Oil Surges Towards $60

Esan Bolaji
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Oil Surges Towards $60

Oilprice.com – Friday, February 5th, 2021 – Brent is closing in on $60 per barrel for the first time since January 2020. Crude inventories in both China and the U.S. declined this week, offering more evidence of a tightening market. “The physical market is also looking increasingly tight,” said Eugen Weinberg, head of commodities research at Commerzbank AG.

Shell profits drop but boost the dividend. Royal Dutch Shell (NYSE: RDS.A) reported a $4.8 billion profit for 2020, down 71% from the year before. The oil major hiked its dividend for the first quarter, following a sharp cut last year. “We are coming out of 2020 with a stronger balance sheet,” Chief Executive Ben van Beurden said in a statement.

Drop in Energy Prices to Taper Global Inflation - Analysts
Photo by Zbynek Burival on Unsplash

Shell sees oil demand back to “normal” in 2022. “I believe 2022 is going to be sort of back to normal” regarding global oil demand, CEO Ben van Beurden said. However, that depends on the aviation sector experiencing a full recovery.

Oil surges as OPEC+ keep cuts in place. Saudi Arabia kept oil shipments to Asia unchanged even as the market has tightened, sending oil prices higher this week. “It looks like, at every turn, Saudi seems to want to support the market,” Michael Hiley, energy trader with LPS Futures, told Bloomberg.

“If demand really picks up, we could be short oil pretty quickly, because U.S. production isn’t going to come back fast.” At the same time, the division may increase between OPEC+ members as prices continue to rise.

Engine No.1 pans Exxon strategy. Engine No.1, an investment firm that has taken a large stake in ExxonMobil (NYSE: XOM) and has sought changes to the board and to corporate strategy, criticized the oil giant’s leadership and issued a statement lambasting the company’s latest moves as insufficient.

“A Board that has underperformed this dramatically and defied shareholder sentiment for this long has not earned the right to choose its own new members or pack itself in the face of calls for change,” Engine No. 1 said. The firm said that Exxon’s current course ensures “continued value destruction.”

Supreme Court to hear pipeline case. The U.S. Supreme Court will hear a high-profile case involving the use of the eminent domain. The PennEast Pipeline Co. LLC is looking to condemn land in Pennsylvania from private citizens in order to build the project that would carry shale gas to refineries on the east coast. The case could have broad repercussions over how energy companies can use eminent domain.

Biden restarts Vineyard wind. The Biden administration said on Wednesday it would restart permitting for the first major U.S. offshore wind farm after the Trump administration froze the process.

Biden DOE nominee advances. Jennifer Granholm nominated to head the Department of Energy, easily cleared a committee vote, suggesting she will have little trouble earning confirmation. She voiced support for U.S. LNG exports even as she championed climate action.

Ford to double EV investment. Ford (NYSE: F) said it would spend $22 billion on EVs through 2025, twice its earlier plan.

Apple to invest $3.6 billion into Kia Motors. Kia Motors (KRX: 000270) surged nearly 15% after local media reported that Apple (NASDAQ: AAPL) would invest $3.6 billion in the company to build out EVs.

Chesapeake Energy cuts 15% of staff. Chesapeake Energy (NYSE: CHK) said it would cut 15% of its staff as it prepares to exit bankruptcy.

China’s coal plants 3x more than the rest of the world. China added 38.4 GW of new coal capacity in 2020, more than three times built in all of the rest of the world.

The COVID-19 pandemic has upended global energy investment trends. The pandemic has not broken but intensified global energy trends that emerged on the eve of COVID-19, whether it be the collapse of coal-fired power generation, the growing surplus of oil production, or the booming interest in renewables.

The green industries minting billionaires. Want to get rich quick while playing a part in fighting climate change? Here are the clean energy sectors that have been creating billionaires.

$1 trillion in stranded assets for pipelines. A new report from Global Energy Monitor finds that 212,000 kilometres worth of pipeline is under construction or on the drawing board, roughly equivalent to the entire length of the U.S. highway system. The report says that could result in $1 trillion getting stranded as the energy transition accelerates.

Chevron bids $1.13 billion for Noble Midstream Partners. Chevron (NYSE: CVX) said on Friday it had offered to buy Noble Midstream Partners LP in a deal valuing the company at $1.13 billion. The decision comes just a few months after Chevron bought the upstream operator, Noble Energy.

Interior cancels offshore Alaska lease sale. The U.S. Department of Interior cancelled work on a propose lease sale off Alaska’s southcentral coast, following President Biden’s executive order pausing leasing on federal lands.

South Korea to build $43 billion offshore wind. South Korea unveiled a $43.2 billion plan to build the world’s largest wind power plant by 2030.

Canada oil and gas deals surge 468%. M&A transactions in Canada in the fourth quarter last year were worth US$10.01 billion, up by 468.3 percent from the previous quarter and a surge of 504.2 percent compared to the last four-quarter average of US$1.66 billion, according to data from GlobalData cited by World Pipelines.

Swarovski Reveals Its Latest Sparkle Queen in the Nigerian Market

Esan Bolaji
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0
Swarovski Reveals Its Latest Sparkle Queen in the Nigerian Market

Swarovski Nigeria has recently revealed the latest addition to their family of empowered influencers, notably referred to as the “Sparkle Queens”. Erica Nlewedim will take her place amongst SW Nigeria’s diverse and influential portfolio of personalities which includes the likes of Nancy Isime, Tomike Adeoye, and Anita Okoye.

Swarovski Reveals Its Latest Sparkle Queen in the Nigerian Market Swarovski Reveals Its Latest Sparkle Queen in the Nigerian Market

Over 125 years, Swarovski has globally aligned itself with promoting the well-being, development and creativity of women through strategic partnerships and initiatives. SW Nigeria has proven to be a pioneering brand by continuously setting the standard through collaborative, fruitful and meaningful relationships with its influencers.

Swarovski Reveals Its Latest Sparkle Queen in the Nigerian Market Swarovski Reveals Its Latest Sparkle Queen in the Nigerian Market

Erica was unveiled through an inclusive Meet and Greet activation at SW Nigeria’s flagship store in Ikeja City Mall on Thursday, 4th of February 2021. The Swarovski team were conscious to make the event Covid-compliant, distributing numerous face masks and bottles of hand sanitizer.

This event is a further testament to the brand’s commitment to supporting women by creating unique networking opportunities and unforgettable experiences driven by an electrifying ambience.

Swarovski Reveals Its Latest Sparkle Queen in the Nigerian Market Swarovski Reveals Its Latest Sparkle Queen in the Nigerian Market

Speaking on the new signing, Jennifer Obayuwana, Executive Director of Polo Luxury Group said

“Erica is the perfect addition to the SW Nigeria family. She is proof that you can achieve your dreams with dedication and hard work and we know that she is going to have an outstanding impact on the brand.

Erica has demonstrated a high level of integrity, class and sophistication which aligns with the values of the SW Nigeria brand and we are excited to reveal the unique activations that we have planned with her.”

Swarovski Reveals Its Latest Sparkle Queen in the Nigerian Market

Also speaking on the new signing, Sparkle Queen, Erica Ngozi Nlewedim said

“I feel so excited and honoured to be on boarded as the new Sparkle Queen for SW Nigeria. This is like a dream come true for me and the brand also speaks so much to my personality. I hope to make the brand proud as their ambassador, grow their share of voice in Nigeria using my platform as well as pull customers who are able to patronize the brand”.

As part of their ongoing “Share Your Sparkle” campaign, SW Nigeria is set to use their e-commerce platform as a tool to amplify the voices and personalities of their influencers, whilst also giving women across Nigeria the chance to share their own stories. The Sparkle Queens are set to appear in SW Nigeria’s 2021 campaigns and will be present at all the upcoming Swarovski brand activations.

Nigeria Consumer Sentiment Back to Pre Covid Levels

KASI INSIGHT
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Nigeria Consumer Sentiment Back to Pre Covid Levels

  • While consumer confidence rose this month, the appearance of a new coronavirus strain dampens optimism


  • Nigeria’s recovery plan brings about positive sentiments for the future as KASI CCI sub-indices see a tremendous rise in positivity


  • Positive consumer sentiment in December in light of the recovery package stands to boost the retail sector in Nigeria

In December, Nigeria’s consumer sentiment increased 4 points, as measured by KASI’s CCI index, from a value of 17 to 21. This increase was led by a 4-point increase in the index of future expectations, increasing from 37 to 41, as well as a 5-point increase in the index of current conditions which rose from -35 to -30.

While consumer confidence rose this month, the appearance of a new coronavirus strain dampens optimism

Nigeria's Inflation sustains sprint, rises to 14.89% y/y in November 2020

 

The increase in the index of current conditions (ICC) was led by a 12-point increase in optimism regarding spending on discretionary items for which the index rose from a value of 6 to 18.

Though the increase in this sub-index was significant, the overall impact on the ICC was offset by the decreasing and highly negative value of the job prospect sub-index. The index fell a further 3 points in December, reaching a four-year all-time low of -78.

Aside from job prospects, the appearance of a new strain of the coronavirus could have also dampened the increase in sentiment surrounding current conditions. After the identification of new strains in the UK and South Africa, Nigeria began observing a number of cases stemming from a new variant as well around mid-December.

In December, there was also an overall spike in the number of coronavirus cases, bringing the daily average of under 300 cases to anywhere between 500-1000. With this news, a majority of KASI’s COVID-19 Pulse respondents feel that it will still be about 3 to 4 months until people can expect conditions to go back to normal.

Unsurprisingly, a majority of respondents also think the worst of the crisis is happening right now.

Nigeria’s recovery plan brings about positive sentiments for the future as KASI CCI sub-indices see a tremendous rise in positivity

 

In line with the ICC, future expectations rose in December as well, inching up 4 points from an index value of 37 to 41. As the index of future expectations repeatedly increases month-over-month, the index is displaying a recovery pattern that indicates optimism reaching a pre-pandemic high.

The increase was led by an overall increase in positive sentiment as measured by all sub-indexes of the CCI. General conditions in the country, household income, ability to meet regular expenses, and spending on large discretionary items are expected to improve these coming months. sub-indices measuring these parameters respectively increased 6, 1, 16, and 3 points.

While the economy remains in distress as a result of the ongoing recessionary phase, it is somewhat puzzling that sentiment rose in December and that too somewhat significantly in most sub-indexes.

The answer perhaps lies in Nigeria’s recovery plan. The world bank approved a $1.5 billion package overall for this five-year Country Partnership Framework. The program is aimed to focus on four specific areas: Investing in human capital, promoting jobs and economic transformation and diversification, enhancing resilience, and strengthening the foundations of the public sector.

Additionally, ever since the pandemic hit, millions of jobs were lost. As mentioned previously, this is also reflected in the continued pessimism surrounding job prospects. According to Nigeria’s National Bureau of Statistics, 40% of the youth labor force is unemployed.

There are also currently about 83 million Nigerians (of the 200 million population) who live under $1 a day. To add on top of that, according to the world bank, at least 5 million more Nigerians are predicted to fall into poverty as a result of COVID-19. The job crisis is no joke, not in Nigeria or many other African countries.

Hence, as a part of the program, Nigeria promises to provide jobs for more than 750 000 young people amid the worsening youth unemployment. The program is valued at $136 million and offers three-month job replacements, paying a US dollar equivalent of $53 a month – less than minimum wage but a significant help for those unemployed.

Positive consumer sentiment in December in light of the recovery package stands to boost the retail sector in Nigeria

 

Nigeria’s GDP is largely impacted by the retail sector as it is the third-largest contributor to overall economic output. With that 90% of the sector is made up of informal retailers. As a result of COVID-19, there is a continuous observation of smaller packaging of consumer goods as a result of falling household income.

Market data from 2020 collected by Trade Depot confirms that this mostly relates to FMCG goods. With consumption patterns focused on necessities over discretionary products, there was a 10% increase in the overall contribution of food items to total expenditure in comparison to 2019.

Online and social media trade increased overall and whether or not that will be sustained is a trend to continuously monitor as the world recovers. With KASI’s data indicating an overall positive sentiment in light of the recently announced efforts to bring about recovery, it is possible that consumer demand and expenditure may see an increase in the coming months.

By Tanya Gandhi, Economic Intelligence Group at KASI

Telco Firm Briclinks Africa Plc Lists on NSE Growth Board

Esan Bolaji
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Telco Firm Briclinks Africa Plc Lists on NSE Growth Board

The Nigerian Stock Exchange (NSE) admitted Briclinks Africa Plc to its Growth Board in a listing by introduction of 10 million (10,000,000) ordinary shares of ₦1.00 each at ₦6.26 per share on Friday, 5 February 2021. 

The listing was commemorated with a digital Closing Gong ceremony where the Chief Executive Officer, Briclinks Africa, Mr. Mohammed Buhari, had the honour of bringing the day’s trading to an end.

Telco Firm Briclinks Africa Plc Lists on NSE Growth Board brandspurng

Speaking at the ceremony, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, OON stated,

“We are delighted to welcome Briclinks Africa Plc to The Exchange. This listing is a milestone in our desire to Accommodate Small and Medium-sized Enterprises (SMEs) that hitherto have been underrepresented in public markets.

It is indeed a critical step in the NSE’s efforts towards greater representation of growth companies on the bourse. With this listing, we encourage Briclinks Africa Plc, as it commences life as a publicly quoted company, to continue to abide by its post-listing obligations whilst striving for transparency as this would ultimately create value for shareholders.”

NSE upgrades its whistleblowing platform

On his part, Mr. Mohammed Buhari commented,

“It is with great pleasure that we at Briclinks Africa Plc attend this special event to mark our listing on the Growth Board of the NSE. We have dreamt about this day and worked towards it with effervescence right from the moment we decided to be listed on the NSE about 17 months ago.

We have from this process emerged as a better entity, well-tuned to corporate best practices and culture. We would like at this point to thank our Financial Advisers to the listing, Afrinvest Securities, and the NSE team for their untiring support and guidance in making this day a reality.”

It would be recalled that in January 2020, NSE launched the Growth Board to encourage companies with high growth potential to seize the opportunity of raising long term capital and promote liquidity in the trading of their shares.

The NSE Growth Board is home to McNichols Plc, Living Trust Mortgage Bank Plc, Chellarams Plc, The Initiates Plc and now, Briclinks Africa Plc.

Equities Market Closed The Week on a Bearish Note…Investors Lost N371.99bn this week

PFI Capital
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Equities Market Closed The Week on a Bearish Note…Investors Lost N371.99bn this week
The local bourse closed the week on a negative note as bearish sentiment dominated various segments of the market. The benchmark All Share Index (ASI) went down by 18bps today to close at 41,709.09 with market capitalization shedding N44.07bn to settle at N21.82tn.

Consequently, the All-Share Index (ASI) lost 166bps this week driving the year-to-date performance to 3.57%.

Equities Market Closed The Week on a Bearish Note...Investors Lost N371.99bn this week Brandspurng

Performance across sectors was majorly bearish with 4 out of the 5 indices under coverage closing negative. The insurance and oil & gas indices declined by -1.03% and -0.13% on the back of selloffs in LINKASSURE (-9.09%) and OANDO (-0.67%).

Similarly, consumer goods and industrial indices declined by 0.97% and 0.26% on the back of losses recorded in CHAMPION (-9.48%) and WAPCO (-3.62%). The banking index however advanced by 1.36% following gains in GUARANTY (+9.09%).

Investors’ sentiment was also negative as only 14 stocks advanced while 27 stocks declined to indicate a 0.38x market breadth. Market activity level slows down with both the volume and value of transaction declining by 23.39% and 30.09% respectively.

Fixed Income Market

The bond market traded on a positive note with yield stable across the short and long-dated instrument. The yield on the FGN-MAR-2024 and JUL-2030 closed at 6.11% and 8.87% respectively.

Treasury bills market traded on a  quiet note as yield remain stable across different tenors. The yield on the 182-day and 364-day maturities stabilized at 1.00 and 2.04 while that of the 91-day maturity compressed by 3bps to settle at 0.4%.

Market Snapshot

  • Equities Market Closed The Week on a Bearish Note…Investors Lost N371.99bn
  • The bond market traded on a quiet note as yield compressed marginally across tenors
  • U.S. Stocks Rise as Jobs Report Bolsters Stimulus Bets
  • Oil Climbs Within Sight of $60 With Global Supplies Tightening
  • Naira was stable against the USD at the parallel market to close at N480/$

Report: Bitcoin Overtakes Gold in the U.S. as the 4th Most Popular Investment Vehicle

Esan Bolaji
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Report: Bitcoin Overtakes Gold in the U.S. as the 4th Most Popular Investment Vehicle

Bitcoin Overtakes Gold in the U.S. as the 4th Most Popular Investment Vehicle

Research by Bitflyer released today indicates the growing popularity of the cryptocurrency as an American household investment option. But not in Japan.

Stocks Remain the #1 Investment Vehicle

Bitflyer, a Japanese crypto exchange, released a research paper that dives into cryptocurrency sentiment and investment trends in the U.S. and compares them to the Japanese market.

The most glaring difference between American and Japanese as far cryptocurrency acceptance is indicated through a simple question presented to survey participants:

Report Brandspurng Bitcoin Overtakes Gold in the U.S. as the 4th Most Popular Investment Vehicle1

While 76% of Americans view cryptocurrencies positively, 78% of Japanese view cryptocurrencies negatively.

The complete opposite pie charts demonstrate how the two markets are miles apart in their acceptance of cryptocurrencies. The research does not indicate when exactly the survey was done, but it can be assumed that the news-worthy ascend of bitcoin (BTC) in recent months has contributed to a heightened interest in cryptocurrencies as a whole in the U.S.

One can only assume that the conservative, suspicious approach prevailing in Japan toward the new and unknown leads to the lukewarm approach of its people to cryptocurrencies.

Bitcoin Touches $18K, Crypto Asset Looks to Smash All-Time High, ETH Price Could Spike 20x

Highlighting a growing public interest in investment as a viable financial safe-net, the research found that 82% of people in the U.S. invest in financial assets; a Pew research indicated that only a few months ago the figure was 52%, allowing the assumption that the COVID-imposed reality has driven newfound interest among the public in securing a financial future.

Among investors, Bitcoin/cryptocurrencies (is it still that for a substantial portion of the public Bitcoin and cryptocurrency are one and the same?) has eclipsed gold as the fourth most popular investment vehicle, with real estate, 401k, and stocks occupying the three top spots.

Report Brandspurng Bitcoin Overtakes Gold in the U.S. as the 4th Most Popular Investment Vehicle2

Interestingly, comparing American sentiment to the Japanese one, the research indicates an opposite sentiment among the Japanese public – 69% of people do not invest in financial assets.

Anecdotal reference: in both the U.S. and Japan men tend to invest more than women.

Looking ahead to 2021 as a transformative, post-pandemic year, 68% of Americans plan to increase their investment activity, while only 18% of Japanese planning to do so.

 

As per the segments of both populations that do not intend to increase their investing during 2021, while Americans say they will refrain from investing due to the lack of financial resources brought about by the COVID reality, Japanese are turning away from investment due to associated risks, unrelated to the New Normal.

This article appeared first on Bitcoin

Is the Economy Spiraling? (LBS Executive Breakfast Session – February 2021)

FDC
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Is the Economy Spiraling? (LBS Executive Breakfast Session – February 2021)

Valentine’s Day of Love, Fear, & Isolation

As a corporate CEO, you are facing your worst nightmare as you fear being infected by the new variant of the Covid-19 virus. This is because your neighbour arrived two weeks ago from the UK or South Africa. The thought of depositing N10mn for every member of your household in a hospital (rat hole) with fake oxygen cylinders does not make life any easier.

No Vaccine, No NIN – What a run-around!

Whilst you are trying to get your head around the probability of surviving the second surge, you see on TV the scramble for the NIN at various centres. You are worried that some of your employees on leave are in the crowd.

Economy Slip Into Recession: Weak Oil Output Dampens Economic Growth Prospects
Economy Slip Into Recession: Weak Oil Output Dampens Economic Growth Prospects – www.brandspurng.com

You are saying gee-whiz, this is a massive problem, I think I better go into isolation for the next 14 days than mix with my colleagues who have mingled in those NIN crowds.

Naira to Stabilize as Oil Prices Increase

The naira fell again at the parallel market to N480/$ and at the Non-deliverable forward market to N465.95/$ for the 365day period. It also slipped at the I & E window by 1% to N397.63/$.

These are indications that inflation continues to take its toll on the naira. Money supply growth (M2) of 31.9% and negative real interest rates have depressed the appetite and propensity to save and invest.

Hope Rising as Interest Rates Climb

Empirical evidence shows that countries like Kenya, Ghana and South Africa where T/bill rates are higher than inflation are doing much better. For example, South Africa has reported a record 16-year low rate of inflation of 3.1%.

Stock Market Sizzle Fizzles

We await with bated breath the inflation numbers due to be released by the NBS on February 16 and the GDP data scheduled for February 22. Nigerian Investors seem to be fleeing from an overvalued stock market. Has the inevitable correction started or is this another hoax?

The average increase in earnings this month was 4.4% while stocks have surged by 157.2% in the market. This looks like a bubble, feels like a bubble and sounds like a bubble, then it must be… Remember Alan Greenspan’s talk about irrational exuberance in the early 2000s.

All of these issues are reviewed in detail by Bismarck Rewane and the FDC Think Tank at the LBS breakfast session. This is bound to be an interesting pre-Valentine day soothing read.

Download – The LBS Executive Breakfast Session – February 2021

Do Traditional Nigerian Games Need Digital Makeovers?

Esan Bolaji
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Do Traditional Nigerian Games Need Digital Makeovers?

One of the biggest surprises of the internet is how it has helped traditional games make a comeback. It will have been a commonly held belief by many that advanced technology would send older games packing once and for all.

This hasn’t been the case, though, and a range of offerings from board games to bingo has been rebranded and rebooted for modern audiences With this in mind, it may be the perfect time to take some traditional Nigerian games and bring them kicking and screaming into the 21st Century.

Why do Traditional Games Need to be Digitalized?

Purists who love traditional games may feel that they don’t need to undergo a digital makeover. This was certainly the case among many dedicated poker fans before the internet poker boom. The select few who were used to playing in real-world scenarios thought that the game just couldn’t be represented properly in an online setting.

The Unstoppable Rise Of The Online Casino

They failed to see the bigger picture that it was actually good for poker and helped it to evolve as a game. It also made it world-famous and saved it from fizzling out.

Digitalization can be seen as a good way to preserve cultural activities and prevent them from getting forgotten about. This happened with bingo, which threatened to disappear in the mid-2000s after a vast number of bingo halls closed down across the world.

Now, the random ball draw is one of the biggest and most popular games on the internet. This has enabled the culture to continue but in a different way. Instead of going down to a bingo hall to play and socialize, modern bingo lovers now congregate in online settings and communicate with like-minded players from all over the world. Some people even do this as an alternative to using messenger apps like WhatsApp or Telegram

What Games Have Enjoyed a Resurgence Online?

Along with poker and bingo, there are various other games that have survived through digitalization. For instance, there are numerous iconic board games such as Scrabble, Monopoly, and Risk that have all received online updates.

Most of these board games can be enjoyed in different ways now, on a multitude of diverse platforms. Take monopoly as an example: this classic Hasbro offering has appeared in so many different forms, in so many different locations, since the internet came about.

Often considered at the forefront of many online innovations, the online casino industry has made sure to tap into Monopoly’s versatility. There are four different Monopoly titles at Betway for example, including Monopoly Heights, Monopoly Megaways, and Monopoly Electric Wins.

On mobile, there are countless apps for lovers of the property buying epic, including Monopoly Mobile and Monopoly Bingo. This will appeal to the great number of people enjoying increased mobile connectivity and, as a result, turning to mobile games in Nigeria. There is even a Monopoly game for console players developed by Ubisoft.


Some games that have been around for centuries have had an online makeover, suggesting that traditional Nigerian games would not be out of place. Checkers and chess are two age-old pastimes that are now played by millions of people in an online setting.

Which Nigerian Game Deserves Digital Treatment?

If developers were to focus on Nigerian games and give them digital versions, they could help to preserve a longstanding culture from the country. This may be the perfect time to do so as well, as mobile gaming is on the rise

The offering that most Nigerians would probably agree on that needs a computerized reboot is Ayo. This is a game that uses a board with six holes on each side. Each hole is filled with four seeds, for a total of 48 seeds.

Going clockwise, every player takes it in turns to gather as many seeds as they can in 30 seconds. One of the primary skills required for this is dexterity, so it may not translate perfectly to computers. However, clicking a mouse quickly could be an interesting alternative. The game could also be modified for today’s audiences with new additions or special themes.

Other traditional Nigerian games that are exclusive to the country come in the form of sports such as Kokawa, Abula, and Dambe. While these can’t really be adapted in the same way as board games, it could be good to see them getting some representation in the world of video games. This could be an excellent way to ensure these classic forms of competition get carried on down through the generations.

With so many classic games in various cultures all getting the digital treatment, it is about time more Nigerian offerings followed suit. This is the best way to preserve the classics and ensure that they are enjoyed for many more years to come.

CBN Shuts Down Cryptocurrency Exchange Bank Accounts

Esan Bolaji
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CBN Shuts Down Cryptocurrency Exchange Bank Accounts

The Central Bank of Nigeria, CBN, has directed Deposit Money Banks (DMBs), Other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) local financial institutions against having any transactions in crypto or facilitating payments for cryptocurrency exchanges.

The CBN made this disclosure in a statement that reads as thus:

The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In cryptocurrency refers.

Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs.

NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within tier systems and ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”

Nigeria to receive largest share of MTN/AU’s COVID-19 Vaccine

Esan Bolaji
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Nigeria to receive largest share of MTN/AU’s COVID-19 Vaccine

…donation to arrive in three weeks

Following MTN’s donation of US$25 million towards the African Union’s COVID-19 vaccination programme, the ICT company has said that Nigeria will receive a significant volume of the seven million doses of the vaccine to be distributed to health workers across the continent.

The Africa Centres for Disease Control and Prevention (Africa CDC) is expected to receive the vaccine within the next three weeks. The Chairman, MTN Nigeria, Dr. Ernest Ndukwe, the CEO-designate, MTN Nigeria, Karl Toriola and Chief Corporate Service Officer, MTN Nigeria, Tobechukwu Okigbo on Tuesday, February 2, 2020, made this announcement during a courtesy visit to the Director-General of the Nigeria Centre for Disease Control.

Nigeria to receive largest share of MTN/AU’s COVID-19 Vaccine

The vaccine to be distributed among health workers in the country is the AstraZeneca vaccine, which was developed in partnership with the University of Oxford and is already being administered across the United Kingdom.

The vaccine works by prompting the immune system to start making antibodies and primes it to attack the virus when injected into a patient. It has been verified to be highly effective as no one given the vaccine at the trial stage developed severe COVID symptoms afterwards or required further hospital treatment.

MTN’s partnership with the AU is in furtherance of the Y’ello Hope package launched in 2020 and driven by its GoodTogether philosophy. The donation will strengthen the fight against COVID-19 in Nigeria by ensuring that frontline workers are well catered for and protected.

As the Chairman, MTN Nigeria, Dr. Ernest Ndukwe OFR, said during the announcement of the Y’ello Hope package,

“The threat that COVID-19 represents to Nigeria requires an unprecedented response from the public and the private sector. We must all work together to develop and deliver the solutions that will allow us to contain this threat and protect the most vulnerable in our communities across the country.”

The donation further establishes the ICT company’s position as a leader in the private sector and a key stakeholder on the African continent. With MTN leading the way, the expectation is that other corporate organisations will join the government’s effort to vaccinate the entire population across Africa.

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