Bitcoin jumps after Musk says Tesla could use it again

Bitcoin jumps after Musk says Tesla could use it again

Bitcoin jumps after Musk says Tesla could use it again     Bitcoin hit a two-week peak just shy of $40,000 on Monday, after another weekend reacting to tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it. Bitcoin has gyrated to Musk’s views for months since Tesla announced a $1.5 billion bitcoin purchase in February and said it would take the cryptocurrency in payment. He later said the electric car maker would not accept…

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Stanbic IBTC Asset launches N100bn infrastructure fund for PFAs, insurers, others

Stanbic IBTC Asset launches N100bn infrastructure fund

Stanbic IBTC Asset launches N100bn infrastructure fund for PFAs, insurers, others     Stanbic IBTC Asset Management, a subsidiary of Stanbic IBTC Holdings Plc, has launched a N100 billion infrastructure fund designed for institutional investors such as pension fund administrators, insurance companies, asset managers and high-net-worth individuals. It said this in a statement on Sunday titled ‘Stanbic IBTC Asset Management launches N100 billion infrastructure fund’. The statement said Stanbic IBTC Infrastructure Fund was registered with the Securities and Exchange Commission (SEC) as a Collective Investment Scheme and provided an opportunity…

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FCMB boosts renewable energy support with N20.9bn credit

FCMB boosts renewable energy support with N20.9bn credit

FCMB boosts renewable energy support with N20.9bn credit   First City Monument Bank (FCMB) said it has executed credit enhancement agreements worth N20.9 billion to support renewable and energy efficient projects in Nigeria. The bank disclosed this in a statement to commemorate this year’s World Environment Day (WED) with the theme, “Ecosystem Restoration”. It said it is on track to finance projects that would deliver over 10,000 new solar-powered electricity connections to households and businesses across various communities by the end of 2021. The bank has also developed a product…

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Ogun State generates N40bn IGR in Q1; targets 25% GDP growth

Ogun State generates N40bn IGR in Q1

Ogun State generates N40bn IGR in Q1; targets 25% GDP growth   The Ogun state government has generated N40 billion Internally Generated Revenue (IGR) in the first quarter of 2021. The government also plans to increase the yearly Gross Domestic Product (GDP) from the current single-digit to 25 per cent. The Chief Economic Adviser and Commissioner for Finance, Dapo Okubadejo, disclosed this in Abeokuta during the pre-investment summit roadshow organised ahead of the state’s investment summit. The summit tagged ‘OgunIseya21: Becoming Africa’s Model Industrial and Logistics Hub’, is billed to…

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80 million Nigerians are outside electricity coverage – REA boss

80 million Nigerians are outside electricity coverage – REA boss

80 million Nigerians are outside electricity coverage – REA boss   In this interview with EVEREST AMAEFULE, the Managing Director of Rural Electrification Agency, Ahmad Salihijo, speaks on the electricity gap in Nigeria and the efforts being made to bridge it.   What is the gap in electricity coverage of rural communities in Nigeria and maybe some urban communities? Does it justify a separate agency to handle the electrification of those communities? The gap is something that  has been occurring for quite a while historically in the country and what you…

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Report reveals three ranking countries on Africa’s e-commerce scale

Report reveals three ranking countries on Africa’s e-commerce scale

Report reveals three ranking countries on Africa’s e-commerce scale     A new report by Visa has revealed the ranking of African countries in terms of their contributions to e-commerce in the region. According to the report titled, ‘Visa research reveals SA, Nigeria and Kenya are top drivers of e-commerce volumes in SSA’, the top market contributors to e-commerce in sub-Saharan Africa over the last three years are South Africa, Nigeria and Kenya. The report obtained on Monday by Business Metrics said Ghana was also showing growth, having replaced Kenya…

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Worries as Nigeria spends N993.5bn on debt servicing in Q1

Worries as Nigeria spends N993.5bn on debt servicing in Q1

Worries as Nigeria spends N993.5bn on debt servicing in Q1     As Nigeria spent almost N1 trillion on debt servicing payments in the first quarter of this year, experts and financial analyst are worried for the imbalance between debt profile and revenue generation of the country. The Debt Management Office (DMO) had on Wednesday disclosed that the country’s total public debt increased to N33.11 trillion at the end of Q1 2021 from N32.92 trillion in December. It said the domestic debt rose to N20.64 trillion as of March 31,…

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Danbatta seeks stakeholders’ support for ubiquitous ICT adoption

Danbatta seeks stakeholders' support for ubiquitous ICT adoption

Prof. Umar Garba Danbatta, Executive Vice Chairman, NCC (Centre), during the commissioning of the computer laboratory.   As Huawei donates ICT Lab to Alma Mater   Umar Danbatta, the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), has urged stakeholders in Nigeria to support the Commission in its noble quest to ensure ubiquitous adoption and use of Information and Communications Technology (ICT), with a view to transforming the nation’s economy. This is just as the EVC pledged the commitment of NCC to continue to be in the vanguard…

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Nigerians will lead Bitcoin revolution, says Twitter CEO

Nigerians will lead Bitcoin revolution, says Twitter CEO

Nigerians will lead Bitcoin revolution, says Twitter CEO   Jack Dorsey, the co-founder and chief executive officer of Twitter, a microblogging platform, says “the people of Nigeria will lead bitcoin” revolution. Dorsey tweeted on Sunday in response to an Oped on Bitcoin Magazine written by Russell Okung, an American footballer. Okung, a Nigerian descendant and self-acclaimed Bitcoin proponent, advised Nigeria to focus on achieving “economic independence and financial sovereignty” by establishing a Bitcoin standard. “It is no secret that the current global economic environment is worrisome and unsustainable,” Okung wrote in…

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COMMENTARY: Trade Deficit Widens to $9.61bn in Q1 2021; Naira Falls

Trade Deficit Widens to $9.61bn in Q1 2021; Naira Falls

Trade Deficit Widens to $9.61bn in Q1 2021; Naira Falls By FDC Limited Analysts   Nigeria has traditionally exported more than it imports i.e. it usually enjoys a balance of trade surplus. This was principally because of high oil prices and revenue. In recent times with oil price crashing, Nigeria had started running a balance of trade deficit (imports greater than exports). Trade deficit increased by 1,094.2% to $9.61bn in Q1’21 from $804.71mn in Q1’20. The recent spike in oil prices has raised hopes for a return to the trade…

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