The possible effects of using SWIFT against Russia on the global economy

There has been outcry on why the world powers had not used SWIFT as a tool of sanction against Russia. Now that they have used it. Let's look at the implications it might have and why they have delayed its deployment. We will also attempt to look at the implications it might have on the global economy.

LET'S START WITH SWIFT

According to google, SWIFT is a vast messaging network used by banks and other financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions. It connects more than 11,000 financial institutions all over the world.

World Street Journal (WSJ) in its article says, “The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, is the financial-messaging infrastructure that links the world’s banks. Swift doesn’t handle actual money transfers itself. It is a messaging system, a secure way banks transmit transfer requests to each other. Money moving from one account to another often passes by multiple banks before landing in the final destination, particularly if it involves a foreign currency. Swift routes messages with instructions from one bank to another, allowing them to know where the money should ultimately land. The Belgium-based system is run by its member banks and handles millions of daily payment instructions across more than 200 countries and territories and 11,000 financial institutions.”

2022/24/2

What you need to know to drive with LagRide

 

1. Interested drivers are required to pay a non-refundable fee of N17,000 to cover verification of LASDRI and LASRAA ID, Medical history and security check, NIN and driver’s licence verification.

2. There will be trainings, which comprises of structured training from LASDRI, soft skills and first aid training, as well as Lagos Ride driver app training.

3. Payment of N1,845,500 initial deposit which covers: 20% equity of cost of vehicle, registration and insurance, advance rent payment on Dashcam, first aid kit, e-taxi licence, and soft skill training.

4. All trip fares are expected to be remitted electronically via the LagosRide platform. Where a rider has indicated a cash trip, the driver will be required to credit the equivalent sum to his wallet for appropriate deduction.

LagRide, a Lagos state e-hailing scheme, set to kick off with 1000 fleet

In line with the on-going transportation sector reform, Lagos State Governor, Babajide Sanwo-Olu, has concluded plans to launch a modern ride e-hailing service, Lagos Ride in the state.

The new initiative, with code; “LagRide,” according to the state government is to further ensure seamless transportation system for teeming commuting populace in the state.

The service with the tagline, “ride in comfort” is expected to be launched soon by the state government.

AERA loses Chief Education Officer, Toyin Williams (Pictures and Video)

Mrs. Williams at on her birthday

 Abesan Estate Residents' Association (AERA) on Saturday announced the death of their Chief Education Officer, Mrs. Toyin Williams. Mrs. Williams who was a retired secondary school principal became the Chief Education Officer of the association in October, 2019.

According to a statement released by the association and signed by Olufemi Odeyemi, the public relations' officer, the death occurred on Friday, 11th, 2022 after a very brief illness.

Close family sources told our paper that she complained of pains and was rushed to a private hospital on Monday, 7th February and was discharged on Wednesday only to be rushed to a General hospital on Thursday where she later gave up the ghost on Friday evening.

President of AERA, Elder M.A.O Kehinde led members of AERA executive to pay a condolence visit to the family of the deceased on Saturday (today) morning.

Mrs. Williams was an active member of her community and a member of A.P.C

She is survived by a son and other family members.