The Federal Government, through the Office of the National Security Adviser, is expected to invite and quiz executives from other cryptocurrency platforms in the country, Channels TV has gathered, a day after two executives of Binance were held and questioned by the NSA’s office. On Wednesday, the Financial Times reported that two senior executives of Binance had been detained in Nigeria. Sources with knowledge of the matter have confirmed that more cryptocurrency operators will be invited to explain their operations in Nigeria. The crackdown follows an earlier report by the Nigerian Financial Intelligence Unit (NFIU). According to the source,…
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Operatives of the 6 Division, Nigerian Army Port Harcourt has again, uncovered over 40 Illegal local wells containing crude oil in Rumuekpe community, Emohua Local Government Area of Rivers State. The troops uncovered the illegal dugout well, during a sweep and clear operation on the Trans Niger Delta Pipeline (TNP), led by the General Officer Commanding (GOC) 6 Division, Major General Jamal Abdussalam. During the operation, the wells which mostly were 12 by 12 in both Width and length sizes, were about 40 feet in depth. Addressing journalists at the illegal site, Major General Abdussalam, revealed that oil thieves in…
Nigeria’s federal government has reportedly detained two top executives of Binance, the cryptocurrency trading platform. Financial Times reported on Wednesday that the executives flew to Nigeria but had their passports seized by the Office of the National Security Adviser. It said the executives visited Nigeria in response to the country’s recent crackdown on various cryptocurrency trading platforms. Although the reasons for their detention are unknown, their arrest is coming amid allegation of manipulation in foreign exchange trading in Nigeria. On June 9, 2023, the Securities and Exchange Commission (SEC) had said the operation of Binance Nigeria Limited, a subsidiary of Binance, was illegal However,…
China has announced a rollover of a $2 billion loan to Pakistan, providing crucial financial relief to the cash-strapped South Asian nation. The announcement was confirmed by Pakistan’s caretaker Finance Minister, Shamshad Akhtar, during a press conference on Thursday. The loan, initially scheduled to be repaid in March, has now been rolled over for an additional year, according to sources within the Pakistan finance ministry. Beijing communicated its decision to Islamabad, indicating a continued commitment to supporting Pakistan during its economic challenges. This extension comes at a crucial time for Pakistan, as it grapples with a financial crisis, attempting to…
Nigeria’s Securities and Exchange Commission (SEC) may slam huge fines running into billions of dollars on one of the world’s biggest exchanges, Binance, and other cryptocurrency firms operating in the country, THISDAY gathered on Wednesday. SEC, alongside other security operatives is currently probing allegations that the crypto companies had engaged in currency manipulations activities against the Naira without underlying transactions, a development which had contributed to the current FX liquidity crisis in the country. Binance has previously been sanctioned by the US Government for repeatedly engaging in currency manipulation. Following the crackdown by the federal government, the company on Wednesday…
To scrap unseaworthy boats The National Inland Waterways Authority (NIWA) is set to scrap many unseaworthy boats following the agency’s investigation which revealed that 75 percent of passenger boats being used in Lagos are unseaworthy. Speaking to maritime journalists on Wednesday, the Lagos Area Manager of NIWA, Engineer SaratBraimah revealed that NIWA has put in some conditions for boat operators to meet or forget about the ferry business. According to Braimah, “What NIWA wants to do now is to sanitise those boat operators. We cannot wait until accidents happen again and from these two major accidents that happened this year,…
Benue State Governor, Rev Fr. Hyacinth Iormem Alia, has inaugurated two separate Judicial Commissions of Inquiries, with a charge on them to scrutinise the management of the state’s resources and assets under the previous administration. The two commission of Inquiries inaugurated are the Judicial Commission of Inquiry into the Income and Expenditure of Benue State Government (from May 29, 2015, to May 28, 2023), and the Judicial Commission of inquiry into the Sale/lease of government assets, Companies and Markets (both State and Local Government owned markets), as well as Moribund Companies (from or before May 28, 2015 to May 28th,…
The Federal Government has dispelled rumours of massive jobs to allegedly follow the implementation of the Oronsaye Report. Minister of Information and National Orientation, Mohammed Idris on Wednesday however allayed the fear of job losses. Idris made the remarks in Abuja on Wednesday at the fourth edition of the Ministerial Press Briefing Series. “The whole idea is that the government wants to reduce cost and also improve efficiency in service delivery. It does not mean that the government is out to retrench workers or throw people into the labour market,” he said. Idris said the implementation of the report, which…
The Managing Director and Chief Executive Officer (CEO) of Aradel Holdings, Mr Adegbite Falada disclosed that the advantages of local modular refineries serve as substitution to import products and reduces pressure on forex exchange. He made the disclosure during a panel discussion at the ongoing 7th Nigeria International Energy Summit (NIES) in Abuja on Wednesday. According to him the government and all stakeholders should encourage local refining of crude into petroleum products as very essential towards availability of the products in the country. He said, “Local refineries will encourage import substitution which will reduce pressure on the nation’s foreign exchange,…
…To subsidise land clearing, provide haulage trucks, tractors Oyo State governor, ‘Seyi Makinde, has suspended the revenue collection on agric produce to alleviate hardship. The Governor declared some far-reaching measures towards addressing the rising cost of food in the state, stating that his government will continue to do everything necessary to make life easy for residents of the state. He declared that his government will move in to subsidise land clearing for farmers across the state with an initial sum of N600 million, with farmers now expected to pay N15,000 instead of N30,000 for land clearing, while the government will…