Sunday, December 31, 2023

Sterling Bank Appoints Mayaki As New Board Chairman


Sterling Bank Limited has announced a strategic change in its Board of Directors, with Mr. Olatunji Mayaki assuming the role of Chairman of the Board effective January 1, 2024, following the resignation of Mr. Asue Ighodalo, effective December 31, 2023.

In a statement released by the Company Secretary, Temitayo Adegoke, “The resignation of our erstwhile Chairman is in line with the best corporate governance practices as Mr. Ighodalo has offered himself for public service.

Ms. Adegoke continued by saying, Mr. Mayaki takes on the leadership of the Board to continue the progressive growth and lead the Bank onto even greater success.

Mayaki assumes the boards leadership after serving as a non-executive director. His extensive background spans the practice of Law with the firm formerly known as Ajumogobia, Okeke, Aluko & Oyebode. He further served as the pioneer Vice President Legal & Compliance of ARM Limited, Country Head of Legal and Group Company Secretary for all Shell Petroleum companies in Nigeria, and Deputy Managing Director of Addax Petroleum Nigeria.

He sits on the Governing Council of a Nigerian private university, Davidson, and a UK-based NGO and charitable organisation, Chestrad, from where he has championed the establishment of several programs in Nigeria to support health systems, social development, women and the girl child.

An alumnus of the prestigious University of Ibadan, as well as Harvard and INSEAD business schools, Mayakis background in Law, Finance and Investment and overall career experience further strengthens the Banks dedication to strong corporate governance.

In recent times, Sterling Bank has enhanced its focus on innovation and digitization, introducing specialized products such as Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X, tailored to the unique needs of the Nigerian market. Furthermore, the Bank has forged a partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to develop the real sector of the Nigerian economy with single-digit low-interest loans to SMEs, starting with a N5 billion scheme.

Renowned for its now famous HEART of Sterling strategy; which focuses on investments in Health, Education, Agriculture, Renewable Energy and Transportation; the Bank featured on the prestigious top 100 fastest growing companies in Africa, as published by the globally recognised Financial Times all in 2023. With its optimism about Nigeria, irreverent brand voice and enviable talent management practices, Sterling has been the most recognised awardee of the Great Place To Work Institute over the last 5 years and was named earlier this year as the Overall Best Place To Work In Nigeria.

Why We Will Amend Electoral Act In 2024 – Speaker Abbas


Speaker of the House of Representatives Rt. Hon. Tajudeen Abbas has said part of the priority legislation before the House in the coming 2024 is the review of the Electoral Act, 2022.
 

Speaker Abbas said the Act, as it is today, has made Nigeria’s electoral system to be over dependent on the judiciary.

“The outcomes of elections should be decided at the polling unit and not in a courtroom. The ‘over-judicialisation’ of electoral outcomes has greatly undermined public confidence and could erode the legitimacy of political leadership if not quickly and adequately addressed.

“The citizens’ town hall on electoral reforms made far-reaching recommendations that would be considered in amending the Electoral Act,” he stated.

Speaker Abbas made this known in his address at the opening of plenary on Saturday, the last sitting for 2023. 

The Speaker noted that the House recognised the importance of electoral reforms in strengthening democratic institutions.

Consequently, he said the legislative chamber took the lead in soliciting citizens’ input on the Electoral Act 2022 and their recommendations to strengthen it, towards delivering more free and fair elections, and to “reduce the judiciary’s influence on the electoral process.” 

He noted that as representatives of the people, it was essential that the House involved citizens in its key processes and decision-making, adding that it was in line with this that the House organised a citizens’ town hall on the 2024 Appropriation Bill, where Nigerians were given the opportunity to express their views on how the budget could better address the specific needs of all citizens, especially those at the grassroots.

He stated: “The House remains committed to engaging citizens in its activities and ensuring the law-making process is open and inclusive. In the coming years, the budget will be taken to the people at the constituency levels to allow them also to make inputs.”

The Speaker stated that since its inauguration on June 13, 2023, the 10th House has been “a beacon of democratic values and a testament to the power of collaborative governance.”

He said the lawmakers took the oath of office “at a particularly challenging period in our nation’s history,” stating that, “There is no need to repeat these challenges, given that they are too well familiar to us.”

Speaker Abbas stressed that the House remains responsive and committed in its efforts towards ameliorating “the suffering of our constituents and contributing to Nigeria’s overall peace and development.”

Collectively, the Speaker said members of the House had lived up to the mantra of the ‘People’s House’.

“We have deliberated on crucial matters that impact the lives of every Nigerian and worked tirelessly to enact laws that will shape the future of our great nation.

“We considered a wide range of issues, including peace and security, social welfare, healthcare, education, infrastructure development, economic growth, and more.

“Through robust debates, bipartisan collaboration, and dedication to our constitutional responsibilities, we have passed crucial bills and resolutions that will shape the trajectory of our nation for years to come,” he said.

The Speaker said in the last six months, the House recorded some legislative landmarks that have the potential of impacting the lives of the citizens positively.

“Our legislative outputs in the last six months are remarkable,” Speaker Abbas said, noting that the House received and considered 962 bills, over 500 motions, and 153 petitions.

“Of these numbers, 120 bills passed Second Reading stage and “are currently undergoing further review and refinement to address some of the concerns raised during the debates.”

The Speaker added that another 120 bills had been referred to committees for in-depth analysis. “We have also successfully passed many other bills, which have been transmitted to the Senate for concurrence,” he stressed, notable among which are the Electricity Act (Amendment) Bill, 2023; the Federal Audit Service Act (Amendment) Bill, 2023; 2022 Supplementary Appropriation Act (Amendment) Bill, 2023; and the Oath Act (Repeal and Enactment) Bill, 2023.

Other critical bills passed by the House include the Control of Small Arms and Light Weapons Bill, 2023; Federal Fire and Rescue Service Bill, 2023; Administration of Criminal Justice Act (Repeal and Enactment) Bill, 2023; Niger Delta Development Commission Act (Amendment) Bill, 2023; Nigerian Medical Research Council (Establishment) Bill, 2023; Nigerian Peace Corps (Establishment) Bill, 2023; and more recently, the South East Development Commission (Establishment) Bill, 2023.

Speaker Abbas stressed that the Defence Industries Corporation of Nigeria (Repeal and Re-enactment) Bill 2023 that the House passed was assented to by President Bola Ahmed Tinubu on November 23, 2023.

He noted: “It repealed the 1964 legislation and replaced it with a more contemporary legislation that empowers the Defence Corporation to manufacture, store and dispose of ordinance.”

The Speaker stated: “All these bills are intended to provide immediate relief and long-term solutions to the challenges that have plagued our society. Through these bills, we aim to empower our citizens, enhance social justice, promote economic growth, and promote peace and security.

“Over the same period, the House received and resolved over 500 motions, many of which brought to the attention of the House and the nation pressing matters affecting the people. I have always considered motions to be one of the most potent tools of legislative representation.

“They show that the legislature, better than any other institution, is best placed to articulate the needs of the people and how to address them. Notable motions the House considered include oil theft, student loans, job racketeering, JAMB, firearms, COVID-19 fund mismanagement, 3 per cent contribution to host communities and the petroleum subsidy regime.

“In response to the issues raised, the House constituted ad hoc committees to conduct investigative hearings and make recommendations for necessary legislative actions. I am glad to announce that out of the 30 ad hoc committees, 25 have laid their reports before the House for consideration, while four have been considered. In addition to bills and motions, the House also received 153 petitions, which are receiving necessary legislative actions.”

Speaker Abbas also lamented that the House suffered “some misfortunes,” including the deaths of member-elect representing Jalingo/Yorro/Zing Federal Constituency of Taraba State, Ismaila Maihanci; Hon. Abdulkadir Danbuga (Isa/Sabon Birnin Federal Constituency of Sokoto State); Mojisola Ayobami, the young daughter of Hon. Benjamin Adeyemi Olabinjo; and the father of Hon. Solomon Wombo, His Royal Highness, the Ter Katsina-Ala, Dr. Benjamin Fezan Wombo.

“On Wednesday, 27th December, 2023, we also received with shock and sadness news of the demise of the Rt. Hon. Ghali Umar Na’Abba, Speaker of the 4th House of Representatives. Hon. Na’Abba was an icon of the legislature and a dedicated lawmaker and patriot,” he said, after which the lawmakers rose for a minute in silence in their honour, while the Speaker prayed for the souls of the deceased rest in peace.  

Cryptocurrency, Old Naira Notes, Other Buhari’s Policies Reversed By Tinubu

 


President Bola Tinubu, in the past six months, has been rolling back a number of policies initiated by his predecessor, Muhammadu Buhari.

Even though both Messers Tinubu and Buhari are of the same political parties, there have been glaring contrasts between them, especially on the economic policy side.

Mr Tinubu, a former Governor of Lagos State, is more towards the liberal economic side, while Buhari, a former military leader, is more protectionist. In 2013, both came together to form a united Front against former President Goodluck Jonathan.

For eight years, Mr Tinubu was quiet on the policies of the government and only spoke up when a policy appeared to be targeted at him during the election.

During the election, Mr Tinubu openly disagreed with the former administration on the implementation of the Naira redesigning policy.

With his emergence, Mr Tinubu has continued to strip some of the policies embarked on by former President Buhari.

Top six policy reversed by President Tinubu

Removing ASUU from IPPIS

For years, university lecturers and President Tinubu fought over the implementation of the IPPIS platform.

The lecturers argued that their peculiarities do not fit the IPPIS platform, stating that the platform was denying them some allowances and benefits.

Every year, the impasse led to months of shutdown of schools. Under Buhari, Nigerian universities were shut down for 1,086 days.

It would be recalled that ASUU proposed UTAS as an alternative but the Buhari administration rejected it, leading to a prolonged industrial action that kept students at home for long.

Ban on Cryptocurrency

One other major policy this government has unrolled is the ban on cryptocurrency imposed by former CBN governor, Godwin Emefiele.

The CBN under Emefiele, on February 5, directed all banks to close all accounts involved in cryptocurrency transactions within their systems.

Recently, Yemi Cardoso, the new CBN governor directed a reversal of that policy, lifting the ban on cryptocurrency.

43 Items on FX ban

The CBN on October 12 lifted the 8-year ban on 43 items restricted from accessing foreign exchange from the official market.

Recall that in 2015, the CBN banned 43 items, such as rice, cement and poultry, from accessing forex.

In lifting the ban, the monetary authorities say importers of the items are allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

It would be recalled that protectionism policies formed the bedrock of the Buhari administration.

The former President shut down land borders for years in order to protect the investment in the agricultural sector, particularly rice.

Mr Emefiele had through the anchor borrowers programme, pumped money into the rice production sector.

Phase out of old Naira

The redesigning of the Naira was a major talking point during the election period, as many believe it was targeted at President Tinubu.

The policy led to the scarcity of the Naira, which caused severe hardship as people could not access cash to do even basic transactions.

Some state governments challenged the policy at the Supreme Court. However, the court did not give a verdict until after the election. The court ruled that the two currencies should co-exist till December 2023.

However, in November, the government announced the extension of the validity of the old currency indefinitely.

40 per cent IGR of schools

The Buhari administration, through the Finance Act of 2020, mandated a 40 per cent auto deduction of gross IGR of partially funded agencies, including federal government-owned institutions.

The current administration moved to implement the law in October but later bowed to the pressure from the universities.

Poor Leadership, Ill-Conceived Policies Bane Of Nigeria – APM

The party said this in a New Year message titled ‘New Dawn’ and signed by its National Chairman, Yusuf Dantall.

APMsaid it sees the light in the tunnel of national rebirth and national reconstruction that will accelerate economic growth, political stability and social cohesion, but maintained that Nigerians must join hands to redirect the ship of state from its perilous course that has impoverished millions of compatriots.

“Tough times never last, tough, resilient, resourceful people do. With God in our side, we shall overcome all obstacles and move the nation to the next level of prosperity and greatness.

“Nigeria is the only country we can call our own; we are duty bound to halt the drift to economic stagnation, political upheavals, ethnic conflicts, terrorism, insurgency, banditry and kidnapping,” it stated.

Saturday, December 30, 2023

First Lady Oluremi Tinubu Pays Condolence Visit To Akeredolu’s Family


FirstLady of Nigeria, Senator Oluremi Tinubu, has condoled with the widow of the late Ondo State Governor Mrs Betty Akeredolu.

Tinubu, who paid a visit to the Ibadan residence of the Akeredolus, noted that the late governor fought gallantly to stay alive, but every human existence is subject to the will of God.

She noted that the nation has lost one of its great men.

“He did his best. God will be there for you when God shows up for you, that is what really matters,” she said.

She admonished the widow and the family to take solace in God and trust in him alone at this trying time.

She prayed that God continue to uphold the family.

Responding on behalf of the family, the brother to the late governor, Professor Oluwole Ayodeji Akeredolu, said the exit of the governor was a painful one at this time. Still, the family is consoled by the fact that he has gone to rest.

He thanked the First Lady and her entourage for the condolence visit, which he described as a great honour.

Her entourage included the wife of the Vice President, Hajia Nana Shetima, wives of members of the National Assembly, wives of state governors of Lagos and Ogun, wife of the All Progressives Congress, APC, National Chairman and others.

We Are Hungry – Lagos Residents Yell At Tinubu

The traders who filed on both sides of the road as the convoy of the president passed through the ever-busy market, refused to hail him but instead kept talking of their pains believed to have been caused by the government.

Underneath the complaining voices in the video, residents were heard saying the presidency had known the plans of the people which was the reason for the heavy security. However, the alleged initial plan was not made known.

The President is in Lagos to celebrate both Christmas and New Year.

Nigerians are currently celebrating the Yuletide under a series of economic challenges ranging from the shortage of cash to the skyrocketing price of the premium motor spirit commonly called petrol.

Key Moments That Defined Nigeria In 2023


For Nigerians, 2023 would become one of the most remarkable years in recent memory in terms of defining moments and major events; some cheery while some are not very pleasant.

This is just as there were major global events that highlighted 2023. We look at some of them:

The 2023 General Elections

Nothing highlighted Nigeria’s defining moments in 2023 like the 2023 General Elections.

Following interesting events that preceded the election itself, many believe that it would go down as the most anticipated election cycle since democracy returned in 1999. 

Perhaps the fact that it was the first time since 1999 that three major frontrunners contested to become the president of the country added to the anticipation.

The election lived up to its build up, as Asiwaju Bola Tinubu (All Progressives Party), Alhaji Atiku Abubakar (Peoples Democratic Party) and Mr Peter Obi (Labour Party) won in 12 states each. 

President Bola Tinubu was declared the winner with 8,794,726 votes; Abubakar came second with 6,984,520 votes; while Obi scored 6,101,533 votes to come third.

One political analyst said the 2023 election was the most consequential in the history of Nigeria since 1999.

As expected post-presidential election litigation went up to the Supreme Court which affirmed Tinubu’s victory.

Naira redesign

Although a spill over from 2022 when the Central Bank of Nigeria (CBN) announced the introduction of redesigned N200, N500 and N1,000 banknotes, it was in 2023 that its impact was most felt.

The policy was greeted with public anger and expressions of frustration as the new notes were unavailable while the apex bank mopped up the old ones. 

There also were political undercurrents in the implementation of the policy, leading to the Supreme Court issuing an interim order for the policy to be halted.

Many economists and financial experts termed the naira redesign policy as the worst economic policy ever implemented in Nigeria since the Structural Adjustment Programme (SAP), introduced in 1986.

Japa: Mass emigration of Nigerians

Before 2023, Nigeria experienced mass relocation of professionals and students, often young, who used the study and work permit routes to migrate abroad in search of better lives.

While they travel to Canada, the United States and other Western countries, the UK was the most common choice, especially for those using the study route.

However, in May 2023, the UK government said from January 2024 international students would not be permitted to bring family members with them.

Sensing that the purpose is defeated with that policy, 2023 witnessed possibly the highest relocation of Nigerians to the UK through that specific study route that enables them to take their family members along.

The migration pattern, now referred to as “japa”, has left the country grappling with the shortage of certain professionals in the health, financial services, education, telecom/ICT sectors, etc.

A report by Phillips Consulting Limited, quoted by a newspaper, said japa has, among other negatives, led to a “reduced skilled workforce, decreased tax revenue”.

Osimhen, Oshoala: African football king, queen

Following his exploit with his Seria A club Napoli in the 2022-23 season, Nigeria’s striker Victor Osimhen was named African Footballer of the Year at a ceremony in Marrakech on Dec. 11, 2023.

Osimhen scored 26 goals to help Napoli to a surprise triumph in Serie A last season and was the leading goal scorer in Italy’s top division.

He beat Egypt’s Liverpool forward Mohammed Salah and Morocco’s Paris St Germain right-back Achraf Hakimi to the award, making him the first Nigerian winner since Nwankwo Kanu in 1999.

In the women’s category, Asisat Oshoala won the top prize for a record sixth time.

Hilda Baci’s Guinness World Record

In June 2023, the Guinness World Records (GWR) confirmed that Hilda Effiong Bassey, better known as Hilda Baci, officially broke the record for the longest cooking marathon (individual), with a time of 93 hours 11 minutes.

The 26-year-old chef began on Thursday, May 11 and continued through to Monday, May 15, cooking over 100 pots of food during her four-day kitchen stint.

Hilda attempted to set a record of 100 hours, however, almost seven hours were deducted from her final total because she mistakenly took extra minutes for one of her rest breaks early on in the attempt.

Her record was short-lived though, as Alan Fisher, an Irish chef who runs a restaurant in Japan, dethroned her in November.

GWR said Fisher cooked for 119 hours and 57 minutes, more than 24 hours longer than the previous record held by Baci.

The year also witnessed the death of a sitting governor, as Rotimi Akeredolu of Ondo State succumbed to death after a long battle with cancer.

Rotimi became the 4th governor to die in office in Nigeria after Shehu Kangiwa (Old Sokoto), Patrick Yakowa (Kaduna State) and Mamman Ali (Yobe).

On the international scene, 2023 witnessed the historic coronation ceremony of King Charles III, a ritual that completed his ascension to the throne as the King of England. This followed the death of Queen Elizabeth II.

Women’s football also came of age in 2023, with the staging of the FIFA Women’s World Cup co-hosted by Australia and New Zealand.

The Falcons of Nigeria did Africa proud after fighting gallantly against eventual finalists, England, and losing in a penalty shootout.

The competition shattered all previous records in terms of sponsorship, viewership, stadium attendance, involvement and players’ remuneration.

Artificial Intelligence, which has the potential to change human interaction forever, became mainstream in the year.

Unfortunately, the ugliest event of 2023 – the war between Israel and Hamas in the Gaza Strip – is still ongoing.

Gaza’s Hamas-run government estimates that at least 20,915 people have been killed and 54,918 wounded in Israeli attacks since October 7 when hundreds of Hamas gunmen entered Israel, killing around 1,200 people and taking about 240 hostages.

The year 2023 also saw a proliferation of military coups and attempted coups in Africa, especially in the West African sub-region.

There were deadly earthquakes and wildfires, the most devastating being in Turkey, Syria and Morocco.

And who would forget that unsolicited kiss from Spanish football chief Luis Rubiales on the lips of captain Jenni Hermoso which all but ruined their team’s victory celebration? 

Kayode Adebiyi, 

NAN

UN Security Council Discusses Crisis In Middle East As Violence, Deaths Increase


UN
Security Council on Friday discussed the situation in the Middle East against the backdrop of escalating violence between Israeli settlers and Palestinians in the occupied West Bank and the relentless bombardment in the war-ravaged enclave.

José Javier De La Gasca, Ambassador and Permanent Representative Ecuador, the President of the Security Council for December expressed regret over the increase in violence, deaths and detentions in the Middle East.

De La Gasca, who spoke in his national capacity said his country unequivocally condemns the terrorist attacks perpetrated by Hamas on October 7.

Demanding the immediate and unconditional release of all hostages, he said the magnitude of the violence in Gaza has meant that events in other localities have slipped away from the spotlight.

Nevertheless, the negative trends since the beginning of October in the West Bank have also increased, he continued, noting that the level of violence has grown, as have deaths and detentions.

Those responsible for violent attacks must be brought to justice, he stressed, condemning all terrorist attacks and adding that security forces must always use restraint.

The Ecuadorian Ambassador also voiced his strong opposition to all unilateral measures that make peace more difficult, including construction and expansion of settlements, and the confiscation of Palestinians’ land, demolition of their homes and their displacement.

Also speaking, Barbara Woodward, Ambassador and Permanent Representative of the United Kingdom (UK) to the UN underscored her country’s commitment to Israel’s security and the need to address the threat posed by Hamas.

“But, too many civilians have been killed,” she said, stating that Israel must comply with international humanitarian law and clearly differentiate between terrorists and civilians.

Further, as the situation in the occupied West Bank underlines the urgent need to progress towards peace, Israel must stop settler violence immediately and hold the perpetrators accountable, Ambassador Woodward added.

She further called on Israel to adhere to its commitments and cease all settlement activity in the Occupied Palestinian Territory, and stressed that approving further settlements serves only to raise tensions in the West Bank. 

Both Israel and the Palestinian Authority should demonstrate – through their policies – a genuine commitment to a two-State solution, the Ambassador urged.

She also warned of the spillover potential of the conflict and underscored that a full-blown conflict between Israel and Hizbullah would be “catastrophic” for Lebanon and the wider regions.

On his part, GENG Shuang, Ambassador and Deputy Permanent Representative of China to the UN said that the protracted nature of the war would only cause more casualties on both sides.

“There is no safe place in Gaza,” he said, warning that the situation on the ground is not allowing humanitarians to carry out their work and reach people in need with aid.

Israel’s settlement activities in the West Bank and its continued escalation of raids have eroded the basis of a two-State solution, he added, stressing that Israel must cease all settlement activities and hold perpetrators accountable.

He further highlighted the importance of implementing the two-State solution and as well as guarantee the fundamental rights of the Palestinian people.

“We support Palestine’s full membership in the UN, and the early resumption of direct negotiations between Palestine and Israel,” Ambassador Geng added.

Nicolas de Rivière, French Ambassador and Permanent Representative, expressed his country’s “deep concern” over the humanitarian crisis in Gaza.

“The priority must go the immediate implementation of a lasting ceasefire, with the help of all regional and international partners,” he said, adding that humanitarian aid must urgently be delivered to civilians in the enclave along with guarantees of access “without restrictions”.

He also stressed the need for implementing the two Security Council resolutions adopted recently.

Also speaking, Vassily Nebenzia, Ambassador and Permanent Representative of Russia to the UN, said that his country is following the “very tense” situation in the West Bank, against the background of crisis in Gaza.

“We are seeing continued operations by Israeli security forces and violent settlers, which not only threaten a large-scale humanitarian disaster but also to spread the crisis to the rest of the region,” he said.

He noted increasing tensions in Lebanon, Syria, Iraq and Yemen, while Egypt and Jordan are facing unprecedented risks of a massive exodus of Palestinians from Gaza and the West Bank.

Ambassador Nebenzia also said that 302 Palestinians, including 79 children, were killed by Israeli military and settlers in the West Bank, including East Jerusalem, since 7 October.

John Kelley, Minister Counsellor and Political Coordinator at the Permanent Mission of the United States (US) to the UN, said that his country shared the concern regarding the “sharp increase” in violence by extremist settlers in the West Bank and the “unprecedented” number of Palestinian fatalities there as well as in Gaza.

“We know 2023 has been the deadliest year for Palestinians in the West Bank,” he said, stressing “the death of any civilian, whether they were one of the individuals killed by Hamas terrorists on  October7 , or one of the Palestinians killed in the West Bank or in Gaza is a tragedy.”

“The United States continues to stress to the Israeli Government the importance of preventing extremist settler violence as well as investigating and holding accountable those who commit acts of violence,” he added.

Gilad Menashe Erdan, Ambassador and Permanent Representative of Israel to UN, questioned why an “urgent briefing” of the Security Council is not called when Israeli civilians and civilian sites are attacked.

“Do these attacks sound like a mere spillover, is this violence occurring magically on its own. Is it not clear genocidal terrorists are seeking to murder Israeli citizens every single day,” he said.

“This Council is quick to show solidarity with civilians across the Middle East so long as they are not Israelis,” he added, asking why the Security Council is silent when innocent Israeli civilians are targeted.

“Why have you not condemned the rocket fire from Lebanon, Syria and Yemen,” he said, warning that the situation in northern Israel is “reaching the point of no return.”

“Every day, innocent Israelis are under attack. If these attacks persist, Israel will ensure that these acts of terror stop,” Ambassador Erdan said, reiterating that if the attacks continue, “the situation will escalate and may lead to a full scale war."

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