Ict/Telecom
NATO Ministers To Discuss Libya, Afghanistan, Cyber Defence
NATO defence ministers are to meet in Brussels to discuss on the alliance’s post-2014 operations in Afghanistan, cyber defence and providing Libya with security assistance and training.
The talks came a day after alliance members decided to send a team of experts to Libya “as soon as possible’’ to assess ways of providing assistance, NATO Secretary-General Anders Fogh Rasmussen said.
The team would report back by the end of June, he added.
The decision follows a request by Libyan Prime Minister, Ali Zeidan, who visited NATO last week.
The task would be to provide Libya with advice in areas such as “building security institutions,’’ Rasmussen said, pointing to NATO’s experience in this field.
He stressed that no troops would be deployed to the North African country.
“If we are to engage in training activities, such activities could take place outside Libya,’’ the NATO chief said.
An attack last September on the U.S. consulate in Benghazi, which killed the ambassador and three other U.S. citizens, has raised questions about the safety of foreign personnel operating in the country.
Rasmussen said the assistance would be “a fitting way to continue our cooperation with Libya.’’ NATO enforced a no-fly zone to support the popular uprising that toppled the country’s dictator, Muammar Gaddafi, in 2011.
On Wednesday, Afghanistan will feature on the agenda, but no decision is likely on the final number of troops and trainers to be stationed in the country after the NATO-led ISAF mission ends in 2014.
The budget for the follow-up operation still remains to be finalised.
The 50 members of ISAF are due to adopt broad guidelines for the post-2014 training and support mission, Rasmussen said.
“The number of troops and trainers will be significantly lower than in the current ISAF mission and it’s also our intention to ensure a regional footprint, that is a number of regional training centres,’’ the NATO chief added.
For the first time, cyber defence will also be on the ministers’ official agenda, allowing them to discuss ways in which NATO could do more to protect individual allies if they come under attack.
“NATO already protects the networks which we own and operate, and we will continue to do so,’’ Rasmussen said.
Days earlier, U.S. Defence Secretary, Chuck Hagel, warned that cyber attacks originating in China were becoming a serious military concern that needed to be addressed urgently and amicably.
France has also stated that cyber attacks could be considered an act of war in its ‘white book’ of defence guidelines issued earlier this year.
But NATO members disagree over the role that the 28-member alliance should play in cyber defence, according to diplomats.
While some smaller members want NATO to play a more decisive role, others believe that bilateral assistance would be more efficient, one diplomat said.
The Managing Director, Shell Nigeria Exploration and Company Limited (SNEPCo), Elohor Aiboni, said Bonga, Nigeria’s first deep-water asset, has recorded major milestones, due to effective leadership, cutting-edge technology, continuous improvement and collaboration with stakeholders.
She noted that since coming on stream in November 2005, Bonga has maintained a track record of production that saw it achieve one-billion-barrel export on February 13, last year.
In her presentation, titled “The Bonga Journey to a Billion Barrels”, at the ongoing 2024 Offshore Technology Conference in Houston, Texas, United States, Aiboni, said: “SNEPCo is grateful for the contributions of all the parties to the Bonga story and we can all be proud of the milestones.
“Bonga has been consistent. In 2014, nine years after coming onstream, it achieved half a billion barrels of crude and doubled it in 2023. We have worked relentlessly to ensure excellent asset management, project and wells delivery and deployment of technology and innovations in our operations”.
According to her, these factors, “coupled with the supportive partnership of the Nigerian National Petroleum Company Limited and our co-venturers – TotalEnergies, EP Nigeria Limited; Nigerian Agip Exploration; and Esso Exploration and Production Nigeria Limited, make Bonga stand out as a world-class investment case”.
She continued that, “SNEPCo also enjoyed the support of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Content Development and Monitoring Board (NCDMB) in the success of Bonga operations”.
Aiboni also listed the challenges of keeping the Bonga Floating Production, Storage and Offloading vessel full as the asset ages and dealing with unexpected developments with subsea wells and equipment.
She said: “SNEPCo responded with a campaign of operational excellence, which among other initiatives, led to the creation of a programme known as the Bonga Business Improvement Plan that continually reviews and identifies improvement initiatives and drives sustainability in operations and upskilling of staff.
“The Bonga success story has been led by Nigerians who have been managing directors of SNEPCo since it was established in 1993, in a deliberate policy by Shell to develop indigenous manpower for deep-water operations in Nigeria.
“Today, some 97percent of the SNEPCo workforce is Nigerian and overall, Bonga has helped to create a new generation of Nigerian deep-water professionals.
“Our vision at SNEPCo remains to be the best deep-water business, powering growth and achieving net zero emissions in line with Shell’s Powering Progress strategy”.
Banks’ borrowings from the Central Bank of Nigeria (CBN) fell month-on-month, (MoM) by 44 percent to N12.16 trillion in April from N21.7 trillion in March.
Analysis of latest data from the CBN shows that the 44percent drop represents the first MoM decline in banks borrowing from since January when it increased by 268.7 percent to N3.6 trillion from N976.29 billion in December 2023.
However, further analysis showed that banks’ deposits in the CBN SDF grew MoM by 118.4 percent to N428.97 billion in April from N196.37 billion in March 2024.
Banks make use of the SLF to access liquidity to run their day-to-day business operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.
The decline in banks’ borrowing from SLF may reflect an increase in banking system liquidity and also the decision of the apex bank last year to remove the limit on the remunerable daily placements by banks at the SDF.
According to the CBN Governor, Mr. Olayemi Cardoso, the CBN removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity.
A Financial technology expert, Olatunji Akinrinola, has highlighted the exponential growth of the FinTech industry, which according to him, was driven by technological advancements.
Akinrinola made this assertion in a press release recently, where he stressed that the role of technology in driving this exponential growth in the FinTech sector was very outstanding.
According to him, Technology has revolutionised the way financial services are delivered, making them more accessible, efficient, and inclusive.
“Through innovations such as mobile banking, digital payments, and blockchain technology, FinTech companies have been able to reach a larger population and provided them with access to financial services”, he stated.
Akinrinola emphasised the role of technology in enabling financial inclusion, adding: “Technology has democratised access to financial services, particularly in regions with limited banking infrastructure.
“Mobile money platforms and digital wallets have empowered individuals to conduct financial transactions conveniently and securely, without the need for traditional banking services”.
He also underscored the role of Artificial Intelligence (AI) and data analytics in driving innovation within the FinTech industry, noting: “AI-powered algorithms and predictive analytics have revolutionised risk assessment, fraud detection, and customer personalisation in financial services.
“These technologies enable FinTech companies to provide tailored solutions and mitigate risks more effectively, ultimately enhancing the overall customer experience”.
Akinrinola stressed the importance of regulatory frameworks in fostering the growth of the FinTech industry.
“While technology has accelerated the growth of FinTech, it is essential to establish robust regulatory frameworks to ensure consumer protection and maintain market stability. Regulators play a crucial role in balancing innovation with risk management, thereby creating a conducive environment for the sustainable growth of the FinTech sector”, he stated.
Akinrinola underscored the role of technology in driving the exponential growth of the FinTech industry, saying, “Technology has been a game-changer for the FinTech sector, enabling innovation, expanding access to financial services, and driving economic growth.
“As technology continues to evolve, the FinTech industry will undoubtedly play a significant role in shaping the future of financial services ecosystem”.
Corlins Walter
