By Oladele Eniola

Some stakeholders in the cryptocurrency market on Monday appealed to the Federal Government to lift the ban on its transactions.

The stakeholders advised the government to rather initiate regulations and guidelines that would protect consumers’ investments in the market.

The Central Bank of Nigeria (CBN) had on Feb. 5, prohibited the trade of cryptocurrency and facilitating payment of cryptocurrencies in banks and other financial institutions.

However, following the ban, CBN issued a five-page statement clarifying its position on cryptocurrencies after a regulatory warning to local banking institutions sent shock waves through social media.

In the statement, CBN said the Feb. 5 letter was only a reminder that cryptocurrencies were not legal tender in Nigeria and was reiterating a position the bank had held since 2017, and was not imposing new restrictions on the industry.

Mr Seun Dunia, the Chief Executive Officer of Tradefada.com, a Cryptocurrency Company, said that the Federal Government through the CBN should come up with guidelines to regulate the activities of cryptocurrency market and protect consumers’ investments.

Dania told the News Agency of Nigeria (NAN) in Lagos that the ban would subject people to hardship, adding that many people who had been rendering services in the industry would become unemployed.

“Cryptocurrencies are the biggest financial innovation of the fourth industrial revolution and Nigerians must not be exempted from participating in one of the largest transfers of wealth to be witnessed in recent times.

“In some parts of the world, cryptocurrency is used for conducting transactions in financial institutions.’’

He said that the government should not ban such trading at a time when some people were beginning to show interest in the market.

“This particular trade helped so many people, both the young and the old to get by, especially during the pandemic period and also to deal with the after effect of the pandemic.’’

Dania said that banning it at this critical period would not be good because many people who were into this type of trading would be rendered jobless.

“We appeal to the Central Bank to lift the prohibition placed on regulated financial institutions from providing financial services and reverse the order to close all their bank accounts,” he said.

He said that some of the registered companies functioning as exchanges had been affected negatively by the ban, while crypto transactions had continued in the black market.

He said that his firm and some other innovative Nigerian exchanges were servicing high level customers with due diligence were being observed in addition to some of the strictest anti-money laundering policies in line with international financial standards.

“CBN should see these exchanges as their partners whom they should work with and learn from,’’ he said.

Dania said that trading in cryptocurrencies had become global and could help the economy to grow in many ways.

“There are sophisticated tools which stakeholders have access to that can be very useful to the Federal Government.

“This includes chain analysis which has helped several countries to solve high-level crimes associated with cryptocurrencies.

“Trading in cryptocurrencies has also helped Nigeria in job creation.

“The industry has employed and grown several block chain and software developers, traders, educationists and other direct and indirect opportunities.’’

Mr Tayo Akinteju , who trades on Tradefada.com also joined  other traders in Cryptocurrency to plead with the Federal Government to reverse the ban.

Akinteju said that the platform had helped him to cushion the effects of the pandemic during the lock down.

“I lost my job during the pandemic. So, a friend introduced me to the platform and taught me how to trade.

“When I got to understand the basics, I was so happy because it helped me to get by as I was able to provide for my family.

“The recent ban has made it a major setback for me,” he said.

Mr Nuru Saheed, another stakeholder also called for the lifting of the ban, noting that sustaining it would add to the sufferings of the people.

“The platform should be regulated; if that is done, the government will be able to control the market.

“The total ban of the market will have negative effects on the country’s economy,” he said.

NAN reports the since the announcement by the CBN, some global exchanges had suspended the Naira deposits on their platforms. (NAN)

By Rabiu Sani-Ali

The Federal Government, on Friday, said it had signed a 25 megawatt Independent Power Project (IPP) agreement, to enhance electricity supply to industries in the Kano Free Trade Zone (KFTZ).

Mr Richard Adeniyi-Adebayo, the Minister of Trade, Industry and Investment, who stated this during a facility tour of the KFTZ, in Kano, explained that the agreement was signed with a reputable firm and that the project was expected to be completed within 11 months.

He said the government also initiated viable programmes to fast track infrastructure development and provision of other facilities to encourage investment in the KFTZ.

“We are investing money on infrastructure,  the major constraint to investors is power. People need power to invest and when the power gets here, this place will blossom.

“Already we have expression of interest from companies who want to set up their industries here. We are trying to increase the amount of land and the capacity of facilities to be able to cope with the demand,” he said.

According to the minister, the Federal Government had evolved proactive measures to encourage investments that would stimulate industrial growth, to enable indigenous companies compete favourably with industries elsewhere.

“We are trying to take advantage of the African Continental Free Trade Area (AfCFTA) to encourage investors to come and invest in Nigeria. It is our desire and hope to make Nigeria an industrial hub of Africa,” he said.

Adebayo added that the ministry was implementing sound policies and programmes to assist investors, to enable them run successful and profitable enterprises.

He said the ministry was in discussions with the Bureau for Public Enterprises (BPE), adding that no decision had been taken on the proposed privatisation of Kano and Calabar Free Trade Zones.

He assured that decision on the issue would be to the best interest of the country and investors.

The minister further commended the management of the Nigeria Export Processing Zone Authority (NEPZA) and its staff over commitment toward promoting investment in the zone.

In a remark, Prof. Adesoji Adesugba,  Managing Director of NEPZA, thanked the minister for the visit and his support to the Authority.

Adesugba advised investors to avail themselves opportunities of the Free Trade Zones to enable them compete in the AfCFTA.

Also, Mr Umar Sani-Marshall, one of the investors urged the minister to address power and other challenges facing the zone, to enhance their operations.

The News Agency of Nigeria (NAN) reports that Adebayo, accompanied by the Minister of State, Maryam Katagum, and other officials of the ministry, inspected ongoing housing projects and some enterprises in the zone. (NAN)

By Vivian Emoni

A consulting firm, Xploit Consulting says it has collaborated with Access Bank to train  82 youths on Information Communication Technology (ICT) skills in Karu and Keffi Local Government Areas, Nasarawa State.

The company’s Programme Officer, Mr Oluwatobi Ojo, who stated this on Friday in Keffi, while addressing the beneficiaries said that the training covered digital skills that were related to communication technologies.

Ojo, who underscored the importance of ICT, said that the training was initiated to address the digital skill gap in the country.

He said that the firm decided to equip young people with basic and intermediate skills to make them employable for better and effective use of their other skills.

Ojo said that the training would also enable them manage their businesses in accordance with the global evolving trends in technology.

According to him, the youths are trained on computer literacy, internet safety and responsibility, use of Microsoft office suite, social media marketing, website development, mini importation and affiliate marketing.

Mr Oluwatobi Bello, Head of the Marketing, Access Bank Karu Branch, Nasarawa said that the exercise would offer them opportunities in their various fields.

Bello enjoined the participants to take the training seriously as it would help them improve their businesses and other corporate engagements.

The Esu Karu, Dr Luka Baba, while thanking the organisations for exposing the youths to digital skills, said that the COVID-19 pandemic had propelled the digitisation of the world.

The traditional ruler called on the participants to embrace the change and ensure that they advanced in the system.

The Chairman of Karu Youth Council, Mr Danladi Betusan, urged the youths to build on the training to impact positively on their businesses.

Betusan advised the participants to ensure that they explored opportunities around them and learnt more on the ICT system as the effort would better their lives.

Speaking on behalf of the participants, Mr Dogara Abu thanked the two firms for bringing the training to their doorsteps.

Abu promised that they would give their best by ensuring that they made better use of the knowledge impacted from the training. (NAN)

By Nefishetu Yakubu

A firm, Univasa Nigeria Ltd. has  inaugurated an online ride-hailing transport service, empowering no fewer than 170 drivers in Edo.

Speaking at the inauguration of the app-based taxi booking in Benin, the Chief Executive Officer, Ben Adeniyi, said the initiative was to ease the stress of commuters who went to parks to board taxis.

Adeniyi, represented by the General Manager, Univasa Nigeria Ltd., John Oyakhinome, said the e-hailing services would be expanded to other states before the end of 2021.

He said that bonuses, such as annual healthcare insurance and referrals, would be given to drivers based on the number of rides they attracted.

According to him, a tracking device has been installed in the vehicles in the event of car theft.

“All they need to do is to press the distress signal and the customers care service will immediately notify the nearest police station,” Adeniyi said.

He said that the ride-hailing features could also be used offline on application. (NAN)

By Chinyere Joel-Nwokeoma

The bears maintained leadership on the Nigerian Stock Exchange (NSE) on Wednesday with investors losing N15 billion due to persistent profit taking on blue chips.

Specifically, the market capitalisation dipped N15 billion or 0.07 per cent to close at N21.169 trillion in contrast with N21.184 trillion recorded on Tuesday.

Also, the All-Share Index dropped 29.03 points or 0.07 per cent to close at 40,465.32 from 40,494.35 posted on Tuesday.

The month-to-date loss increased to 4.6 per cent, while the year-to-date gain moderated to 0.50 per cent.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are Beta Glass, Japaul Gold, Fidson Healthcare, Consolidated Hallmark Insurance and Vitafoam.

Market breadth was negative, with 22 stocks laggards against 18 gainers.

Beta Glass led the losers’ chart in percentage terms with 9.75 per cent to close at N50 per share.

Japaul Gold and Ventures came second with 8.86 per cent to close at 72k, while Fidson Healthcare lost 8.55 per cent to close at N5.35 per share.

Consolidated Hallmark dipped 7.89 per cent to close at 35k, while Vitafoam Nigeria shed 7.56 per cent to close at N7.95 per share.

Conversely, Julius Berger dominated the gainers’ chart in percentage terms, gaining 9.73 per cent to close at N20.30 per share.

LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank, followed with 9.68 per cent to close at 68k, while Honeywell Flour Mill garnered 9.60 per cent to close at N1.37 per share.

Cornerstone Insurance grew by 9.26 per cent to close at 59k, while UPDC Real Estate Investment Trust appreciated by 7.41 per cent to close at N5.80, per share.

In the same vein, the total volume of shares traded declined by 31.49 per cent with 244.20 million shares worth N2.65 billion in 4,083 deals.

This was in contrast with a total of 356.43 million shares valued at N5.76 billion exchanged in 5,040 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 52.32 million shares valued at N381.49 million.

Transcorp followed with 24.81 million shares worth N23.82 million, while Guaranty Trust Bank accounted for 16.53 million shares valued at N512.53 million.

Zenith Bank traded 13.98 million shares worth N349.28 million, while Vitafoam transacted 12.08 million shares valued at N94.52 million. (NAN)

By Ismaila Chafe

President Muhammadu Buhari has felicitated with former Minister of Finance and Economy, Dr Ngozi Okonjo-Iweala on her election as Director-General of the World Trade Organisation.

By the victory, Buhari said Okonjo-Iweala has brought joy and more honour to the country.

The president’s congratulatory message is contained in a statement by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, in Abuja on Monday.

According to him, as the Harvard-educated and renowned economist takes up another onerous task of service to the world and humanity.

“Her track record of integrity, diligence and passion for development will continue to yield positive results and rewards to mankind,’’ the President said.

Buhari affirmed that Okonjo-Iweala, who over the years set major records of economic reforms in Nigeria as Minister of Finance, and later Minister of Foreign Affairs, would excel in her new position.

He expressed the hope that the former Nigerian minister would validate the global mandate of repositioning and strengthening the multilateral institution for the greater good of all.

The president joined family, friends and colleagues in wishing Okonjo-Iweala well in her new endeavour.

The News Agency of Nigeria (NAN) reports that Okonjo-Iweala’s election follows months of deadlocked discussions among WTO members on who should be chosen as the next director-general.

The former WTO chief, Roberto Azevedo, stepped down in August, a year earlier than his second four-year term was set to end.

The delays in the appointment of WTO chief reportedly stemmed from the reluctance of former U.S. president, Donald Trump, to approve the Nigerian economist’s candidacy.

The Trump administration favoured South Korean Trade Minister Yoo Myung-hee.

However, after Joe Biden assumed the presidency, the South Korean minister decided to quit the race paving the way for Okonjo-Iweala’s selection. (NAN)

By Itohan Abara-Laserian

Mr Johnson Chukwu, Chief Executive Officer, Cowry Asset Management Ltd., has said that Foreign Direct Investment (FDI) was crucial to boosting capital inflows for funding of the country’s capital projects.

Chukwu said this while presenting a paper titled: ‘Addressing Nigeria’s fiscal challenges – Exploring Alternative Funding Approach,’ on Thursday in Lagos.

The webinar was organised by the Capital Market Correspondents Association of Nigeria (CAMCAN).

He stressed the need for appropriate policies that would attract more FDIs into the country for infrastructure development.

He noted that Nigeria recorded 1.44 trillion dollars  inflow of FDI in 2015 as against $1.028 trillion reported in 2020.

“It is a far cry compared to countries like Ghana whose receipts are two times what Nigeria realised and Egypt which is seven times what we received.

“The FDI is an important source of capital funding for a country like Nigeria. Nigeria needs to come out with appropriate policies that will attract FDI, especially on foreign exchange.

”This is because as it stands today, a country may not have the wherewital to fund most infrastructure like the telecommunications sector, specifically Nitel.

“Looking at the size of the economy, what we get as capital inflow is nothing compared to the size of the economy,” Chukwu added.

He said that Nigeria needed to look at foreign exchange policies and sectors of the economy that the country could create appropriate incentives to attract foreign capital.

Chukwu observed that Nigeria has a huge revenue challenge when compared with its expenditure.

“Nigeria has a huge revenue short fall which means we have to look for fund outside government budget .

“Total revenue has remained largely flat between 2015 and 2020.

“In 2015, total revenue realised by the Federal Government stood at N3.24 trillion as against N3.47 trillion reported as of November 2020.

“There has been a steady growth in expenditure. As of 2015, total expenditure stood at N4.76 trillion in contrast with N6.24 trillion recorded from January to November 2020.

“The challenge we have in this country is a revenue challenge, we don’t have the revenue size to support the type of government we run. That’s why our recurrent expenditure has been increasing while our revenue remains flat.

“We need alternative sources of funding approach to finance the country’s development,” Chukwu said.

He added that once capital expenditure was not growing, the country would not develop. (NAN)

By Chiazo Ogbolu

The Nigerian Ports Authority (NPA) said on Tuesday that 15 ships at the Lagos ports were discharging general cargo, bulk wheat, petrol, frozen fish, container and base oil.

It said it was expecting 20 others laden with petroleum products, food items and other goods from Feb. 9 to 24.

The NPA made these known in its publication, `Shipping Position’, a copy of which was made available to the News Agency of Nigeria (NAN) in Lagos on Tuesday.

The ships are expected to arrive at the Lagos Port Complex.

The publication indicated that the ships contain bulk wheat, general cargo, frozen fish, soya bean, pop starch, base oil, bulk fertilizer, pop starch, petrol and soda ash.

Meanwhile, another three ships that had arrived the ports were waiting to berth with container and petrol.(NAN)

By Chinyere Joel-Nwokeoma

Capital Market experts on Monday expressed optimism that the ban on cryptocurrencies by the Central Bank of Nigeria (CBN) would likely trigger enhanced activities in the nation’s stock market.

They said this an interviews with the News Agency of Nigeria (NAN) in Lagos, while speaking on projections for stock market this week.

It will be recalled that the apex bank in a press statement on Feb. 7 directed the Deposit Money Banks and other financial institutions to desist from transacting in and with entities dealing in cryptocurrencies.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said the ban would trigger flow of funds to the equities market in search of higher returns.

Omordion said the development would support market rebound as earnings season for 2020 financial result would start trickling in.

“The ban on cryptocurrency will trigger circular flow of funds searching for a better return as the equity market today is ahead of year-on-year headline inflation.

“The market is expected to rebound in the new week on earnings season kicking off with early fliers that will come with dividend report.

“We advise that you target dividend-paying stocks and fundamentally sound companies with growth prospect in 2021, especially given the low interest rates regime and sustained oil price rally that have so far supported the economy and equity market,” he said.

Also speaking, Prof. Uche Uwaleke, President, Association of Capital Market Academics of Nigeria, said the ban would boost investors’ confidence in the equity market.

Uwaleke urged the CBN and the Securities and Exchange Commission (SEC) to come up with a regulatory framework for cryptocurrency  asset trading in Nigeria.

“Given that cryptos have come to stay, the CBN and the SEC should come up with a regulatory framework for crypto asset trading in Nigeria.

“Given the weighty nature of the directive, I want to believe that the CBN must have consulted relevant stakeholders including the Bankers Committee before taking the decision.

“I am inclined to believe that it was well thought through and not a unilateral decision.

The fact is that what the CBN could see in a squatting position, many cannot see standing.

“So, I think the directive should be seen in the light of this fact that the CBN may have information which may not be available to the public,” Uwaleke said.

He recalled that not too long ago at some point, China, widely seen as the home of cryptocurrencies, had to ban trading in bitcoins.

Meanwhile, the NSE All-Share Index last week dropped 703.57 basis points or 1.66 per cent to close at 41,709.09 from 42,412.66 achieved in the corresponding week.

Also, the market capitalisation which opened at N22.186 trillion lost N367 billion to close at N21.819 trillion.

However, a total turnover of 2.77 billion shares worth N29.68 billion were exchanged by investors in 31,380 deals last week.

This was in contrast with 2.57 billion shares valued at N27.88 billion transacted in 31,466 deals in the corresponding week. (NAN)

By Lizzy Okoji

The United States of America under President Joe Biden has affirmed its support for Dr Ngozi Okonjo-Iweala as Director-General of the Word Trade Organisation (WTO).

The office of the United States Trade Representative (USTR) disclosed this in a statement made available by the U.S Mission in Nigeria on Saturday.

The Biden-Harris administration expressed its support for Nigeria’s former Minister of Finance following the withdrawal of Korea’s Trade Minister Yoo Myung-hee as candidate for same position.

It would be recalled that past U.S President Donald Trump had blocked Okonjo-Iweala’s chances of becoming director-general of the organisation.

“The U.S takes note of today’s decision by the Republic of Korea’s Trade Minister Yoo Myung-hee to withdraw her candidacy for Director General of the World Trade Organisation (WTO).

“The Biden-Harris administration is pleased to express its strong support for the candidacy of Okonjo-Iweala as the next Director General of the WTO.

“Okonjo-Iweala brings a wealth of knowledge in economics and international diplomacy from her 25 years with the World Bank and two terms as Nigerian finance minister.

“She is widely respected for her effective leadership and has proven experience, managing a large international organisation with a diverse membership.

“The Biden-Harris administration also congratulates Minister Yoo Myung-hee on her strong campaign for this position.

“She is a trailblazer as the Republic of Korea’s first female trade minister and the first candidate from Korea to advance this far in the DG selection process.

“The U.S respects her decision to withdraw her candidacy from the director general race to help facilitate a consensus decision at the WTO,” the statement read.

The statement noted that It was particularly important to underscore that two highly qualified women made it to the final round of consideration for the position of WTO D-G.

This, it added, was the first time that any woman had made it to this stage in the history of the institution.

The U.S expressed commitment to stand ready to engage in the next phase of the WTO process for reaching a consensus decision on the WTO D-G.

“The Biden administration looks forward to working with a new WTO Director General to find paths forward to achieve necessary substantive and procedural reform of the WTO,”  it said. (NAN)