New WhatsApp Update: Legal Implications For Group Admins

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New WhatsApp Update: Legal Implications For Group Admins

In the past month, it has been confirmed by WhatsApp that you will soon be able to leave a WhatsApp group without a notification that you have left. This is welcomed by most, as it takes away that awkward conversation of having to explain to others why you left a particular group.

Other updates we will see being rolled out include being able to delete your messages after two days (which currently only allows you to delete a message you may have made in error within one hour); and being visible online only to a specific group of people.

In addition to how these updates are going to affect user-experience, they present burning questions in relation to potential legal implications.

Admins deleting group messages

One update that is much awaited is the ability for WhatsApp group admins to delete messages from a group.

Currently, WhatsApp group admins can only delete their own messages, not those of fellow group members.

The update will assist WhatsApp group admins with the legal implications they may face. As of recently, we have seen an increase of WhatsApp group admins being in hot water for content posted by others in a group.

WhatsApp groups have always been a hot topic regarding legal issues. For one, there are many legal implications for posting online content, no matter which platform you use. Whether you or someone else has posted illegal, defamatory or racist content, you may still be held liable for that content, whether you posted it or not.

Cybercrimes Act

The Cybercrimes Act 19 of 2020 creates offences for threats to people, categories of people and property through data messaging.

WhatsApp group admins need to be mindful of the content allowed to be shared on their WhatsApp groups. For instance, not allowing threats and bullying in a group.

Group disclaimer and guidelines

From the onset of creating a group, it is suggested that a disclaimer, guidelines and the purpose of the group be added.

Is this enough? Not at all. Even with a disclaimer, WhatsApp group admins may still be held liable for the content whether they have not published or forwarded messages themselves.

In South Africa, a court will question the following when deciding liability for a WhatsApp group admin: Was the admin able to stop the illegal content from being published and didn’t; and whether the admin could disassociate themselves from the content published.

To disassociate from the content, one will examine whether the admin called it out in the group and whether the admin took measures to take it down by asking the member to delete the message or remove the member from the group. Not disassociating from the content can be seen as though you are aligned with it.

As from the above, it can be noted that being able to delete group messages will be much welcomed by group admins.

Flutterwave Secures Switching And Processing License From CBN

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Flutterwave Secures Switching And Processing License From CBN

Flutterwave, Africa’s leading payments technology company has been granted a Switching and Processing License by the Central Bank of Nigeria (CBN)— widely regarded as CBN’s most valuable payments processing license.

This license allows Flutterwave to offer transaction switching and card processing services to customers. Others include non-bank acquiring, agency banking and payment gateway services.

The Switching and Processing license allows Flutterwave to enable transactions between banks, fintechs and other financial institutions. The Company is also able to process card transactions, participate in agency banking and offer various payment services without any intermediary. Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses.

Commenting, CEO and Founder, Olugbenga GB Agboola said,

“This is big news for our customers, partners, investors, and other stakeholders. It is an important milestone in our growth story. Building a thriving payments ecosystem in Nigeria, Africa’s largest economy, is in line with our goal of developing a world class and secure payment infrastructure for global merchants and payment service providers across the continent.”

Commenting on the news, Flutterwave’s Chief Regulatory and Government Affairs Officer, Oluwabankole Falade said,

“We’re thrilled to have been issued this license after fulfilling all of the regulatory requirements. The application process was very rigorous and included a detailed review of our operations as a business. As a switch, we have more responsibilities and will continue to work with Regulators to ensure we meet and exceed their expectations.”

Reacting to the news, Onyedikachim Nwankwo, Head of Product Marketing said,

“The license will allow us to offer more services and explore more payment use cases for our ecosystem. With this license, we can offer more value to our customers while taking more control of our value chain to enable an improved payments experience for our enterprise, medium scale and retail customers.”

The application and review process by the CBN was a tough and rigorous process that examined every aspect of Flutterwave’sbusiness, including the company’s financial position.

NGX Rebounds By 39bps As Market Capitalisation Inches Up By ₦104.54 Billion

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NGX Rebounds By 39bps As Market Capitalisation Inches Up By ₦104.54 Billion

The Nigerian All Share Index closed positive at the end of yesterday’s trading session, improving by 0.39% to close at 49,836.51 points.

The performance was due to buying pressures in large-cap stocks such as GUINNESS (+9.88%) and BUAFOODS (+4.48%). Consequently, the YTD return increased to 16.67% as market capitalisation rose by ₦104.54 billion to close at ₦26.88 trillion.

The sectoral performance significantly strengthened as four of the five indices under coverage improved. The Consumer Goods index, the biggest gainer, improved by 1.80% on GUINNESS (+9.88%). The Banking, Industrial and Oil & Gas indices followed suit, rising by 0.62%, 0.37%, and 0.33% on ETI (+1.85%), WAPCO (+4.60%) and ARDOVA (+4.13%) respectively. Conversely, the Insurance index, the only loser, fell by 0.10% on CHIPLC (-7.69%).

Investors’ sentiment strengthened as the market breadth increased to 1.67x from 0.92x. This was illustrated by the advance of 20 stocks, led by GUINNESS (+9.88%) and CAVERTON (+9.62%) and the decline of 12 stocks, led by CHIPLC (-7.69%) and UNILEVER (-7.22%). Activity level strengthened as the total volume and value advanced by 191.66% and 5.35%, as investors exchanged about 367.34mn units of shares worth over ₦3.24bn.

We expect positive sentiment to persist in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.

Fixed Income

There was bearish sentiment across the bond yield curve as three of the four bond yields under coverage closed higher while the FGN-JAN-2026 bond closed flat. The yields on the FGN-APR-2023, FGN-MAR-2024 and FGN-JUL-2030 bond papers compressed by 3bps, 29bps and 3bps respectively.

The Treasury bill yield for the 91-day paper compressed by 1bps to close at 11.55% while the 182 and 364-day paper closed flat at 6.50% and 6.79% respectively.

We expect market activity to be influenced by the liquidity levels in the financial system.

MARKET SNAPSHOT

  • Positive Performance Returns in the Local Bourse, NGX ASI Gains 39bps
  • Bearish Sentiment across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Commodities Market Closes in Red
  • Negative Performance in African Stocks

How Businesses Can Generate Profits By Adopting Consistent Cash Flow Mechanisms

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How Businesses Can Generate Profits By Adopting Consistent Cash Flow Mechanisms

There are many reasons why companies fail, and one reason for failure in business is the lack of funds, the exchange of money for the goods or services provided.

 

There is no point in having a great product when its market value is zero, sooner or later, the competition for market share would shift to those who get enough cash flow regardless of whether they make a profit or not. When a business has cash flow, that is a sign of viability, that it has the capacity to cover its running cost over time, but needs to go through the phases of growth until it is able to begin to add some percentage which can now be kept aside as profit, for reinvestment.

The need for cash in business is so enormous that without some activities running, a total collapse might be inevitable.

 

Why Cash flow is Important To Business Sustainability

Primarily, cash flow generates the working capital for running the day to day affairs of a small business and why it is considered optimum in the life cycle of a small business. A business can be making high volumes of sale and no profit, but needs to be careful with servicing debt, because if it takes a large part of this money before the business breaks even, the cash flow will dry up and the business will eventually fail. Effort should be made to ensure that wholesalers or retailers make some payment before delivering the goods, a payment that comes in long after it is

 

Profit

Profit is what remains of the sales when the expenses of a small business are deducted. The data that constitute production cost of an item should be known as this can be reduced in other to generate the profit that can cover other costs of running the business. A business owner should also be mindful of rapid growth, as it comes with unexpected circumstances that might need to correctional measures.

These are factors that might impede profitability

  1. Operational Problems

Operational problems occur when there is an increase in the volume of production, and this is because the amount of communication, staff, and energy supply that was needed to produce one thousand units of a good per day would definitely increase when demand is high and volume moves to a production of 2000 units per day.

  1. Increased Corporate Spending

It is necessary to avoid spending that has no direct impact on the business in its early stage of growth. Services such as facilities management, staff hiring, delivery services, promotions, and advertisement can be handled in-house by the business instead of making payments that are way ahead of the expenses that should be incurred.

  1. Human Resource Problems

Workers unfamiliar with the corporate goal of the organization can make grave mistakes that could cause the business losses whether, with direct interaction with the customer or negligence to standard operating procedures, staff not having the necessary motivation to work as their salary might just be a way of staying alive, problems with the payroll are potential issues that could hinder productivity.

Domestic Bourse Closes The Week In Positive Territory

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Domestic Bourse Closes The Week In Positive Territory

The Nigerian All Share Index extended its positive performance yesterday, rising by 0.31% to close at 50,045.83 points. The performance was due to bargain hunting in large-cap stocks such as STANBIC (+6.45%) and MTNN (+0.05%).

Consequently, the YTD return increased to 17.16% as market capitalisation rose by ₦84.653 billion to close at ₦26.99 trillion.

The sectoral performance marginally strengthened as three of the five indices under coverage improved while the industrial index closed flat. The Banking index, the biggest gainer, improved by 0.90% on ZENITHBANK (+1.18%). The Insurance and Consumer Goods indices followed suit, rising by 0.85% and 0.38% on NEM (+1.00%) and NB (+3.30%) respectively. Conversely, the Oil & gas index, the only loser, fell by 0.05% on ARDOVA (-2.38%).

Investors’ sentiment strengthened as the market breadth increased to 2.30x from 1.17x. This was illustrated by the advance of 23 stocks, led by FCMB (+9.06%) and STANBIC (+6.45%) and the decline of 10 stocks, led by MCNICHOLS (-9.46%) and RTBRISCOE (-8.57%). Activity level strengthened as the total volume and value increased by 4.76% and 53.00%, as investors exchanged about 240.02mn units of shares worth over ₦2.68bn.

We expect positive sentiment to persist in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.

Fixed Income

There was relatively quiet activity across the bond yield curve as three of the four bond yields under coverage closed flat while the yield on the FGN-MAR-2024 bond compressed by 1bp. The yields on the FGN-APR-2023, FGN-JAN-2026 and FGN-JUL-2030 bond papers closed flat at 7.04%, 12.95% and 12.82% respectively.

The Treasury bill yield for the 364-day paper compressed by 1bp to close at 6.78% while the 91 and 182-day paper yields closed flat at 11.55% and 6.50% respectively.

 We expect market activity to be influenced by the liquidity levels in the financial system.

MARKET SNAPSHOT

  • Domestic Bourse Closes the Week in Positive Territory, NGX ASI Up 31bps
  • Quiet Activity Level across the Bond Yield Curve
  • Positive Performance in Global Stocks
  • Commodities Market Closes in Green
  • Positive Performance in African Stocks

Federal Government Inaugurates Board Of Citizenship And Leadership Training Centre

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Federal Government Inaugurates Board Of Citizenship And Leadership Training Centre

The Federal Government has inaugurated the newly constituted Board of the Citizenship and Leadership Training Centre (CLTC) to handle its affairs, following the approval of the reconstitution of the Board by President Muhammadu Buhari recently.

The Honourable Minister of Youth and Sports Development, Mr. Sunday Dare, who inaugurated the Board members today in his office in Abuja, charged them to work towards ensuring patriotism, nationalism and ethical orientation among the Nigerian youth and citizens in general

He said that their appointment is aimed at ensuring the maintenance of national consciousness and understanding amongst Nigerians through the Centre

Dare called on them to get a history of the recent happenings at the Centre that led to the dissolution of the last Board as it will act as a guide to ensure a smooth running of its affairs with a view to checkmating the various societal challenges being experienced in the country.

According to him, the Centre which has been in existence since the past 70 years has contributed greatly in the provision of leadership training for Nigerians from all walks of life, for the benefit of the general public

“The centre is the only non- formal educational institution in Nigeria that executes experiential and outward bound education. It provides training, utilising natural, physical and man- made environment in an atmosphere in which self- discovery and self- actualisation are based on competence and ability,” he said.

The Minister stated further that the Centre is strategically positioned under the Federal Ministry of Youth and Sports Development to enable it give the desired attention to the youth population in the training and promotion of quality leadership and citizenship traits with focus on patriotism, nationalism and ethical orientation.

He called on them to bring their wealth of experience and exposure to bear in the running of the Centre’s affairs.

In his remarks, the Permanent Secretary of the Ministry, Alhaji Ismaila Abubakar, commended President Muhammadu Buhari for his timely approval of the reconstitution of the new Board to oversee the affairs of the Centre.

Alhaji Abubakar, who expressed confidence in the constitution of the Board assured that the Ministry will continue to provide an enabling environment to enable it achieve its mandate of repositioning the Centre for the benefit of all Nigerians

Responding on behalf of the newly inaugurated board, Alhaji AbdulGaniyu Oniyangi thanked President Muhammadu Buhari for the opportunity given them to serve the nation in this capacity.

He assured that members of the Board will bring in their wealth of experience towards repositioning the Centre for maximum performance and efficient service delivery to Nigerians.

The newly inaugurated Board members are –

1. Bello Usman Muhammed – Chairman

2. AbdulGaniyu Oniyangi -Member

3. Audu Sabo Dantamas- Member

4. Suleiman Dawudu – Member

5. Anthony Otega Osiwe – Member

6. Hezekiah Oladipo Adedeji – Member

7. DCP Rashid Afegbua – Member

8. Brigadier- General E.L. Etuk – Member

9. Commodore Aliu Pindar- Member

10. Hajiya Lami Adamu – Member

11. Lami Bature – (Representative of FMYSD)- Member.

12. Soji Eniade – Director General.

Aboki Rate: Latest US Dollar To Naira Black Market Rates Today, 3rd September 2022

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Aboki Rate: Latest US Dollar To Naira Black Market Rates Today, 3rd September 2022

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx). See the black market Dollar to Naira exchange rate for 3rd September, below. You can swap your dollar to Naira at these rates.

How much is dollar to naira today in black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N693 and sell at N697 on Saturday, 3rd September 2022, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 693
Selling Rate 697

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices varies.

PHOTO: Leadership Team Of Kaizen Institute Pays Courtesy Visit To Mouka

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PHOTO: Leadership Team Of Kaizen Institute Pays Courtesy Visit To Mouka

The leadership team of Kaizen Institute, a global consulting services organization, has paid a courtesy visit to Mouka.

The visit to the market leader in the mattresses and bedding sector of the Nigerian economy was disclosed on Friday.

This was backed by photographs of the visit.

Here’s how How Applied Machine Learning Days (AMLD) Africa Impacted The Continent

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Here’s how How Applied Machine Learning Days (AMLD) Africa Impacted The Continent

AMLD Africa , a free Machine Learning conference, makes it possible for anyone in Africa to learn about AI with world-class speakers and entities. 

15.7 trillion US$. This is the expected contribution of Artificial Intelligence to the global economy by 2030 according to PwC’s report “Sizing the Price” . Here’s how Applied Machine Learning Days (AMLD) Africa is offering free access to high-quality education around AI to democratize AI in Africa, and ultimately, contribute to making sure Africa has a fair share of “the Price”.

The more African can learn, grasp, and be inspired by AI, the more existing projects (or new ones) will leverage data to create a social, economic, and cultural value in local environments. It is with the same ambitious vision that AMLD Africa’s second edition will present AI through an African Lens from the 3rd to the 5th of November at the prestigious Mohammed VI Polytechnic University (UM6P) in Ben Guerir, Morocco.

AMLD Africa is a 3-day conference that consists of both inspiring talks and instructive workshops. Speakers will have an opportunity to inspire African talents, teach those who would like to improve their technical skills and strengthen the African Data Science community such as Zindi. Consequently, AMLD Africa’s conference will embody its motto: Democratizing Machine Learning in Africa.

For their first edition, AMLD Africa was able to present a truly comprehensive platform that included academics from Stanford, the University of the Western Cape and EPFL, corporates from IBM, Google, entrepreneurs and even the Assistant Director of the UNESCO. 3000 participants from all over the continent (50 African countries) were able to contemplate a true picture of AI, a picture where every entity was able to add its colour to make the whole as accurate as possible. If you too are a motivated and passionate AI enthusiast, you can embellish this year’s painting by clicking here (https://bit.ly/3R60MKl) to apply for a talk or a workshop.

When asked on how to retain talent in the african continent: “It is a matter of identifying important problems, and having the opportunity and tools to solve them. Furthermore, the increase of start-ups creates a dynamic and go-ahead environment for machine learning engineers and researches. If we manage to create such an ecosystem, we will be able to bring change, through solving long lasting problems.” A future of Shared AI Knowledge, Opening Keynote, Moustapha Cisse – Head of the Google AI Center in Accra, Ghana.

AMLD Africa not only includes both entities and individuals, but also has a cross-industry approach. Since AI is impacting every sector – finance, national security, healthcare, etc. – of private and public life, AMLD Africa presents the talks within tracks: Healthcare, agriculture and even entertainment for example. Whether it is “Detecting cervical cancer with a smartphone-based solution”, “Measuring and optimizing agricultural production using aerial imagery” or even music generated by AI (that you can listen to in the video below), the talks tackle actual challenges and conveyed the idea that technology is not a goal itself, but rather a tool for the minds and sometimes the ears.

Domestic Bourse Sustains Upward Trajectory

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Domestic Bourse Sustains Upward Trajectory

At the end of yesterday’s trading session, the Nigerian All Share Index extended its positive performance, rising by 0.11% to close at 49,889.80 points.

The performance was due to buying pressures in large-cap stocks such as BUACEMENT (+2.69%) and FLOURMILL (+2.75%). Consequently, the YTD return increased to 16.79% as market capitalisation rose by ₦28.74 billion to close at ₦26.91 trillion.

The sectoral performance marginally strengthened as three of the five indices under coverage improved. The Industrial index, the biggest gainer, improved by 0.99% on BUACEMENT (+2.69%). The Oil & Gas and Consumer Goods  indices followed suit, rising by 0.32% and 0.09% on OANDO (+1.96%) and FLOURMILL (+2.75%) respectively. Conversely, the Insurance and Banking indices, the losers, fell by 0.54% and 0.43% on MBENEFIT (-9.38%) and ZENITHBANK (-2.97%) respectively.

Investors’ sentiment weakened but positive as the market breadth decreased to 1.17x from 1.67x. This was illustrated by the advance of 14 stocks, led by PHARMDEKO (+7.43%) and UPDC (+5.00%) and the decline of 12 stocks, led by MBENEFIT (-9.38%) and CWG (-9.09%). Activity level weakened as the total volume and value declined by 37.63% and 45.95%, as investors exchanged about 229.12mn units of shares worth over ₦1.75bn.

We expect positive sentiment to persist in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.

 Fixed Income

There was relatively quiet activity across the bond yield curve as three of the four bond yields under coverage closed flat while the yield on the FGN-APR-2023 bond compressed by 1bp. The yields on the FGN-MAR-2024, FGN-JAN-2026 and FGN-JUL-2030 bond papers closed flat at 11.64%, 12.95% and 12.82% respectively.

The Treasury bill yields for the 91, 182 and 364-day papers closed flat at 11.55%, 6.50% and 6.79% respectively.

 We expect market activity to be influenced by the liquidity levels in the financial system.

 MARKET SNAPSHOT

  • Upward Trajectory Sustains in the Domestic Bourse, NGX ASI Up 11bps
  • Quiet Activity Level across the Bond Yield Curve
  • Negative Performance in Global Stocks
  • Commodities Market Closes in Red
  • Negative Performance in African Stocks
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