Day: April 5, 2024

Some experts have emphasised the need for cybersecurity literacy to enhance strategic risk management in the capital market. This, they said, would enable the Nigerian capital market to harness the advantages of Artificial Intelligence (AI). They gave the advice at the 2024 Company Secretaries and Registrars' Forum organised by the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) on Thursday in Lagos. The News Agency of Nigeria (NAN) reports that the theme of the event was: 'The Implications of Artificial Intelligence and Cybersecurity on capital market Operations.' Mr Simon Aranonu, the Executive Director, Large Enterprises Directorate, Bank of Industry (BoI), said the advancements in AI technology had permeated every facet of the capital market industry, revolutionising processes and boosting efficiency. Aranonu noted that corporate governance presented an opportunity for board members and top management teams to continually refine their communication skills, bring cyber-litera cy to the boardroom, and enhance their organisations cyber resilience. He stated that while capital markets around the globe were the most data-sensitive segment of the financial industry, AI was reshaping how traders, investors, and financial institutions perceive, analyse, and interact with the markets. According to him, in recent years, capital markets have witnessed a surge in diverse investment opportunities, with massive support from private sector institutions in collaboration with the Federal Government. Aranonu stated that the integration of new and innovative had resulted in increased economic activities, while making the markets susceptible to cyber attacks. 'Currently, Nigeria's capital market is expected to reposition the economy along a path of sustained growth by broadening asset classes, improving liquidity, and deepening transactions. 'The more investments that come into the capital market, the better the economic growth and development outlook. 'Accordingly, proactive measures must be put in place to safeguard the volume of transactions in the capital market,' Aranonu said. He listed impacts of AI and cybersecurity practices in capital markets to include: algorithmic trading, fraud detection, risk management and compliance automation, portfolio management among others. Aranonu stressed that there were preventive strategies for individuals, firms and the general society to prevent and mitigate the impact of cybercrime. 'As we look forward to a cyber-secure future, driven by technology and innovation, there will be opportunities as well as challenges in our day-to-day operations. 'However, we are presented regularly with more tools to combat the threats as they arise. 'Leveraging advanced technologies, fostering global collaboration, and prioritising cybersecurity education and awareness can mitigate risks and ensure a secure digital future. 'What is very clear is that it is increasingly important to stay ahead in the ever-evolving world of AI and cybersecurity,' he said. Mrs Funmi Ek undayo, President, ICSAN, said the forum serve as an avenue to expose participants to modern day practical solutions to problems on company secretarial practices, registrars' functions and related issues. Ekundayo said the event's theme underscored the institute's predisposition with engagement of current issues that expand the frontiers of knowledge through strategic brainstorming and intellectual endeavors. She noted that it was chosen because of its relevance not only to current corporate secretarial practices, but governance practices, especially with the right focus set on capital market operations. 'The depth, scope and utilitarian values of AI to our modern life is so engrossing and multidimensional that it will be an understatement to say we have entered the Age of Artificial Intelligence. 'According to a study by Statista, the global AI market is set to grow up to 54 per cent every single year, the magnitude of that projected growth and the concomitant impact in our everyday life can best be imag ined. 'As a result, some pessimists have even cautioned that its wide applicability in all fields should be strictly monitored in order to forestall the possibility of this phenomenon surpassing human intelligence, and taking over the world from mankind. 'As remote as that postulation may be, it only goes to underscore the truism of limitless possibilities that Artificial Intelligence offers,' she said. Ekundayo noted that while everything in life has both advantages and disadvantages, it had become important to fashion out ways to harness the benefits it offered while whittling down any harm it may bring. Source: News Agency of Nigeria

In accordance with the High Instructions of His Majesty King Mohammed VI, Commander of the Faithful, may God assist Him, the Mohammed VI Foundation of African Ulema, in collaboration with the relevant Ivorian authorities, officially inaugurated the Mohammed VI Mosque in Abidjan on the occasion of Friday Prayer. The official opening of the Mohammed VI Mosque in Abidjan took place in the presence of Special Advisor to the President of the Republic in charge of Religious and Social Affairs, Drissa Koné, Grand Chancellor of the National Order, Ally Coulibaly, and members of the Ivorian government, including the Minister of the Interior and Security, Vagondo Diomandé, the Minister of National Education and Literacy, Mariatou Koné, the Minister of Heritage, State Portfolio and Public Enterprises, Moussa Sanogo, and the Minister of Trade and Industry, Souleymane Diarassouba. The Ivorian Senate Speaker, Kandia Kamara, the President of the Economic, Social, Environmental and Cultural Council of Côte d'Ivoire, Eugèn e Aka Aouélé, and the President of COSIM, Ousmane Diakité, took also part at this event. In addition, the opening of this religious building was attended by a delegation from the Mohammed VI Foundation of African Ulema, led by its Secretary General, Mohamed Rifki, the Moroccan Ambassador to Abidjan, Abdelmalek Kettani, the President of the Foundation's Côte d'Ivoire branch, Cheick Moustapha Sonta, and eminent Moroccan and Ivorian figures. During Friday prayers at the Mohammed VI Mosque in Abidjan, Sermon was delivered by Yazid Radi, President of the Souss-Massa Region Ulema Council and representative of the Moroccan Supreme Council of Ulema, who emphasized the value of brotherhood in Islam and the strong relations between Morocco and Côte d'Ivoire. Testifying to the High Vision of His Majesty the King, Commander of the Faithful, may God assist Him, which reflects His particular commitment to the protection of religious constants, the Mohammed VI Mosque in Abidjan will work to spread wisdom, teach the Holy Quran, celebrate prayer, and promote the noble values of peace, tolerance and dialogue, as advocated by the Muslim religion. True to its mission, the Mohammed VI Mosque in Abidjan will help share Moroccan expertise in managing the religious field, based on the common religious fundamentals between the two countries, symbolizing the fraternal and historic ties between the Ivorian and Moroccan peoples. Construction work on the Mohammed VI Mosque in Abidjan was launched on March 3, 2017 by His Majesty King Mohammed VI, Commander of the Faithful, may God assist Him, accompanied by His Excellency Alassane Ouattara, President of the Republic of Côte d'Ivoire. The work, carried out by Moroccan craftsmen, scrupulously adhered to traditional, authentic Moroccan architectural standards in all their splendor. The Mosque covers an area of 25,000 m2 and includes a prayer hall with a capacity of 7,000 worshippers, as well as a conference room, a library, a commercial complex, green spaces, an administrative pavilion, a ccommodation for the imam and a parking lot. A religious vigil to commemorate Laylat Al Qadr (the Night of Destiny) will be held on Friday evening at the Mohammed VI Mosque in Abidjan, with the participation of Ulema, caliphs of Sufi brotherhoods and Ivorian and Moroccan religious guides. The Blessed Night of Destiny will be celebrated in a climate of spiritual peace and tranquility for the Ivorian and Moroccan faithful. Source:Agence Marocaine De Presse

The Lagos State Ministry of Physical Planning and Urban Development said strategies to develop Alimosho, a densely populated area in Lagos, into a sustainable and functional city, had been identified. The Deputy Director, Public Affairs, Mr Mukaila Sanusi, said this in a statement on Friday in Lagos. Sanusi quoted the Commissioner for Physical Planning and Urban Development, Dr Oluyinka Olumide, as saying this at the final stakeholders meeting on the review of Alimosho Model City Plan, held on Thursday in Lagos. Olumide said that the plan included strategies like higher density housing, low-cost housing options, improved public transportation, and designated focus areas for development. He said that the government was committed to implementing the plan and ensuring different agencies worked together to achieve its goals. ''Several remarkable efforts in directing the growth pattern of our bourgeoning Lagos through plan preparation, execution and implementation have evoked the continuous attention of gove rnment, which now metamorphosed into the preparation of 13 different Master and Model City Plans, 9 Action Area Plans and 9 Development Guide Plans to revitalise the state in both spatial and sectoral aspects.'' The Commissioner said that the Lagos State Government restructured the Ministry of Physical Planning and Urban Development to improve the development of Lagos. This restructuring, he said, aimed to create a more efficient system for achieving a livable, organised and sustainable built environment in the state. He expressed his enthusiasm about the progress being made on developing urban plans for the state. The commissioner said that the rapid progress suggested that the Lagos State government was actively working on creating blueprints for various parts of the city. These plans, he noted, should guide future development in a way that benefits residents. Sanusi also said that a group of consultants presented the revised plan, along with a briefing from a government official. He noted that the p lan included strategies for better housing options, which involved Higher Densification, Regeneration, Low-cost Housing Schemes and Enhanced Public Transportation. He mentioned that 13 specific zones including Ipaja, Amikanle, Egbeda and Igando would serve as focus areas of specific planning policies. Sanusi also noted that the Permanent Secretary, Office of Physical Planning and Urban Development, Mr Oluwole Sotire, explained the purpose and duration of the plan. Sotire said that the 20- year plan was aimed at developing strategies that would transform Alimosho Local Government Area into a model city of choice. He said that stakeholders' contributions were necessary to make the process truly participatory, and the outcome people- oriented. 'Residents are the beneficiaries of the many advantages of the plan, including the creation of employment and wealth, as well as the creation of an inclusive, equitable, effective, efficient and environment-friendly place to live, work and prosper,' Sotire said. The Permanent Secretary, Office of Urban Development, Mr Lekan Shodeinde, said that his office would work with the office of Physical Planning to ensure strict implementation of the plan. The General Manager, Lagos State Planning and Environmental Monitoring Authority (LASPEMA), Mr Daisi Oso; Member, House of Representatives, Alimosho Federal Constituency, Rep. Ganiyu Ayuba, among others, were listed as also being at the event. Source: News Agency of Nigeria

The Ministry of Equipment and Water calls on all road and freeway users to exercise caution and vigilance due to low or non-existent visibility, in anticipation of strong wind gusts with dust, expected on Friday and Saturday. "Following the meteorological alert bulletin issued by the General Directorate of Meteorology, forecasting strong gusts of wind with dust in the provinces of Laayoune, Es-semara, Tarfaya, Sidi Ifni, Tiznit, Taroudant, Chichaoua, Al Haouz, Azilal, Beni Melal, Midelt, Khenifra, Sefrou, Boulemane, Guercif, Taourirt, Driouch, Berkane, Nador, Jerada, Oujda-Angad and Figuig, from Friday April 05 to Saturday April 06, the Ministry of Equipment and Water calls on all road and freeway users to exercise caution and vigilance due to low or non-existent visibility in these weather conditions", said the department in a statement. Source:Agence Marocaine De Presse

The Lagos State Government says the Abiola-Onijemo Link Road with bridge project will be completed by June. The Special Adviser to Gov. Babajide Sanwo-Olu on infrastructure, Mr Olufemi Daramola, disclosed this when he inspected the ongoing project on Friday in Lagos. The News Agency of Nigeria (NAN) reports that the project, when completed, will connect Ifako-Ijaiye and Ojodu local government areas. Daramola recognised that the rainy season was coming soon, and could hinder the construction's progress. He said, however, that the governor's goal was for the project to be completed by June. 'We know we are going into the wet season now. Mr Governor is assiduous of completing this projects around June this year,' According to Daramola, the project is part of the government's THEMES+ agenda, focusing on transportation infrastructure. He said, 'Today we are at Abiola Onijemo project. This is one of the strategic projects being undertaken by Governor Babajide Olusola Sanwo-Olu in line with the THEMES Agenda . 'It's going to connect Ifako College Road with Iju Ifako; it's going to reduce a lot of travel time to commuters and socio-economic importance will go up. 'If you know, this place has always been a flood-prone area in which people living on the other side cannot come across and it's a major strategic bypass. And today it's a thing of joy,' he said. Additionally, the SA said that the last span of the concrete deck on the bridge was ongoing and was a major milestone to be achieved. He expressed satisfaction with the high quality of work done so far, saying it aligned with the governor's strategic plan for the area. He also expressed confidence that, given the project's quality, it would be completed on schedule. 'Looking round. What has been done here is of high quality, good quality in line with Mr Governors strategic master plan for movement of people and commuters in the axis. I'm very happy at this stage. 'I'm convinced that with the quality that has been put into this project, the project is poise d to be completed in due course.' Daramola said that the bridge, on which work began about eight months ago, would reduce travel time. He thanked the residents for their cooperation, saying it is a thing of joy when people are given dividend of democracy and they embrace it. He also thanked other stakeholders who joined hands to make the project a success. The Managing Director, GELD Construction Company, Mr Nabeel Esawi, assured that the project, which was about 75 per cent ready, would be delivered within the stipulated time. 'We commenced work here in October 2022. The project is supposed to be implemented for 24 months but we will finish it before the time, even with all the challenges that we have on the material rate that is increased everyday in Nigeria. 'The drain is almost about 80 per cent ready too,' he said. Source: News Agency of Nigeria

The Al-Habibiyyah Islamic Society (AIS), an Islamic NGO has called for unity and religious harmony as a catalyst for engendering peace and development of the nation. The organisation made call on Thursday in Abuja at special interfaith Iftar programme (TIIP) which had christian clerics breaking fast with their Muslim counterparts to promote peace and unity. Sheikh Fuad Adeyemi, national Chief Imam, Al-Habibiyyah Islamic Society told the News Agency of Nigeria (NAN) that the programme was organised to promote peace, unity and religious tolerance among all Nigerians. 'The essence of this programme is to maintain peace and tranquility and also security purposes. 'When you say peace, it has to be holistic, if one person is not in peace then everybody is not in peace, that is why we are doing this with our Christian brothers to demonstrate that we are one,' he said. Earlier, Rev. Fr. Candice Enyiaka, International Programme Development Specialist, Global Peace Foundation say the initiative was capable of addr essing religious intolerance in Nigeria. He commended the Society for the initiative while calling on other faith organisations to emulate such to promote peace and unity in the country. 'This is a commendable gesture by Al-Habibiyyah by bringing faith leaders from different traditions together to witness and be part of the Iftar and distribution of food to thousands of people from the streets not minding and asking questions. 'I urge other faith based organisations to also emulate this to promote peace, unity and harmony in our country, ' he said. NAN reports that the Christian clerics participated in the Iftar( breaking of fast) and distribution of food to thousands indigents Muslims and non-Muslims. The programme was attended by Islamic and Christian clerics, representatives from the Christian Association of Nigeria (CAN), faith based organisations and traditional rulers. Source: News Agency of Nigeria