Home Blog Page 285

Minister emphasizes FG’s concentration on metering and power distribution

0

The Minister of Power, Chief Adebayo Adelabu, highlighted the Federal Government’s immediate focus in the power sector during the 3rd Roundtable on Enforcement of Technical Standards.

The emphasis is on prioritizing metering, electricity distribution, and transmission to improve nationwide power supply.

Adelabu stressed a shift to a bottom-up approach in the upcoming power sector strategy, concentrating on customers, distribution, and transmission infrastructures in the short term.

Additionally, there’s a commitment to address the generation segment, including distributed power from renewable sources and advancing baseload power through thermal and hydro plants in the medium to long term.

Adelabu outlined regional energy potentials, such as solar energy in the North, small hydropower plants in the middle belt and South-West, and wind energy in coastal cities.

He urged NEMSA to adapt to sector decentralization, with state governments participating under the new Electricity Act of 2023.

Adelabu assured NEMSA of the Federal Government’s support, acknowledging increased responsibilities at both federal and state levels.

He highlighted the devolution of powers to states through the Electricity Act 2023 and stressed NEMSA’s role as the lead enforcer of technical and regulatory standards.

The Minister encouraged collective efforts for regular and sustainable power supply, and the CEO of NEMSA, Tukur Aliyu, outlined the agency’s responsibilities under the Electricity Act 2023.

Adelabu concluded by pledging collaboration with the National Council on Power to develop the integrated National Electricity Policy and Strategic Implementation Plan for submission to the Federal Executive Council.

The badminton tournament with mutual benefits commences in Lagos

0

More than 160 athletes hailing from 27 different states are set to compete for accolades at the commencement of the fourth Mutual Benefits National Badminton Championship today, November 29, hosted at the NIS Gym, National Stadium, Lagos.

After a hiatus of three years due to the impact of the COVID-19 pandemic, this championship makes a triumphant return, with the previous edition taking place in 2019.

Participants will vie for a combined prize purse of N5,340,000 along with crucial ranking points, aiming to elevate their national standings.

The grand finale and closing ceremony are slated for Saturday, December 2.

These national rankings assume significance as they will serve as a primary criterion for the selection of players invited to the national camp in January.

This camp aims to assemble the national team for two pivotal continental events in the upcoming year: the All Africa Senior Badminton Championship in Egypt in February and the All Africa Games scheduled for Ghana in March.

Francis Orbih, the president of the NBF, has affirmed a commitment to exploring additional opportunities to “crowd the players’ calendar,” a promise he made years ago when first elected to office for his initial term.

 

David Oyedepo cautions his son against undermining any ministry

0

The Founder of Living Faith Church Worldwide, David Oyedepo, recently offered guidance to his son, Isaac, urging him to exercise caution in his ministerial duties and refrain from disparaging other ministries.

This advice was shared in a YouTube video on Isaac’s X account.

In the video, titled ‘Unveiling of the Isaac Oyedepo Evangelistic Ministries,’ Oyedepo addressed a congregation, believed to be members of his son’s newly-founded ministry.

He emphasized the importance of humility and warned against the temptation to bring down or criticize other ministries.

Oyedepo also prayed for Isaac and his wife, Ayomitide, asking for unusual grace and impactful connectivity in their endeavors.

Isaac, in addressing speculation about his church status and relationship with his father, affirmed his commitment to the church and urged the public to rely on information from his official social media platforms.

 

Tinubu maintains Kyari as the GCEO of NNPC Limited and designates Akinyelure as the Chairman of the Board

0

President Bola Tinubu has, in accordance with Section 59 (2) of the Petroleum Industry Act, 2021, sanctioned the appointment of a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL), effective from December 1, 2023.

Chief Pius Akinyelure is designated as the Non-Executive Board Chairman, while Mele Kyari retains his position as the Group Chief Executive Officer.

The lineup also includes key figures such as Alhaji Umar Isa Ajiya as Chief Financial Officer, and the President’s expectations center around a performance-driven approach to energy policy implementation by the distinguished team.

 

Nigerians have invested N2.6 trillion in data and airtime expenditures over the course of nine months

0

The expenditure on airtime and data by Nigerian telecom users surged to a minimum of N2.59tn in the first nine months of 2023, as reported in the financial statements of MTN Nigeria and Airtel Africa.

This marked a 32.57% increase from the N1.95tn recorded by both telcos for the same sources of income in the corresponding period of 2022.

The uptick in voice and data revenue was partly driven by increased data subscriptions and the devaluation of the naira for Airtel.

In the first nine months of 2022, Airtel generated $1.41bn from airtime and data, equivalent to N647.71bn at the exchange rate of N461/$ at that time.

In 2023, the income from these sources amounted to $1.29bn, equivalent to N1.003tn at the exchange rate of N777/$.

For MTN, the growth in data revenues continued to propel overall revenue, with a 36.36% year-on-year increase, while voice revenues grew by 10.64%.

This indicates a rise in internet usage in the country.

MTN attributed this growth to increased data usage and conversion in new and existing user bases, with data usage on its network growing by 29.1%.

Airtel also experienced an increase in data usage per customer to 5.9 GB per month, highlighting a 29.3% growth in data revenue.

The company attributed this to a 17.4% growth in the data customer base and a 12.3% growth in data ARPU.

The surge in internet usage, particularly for video streaming, drove telecom consumers to spend N3.86tn on telecom services in 2022, an 18.74% increase from 2021.

Data consumption in the country increased by 46.77% to 518,381.78TB in 2022.

The trend of rising data consumption aligns with predictions that data revenues will surpass voice revenues in the coming years.

The World Bank attributes growth in the ICT sector to increased consumption of data services by households and businesses.

According to the Ericsson Mobility Report (June 2023), Sub-Saharan Africa is forecasted to experience the highest growth in total mobile data traffic, rising by 37% annually between 2022 and 2028.

This growth is attributed to investments in 4G networks and the migration of customers from 2G and 3G.

In summary, the telecom industry in Nigeria is witnessing significant growth in data consumption, driven by factors such as increased data subscriptions, devaluation of the naira, and a surge in internet activities, particularly video streaming.

The outlook suggests a continued upward trajectory in data usage, outpacing traditional voice services.

 

Fatality reported and two individuals injured at construction site in Lagos

 

Chinedu, a 40-year-old man, has tragically lost his life, and two others have suffered injuries as bags of cement collapsed on them at a construction site on Usman Mogaji Street, Ajangbadi in Lagos State.

The incident occurred around 1:00 am on Monday while the construction workers were sleeping on the site.

An anonymous eyewitness, drawn by a distressing noise, discovered the three workers buried under cement bags and promptly sought help.

The injured were swiftly transported to the hospital, but Chinedu succumbed to the severity of the incident.

Abimbola, another eyewitness, shared that efforts were underway to convey Chinedu’s body to the mortuary, with attempts to inform the family about the tragic event.

 

Increased Trading Volume Follows Major JPM Coin Developments – Exploring the Potential Surge of Polygon, TRON, and Meme Moguls

0

Naveen Mallela, Onyx’s Head of Coin Systems, has revealed that JPMorgan has launched programmable payments using the blockchain system JPM Coin. The initial testing phase with Siemens AG in 2021 has evolved into daily transactions surpassing $1 billion.

This development has stirred interest in various cryptocurrencies, with Polygon (MATIC), TRON (TRX), and Meme Moguls (ELDG) making notable impacts. In this overview, we’ll delve into the price performances of each crypto to assess their growth potential.

Summary:

1. Polygon (MATIC): Anticipates a price surge, reaching a maximum value of $1.29 by the end of 2024.
2. TRON (TRX): Forecasts a surge to as high as $0.16.
3. Meme Moguls (ELDG): Expects a remarkable 100x surge at launch.

Polygon (MATIC) Achieves a 32.4% Price Increase Within a Week:

Last week, the price of Polygon (MATIC) soared by 32.4%, reaching $0.978.

This unexpected move led to the liquidation of $1.7 million in short positions. Notably, major crypto analyst Rekt Capital suggests that Polygon is on the verge of entering a new macro uptrend.

With the MATIC token’s price rising from $0.701 to $0.978, Polygon now holds the 12th position among cryptocurrencies, boasting a market cap of $8,822,441,039. A 25% increase in trading volume further establishes it as one of the fastest-growing cryptos. Predictions indicate it could breach $1 and spike to $1.29 by the end of Q4 2024.

**TRON (TRX) Aims for $0.16 in Early 2024:**

Although TRON’s climb was not as substantial, a 24.7% increase in October underscores ongoing interest in TRON. TRONSCAN reports a significant milestone with over 194 million accounts joining the network.

Despite a low point at $0.096 in the past seven days, TRON surged to $0.110, reflecting a total climb of 111.3% over the past year. Projections suggest it will spike to $0.16 at the start of 2024.

Meme Moguls (MGLS) Envisions a 100x Surge:

While Polygon and TRON exhibit bullish trends, Meme Moguls anticipates a price upswing driven by its innovative approach to meme coin trading.

The platform allows users to learn from trends and insights, facilitating buying, selling, and trading of meme coins with earning potential.

The MGLS token, currently trading at $0.0019, is projected to experience a 100x climb at launch.

For more information, visit [Meme Moguls](website-link).

Bitcoin’s trajectory toward $40,000 remains in motion, even in the wake of the exit of the cryptocurrency’s most influential figure

0

The primary cryptocurrency surpassed the $37.6K price mark despite the exit of another prominent figure, positioning itself for a potential rise to $40K.

Earlier this week, the leak of a potential substantial settlement with Binance initially unsettled the crypto markets, but sentiments quickly shifted in the dynamic digital landscape.

Tuesday witnessed a market shakeup as the confirmation of a $4.03 billion fine and the guilty plea from Changpeng “CZ” Zhao, the founder and CEO of the company, led to his resignation. Bitcoin briefly dropped below $35.8K before rebounding past the $37.5K resistance level.

The crypto market is optimistic, anticipating that a deal with the world’s largest exchange will boost expectations for a spot Bitcoin ETF, albeit with increased adherence to traditional financial regulations.

In 2022, Bitcoin’s value has more than doubled, contrasting with Ethereum’s modest 70% increase.

Investors are hopeful for further improvements in 2023, envisioning a greener future during the upcoming holiday season.

The spotlight for 2024 revolves around Bitcoin halving following a potential spot Bitcoin approval.

Rewards for mining Bitcoin, currently at 6 to 25 BTC per block, will be halved to 3.125 BTC in the next event. Historical trends indicate a subsequent surge in the cryptocurrency market.

Despite the recent surge, bears lack incentive to pressure the market, given the minimal impact of negative news, with the final round of ETF decisions scheduled for January and February, making the path to $40,000 more certain.

Data from Glassnode reveals a record-high of 70.35% for the circulating supply of Bitcoin inactive on-chain for at least a year, reflecting strong confidence among long-term holders.

The proportion of supply unchanged on-chain in the last two, three, or five years has reached record levels, signaling that even with Bitcoin’s doubling to $37,000 this year, long-term investors remain reluctant to sell.

Monthly Bitcoin futures contracts now hold an 8% premium, indicating significant but reasonable demand for leverage long positions, especially considering recent regulatory developments, although slightly lower than the 11.5% observed in mid-November.

 

EFCC’s in-depth inquiry into the Leatherback case underscores that transparency alone may not suffice

0

The Economic and Financial Crimes Commission (EFCC) faces scrutiny for declaring Leatherback’s CEO, Ibrahim Ibitade, wanted in connection with fraud allegations, despite the company’s extensive cooperation.

Leatherback, a digital bank operating in 12 countries, actively assisted the EFCC with over 2,000 documents, internal investigations, and Suspicious Activity Reports.

The allegations stem from transactions involving SDQ Facilitators, an account holder introduced by a delisted entity, Hekima International. Victims were misled by Hekima associates, revealing a complex scheme.

Leatherback, undeterred, maintains innocence and pledges to clear its reputation amid an intricate ongoing investigation.

 

Klasha secures a license from MSB, allowing operations in the United States

0

Klasha, a prominent global cross-border payments firm, is excited to announce the acquisition of a Money Services Business (MSB) license from the Financial Crimes Enforcement Network (FinCEN).

This prestigious license empowers Klasha to function as a currency exchange and money transmitter in the United States.

With the newly obtained MSB license, Klasha is poised to extend its cutting-edge cross-border payment solutions and financial services to U.S. businesses seeking seamless and secure cross-border transactions with Africa.

The license facilitates foreign exchange services and international money transfers, marking a significant milestone in Klasha’s mission to streamline cross-border payments and remittances between Africa and the global market.

Jess Anuna, CEO of Klasha, expressed enthusiasm, stating, “Securing the MSB license from FinCEN is a momentous achievement, providing us access to additional international markets.

This enables U.S. businesses to leverage our innovative cross-border payment solutions.

It represents a substantial stride in our commitment to facilitating effortless cross-border payments and fostering connections between Africa and the rest of the world.”

Established in 2021, Klasha holds licenses for cross-border payment services in six African countries, Canada, the UK, and now the United States.

Positioned as a leader in delivering cross-border payment solutions in Africa, Klasha empowers global businesses to expand into Africa by offering a suite of seamless cross-border payment solutions.

About Klasha

Launched in 2021, Klasha is a technology company driving African payments for global enterprises to engage in cross-border online transactions with millions of African customers.

Leveraging Klasha’s payables and receivables solutions, businesses can effortlessly transfer money from Africa offshore in African currencies, while global enterprises can accept online payments in African currencies, facilitating the smooth flow of transactions between Africa and the global market.

Klasha boasts backing from notable entities such as American Express, Greycroft, Seedcamp, and Global Ventures.

For detailed information about Klasha and its payment services, please visit their website at klasha.com