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CBN Postpones The Launch Of Nigeria’s First Digital Currency, eNaira

E-Naira

As Nigerians await the launch of the country’s first-ever digital currency dubbed the eNaira, which was scheduled to be unveiled tomorrow, 1st of October, 2021, the country’s apex bank, the Central Bank of Nigeria (CBN) has announced today, Thursday, September 30th, 2021, that the planned launch of the eNaira will no longer hold tomorrow, as a new date will be announced in due course.

The launch of the nation eNaira has generated a lot of excitement among the citizens who were all looking forward to October 1 as they were eager to get on board and enjoy the new initiative by the CBN. The postponement will definitely come as a huge disappointment as they have to wait for a later date which is yet to be announced by the apex bank.

In the statement released by the CBN and was signed by the Director of Communications, Osita Nwasinobi, The apex bank explained that although they thought that merging the launch of the new digital currency with the 61st Independence Day celebration of Nigeria would be a perfect climax, they went back on that decision  “in deference to the mood of national rededication to the collective dream of One Nigeria.”

The statement titled, “CBN defers eNaira launch to mark Independence Anniversary”, read in part:

“Ahead of the anticipated launch of Nigeria’s Central Bank Digital Currency, known as eNaira, the Spokesman of the Central bank of Nigeria, Mr. Osita Nwanisobi, says the planned unveiling on October 1, 2021, has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence Anniversary.”

While assuring that there was no cause for alarm, Nwasinobi said the CBN and other partners were working round the clock to ensure a seamless process that will be for the overall benefit of the customer, particularly those in the rural areas and the unbanked population.

However, Nairametics has gathered that the unexpected traffic to the eNaira website forced the management of the CBN to go back to the drawing board as the surge was unexpected. According to the economic website,

“An unanticipated surge in visits on the website of the Central Bank’s eNaira initiative has led to the sudden postponement of the launch of the apex bank’s digital currency dubbed “eNaira.” The surge led to a recalibration of the number of potential users, which the bank now believes could be ten times more than earlier expected soon after the launch. The bank, therefore, decided to postpone the launch in order to recheck and retest the robustness, safety, scalability and security of the eNaira system.

“The eNaira website recorded about 480,000 hits the first day it went live. The visits grew to over 1.7 million the next day and has averaged over 2.8 million hits daily since then. Apart from attracting hits, the website has also recorded a surge in usage with the time spent on the site generating content of over 80 GB daily. Nairametrics understands this required that the apex bank conduct another stress test on its systems to ensure it is capable of withstanding a further surge in traffic when they go live.

“The apex bank seems to have learnt from the botched launch of Obamacare which was coincidentally launched on the 1st of October 2013. Back then, the website was unable to consistently handle 500 users at once in the testing phase, and tests failed with 2,000 users over a three-day period, according to a Reuters report at the time. Engineers conducted performance tests just before launch and the results pointed to capacity issues that could affect a smooth experience on the launch date. Yet they proceeded, embarrassing President Obama.

“To sidestep a similar fate, Nigeria’s central bank decided to postpone the launch until they have assurances that their system has the right capacity to withstand a surge in visits.”

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INEC declares incumbent Oyebanji winner of Ekiti State governorship election

The Independent National Electoral Commission (INEC) on Sunday, June 19th, declared the candidate of the All Progressives Congress (APC), Governor Biodun Oyebanji, as the winner of the governorship election held in Ekiti State on Saturday

According to Adenike Oladiji, INEC’s Chief Returning Officer and Vice-Chancellor, Federal University of Technology, Akure, Oyebanji polled a total of 319,224 votes from the 16 local government areas of the State to emerge the winner of the Ekiti governorship election for a second term.

Oyebanji defeated his closest rival, the Peoples Democratic Party (PDP) candidate, Wole Oluyede, who scored 40,543 votes.

Oladiji announced the result on Sunday in Ado-Ekiti, adding that Oyebanji satisfied all the requirements in the election and was declared elected.

Reacting, Ekiti State Governor Biodun Oyebanji said his re-election for a second term is a renewed call to serve.​

The governor, who spoke shortly after he was declared the winner of Saturday’s governorship election, thanked the people of the state for trusting his administration, adding that winning the election means he now has even greater responsibilities.

Oyebanji said he understands the expectations that come with his new mandate and assured residents that his administration will stay committed to good governance and the welfare of the people.

He said, “I have a proper understanding of the responsibility that this victory has placed on my shoulders. It is a responsibility of service, service to the people of Ekiti State.

“I want to assure our people that we will continue to serve them with courage, compassion, humility and the fear of God.”

Regarding his plans for a second term, Oyebanji said his administration would continue implementing the state’s development agenda.

We have a development guide, and we will continue to faithfully implement that plan. At the same time, if there are new issues or areas that require attention, we will review them and ensure they are accommodated. Our focus remains the comprehensive implementation of our development agenda for the benefit of all Ekiti people.”

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I was sacked as APC national chairman via zoom – Adams Oshiomhole

Adams Oshiomhole has revealed that he was removed as APC national chairman through a Zoom-held NEC meeting, claiming court actions and internal party politics were used to force him out after leading the party to electoral victories.

Speaking during an interview on AIT, the senator representing Edo North said his exit from the party’s top position came after he had helped stabilize the APC and contributed significantly to the party’s electoral successes.

Oshiomhole, who served as APC national chairman from 2018 until his removal in June 2020, said he played a major role in helping the party secure victory in the 2019 general elections under then-President Muhammadu Buhari.

“I led my party to victory under Buhari. With my colleague in the National Working Committee, NWC, we were able to fix the leadership tussle of the National Assembly, both the Senate and the House Representatives effortlessly,” he said.

“Our president didn’t have to run around the country to talk to people. We did the marketing, explanation, persuasion and all the tools available to manage democracy.”

The former Edo State governor said events took a different turn after the party became more stable, alleging that efforts were made to remove him from office.

“Once the system got stabilized, I was sacked through a Zoom, and when people couldn’t get me removed democratically, they claimed that eight members of my Ward signed a petition that they passed a vote of no confidence on me.

“And on that basis they took the matter to the court, which granted their interim order. I appealed the order. The Court of Appeal quashed it. Three weeks later, the Court of Appeal called us back and restated the order. A few days later, I saw for the first time a National Executive Council, NEC, held by Zoom in the villa,” he said.

Oshiomhole’s removal as APC chairman followed a prolonged internal crisis within the ruling party. At the time, the party’s National Executive Committee dissolved the National Working Committee and approved the formation of a Caretaker/Extraordinary Convention Planning Committee to oversee party affairs.

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Court orders INEC to deregister ADC, four other political parties

A Federal High Court sitting in Abuja has ordered the Independent National Electoral Commission (INEC) to deregister the African Democratic Congress (ADC) and four other political parties over their poor electoral performance.

The affected parties are the Action Peoples Party (APP), Action Alliance (AA), Accord Party (AP), Zenith Labour Party (ZLP), and the ADC.

The ruling followed a suit filed by a group of former lawmakers who asked the court to determine whether INEC is constitutionally obligated to remove political parties that fail to meet the requirements outlined in Section 225A of the 1999 Constitution (as amended).

According to the plaintiffs, the five parties failed to satisfy the constitutional conditions required to retain their registration. These include securing at least 25 per cent of votes in a state during a presidential election, winning a seat in the National Assembly, a state House of Assembly, a local government chairmanship position, or a councillorship seat.

The group argued that the parties failed to meet these benchmarks during the 2023 general election and in subsequent by-elections conducted by INEC.

They further contended that allowing political parties with little or no electoral support to remain on the register undermines the integrity of Nigeria’s electoral system and goes against constitutional provisions.

The plaintiffs urged the court to compel INEC to deregister the parties before preparations for the 2027 general election gather pace.

They also sought an order restraining the affected parties from taking part in elections, conducting party primaries, organising political rallies, or carrying out other political activities pending compliance with constitutional requirements.

Delivering judgment, Justice Peter Lifu agreed with the arguments presented by the plaintiffs and ordered INEC to deregister the five political parties.

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