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Senate warns Nigerians against investment in bitcoins

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Bitcoin

The Senate has warned Nigerians against investing in bitcoins and urged the Central Bank of Nigeria, Nigerian Stock Exchange and the Nigerian Deposit Insurance Corporation to launch awareness campaigns on the business.

Specifically, the upper chamber of the National Assembly resolved to urge the CBN, NDIC and the NSE “to make an unequivocal statement across all the news platforms in all dialects on the dangers of bitcoins as a store of value in Nigeria.”

 The Senate also called on the National Orientation Agency to “spread the news against all forms of wonder banks and ponzi schemes operating in Nigeria.”

Also, the Senate Committee on Banking, Insurance and Other Financial Institutions is to investigate the viability of bitcoin as a form of investment and come up with recommendations on how to control its use and trade in it.

The committee was mandated to report to the Senate within two weeks.

The resolutions followed the adoption of a motion moved by Senator Benjamin Uwajumogu at the plenary on Tuesday, entitled, ‘Urgent Need to Investigate the Proliferation of Bitcoins, a Form of Crypto-currency to ascertain the Worthiness of Same As a Form of Investment in Nigeria.’

Uwajumogu said, “The Senate notes with caution the alarming rate at which bitcoin, a form of digital currency, is being proliferated in Nigeria as one of the best forms of investment. It notes further that this cryptocurrency is openly marketed across the country on the local television and radio stations, mostly to Nigerians not aware of the consequences.

“The Senate notes further with deep concern that Nigerians are freely advised and even persuaded to invest in this cryptocurrency, as it promises quick returns; in certain instances, a triple or quadruple of the invested sum as profit within days.”

According to the lawmaker, bitcoin is not recognised by the CBN as it does not exist in a tangible form and not subject to any international or local monetary regulations or backed up by any established government institution.

He stated, “The Senate recalls that the MMM bubble of 2016 left millions of Nigerian families broken, devastated and many businessmen lost all their capital in the phony scheme.

“The Senate is worried that the CBN, NSE, NDIC and NOA are not doing enough to educate Nigerians on the investment risks inherent in bitcoin. The Senate is cognisant that by failing, refusing or neglecting to educate the citizenry of the dangers inherent in investing in unverified schemes, especially one orchestrated by foreign syndicates, Nigerians run the risk of losing their life-savings and the economy risks losing the much needed forex to foreign criminals.”
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Business Africa

Fuel scarcity looms as NUPENG threatens FG With Strike

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fuel scarcity looms as NUPENG threatens FG With Strike

The Nigerian Union of Petroleum and Natural Gas (NUPENG) has issued a two-week strike notice to the federal government, raising the possibility of fuel scarcity across the country in the coming weeks.

This was contained in a statement jointly signed by NUPENG President, Williams Akhoreha, and General Secretary, Olawale Afolabi, Monday.

The union said the notice of strike was one of the decisions reached at its special national delegates conference Thursday.

It listed non-payment of workers’ salaries and benefits, among others, as reasons for its resolution.

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One of the issues, NUPENG said, was the outstanding payment of terminal benefits to its members that were declared redundant in 2012 by the management of Chevron Nigeria limited.

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Business Africa

LCCI pushes for growth in intra-African trade

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LCCI pushes for growth in intra-African trade

The Lagos Chamber of Commerce and Industry has said it aims to promote intra-African trade at the 35th edition of its annual Lagos International Trade Fair.

The Director-General of the LCCI, Dr. Chinyere Almona, said in a statement on Wednesday that this year’s edition would feature business-to-business meetings simultaneously with the general interest fair.

She said, the focus this year is to encourage intra-African trade and position Africa as the preferred investment destination and an economic powerhouse adding that The exhibition will also facilitate networking amongst exhibitors and between exhibitors and visitors.

She said corporate organisations, including multinational corporations, indigenous conglomerates, financial institutions, and small and medium businesses, had indicated interest in participating at the fair and relevant agencies and departments of government would also be available to exhibit and attend to other exhibitors and visitors.

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She said agencies that had confirmed attendance to provide information and educate exhibitors and visitors were the Bank of Industry and Nigerian Export Promotion Council, among others.

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Business Africa

NEPC Empowers 60 Osun SMES for Export Business

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NEPC Empowers 60 Osun SMES for Export Business

The Nigerian Export Promotion Council has organised a workshop for over 60 operators of Small and Medium-scale Enterprises in Osun State on how to make their products fit for export.

The workshop, which was held in Osogbo, was tagged ‘Facilitating strategic export market access programme in collaboration with the trade support institutions.’

The Assistant Director, Policy and Strategy Department, NEPC, Aliu Saddique, said the participants were SMEs owners with the potential to export to the international market.

He said the council was using the model developed by the Centre for the Promotion of Imports from Developing Countries to train the participants so as to enable them to have a good understanding of the demands of the international market.

While speaking, The Osun State Commissioner for Commerce, Cooperatives, Industries and Empowerment, Dr. Bode Olaonipekun, called for serious planning ahead of the time when crude oil would no longer bring revenue for the country again.

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Olaonipeokun, who also blamed the current economic hardship on the neglect of non-oil export, said planning for the era without oil must start immediately to avert economic crises.

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