will enable us promote H. E. President Tinubu’s Foreign Policy Agenda (4Ds) and change the narratives on the contributions of our nation to global progress and development.’: (Flowerbudnews)