Today’s edition of the Nigerian Army Resource Centre (NARC) Weekly Subject Experts’ Presentation was held at Hall C, TY Buratai Block, NARC, Abuja. There were two presentations made by the Subject Experts covering Southern Africa and and South East Asia.
The first presentation was delivered by Maj Gen KI Mukhtar Subject Expert for Southern Africa. The senior officer discussed the report about Bank of Mozambique concerned at proliferation of pyramid schemes. He said the Mozambique Bank warned of the proliferation on the domestic market of entities aimed at attracting deposits from individuals without being licensed for the purpose. He added that the bank advised members of the public to consult its list of duly licensed financial agencies before taking any decision on joining any financial schemes or buying any financial product. Gen Mukhtar said noted that according to the Central bank, any instructions that is not on her list is taking deposits from the public illegally is a crime and regarded as Ponzi schemes.
While making analysis for Nigeria, General Mukhtar noted that Ponzi schemes in Nigeria became common in 1980s and early 1990s and is fraudulent games were individuals and company pay out interest returns to some invested parties by borrowing funds from others. He noted that 55% of Nigerians who participated in Ponzi schemes did so because of quick turnover, while 26% participated due to poverty. He further recommended amongst others that government should continue economic diversification policies that will enhance provision of social economic livelihood like jobs, social security and welfare packages.
The second and final presentation was made by Brigadier General, SN Eze Subject Expert for South East Asia. His presentation discussed the report about China Cambodia first Naval drills in Cambodian waters. He said the exercise will cover the communications, coordination of troops, combat naval organisation as well as command and control of troops in combat. He added that the naval drills which is exercise golden dragon 2023 in Cambodia is China’s diplomatic and force projection subtly aimad at reinforcing its maritime territorial claims in the South China’s Sea.
During his analysis for Nigeria, he said the Nigerian Navy has also engaged in series of Naval exercises but it is not dominant in the Gulf of Guinea to dominate the region through diplomacy and force protection due to some reasons. He also noted that the introduction of space technology for Naval operation and requisite funding will enhance the operability of the Nigerian navy in the region. He further recommended amongst other that the federal government through the ministry of finance need to increase budgetry funding for Nigerian navy to further boost thier administrative and operational capabilities.
Present at the briefing were the Executive Director Consult, Maj Gen JGK Myam OFR, Dir of Reseach, Senior Research Fellows, Research Fellows, Consultants, senior officers, and other staff of the Centre.