Few Downsides Of The Great Bitcoin

Since Bitcoins don't have an actual structure, it can't be utilized in actual stores. It would consistently must be changed over to different monetary standards. Cards with Bitcoin wallet data put away in them have been proposed, however there is no agreement on a specific framework. Since there would be different contending frameworks, shippers would think that its impossible to help all Bitcoin cards, and subsequently clients would be compelled to change over Bitcoins at any rate, except if an all inclusive framework is proposed and actualized. The Valuation will diminish Since there is no focal power administering Bitcoins, nobody can ensure its base valuation. On the off chance that an enormous gathering of shippers choose to "dump" Bitcoins and leave the framework, its valuation will diminish significantly which will gigantically hurt clients who have a lot of abundance put resources into Bitcoins. The decentralized idea of bitcoin is both a revile and gift.  

Like any other money, there are burdens related with utilizing Bitcoin: Bitcoins Are Not Widely Accepted Bitcoins are still just acknowledged by a little gathering of online shippers. This makes it impractical to totally depend on Bitcoins as a money. There is additionally a likelihood that legislatures may drive traders to not utilize Bitcoins to guarantee that clients' exchanges can be followed. Wallets Can Be Lost On the off chance that a hard drive crashes, or an infection debases information , and the wallet record is defiled, Bitcoins have basically been "lost". There isn't anything that can done to recuperate it. These coins will be perpetually stranded in the framework. This can bankrupt a rich Bitcoin financial specialist inside the space of seconds with no chance type of recuperation. The coins the financial specialist possessed will likewise be forever stranded. Bitcoin Valuation Fluctuates The estimation of Bitcoins is continually fluctuating as per request. As of June second 2011, one Bitcoins was esteemed at $9.9 on a well known bitcoin trade site. It was esteemed to be under $1 only a half year back. This consistent vacillation will cause Bitcoin tolerating locales to constantly change costs. It will likewise create a great deal of turmoil if a discount for an item is being made. For instance, if a shirt was at first purchased for 1.5 BTC, and restored seven days after the fact, should 1.5 BTC be returned, despite the fact that the valuation has gone up, or should the new sum (determined by current valuation) be sent? Which cash should BTC attached to when looking at valuation? These are as yet significant inquiries that the Bitcoin people group actually has no agreement over.  

Like any cash, there are inconveniences related with utilizing Bitcoin: Bitcoins Are Not Widely Accepted Bitcoins are still just acknowledged by a little gathering of online traders. This makes it impossible to totally depend on Bitcoins as a cash. There is additionally a likelihood that legislatures may compel shippers to not utilize Bitcoins to guarantee that clients' exchanges can be followed. Wallets Can Be Lost On the off chance that a hard drive crashes, or an infection adulterates information , and the wallet document is tainted, Bitcoins have basically been "lost". There isn't anything that can done to recuperate it. These coins will be always stranded in the framework. This can bankrupt a well off Bitcoin financial specialist inside the space of seconds with no chance type of recuperation. The coins the financial specialist claimed will likewise be forever stranded. Bitcoin Valuation Fluctuates The estimation of Bitcoins is continually fluctuating as per request. As of June second 2011, one Bitcoins was esteemed at $9.9 on a famous bitcoin trade site. It was esteemed to be under $1 only a half year prior. This steady vacillation will cause Bitcoin tolerating destinations to ceaselessly change costs. It will likewise create a great deal of turmoil if a discount for an item is being made. For instance, if a shirt was at first purchased for 1.5 BTC, and restored seven days after the fact, should 1.5 BTC be returned, despite the fact that the valuation has gone up, or should the new sum (determined by current valuation) be sent? Which cash should BTC attached to when contrasting valuation? These are as yet significant inquiries that the Bitcoin people group actually has no agreement over.

How Does Bitcoin Makes You Money

These has been the questions most people ask everyday, so today we will discus few practical ways bitcoin can make you money.

The most popular one our list is Mining 

 No, we're not looking at heading into a cavern with a pickaxe and a hardhat—we're discussing Bitcoin mining, one of the main approaches to actually acquire BTC. This is the cycle where excavators utilize amazing PCs to tackle complex numerical issues. At the point when they figure out the code, they're compensated with recently stamped BTC. 

It's essentially a competition to see who can settle the square the quickest and those fortunate enough to do so receive the benefits. Some time ago, mining wasn't as muddled. 

The absolute most punctual diggers had the option to mine great many BTC utilizing only their home PCs. Presently, it's an altogether different situation. To mine in the present BTC scene, you'll need top-level gear—which can hamper you two or three thousand bucks. Additionally, since Bitcoin has become famous now, you'll have a ton of rivalry. 

 To give yourself a battling possibility, you can join Bitcoin mining pools or mining mists. A Bitcoin mining pool is a community gathering of excavators who consolidate their processing ability to tackle complex numerical issues quicker. A Bitcoin mining cloud is comparable, yet all things being equal, they utilize the cloud to interface their processing power. That way, they won't need to introduce and run the equipment and related programming straightforwardly. In one or the other case, the diggers' charges paid from exchanges and the recently printed coin are part among the individuals in the gathering.  

Now let's talk about Trading First.

In the event that HODLing is long haul contributing, exchanging Bitcoin is its high speed same. Basically, BTC exchanging implies exploiting Bitcoin's exceptionally unstable nature. This technique requires practice and information available, so make certain to get your work done before you even consider trying it out. 

Here are a couple of styles of exchanging to kick you off: Day exchanging – Day exchanging involves short and brisk exchanges, permitting openings for little and quick benefits. Informal investors don't hold any open positions for the time being, so the strategy comprises of cautiously dissecting the market, seeing little lucrative chances, and promoting for a little benefit. 

Toward the finish of the meeting, informal investors could have a huge total increase. Swing exchanging – If HODLing is long haul and day exchanging is present moment, swing exchanging is somewhat in the center. Like HODLers, swing merchants will purchase low, stand by sufficiently long to see their property increment in cost, and afterward sell high. Be that as it may, their holding time isn't up to a HODLer and isn't as short as an informal investor. Exchange – Bitcoin exchange is like the styles above. Notwithstanding, rather than searching for lucrative chances inside a similar trade, merchants who use exchange search for those chances across various stages. Generally, they purchase BTC from trade An at that point sell it at trade B at a greater expense. Instructions to bring in cash off Bitcoin utilizing these techniques requires a ton of training, so don't anticipate getting it directly on the principal attempt. Simply do your own examination, sort out which methodology is best for you, and trust that you'll be on your own way.  

Let's also take about Holding 

Purchasing and holding Bitcoin is the response to the well established inquiry of "How to put resources into Bitcoin and bring in cash?". HODLing, the other term for purchasing and holding, is quite possibly the most clear and most apprentice benevolent exchanging techniques out there. To begin with, get a Bitcoin wallet, purchase BTC, and afterward trust that the value spikes later on—regardless of how long that may require. It very well may be weeks, months, or even a long time before you choose to sell. The term HODL was instituted along these lines. It began as a grammatical error on a gathering, at that point it turned into a full-time exchanging methodology. It additionally intends to Hold On for Dear Life—so it's fundamental to take a gander at how Bitcoin is esteemed and go from that point.

What You Need To Know About Bitcoin

Hey People, today I will explian to you how bitcoin works in a much simpler way.

Bitcoin is an organization that sudden spikes in demand for a convention known as the blockchain. A 2008 paper by an individual or individuals calling themselves Satoshi Nakamoto originally depicted both the blockchain and Bitcoin and for some time the two terms were everything except interchangeable.

This flexibility has grabbed the attention of governments and private companies; for sure, a few examiners accept that blockchain innovation will eventually be the most significant part of the digital money rage. 

For Bitcoin's situation, however, the data on the blockchain is generally exchanges. 

Bitcoin is truly a rundown. Individual A sent X bitcoin to individual B, who sent Y bitcoin to individual C, and so forth By counting these exchanges up, everybody knows where singular clients stand. It's essential to take note of that these exchanges don't really should be done from human to human.

The rudiments of blockchain innovation are leniently direct. Any given blockchain comprises of a solitary chain of discrete squares of data, organized sequentially. On a basic level this data can be any line of 1s and 0s, which means it could incorporate messages, contracts, land titles, marriage testaments, or security exchanges. In principle, any kind of agreement between two gatherings can be set up on a blockchain as long as the two players concede to the agreement. This removes any requirement for an outsider to be engaged with any agreement. This opens a universe of conceivable outcomes including distributed monetary items, similar to advances or decentralized investment funds and financial records, where banks or any go-between is superfluous.

Anything can access and utilize the Bitcoin organization and your nationality, sexual orientation, religion, species, or political inclining are totally superfluous. This makes immense opportunities for the web of things. Later on, we could see frameworks where self-driving cabs or uber vehicles have their own blockchain wallets. The vehicle would be sent digital money from the traveler and would not move until reserves are gotten. The vehicle would have the option to survey when it needs fuel and would utilize its wallet to encourage a top off. 

Another name for a blockchain is a "disseminated record," which underlines the critical contrast between this innovation and an all around kept Word report. Bitcoin's blockchain is conveyed, implying that it is public. Anybody can download it completely or go to quite a few locales that parse it. This implies that the record is openly accessible, yet it additionally implies that there are convoluted measures set up for refreshing the blockchain record. There is no focal position to watch all bitcoin exchanges, so the members themselves do as such by making and confirming "blocks" of exchange information. See the segment on "Mining" beneath for more data. 

You can see, for instance, that 15N3yGu3UFHeyUNdzQ5sS3aRFRzu5Ae7EZ sent 0.01718427 bitcoin to 1JHG2qjdk5Khiq7X5xQrr1wfigepJEK3t on August 14, 2017, somewhere in the range of 11:10 and 11:20 a.m. The long series of numbers and letters are addresses, and in the event that you were in law authorization or really all around educated, you could likely sort out who controlled them. It is a confusion that Bitcoin's organization is absolutely mysterious albeit playing it safe can make it difficult to connect people to exchanges.

The Recent Rise Of Bitcoin To Glory

Bitcoin had quite recently accomplished a noteworthy ascent in 2020 disregarding numerous things that would typically make speculators watchful, including US-China strains, Brexit and, obviously, a worldwide pandemic. From a year-low on the every day outlines of US$4,748 (£3,490) in March as pandemic feelings of trepidation grabbed hold, bitcoin rose to simply beneath US$30,000 before the year's over. 

From that point forward it has move to untouched highs above US$38,000, standing out as truly newsworthy for quite a while and driving up the costs of other digital currencies simultaneously. So what has driven this tremendous value gratefulness.

Despite late occasions, ventures like bitcoin are being think about a store of significant worth. The greatest number of bitcoin that will actually exist is set at 21 million (except if the convention changes), and there are as of now about 18.5 million available for use. 

The inventory of new coins is additionally easing back down in light of the fact that the prize that bitcoin diggers get for checking exchanges on the blockchain parts generally at regular intervals – it tumbled from BTC12.5 to BTC6.25 last May. This shortage is tantamount to that of valuable metals.

One explanation behind the enormous value rise is that there has been a major convergence of speculators from huge scope foundations, for example, benefits plans, college blessing assets and venture trusts. This was not the situation during the last buyer market in 2017, in which the bitcoin value rose around 20-overlay to nearly US$20,000, just to slide back to the low US$3,000s every year later. 

In 2017, the digital money environment was overwhelmed by singular retail speculators, large numbers of whom were pulled in to bitcoin's shortage and the way that it remained outside the worldwide monetary framework. The 2017 buyer market had all the indications of an exemplary monetary air pocket and financial specialists who were purchasing in "dread of passing up a major opportunity" (FOMO). 

The move standard 

This time, enormous names, for example, extremely rich person financial specialist Paul Tudor Jones and protection goliath MassMutual have contributed intensely, while much previous cynics like JP Morgan currently state that bitcoin could have a splendid future. This all assists with expanding trust in the digital currency and demonstrates that it is turning out to be more standard. 

Bitcoin has additionally been upheld by a couple of enormous buyer confronting installment names. PayPal presently permits clients to purchase, hold and sell bitcoin straightforwardly from their PayPal accounts. Opponent advanced installment firm Square announced in November that a greater amount of its Cash App clients are purchasing the computerized money, and purchasing more on normal than previously. The quantity of merchants tolerating bitcoin as a type of installment is developing quickly.

Other than this standard excitement, the massacre brought by COVID-19 has prompted tremendous boost bundles from governments around the world and numerous national banks printing more cash. This could drive up expansion, which thusly brings down individuals' buying power. Undoubtedly the US Federal Reserve a year ago flagged it would be somewhat more lenient toward rising costs when it loosened up its 2% expansion target.

Possibly most importantly, Visa has been warming to bitcoin. In October it announced a handful of bitcoin-related credit and debit cards with leading crypto exchange Coinbase. With more and more ways of using bitcoin, it should mean that more people will want to hold it.

Bitcoin has also become much more mature since the days when it was used mainly as a method to purchase drugs on the dark web on Silk Road. Bitcoin digital wallets, keys and exchanges are easier to access and there is a lot more reliable information out there than before.

The introduction of financial products such as bitcoin futures and options, as well as blockchain-related funds, has allowed investors who might otherwise have been fearful of volatility to get involved. Bitcoin futures mean that investors can speculate on falling prices by “going short” on the cryptocurrency. Nobel laureate Robert Shiller has suggested that the 2017 bubble could have been linked to the fact that there were no bitcoin futures at the time.

Nigeria Loses N140 Billion To Apapa Gridlock Weekly Says Dangote

The President of Dangote Group, Aliko Dangote, has lauded the decision of the Federal Government to reconstruct the failed Apapa-Wharf road.

With its grim state serving as an embarrassment to the country, there is also a huge loss of about N140 billion to the government on a weekly basis.

Dangote who spoke to select media men yesterday, said: “The economy loses more than N20 billion daily. It affects businesses across the country. All our operations in the hinterland in Ilorin, in Kano are operating at 40 per cent maximum capacity.”

Lamenting the state of roads in the country, Dangote said: “Today, there is no linkage road going from South West to the North. You have to go all the way through Ajaokuta, Obajana, Lokoja and you have to go by that uncompleted road Obasanjo started 13 years ago.‘’
Commenting on his resolve to be personally involved in the Apapa- Wharf road reconstruction, he said: “More than 60 per cent of our country’s import and exports come through the port and we leave it unattended. That is why we started on our own. Flour Mills said they will join us, but now government changed the design because they want all the cables and pipes underground and to have a more robust solution.”

To help in bringing the cost down, he explained that he forced his company to do it at a zero profit. According to him, “Both Dangote and Flour Mills are pumping in over N2.5 billion for the 2 kilometres double lane on each side making a total of 4 kilometres.”
He explained that the biggest job “is drainage because that is what is destroying the road. We will make sure this problem is sorted out once and for all. This thing should not be allowed to happen. We started discussion with the government over a year ago and we are happy that we have been given the opportunity to finally fix it.”

The Federal Government last weekend handed over the troubled road to Dangote Industries Limited and Flour Mills of Nigeria Plc. (FMN) for immediate reconstruction with concrete overlay.
The Memorandum of Understanding (MoU) was signed by the FG, DIL, NPA and the FMN.

The Minister of Power, Works and Housing, Babatunde Fashola, signed the agreement for the handover of the road, on behalf of the Federal Government, while the Managing Director, NPA, Hadiza Usman, and Joseph Makoju, honorary advisor to Aliko Dangote, president, Dangote Group, and Gbedebo, signed for their respective organisations.

The three organisations are embarking on the project as part of their corporate social responsibility (CSR) to Apapa, where they all do business.

The construction work to be handled by AG Dangote, a civil construction company, and joint venture between Dangote Group and AG of Brazil, would utilise concrete slabs as against asphalt, common with road construction in this part of the world.

Etisalat Nigeria’s Troubles Worsen As Largest Shareholder Pulls Out

Etisalat Nigeria Limited, Nigeria’s fourth largest telecommunication firm, appears to be swimming deeper in troubled waters as Mubadala Development Company of United Arab Emirates, the company’s largest shareholder, has pulled out its investment and headed out of the country, those familiar with the matter have told PREMIUM TIMES.

The UAE investor has hinted Etisalat Nigeria as well as the industry regulator, Nigerian Telecommunications Commission (NCC) of its decision to opt out of the joint ownership of the company, our sources said.

“I can tell you that Mubadala’s withdrawal takes effect from today (Thursday),” one source said, asking not to be named because he was not authorised to speak on the matter.

With the withdrawal of its largest investor, the board of Etisalat Nigeria might be dissolved, with the creditor banks effectively taking control.

One of our sources said the ultimatum given the telecom company to pay up its debt expires today or tomorrow.

To continue to run the company, the consortium of banks will most likely present a holding company with telecommunication operating experience to NCC for approval.

“The banks do not want the services of the company to cease,” one of our sources said. “So they are setting up a vehicle to keep whatever remains of Etisalat afloat. The banks may approach the NCC tomorrow or latest next week.”

Mubadala could not be reached for comments Thursday evening. Repeated telephone calls to its Abu Dhabi headquarters were unanswered. An email enquiry is yet to be responded to as at the time of publishing this report.

Etisalat has been facing huge financial crisis following pressures on it by a consortium of some foreign and Nigerian banks, led by Access Bank, to recover a $1.72 billion (about N541.8 billion) loan facility the company obtained in 2015.

The loan, which involved a foreign-backed guaranty bond, was for Etisalat to finance a major network rehabilitation and expansion of its operational base in Nigeria.

Its inability to meet its debt servicing obligation agreed since 2016 compelled the consortium of banks, prodded by their foreign partners, to take up the matter with the Central Bank of Nigeria and the NCC.

The intervention of the two regulatory authorities persuaded the banks to suspend their decision to take over the mobile telephone company, giving it opportunity to renegotiate and reschedule the loan.

But Mubadala’s decision to pull out of the company is likely to push the troubled firm deeper into survival crisis.

But an official of the company, Seyi Osunfedo, later called back to say she was not aware of the latest action by Mubadala.

“I can’t confirm that information for now,” she said. “As you are aware, discussions have been ongoing for some time now with various authorities to find ways to resolve the crisis. I am not aware that that decision has been taken.”

Asked whether Etisalat stands a chance of surviving should the UAE investor fail to rescind its decision to leave, Ms. Osunfedo said, “I don’t think there is any difficulty that cannot be surmounted.”

The company is rated by the NCC as Nigeria’s fourth largest telecoms operator, with about 21 million subscribers or about 12.9 per cent of the telecom market share as at January 2017.

MTN takes the lead with 60 million, or 40 per cent market share; Globacom, 37million, or 24.6 per cent; and Airtel 34.6 million, or 22.8 per cent.

MARY MCCARTHY AWARD- Chimamanda Adichie Is The First Nigerian To Receive This Award

Nigerian author and feminist Chimamanda Adichie Ngozi has been awarded the revered Mary McCarthy Award for her work as a writer and prominent public awareness on social issues.

The event was held at Bard College, New York where Chimamanda attended as a special guest.

The Mary McCarthy Prize in short fiction includes a $2,000 cash award, publication of a collection of short stories or novella and a standard royalty contract.

St. Louis, Other Foreign Packaged Sugar Brands Remains Banned In Nigeria – FG

Restating the commitment of government to ensure foreign packaged sugar loses its market chain in Nigeria, the Executive Secretary of National Sugar Development Council (NSDC), Latif Busari noted that the continued smuggling of the product into the country has posed has a hindrance to local producers who are struggling to have a grasp of the market.

Busari in a chat with the media in Abuja on Thursday lamented that, “there is no gain saying the fact that those who engage in illegal importation of this banned product are daily inflicting incalculable damage to local producers of the same commodity in the country. Government cannot afford to look the other way while economic saboteurs who come under the guise of businessmen continue to frustrate genuine efforts geared towards building our economy.”

“Regrettably, despite sustained efforts by the NSDC and other government agencies to protect the interest of local investors in the sugar industry by strictly enforcing the ban on importation of packaged sugar, we have discovered that different brands of this product still line the shelves of big retail outlets and wholesale stores across major cities in the country.”

He stated that, “since the ban was announced, Sugar Council has engaged the major importer of the St. Louis brand that even though Nigeria has been importing the brand for over 53 years, it is time it started its local production in the country if they wanted Nigerians to be consuming it. They sought for and procured an exemption for 18 months to enable them go into partnership with local producers. But two years after the expiration of the exemption, they did not set up any production facilities and while they claim to have stopped its importation we continue to see the brand of cube sugar in our markets.”

Busari noted that, “our position on this matter hasn’t changed; we want importers of banned package sugar to either produce in Nigeria or take them elsewhere. This position is in line with Section 9.3.1 (IV) of the Nigerian Sugar Master Plan (NSMP) as approved.”

“What we are saying is that importers of sugar in retail packs should invest in local packaging facilities within and bring their equipment to Nigeria to produce under the plan, and thereby also help to create jobs for our people” the ES stated.

It will be recall that the Federal Government had in 2013, as part of its efforts to grow the nation’s local sugar industry and attract investments into its downstream segment, banned the importation of packaged sugar into the country as had earlier done for retail packs of vegetable oil, noodle, cement amongst other products.

Busari reaffirmed that “cubing and packaging sugar is not rocket science and there is absolutely no reason why Nigerians with little capital cannot operate in this segment of the sugar industry”, noting that the aim of the banned policy is being defeated by the continued influx of imported package sugar, particularly by the St. Louis brand into Nigeria.

Scheme, Donation Hub Asks Members To Put In More Money

This is a fair warning to all in Donation hub.

This would be my first time posting about ponzi schemes. I try as much as possible to distant myself from posts like that. But after experiencing some outcry from friends and colleagues, i decided to investigate the site.

donation hub.net came in october 2016 and after a few months, they claimed they had issues and participants monies got stuck, they requested for people to redonate to get their monies out, people redonated and within 3 days, they took down their sites and that was how they lost monies in February, 2017. Two weeks ago, they launched the same site but this time it was www.donation hub.in. barely two weeks into the start, they are now claiming the site have issues again and requested that people come and redonate 50% to get their monies out. (same strategies as the first time). A few persons I know have about N8,000,000 eight million naira. That means they are expected to redonate 4,000,000 Four million naira to get their monies out.


People please if you know anyone, tell them to run away from www.donation hub.in
This is their telegram group and they have a rule that when you complain or suggest anythig on the group, they will block you. 

Apapa Customs Command Records 39% Increase In Revenue

The Apapa Area Command of the Nigeria Customs Service has disclosed that it recorded 39 per cent increase in revenue generation in the first five months of this year despite the economic challenges in the country.

The Area Comptroller of the command, Musa Jibrin, who stated this at a media briefing about the command’s activities in the first half of the year, disclosed that it generated a total of N136.3bn between January and May.

He said that the command was ready to facilitate export trade in line with the Federal Government’s effort at diversifying the economy through exportation of agricultural products.

According to him, the command has created a functional examination centre within the APM Terminal to serve as a coordinating centre for all stakeholders in cargo examination at the Apapa Port, in line with the government’s ease of doing business initiative.

“The command will continue to intensify efforts at blocking all revenue leakages in order to sustain and build on this result,” he explained.

According to Jibrin, the command’s enforcement unit carried out a total of 24 detentions, including containers of different items, adding that the arrests ranged from under invoicing, wrong classification, declaration, prohibition and under payments.

He said, “I wish to reiterate our resolve to do our best to maintain our lead in revenue generation irrespective of the prevailing harsh economic conditions. We are, however, committed to ensuring trade regulations and enforcement of government’s fiscal policies, while issues of national security also remain cardinal in our day-to-day operations.

“I assure all patriotic stakeholders of a more conducive business environment that will avail them the opportunity of experiencing a seamless clearance of their consignments and general improvement within the shortest possible time.”

Lagos Releases N698Billion For Lekki Free Zone

The Commissioner for Commerce, Industry and Co-operatives in Lagos, Prince Rotimi Ogunleye, said a total of N698.47million has been so far released for infrastructural development in the Lekki Free Zone Development Company (LFZDC).

Speaking during a business meeting with members of the Diplomatic Community at LFZDC recently, he said the Lekki investment hub is not only meant for Chinese companies but other investors across the globe are welcome to invest. .

According to him, “the state government is committed to promoting sustainable commercial and industrial growth,” stressing further that the “funds released to the zone is to ensure speedy development and honour the state’s obligation on counterpart funding of the project.”

He also disclosed that about N740.461 million had been given as compensation to host communities comprising Yegunda and Abomiti as well as Lekki-Epe International Airport Zone.

While presenting his progress report, the Managing Director, LFZDC Ding Yonghua, said Phase one of the Zone will create 30,000 employment opportunities, with a population of about 120,000 people residing in the premises.

He also said the LFZDC is controlled by transparent and efficient management service, adding that good infrastructure, adequate security, water treatment plant, sewage plant, and 24 hour power supply are all available in order to enhance the ease of doing business in the Zone.

He also explained that in addition to incentives being provided by the government, the management of Lekki Free Zone will provide further incentives to encourage investors that situate their factories within the Zone.

The Lekki Free Trade Zone is being developed as an industrial harbor city with transportation advantage with the Lekki Deep Seaport, which is less than three kilometers from the Zone.

The proposed international airport is to be situated about 10 kilometers from the Zone, and access to the inland waterways with an extensive and well planned rail and road access.

The meeting had in attendance representatives from Canada, Britain, China, France, Ireland, Malaysia, Belgium, Switzerland, Netherlands, Spain, Brazil, Germany, and Namibia.

Uba’s Debut $500m Eurobond Oversubscribed By 240%

Bank says it’s validation of pan-African growth strategy

The United Bank for Africa Plc (UBA) has announced that it has successfully raised $500 million though a debut Eurobond, which was 240 per cent oversubscribed.


The bank, in a statement Monday, said the significant investor demand reflected the strong global investor appetite for UBA’s credit and support for the group’s pan-African financial services strategy.
The global offering was a five-year senior unsecured benchmark bond listed on the Irish Stock Exchange and will further support the group’s strategic vision, as it continues to grow its franchise across the continent and client segments.

The bond, which is rated by both Fitch (B, stable outlook) and S&P (B, stable outlook), will mature in June 2022 and was issued with a coupon rate of 7.75%, priced at an effective yield of 7.875%.
This pricing was seen by the global investor community as the best possible pricing for a debut issue from a Nigerian-based financial institution in the international market.

The pricing was at par with the recent bond issue by Nigeria, which raised $1 billion in February 2017.
According to the statement, investor interest was global, including from the United Kingdom, Europe, Asia, the Middle East and the U.S.

Speaking on the offering, the Group Managing Director/CEO of UBA, Mr. Kennedy Uzoka, stated: “This successful dollar-denominated offering further illustrates global investor confidence in the strong fundamentals of our group.
“The $500 million bond will complement our stable funding base and support the growth of our balance sheet and the overall business. More importantly, this medium-term funding will further enhance our strength in financing profitable, impactful projects on the African continent.”

Also commenting, the Group CFO, Mr. Ugo Nwaghodoh, said: “UBA’s debut global offering is another milestone for us. It is timely in the group’s growth phase and aligns with our strategic plan to profitably grow the balance sheet, as we maintain our prudent risk management and benchmark asset quality ratios.”

UBA is a leading pan-African financial institution, offering banking services to more than 14 million customers across over 1,000 business offices and customer touch points in 19 African countries.
With presence in New York, London and Paris, UBA connects people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments and remittances, trade finance and ancillary banking services, the statement said.

Nigeria Loses N417 Billion To Oil Production Disruption In One Month

Nigeria’s oil industry lost an accumulated 27.3 million barrels in the month of February to production disruptions arising from pipeline vandalism.

With the current Brent crude oil price put at $50 per barrel, the country lost about $1.3 billion (N417 billion) in revenue in the month of February.

This is more that the $700 million (N213.5 billion), which the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said is needed to revive the country’s ailing refineries.

In terms of daily analysis, the country lost over 975,000 barrels per day through out the month of February 2017, which amount to $48.7 million (N14.8 billion) daily to various production disruptions.

The Nigerian National Petroleum Corporation (NNPC), which made this disclosure in latest Financial Report for February, said that products theft and vandalism have continued to destroy value and put NNPC at disadvantaged competitive position.

According to the corporation, a total of 2,269 vandalized points have been recorded from February 2016 to February 2017.

NNPC explained that Forcados Terminal production wells remained shut-in since 9th November 2016 as a result of sabotage on 48-inch crude export line Trans Forcados Pipeline (TFP).

It noted that bout 325,000bpdwas shut in throughout the month of February 2017.

Dwelling on Qua Iboe Terminal, NNPC disclosed that leakages and low wellhead pressure negatively affected production. “Also Production wells were shut-in at Ubit 131J for gas curtailment and shut-in of Usari FC wells for QIT Tank top management. An average of 165,000bopd was shut-in throughout the month of February, 2017”, it added.

It said that production was still shut-in after repair works was completed on the Nembe Creek Trunk Line (NCTL). “About 60,000 bpd was shut-in from 1st to 9th February 2017.

Also about 200,000bopd was shut-in as a result of shutdown of NCTL due to tank top situation at Bonny Terminal from 15th to 16th February, 2017. Some wells and flow station injecting into the Trans Niger Pipeline (TNP) were shut-in due to leaks on the 12” Imo Rivers pipeline (IMOR) at Odagwa from 22nd to 28th February 2017; about 85,000bopd was shut-in.

“Production ramped up after the Force Majeure declared on Brass Terminal since 22nd May, 2016 was lifted on 29th January, 2017.

“However, intermittent shut-in of wells from 1stto 28th February 2017 affected production due to no flow, sabotage and community issues. A total of about 50,000bopd was shut in throughout the month of February, 2017.

“Production was cut back due to an Emergency Shutdown (ESD) The terminal cut back production due to late arrival of export loading vessel of the Erha Terminal.

The corporation therefore solicited for continued support of Nigerians especially in areas of security and infrastructural integrity.

It disclosed that Warri Refinery and Petrochemical Company (WRPC), and Kaduna Refinery and Petrochemical Company(KRPC), posted a deficit of N1.852 billion and N1.102 billion respectively.

The report noted that in the month of January, Warri Refinery posted an operating surplus of N404.27 billion, while Kaduna Refinery recorded a deficit of N2.163 billion.

Port Harcourt Refinery, on the other hand, recorded a surplus of N5.115 billion in the month of January. The company in February recorded revenue of N47.187 billion, dropping by 6.76 per cent compared to N50.61 billion recorded in the previous month; while its crude and freight cost dipped to N42.06 billion from N42.97 billion recorded in January.

Its operating expenses rose by 6.7 per cent to N2.7 billion in February, compared to N2.52 billion in January 2017.

However, in the consolidated account of the refineries, report further pointed out that the three refineries recorded N70.97 billion in the month of February, representing a decline of 28.4 per cent from N99.11 billion recorded in the previous month, while their crude oil and freight cost dipped by 28.62 per cent from N88.24 billion in January to N62.99 billion in February.

The Minister of State for Petroleum Resources, Ibe Kachikwu, said it was shameful that the country had continued to import finished petroleum products.

According to him, the country has to stop importing the products, adding that the Federal Ministry of Petroleum Resources was committed to making this happen.

Kachikwu said, “It is shameful that we’ve continued to import finished products. We need to stop. We are committed to this.”

Nigeria’s Total Debt Stands At N19.1Trillion

The Debt Management Office (DMO) has revealed that Nigeria’s total indebtedness to foreign and local creditors now stands at N19.16trillion.

As of March 31, 2015, the country’s total debt stood at N12.06tn. This means the debt level increased by N7.1tn in two years.

Placing the national debt in segments, the DMO said the Federal Government’s domestic debt at N11.97tn while two years ago – as of March 31, 2015 – this component of the debt burden stood at N8.51tn.

This means that within a period of two years, the Federal Government has borrowed a total of N3.46tn from domestic creditors – further indicating that the Nigerian government has accrued a domestic debt which has increased by 40.71 per cent.

Within the same period, the country’s external debt – for the federal and state governments – rose from $9.46bn to $13.81bn. This means that within the two-year period, the country’s external debt rose by $4.35bn or 45.98 per cent.

The external debt component, however, has been affected by exchange rate variations as the last two years have witnessed noticeable changes in foreign exchange rates.

The Debt Office also stated that the official exchange rate of N306.35 to $1 was used in calculating the country’s external debt for March 31, 2017, while the official rate of N197 to $1 was used in determining the foreign debt for March 31, 2015.

The domestic debt component of the states stood at N2.96tn as of March 31, 2017, up from the figure of N1.69bn at the same time in 2015. This means that within the period of two years, the domestic debt of the states rose by N1.27tn or 75.15 per cent.

Amidst drying revenues from oil and gas, the government has in the last two years increasingly depended on borrowing even to carry out routine responsibilities.

Naira Gains As CBN Injects $190 Million Into FOREX Market

In a relentless bid to achieve convergence of rates between the interbank and Bureau de Change segments of the foreign exchange market (FOREX), the Central Bank of Nigeria (CBN) has injected another $190 million into the market.

This was made in a statement issued by the acting director, Corporate Communications, CBN, Isaac Okorafor, on Monday in Abuja.

According to him, $100 million was offered as wholesale interventions and $50 million was allocated to the Small and Medium Enterprises (SMEs) FOREX window.

He said $40 million was also allocated to accommodate customers requiring FOREX for business, Personal Travel Allowances, tuition and medical fees.

Mr. Okorafor said Naira had made tremendous gain against the dollar in recent times.

He said FOREX rates at both the inter-bank and BDC segments had almost converged, prompting even greater optimism that the value of the Naira would continue to spike.

Mr. Okorafor observed that by ensuring transparency in the market as well as fairness to end-users, the CBN had further exposed speculators and checkmated them.

He, therefore, urged all dealers, particularly licensed BDCs, to continue to play by the rule, adding that the CBN would not hesitate to wield the big stick against any erring bank or dealer.

Mr. Okorafor said the CBN had also released new guidelines to further develop the foreign exchange market and improve its structure.

“The new circular, among other provisions, allows authorised dealers to sell their excess foreign currency to other authorised dealers without seeking prior approval from the CBN,” he said.

The News Agency of Nigeria (NAN) reports that the Naira continues to maintain its strong stand against major currencies around the globe, exchanging for N364 for one dollar in the BDC segment of the market on Monday.

Stock Exchange Rally: Dangote Makes $1.1bn In Six Days

Aliko Dangote, Africa’s richest man and president of Dangote group, has recorded a $1.1 billion increase in fortune over the last six days.

The increase in Dangote’s fortune is due to the rally currently being recorded at the Nigerian Stock Exchange (NSE) over the week.

TheCable understands that NSE has gained N1.06 trillion in June alone, and about 30 percent of that has gone to Dangote Cement.

Dangote, who owns a 91 percent stake in Dangote Cement, the largest company traded on the stock exchange, saw his fortune rise from $10 billion on May 30, 2017 to $11.1 billion as at the close of trading on Monday, June 5, 2017.

Within these days, Dangote Cement stock price has improved from N167.10 on May 30, to a 52-week high of N210 per share on Monday.

According to Bloomberg Billionaire Index , Dangote stands at the 123rd spot on the global billionaire ranking, and the richest man in Africa.

Dangote Cement is currently worth about N3,578,506,555,050 on the Nigerian bourse — about one third of the entire exchange.

Dangote, while unveiling the financial position of the company for 2016, said the cement company saw its revenue jump by 25.1 percent to clock N615 billion — in a recession.

“Looking back at the 2016 financial year, I am pleased to report that our cement sales volumes increased by 25.0 per cent to nearly 23.6Mt. Of this, almost 14.8Mt was sold in the Nigerian market,” Dangote had said.

“Revenues increased by 25.1 per cent to ₦615.1B, of which 68.3 per cent was generated in Nigeria (excluding eliminations) and 31.7 per cent from Pan-African operations. Our earnings before interest, depreciation and amortisation (EBITDA) decreased only slightly, to ₦257.2 billion, with Pan-African operations contributing ₦26.5 billion, excluding central costs.”

CBN Pledges To Sustain Dollar Injection In FX Market

Basking in the euphoria of the near rate convergence achieved in the foreign exchange (forex) market, indications emerged yesterday that the Central Bank of Nigeria (CBN) would sustain its dollar injection in the market this week.

The sell side of the naira exchange rate against the dollar appreciated significantly by N12, to close at N363 to the dollar on the parallel market on Friday, as against the N375 to the dollar as was last Thursday.

Also, the buy rate of the greenback closed at N369 to the dollar on Friday, stronger than the N382 to the dollar it was the previous day.

To this end, a reliable source at the central bank revealed that the Bank was not resting on its oars and remained determined to ensure a convergence between the interbank and Bureau de Change (BDC) rates soon, hence the move to continue its intervention in the interbank market.

The CBN Acting Director, Corporate Communications, Isaac Okorafor, confirmed that there were indeed plans by the CBN to make necessary interventions in the forex market, in line with its earlier resolve to achieve forex rates convergence and liquidity in the market.

On how the bank hoped to sustain its interventions, Okorafor said the CBN has enough forex to meet the requirements of all customers, who had genuine need for the dollar.

He also expressed optimism that the current policy of the bank and the cooperation of all stakeholders would check the unwholesome activities of speculators.

CBN Governor, Mr. Godwin Emefiele, while commenting recently on how far the CBN would go in sustaining its market interventions, had said: “I have said it and I will repeat myself that the interventions will be more vigorous than before to underscore the fact that we are determined to ensure that the Nigerian economy recovers, by making sure that foreign exchange is being made available to operators of the economy to conduct their businesses.”

FIRS Introduces Six Online Tax Solutions

The Executive Chairman, Tunde Fowler, who explained this in Abuja, said the e-Services innovation represent “a revolution in tax administration in Nigeria”.“The idea behind the six ICT solutions is to make tax payment as easy as ABC, to bring convenience to our taxpayers.

The Federal Inland Revenue Service (FIRS) has introduced six key electronic solutions (e-Services) to enhance convenience, transparency and round the clock processing and payment of taxes.

Some of the e-Services, which could now be accessed online, are taxpayer registration (through e-Registration); payment of Stamp Duties (through e-Stamp Duty); payment of taxes (through online payment: e-TaxPay, Remita); receiving of electronic receipt after payment of taxes (through e-Receipt); filing tax returns online (through e-filing) and online Tax Clearance Certificates (TCC) through electronic Tax Clearance Certificate (e-TCC solution).

The Executive Chairman, Tunde Fowler, who explained this in Abuja, said the e-Services innovation represent “a revolution in tax administration in Nigeria”.“The idea behind the six ICT solutions is to make tax payment as easy as ABC, to bring convenience to our taxpayers. The ICT solutions which we are bringing to the doorsteps of taxpayers will ensure that taxpayers could pay, get receipt, and get TCC, from the comfort of their homes and offices anytime, anywhere in the world and round the clock. This saves the time of taxpayers, is transparent, fast, easy to use and convenient, Fowler said.

World Bank Pledges Support For Lagos Urban Renewal Efforts

The World Bank, yesterday, said that Lagos State urban renewal and infrastructure development projects would continue to receive support from it so that the government could deliver more on key infrastructural.

Speaking when he paid a courtesy visit to the State Deputy Governor, Dr. Mrs. Idiat Oluranti Adebule at Alausa Secretariat, the Managing Director and Chief Financial Officer of the World Bank, Mr Joaquim Vieira Levy said his organisation decided to pick Lagos State as its pilot state for its sustainable development assistance scheme because Lagos was leading in providing good governance and infrastructure that have direct positive impact on its citizenry.

He commended the massive infrastructural development ongoing across Lagos State under the Governor Akinwunmi Ambode administration, observing that such projects were impacting positively on the lives of Lagosians.

Levy noted that most developed countries of the world have been able to move their economy forward because of the adoption of the Public/Private sector integration model, which according to him would further accelerate the growth rate of development in the state if adopted.

In her remarks, the Deputy Governor, Dr Idiat Oluranti who received the visitors on behalf of Governor Akinwunmi Ambode commended the World Bank for its support and partnership, noting that their efforts had helped the State Government to achieve its transformational policies especially in efficient flood control, transportation and the Eko Education Project initiative.

Fuel hike: Nigerians flay Senate’s recommendation

Some Nigerians in Abuja on Friday flayed the Senate recommendation for a N5 fuel levy on every litre of petroleum or diesel imported into the country.

The respondents expressed their views in separate interviews with the News Agency of Nigeria (NAN) in Abuja.

Speaking to the News Agency of Nigeria (NAN), Mr Adebayo Ojo, a resident noted that the present recession called for a reduction in petrol price and not an increment.

Ojo, a commercial taxi driver, told NAN that: “Government cannot possibly be thinking about increasing the petrol price when they know the harsh economic situation in the country.

“The government should rather think of reducing the price else they will be calling Nigerians fools for being patient all this the while.

“We are not fools and government should not take us for granted, how can the senate be so mean to even contemplate a thing like that.

“I personally will recruit people to take to the street if a thing like that should happen,’’ he said.

Mrs Zainab Abu, a shop owner at Wuse market, said: “No, it can’t be true. That will be callous’’.

Abu told NAN that she could no longer afford her children’s school fees and had withdrawn them to a local school because of the recession.

“This government has failed Nigerians and if we are not expecting anything more they should stop frustrating us,’’ she said.

A salon owner in Maitama, also told NAN on condition of anonymity that: “Aunty, look around, I have laid off my staff. This one with me is cheap labour and she comes in thrice a week.

“I couldn’t increase their pay and they both said they could not cope because the salary barely covered their cost of transportation.’’

At a bus stop in Maitama, a lady who offered her name as Sala, almost slumped when NAN asked her reaction to the imminent hike.

Sala said: “The proposed hike is unreasonable, it will increase everything again and we have not recovered from the increments in virtually everything.’’

The Senate Committee on Works, had on June 1, recommended a N5 fuel levy on every litre of petroleum or diesel imported into Nigeria to help finance the proposed National Roads Fund.

The committee, chaired by Sen. Kabiru Gaya (APC-Kano), also recommended the deduction of 0.5 per cent on fares paid by passengers travelling on inter-state roads to commercial mass transit operators and return of toll gates on federal roads, among others.

The inference of the proposed fuel levy charge is that end-users, including motorists, would pay N5 tax on every litre of fuel bought at any fuel station.

The recommendation, which has kept busy all social media platforms, comes a year after a recent increase of the pump price of premium motor spirit (petrol) from N87 to N145 per litre.