Bitcoin is to become legal tender in El Salvador, the country’s president said, making it the first nation to adopt a cryptocurrency for everyday use. Lawmakers in the Central American nation’s Congress passed a bill late Tuesday that will eventually allow the famously volatile digital currency to be used for many aspects of daily life, from property purchases to tax contributions. “The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele tweeted after the vote late Tuesday. “History!” the president added. The 39-year-old leader said a majority of 62 out…
Author: Temitope N.
The House of Representatives has asked the Central Bank of Nigeria (CBN) to halt the downward spiral in the value of the naira against the dollar. The lawmakers reached the decision on Wednesday after debating a motion of matter of urgent public importance moved by Bamidele Salam (PDP, Osun) during plenary. PREMIUM TIMES had reported the depreciation of the Naira against the Dollar at the Investors and Exporters (I&E) window. Data from the I& E window showed that the naira closed at N411.50, a 0.11 per cent decline from N411.07 it traded on Monday. The Naira experienced an…
In order to improve electricity supply around Ibeju-Lekki area in Lagos and Agbara Industrial area in Ogun State, the Niger Delta Power Holding Company (NDPHC) and Eko Electricity Distribution Company Plc (Eko Disco), have signed a bilateral agreement for the sale of up to 300MW of power from NDPHC’s power plants to customers in these areas within Eko Disco’s franchise areas. The Lagos State Governor, Mr. Babajide Sanwo-Olu, who hosted the signing of the agreement for these projects at Lagos House, commended the initiative by NDPHC and Eko Disco, and stated that “he will monitor the implementation of the agreement.”…
Mr Bala Wunti, Group General Manager, National Petroleum Investment Management Services (NAPIMS) says Nigeria has earned over one million euros from sale of carbon credits through its partnership with TotalEnergies. Wunti disclosed this on Wednesday in Abuja, while speaking with newsmen on the sidelines of the ongoing 2021 Nigeria International Petroleum Summit (NIPS). Newsmen report that a carbon credit is a permit that allows the company that holds it to emit a certain amount of carbon dioxide or other greenhouse gases. “It is through our partnership with Total that we are able to market our credit position and…
Nigeria is in talks with four West African countries to sell unused Electricity to them through a planned $570 million Northcore Power Transmission Line. The acting Managing Director of the Transmission Company of Nigeria (TCN) and Chairman, Executive Board of the West African Power Pool (WAPP), Engr. Sule Ahmed Abdulaziz, stated this on Wednesday during the WAPP meeting on the Northcore project in Abuja. Newsmen report that about 2,000 megawatts (MW) of electricity is said to be unutilised daily across the Generation Companies (GenCos) in Nigeria and could be exported. “The power we will be selling is the power that…
Taking its drive for maritime capacity building to the younger generation, the Nigerian Maritime Administration and Safety Agency visited Premier Academy School, Lugbe in Abuja to mark this year’s Children’s Day. The Agency donated educational materials to the school as part of its Corporate Social Responsibility. The Director General of NIMASA, Dr. Bashir Jamoh, reiterated NIMASA’s commitment to capacity building in the maritime industry, saying secondary schools in the country are a good place to begin the awareness. Jamoh encouraged the students, especially those in the sciences, to show interest in maritime by choosing maritime related careers, especially given the…
The Nigerian Navy (NN) has launched a new Landing Ship Tank (LST) at Damen Shipyard, Sharjah, United Arab Emirates. The construction of the ship began about two years ago and when commissioned will replace the first set of LSTs of the NN, NNS AMBE and NNS OFIOM that have been decommissioned. The new LST has a complement of 32 crew and 250 embarked persons and a length of 100.08m which is powered by two Caterpillar/Cat 3516 C-rating engines and four Caterpillar C-18 generators. In a statement by the spokesperson for the Nigerian Navy, Suleman Dahun, the Navy said the introduction…
Nigerian Civil Aviation Authority (NCAA) has directed all domestic airlines to serve only pre-packaged catering products (meals, snacks) in sealed containers to their passengers during disembarkation. NCAA also warned that these pre-packaged meals must not be consumed onboard and that non-compliance of the directive shall attract appropriate sanctions. In a letter titled “Public Health Guidelines for Companies Providing In-Flight Catering Services to Airlines Operating Domestic Flights,” addressed to airline operators and catering service providers, NCAA stated that, “Domestic airlines shall serve pre-packed catering products (Meals, snacks etc) in sealed containers to their passengers during disembarkation.” According to NCAA, no catering…
First City Monument Bank (FCMB), has re-assured that it will continue to champion, execute and support initiatives that would enhance the ecosystem, as well as tackle some of the adverse effects of climate change and other challenges facing the environment. According to the Bank, this is in recognition of the fact that a cleaner and more sustainable environment is key to building a better world for present and future generations. FCMB gave the assurance in a statement to commemorate this year’s World Environment Day (WED), which held on June 5, 2021 under the theme, “Ecosystem Restoration”. The annual WED is…
El Salvador’s President, Nayib Bukele, is proposing a Bill to adopt Bitcoin and other cryptocurrencies as legal tender in his country. “Next week, I will send to Congress a Bill that makes Bitcoin legal money,” Bukele said on Saturday in a video message to the Bitcoin 2021 conference in Miami, Florida. The 39-year-old President, who has maintained approval ratings above 90 percent and made Twitter his preferred way of communicating, characterised it as an idea that could help El Salvador move forward. The move would make the Central American nation the first in the world to formally accept the cryptocurrency…