The Nigeria Securities and Exchange Commission (SEC Nigeria) says the operation of Binance Nigeria Limited, the Nigerian subsidiary of the world’s largest cryptocurrency exchange, Binance, is illegal.
The commission, in a statement published on its website on Friday, said Binance Nigeria Limited is neither registered nor regulated by the commission and its operations in Nigeria are therefore illegal.
It noted that any member of the investing public dealing with the entity is doing so at his/her own risk.
“The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.
“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk,” the statement said.
The SEC further noted that “as the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset related financial products and services if the service provider/its platform is not registered or regulated by the Commission.”
The commission warned investors that investing in crypto-assets is extremely risky and may result in total investment loss.
“By this circular, Binance Nigeria Limited is hereby directed to stop soliciting Nigerian investors in any form whatsoever immediately.
“The Commission shall provide updates on further regulatory actions concerning the activities of Binance Nigeria Limited and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter,” the commission added.
The Lagos State Traffic Management Agency (LASTMA) warned on Friday that it will not hesitate to enforce and penalize anyone who violate state traffic rules.
This follows reports that the state governor, Babajide Sanwo-Olu, had prohibited agency officers from detaining wayward motorists.
LASTMA’s General Manager, Mr Bolaji Oreagba, denied the assertion in a statement issued by the Director, Public Affairs and Enlightenment Department, Mr Adebayo Taofiq, claiming the governor never issued an order prohibiting its agents from detaining erring motorists.
Oreagba pointed out that the agency had already discredited what he called “fake online news” claiming that LASTMA agents were barred from detaining motorists who violated the Lagos State Transport Sector Reform Law, 2018.
The bogus report, he claims, is the work of anonymous miscreants and has been widely distributed online since February 2020, despite being repeatedly disputed by LASTMA administration.
“I wonder why some individuals choose to always mislead others to contravene the traffic law of the State as amended by the State House of Assembly in 2018,” Oreagba said.
The LASTMA chief also stated that one of the agency’s responsibilities is to uphold and enforce the State’s traffic rules.
He insisted that the officers and men of LASTMA would not hesitate to enforce those rules if they were broken in order to turn the state’s transportation system into one that ensures free flow of traffic and reduces road accidents.
“The motoring public is advised to ignore and disregard all fake news circulated by faceless individuals and designed to lead them into breaking the traffic law of the State,” he added.
Oreagba further stated that the authority’s working ethics, as well as all of its operations, are governed by legislation.
The LASTMA CEO also acknowledged that the agency is presently addressing traffic difficulties with modern technical advancements, such as providing workers with new hand-held Traffic Management Solution (TMS) devices.
According to him, the technology collects real-time traffic offenses on the road, as well as a signalized intersection and junction enhancement.
President Bola Tinubu has justified the elimination of fuel subsidies by claiming that the country cannot continue to feed smugglers and play Santa Claus to neighboring countries.
According to a statement by State House Director of Information, Abiodun Oladunjoye, he said this at an interactive session with the Royal Fathers on Friday at the Aso Villa under the auspices of the National Council of Traditional Rulers of Nigeria (NCTRN).
The President informed them of the decision to eliminate fuel subsidies, strengthen security, generate jobs, and protect the environment, as well as the upcoming election of the 10th National Assembly’s major officials.
‘‘I am grateful that you are paying attention to what I have been doing. You have paid attention to the subsidy removal. Why should we in good heart and sense, feed smugglers and be Father Christmas to neighbouring countries, even though they say not every day is Christmas?
‘‘The elephant that was going to bring Nigeria to its knees is the subsidy. A country that cannot pay salaries and we say we have the potential to encourage ourselves. I think we did the right thing,’’ he said.
Several speakers at the gathering indicated support for the elimination of subsidies, with the President appealing to traditional leaders to convince Nigerians to have faith and that petrol pump prices will eventually fall.
While addressing concerns about the need for essential infrastructure in various parts of the country, President Tinubu stated that his administration would remove any impediment to the advancement of the Nigerian people.
‘‘The lamentations about the capital projects, where is the money going to come from if we don’t protect our resources and our boundaries?
‘‘You cannot have development without capital projects,’’ he added.
President Tinubu stated that he is willing to work with any elected member of the National Assembly, emphasizing that the Nigeria project is of the utmost significance to him.
”Nigeria has to exist. Nigeria must grow. Nigeria must progress,” he stated.
On security, the President underlined to Nigerians his vow to prioritize the sector until every Nigerian “goes to sleep with their two eyes closed.”
He underlined the importance of the country’s unity and cohesiveness, stating that every section of the country would receive its due.
”We will address youth unemployment. Only when the country is prosperous will we be able to create jobs for our kids,” the President stated.
President Bola Tinubu, on Friday, June 9, 2023, indefinitely suspended Governor Godwin Emefiele of the Central Bank of Nigeria, CBN.
This development was disclosed in a statement by the Director of Information, Office of the Secretary to the Government of the Federation Willie Bassey.
“President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.
“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms,” the statement read.
IHS Holding Ltd.’s annual meeting devolved into a tense standoff over investor power on Wednesday, after the African tower operator dismissed demands from two of its largest stakeholders.
Wendel SE and MTN Group Ltd., which together own about 45% of the company, argued that all shareholders with at least a 10% stake should have the power to nominate board members, said the people, who asked not to be identified because the matter is not public. IHS’s board dismissed the proposals, they said.
“The proposals requested to be put forward were not in the best interests of the company as a whole or our collective shareholder base,” IHS said in a statement responding to Bloomberg’s questions. IHS said the board determined the proposal was “designed to benefit certain large shareholders to the detriment of other
shareholders.”
Wendel and MTN declined to comment.
Some investors are looking for a change after IHS’s stock plummeted, losing 60% of its market value since its initial public offering in New York in 2021. Tower companies in Africa are struggling to cope with large demands for investment in their networks to cope with surging broadband and smartphone use.
The two shareholders also said IHS management failed to give notice of their proposed resolutions in a timely fashion and are demanding the general meeting be reconvened to consider them, according to the people.
MTN also sought to convert its non-voting shares into voting ones, and that motion was denied, the people said. Currently, MTN, which is Africa’s biggest mobile operator, owns a 26% economic stake and controls 20% of the voting rights, they said.
MTN does not have board representation currently, and Wendel has one representative, Frank Dangeard.
“Under our shareholders agreement, Wendel has the right to designate one director for nomination by the board from time to time, so long as Wendel holds at least 10% of the shares,” said IHS. “MTN does not have a similar right, which was agreed as part of the IPO to preserve IHS Towers’ independence from a significant customer,” the company added.
Before going public, IHS management clashed with Wendel over post-IPO voting rights in a dispute that delayed the share sale, Bloomberg reported at the time.
To recognise excellence and innovation in the leather industry in Africa, the Lagos Leather Fair, a platform created to showcase leather designers and the potential value of the leather industry in Nigeria and Africa, has announced the launch of its maiden award. The event is part of the activities lined up for its 2023 edition of the annual Fair.
First in Africa, the Award ceremony which falls in line with the Lagos Leather Fair 2023 theme “Staying Ahead – Creativity | Collaboration | Commitment” comes in a timely fashion as the African Leather Industry is continuously expanding and beginning to gain its much-needed recognition in the global market.
LLF is inspired to celebrate the booming leather industry and outstanding Leather designers that have made significant contributions to the industry, showcasing excellence, innovation, and impact.
Speaking on the announcement of LLF2023, the founder, Lagos Leather Fair Femi Olayebi said, “The LLF is committed to promoting the growth of the leather industry in Nigeria. The launch of the LLF Awards is a testament to the LLF’s commitment to excellence in the leather industry”.
“We are confident that the awards will help to raise the profile of the leather industry in Nigeria and encourage even greater innovation and creativity until the Nigerian and African Leather industry become undeniably the best in the global market,” Femi continued.
For about six years, the Lagos Leather Fair has continuously made significant impact on the Nigerian leather industry with a huge influence in the Nigerian, African, and global markets.
The LLF award is set up as a necessary medium to reward the diligence and dedication of the numerous exhibitors in making the years count. It is created to bring the Nigerian Leather Industry into its much overdue limelight, therefore, making a positive impact on the Nigerian Leather Industry and the African Leather Industry in general.
The maiden award ceremony will feature categories such as the LLF Trailblazer Award which honours leather designers that have made significant contributions to the leather industry through ground-breaking, and innovative ideas; LLF Most Innovative Designer Award for designers that have showcased exceptional creativity and innovation within the leather industry; LLF Brand Excellence Award acknowledges brands that have demonstrated excellence in their products, services and overall brand experience within the leather space.
To recognise creativity in booth set up, the best curated LLF stand during the event will be awarded Best Curated LLF 2023 Stand. The LLF awards are dedicated to honouring and recognising the exceptional talents within the LLF community.
Lagos Leather Fair is committed to providing a solution-based platform for leather designers and other players in Nigeria and across Africa. This year’s edition is happening on June 17th and 18th at the Balmoral Convention Centre, Victoria Island, and will feature other exciting activities such as masterclasses, social media and marketing presentations using a case study review of different brands as well as workshops for upcoming designers.
For more information about the awards, visit https://thelagosleatherfair.com/ or https://www.instagram.com/lagosleatherfair/
The Wole Soyinka Centre for Investigative Journalism (WSCIJ) will host the June edition of its Journalism & Society Twitter Spaces with the theme, ‘Media and Democracy: How has Nigeria fared?’, on Monday, 12 June, by 11 am.
Panellists will assess how the media has progressed or regressed under democracy and how the media has supported the growth of democracy since Nigeria’s return to democratic governance in 1999. Join the conversation here.
The panellists are Dapo Olorunyomi, publisher of Premium Times; Stella Din-Jacob, Director of News, TVC Communications; and Hafsat Abiola-Costello, founder of the Kudirat Initiative for Democracy (KIND). Others are Tolu Ogunlesi, former Special Assistant on Digital/New Media to former Nigerian President Muhammadu Buhari; Mercy Abang, CEO of Hostwriter; and Patrick Allam, Legal Compliance officer at Spaces for Change (S4C). Chioma Ezenwafor, News editor at Nigeria Info, Cool FM and Wazobia FM, Port Harcourt, will moderate the event.
June 12 commemorates the democratic election of the late Moshood Kashimawo Abiola (MKO) on 12 June 1993, which the military regime of Ibrahim Babangida cancelled. On 6 June 2019, the former President, Muhammadu Buhari, changed Nigeria’s Democracy Day from 29 May, the day the military handed over power to civilians in 1999, to 12 June.
The WSCIJ Journalism & Society Twitter Spaces, held monthly, serves as a platform for conversations and debates about the role of the media in society. It brings together journalists, civil society organisations, human rights advocates, students of communication, political science, and journalism, and members of the public.
Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa is pleased to announce its audited results for the year ended 31 December 2022.
The results show that Savannah’s total revenues grew 26% to US$290.4m (from US$230.5m in 2021), ahead of previously issued guidance of US$215m. Adjusted EBITDA likewise rose 27% to US$222.4m (FY21: US$175m), and EBITDA margin remained unchanged at 77%.
Savannah’s operating and administrative expenses stood at US$66.2m and capex for the year was US$23.6m, both significantly under previous guidance. Its cash balance on 31 December 2022 was US$240m, up 56% from last year, compared to its current market cap of US$420m. Total group assets amounted to US$1.76bn, compared to US$1.35m in FY21.
The report further showed that the average daily gross production from Savannah’s Nigerian operations stood at 26.8 Kboepd, a 20% increase from 22.3 Kboepd in FY21. Of that, 90% was gas, including a 23% increase in gas production from the Uquo gas field.
During FY22, the company secured four new gas sales agreements with Central Horizon Gas, Trans Afam Power, Notore Chemical Industries, and Shell Petroleum Development for a total of 53 MMscfpd of supply contracted. Additionally, a contract extension with First Independent Power Limited increased the quantity of gas supplied from 35 MMscfpd to up to 65 MMscfpd.
Savannah had in March last year announced its very first renewable energy project, the 250 MW Parc Eolien de la Tarka wind farm project in Niger. This is aimed at increasing the country’s on-grid electricity supply by up to 40% with project sanction expected in 2024.
With the signing of two new renewable energy agreements post-period, Savannah currently has up to 525 MW of hydroelectric, solar photovoltaic and wind projects in motion in Cameroon and Niger.
As shown by these investments in renewables, Savannah is a strong believer in Africa’s transition to renewable energy. The company aims to become one of the largest renewable energy development companies in Africa over the next two years with a rapidly growing pipeline of solar, wind, and hydro power projects, aiming for 1 GW+ of projects in motion by end of 2023 and 2 GW+ by end of 2024. Savannah believes that the African renewable energy market represents a significant opportunity of 242 GW by 2030, requiring an investment of over US$40bn in 2026-2030, and that its experience in hydrocarbons is directly transferable to this space.
Generally, Savannah delivered strong and impressive operational and financial performance in 2022, with results outperforming the target it set for the year. Total revenues grew by over 25% to US$290.4m with a resulting rise in adjusted EBITDA of 27% to US$222.4m. This makes FY22 the sixth consecutive year of total revenue growth for Savannah’s Nigerian business, representing a CAGR of 21% since the business was acquired in 2017.
During this six-year period, the company doubled its customer base and increased the share of Nigeria’s thermal power generation capacity that it supplies from 10% to 24%. Its Nigerian business continues to be reinforced by long-dated, take-or-pay contracts that have no linkage to commodity pricing and provide stable, predictable cashflows. At the end of 2022, Savannah had over US$3.8bn of future contracted revenues with contracts having average weighted remaining life of 15 years.
Andrew Knott, CEO of Savannah Energy, said: “2022 was another year of significant progress and growth for our company. Our Total Revenues1 grew by 26% to US$290m, our Adjusted EBITDA2 rose by 27% to US$222m. To put these numbers into context, since the announcement of our decision to acquire our Nigerian business in 2017, it has delivered six consecutive years of Total Revenues1 growth at a compound annual growth rate of 21%.
“This growth has seen us more than double the number of customers the business serves and increase the share of Nigeria’s thermal power generation capacity that it supplies from 10% to 24%. Our performance against key industry sustainability metrics relating to HSE performance, carbon intensity, senior management gender diversity and local employee ratios remain industry leading.
“Looking forward to the rest of 2023, I am confident in where we are as a business. Key projects we are focused on completing include: (1) the closing of our proposed acquisition of PETRONAS’ assets in South Sudan in Q3; (2) at least one further hydrocarbon asset deal; (3) reaching our target of having up to 1GW+ of renewable energy projects in motion by end of year; (4) the flow testing of our R3 East development in Q4; and (5) the refinancing our Nigerian debt.”
Key FY 2022 Financial Highlights
FY 2022 Total Revenues of US$290.4m (+26% on FY 2021 Total Revenues of US$230.5m). This is ahead of the Company’s previously issued FY 2022 guidance of ‘Total Revenues of greater than US$215.0m’;
Adjusted EBITDA of US$222.4m (+27% on FY 2021 Adjusted EBITDA of US$175.0m);
Adjusted EBITDA margin remained broadly unchanged at 77%;
Average realised sales price for 2022 of US$4.14/Mscfe (-6% on the 2021 average realised price of US$4.42/Mscfe and driven by the broader mix of gas customers);
Operating expenses plus administrative expenses of US$66.2m (FY 2022 guidance of up to US$75.0m);
Depreciation, Depletion and Amortisation of US$39.0m (FY 2022 guidance of US$41.9m based on the actual produced volumes);
Capital Expenditure for the year of US$23.6m (FY 2022 guidance of up to US$35.0m);
Group cash balance of US$240.9m as at 31 December 2022 (+56% versus FY 2021 year-end Group cash balance5 of US$154.3m);
Group net debt of US$404.9m as at 31 December 2022 (+9% versus FY 2021 year-end Group net debt6 of US$370.0m);
Leverage was 1.8x (2021 leverage of 2.1x) and an interest cover ratio of 3.4x (FY 2021 ratio of 2.8x); and
Total Group assets amounted to US$1,760m at year-end (2021: US$1,349m).
Key FY 2022 Operational Highlights
FY 202 average gross daily production from the Nigerian operations was 26.8 Kboepd, a 20% increase from the average gross daily production of 22.3 Kboepd in FY 2021;
Of the FY 2022 total average Nigerian gross daily production of 26.8 Kboepd, 90% was gas, including a 23% increase in gas production from the Uquo gas field, from 118 MMscfpd (19.7 Kboepd) in FY 2021 to 145 MMscfpd (24.2 Kboepd) in FY 2022;
Four new gas sales agreements (“GSAs”) announced during the year:
GSA announcedwith Central HorizonGas Company Limitedon 21 February 2022 to supply up to 5 MMscfpd of gas;
GSA announced with Trans Afam Power Limitedon 6 June 2022 to supply up to 35 MMscfpd of gas;
GSA announced with Notore ChemicalIndustries PLC on 16 August2022 to supply up to 10 MMscfpd of gas; and
Interim GSA signed with Shell Petroleum Development Company on 26 October 2022 to supply up to 3 MMscfpd.
Contract extension announced on 22 April 2022 for the GSA with First Independent Power Limited, increasing the quantity of gas supplied from up to 35 MMscfpd to up to 65 MMscfpd and extending supply to cover three of its power plants, FIPL Afam, Eleme and Trans Amadi;
In March 2022, Savannah announced its inaugural renewable energy project, the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger. This is targeted to increase the country’s on-grid electricity supply by up to 40% with project sanction expected in 2024.
Post-year End Operational Update
Following the signing of two new renewable energy agreements post-year end, Savannah currently has up to 525 MW of hydroelectric, solar photovoltaic and wind projects in motion in Cameroon and Niger:
On 20 April 2023, Savannah announced the signing of an agreement for the development of the 75 MW Bini a Warak Hydroelectric Project located in the northern Adamawa Region of Cameroon. Project sanction is expected in 2024 and first power targeted in the 2027 to 2028 window.
On 11 May 2023, Savannah announced the signing of an agreement with the Government of Niger for the development of two proposedsolar photovoltaic power plants, with the combined installed power generation capacityof up to 200 MW. The projectis expected to receive project sanction in 2024, with first power targeted in the 2025 to 2026 window.
Following Savannah’s acquisition of a 41.06% indirect equity interest in the Cameroon Oil Transportation Company (“COTCo”) from ExxonMobil on 9 December 2022, post-year end on 20 April 2023 Savannah’s wholly owned subsidiary, Savannah Midstream Investment Limited (“SMIL”), signed a share purchase agreement with the national oil company of Cameroon, Société Nationale Des Hydrocarbures (“SNH”),relating to the sale by SMIL and purchase by SNH of 10% of the issued share capital in COTCo.
For the five months to end May 2023, COTCo transported an average of 136.9 Kbopd of crude oil with a total of 21 liftings conducted on behalf of its customers. Each lifting saw the safe and successful transfer of approximately 1 MMbbls of crude oil from the FSO to ocean going vessels by COTCo on behalf of its customers.
Sustainability Highlights
0.34 Lost Time Injury Rate (2021: zero) and a 0.68 Total Recordable Incident Rate in 2022 (2020: 0.34);
Low carbon intensity metric maintained of 9.7 kg CO2e/boe (2021: 11.2 kg CO2e/boe), 48% lower than the industry average of 18.7 kg CO2e/boe;
Senior management female gender diversity of 32% (2021: 35%);
Total Contributions to host nations Nigeria and Niger increased by 3% to US$56.9m (2021: US$55.1m);
Investment in social impactprojects in Nigeriaand Niger increased by 23% to US$304,000 in 2022 (2021: US$246,000);
The number of transport related incidents remained exceptionally low with one in 2022 covering over 1.3 million transport kilometres travelled (2021: two incidents);
Road Traffic Accident Rate metric reported for the first time which was 0.14;
Establishment of a multimillion-dollar, world class training scheme across the business for 2022- 2023, resulting in a 74% increase in training hours per employee and a 109% increase in total working hours of training in 2022, respectively;
Zero hydrocarbon spills recorded (definedas not greater than one barrel reachingthe environment) (2021: zero);
Freshwater usage reduced to approximately 11,314m3 of freshwater from boreholes and mains supply (2021: 11,645m3, restated figures); and
Minimised our negative impacts on biodiversity by establishing Biodiversity Action Plans at our four operational sites.
Creative Solutions for Business Growth (CSBG) Africa will after its business ideas pitch competition on June 10, 2023 award ₦250,000 grants tot he successful winners.
The CEO and Creative Team Lead of CSBG Gbenga Adenuga said that “the aim of CSBG Africa is to boost businesses, connect young minds with businesses, and suport them with grants.”
Adenuga said that 6,000 applications were received however only 15 applicants will receive the grant.
The grant according to Adenuga was gotten through donations from families, contributors and friends.
He also said that “We will also give the participants certificate of completion and the purpose is that they will likely come in contact with us or our partners in future and that will drive them to some opportunities.
“After the competition, we will follow up with the winners to make sure that they are thriving and will provide support for them.”
While talking about the reach of the firm, Adenuga said that ‘CSBG started in 2019 and we hope to move beyond Nigeria, to empower other African entrepreneurs.’
According to Ayo Dolapo, the Operations/Learning Experience Manager, CSBG exists to pull entrepreneurs up. He also said “If you have an idea, think about what you can do to raise the money legally. Do not limit your mind or restrict your dreams.
“Through CSBG business-minded people and entrepreneurs are pulled up, encouraged and supported financially through the rant.”
The event scheduled to hold on June 10, 2023 aims to help youths navigate the complexities in career and business landscape. It will be entertaining and narrative in nature, will involve both guidance and motivational chats with attendees.
The session, themed “ReThink, ReAlize, and ReDirect,” will begin at 11:00 a.m. at Agip Hall, Muson Centre in Lagos, with experienced facilitators from various backgrounds.
In the crypto world, Bitcoin continues to dominate as the most valuable and widely recognized digital currency. As Bitcoin’s popularity grows, so does the need for strong security measures to protect one’s digital assets.
Given the decentralized and irreversible nature of Bitcoin transactions, ensuring the security of your Bitcoin wallet becomes paramount. In this feature article, we will explore best practices for securing Bitcoin wallets, giving you the knowledge to protect your valuable digital assets.
1. Choose a trusted wallet
The first step to securing your Bitcoin is choosing a reputable wallet. There are different types of wallets, including hardware wallets, software wallets, and mobile wallets. Hardware wallets, such as Ledger and Trezor, provide an extra layer of security by storing your private keys offline, making them less vulnerable to attacks. It is essential to do your research and choose a wallet that suits your needs and has a proven security record.
2. Use strong passwords and two-factor authentication
Once you have a wallet, it is essential to set up strong security measures. Start by creating a strong password that includes a combination of upper and lower case letters, numbers, and special characters. Avoid using easy-to-guess information like your name or date of birth. Also, enable two-factor authentication (2FA) for an extra layer of protection. 2FA requires users to provide a secondary verification code, typically generated by an app on their smartphone, along with a password to access the wallet.
3. Keep Up-To- Date software
Regularly updating your wallet software is crucial to maintaining optimal security. Developers regularly release updates to fix vulnerabilities and strengthen the wallet’s defenses against potential threats. Keeping your software up to date ensures you benefit from these security improvements. Set up automatic updates whenever possible, or regularly check for updates manually.
4. Back up your wallet
Backing up your Bitcoin wallet is an important method that helps protect you from losing access to your funds due to hardware failure, theft, or human error. Most wallets offer a backup feature, allowing you to store a copy of your private key in a secure location. Consider using offline or “cold” storage options, such as paper wallets or hardware wallets, for backup purposes. Ensure that your backups are encrypted and stored in multiple physical locations for increased redundancy.
5. Be careful with online hosting
While online wallets or exchanges provide convenient access to your Bitcoin holdings, they also carry a higher risk of theft. Online platforms are vulnerable and your funds are only as safe as their security measures. It is advisable to keep only part of your funds in an online wallet for daily use and store most of your Bitcoins in an offline or hardware wallet.
6. Watch out for Attacks
Phishing attacks are a common tactic used by cybercriminals to trick users into revealing their private keys or credentials. Use caution when clicking on suspicious links or downloading attachments from unknown sources. Always check a website’s URL before entering sensitive information. Ideally, enter the website address directly into your browser or use your favorite link to access your wallet.
7. Learn and update information
The cryptocurrency landscape is constantly changing, and new security threats are constantly emerging. Stay up-to-date on security practices and the latest news from the Bitcoin community. Join reputable forums and communities to interact with bitcoin enthusiasts and learn from their experiences. By educating yourself and staying up to date, you can proactively protect your Bitcoin wallet from potential risks.
Securing your Bitcoin wallet is an ongoing process that requires diligence and adherence to best practices. By selecting a reliable wallet, implementing strong passwords and two-factor authentication, keeping your software up to date, backing up your wallet, exercising caution
Banks that operate within the shores of Nigeria would no longer charge as much as they used to for transactions. This is as the Nigerian Inter-Bank Settlement System, NIBSS, reviewed its charges.
In a letter cited by BizWatch Nigeria, NIBSS addressed payment solution service providers in the country, disclosing to them that it was reducing its fees to drive financial inclusion and support innovation.
“We are delighted to inform you that the board and management of Nigeria Inter-Bank Settlement Plc has approved a further reduction in the transaction processing fees on NIBSS Instant Payment from N5 to ₦3.75k effective July 1, 2023.
“In line with our commitment to drive financial inclusion and support innovation, we are also embarking on a volume-driven discount regime to complement this fee reduction and further details will be communicated in due course,” the statement quoted the Managing Director/Chief Executive Officer, Premier Oiwoh, and the Executive Director, Business Development, Ngover Ihyembe-Nwankwo, as saying.
Why this matter matter
This publication understands that financial institutions in the country charge a minimum of N10 as the charge required to process transactions for their customers.
With the review of this charge, it is expected that people would be encouraged to use banks more, and subsequently accelerating Nigeria’s financial inclusion drive.
Recall that in February, the NIBSS revealed that the value of e-payment transactions in February 2023 fell to ₦37.67 trillion.
This figure is 4.83 percent lower than the ₦39.58 trillion recorded in January 2023.
Interswitch, Africa’s leading integrated payments and digital commerce company, has unveiled plans for its upcoming Developer Connect Series tagged The Coded Meetup.
The event is aimed at fostering live interactions amongst existing and prospective members of the Interswitch Developer Community, educating participants on Interswitch APIs and relevant use-cases for building tech products, sharing notable insights on industry advancements within and outside Interswitch and much more.
The event scheduled to take place on Saturday, June 10, 2023, at GoMyCode Lagos, 230 Herbert Macaulay way, Alagomeji Yaba, Lagos, will promote collaboration, innovation, and growth within the Interswitch Developer Community. Another key highlight of event will be the re-introduction of the Interswitch Developer Referral Program, an initiative to incentivize developers who refer potential partners, tech builders or businesses to Quickteller Business. This initiative offers referrers a code-free way to earn extra passive income.
Muyiwa Asagba, Managing Director, Digital Commerce and Merchant Acquiring (Interswitch Paymate), said the company is at the forefront of driving growth within the developer community in Nigeria and plans to extend this to other African countries in the near future.
He said “The Developer Connect Series is an expression of our commitment towards fostering innovation and enabling developers thrive. Through this initiative, we are providing a platform for collaboration and knowledge-sharing among developers and professionals in the technology ecosystem, equipping them with the necessary tools and insights to harness the full potential of Interswitch’s APIs, gain valuable insights, and leverage our technology to create transformative solutions.
“At Interswitch, we strongly recognize the importance of nurturing technological talents, and we believe in the power of collaboration and knowledge-sharing to drive advancements in the industry,” Asagba added.
These APIs will enable developers to seamlessly integrate payment solutions, value added services, identity verification systems, and other financial services into their applications. By understanding the potential of Interswitch APIs, developers can unlock endless possibilities and create unique experiences for their customers.
The Developer Connect Series will also feature engaging discussions on the latest industry advancements and emerging trends. Experts and thought leaders will share their experiences and provide valuable insights into the future of digital payments, e-commerce, and technology-driven solutions.
Interswitch invites Developers, Product Manages, Product Designers, and technology enthusiasts to join the Developer Connect Series and be a part of this immersive learning experience. Whether you are a seasoned developer or just starting your journey, this event promises to provide valuable insights, networking opportunities, and the chance to become part of a vibrant community of innovators. To register to attend, click here .
In the Best Male R&B/Pop Artist category, the last singer will compete against other worldwide performers such as Chris Brown, Drake, The Weekend, and Usher.
In the Video Director of the Year category, he will compete against Asap Rocky, Dave Free & Kendrick Lamar, Director X, and others for his work on the visual adaptation of the smash hit single last year.
The self-proclaimed African behemoth receives two additional nominations in the Viewer’s Choice category for the tune last year, as well as in the Best International Act category.
Tems
Tems, a fellow Grammy winner, comes in second with three nominations, including Best Female R&B/Pop Artiste.
She also received two nods in the Best Collaboration and Viewers Choice categories for her role in the track wait for you, which she co-wrote with Future and Drake.
Asake, Ayra Starr nominated
Asake and Ayra Starr received one nomination each. While Asake will compete in the Viewer’s Choice, Best New International Act category, Ayra Starr will compete in the Best International Act category against Burna Boy.
According to BET “The nominations this year reflect a wealth of creative expression and Black brilliance in music, television, cinema, and sports. The “BET Awards” 2023 will be broadcast LIVE on BET on Sunday, June 25, 2023, at 8 p.m. ET/ 5 p.m. PT.”
Complete list of nominees for “BET Awards” 2023
Album Of The Year
Anyways, Life’s Great Glorilla
Breezy Chris Brown
God Did Dj Khaled
Her Loss Drake & 21 Savage
Mr. Morale & The Big Steppers Kendrick Lamar
Renaissance Beyoncé
Sos Sza
Best Female R&B/Pop Artist
Ari Lennox
Beyoncé
Coco Jones
H.E.R.
Lizzo
Sza
Tems
Best Male R&B/Pop Artist
Blxst
Brent Faiyaz
Burna Boy
Chris Brown
Drake
The Weeknd
Usher
Best Group
City Girls
Drake & 21 Savage
Dvsn
Flo
Maverick City Music & Kirk Franklin
Quavo & Takeoff
Wanmor
Best Collaboration
“Big Energy (Remix)” Latto & Mariah Carey Feat. Dj Khaled
“Boy’s A Liar Pt. 2” Pinkpantheress & Ice Spice
“Call Me Every Day” Chris Brown Feat. Wizkid
“Can’t Stop Won’t Stop” King Combs Feat. Kodak Black
“Creepin'” Metro Boomin, The Weeknd & 21 Savage
“F.N.F. (Let’s Go)” Hitkidd & Glorilla
“Tomorrow 2” Glorilla & Cardi B
“Wait For U” Future Feat. Drake & Tems
Best Female Hip Hop Artist
Cardi B
Coi Leray
Glorilla
Ice Spice
Latto
Megan Thee Stallion
Nicki Minaj
Best Male Hip Hop Artist
21 Savage
Drake
Future
J. Cole
Jack Harlow
Kendrick Lamar
Lil Baby
Video Of The Year
We (Warm Embrace) Chris Brown
2 Million Up Peezy, Jeezy & Real Boston Richey Feat. Rob49
About Damn Time Lizzo
Bad Habit Steve Lacy
First Class Jack Harlow
Kill Bill Sza
Tomorrow 2 Glorilla & Cardi B
Video Director Of The Year
A$Ap Rocky For Awge
Benny Boom
Burna Boy
Cole Bennett
Dave Free & Kendrick Lamar
Director X
Teyana “Spike Tey” Taylor
Best New Artist
Ambré
Coco Jones
Doechii
Flo
Glorilla
Ice Spice
Lola Brooke
Dr. Bobby Jones Best Gospel/Inspirational Award
“Bless Me” Maverick City Music & Kirk Franklin
“Finished (Live)” Tamela Mann
“I’ve Got Joy” Cece Winans
“Kingdom” Maverick City Music & Kirk Franklin Feat. Naomi Raine & Chandler Moore
“New” Tye Tribbett
“One Moment From Glory” Yolanda Adams
“The Better Benediction (Pt.2)” Pj Morton Feat. Lisa Knowles-Smith, Le’andria Johnson, Keke Wyatt, Kierra Sheard & Tasha Cobbs Leonard
Viewer’s Choice Award
“Break My Soul” Beyoncé
“Jimmy Cooks” Drake Feat 21 Savage
“Kill Bill” Sza
“First Class” Jack Harlow
“Super Freaky Girl” Nicki Minaj
“About Damn Time” Lizzo
“Last Last” Burna Boy
“Wait For U” Future Feat. Drake & Tems
Best International Act
Aya Nakamura (France)
Ayra Starr (Nigeria)
Burna Boy (Nigeria)
Central Cee (UK)
Ella Mai (UK)
Ko (South Africa)
L7nnon (Brazil)
Stormzy (UK)
Tiakola (France)
Uncle Waffles (South Africa)
Viewer’s Choice: Best New International Act
Asake (Nigeria)
Camidoh (Ghana)
Flo (UK)
Libianca (Cameroon)
Maureen (France)
Mc Ryan Sp (Brazil)
Pabi Cooper (South Africa)
Raye (UK)
Werenoi (France)
BET Her
“About Damn Time” Lizzo
“Boy’s A Liar Pt. 2” Pinkpantheress, Ice Spice
“Break My Soul” Beyoncé
“Her” Megan Thee Stallion
“Lift Me Up” Black Panther: Wakanda Forever – Music From And Inspired By – Rihanna & Ludwig Göransson
The Ambassador of Israel to Nigeria, Michael Freeman has disclosed the readiness of his country to partner with Nigeria towards realisation of the policy on the creation of one million jobs through digital economy.
Freeman, who is also the Permanent Representative of Israel to ECOWAS, made the disclosure at a news conference on the official inauguration of the 3rd cohort of the Innovation Fellowship for Aspiring Inventors and Researchers (I-FAIR), yesterday in Abuja.
He said Israel remained excited over plans to partner with President Bola Tinubu’s administration to achieve meaningful growth through digital technology, noting that the first two editions of I-FAIR programme provided young Nigerians with mentorship and tools needed to realise their innovative ideas.
He said many I-FAIR graduates now have various businesses with fellow Nigerians contributing to the economic growth of their fatherland. Freeman, who said the third edition of I-FAIR had been officially inaugurated, insisted that, “This is the official launch of the 3rd I-FAIR programme since President Tinubu was inaugurated and one of the key focus of his inaugural policy was improving and strengthening Nigeria’s economy.
“He actually spoke specifically on a number of targets, to increase local and foreign investment in Nigeria, also to create one million jobs in the digital economy.
“Israel is the world leader in digital economy and it is also the world leader in manufacturing investment in several other places.
“We buy into this vision and we want to partner President Tinubu and his administration, to help create the environment for investment.
“To help create a million jobs in the digital economy and that is why we are here today, because the I-FAIR programme will help to create jobs, investment and new generation of entrepreneurial Nigerian innovators.”
The envoy said such would boost job creation in the economy through learning from Israeli experience whereby 45 per cent of the GDP was based on human capita and research development.
He described I-FAIR as initiative of Israel through partnership with Nigeria with mandate to empower innovators, inventors and entrepreneurs, and had become flagship of Israel-Nigeria programmes, since their 60years of diplomatic relations.
The producers of Golden Terra Vegetable Oil, Tropical General Investment, have stated that a variety of Nigerian consumers’ health is prioritized in their new brand, Soya Oil.
The company said in a statement that the brand was also providing accessible and cost-effective options for everyone.
Probal Bhattacharya, the Chief Marketing Officer of Tropical General Investment Group, claimed that the company catered to customers who were aware of their health.
“Through Golden Terra Soya Oil, we are able to provide for a group of customers who choose to use healthy cooking oil in their homes. We think the brand will become essential in most kitchens in Nigeria due to its tremendous health benefits,” he said.
According to Bhattacharya, the brand is well-known for having five times the amount of polyunsaturated fatty acids, Omega-3 and Omega-6 fatty acids.
He claims that PUFA (a fatty acid containing more than one double bond) is the kind of fat that is beneficial for heart health.
Mrs. Lilian Onyeabor, a customer, was quoted saying she switched to soy oil after discovering it was packed with the nutritional and health benefits for her family need.
Mrs lillian said,”Growing up in a household where both of my parents are health professionals has had an impact on my desire to lead a healthy lifestyle. Because soy oil has so many health advantages, I choose to utilize it for my family”.
“After doing a little research and reading the nutritional information on the packs of the majority of cooking brands, I found that Golden Terra Soya has all the nutritional and health benefits I require for the wellbeing of my family. The oil doesn’t froth and doesn’t leave a taste in my meal”, she insisted.
From L-R : Founder/GMD Interswitch Group, Mitchell Elegbe; EY Global Chairman and CEO, Carmine Di Sibio and EY Senior Partner and Entrepreneur of the Year Leader for West Africa, Ashish Bakhshi at Elegbe's Induction into the EY World Entrepreneur of the Year Hall of Fame in Monaco on Thursday, June 8, 2023.
Mitchell Elegbe, the Founder and Group Managing Director of Interswitch Group has been inducted into the Ernst and Young (EY) World Entrepreneur of the Year (WEOY) Hall of Fame.
This proud moment took place at the WEOY award ceremony in Monte Carlo, Monaco, on Thursday June 8, 2023, before an audience which included a panel of esteemed and independent judges, luminary speakers, the ecosystem of EY Entrepreneur of The Year alumni and EY executive leadership, including EY Global Chairman and CEO, Carmine Di Sibio.
According to EY, the World Entrepreneur of the Year Hall of Fame is an elite corps of men and women who have been recognized for their exceptional entrepreneurial achievements. For more than 35 years, EY has been celebrating ingenuity through the Entrepreneur of the Year program.
The programme has recognized more than 10,000 outstanding entrepreneurs for their vision, innovation, courage, and leadership in building and growing successful businesses — businesses that influence the way people live, the products and services we depend on, and the economic vibrancy of our local communities and global markets.
This year, 49 entrepreneurs from 45 countries across the world were inducted into the 2023 WEOY Hall of Fame. Elegbe had the unique distinction of being the only black and African global finalist and inductee into the coveted hall of fame, as well as the only entrepreneur in the 37-year history of the awards to have won in both the emerging and master categories at various times in their region.
Following his induction, Elegbe expressed his appreciation to the global EY team and the Nigeria team, particularly the Senior Partner and EY Entrepreneur of the Year Leader for West Africa, Ashish Bakhshi.
He said: “I am honoured to have been inducted into this prestigious body which is renowned for its rich and vibrant legacy. I express my gratitude to the Ernst and Young team for providing this platform that acknowledges and celebrates entrepreneurs across the world.”
He added, “This recognition will further cement our commitment at Interswitch to never stop pushing the boundaries of innovation in a bid to foster an Africa where payments are a seamless part of everyday life.
Elegbe was inducted for his laudable contributions as an exceptional African entrepreneur, who has contributed in no small measure to the economic development of Nigeria and Africa as a whole, having distinguished himself in business leadership and technology development.
This induction follows his emergence as the EY Entrepreneur of the Year (Emerging Entrepreneur category) 11 years ago, in 2012 and his emergence, in March 2023, as the West African Entrepreneur of the Year in the Master category.
Elegbe is a multiple award-winning professional and a renowned business leader in the Information Technology and Financial Services industry and is recognised for driving revolutionary payment innovation in Africa.
He has won several awards, some of which include Harvard Business School Association (Nigeria) Leadership Award in the General Management Category; African Banker Awards 2019 as the African Banker Icon; CNBC/Forbes All African Business Leader (AABLA) Awards for West Africa as well as Financial Technology (Fintech) Africa Awards, Payments and Transfer category in 2016, among other deserving recognitions. He is also a Bishop Desmond Tutu Fellow of the African Leadership Institute.
Founder/GMD Interswitch Group, Mitchell Elegbe and wife, Mercy Elegbe at his Induction into the EY World Entrepreneur of the Year Hall of Fame in Monaco on Thursday, June 8, 2023.
Elegbe founded Interswitch in 2002 to provide a solution to problems associated with payments in Nigeria. Since then, the company has grown to be a leading payment and digital commerce company that helps to build and manage payment infrastructure and provides robust technology-based solutions to individuals, financial institutions, and governments across Africa.
According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).
This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as the foreign exchange (forex) trading closed at N462.4 per $1 on Wednesday, June 8.
How much is the dollarto naira at the black market today?
Going by sources at the Bureau De Change (BDC) in Lagos, the dollar to naira last traded between ₦764 in the black market in the state.
It is, however, pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.
The Federal Government’s decision to remove the fuel subsidy has the support of the Lagos Chamber of Commerce and Industry (LCCI), which claims that doing so will promote economic growth.
In a statement, Dr. Michael Olawale-Cole, president of LCCI, expressed regret over previous administrations’ failure to take the necessary, brave action with relation to subsidy.
“LCCI wishes to commend the Federal Government on the removal of fuel subsidy,” he said in his own words. Unfortunately, past administrations have avoided making this crucial yet nation-building choice. However, it is significant that industry operators and authorities are already putting the subsidy elimination into effect.
The chamber is certain that the removal will have a significant financial impact on the government, lower the excessive cost of governance, increase sector responsibility, and affect the government’s ability to finance infrastructure development and economic growth.
“In addition, we believe that the choice, if implemented properly, will lead to better investments, particularly along its value chain, encourage healthy competition, and even guarantee product availability”.
Other benefits include an increase in overall employment, a reduction in the excessive strain on local tenders, an improvement in the balance of payments, and economic growth.
Olawale-Cole pointed out that throughout the years, numerous credible local and international organizations, including LCCI, had persistently expressed worries and misgivings about the massive fiscal burden the subsidy regime had placed on the country and its financial stability.
Therefore, the chamber makes a plea to Nigerians to show empathy and help the administration in carrying out this highly wanted policy in a proper manner.
“We also call on the government to demonstrate its commitment to the welfare of the general public, particularly the most vulnerable industries and groups. Palliative measures and interventions for vital industries may be used to achieve this.
“The government should move quickly to restore existing refineries to a fully operational state. After that, it can either sell them entirely in an open, competitive bidding procedure or sell them in part utilizing the NLNG model,” he continued.
Data roaming plans have been made public by Glo for Nigerians traveling to Mecca in 2023.
The telecommunications company claimed that this was done to give travelers a chance to connect with, record, and share special moments with their loved ones back home.
The business said that it has launched special Glo data roaming packages that allowed customers to use their data services in Mecca for N5/MB.
The telco announced in a statement that “travelers will get 3GB for N15,000 with 30 days’ validity, 1.25GB for N6,500 with 15 days’ validity, 600MB for N3,500 with 7 days’ validity, and 300MB for just N2,000 with 3 days’ validity.”
It specified that in order to take advantage of the promotion, a customer had to subscribe to one of its roaming packages by dialing *777# and choosing option 6 (data roaming). It was clarified that the data bundle could be bought in Nigeria, and that its validity would start when the user arrived in Mecca.
“Subscribers also have control over their usage and there is no worry about a surprise bill because they only use the services included in the bundle they have purchased,” it continued.
To help clients track their use of the paid data, Glo also makes sure they get consumption messages numerous times.
