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FGN savings bonds FGN savings bonds
Markets2 days ago

Allotted FGN Savings Bonds on NGX Hit N5.06BN in 5 Months

Nigerian Exchange Limited (NGX) has revealed that the total allotments for FGN Savings Bonds has risen to N5.06 billion in...
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METRICS: Hilda Baci’s Record-Breaking Cooking Gains 4.8 Billion Media Reach
13% derivation refunds 13% derivation refunds
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USSD Debt USSD Debt
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Latest

‘Poor Nigerians Benefit Only 3% of $10BN Fuel Subsidy Paid in 2022’
Economy7 hours ago

‘Poor Nigerians Benefit Only 3% of $10BN Fuel Subsidy Paid in 2022’

The argument that fuel subsidy payment in Nigeria only benefits the rich has just been reinforced by Mr. Akinwunmi Adesina,...
Children's Day
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NITRA
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PRESS AFFAIRS: Nigeria IT Reporters’ Association Elects New EXCO
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Markets

Nigerian Treasury Bills Yield Rises to 7%
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The average yield on Nigerian Treasury bills (NTB) rose moderately to 7% as cash tasty deposit money banks (DMBs), fund,...
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Cryptocurrency

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Nigerian Techy Launches Nairacoin, Africa’s First Native Coin

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Failed Crypto Exchange FTX Recovers $5B in Assets, Bankruptcy Failed crypto exchange FTX has recovered more than $5 billion in different assets, not including another $425 million in crypto held by the Securities Commission of the Bahamas, a bankruptcy attorney said during a hearing Wednesday. According to the attorney, there's still a sum missing in what is owed to customers and the amount is still unclear. "We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. It just does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token," said Landis Rath & Cobb attorney Adam Landis on FTX's behalf. The announcement substantially raises the total FTX claims it holds, after the company's new leadership said it could only find just over $1 billion on Dec. 20, 2022. The total amount FTX owes its creditors is still unclear. In initial bankruptcy filings, the company's management checked off the box indicating a figure between $1 billion and $10 billion. Embattled former CEO of FTX Exchange, Sam Bankman-Fried, reportedly instructed his lieutenant, Gary Wang, to create a "backdoor" for Alameda to borrow from FTX customers without their permission, Landis said. He added the former CEO created a line of credit worth $65 billion from the exchange to the trading arm. "We know what Alameda did with the money. It bought planes, houses, threw parties, made political donations. It made personal loans to its founders. It sponsored the FTX Arena in Miami, a Formula One team, the League of Legends, Coachella and many other businesses, events and personalities," Landis said. He added that this has led to a "shortfall in value" to repay customers and creditors. "The amount of the shortfall is not yet clear. It will depend on the size of the claims pool and our recovery efforts. But every week we come closer to completing the work necessary to estimate recoveries for the purposes of a plan of reorganization," Landis said. Chief Financial Officer Mary Cilia estimated in December the company could complete that work by April. However, Judge John Dorsey of the Delaware Bankruptcy Court set a March 15 deadline in Wednesday's hearing. Brian Glueckstein of Sullivan & Cromwell said there may be as many as 9 million creditors, echoing a figure made by Kevin Cofsky, a partner with Parella Weinberg Partners, a financial advisory firm. Landis also spoke about a recently announced cooperation agreement with the Securities Commission of the Bahamas, saying it was "an important first step to align incentives and maximize joint recoveries." "It does not matter who collects $1 for customers, as long as the customers get it," Landis said. "We've established a task force with the official committee of creditors and the Bahamas JPL to explore alternatives for the sale or reorganization of the international platform." Failed Crypto Exchange FTX Recovers $5B in Assets, Bankruptcy Failed crypto exchange FTX has recovered more than $5 billion in different assets, not including another $425 million in crypto held by the Securities Commission of the Bahamas, a bankruptcy attorney said during a hearing Wednesday. According to the attorney, there's still a sum missing in what is owed to customers and the amount is still unclear. "We have located over $5 billion of cash, liquid cryptocurrency and liquid investment securities measured at petition date value. It just does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens, where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token," said Landis Rath & Cobb attorney Adam Landis on FTX's behalf. The announcement substantially raises the total FTX claims it holds, after the company's new leadership said it could only find just over $1 billion on Dec. 20, 2022. The total amount FTX owes its creditors is still unclear. In initial bankruptcy filings, the company's management checked off the box indicating a figure between $1 billion and $10 billion. Embattled former CEO of FTX Exchange, Sam Bankman-Fried, reportedly instructed his lieutenant, Gary Wang, to create a "backdoor" for Alameda to borrow from FTX customers without their permission, Landis said. He added the former CEO created a line of credit worth $65 billion from the exchange to the trading arm. "We know what Alameda did with the money. It bought planes, houses, threw parties, made political donations. It made personal loans to its founders. It sponsored the FTX Arena in Miami, a Formula One team, the League of Legends, Coachella and many other businesses, events and personalities," Landis said. He added that this has led to a "shortfall in value" to repay customers and creditors. "The amount of the shortfall is not yet clear. It will depend on the size of the claims pool and our recovery efforts. But every week we come closer to completing the work necessary to estimate recoveries for the purposes of a plan of reorganization," Landis said. Chief Financial Officer Mary Cilia estimated in December the company could complete that work by April. However, Judge John Dorsey of the Delaware Bankruptcy Court set a March 15 deadline in Wednesday's hearing. Brian Glueckstein of Sullivan & Cromwell said there may be as many as 9 million creditors, echoing a figure made by Kevin Cofsky, a partner with Parella Weinberg Partners, a financial advisory firm. Landis also spoke about a recently announced cooperation agreement with the Securities Commission of the Bahamas, saying it was "an important first step to align incentives and maximize joint recoveries." "It does not matter who collects $1 for customers, as long as the customers get it," Landis said. "We've established a task force with the official committee of creditors and the Bahamas JPL to explore alternatives for the sale or reorganization of the international platform."
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Sandra Orim Failed crypto exchange FTX has recovered more than $5 billion in different assets, not including another $425 million...
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Economy

Africa  Projected as World’s Second-Fastest Growing Economy
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Africa is set to be the second-fastest growing region in the world after Asia in 2023-24, demonstrating the resilience of...
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RT200 FX Programme
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Commodities News & Agribusiness

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General News

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Travels & Aviations

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South African Government has granted Nigerian business people 10 years’ visas. South African Government has granted Nigerian business people 10 years’ visas.
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Energy

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Showbiz

Anger, Disappointment as Nigerians React Increase in DSTV, GOTV Subscription Rates By Rosemary Iwuala MultiChoice Nigeria, a satellite TV service provider, has announced an increase in the prices of its DStv and GOtv packages via text message to its subscribers yesterday. Following this announcement, Nigerians have expressed much anger and disappointment over the increase of the DStv, GOtv subscription rates by MultiChoice. According to Multichoice, the new rates for MultiChoice Nigeria’s DStv and GOtv packages will take effect from May 1st, 2023. The Compact+ bouquet was raised to N16,600 from N14,250 monthly, representing 16.5 per cent rise. Subscribers on the Compact bouquet will pay N10,500 as against N9,000 representing a 16.7 per cent surge, while those on the Confam package are to pay N6,200 compared to the previous N5,300, a 17 per cent increase. DStv Yanga subscribers are set to pay N3,500 as against the N2,950, up by 18.6 per cent while Padi bouquets will pay N2,500 compared to N2,150 which is a 16.3 per cent rise. GoTV Supa subscribers will pay N6,400 against N5,500, up 16.4 per cent; Max rose from N4,150 to N4,850 which rose 16.9 per cent; GOtv Joli price rose from N2,800 to N3,300, 17.9 per cent; Jinja rose from N1,900 to N2,250 and GOtv Lite subscription rose from N900 to N1,100, a 22.2 per cent rise. The company in an internal memo said, “Due to the various economic challenges affecting our business operations, we have had to review the price of our packages to continue delighting our customers with great entertainment, anytime and anywhere.” “MultiChoice acknowledges the difficult economic climate and thus kept the increase at the lowest possible point whilst ensuring sustainability and provision of quality services. “At MultiChoice Nigeria, our mission is to deliver value to our customers by making great entertainment accessible. Our key priority is to put our customer’s needs at the heart of everything we do.” However, the company has allowed customers to pay the old rates for 12 months if they pay monthly before the expiration of their subscriptions. Similarly, it grants subscribers, who pay for one year at a go, before the new prices kick in, the opportunity to pay the old tariffs. Nigerians have been expressing their disappointment and dissatisfaction with the increased cost of the service, especially in light of the current economic situation in the country, while others understood the challenges faced by MultiChoice Nigeria and the need to adjust prices. Here are some of the reactions from subscribers due to the increase in prices of its DStv and GOtv packages that was announced yesterday. One subscriber @KujojiAnthony wrote, “@gotv @multichoice U guys are just extorting us in this country. You increased your tariff from 1,900 to 2,400 which we didn’t complain much about. Now you have reduced the channels. No more CH 34 where we watch la liga..No more CH67 for cartoons. What is d increment for?”. Another subscriber @LAKERS_ADELEKE said, “Does it mean @ MULTICHOICE can just come up with charges yearly without getting approval from anywhere, does it mean there were no conditions given to the organization as per the rules of engagement, is Nigeria that weak that MULTICHOICE cannot be checked? “ Also, another subscriber, Mrs. Chidinma Okeke, said, “I am very disappointed with MultiChoice. They have been increasing their subscription rates every year, and it is becoming too much. I might have to consider switching to other service providers.”
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Anger, Disappointment as Nigerians React to Increase in DSTV, GOTV Subscription Rates

By Rosemary Iwuala MultiChoice Nigeria, a satellite TV service provider, has announced an increase in the prices of its DStv...
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Spotify Commits its Creator Equity Fund to Promoting Ghana’s Emerging Artists Spotify Commits its Creator Equity Fund to Promoting Ghana’s Emerging Artists
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Spotify Invests in Ghana’s Upcoming Artists via Vibrate Space
Anger, Disappointment as Nigerians React Increase in DSTV, GOTV Subscription Rates By Rosemary Iwuala MultiChoice Nigeria, a satellite TV service provider, has announced an increase in the prices of its DStv and GOtv packages via text message to its subscribers yesterday. Following this announcement, Nigerians have expressed much anger and disappointment over the increase of the DStv, GOtv subscription rates by MultiChoice. According to Multichoice, the new rates for MultiChoice Nigeria’s DStv and GOtv packages will take effect from May 1st, 2023. The Compact+ bouquet was raised to N16,600 from N14,250 monthly, representing 16.5 per cent rise. Subscribers on the Compact bouquet will pay N10,500 as against N9,000 representing a 16.7 per cent surge, while those on the Confam package are to pay N6,200 compared to the previous N5,300, a 17 per cent increase. DStv Yanga subscribers are set to pay N3,500 as against the N2,950, up by 18.6 per cent while Padi bouquets will pay N2,500 compared to N2,150 which is a 16.3 per cent rise. GoTV Supa subscribers will pay N6,400 against N5,500, up 16.4 per cent; Max rose from N4,150 to N4,850 which rose 16.9 per cent; GOtv Joli price rose from N2,800 to N3,300, 17.9 per cent; Jinja rose from N1,900 to N2,250 and GOtv Lite subscription rose from N900 to N1,100, a 22.2 per cent rise. The company in an internal memo said, “Due to the various economic challenges affecting our business operations, we have had to review the price of our packages to continue delighting our customers with great entertainment, anytime and anywhere.” “MultiChoice acknowledges the difficult economic climate and thus kept the increase at the lowest possible point whilst ensuring sustainability and provision of quality services. “At MultiChoice Nigeria, our mission is to deliver value to our customers by making great entertainment accessible. Our key priority is to put our customer’s needs at the heart of everything we do.” However, the company has allowed customers to pay the old rates for 12 months if they pay monthly before the expiration of their subscriptions. Similarly, it grants subscribers, who pay for one year at a go, before the new prices kick in, the opportunity to pay the old tariffs. Nigerians have been expressing their disappointment and dissatisfaction with the increased cost of the service, especially in light of the current economic situation in the country, while others understood the challenges faced by MultiChoice Nigeria and the need to adjust prices. Here are some of the reactions from subscribers due to the increase in prices of its DStv and GOtv packages that was announced yesterday. One subscriber @KujojiAnthony wrote, “@gotv @multichoice U guys are just extorting us in this country. You increased your tariff from 1,900 to 2,400 which we didn’t complain much about. Now you have reduced the channels. No more CH 34 where we watch la liga..No more CH67 for cartoons. What is d increment for?”. Another subscriber @LAKERS_ADELEKE said, “Does it mean @ MULTICHOICE can just come up with charges yearly without getting approval from anywhere, does it mean there were no conditions given to the organization as per the rules of engagement, is Nigeria that weak that MULTICHOICE cannot be checked? “ Also, another subscriber, Mrs. Chidinma Okeke, said, “I am very disappointed with MultiChoice. They have been increasing their subscription rates every year, and it is becoming too much. I might have to consider switching to other service providers.”
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Appointments

TechEconomy Peter Oluka joins NiRA Board
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TechEconomy Editor Peter Oluka Joins NiRA Board

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Asue Ighodalo Takes Over from Kolawole Jamodu as Chairman of Nigerian Breweries
Simon Mizrahi AfDB Appoints Simon Mizrahi Vice President for Technology and Corporate Services The African Development Bank (AfDB) has appointed Simon Mizrahi, a British national, Vice President for its Technology and Corporate Services Complex, with effect from the 1st of April 2023. Before his new appointment, Mizrahi served as Acting Vice President for the complex, doubling as Director for the Bank’s Development Impact and Results Department. He is a seasoned senior executive with more than thirty years of experience in exercising strategic leadership on development operations and policies. His AfDB voyage Since joining the AfDB Mizrahi has acquired an in-depth understanding of the institution’s business needs, its operating environment, and its corporate governance. He also has extensive experience leading complex corporate reforms. In 2019, Mizrahi played a key role in the Bank’s proposal for a seventh general capital increase, which produced $115 billion in additional capital—the largest increase in its history. The same year, he elaborated the Bank’s Quality Assurance Plan and established the Operations Academy, the institution’s first formal program to train operational staff as a means of improving the quality and impact of Bank operations. Mizrahi is also responsible for promoting transparency and accountability across the African Development Bank. In 2022, Publish What You Fund, the global campaign for aid and development transparency, named the African Development Bank the most transparent development organisation in the world. It ranked its Sovereign Portfolio first out of 50 global development institutions in its Aid Transparency Index with a top score of 98.5. Prior to the AfDB Before joining the African Development Bank, Mizrahi worked at the Organisation for Economic Co-operation and Development as Deputy Head for Aid Effectiveness. He authored the Paris Declaration on Aid Effectiveness and the Accra Agenda for Action, two landmark agreements adopted by 110 countries and organizations across the world. Before this, he was a country director for Médecins du Monde in Rwanda and Nicaragua, from 1994 to 1996. Mizrahi has a deep, first- hand understanding of Africa’s development challenges. He has operated in eight African countries, and in 1994, was Head of Operations for Urgence Rwanda, a coalition of non-governmental organizations that delivered humanitarian assistance to Rwanda and Goma in the Democratic Republic of Congo, in the immediate aftermath of the genocide. Mizrahi began his professional career in the financial industry in London. Throughout his career, he has demonstrated a strong capacity for thought leadership, strategic decision-making, and delivery of bottom-line results. He has published extensively on issues central to the development agenda, especially development impact, climate change, corporate performance, and development effectiveness. Mizrahi holds a Master of Philosophy degree in politics and international relations from the University of Cambridge (1991) and a master’s degree in political science from the Institut d’Études Politiques de Paris (1990). Remarks Commenting on his appointment, Mizrahi said: “I am deeply honored that Dr Adesina has appointed me to this position. I see it as an extraordinary opportunity to contribute to the African Development Bank’s corporate priorities and promote Africa’s premier development organization.” Dr. Akinwumi A. Adesina, President of the African Development Bank Group, said: “I am pleased to appoint Mr. Simon Mizrahi into this new role of Vice President for Technology and Corporate Services Complex, where he will lead the drive to fully digitalize the Bank and deploy big data analytics, robotics, machine learning, and other IT tools. “He will drive the Bank’s Real Estate Strategy and oversee the formulation and implementation of its policies and controls on asset management and information technology systems. Simon will also ensure effective and sustained delivery of corporate services, including institutional procurement, language services, cybersecurity, and business continuity.” Simon Mizrahi AfDB Appoints Simon Mizrahi Vice President for Technology and Corporate Services The African Development Bank (AfDB) has appointed Simon Mizrahi, a British national, Vice President for its Technology and Corporate Services Complex, with effect from the 1st of April 2023. Before his new appointment, Mizrahi served as Acting Vice President for the complex, doubling as Director for the Bank’s Development Impact and Results Department. He is a seasoned senior executive with more than thirty years of experience in exercising strategic leadership on development operations and policies. His AfDB voyage Since joining the AfDB Mizrahi has acquired an in-depth understanding of the institution’s business needs, its operating environment, and its corporate governance. He also has extensive experience leading complex corporate reforms. In 2019, Mizrahi played a key role in the Bank’s proposal for a seventh general capital increase, which produced $115 billion in additional capital—the largest increase in its history. The same year, he elaborated the Bank’s Quality Assurance Plan and established the Operations Academy, the institution’s first formal program to train operational staff as a means of improving the quality and impact of Bank operations. Mizrahi is also responsible for promoting transparency and accountability across the African Development Bank. In 2022, Publish What You Fund, the global campaign for aid and development transparency, named the African Development Bank the most transparent development organisation in the world. It ranked its Sovereign Portfolio first out of 50 global development institutions in its Aid Transparency Index with a top score of 98.5. Prior to the AfDB Before joining the African Development Bank, Mizrahi worked at the Organisation for Economic Co-operation and Development as Deputy Head for Aid Effectiveness. He authored the Paris Declaration on Aid Effectiveness and the Accra Agenda for Action, two landmark agreements adopted by 110 countries and organizations across the world. Before this, he was a country director for Médecins du Monde in Rwanda and Nicaragua, from 1994 to 1996. Mizrahi has a deep, first- hand understanding of Africa’s development challenges. He has operated in eight African countries, and in 1994, was Head of Operations for Urgence Rwanda, a coalition of non-governmental organizations that delivered humanitarian assistance to Rwanda and Goma in the Democratic Republic of Congo, in the immediate aftermath of the genocide. Mizrahi began his professional career in the financial industry in London. Throughout his career, he has demonstrated a strong capacity for thought leadership, strategic decision-making, and delivery of bottom-line results. He has published extensively on issues central to the development agenda, especially development impact, climate change, corporate performance, and development effectiveness. Mizrahi holds a Master of Philosophy degree in politics and international relations from the University of Cambridge (1991) and a master’s degree in political science from the Institut d’Études Politiques de Paris (1990). Remarks Commenting on his appointment, Mizrahi said: “I am deeply honored that Dr Adesina has appointed me to this position. I see it as an extraordinary opportunity to contribute to the African Development Bank’s corporate priorities and promote Africa’s premier development organization.” Dr. Akinwumi A. Adesina, President of the African Development Bank Group, said: “I am pleased to appoint Mr. Simon Mizrahi into this new role of Vice President for Technology and Corporate Services Complex, where he will lead the drive to fully digitalize the Bank and deploy big data analytics, robotics, machine learning, and other IT tools. “He will drive the Bank’s Real Estate Strategy and oversee the formulation and implementation of its policies and controls on asset management and information technology systems. Simon will also ensure effective and sustained delivery of corporate services, including institutional procurement, language services, cybersecurity, and business continuity.”
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AfDB Appoints Simon Mizrahi Vice President for Technology and Corporate Services
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