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CBN Governor, Olayemi Cardoso, Bags CIBN Fellowship; Unveils 2025 Economic Agenda

CBN Governor, Olayemi Cardoso, Bags CIBN Fellowship; Unveils 2025 Economic Agenda

By Anthony Emeka Nwosu

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been conferred with the prestigious Fellowship of the Chartered Institute of Bankers of Nigeria (CIBN) at the 59th Annual Bankers Dinner held in Lagos. In his keynote address, Cardoso outlined Nigeria’s economic outlook for 2025, emphasizing the need for greater economic diversification and robust reforms to ensure financial stability.

Banking Sector Resilience and Economic Reforms
Reflecting on the past year, the governor highlighted the resilience of the banking sector, citing a non-performing loan (NPL) ratio under 5% and liquidity ratios exceeding 30%. He assured that banks are well-positioned to drive economic growth, particularly through increased credit access for micro, small, and medium enterprises (MSMEs).

“Our journey toward economic reform has yielded encouraging results,” Cardoso noted, adding that the CBN is committed to fostering trust and stability in the financial system.

The Riot Act on Financial Malpractices
Addressing allegations of financial malpractice and deliberate cash flow disruptions, the CBN governor read the riot act to institutions found culpable. “The CBN will not tolerate any sabotage of seamless cash flow for Nigerians,” he said, urging customers to report difficulties in withdrawing cash from bank branches or ATMs directly to the CBN starting December 1, 2024.

Inflation, Innovation, and Financial Inclusion
While acknowledging that inflation remains unacceptably high, Cardoso expressed optimism, saying, “Our commitment to price stability is unwavering. We aim to ensure the benefits are felt by every Nigerian.”

He commended Nigeria’s burgeoning fintech sector for driving financial inclusion and attracting global investors, with several startups achieving unicorn status this year. “Nigeria’s leadership in innovation is undeniable,” he declared.

Payment System Vision 2025 and Capacity Building
Unveiling the CBN’s Payment System Vision 2025, Cardoso outlined plans to advance cross-border payments, implement an open banking framework, and expand the regulatory sandbox to foster innovation.

He also announced the launch of comprehensive mentorship and capacity-building initiatives to equip young Nigerians with the skills needed to drive economic resilience and sustainable growth.

A Call to Collective Action
Cardoso charged financial institutions to rise to their market-making responsibilities and deliver tailored solutions that empower customers to manage risks effectively. “This is not just the Central Bank’s journey; it is Nigeria’s journey. Building an economy where every individual, business, and community thrives requires collaboration among banks, regulators, businesses, and citizens,” he stated.

Recognition and Fellowship Awards
The evening also celebrated outstanding contributions to the banking industry, with CBN Governor Cardoso and Lagos State Governor Babajide Sanwo-Olu being awarded the CIBN Fellowship for their dedication to economic transformation.

As Nigeria steps into 2025, Cardoso’s vision signals a robust and inclusive approach to tackling economic challenges and positioning the nation as a leader in innovation and financial growth.

 

Galaxy Backbone CEO Seeks Sustainable Digital Infrastructure to Fuel Africa’s Economic Growth

Galaxy Backbone CEO Seeks Sustainable Digital Infrastructure to Fuel Africa’s Economic Growth

 

The Managing Director/Chief Executive Officer of Galaxy Backbone, Prof. Ibrahim Adeyanju, has underscored the importance of building sustainable digital infrastructure to fuel Africa’s economic transformation.

Presenting a paper titled: Building Digital Infrastructure for a Sustainable Digital Economy at the 2024 edition of Africa Tech Alliance Forum (AfriTECH 4.0) held recently in Lagos, Prof. Adeyanju noted that technology has the potential to redefine Africa’s economic trajectory, and that at Galaxy Backbone, they are dedicated to building the foundational digital infrastructure that supports this vision.

According to him, “Africa’s digital journey presents immense opportunities, but it requires robust, scalable, and sustainable infrastructure to enable economic growth. Galaxy Backbone’s mission aligns directly with these goals, as we work to provide the infrastructure and connectivity that powers government services, businesses, and communities across Nigeria.”

He said that today, digital infrastructure is much more than just technology but about creating resilient systems that empower citizens, foster economic empowerment, and drive inclusive growth. “Our investments in state-of-the-art data centres, fibre optic networks, state of the art SOC and secure cloud solutions have created a backbone that supports Nigeria’s public sector and enables interconnectivity among MDAs,” he said.

Prof. Adeyanju who was represented at the event by Mr. Nnamdi Onoh, Field Service Engineer at Galaxy Backbone, highlighted key projects, including the National Information Communication Technology Infrastructure Backbone (NICTIB), which has expanded connectivity and digital services across Nigeria.

Focusing on sustainability, he outlined Galaxy Backbone’s commitment to three pillars including Environmental Responsibility through energy-efficient practices in data centres; Economic Empowerment which aims at facilitating job creation and innovation, allowing businesses to scale; and Social Inclusion which is targeted at bridging the digital divide and reaching underserved communities.

He said that looking ahead, Galaxy Backbone plans to expand cloud services, strengthen cybersecurity, and explore AI, IoT, and blockchain to build a future-ready infrastructure, noting that the Government Service Portal (GSP), a consolidated platform for public services, was also introduced as a step towards enhancing transparency and citizen-centric services.

“In the next 12 to 24 months, Galaxy Backbone will focus on expanding our cloud capabilities, strengthening cybersecurity, and exploring emerging technologies like AI, IoT, and blockchain to enhance service delivery. Our goal is to build a future-ready infrastructure that supports the dynamic needs of Nigeria’s digital economy.

“We are also advancing projects such as the Government Service Portal (GSP), which consolidates public services into a single, accessible platform. This effort demonstrates our commitment to making government services more transparent, efficient, and citizen-centric,” he said.

The CEO emphasized that digital transformation is a collaborative effort involving government agencies, industry, and international partners and highlighted partnerships with NITDA, the Ministry of Communications, and ECOWAS members as essential for a resilient digital economy.

According to Prof. Adeyanju, “As we pursue this vision, we recognize the challenges we face—connectivity gaps, regulatory hurdles, and cybersecurity threats. Our approach is to address these proactively by investing in secure, scalable infrastructure and advocating for policies that enable digital growth. At Galaxy Backbone, we are committed to developing a skilled workforce capable of managing and advancing our digital infrastructure.”

In recognition of its leadership, Galaxy Backbone was awarded the ATAEx Outstanding Government Agency of the Year, an award Prof. Adeyanju said “underscores our commitment to a secure, inclusive, and sustainable digital future for Nigeria, reaffirming Galaxy Backbone’s dedication to advancing Africa’s digital economy.”

NDPC CEO and AGIS Director Discuss Enhanced Collaboration on Data Protection

NDPC CEO and AGIS Director Discuss Enhanced Collaboration on Data Protection

 

In a significant step towards fostering data privacy compliance, the National Commissioner and CEO of the Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji, warmly welcomed the Director of the Abuja Geographic Information Systems (AGIS), Tukur Dan Asabe, to the Commission’s headquarters in Abuja.

The meeting, described by attendees as forward-thinking and collaborative, underscored the growing importance of data protection in public institutions. Mr. Asabe expressed his appreciation for the reception, emphasizing AGIS’s pivotal role as the custodian of geospatial and land data for the Federal Capital Territory. Highlighting the sensitive nature of their work, he said, “As an institution responsible for managing the data of thousands of landowners, we recognize the need to align our operations with modern data protection and privacy standards. This is why we are here—to learn, grow, and ensure we set an example for others.”

As part of his agenda, Mr. Asabe sought NDPC’s support in organizing a capacity-building workshop for AGIS staff. The workshop, he explained, would deepen their understanding of data privacy and ensure compliance with the Nigeria Data Protection Act. “Our goal is not just to collect and manage data but to do so responsibly and transparently,” he added.

In response, Dr. Olatunji commended Mr. Asabe’s proactive approach to data governance. Describing AGIS as a “strategic and vital organisation,” he acknowledged its role as a Data Controller and Processor of Major Importance (DCPMI). He noted that AGIS’s access to personal and proprietary information necessitates a robust commitment to data protection principles.

Dr. Olatunji assured the AGIS team of NDPC’s unwavering support, promising to facilitate training sessions tailored to their needs. “At NDPC, our mission is to ensure that every data controller and processor understands their responsibilities and complies with the law. AGIS’s willingness to take this step reflects a leadership mindset that prioritizes transparency and accountability,” he remarked.

Beyond training, the two leaders discussed forging a long-term partnership through a potential Memorandum of Understanding (MoU). This collaboration would institutionalize cooperation between NDPC and AGIS, creating a framework for continuous support and knowledge-sharing.

The visit marks a pivotal moment in the journey toward institutional compliance with Nigeria’s data protection laws. It also highlights the NDPC’s dedication to supporting organizations that demonstrate a commitment to safeguarding citizens’ privacy rights.

As Dr. Olatunji concluded, “Data is the backbone of governance in the 21st century. How we collect, manage, and protect it will define public trust and institutional success. Together, we can build systems that work for everyone.”

 

Bonny Mekwunye Marks Birthday with Heartfelt Thanksgiving and Warm Tributes

Bonny Mekwunye Marks Birthday with Heartfelt Thanksgiving and Warm Tributes

 

In the serene environment of Lekki, Lagos, Bonny Mekwunye, the Vice Chairman of KECAM Technologies Ltd, celebrated his birthday in grand yet humble style, surrounded by family, friends, and a wave of heartfelt well-wishes. Known for his deep spirituality and infectious warmth, Bonny chose to begin his special day on a reflective and thankful note, demonstrating the essence of his character—a man of faith, family, and community.

Bonny’s morning began with a solemn expression of gratitude as he recited the beloved hymn:
“Great is Thy faithfulness,
Morning by morning new mercies I see,
All I have needed Thy hand hath provided,
Great is Thy faithfulness, Lord, unto me.”

These words resonated deeply with his appreciation for life and the journey he has walked. Speaking with an air of humility and joy, Bonny said, “I remain deeply appreciative to the Almighty God for my new age, His protection, guidance, faithfulness, mercies, graces, and immense blessings upon my life. Without Him, it would have been impossible. Join me in thanksgiving to Him! Our Amazing God! Amen.”

A Life of Impact

Bonny is not only a family man but a pillar of support for many in his community. Over the years, his generosity and mentorship have left an indelible mark on the lives of countless individuals. Among those celebrating him was Seji Omoroje, who remarked, “Congratulations and happy birthday, Sir. Wishing you more glorious and fulfilling years ahead in good health and prosperity.”

Ojugo Raymond also shared his wishes, saying, “Happy birthday anniversary, Sir. May you have many more years of happiness and celebration. Continue to age with grace.”

Even Bishop Oscar Osai joined in, reflecting on Bonny’s personable and cheerful nature: “Happy birthday, Bonny. I celebrate you. You have always been a jolly good fellow. I pray for long life, peace, and joy.”

These tributes speak volumes about Bonny’s enduring impact as a friend, mentor, and leader.

Leading with Vision at KECAM Technologies

Bonny’s contributions extend far beyond personal relationships. As the Vice Chairman of KECAM Technologies Ltd, he has played a pivotal role in transforming the company from its modest beginnings in Ikeja into a formidable player in the IT distribution space. Today, KECAM Technologies is synonymous with innovation and excellence, partnering with global brands such as FOXIT and AXTEL to deliver cutting-edge business solutions across Nigeria and the ECOWAS region.

Under his leadership, the firm has become a beacon of growth and resilience, helping businesses harness technology to achieve their goals. These achievements are a testament to Bonny’s vision, determination, and ability to inspire those around him to aim higher.

A Celebration of Gratitude and Love

As Bonny reflected on his journey, surrounded by loved ones and well-wishers, the celebration became more than a birthday—it was a moment to honor a life dedicated to faith, family, and purpose. With his children and close friends by his side, the day was filled with joy, prayers, and a renewed commitment to making a positive difference in the lives of others.

Bonny Mekwunye’s story is one of growth, grace, and gratitude. Whether through his professional achievements or his personal relationships, he continues to shine as a source of inspiration for many. As he steps into another year, the warmth of his spirit and the depth of his influence are sure to grow even further.

 

Port-Harcourt Refinery Up, Running, NNPC Insists

Port-Harcourt Refinery Up, Running, NNPC Insists

 

 

 

…Invites Doubters for Facility Tour

 

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has insisted that the Old Port Harcourt Refinery is up and running, with loading operations in full swing.

The Group Chief Executive Officer, Mr. Mele Kyari, gave the confirmation at the commissioning of the NUPENG Towers in Lagos on Wednesday.

In a goodwill message at the event, Kyari extended invitation to human rights activist and lawyer, Mr. Femi Falana, and all those in doubt, to join the NNPC Ltd on a tour of the refineries in Port Harcourt, Warri, and Kaduna to verify their status.

He also shed light on the controversy around products blending, stating that blending was not a crime as it is an integral part of the refining process.

“If you don’t blend, you will bring out off-spec products which will destroy your vehicles. Every refinery blend because what is on specification in the United States of America will be off spec in Nigeria and elsewhere. Blending is necessary to bring products to the specification of different countries or regions,” he explained.

Kyari also congratulated NUPENG on the successful completion of the NUPENG Towers and urged the union to continue to prioritize dialogue and co-operation in its relationship with NNPC Ltd. and the Federal Government.

He disclosed that the President’s interventions in the oil and gas industry by way of Executive Orders were yielding positive results, with more investments coming in and prospects of more jobs in the industry.

NCC Moves to Protect Telecoms Infrastructure as National Asset

NCC Moves to Protect Telecoms Infrastructure as National Asset

 

The Nigerian Communications Commission (NCC) has highlighted the urgent need to safeguard the nation’s telecommunications sector, now classified as Critical National Information Infrastructure (CNII).

Speaking at the launch of the Critical National Information Infrastructure Protection and Resilience Workshop in Abuja, NCC’s Executive Vice-Chairman and CEO, Dr. Aminu Maida, described the Federal Government’s CNII Executive Order, signed by President Bola Ahmed Tinubu, as a game-changer for the industry.

“This designation provides a framework to tackle key challenges like vandalism, fibre cuts, and restricted access to facilities,” Maida said. He added that the telecoms sector has long struggled with these issues, which cost operators billions and hinder connectivity.

Dr. Maida commended the collaboration between the government, industry players, and regulators, saying the initiative would ensure a secure and resilient communication network for Nigerians. The workshop, organized by the National Cybersecurity Coordination Centre, marks a significant step toward protecting the country’s digital infrastructure.

 

Airtel Nigeria Bids Farewell to Former CEO Carl Cruz

Airtel Nigeria Bids Farewell to Former CEO Carl Cruz

 

Airtel Nigeria recently celebrated the legacy of its outgoing CEO, Mr. Carl Cruz, in a heartwarming farewell event that coincided with his birthday. The gathering, filled with laughter, moving speeches, and fond memories, paid tribute to his transformative leadership and deep impact on the organization and its people.

Mr. Cruz, whose tenure at Airtel Nigeria will be remembered for his visionary approach and purposeful leadership, left an indelible mark on the company’s culture and business trajectory. During his time as CEO, he not only strengthened Airtel Nigeria’s position in the telecommunications industry but also inspired his colleagues through his exemplary dedication and humanity.No alt text provided for this image

In a heartfelt statement, Airtel Nigeria expressed their gratitude:
“Dear Carl Cruz, thank you for your unforgettable contributions and for showing us what leadership with a purpose looks like. As you embark on this new chapter back home, know that you and your amiable wife, Adelle, will always have a family here in Nigeria.”

As Mr. Cruz returns home to begin a new chapter in his career, Airtel Nigeria wishes him and his wife Adelle all the best, confident that his legacy will continue to inspire the organization.

Kanyeyachukwu Tagbo-Okeke Set to Make History with Guinness World Record Attempt for Largest Art Canvas Painting

Kanyeyachukwu Tagbo-Okeke Set to Make History with Guinness World Record Attempt for Largest Art Canvas Painting

 

Excitement is building as Kanyeyachukwu Tagbo-Okeke, one of Nigeria’s most innovative contemporary artists, prepares to break a world record tomorrow. The renowned artist will begin his ambitious attempt to set the Guinness World Record for the Largest Art Canvas Painting, a groundbreaking event that is set to captivate art enthusiasts and the general public alike.

The event will take place at the Nigerian Army Barracks Parade Ground, located in Gwagwalada, Abuja, on December 5, 2024. The historic canvas painting project will unfold over several hours and is expected to draw a large crowd eager to witness this extraordinary feat in person.

About Kanyeyachukwu Tagbo-Okeke:

Kanyeyachukwu Tagbo-Okeke is an artist whose work has continuously pushed the boundaries of creativity and innovation. Known for his large-scale art installations, Tagbo-Okeke combines traditional Nigerian artistry with modern techniques to create works that provoke thought, inspire change, and tell unique visual stories. His works often highlight themes of African heritage, social justice, and the power of visual expression.

A passionate advocate for using art to bridge cultural gaps and stimulate social change, Tagbo-Okeke’s artistic journey has been one of continuous exploration and growth. From gallery exhibitions to outdoor installations, his works have captured the attention of the global art community. His upcoming attempt at the Guinness World Record is another milestone in his career, one that will cement his legacy as a trailblazer in the art world.

The Guinness World Record Attempt:

This event is more than just an artistic endeavor; it is a celebration of determination, creativity, and the spirit of pushing past limits. Tagbo-Okeke’s attempt to break the Guinness World Record for the Largest Art Canvas Painting is expected to take several hours and will involve intricate planning, precision, and collaboration.

The canvas, which will span an enormous area, will feature a composition that combines elements of African culture, modern art, and the artist’s unique vision. The painting will be a testament to the power of art to bring people together, as spectators will be able to witness its creation in real-time.

Powered by The Zeebah Foundation:

The event is powered by The Zeebah Foundation, an organization committed to supporting the arts and empowering artists across Nigeria. The foundation’s involvement in this historic moment underscores its dedication to providing platforms for artists like Tagbo-Okeke to showcase their talent on a global stage. Through this collaboration, the Zeebah Foundation is helping to shine a spotlight on Nigerian artistry while also contributing to the international art scene.

Event Details:

  • Location: Nigerian Army Barracks Parade Ground, Gwagwalada, Abuja
  • Date: December 5, 2024
  • Time: The event will run throughout the day and is open to the public
  • Admission: Free to attend (with limited space for spectators)

Tagbo-Okeke’s Guinness World Record attempt is a rare opportunity to be part of history in the making. Art lovers, families, and tourists alike are encouraged to attend and cheer on the artist as he works to achieve this monumental feat.

Get Involved:

For those interested in attending or learning more about the event, the organizers can be reached at 0905 019 3379 or 0905 019 4363 for further details.

Additionally, those who can’t attend in person can stay up-to-date with the live progress of the event by following @kanye_tagbo on social media. Tagbo-Okeke will be sharing exclusive behind-the-scenes moments and updates as he works towards the record.

This is an event that promises to inspire creativity and bring a sense of unity as people come together to witness an artist push the boundaries of possibility. Don’t miss the chance to be part of this historical moment. Come, witness the making of a world record, and celebrate the incredible journey of Kanyeyachukwu Tagbo-Okeke!

Skip the gift card: Creative Christmas ideas for the whole family

Skip the gift card: Creative Christmas ideas for the whole family

It’s the season when corny movies about love and Christmas get released, where families start planning their Christmas lunch menus and for many it’s also the time to start thinking about what gifts to get their loved ones.

 

As the year winds down, it can be tricky trying to think of the perfect present to give an older relative who is always on the look out for appliances that will make their lives easier or what to get your Gen Z relatives who are navigating a completely different world from your own.

To make it easier for you, we’ve come up with a few ideas that can cater to everyone in the family and will get you extra brownie points from both the young and old.

 

For those who love cool, innovative products: Products we’ve had in our homes for eons are evolving every year. Have you heard of the fridge that you can knock on and it’ll show you what’s inside? Sounds too good to be true, but with just two knocks, you can see what’s inside the InstaView™ (https://apo-opa.co/3OBQQsq). This fridge also features built-in Bluetooth speakers, perfect for playing music during cooking.

 

 

For the foodies: If you know anyone who loves whipping up a hearty, home-cooked meal, then you know they’d appreciate kitchen appliances that are sleek and are well-designed. That’s where the NeoChef™ (https://apo-opa.co/3Zf4NBo) comes in. This microwave comes with Smart Inverter technology that ensures even cooking and defrosting, while its EasyClean™ interior coating allows for effortless maintenance.

 

 

For the super-busy corporate aunties and uncles: People juggling demanding jobs, household chores and maybe even raising children want to make their domestic lives as convenient as possible.

 

One of the best and underrated gifts you can give anyone straddling multiple priorities is a dishwashing machine. LG’s 14 Place QuadWash™ Dishwasher with TrueSteam™ (https://apo-opa.co/3OxEyBh) has 14-place setting capacity, it’s also energy-efficient and quiet. This dishwasher ensures that there’s one less chore to worry about.

 

 

For those who value premium design and efficiency: Here’s an unexpected yet practical Christmas gift: a washing machine. Opt for a stylish, high-tech model that blends seamlessly with their space while offering modern features. This 24kg Top Load Washing Machine (https://apo-opa.co/3ZduMZP) has TurboWash™ which gives you clean and fresh clothing in just 39 minutes. It also has six washing motions powered by the Inverter Direct Drive Motor™.

 

 

From your siblings to the relative who’s an executive and needs easy-to-use convenient products, this list is sure to have everyone smiling from ear to ear.

For even more festive gift inspiration, explore the wide range of innovative products on LG.com/za.

Vertiv Introduces Compact, High-Power Density UPS for Large Data Centres and Other Critical Applications

Vertiv Introduces Compact, High-Power Density UPS for Large Data Centres and Other Critical Applications

 

 

Vertiv™ PowerUPS 9000 UPS system provides highly energy-efficient, scalable and reliable power protection for space-constrained environments

 

 

Vertiv (NYSE: VRT), a global provider of critical digital infrastructure and continuity solutions, today introduced the Vertiv™ PowerUPS 9000, an energy-efficient, high-power density uninterruptible power supply (UPS) system with a compact footprint. The system is engineered to support IT applications from traditional computing to high density applications. It is available globally in UL and CE models, from 250 to 1250kW per unit.

 

The Vertiv PowerUPS 9000 is designed for high-power density, as well as a high double-conversion efficiency of up to 97.5%. The system enables fast and easy installation, with top or bottom cable entry, as well as backfeed protection and ground fault kit options that are embedded in the system without need for extra space or on-site installation. The units are deployable anywhere in the world, reducing potential procurement and service inconsistencies, delivery delays and downtime.

 

“The Vertiv PowerUPS 9000 UPS is engineered to maximise reliability and efficiency and to minimise footprint and complexity,” said Giovanni Zanei, vice president, large power at Vertiv. “With its modular structure and high-power density, it will deliver energy-efficient, reliable power protection that data centre customers are looking for to protect both traditional and mixed AI applications.”

 

The Vertiv PowerUPS 9000 is Vertiv’s most efficient UPS in its product class, with a physical footprint 32% smaller than previous generations. It is compatible with Vertiv™ EnergyCore lithium battery cabinet, and other battery technologies, including Valve-Regulated Lead-Acid (VRLA) and Nickel-Zinc.

 

Dedicated, segregated controls and dual, hot-swappable communication and control boards allow each power module to operate independently. In the event of a fault, the affected module can isolate itself, thereby protecting the other modules and enabling continued operation. The continuous-duty solid state static bypass switch optimises the bypass line, and the system is fully hot-service and hot-swappable, meaning maintenance and upgrades can occur without downtime.

 

The Vertiv™ PowerUPS 9000 can be enabled with Vertiv™ Next Predict, a preventative maintenance strategy with advanced monitoring, data-driven health analytics and insights that optimises site operations. By leveraging AI and machine learning algorithms to monitor actual equipment conditions and measure equipment health, Vertiv offers a comprehensive solution for optimal equipment performance and longevity.

 

In Vertiv’s test labs, Vertiv engineers subjected Vertiv PowerUPS 9000 to extensive Engineering Validation Tests (EVT) and Design Validation Tests (DVT) against a wide spectrum of operational conditions to confirm its performance and reliability in real-world scenarios. It also passed additional environmental, performance and corner case tests – including debris protection, structural tests of seismic integrity and durability, and voltage surge and sag tests – that simulated extreme conditions the system may encounter.

 

Additional information about the Vertiv PowerUPS 9000 and the full portfolio of data centre power solutions from Vertiv is available at Vertiv.com.

 

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