Category: Finance

Bybit’s Hamster Kombat Tokens Pre-Market Listing Excites Crypto Enthusiasts

10Jul

By adminNo Comments

Crypto, Economy

Bybit’s Hamster Kombat Tokens Pre-Market Listing Excites Crypto Enthusiasts

On July 8, Bybit, the second-largest crypto exchange by market share, announced its listing of Hamster Kombat (HMSTR) tokens on its over-the-counter (OTC) platform. With this move, Bybit continues to show its support for emerging crypto projects, especially those linked with Telegram’s Open Network (TON). The pre-market trading feature on Bybit’s OTC platform offers investors a unique opportunity to trade new tokens before their official listing, ensuring they can secure advantageous prices ahead of the broader market. Bybit’s decision to list Hamster Kombat tokens shows its dedication to fostering the growth of innovative crypto ventures. The exchange has a history of supporting projects associated with TON, and the inclusion of HMSTR tokens further solidifies this commitment. Bybit’s...

CBN Mandates Reapplication for Bureau de Change Licenses

23May

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Economy, Finance, Nigeria

CBN Mandates Reapplication for Bureau de Change Licenses

Abuja, Nigeria – May 23, 2024: In a move aimed at restructuring the foreign exchange market, the Central Bank of Nigeria (CBN) has directed all Bureau de Change (BDC) operators in the country to reapply for new operational licenses. The CBN's directive requires compliance by June 3, 2024, to continue participating in forex operations. This announcement follows the introduction of revised Regulatory and Supervisory Guidelines for BDC Operations in Nigeria earlier this year. As part of these reforms, the CBN has set new minimum capital requirements: N2 billion for tier 1 BDC operators and N500 million for tier 2 operators. The circular, signed by Haruna Mustafa, Director of the Financial Policy and Regulation Department at CBN, outlines comprehensive reforms intended to enhance the ro...

Delisting of Naira from P2P Trading Platforms Underway

17May

By adminNo Comments

Economy, Finance, Information Technology, Nigeria

Delisting of Naira from P2P Trading Platforms Underway

In a supposed move to stabilize the Nigerian currency, the Securities and Exchange Commission (SEC) announced yesterday that several cryptocurrency exchanges have begun the process of delisting the Naira from Peer-to-Peer (P2P) trading platforms. This action follows a directive issued last week by the SEC in collaboration with the Office of the National Security Adviser (ONSA). The directive mandates digital currency operators to remove the Naira as a fiat currency option on their platforms. This measure aims to protect the Nigerian currency from potential manipulations that could undermine its value. The SEC's recent checks confirmed that the KuCoin platform has already started implementing this change, adjusting its technology to accommodate the delisting of the Naira. See Also: C...

ADB Commits $2 Billion to Clean Cooking Access in Africa

16May

By adminNo Comments

Africa, African Development, Environment, Finance, Infrastructure, News, Safety

ADB Commits $2 Billion to Clean Cooking Access in Africa

The African Development Bank (AfDB) has pledged a monumental $2 billion over the next decade towards enhancing access to clean cooking solutions in Africa. This commitment was announced during a landmark summit on Clean Cooking in Africa held in Paris, where the Bank's President, Dr. Akinwumi Adesina, emphasized the critical importance of safe cooking alternatives beyond just culinary needs, highlighting the profound impact on dignity. The significance of this commitment lies in its potential to save the lives of approximately 600,000 individuals annually, predominantly women and children. The AfDB plans to allocate 20% of its energy project financing towards promoting safe cooking alternatives, aiming to address the prevalent use of charcoal, wood, and biomass for cooking in Africa. ...

Reps Wants Nigerians Educated on the Cyber Crimes Levy

16May

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Finance, Legislature, News, Nigeria, Security

Reps Wants Nigerians Educated on the Cyber Crimes Levy

In a recent session, the House of Representatives took steps to address what it termed misconceptions surrounding the Cyber Crimes Act to ensure its effective implementation. The directive, aimed at the Office of the National Security Adviser (NSA) and the Central Bank of Nigeria (CBN), stressed the importance of public awareness and correct execution of the law. The motion, presented by the House Minority Leader, Hon. Kingsley Chinda, along with seven others, highlighted concerns regarding the Cybercrimes (Prohibition and Prevention) Act, 2015, as amended in 2024. The House emphasized the need to rectify misinterpretations of the law and dispel any erroneous perceptions of its enforcement. During the session, Chinda referenced a previous motion on May 9, 2024, which focused on the ...

Wike Left Huge Debts for Rivers State – Fubara

15May

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Economy, Finance, News, Niger Delta, Nigeria

Wike Left Huge Debts for Rivers State – Fubara

Rivers State Governor, Siminalayi Fubara, revealed that his administration inherited substantial debt from the previous government led by Nyesom Wike. The disclosure, made on Tuesday, highlighted the challenges faced by Fubara’s administration in settling outstanding payments to contractors who executed projects under Wike’s tenure. According to Governor Fubara, numerous contractors engaged by the previous administration have been demanding their balance payments, amounting to billions of naira. This revelation has intensified the ongoing feud between Fubara and his predecessor, Nyesom Wike, adding another layer to their already strained relationship. During his tenure, Nyesom Wike, often referred to as "Mr. Projects," undertook a plethora of developmental initiatives, including the...

Former Aviation Minister and Brother Face Fresh Charges: Abuse of Office Allegations Mount”

13May

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Aviation, Corruption, Finance, Judiciary, Nigeria, Transportation

Former Aviation Minister and Brother Face Fresh Charges: Abuse of Office Allegations Mount”

In the latest twist of events, former Minister of Aviation, Hadi Sirika, finds himself embroiled in yet another legal battle, this time alongside his brother Ahmad Abubakar. The duo is set to be arraigned by the Economic and Financial Crimes Commission (EFCC) on charges of abuse of office related to the awarding of contracts within the aviation ministry. The EFCC's decision to arraign Mr. Sirika comes shortly after he, along with his daughter Fatima and her husband, faced similar charges last week. This time, the allegations revolve around fraudulent awards of contracts amounting to billions of naira. Mr. Sirika, who served as the aviation minister throughout President Muhammadu Buhari's two terms, is accused of leveraging his position to improperly award contracts to a company with...

Agbakoba, Others Head to Court Despite FG’s Suspension of Cybersecurity Levy

13May

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Finance, Judiciary, Justice, News, Nigeria

Agbakoba, Others Head to Court Despite FG’s Suspension of Cybersecurity Levy

The Federal Government has quietly withdrawn the controversial 0.5% cybersecurity levy, despite the resentment it generated. Senate Chief Whip Ali Ndume praised President Bola Tinubu for listening to the people, ordering a review of the levy, and suspending its implementation. However, the withdrawal has not appeased all critics. Socio-Economic Rights and Accountability Project (SERAP), BudgIT, and 136 concerned Nigerians have sued the Central Bank of Nigeria (CBN) at the Federal High Court in Lagos over its failure to withdraw the circular directing banks to deduct the levy from customers' accounts. Similarly, Senior Advocate of Nigeria Olisa Agbakoba said he would challenge the implementation of the levy in court. Last week, the CBN relied on the Cybercrime Act 2015 (as amended) t...

Cybersecurity Levy not Targeted at Individuals – Senate Buba

12May

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Economy, Finance, Legislature, Nigeria, Security

Cybersecurity Levy not Targeted at Individuals – Senate Buba

In response to recent concerns surrounding the Central Bank of Nigeria's (CBN) announcement of a cybersecurity levy, Senator Shehu Umar Buba, Chairman of the Senate Committee on National Security and Intelligence, representing the APC Bauchi South constituency, clarified that the levy is not targeted at individuals or ordinary bank customers. Rather, it is aimed explicitly at financial institutions and telecom companies, identified as the most vulnerable sectors to financial crimes and cyber fraud, with the goal of enhancing cybersecurity measures and national security in the country. Speaking from Abuja in a statement released on Sunday, Senator Buba, who sponsored the amendment bill, highlighted the specificity of the Cybercrime Act regarding the entities required to pay the levy, em...

Binance CEO Faults Arrest of its Execs in Nigeria

8May

By adminNo Comments

Economy, Finance, News, Nigeria

Binance CEO Faults Arrest of its Execs in Nigeria

The CEO of Binance, one of the world's largest cryptocurrency exchanges, has condemned Nigeria's recent arrest of its executives, labeling them as a dangerous precedent. This outcry comes after two of Binance's executives who were invited by the government ended up being detained. The Nigerian took this action as part of a crackdown on crypto-related activities. Richard Teng, the CEO, expressed his dismay at the detention of Tigran Gambaryan, Binance's head of financial crime compliance and a U.S. citizen. He also highlighted the case of Nadeem Anjarwalla, a British-Kenyan regional manager for Africa, who fled Nigeria in March. According to Teng, the ordeal began with meetings between Binance representatives and Nigerian authorities in January. However, matters escalated during a su...