From Ene Asuquo, Calabar

With just one week to cross river local government election, the   leadership of Inter-party Advisory Council IPAC has warned residents of the state against engaging in elections rigging, political violence, thuggery and acts that are inimical to the development of the State.

The stated chairman of IPAC Effiom Edet gave the warning during the flag -off of sensitization campaign rally against election rigging, thuggery and political violence in the forthcoming Nov.

The chairman stated that no country succeeds in choosing their right leaders in an election that is marred by violence and irregularities.

“Election is not a do or die affair, local government council elections which are to be conducted by November cannot be a so or die affair.

“We are taking this sensitization and campaign against violence and thuggery across the three Senatorial districts of the state to educate our people on the subject matter.

“We are here to educate the people on the consequences of engaging in rigging and political violence. Once you rig, you deprive the people of the opportunity of choosing the right people to lead.

“We are asking residents of the state to come out en masse to cast their vote on candidates of their choices for the local government elections.

“This is why we decided to flag off this sensitization exercise to let our people know that Electorates should not feel intimidated on that day but to come out and vote for candidates of their choices. Candidates whom they know will attract development to the grass root,” IPAC chair maintained.

From Marcel Duru, Charity Wins Owerri

Over 1000 Youths resident in Nsu Cmmimity, Eheme Mbano Local Government Area of Imo State have vacated the area over mass arrest by the Nigeria Police Force.

Speaking with journalists at Douglas Road Owerri, Imo State yesterday, one of the victims, Jude Ezeala said that the arrest was in respect of the burning of Open University located at Nsu Community in Eheme Mbano LGA of Imo State.

He stated that he relocated to Owerri when Army and  Police went to the market known as Oriagu market and arrested some youths which include motorcycle operators, Palm Fruit harvesters and took them to Imo Police   Headquarters in Owerri, Imo State and labelled them suspects.

In the same vein a Medical Practitioner based in the area   Dr. Frank Madu has stated that over 5000 people residing in communities   more especially youths have vacated the area and relocated to different towns outside the State for fear of being killed as Unknown Gun Men by the Nigerian Army deployed in the area by the Federal Government in conjunction with the Governor of Imo State senator Hope Uzodimma.

He said that the relocation started gradually when Security Operatives headed by fierce Military men killed suspected UGM during a down raid on the Nsu Community Eheme Mbano Local Government Area of Imo State.

He revealed that the presence of heavily armed military were scaring people in the communities, adding that what made the residents change their mind completely was the recent deployment of over 1000 Soldiers  driving in a motorcade accompanied by Police with several armored carriers.

He conclude  that tension has pervaded  as military were deployed and patrol in every nooks and crannies harassing humiliating and killing innocent people and branded them arsonists 

It could be recalled that the Commissioner of Police Imo State Command has issued a press release to journalists telling them that the Command has arrested eight suspected arsonists.

By Tony Obiechina, Abuja

The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama has stressed the need for stakeholders to adapt regulatory frameworks to align with the evolving Financial Action Task Force (FATF) standards.

According to him, failure to do so would not only jeopardize the integrity of the capital markets, but also pose a risk to Nigeria and the global financial system.

He stated this at the Compliance Summit 2024 organised by the Nigerian Capital Market Institute, a subsidiary of the SEC, with the theme: Navigating Regulatory Challenges: Aligning with Changes in FATF Standards in the Era of Virtual Asset Service Providers held in Lagos, Monday.

FATF guidance helps countries implement effective regulations, addressing risks associated with virtual assets.

Agama said as virtual assets continue to gain prominence, navigating regulatory challenges in the space requires proactive engagement with FATF standards adding that collaboration between regulators, VASPs and stakeholders ensures effective implementation.

Agama said the event is a testament to the collective commitment by stakeholders to ensuring that the Nigerian capital market remains at the vanguard of global financial integrity and efficiency, while fostering an environment conducive to progress and innovation.

He disclosed that the rapid evolution of virtual assets and the emergence of the related service providers have brought considerable changes to the financial landscape, creating opportunities and, invariably, carrying with it untold regulatory challenges that necessitate our immediate and appropriate attention.

He said, “During this summit, we will explore critical topics such as the unique regulatory implications posed by virtual assets service providers, the importance of compliance in safeguarding our markets, and strategies for implementing effective risk management protocols.

“We will be graced with presentations and discussions on these issues from leading experts and professionals, who will share their insights and experiences on industry best practice and regulatory developments”.

The SEC DG said the Summit serves as a platform for all stakeholders—regulators, operators, financial institutions, and technology innovators—to collaborate, share knowledge and chart the way forward as may be collectively desirable adding that all must therefore harness the strength of collective expertise to navigate the regulatory challenges ahead.

He said some recent changes in FATF standards significantly impact virtual asset service providers and these key updates include: Expanded VASP definition: Custodial wallet providers, exchanges and peer-to-peer platforms are now recognized as VASPs, Travel Rule: VASPs must share customer information during transactions, enhancing transparency, Licensing and registration: VASPs must register and obtain licenses, ensuring accountability and Enhanced AML/CFT measures: Strengthened regulations combat money laundering and terrorist financing.