Tag: Digital

  • NDDC to boost digital learning in Niger Delta

    NDDC to boost digital learning in Niger Delta

    The Niger Delta Development Commission (NDDC) will boost digital learning by linking the entire Niger Delta with fiber optics that will facilitate internet penetration and spread.

    Chairman of the NDDC Governing Board Senator Victor Ndoma-Egba stated this when members of the Governing Council and Management of the Cross River State College of Education, Akamkpa, visited him at the commission’s headquarters in Port Harcourt.

    Senator Ndoma-Egba said the commission was making efforts to create a new environment that would bring the Niger Delta in line with the digital age. “We will challenge the creativity of our young men and women and we will also help our tertiary institutions to key into the modern ways of learning,” he said.

    The Chairman added: “the world has gone digital and learning is now electronic-based. “If we don’t train for the new world, we will be left behind. So everything is technology-based now and we want to leave a landmark contribution at the end of our tenure. We want to link the entire Niger Delta region with fiber optics that will enhance widespread internet usage.”

    Ndoma-Egba said he and the NDDC Managing Director, Mr Nsima Ekere, recently visited São Tomé and Principe to discuss with the country’s Prime Minister on the possibility of benefiting from their own excess internet capacity. He noted that the discussions were very positive.

    He assured the team from the College of Education Akamkpa, that they and other tertiary institutions in the region would benefit from the proposed high-speed internet network.

    The NDDC Chairman advised: “I want to urge you to look in a new direction of education, which is technology-based and driven by e-learning. That is where the future is anchored. I don’t want you to train people for the world that has passed. Let us train people for today’s world.

    “I want to assure you that we will make sure that all your needs are looked into. We will attend to your requests sympathetically and urgently.”

    Senator Ndoma-Egba maintained that education, being one of the core mandates of NDDC, would always be given utmost attention.”

  • DDA3: Sahara Group advocates digital revolution 

    DDA3: Sahara Group advocates digital revolution 

    Executive Director at the Sahara Group, Tonye Cole has said the industrialisation of Africa in the next decade must be owned and led by Africans with key support from the private sector as well as regional and multilateral organisations.

    Citing the need for a robust “digital infrastructure”, Cole urged African leaders to commit to having a digital highway that connects the various nations. “It will form the basis upon which everything else will thrive. It will unleash jobs for our teeming youths, deliver education to the uttermost corners of the continent, connect farmers and entrepreneurs to the world, deliver healthcare to remote locations and inspire electrification projects across borders.”

    Cole who is also co-funder of the leading African energy conglomerate represented the Private Sector on a panel during a session on Africa at the recently concluded 72nd United Nations General Assembly in New York.

    Themed: “Third Industrial Development Decade for Africa (IDDA3, 2016-2025): From political commitments to actions on the ground,” the session sought to address, among others, the environmental, social and economic challenges and opportunities that the continent faces in its quest for sustainable development.

    According to Cole, a strategic digital revolution would also expose abuse and injustice, enhance law enforcement and justice, address inequality and transparency, build strong institutions and foster partnerships towards actualising sustainable development.

    In 2016, the United Nations Industrial Development Organisation (UNIDO) proclaimed the decade 2016-2025 as IDDA3 following a United Nations General Assembly resolution – signalling the need for collaborative efforts geared towards ensuring the continent fits into plans aimed at realising the 17 SDGs by 2030.

    Cole highlighted the continent’s youthful population, agriculture and education as avenues that can be explored to foster development in Africa.

    He said Sahara Group’s corporate responsibility interventions show that people empowerment is critical to achieving industrialisation.

    The panel was moderated by CNN News anchor Zain Asher. Introductory remarks were given by Li Yong, Director General,  UNIDO, and Ms. Amina Mohammed, former Minister for Environment of the Federal Republic of Nigeria and Deputy Secretary General of the United Nations.

    Speakers on the panel included H.E. Mr Edgar Lungu, President of Zambia, H.E. Mr Hailemariam Desalegn, Prime Minister of Ethiopia and H.E. Mr. Mokgweetsi Masisi, Vice-President of Botswana, amongst many other notable dignitaries.

    Key messages ranged from forging strong partnerships amongst stakeholders of IDDA3, to building resilient infrastructure, promoting inclusivity, establishing sustainable industrialisation and fostering collaboration and innovation amongst African countries.

  • Multichoice: regulatory framework vital for digital migration

    Managing Director, MultiChoice Nigeria, Mr. John Ugbe, has said Nigeria needs  regulatory and legal framework as well as a buy-in from all stakeholders to make a successful transition from analogue switch off.

    Ugbe stated this in a keynote address delivered at the third   Digital Migration Summit, in Lagos. It was organised by Broadcasting Organisation of Nigeria (BON).

    While noting that the country is a late starter on the migration journey, Ugbe said it can learn from the experiences of countries that have achieved digital migration and avoid the mistakes from previous exercises.

    “Using the United Kingdom, Kenya and Rwanda as case studies, one common denominator is that they all opted to make Free-to-Air (FTA) cost-free in each country. Another key lesson learnt is that they all had adequate regulatory and legal framework in place and ensured that there was buy-in from all stakeholders. Everyone had a role to play – from making Set Top Boxes (STBs) affordable and partnering the private sector which brought in investment,” he said.

    Digitisation, he explained, will ensure better transmission quality and make more channels available.  As a result, there will be a need for compelling content.

    “It is crucial to make content as engaging as possible, otherwise we will lose our audience. Compelling content is expensive to achieve as it affects cost of equipment, production and distribution, to mention a few,” he added.

    Along with digital migration, he further explained, will come a more effective use of spectrum, with a move from one analogue channel per frequency to over 20.

    While noting that digital migration offers many benefits, Ugbe said it is also accompanied by challenges.

    “That there will be more channels also means that the already limited advertising revenue will shrink further. Additionally, segment boundaries will blur. The internet already enables anyone to create and distribute user generated content. There is tremendous diversification going on and this will continue in the foreseeable future,” he said.

    To get around the challenges, Ugbe called for light- touch regulations that will ensure lower costs for operators.

  • Digital land administration:  Al-Makura signs 1,800 Cs-of-O in six years

    Digital land administration:  Al-Makura signs 1,800 Cs-of-O in six years

    The Governor of Nasarawa State, Alhaji Umaru Tanko Almakura, has signed over 1,800 Certificates of Occupancy  (Cs-of-O) since assumption of office in 2011.

    The issuance of the Cs of O was in line with the  digital land administration policy put in place by the governor.

    The Commissioner for  Lands and Town Planning, Mr. Sonny Agassi, made this known yesterday in an interview with newsmen in Lafia, the state capital.

    Agassi said the Nasarawa Geographic Information Services (NAGIS), a component of the Nasarawa Development Platform, has revolutionized land administration in the state, making it possible for land owners to process their land titles within 24 hours.

    He said between1996 and 1999 when the military held sway, a total of 310 certificates were issued.

    He said  while  214 Certificates of Occupancy were issued between 1999 and 2007, 24 certificates were signed and delivered  from 2007 to 2011.

    He said NAGIS has supported Almakura administration’s policy thrust  through the “strengthening of decision making by providing spatial information, data and services to all government ministries and agencies.”

    He  said the computerization of the cadastral and land registry has also “provided a platform for transparent land transactions and the optimization of workflows  which has improved efficiency in land administration and improved revenue generation, thereby making it possible to project the signing of over 5000 Cs-of-O before 2019.”

    While advising members of the public to take advantage of the robust land policy in the state, Agassi said land management in the state has “stimulated economic development by enabling citizens and private enterprises to register land and property and secure their investments in a transparent and safe system”

    He added: “This has resulted in significant increases in revenues generated. It is important to note that these revenues are sustainable as conveying more Cs-of-O will result in increased ground rent collections”.

    “As more people obtain Cs-of-O,  there is increased investment in the development of new property resulting in development control charges, property taxes and tenement rates”.

    The commissioner emphasized that other remarkable benefits of his administration’s land policy include the complete mapping of the entire state with 10cm ortho-photos of six urban areas and 25cm for all rural areas covering a total of 27,000 square-kilometres of digital aerial photography, the only state in the entire country to complete such mapping.

  • Nigeria restates commitment to digital switchover

    Nigeria restates commitment to digital switchover

    •Minister: we are ready for nationwide roll-out

    Nigeria’s switchover from analogue to digital television viewing is “irreversible”, Minister of Information and Culture Lai Mohammed has said.

    The minister, who restates the country’s commitment to the Digital Switch Over (DSO), announced that it will be rolled out in the six geo-political zones in the next few weeks as a practical demonstration of its commitment to the DSO project.

    Mohammed spoke in Quincy, United States (U.S.), on Tuesday during a meeting with the executives of Gates Air, a market leader in transmission solutions for broadcast network operators.

    In a statement by his media aide, Segun Adeyemi, the minister said the DSO, which was first launched in Jos in April 2016, is ready to be rolled out in six states – Kaduna, Kwara, Delta, Enugu, Gombe and Osun – covering the six geo-political zones.

    He said the switch over from analogue to digital television is “irreversible” because the DSO is a “game changer” that will bring immense benefits to Nigerians and help the government to achieve one of its cardinal goals, which is economic diversification.

    Mohammed said the meeting with the U.S. company, which is a key player in the DSO process, confirmed government’s commitment to the project, which has also been launched in Abuja.

    “The DSO is very important to this administration, because of the limitless potentials that it represents. For us as a government, DSO goes beyond just receiving digital transmission but an avenue to create jobs and ignite the huge creative potentials of our youths. It is also a solution to some of the intractable problems affecting the creative industry, including piracy and distribution,’’ he said.

    The minister, who led a team that includes the Chairman of the House of Representatives’ Committee on DSO, Sunday Katung and Director-General of the National Broadcasting Commission (NBC) Malam Ishaq Kawu Modibbo, inspected the facilities at the company’s sprawling factory, where several equipment meant for the DSO roll-out are being manufactured.

  • WEF, DQ to provide digital learning skills to Nigerians

    Digital Intelligence Quotient (DQ) Institute, an organisation working in collaboration with the World Economic Forum (WEF), has developed a digital initiative aimed at boosting the digital competence of one million younger generations in Nigeria and other countries by 2030.

    The initiative christened DQEveryChild, is a free digital intelligence education programme, which can be ‘plugged and played’ into the country’s education system.

    DQEveryChild is a combination of online education tools and real-time assessment which is free to every child eight and 12 globally, and can be easily incorporated into any national or school curriculum via the DQWorld.net platform, paving the way for a healthier, safer and more prosperous digital economy, for all.

    With the scheme DQ Institute said children will be able to measure their ability and command of digital media, thereby helping to combat their exposure to dangers such as fake news, cyber bullying, online grooming and radicalisation.

    Through the platform, the curriculum of 20 lessons over 10 hours is delivered through storytelling and gamified design, which makes learning interactive and fun and encourages a positive attitudinal shift and behavior.

    The curriculum covers eight core digital citizenship skills including Digital Citizen Identity; Screen Time Management; Cyber Bullying Management; Cyber Security Management; Privacy Management; Digital Empathy; and Critical Thinking; Digital Footprint Management.

    At the end of each lesson, children take an online real-time assessment that will provide DQ scores for each of the skills acquired.

    The DQ Institute, in association with the WEF, will explore the integration of a Global DQ Index – measuring the average DQ across participating countries – within one of the Forum’s main annual reports.

    An official of RAVE et al, a certified-DQ ambassador pioneering the implementation of DQ across Nigeria, Mr. Charity Babatunde, said: “Our children are digital natives, born into a world that offers them incredible opportunities but not without its own fair share of dangers.

    “The eight core digital citizenship skills that DQWorld.net empowers our children with, is a vital necessity for helping them make informed choices and navigate the digital world safely.

    “It is a great honour for me to serve as the pioneer DQ Ambassador in Nigeria (first in Africa) and to be a part of this laudable, award-winning initiative. I encourage parents, schools, government and all other stakeholders to join the #DQEveryChild movement. Let’s make the necessary investment today, in preparing our children for the digital future.”

    Founder and Chief Citizenship Officer of DQ World, Dr. Yuhyun Park, said: “Africa is experiencing explosive growth in the use of the internet. With the increased opportunities offered by this connectivity come new risks, especially for our young children, who are the first generation born and raised in a digital world.

  • Igniting Nigerian socio-economic revolution via digital animation

    Igniting Nigerian socio-economic revolution via digital animation

    Text of a speech delivered by Information, Culture & Tourism Minister Lai Mohammed at the opening of the Seventh African Digital TV Development Meeting in Beijing, China.

    I will like to express my immense pleasure and gratitude for the invitation extended to me and my delegation to attend this 7th African Digital TV Development Seminar here at the scenic Yanqi Lake Resort. I am particularly delighted because I am among friends and staunch allies of Nigeria.

    It is no longer news that a 2014 BBC World Service poll revealed Nigeria to be the most pro-Chinese country in the world, with 85 per cent of Nigerians viewing Beijing’s influence in the world positively. Nothing has changed.

    The great Chinese philosopher, Lao Tzu, once remarked: Be careful what you water your dreams with. Water them with worry and fear and you will produce weeds that choke the life from your dream.

    Water them with optimism and solutions and you will cultivate success. Always be on the lookout for ways to turn a problem into an opportunity for success. Always be on the lookout for ways to nurture your dream. China is an undisputed power today because it has cultivated great success via boundless optimism and persistently finding and creating solutions.

    The world has watched the Chinese people unite in the face of difficult challenges, looked inwards for ways to nurture and actualise their dreams and have succeeded spectacularly.

    The Chinese story is an inspiration for the ages and one the Nigerian people can find some encouragement in. Like China, Nigeria continues to look for ways to harness and optimise its teeming human resources. Like China, it continues to look for ways to build a just, equitable and prosperous society for all its citizens while fighting waste, corruption and other socio-economic virulence. And of course, Nigeria keeps striving for organic, intuitive and homegrown solutions, undaunted by setbacks and false dawns, in its quest to turn problems to progress and claim its place amongst the global greats. This quest has led it to embrace and adopt digital technology solutions.

    Everywhere you look at these days, digital technology is defying and disrupting the old ways of doing things, democratising access to information and improved quality of life as well as proving a great leveller for people in Africa and other developing parts of the world.

    It’s a brave new world and the frenetic, live-at-the-click-of-a-button pace is not for the faint of heart. The lifespan of digital products continue to plummet. And the future predicted by popular science fiction, the future bustling with concepts like augmented and virtual reality, self-driving cars, artificial intelligence, advanced robotics, the Internet of Things, 3D printing and nanotechnology, no longer looks or sounds outlandish anymore. We seem to live it every other week.

    Nigeria’s quest to diversify its economy and stimulate business and employment growth has compelled it to examine the digital economy closely and invest in it more assiduously. For example, the advent of a fast-growing “digital age” in Nigeria, the growing popularity of the Internet, and the establishment of various media-distribution platforms have given rise to an increasing demand for content and services like animation and digital artistry. Ranked seventh in global internet usage, methods of communication and entertainment in the country are fast evolving. Corporate entities and advertising agencies are adopting new creative methods of getting information across. The creative industry, of which film and animation are an integral part, is developing and adopting new technology and the demand for content shows tremendous growth potential with the advent of various digital platforms. A widening gap has been opened and is barely being filled, hence the need for an animation industry to keep up with global trends.

    The animation market is exploding worldwide. It currently represents 25 per cent of the world audiovisual market, a figure that is only set to increase with the introduction of new delivery systems, changing scheduling patterns, and a proliferation of new media forms. The major animation markets include the United States, Canada, Japan, China, France, Britain, South Korea and Germany, while the major emerging animation markets include China, India, Indonesia, and Malaysia. In Africa, we have South Africa, Kenya, and Egypt.

    American animation has developed as America’s sixth largest pillar industry; in Japan, the animation industry has outperformed automobile, iron & steel industries to be the third largest industry; and South Korea has undertaken nearly one third of the global animation production business. Most of the segments in the animation industry are growing at the rate of 10 per cent year-over-year, and some segments are growing at 15 per cent year-on-year. The output value of global animation industry has reached over $300 billion, and animation-related derivatives have exceeded $500 billion. The animation industry has gradually become a pillar of the national economy and a new economic growth engine in some countries.

    The multinational animation studios leverage various forms of partnership, co-production and joint ventures with global partners (countries) who subsidise their national film industries, including animation. Funding flows for co-production from Hollywood to other countries and vice versa have become common practice. As co-production increases, animation studios in China and India have become popular co-production partners of studios in Europe, Japan, and North America.

    From the point of view of the major studios, co-production provides subsidised/cheaper production cost as well as flexibility, while working with small studios and bring new and fresh creativity from other countries.

    Outsourcing of animation has also become widespread. Many entertainment giants such as The Walt Disney Company and IMAX are beginning to outsource an increasing amount of their animation production to Asian countries, particularly India, while other companies are outsourcing animation from India for commercials and computer games.

    In all these, Nigeria, and indeed much of Africa, scarcely play a part in this industry, but aim to rectify the situation by making a grab for their share of the pie in this massive economic boom. Now, why does Nigeria believe it has a shot at this? In the first instance, because it has a ready domestic audience and market, Nigeria has about 86.2 million people online, and that’s 46.1 per cent  of the population, ranking it number one in Africa and number seven in the world. It has 44 million TV viewing homes in the country. Nigeria is expected to switch over to digital broadcasting when all 44 million homes have to invest in purchasing Set-Top Boxes.

    In addition, Nigeria’s telecommunication industry has grown to $25 billion, and active lines are said to be well over 113 million, in comparison with 450,000 people and $500 million investment portfolio in year 2000, again ranking it No. 1 in Africa and 11th in the world.

    Nigeria’s smartphone penetration is estimated at 15.5 million. 70 per cent of the population are below 30 years of age, about 50 per cent are below 20 (approximately 80 million), and over 40 per cent of the total population are children under 14 (over 70 million), while about 20 per cent of the population are teens (approx. 30 million). These demographics amply demonstrate that the uptake of animated content is already guaranteed.

    Secondly, the Nigerian film industry, ranked third in the world on the scale of output, has content consumed nationally and globally and is a ready-made conduit for animation-based content.

    Thirdly, the country boasts of an incredible treasure trove of literature, brimming with exciting classics such as a Forest of a Thousand Daemons, a book translated from its original Yoruba language to English by the Nigerian Nobel Laureate Wole Soyinka, The Lion and the Jewel, The Passport of Mallam Illia and Things fall apart.  These works are crammed with wondrous worlds and richl-realised characters that can be successfully adapted into animated feature length movies and TV series, all capable of astounding and entertaining global audiences. Finally, the country has an English-speaking workforce that can potentially provide a large supply of low-cost, high-quality, creative talent for a thriving animation industry.

    So, what are the challenges Nigeria and other developing African countries facing in joining the animation party? For one, lack of adequate training for creative talent and animators. To build a competent workforce capable of meeting global manpower demands, Nigeria needs to train competent animation, graphic artists and post production professionals. This will cover all the needs of the animation, film and entertainment industry at large. Secondly, it suffers from lack of funding. Insufficient financial support affects the quality of production. This derives directly from inadequate investment in skill development and production tools to achieve competitive global standards. It also prevents independent producers from taking advantage of the global animation space. As far back as 2008, the top four animation producers spent between 150 -250 million euros per country on animation. With just 20 per cent of this, Nigeria can achieve the same production output of animation content that these countries boast of.

    Thirdly, useful partnerships are nearly non-existent.

    Partnerships in terms of software, hardware, distribution, and animation production resources will need to be forged in order to derive maximum value from the investments in training and production.

    Finally, for a long time, previous regimes did not prioritise the animation industry and so it suffered from lack of government support and enabling policies. For the animation industry to thrive, the existence of favorable government support, policies and trade agreements is paramount. In China, for example, there has been a lot of encouragement to develop animation.

    What are we currently doing to rectify the situation and help build up the animation industry in Nigeria? In the words of Confucius: If you think in terms of a year, plant a seed; if in terms of 10 years, plant trees; if in terms of 100 years, teach the people. We must train an army of animation professionals.

    The current administration is committed to developing the animation/creative industry into a new growth sector by promoting Nigeria’s creativity and creating a highly-skilled workforce for the industry. Already, it has created a programme called N-POWER CREATIVE, a job creation and empowerment initiative by the Federal Government of Nigeria for the purpose of training and encouraging the development of creative and technological skills in young Nigerians such as animation, graphic illustration, script writing, story-telling, sequential arts and post-production.

    With such skills, young Nigerians will be able to find employment in the ever-growing creative and animation industry. Its target will be to equip about 15,000 creative industry professionals across story/script writing, graphics/illustration, animation and post-production this year and that figure should rise to 75,000 by 2020 year end.

    By next year, we shall have a pool of creative industry professionals, locally producing content for and providing services to enhance and grow other Nigerian industries and economic sectors as follows: television, education and training, architecture, Nollywood and entertainment, print, animation and visual effects, as well as gaming.

    We also aim to:

    • Be ranked among the top emerging markets in the global animation industry by the end of next year.
    • Rake in $5-10 billion additional revenues from overseas markets by 2020 through co-productions and outsourcing from other major animation and creative industry markets, especially United States (U.S.) and Europe.
    • Be ranked among the top 10 countries with major global animation producing markets for the global industry by 2022.

    We also aim to initiate government and private funding to jumpstart the animation industry. We are working on a slew of annual exhibitions for the creative industry.

    In conclusion, let us reiterate that global animation industry is at a thriving point with content from global locations taking key positions in annual growth. Nigeria’s entertainment in film has positioned itself as the third largest in the world and has content consumed nationally and globally.

    Noting the influence of already established Nigerian entertainment media, the Nigerian animation industry will extend this effect through producing home-grown animation content as well as becoming an outsourcing destination for global animation services.

    Within two years, Nigeria will also position itself as a global power house of the top 5 emerging market destinations for outsourced animation from key animation producing nations.

    All these might look daunting, but we are encouraged, once again, by the immortal words of Lao Tzu: “Do the difficult things while they are easy and do the great things while they are small. A journey of a thousand miles must begin with a single step. With your kind support, we can achieve spectacular success.

  • Lagos digital library berths

    Lagos digital library berths

    Lagos State Governor Akinwunmi Ambode has said the digital library provided by the government will usher speedy development in the education and social sectors.

    Ambode who gave the remark during the launching of the Lagos State Digital Library at the Landmark Event Centre VI Lagos, was represented by the Secretary to the Government (SSG) Mr. Tunji Bello and Special Adviser on Education Mr. Obafela Bank-Olemoh.

    The governor said that the facility would provide 2000 study aids on core subjects from primary to senior secondary school curriculum. He noted that 1600 tutorials, instructional videos, selected e-books for primary to SS3, brief history of Lagos, online forum, podcast and exam-mate test resource would be available in the library.

    He said: “As part of our efforts to build a globally competitive economy and achieve our goal of making Lagos State the next technology hub in Africa, the Code Lagos and Digital Library was initiated.

    “Today, we are unveiling the state digital library, first of its kind in the state and one of the largest learning platform in Africa. Through this platform, we are providing access to learning materials for everyone particularly students and researchers.”

    Ambode said stakeholders would find useful research papers from Lagos State tertiary institutions covering a wide variety of topics on the platform, stressing that vocational training would equally be accessed on the medium.

    “It is aimed at providing unlimited access to knowledge for all through the collective and curation of digital content by online portal. This portal will be accessible via internet connection on a range of devices.

    “Based on available statistics, Africa is expected to reach 500 million internet users by 2020, majority of whom will access internet through a mobile device.

    “This administration is however thinking and working ahead by launching this digital library knowing that technology will play a major role in achieving our dream of becoming Africa’s model megacity and global economic and financial hub.

    “I therefore, use this opportunity to encourage our students, teachers, researchers and everyone that is interested in knowledge acquisition to make use of this platform which can be accessed from any part of the world.”

  • June digital switch over unrealistic, says Fed Govt

    June digital switch over unrealistic, says Fed Govt

    • MTN’s N34b spent

    The Federal Government yesterday said the June 2017 digital switch over (DSO) date is no longer feasible. This shift marks the third time the date is shifted since 2015.

    The government also said it would no longer provide set-top-boxes (STBs) for individual households in the country.

    The box is at the centre of any successful transition to DSO.

    Minister of Information, Lai Mohammed, who appeared  before House of Representatives  ad hoc committee on the process of DSO said the process was being funded with N34billion realised from the sale of spectrum  to MTN Nigeria in June last year.

    According to Mohammed, of the 13 licences issued for manufacturers of STBs, only four are operational, the initial monetary proposal of N60 billion for the project has been affected by foreign exchange and inflation.

    It was in veiw of this that the Federal Government is planning to collaborate with states and local governments in ensuring that the project is not stalled again.

    He also said efforts aimed at accelerating the harmonisation of the  process has commenced as meetings with the governments of Cameroon, Niger Republic, Chad and Benin Republic are underway.

    Speaker Yakubu Dogara, who was represented by the Chief Whip, Alhassan Ado Doguwa, while declaring open the hearing, said there have been allegations that the DSO process was characterised by procedural irregularities, inconsistencies, and misappropriation of funds.

    He said: “I have heard from different quarters that the DSO will re-position the broadcast landscape architecture in Nigeria.

    “We should use all legislative tools at our disposal to ensure its success; our aim is to ensure that Nigerians benefit maximally from this novel modernisation.

    “We will strive to avoid a situation where the country becomes a dumping ground for all forms of digital equipment.”

    On his part, Committee Chairman Sunday Katung regretted that majority of Nigerians are unaware of the switch over despite the launch of the pilot project in Abuja and Jos.

    “Yet, the success story of most countries that have successfully digitised, is hinged on effective public awareness.

    “The June 2017 deadline seems aggressive and unachievable, caution is required here to avoid being victim of our own exaggerated competence.

    “Having missed the deadlines twice, it is important that the DSO transition in Nigeria should not be a political expediency as it is currently viewed, but should be thoroughly reviewed and implemented, taking into the view our current economic realities,” Katung said.

  • Digital currency drops 20%

    A dramatic rally in digital currency bitcoin came to a spectacular end on yesterday with a plunge of up to 20 per cent as China’s yuan rose sharply – further evidence of an intriguing inverse relationship between the pair.

    Bitcoin had gained more than 40 percent in two weeks to hit a three-year high of $1,139.89 on Wednesday, just shy of its all-time record of $1,163 on the Europe-based Bitstamp exchange BTC=BTSP. But it yesterday, dropped as low as $885.41 as the yuan jumped by over one per cent in offshore trading and headed for its strongest two-day performance on record.

    Chinese exchanges have reported high volumes of trading of the web-based “cryptocurrency” over the past year, during which time the yuan has shed almost seven per cent, its worst annual performance since 1994, while bitcoin has surged 125 per cent, outperforming all other currencies for a second year in a row.

    Bitcoin can used for moving money across the globe quickly and anonymously, and operates outside the control of any central authority. That makes it attractive to those wanting to get around capital controls, such as in China, and also to investors who are worried about a devaluation in their currency.

    “Given that the yuan’s weakness over recent months seemed to correlate with bitcoin’s strength more than any other currency, it’s no surprise that bitcoin traders have reacted the way they have to the yuan’s sudden strength today,” said Paul Gordon, co-founder of London-based Quantave, a firm seeking to make it easier for investors to access digital currency exchanges.

    Exchanges in China say they account for more than 90 per cent of global bitcoin trading, which would help explain why a shift in Chinese demand would sharply affect the price.

    But many bitcoin experts say Chinese exchanges overstate their volumes in the digital currency, and attribute sharp moves to speculation by, for example, U.S.-based hedge funds. Some said bitcoin’s fall was a natural reaction to the speed of its previous rise. It is still up more than 50 percent on three months ago, when it was trading at around $600,

    “If something goes up very rapidly…people make a lot of money, and at some point they’re going to want to sell, in order to realise their gains,” said Marco Streng, CEO of bitcoin mining and trading firm Genesis Mining.

    Bitcoin had recovered some of its earlier losses to trade down almost 15 percent on the day at around $950, still leaving it on course for its worst performance in a year.

    On some digital currency exchanges – of which there are dozens – bitcoin did reach record highs late on Wednesday.

    “Once we broke through the nominal all-time high, liquidity dried up – no shorts, no sellers, which means a volatile little bubble formed quickly,” said Peter Smith, CEO of London-based Blockchain, the biggest bitcoin wallet-provider globally. “We are seeing the effects of that now as it breaks. It’s still fairly thin trading volume though, so who really knows where it goes next.”