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February 1, 2021 Elon Musk Says He’s A Supporter Of Bitcoin

Elon Musk Says He’s A Supporter Of Bitcoin

Musk is known for making comments that move markets.

Billionaire businessman and the world's richest man, Elon Musk, says even though he was slow on the whole bitcoin rave, he now supports the cryptocurrency.

During a chat on invitation-only app Clubhouse on Monday, February 1, 2021, Musk says bitcoin is “on the verge” of being more widely accepted among investors.

Last Friday, Musk used the “#bitcoin” tag on his Twitter profile, pushing the cryptocurrency up 14%. And bitcoin's value surged as Musk made his Clubhouse remarks before thousands of listeners.

“I am a supporter of bitcoin,” he says. “I was a little slow on the uptake,” he adds, saying he should have bought the cryptocurrency eight years ago.

"I think bitcoin is on the verge of getting broad acceptance by conventional finance people,” he said.

Bitcoin last traded up 3.7% at $34,390, having surged over 300% in 2020.

Musk also discussed memes, Mars, his companies, and vaccines, among other topics.

He also interviewed Vladimir Tenev, co-founder of online stock broker app Robinhood, which is under fire for blocking retail investors from purchasing GameStop stock, per Reuters.

GameStop stock surged some 400% in the past week after retail investors banded together to buy shares in the U.S. video game retailer, sending hedge funds scrambling to cover losing bets.

Tenev said the market rumor that Citadel Securities - the market-making arm of billionaire hedge-fund manager Ken Griffin - had pressured Robinhood into blocking retail investors, was untrue.

“That’s just false,” Tenev said, adding that Robinhood temporarily halted trading to meet regulatory capital requirements.

January 18, 2021 NNPC Records ₦28.38bn Trading Surplus In Sept 2020

NNPC Records ₦28.38bn Trading Surplus In Sept 2020

The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of September, released in Abuja, on Sunday.

It said that the amount was slightly lower than the ₦29.60 billion surplus in August 2020.

The marginal reduction in surplus, according to the report, was as a result of lower contribution from the Nigerian Petroleum Development Company (NPDC) which recorded zero crude oil lifting from the Okono Okpoho facility during the month under review

The situation, it further attributed to ongoing repairs in the facility.

“However, other NNPC subsidiaries namely the Integrated Data Services Limited (IDSL), National Engineering and Technical Company Limited (NETCO), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC) and NNPC Retail posted impressive trading results.

”They recorded 268, 234, 21, 422 and 41 per cent trading surpluses respectively over their previous month’s performance."

The report further noted that the corporation also recorded a total export revenue for crude oil and gas valued at 120.49 million dollars for the month of September.

“The 120.49 million dollars crude oil and gas export revenue is a 16.28 per cent improvement on the 100.88 million dollars posted in August 2020.

“Out of the figure, proceeds from crude oil amounted to 85.40 million dollars while gas and miscellaneous receipts stood at 25.31 million dollars and 9.78 million dollars respectively,” it revealed.

In the gas sector, a total of 223.82billion cubic feet (bcf) of natural gas was produced in the month under review translating to an average daily production of 7,460.80million standard cubic feet per day (mmscfd).

For the period September 2019 to September 2020, a total of 3,039.05bcf of gas was produced representing an average daily production of 7,730.35mmscfd during the period.

“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.10, 20.29 and 10.61 per cent respectively to the total national gas production.

“Out of the 221.91bcf of gas supplied in September 2020, a total of 140.45bcf was commercialized, consisting of 36.37bcf and 104.08bcf for the domestic and export markets respectively,” it said.

It further noted that the supply translated to a total supply of 1,212.17mmscfd of gas to the domestic market and 3,469.45mmscfd of gas supplied to the export market for the month.

This, it said implied that 63.29 per cent of the average daily gas produced was commercialized while the balance of 36.71 per cent was re-injected, used as upstream fuel gas or flared.

It noted that gas flare rate was 6.66 per cent for the month under review (i.e. 492.93mmscfd compared with average gas flare rate of 5.84% i.e. 439.90 mmscfd for the period of September 2019 to September 2020).

To ensure effective supply and distribution of Premium Motor Spirit (PMS) across the country, a total of 0.59bn litres of PMS translating to 19.59mn liters/day was supplied for the month in the downstream sector.

During the period under review, 21 pipeline points were vandalized representing about 43 per cent decrease from the 37 points recorded in August 2020.

Of this figure, it said that Mosimi Area accounted for 90 per cent of the vandalized points, while Port Harcourt Area accounted for the remaining 10 per cent.

It assured that the NNPC, in collaboration with the local communities and other stakeholders, continuously strive to reduce and eventually eliminate this menace.

Source; NAN

January 13, 2021 Nigerians Commend Osinbajo For Spearheading Tech Opportunities For Young People

Nigerians Commend Osinbajo For Spearheading Tech Opportunities For Young People

Nigerians have commended Vice President Yemi Osinbajo for his contributions to the promotion of tech opportunities for the Nigerian youth.

Global technology giants - Google Inc., HUAWEI, and top social networking companies like Facebook and Microsoft Corporation, have disclosed plans to partner with the federal government for the benefit of the Nigerian people, especially young people.

Osinbajo has embraced the initiative, noting in a virtual meeting with Microsoft Corporation team led by its President, Brad Smith, that the company’s interest in supporting the efforts of the federal government is a welcome development and could be leveraged to address issues affecting the youths, especially as it pertains to engaging them productively.

Osinbajo had also invited Facebook CEO, Mark Zuckerberg to Nigeria, which culminated in Zuckerberg’s first trip to Sub-Saharan Africa when he arrived Lagos, Nigeria in August 2016.

While in Nigeria, Zuckerberg visited the nation's capital city of Abuja for the Aso Villa Demo Day (AVDD), which was put together by the federal government. He also visited Co-Creation Hub (CcHUB) and Andela, where he held a townhall meeting with entrepreneurs and developers in Lagos.

Zuckerberg’s visit to Nigeria yielded some fruit a year later, when in October 2017, Facebook launched its first African SME Council in Nigeria in order to support small and medium sized businesses throughout Africa.

In May of 2018, NG_HUB was launched in Yaba, Lagos, as the training aspect of Facebook’s Nigeria Initiatives also promised to train and support 50,000 students, SMEs and entrepreneurs across Nigeria through a series of digital skills training in partnership with hubs across Nigeria.

The vice president's office say his visit to Silicon Valley and Facebook Campus in 2018 has helped to boost the federal government’s digital drive, while leading to significant improvement in the country’s digital space.

They add that it has also facilitated Google's launch of free public Wi-Fi service in Abuja, an initiative expected to create more economic opportunities for Nigerians through bridging societal gaps by providing free internet access.

In the last few years, Nigerian tech entrepreneurs have also raised millions of dollars in investment, and there has been an increased interest in Africa’s tech space.

Microsoft has opened an engineering office in Nigeria, Google has started an accelerator programme, while IBM has launched the Digital Nation Africa project.

The Chinese billionaire Jack Ma had also visited Nigeria and is said to be working on an Africa wide investment project.

All of the interests in Nigeria's tech space have had the imprimatur of the vice president. On Tuesday, January 12, 2021, Nigerians took to Twitter to hail Osinbajo for being open to the idea of developing Nigeria through digital technology.

"Google Inc. announced plans to establish first Google launchpad outside US in Lagos, Facebook made decision to open office in Lagos, HUAWEI promised to position Nigeria as a technology center for the Africa continent. Osinbajo is bringing fortunes to Nigeria," one Thomas Blessing wrote on Twitter.

@bisuclef, said, "#MicrosoftNaija is promising some bug tech investment in #Nigeria thanks to VP Osinbajo's new feat in ensuring young Nigerians benefit in more ways than one in ICT generally."

@lollylarry1, wrote: "Vice President Yemi Osinbajo posed with tech gurus ready to invest in Nigeria. My essential Osinbajo is always contributing to the development of d country."

Another, commenting via @CityMayo, said: "It seems to me that it's is only Prof Yemi Osinbajo that truly appreciates and understands the many job opportunities that come with developing our digital economy. Guessing that's why he is at the forefront of attracting most of the world digital marketing executives coming to Nigeria to invest."

@Yakubu_Prince1, said, "Osinbajo has done greatly in the aspect of technology. One of the benefits of his visit to Silicon Valley is the collaboration of Microsoft with the FG. All these are happening and coming to reality because #ESPisWorking #MicrosoftNaija."

For @abegnovex; "On behalf of my inborn children and grateful Nigerian boys and girls, we want to commend Vice President Yemi Osinbajo for attracting big tech companies like Microsoft, Google, Facebook, Huawei and others to the country. God bless you sir."

January 6, 2021 N10.9bn Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others

N10.9bn Fraud: Court Jails Ex-Finbank MD, Nwosu, Three Others

Justice Lateefa A. Okunnu of the Lagos State High Court sitting in Ikeja, on Tuesday, January 5, 2021, convicted and sentenced Okey Nwosu, a former Managing Director, Finbank Plc, to three years imprisonment for over 10m fraud.

The Economic and Financial Crimes Commission, EFCC, had arraigned Nwosu alongside Dayo Famuroti, Agnes Ebubedike, and Danjuma Ocholi on a 26-count amended charge bordering on stealing and illegal conversion to the tune of N10,934,704,402.

The defendants, who perpetrated the fraud while they were directors of the bank, pleaded not guilty to the charge preferred against them, thereby leading to their full trial.

In the course of the trial, the prosecution counsel, Rotimi Jacobs, SAN, called witnesses and also tendered several documents that were admitted in evidence against the defendants.

Delivering her judgment, the Judge found the defendants guilty and sentenced the first and second defendants, Nwosu and Famoroti, to three years imprisonment each.

The Judge also sentenced the third defendant, Ocholi, to 12 months imprisonment and slammed a  six- month community service on the fourth defendant, Ebubedike.

The case had, suffered a setback as the defendants challenged the jurisdiction of the trial court up to the Supreme Court. While the court maintained its jurisdiction to try the defendants, Nwosu approached the Lagos Division of the Court of Appeal which in November 2013 struck out the charge against the banker. 

The appellate court ruled that the Lagos High Court lacked jurisdiction to entertain the charges because they emanated from capital market transactions, which should be handled by the Federal High Court.

Following the appeal court ruling, Dayo Famoroti, Danjuma Ocholi and Agnes Ebubedike approached the Lagos High Court to dismiss the charges preferred against them. 

But Rotimi Jacobs, SAN, counsel to EFCC had prayed the court to adjourn the matter indefinitely pending the determination of its appeal at the Supreme Court.

Justice Okunnu upheld the prayers of Jacobs and adjourned the matter sine die to allow the Supreme Court rule on the matter.
The Supreme Court, in its judgment, upheld EFCC’s appeal.

In a unanimous judgment, a seven-man panel of Justices of the apex court faulted the argument of the Court of Appeal that the decision by the EFCC to charge Nwosu and the other directors for stealing before the Lagos High Court, while it maintained a charge of money laundering against them, would amount to double jeopardy.

The Supreme Court directed Nwosu and co-defendants to submit themselves for trial before the Lagos High Court.

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