Ethereum, despite the general market bleed out, gained nearly 4% as the United States Securities and Exchange Commission (SEC) closed its investigation on the crypto asset without filing charges. The news was broken by Consensys via a tweet on X where they announced the closure of the “ Ethereum 2.0 “ investigation by the SEC without the latter filling any charges whatsoever. “ETHEREUM SURVIVES THE SEC. Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0. This means that…
Author: Temitope N.
Bybit, a major cryptocurrency exchange and player in the industry announced that it has hit over 30 million registered users globally expanding its market share in spot trading from 2% in 2023 to more than 12% in 2024. Bybit is the second-largest cryptocurrency exchange by spot volumes. In addition to the announcement of the exchange hitting 30 million registered users, the project is also launching Copy Trading Pro, a new platform that enables investors to mirror the strategies of more experienced traders to potentially earn passive income with more consistent returns. Co-founder and CEO of Bybit Ben Zhou reacted to the news…
The combined profit of Presco Plc and Okomu Oil Palm Company Plc, two leading quoted agricultural firms rose by 94.32% during the first quarter of 2024 amid volatility in the economy. The rise in profits is attributed to inflationary pressures and the depreciation of the Naira which has led to astronomical rise in prices of agricultural products in the country. According to the companies’ latest financial statements, tracked by Nairametrics, the companies’ after-tax profit grew to N39.135 billion in Q1 of 2024 from N20.139 billion in the corresponding period of 2023. In terms of revenue, the top palm oil producers…
The world’s largest crypto exchange, Binance, has been hit with a fine of 188.2 million rupees ($2.25 million) by India’s Financial Intelligence Unit (FIU) for violating its money laundering law. This comes amid an ongoing trial of the exchange’s officials in Nigeria for the same charges. Aside from the case of tax evasion filed by the Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) accused Binance of laundering more than $35 million through its platform. In India, virtual digital asset service providers like crypto exchanges are required to be registered with the FIU as a reporting…
At the close of trading yesterday, the share price of VFD Group Plc closed at N40.60, an 80% decline from the previous trading session’s price of N202.90. From an observatory standpoint, this decline contravenes existing NGX trading guidelines, which stipulate that stocks cannot experience more than a 10% price change in a single day. However, in VFD’s case, there is a plausible explanation for this deviation. On June 19, as the stock’s share price plummeted by 80%, the outstanding shares surged by 400%, rising from 253,369,820 to 1,266,849,100. This increase occurred as the group created and issued four additional shares…
The team behind Tapswap, the trending web 3-clicker game joined an X space hosted by members of the Ton blockchain community yesterday drawing over 900,000 users. The X space is the first time millions of users who have been engaging in the Tapswap game will be hearing from the team behind the crypto project they have invested so much in. The X space was used as an avenue to clear certain doubts surrounding the project and also provide insight into the team behind the project which has garnered millions of players globally. The X space was hosted by Ton Blockchain the crypto…
Nigerian billionaire, Femi Otedola, the Chairman of FBN Holdings has regained his position as the majority shareholder of First Bank. He now holds a 9.41% stake in the bank, after acquiring N18.9 billion worth of the group’s shares in the NGX today, June 20. According to a corporate notice accessed, Otedola directly acquired 316,506,776 shares at a share price of N21.91 each, amounting to N6.935 billion. He then acquired 546,674,034 shares at N21.97 each, amounting to N12.01 billion, through his holding company, Calvados Global Services Limited. Otedola previously held a 7.01% stake in the bank, behind Oba Otudeko’s Barbican…
The Federal Government plans to raise at least N450 billion through its latest bond offer for June 2024, as announced by the Debt Management Office (DMO). The bond offer will be conducted by auction and comprises three different re-openings, each with distinct maturity dates and interest rates. Breakdown of the Bond Offer The June 2024 bond offer includes: N150 billion at 19.30% FGN APR 2029 (5-Year Re-opening) N150 billion at 18.50% FGN FEB 2031 (7-Year Re-opening) N150 billion at 19.89% FGN MAY 2033 (9-Year Re-opening) The auction date is scheduled for June 24, 2024, with settlement on June 26, 2024. The minimum subscription requirement is…
Germany’s rates for issuing multiple-entry visas have consistently remained high, as the latest statistics reveal that 90.4% of visas issued by German consulates in 2023 were multiple-entry. Also, the rejected ones were only 14.3% of the visa applications received globally, which falls below the Schengen average rejection rate of 16%. Moreover, Germany leads as the country with the highest proportion of multiple-entry visas issued and boasts a relatively low rejection rate. This rejection rate marks an improvement from 2022, when Germany had a higher rejection rate of 16.2%, compared to the overall Schengen rejection rate of 17.9% at that time. For travellers…
The Nigerian Government has agreed to benefit and be part of the Group of 7 (G7) “Energy for Growth in Africa” initiative investments in clean energy projects across African countries. The joint statement with other African and European countries was published on the website of the Italian Government, the current holder of the G7 Presidency in 2024, on Friday. It was previously reported that leaders of the G7 countries(United States, Italy, Canada, France and others) held a meeting with Italian and United States private sector representatives resulting in a $420-million-dollar investment commitment towards African countries. Joint Statement on Energy for Growth in Africa …
The federal government has confirmed the death of three miners in Niger state in a new mine collapse. This is the second mine collapse in the month of June after similar incident earlier in the month. The Minister of Solid Minerals Development, Dr. Dele Alake, disclosed this in a statement through his Special Assistant on Media, Segun Tomori, on Saturday in Abuja. The collapse occurred on Thursday in Bazakwoi, a village in the Adunu community, Paikoro Local Government Area of Niger, where local miners were allegedly mining for gold illegally. According to the statement, owners of licensed land units mined…
Four Lebanese nationals, including Muhammed Fouani, Managing Director of Fouani Nigeria Limited, a leading distributor of electronics such as LG, Hisense, and Huawei in Nigeria, have been abducted by armed men suspected to be kidnappers. The kidnappers are demanding a $1.5 million ransom for their release. The abduction took place on Friday in Lagos State, as the Managing Director and the other foreigners were ambushed near the Falomo Bridge while traveling by boat from Apapa to Victoria Island, several media reports have confirmed. The Police Public Relations Officer of the Lagos State Police, Benjamin Hundeyin, confirmed that Lebanese nationals were…
Lagos State Governor Babajide Sanwo-Olu has vowed to arrest the perpetrators behind the recent kidnapping of three Lebanese nationals, including Muhammed Fouani, the Managing Director of Fouani Nigeria Limited. The Governor emphasized that his administration would not tolerate individuals with malicious intentions in the state. He reassured Lagos residents, particularly business owners and religious tourists, that stringent security measures are being implemented to ensure their safety. These assurances were contained in an official statement by Gboyega Akosile, Special Adviser on Media and Publicity to the Lagos State Governor, on the Lagos State Government’s website on Wednesday. “Lagos State Governor, Mr.…
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Canada provides comprehensive options for international graduates to work, stay, and potentially transition to permanent residency. As graduating from a university in Canada is a significant milestone for international students, exploring the options to remain in the country post-graduation can seem daunting, yet it presents an exciting opportunity. Evaluating your choices should therefore be based on your career aspirations, study duration, and readiness to navigate the immigration process. Canada’s diverse opportunities offer a promising start to your post-graduation life. Here, we explore five essential pathways to stay in Canada after your studies: Obtain a Post-Graduation Work Permit (PGWP) The PGWP is a…
The Nigeria Export Processing Zones Authority (NEPZA) has stated it will offer startups and foreign businesses operating in free trade zones tax breaks, customs duties waiver and other incentives as part of measures to stem the growing tide of foreign business exit in the country. The Managing Director of NEPZA, Olufemi Ogunyemi told the News Agency of Nigeria (NAN) that it was supporting businesses within its free trade zones and enclaves. He said, “This initiative aims to reduce production costs and incentivise companies to maintain operations in Nigeria. We offer a range of incentives designed to attract and retain foreign direct…
Universities Scotland has expressed concern that a 20% reduction in international student numbers could impede the ability to subsidize tuition fees for Scottish students. Experts have therefore emphasized the need for the Scottish Government to increase funding for each Scottish student to help stabilize the higher education sector. However, the Vice-Chancellor at the University of Dundee and convener of Universities Scotland, Professor Iain Gillespie mentioned that merely increasing funding for Scottish-domiciled students might not suffice to eliminate universities’ dependency on tuition fees from international students. Financial challenges of Scottish universities Prof Gillespie said that roughly 70% of international students cite the post-study work…
African ICT and Communications Ministers of the African Union (AU) said they have unanimously endorsed a “Continental Artificial Intelligence (AI) Strategy” and “African Digital Compact” to accelerate “Africa’s digital transformation” by unlocking the potential of the new digital technologies in Nigeria and other African countries. This was disclosed in a statement published on AU’s official website on Monday, June 17, 2024. Over 130 African ministers and experts virtually convened between June 11 to 13, 2024 for the AU 2nd Extraordinary session of the Specialized Technical Committee on Communication and ICT. The meeting aimed at igniting digital transformation across the continent amidst rapid…
The Nigerian box office is expected to reach N10 billion in revenue from cinema ticket sales and movie releases by the end of 2024. This projection is driven by a strong lineup of new titles from both Hollywood and Nollywood, promising increased content and cinema admissions. Key factors contributing to the N10 billion target include new cinema openings, higher ticket prices, foreign investment in local productions, a growing middle class, and the availability of premium formats – according to a report by Filmone Entertainment, a leading West African movie distribution company. The 2024’s projected revenue is a 42% increase up…
The Australian government has implemented stricter regulations to curb “visa hopping” among international students, with changes set to take effect from July 1. ‘Visa hopping’ refers to when temporary visa holders continuously extend their stay by applying for other visa classes. The move comes as part of Australia’s effort to put an end to this practice where international students prolong their stay in the country by transitioning from one temporary visa to another. The strategy highlighted that the number of international students remaining in Australia on a second or subsequent student visa increased by over 30% to more than 150,000 in the…