Nigerian Senator, Ike Ekweremadu's Human Trafficking Case By Judge Jeremy Johnson

 

Senator Ike Ekweremadu, his wife Beatrice Ekweremadu and the doctor, Obinna Obeta have each been convicted for the offence of conspiracy to commit human trafficking. They brought a young man to London to exploit him by proposing to give him money, coupled with facilitating his stay and getting a job in London for the donation of one of his kidneys on behalf of their sick daughter, Sonia.

People trafficking across international borders for the harvesting of human organs is a form of slavery. It treats human beings and their body parts as commodities to be bought and sold. It is a trade that preys on poverty, misery and desperation. The evidence shows that those who are impoverished and often living in multidimensional poverty desperate for a better life and ignorant of the true risks are sometimes willing to donate their organs for money or the chance to work in the UK. Significant risks  are attached to such without proper care.

Judge Jeremy Johnson, in delivering the judgment said that they each played a part in that despicable trade. Obinna Obeta in the past, underwent a kidney transplant at the Royal Free hospital in London in 2021 and said that himself and the donor were cousins, which was a lie. The clinicians at the Royal free and the independent assessors at the Human Tissue Authority were taken in by the lies of Obinna. They believed that the donor was acting altruistically as a good Samaritan. The transplant went ahead. There is no evidence that the donor was given the necessary aftercare. It is not necessary for the judge to make a finding as to whether Obinna exploited the donor. However, what is clear is that you learn from your experience that it was possible to manipulate and corrupt the regulatory system by using a fabricated affidavit by lying about his relationship with the donor and by coaching the donor to lie.

The Senator and his wife have a daughter Sonia who’s very ill, suffering from FSGS Nephrotic syndrome and needs a kidney transplant. Everybody has enormous sympathy for her and the impact on the family. Sonia’s uncle Diwe Ekweremadu knew Obinna Obeta from medical school and got in touch. Obinna then offered to get a donor and a possible donor was then identified. By law, his name will not be published, as his identity will be reserved for some reasons including for his safety.

The donor grew up in a village where he had no electricity or running water. He left school at the age of 15 and went to Lagos where he sold phone accessories from a wheel barrow in a market. He was earning about N3,500 (three and half thousand naira) a day, which is about just 7 pounds. Tests in Nigeria shows that his blood group was the same as Sonia and so he agreed to come to the UK but the court is very certain that the donor did not intend to carryout the donation altruistically.

 

“There was no reason why he should do so”, Judge Jeremy said, as he was not related to the family of Ekweremadu and did not know Sonia or any member of the family. Nothing was put in place to support his future healthcare needs if he donated his kidney. The wealth and power in equality and disparity between the donor and the Ekweremadu family could not have been more marked. The court further pointed out that Ekweremadu is a Senator in Nigeria, has many staffs, owns multiple properties across the globe and more than 400,000 pounds went into his account in a period of 6 months. Unlike the donor who cannot afford a 20 pound fare to travel from Lagos to Abuja. “You each conspired together to bring the donor to UK in order to exploit him. You all knew it was unlawful”, the Judge said.

Ikweremadu was also a Senator in Nigeria that made this same act of human trafficking an offence in Nigeria but still went ahead to commit the offence knowing the full extent of the consequences. Obinna Obeta secured the visa and said that the donor and Sonia, Ekweremadu’s daughter are cousins, which is the same lie he, Obinna had told in the past. To further add salt to injury, Obinna fabricated an affidavit where he testified that Sonia and the donor are indeed cousins.

Obinna also asked Ekweremadu family to pay the donor a fee of N3.5 million naira but the jury rejected that this money was for his loss of earnings. The evidence suggests that a corrupt relationship was established. The clinicians at the Royal Free hospital refused to perform the operation for the kidney transplant because there were concerns about the donor’s age and ethnicity. The doctors, after interviewing the donor were concerned that the donor was not motivated and physically mature to be an organ donor so the transplant was not approved. The court went further to implore clinicians to report situations like these to the police whenever there are suspicious circumstances like these in order to help curb human trafficking. Obvious indicators in the situation were: the donor was not really the cousin of Sonia and they lied about it, the donor did not really understand the risk he was taking and did not have the complete understanding of the consequences.

When the hospital decided not to go ahead with the transplant, there was a sinister development; a consultant and another man examined the donor at the place where he was being kept but did not know the true purpose of the examination. The donor then believed that he was going to be taken back to Nigeria for the transplant to be conducted there. On the 3^rd of May, when the donor was meant to return to Nigeria, he ran away. He spent two nights sleeping rough. On the 5^th of May about a year ago, he went to the police station and told a police enquiry officer and a detective who then carefully listened to the donor. They also made arrangements to protect the donor. Subsequently, Ekweremadu, his wife, Beatrice Ekweremadu and the doctor were all arrested, charged, prosecuted and convicted.

The court was about to give a compensation on behalf of the donor but he refused to be compensated. The police said that the donor spoke with moral conviction despite knowing the benefits of the compensation considering his circumstance.

They were finally sentenced as follows:

Obinna Odetta - 10 years (²/₃ in custody and the remaining on license)

Ike Ekweremadu - 9 years and 8 months (²/₃ in custody and the remaining on license )

Beatrice Ekweremadu - 4 years 6 months (¹/₂ in custody and the remaining on license).

Serie A: Udinese vs S.S.C. Napoli, Victor Osimhen returns the Scudetto to Naples

Game week 33 featured two sides who, based on recent records, are apart from each other in terms of head to head results, class, points and pedigree. Udinese, the home side definitely came into this match as the underdogs, with many expecting Napoli, who have been high flying this season to finish what their fans were expecting them to finish at Naples in their last match against Salernitana. 

Siting currently at first position in the Serie A, with clearly intimidating points, Napoli are expected to be confirmed as champions of the Italian league today if they can just get a point in this game against Udinese.This is probably not a big deal for the current league leaders but you know complacency can be a problem. Also, you never know what football has in store for us. There are normally surprises at the corner.

The game against Salernitana on Sunday, 30^th April, 2023 was definitely a party spoiler, as Napoli were anticipating victory in front of their home fans, who had made a lot of preparation for the predicted victory. Everything was going according to the script when Napoli took the lead and it seemed like it was going to end that way. However, an injury time equalizer by Boulaye Dia brought the game to a stalemate once again, preventing Napoli from being confirmed as winners of the Scudetto since 1990.

As the whistle was blown, Napoli started on the front foot but it took Udinese’s Sandi Lovric only 13 minutes to get on the score sheet, with an assist from Udogie. At this point, eye brows were raised and everyone was already wondering whether there will be further postponement of the party for Napoli. The away side kept dominating the possession but it was the Home side that drew first blood.

At the half time break, it is expected that Spaletti, the Napoli coach would give the right team talk in order to put his team back into the proper mindset and other words, the game. I guess it worked because in the 52^nd minute, the Nigerian striker and the highest goal scorer in the Italian Serie A, Victor Osimhen got the needed equalizer for SSC Napoli. In order not to repeat the mistake in their last match, Spaletti made a few tactical changes in order to preserve the result, as they needed only a draw to be crowned champions.

Finally!!! They did it, as the game ended 1 - 1.

After 33 years of waiting, Napoli are now Champions. Maradona would be really proud.

current serie A league table

Napoli is a professional football club based in Naples, Italy. The team has a rich history and is known for its passionate fans and iconic players, none more so than Diego Maradona.

Past historic moments for Napoli

In 1987, Napoli won the Italian Cup with Maradona as their star player. It was a historic moment for the club and for Italian football as a whole.

The road to the final was not an easy one. Napoli faced tough opposition in every round, including Roma and Juventus. However, with Maradona at the helm, the team was able to overcome all obstacles.

In the final, Napoli faced Atalanta. The match was played at the San Siro stadium in Milan, and it was a tense and closely fought contest. Atalanta took an early lead through a goal from Marco Schenardi, but Napoli was not deterred.

With Maradona pulling the strings in midfield, Napoli began to dominate the game. They equalized in the 28th minute through a goal from Fernando De Napoli. The score remained 1-1 until the end of normal time, and the match went into extra time.

It was in the second half of extra time that Maradona made the difference. He picked up the ball in midfield and went on a mesmerizing run, beating several Atalanta defenders before slotting the ball into the net. It was a moment of magic from one of the greatest footballers of all time.

Napoli held on for the remaining minutes of the match to claim a 2-1 victory and lift the Italian Cup. It was a moment of joy for the players, the fans, and the entire city of Naples.

Maradona's contribution to Napoli's success cannot be overstated. He was the driving force behind the team's rise to prominence in the late 1980s, and his skill, passion, and charisma made him a hero to the Napoli faithful.

The Italian Cup triumph of 1987 will always be remembered as a defining moment in Napoli's history, and it will forever be associated with the genius of Diego Maradona.

Fulham vs Man City: what this result means for Arsenal and the Premier league

This game turned out to be as expected, with everyone predicting that Man City will finally go top of the league ahead of Arsenal and continue their dominance going forward. It only took City 3 minutes to get the party started, as Fulham’s Tim Ream was negligent in his 18 yard box by tripping Julian Alvarez in the penalty box. Erling Haaland took the penalty and scored from the spot kick. 

Once the first blood was drawn, it was City all the way - in control of the majority of the possession and dictating the run of play. City made several attempts to double their lead with multiple attempts from Riyad Mahrez, Kyle Walker and Julian Alvarez but eventually, it was Fulham that got the equalizer in the 15^th minute of the game. The goal came from Vinicius, assisted by Harry Wilson. With that goal making it stalemate, the game was back on.

Mancity continued dominating possession; Fulham’s Tim Ream was then injured, taken off and was replaced by Issa Diop. There was also the Jack Grealish’s attempt that hit the cross bar. It is still crazy how an attempt hitting the crossbar is not regarded as an attempt on target. After, several attempts, City finally broke the deadlock by retaining their lead once again, through a Julian Alvarez’s shot from outside the box. He was assisted by Riyad Mahrez. The game was now 1 -2 in favour of Man City.

The attempts continued but Leno, Fulham’s goalkeeper kept Fulham in the game by making multiple vital saves. City dominated everything from possession to corners to attempts on target. However, Fulham kept pushing, hoping to get a better of their opponents of the day. There were also a few penalty shouts but they were not given. It however, ended the same way, with all the goals coming in the first half of the game.

How did both teams line up?

FULHAM

Fulham lined up with a 4-2-3-1 formation

The shot stopper, Bernd Leno was in goal; a back four of Kenny Tete, Tosin Adarabioyo, Tim Ream, and Andonee Robinson. Harrison Reed and Joao Palhinha played as defensive midfielders. Harry Wilson, Andreas Pereira and Bobby Reid supported Carlos Vinicius in attack.

MAN CITY

Man City lined up with Guardiola’s recent unique formation, 3-2-4-1

Ederson in goal, the back three of Manuel Akanji, Ruben Dias and Kyle Wlaker. Rodri and John stones played as defensive midfielders, while Jack Grealish, Ikay Gundogan, Julian Alvarez and Riyad Mahrez played as attacking midfielders, supporting the goal machine, Erling Haaland as the lone striker.

What this victory means for City and the Premier league.

English Premier league table as at 30/4/23

With one less game played than Arsenal, this victory against Fulham officially takes Mancity to first position (on top of the Premier league), a position that Arsenal has occupied for so long this season. Mancity have played 32 games so far and have acquired 76 points, with a goal difference of 54 goals. They also have 4 draws and 4 losses. The only teams to have lost as few games as City thus far, this season are Arsenal and Newcastle United.

Mathematically, Arsenal can still win the league but faith is beginning to dwindle for the Arsenal faithfuls because of the understanding that once City are on top of the league, it is a one way traffic.

Premier League: Arsenal vs Mancity, Top of the league with a low mentality

 

An English Premier league match which everyone wanted to see today was the game between the contenders for the English Premier league title.

The current league leaders, Arsenal came into this game with a few unpleasant results, as they were expected to keep the momentum going in order to maintain the lead against a resilient Mancity team under Pep Guardiola. Rather, they drew their last 3 games against Liverpool, Westham United and Southampton, who are bottom of the league.

Despite all of these, the game with City, although not an easy game, could have changed Arsenal's fortune. What they needed was a proper game plan and most importantly; the right mentality 🧠

The party started early for Mancity, with Erling Haaland switching roles with Kevin DeBruyne by giving him an assist for the first goal, just within the first 7 minutes. 

A one goal lead doesn't mean much generally in football, as it can easily be overturned at anytime. However, anyone who watched that game could see that it was pretty much game over for Arsenal, as City kept on piling attack after attack. The Arsenal team that has been know through out the season to know how to put passes together couldn't even bark, talk more of bite.

And as expected, City scored a second goal from a set piece - Debruyne put in a beautiful cross past the Arsenal backline only for John Stones to head it in for 2 - 0. It was initially ruled out for offside but after the review by the VAR, City were rightly awarded the goal. 

Going into the locker room at this point, Arteta needed to say the right things and use the best strategy if he wanted to overturn this. Besides, both Liverpool and Westham came back from a two goal lead against Arsenal to draw the game. Nothing was stopping Arsenal from doing the same. After all, they were considered as tittle contenders. This was an opportunity to show how serious they were about winning the EPL.

What happened? City added more pain to the injury by extending their lead to 3 - 0. Some said at this point that it was game over but to be honest, it was pretty much game over from the beginning. The loss obviously didn't come from the score line. Rather, it came from the mentality of the Arsenal players. Arsenal showed no class and too much respect for City to say the least.

The only thing Arsenal could have bragged about at this point of the game was that at least they had restricted Erling Haaland from being on the score sheet.

After a few changes by both managers, Arsenal got a consolation goal, through an unexpected player, Rob Holding from a Trossard assist making it 3 - 1.

Eventually, bad turned to worse for Arsenal as Haaland finally did it. He scored late in the game to make it 4 - 1.

Erling Haaland

The game wasn't as interesting as a lot of football lovers or neutrals would have wanted, as everyone loves an underdog story. It was just sad seeing a team who are top of the table losing not just the game but the mind game as well. City played with class and finesse while Arsenal were just terrible, as their mentality was as clear as broad day light. The mentality of a small club, despite their great history and position on the table.

Despite the loss, Arsenal are still top of the league but Mancity still have 2 games in hand. A team with the right mentality would still keep their focus while hoping that City drop points. Rather, what is expected is that Arsenal go ahead to drop more points rather than turn things around. Perhaps we will have to wait till next season to see the title taken away from Mancity.

Battle of the top 4

On a different note, Newcastle are hoping to return to the Champions league despite being there last about 20 years ago. They made a clear statement after beating Tottenham hospur 6 - 1 in their last outing. 

After the humiliation by Newscastle, Tottenham had to save face by letting their Coach go. A further gesture was made by the club - they returned the money for the match tickets to their fans. Hopefully, this would be enough to turn things around at the Tottenham hospur stadium in their game against Machester United. 

The title race might just be over but the battle for the top 4 is definitely still on. Which clubs from England will progress to the Champions league? We just have to wait and see.

TECHNOLOGY: Twitter blue tick - How to get approved

 

The hottest news right now about one of the most popular social media software (twitter) is that a lot of its users, including celebrities like most popular footballer, Cristiano Ronaldo and popular Nigerian politician, Peter Gregory Obi had previously lost their twitter verification badges otherwise known as blue ticks due to Elon Musk's recent policy that the verification badge must be maintained by subscribing to it financially, contrary to the previous position where it was free for all. 

The subscription ranges from monthly ($8) to yearly subscription. For Nigerians, the yearly subscription is #38,500 (thirty-eight thousand, five hundred naira) at a certain percentage discount. This got the whole twitter community fuming, as it is rather strange to them that they would be paying for their accounts to be verified, as opposed to the earlier position when twitter was under the supervision of Jack Dorsey as the CEO. 

This policy, although may not have sat well with a lot of persons initially, especially those who were already verified and used to not paying for it, it is starting to gain support of persons who now see it as an opportunity to "rub shoulders" with celebrities and elites. With the current situation, a lot of unpopular people are getting verified while celebrities with over 10 million followers who did not pay are unverified. Influencers who lost their blue tick are now predicting that this will bring an end to twitter. Others who paid and just got verified for the first time in their life are calling it a welcome development.

Taka a look at what some verified users are saying:

@AltcoinGlitz is trying to confirm if more persons can see his/her post now 😅

@2MASX is throwing jabs at persons who haven't taken advantage of the blue tick yet.

More comments on the blue tick from @RippleyRippley

Elon Musk has also added another incentive to the verified users that: they will be prioritized. What this means is not clear yet. However, we are guessing that it means that the verified user's post will be ranked above others who are not verified. Meaning that anytime a verified person makes a post, he/she would reach a larger audience than one who is not verified. Another incentive available for verified users is that they now have access to making a post with more words that before. This means that anyone who is not verified is more restricted to making a post with fewer words. Although the fewer words requirement for twitter was meant to be a smart feature, as it requires someone to use few, engaging words to capture the audience, rather than make a post with long epistles. Well, I definitely cannot argue with one of the richest men in the world right now, as to his market strategies.

Although not completely verified as at the time of writing this, it is reported that celebrities who have above 1 million followers are beginning to have their blue tick back even without paying for the subscription. One thing is for sure, newly verified accounts are loving this development as they would love their comments and posts to be prioritized above others. Who wouldn't? As long as you don't see $8 (eight dollars) as a big deal, you would see it as an opportunity to be heard louder than the unverified twitter users. A business person or entrepreneur would see it an an opportunity to market their products.

For those who are are wondering; "what exactly is this Twitter blue tick?"

The Twitter blue tick, also known as the verification badge, is a symbol that appears next to a Twitter account's name, indicating that the account has been confirmed as authentic by Twitter. The blue tick is a status symbol on the platform, and it is highly sought after by individuals and brands alike.

Twitter first introduced the blue tick in 2009 as a way to verify the authenticity of high-profile accounts, such as those of celebrities, politicians, and journalists. Initially, the process of obtaining the blue tick was opaque and only available to a select few individuals deemed worthy by Twitter's staff. However, in 2016, Twitter opened up the verification process to all users, with the aim of making it easier for people to identify trustworthy accounts on the platform.

Procedure for applying

To apply for the blue tick, users must fill out a verification request form on Twitter's website. The form requires users to provide their name, birth date, a government-issued ID, and links to relevant websites that confirm their identity. Twitter states that accounts must meet certain criteria to be eligible for verification, including having a complete profile, a confirmed email address and phone number, and a profile picture and header image, and most importantly, your $8.

Despite the application process being open to all users, Twitter notes that receiving the blue tick is not guaranteed. Twitter states that verification is granted on a case-by-case basis and that not all requests will be approved. However, Twitter does provide a way for users to appeal a denied verification request.

Why get verified?

So why do people want the blue tick so badly? For one, it provides a sense of legitimacy to one's account. In a platform where anyone can create an account and pretend to be someone else, the blue tick offers a way to stand out as a verified and trusted source. This is particularly important for individuals and brands who rely on their Twitter accounts for business or personal branding purposes.

In addition, having a blue tick also comes with some practical benefits. Verified accounts receive higher priority in search results, making them more discoverable to other Twitter users. Verified accounts also have access to exclusive features, such as the ability to filter notifications and the ability to report impersonation of their account.

Despite the benefits of having a blue tick, the verification process has not been without controversy. In the past, Twitter has been criticized for its opaque and inconsistent approach to verifying accounts. In 2017, Twitter briefly suspended its verification program after receiving backlash for verifying the accounts of white supremacists and other controversial figures. Twitter later resumed the program with a new set of guidelines aimed at ensuring that the blue tick is only granted to accounts that are "of public interest."

More recently, Twitter has come under fire for its handling of verification requests from marginalized groups, such as transgender individuals and people of color. Critics have accused Twitter of having a bias towards verifying accounts that align with mainstream viewpoints and ignoring requests from marginalized communities.

To address these concerns, Twitter has made some changes to its verification process. In 2021, Twitter introduced new criteria for the blue tick that take into account a user's impact on their field, community, or culture. Twitter has also announced that it will be expanding the verification program to include more types of accounts, such as scientists, academics, and religious leaders.

To further add to the criticism, as mentioned earlier, it currently requires you to pay for it, despite fulfilling other requirements. 

Overall, the Twitter blue tick is a symbol of legitimacy and trust on the platform. While the verification process has had its share of controversies, Twitter has taken steps to make it more transparent and inclusive. As Twitter continues to evolve and grow, it will be interesting to see how the blue tick evolves with it and it's current CEO, Elon Musk.

The Benefits of the Start-Up Act for Start-Ups and Investors

 

Are you a start-up or investor looking for ways to boost your success? The Start-Up Act offers a range of benefits that can help you achieve your goals. Here are a few of them.

The Start-Up Act is a proposed bill that aims to support the growth of start-ups and small businesses in the United States. It was first introduced in 2011 by a bipartisan group of senators and has since been reintroduced several times. The latest version of the bill was introduced in March 2021 by Senators Kyrsten Sinema and Tim Scott.

The Start-Up Act proposes a number of measures that would benefit both start-ups and investors. In this blog post, we will explore the benefits of the Start-Up Act for both groups.

Benefits for Start-Ups

1. Tax Credits for R&D: The Start-Up Act proposes to extend and expand the R&D tax credit for start-ups, allowing them to deduct up to $250,000 in R&D expenses from their federal taxes. This will encourage start-ups to invest in research and development, which is critical for their growth and success.

2. Immigration Reform: The Start-Up Act proposes to create a new visa category for foreign entrepreneurs who want to start a business in the United States. This will make it easier for start-ups to attract and retain talented individuals from around the world.

3. Access to Capital: The Start-Up Act proposes to increase access to capital for start-ups by allowing them to raise up to $20 million in crowdfunding without having to register with the Securities and Exchange Commission (SEC). This will make it easier and less expensive for start-ups to raise funds.

4. Streamlined Regulations: The Start-Up Act proposes to streamline regulations for start-ups, making it easier and less costly for them to comply with federal regulations. This will reduce the burden on start-ups, allowing them to focus on growing their businesses.

Benefits for Investors

1. Capital Gains Tax Exemption: The Start-Up Act proposes to exempt capital gains on investments in start-ups held for at least five years. This will encourage more investors to invest in start-ups, as they will be able to realize their returns without having to pay capital gains taxes.

2. Qualified Small Business Stock (QSBS): The Start-Up Act proposes to make permanent the temporary 100% exclusion from capital gains taxes on QSBS. This will encourage more investors to invest in start-ups, as they will be able to realize their returns without having to pay capital gains taxes.

3. Investor Visa: The Start-Up Act proposes to create a new visa category for foreign investors who want to invest in start-ups in the United States. This will make it easier for start-ups to attract and retain foreign investors, who can provide much-needed capital and expertise.

4. Crowdfunding: The Start-Up Act proposes to increase the cap on crowdfunding from $1.07 million to $5 million. This will allow investors to invest more in start-ups through crowdfunding platforms, which will benefit both start-ups and investors.

Conclusion

The Start-Up Act is an important piece of legislation that has the potential to benefit both start-ups and investors. By providing tax credits for R&D, creating a new visa category for foreign entrepreneurs, increasing access to capital, and streamlining regulations for start-ups, the Start-Up Act will help start-ups grow and succeed. By providing capital gains tax exemptions, making the QSBS exclusion permanent, creating a new investor visa category, and increasing the cap on crowdfunding, the Start-Up Act will encourage more investors to invest in start-ups. Overall, the Start-Up Act has the potential to create a more supportive environment for start-ups and investors, which will help drive innovation and economic growth in the United States.

One vital question I feel should be asked and answered is: why does any country need a start-up act in the first place?

Having a startup act or a supportive legal framework for startups is important for several reasons:

1. Encourages entrepreneurship: A startup act can encourage and support entrepreneurship by providing a legal framework that makes it easier for startups to start and grow. This can lead to more innovation, job creation, and economic growth.

2. Provides clarity and certainty: A startup act can provide clarity and certainty for startups and investors by defining the legal requirements for starting and operating a startup. This can reduce legal and regulatory barriers and make it easier for startups to access funding and other resources.

3. Facilitates access to funding: A startup act can create tax incentives, grants, and other funding mechanisms that encourage investment in startups. This can help startups access the capital they need to grow and succeed.

4. Protects intellectual property: A startup act can provide legal protection for intellectual property, such as patents and trademarks, which can help startups protect their innovations and ideas.

5. Fosters international competitiveness: A supportive legal framework for startups can attract foreign investment and talent, making the country more competitive on the global stage.

6. Supports job creation: Startups are known for creating new jobs and driving economic growth. A startup act can provide a legal framework that encourages startups to hire and train employees, leading to job creation and economic development.

7. Encourages innovation: Startups are often at the forefront of innovation, developing new products, services, and technologies. A startup act can support this innovation by providing a legal framework that encourages experimentation, risk-taking, and collaboration.

8. Promotes diversity and inclusion: A startup act can promote diversity and inclusion by creating opportunities for underrepresented groups in entrepreneurship, such as women and minorities. This can help create a more inclusive and equitable startup ecosystem.

9.  Enhancesgovernment support: A startup act can enhance government support for startups by creating policies and programs that provide funding, mentorship, and other resources. This can help startups overcome the challenges they face in the early stages of development.

10. Drives economic growth: Ultimately, a supportive legal framework for startups can drive economic growth by encouraging innovation, job creation, and investment. This can benefit the country as a whole and contribute to its long-term prosperity.

In summary, having a startup act is essential for any country that wants to promote innovation, entrepreneurship, and economic growth. By providing a supportive legal framework, a startup act can encourage investment, job creation, and innovation, leading to long-term economic prosperity. Overall, a startup act can help create a more conducive environment for startups to thrive and contribute to the economy.

LOAN APPS: CBN and Google to limit access to their customers' contact list from 31st May, 2023

by Opubo Nengia

Navigating life hasn't been easy for a lot of persons. Some might say life isn't easy for anyone but we can at least agree that it is more difficult for some than others. In order to ameliorate their difficult situation like access to funds to either take care of a pressing problem or pay school fees or start a business, some persons decide to make use of loan apps which normally promises access to quick funds without any formal application process or collateral. What they fail to tell customers however is their mode of redeeming the loan.

The proliferation of loan apps in recent years has revolutionized how people access credit. These apps offer a quick and easy solution to obtaining funds, often without stringent credit checks or collateral requirements. But a clear understanding of how these platforms generate revenue is important. Also, prior to borrowing, it is crucial to carefully review the terms and conditions as these charges may accumulate rapidly, causing potential financial burden.

One vital question though is: how do these financial tech companies that offer loans operate? What is their primary source of income? 

Income of loan apps stems from collecting interest and levying fees. Consequently, after requesting a loan through a lending app platform, you can expect to pay back more than the borrowed amount in terms of interest. Most times, this might depend on several factors such as your credit score level or borrowing limits placed by that mobile app, it's policies and strategies. Usually, in comparison with conventional banks, loan apps impose high-interest rates alongside additional fees designed for circumstances like delayed payments or advanced repayment options. I guess this is what they use in replacing the formality that conventional banks require.

Data and Analytics

Another way that loan apps make money is through data and analytics. When you apply for a loan through an app, you'll be asked to provide a variety of personal and financial information. This information is then used by the app to assess your creditworthiness and determine whether or not to approve your loan.

But loan apps can also use this data for other purposes. For example, they may sell your data to third-party companies for marketing or advertising purposes. They may also use the data to develop new financial products or services.

Referral Programs

Some loan apps also make money through referral programs. These programs encourage users to refer their friends and family members to the app in exchange for a reward. This reward may be a cash bonus, a discount on fees, or some other type of incentive. By incentivizing users to refer others to the app, loan apps can quickly grow their user base without spending a lot of money on marketing.

How Loan Apps Recover Funds

Of course, loan apps don't just make money - they also need to recover funds from borrowers who don't pay back their loans. Here are some of the ways that loan apps do this:

Automatic Repayment

Many loan apps require borrowers to set up automatic repayment through their bank account or credit card. This ensures that the loan app receives payment on time, without the borrower having to remember to make a manual payment. If a borrower misses a payment or their payment is declined, the loan app will typically try to collect the funds again. They may also charge a late fee or penalty for missed payments.

Debt Collection Agencies

If a borrower consistently fails to make payments on their loan, the loan app may turn to a debt collection agency for help. Debt collection agencies specialize in recovering funds from delinquent borrowers, and they may use a variety of tactics to do so. These tactics can include calling the borrower, sending letters or emails, or even taking legal action. It's important to note that debt collection agencies are subject to strict regulations and cannot use harassment or intimidation to recover funds.

Loan Restructuring

In some cases, loan apps may offer to restructure a borrower's loan if they're struggling to make payments. This may involve extending the loan term, reducing the interest rate, or adjusting the payment schedule. By restructuring the loan, the loan app can help the borrower avoid defaulting on their loan and recover the funds they're owed.

Loan apps have become a popular way for people to access credit, but they're not without risks. It's important to carefully read the terms and It's important to carefully read the terms and conditions before borrowing from a loan app and to ensure that you can afford to repay the loan. It's also worth considering alternative options, such as credit unions or peer-to-peer lending platforms, which may offer lower interest rates and fees.

As we've seen, loan apps make money through interest and fees, data and analytics, and referral programs. To recover funds from borrowers who don't pay back their loans, loan apps use tactics such as automatic repayment, debt collection agencies, and loan restructuring.

While loan apps can be a convenient way to access credit, it's important to use them responsibly and to fully understand the costs involved. By doing so, you can avoid falling into debt and ensure that you're able to manage your finances effectively.

The sad thing however is that so many persons have faced embarrassment from a lot of these loan apps operating in Nigeria by contacting the persons on the contact list of the debtor, informing them of the person's debt and telling them to inform the customer so he/ she can pay their debt. This practice has however been frowned at by both the primary regulatory agency in Nigeria, Central Bank of Nigeria and also Google themselves, as these institutions have also been given further instruction that they will no longer be able to access the contacts of their customers from the 31st of May, 2023.

This obviously is an attempt to curb the privacy violations by these financial institutions that operate through loan apps. Whereas it may be good news for some of the customers, some of these institutions are saying that it would be difficult for a lot of persons to get access to loans because they have not yet found a solid way to recover their money in situations of failure to pay on time or at all. One wonders whether this is good news at all for both parties.

What you can take home from this post is that it's important to understand how these apps make their money and how they recover funds from delinquent borrowers. By being informed and responsible, borrowers can use loan apps to their advantage and achieve their financial goals.

NOTE: This is by no means, a form of financial advice. For financial advice, consult a professional