Bank
Industry experts reveal a possible method for Bank of Russia to block crypto
Amid the ongoing uncertainty about the future of cryptocurrencies in Russia, one local industry executive has disclosed a potential method for the Bank of Russia to block crypto transactions. Andrey Mikhaylishin, CEO of the local crypto payment startup Joys, said that the Russian central bank is now considering several potential options to make its crypto ban possible, Forbes Russia reported Friday. One of the possible restriction methods includes blocking debit card payments to crypto exchanges or wallets using merchant category codes (MCC), Mikhaylishin said. The report notes that the executive became aware of this blocking method from Bank of Russia employees. MCC codes are four-digit numbers used by credit card processors such as Visa or Mastercard to describe a merchant’s primary...
2023: Southern lawmakers back governors call for power shift to South, electronic transmission of election results
The members of the House of Representatives from the 17 Southern states have unanimously and unequivocally endorsed the resolution of the Southern Governors’ Forum (SGF) that the next President should emerge from the southern region. They also described the attempt to tamper with the Electoral Act to remove electronic transmission of results as a malicious and unpatriotic act aimed to emasculate the electoral system, undermine democracy and destabilise the country. The Chairman of the House of Representatives Southern Caucus, Hon. Victor Nwokolo in a statement issued Tuesday said the alleged attempt to remove electronic transmission of results from the Electoral Act amendment Bill cannot be condoned or justified under any guise whatsoever. The southern lawmakers said the resolution by the ...
AfreximBank to support Ogun infrastructural development with $200 million
The African Export-Import Bank (Afrexim) has disclosed its plans to support infrastructural development in Ogun State with an envelope of $200m. The fund, according to the bank, will be dedicated towards projects and other developmental initiatives embarked upon by the incumbent administration in the state. The President and Chairman of the Board of Directors of the Afrexim Bank, Benedict Oramah, who made this known when he led management of the bank on a courtesy visit to Governor Dapo Abiodun at his Oke-Mosan Office, Abeokuta, on Monday, equally said the bank would partner Ogun on ensuring that the 250-bed Specialist Hospital, Abeokuta, is completed and begin operations soon. Oramah, while noting that the bank has been investing heavily in the health sector in Africa to develop vaccines ...
Remittance: It is impunity for NNPC to ignore extant laws – PDP governors
The Peoples Democratic Party (PDP) Governors Forum, has said it is impunity for the Nigerian National Petroleum Corporation (NNPC) not to remit money to the federation account as stipulated by the constitution. The Forum, in a statement by its Director General, CID Maduabum, stated this in response to criticism by presidential spokesman, Garba Shehu over issues raised in a communique, issued after its recent meeting in Uyo. The opposition governors accused Shehu of cerebrating the non remittance of funds by Nigerian National Petroleum Corporation (NNPC) to the Federation Account because they should not “break the bank” for PDP Governors. They noted that it is the responsibility of the NNPC to remit revenues into the Federation Account, as stipulated in the constitution. “It is a demonstrat...
Naira appreciates at N493 to dollar in parallel market
The naira, on Thursday, appreciated by 1.8 percent to N493 to a dollar at the parallel market as the Central Bank of Nigeria (CBN) increased forex supplies to banks. The local currency, which opened at N502 per dollar, gained N17 to N485 during midday trading before closing at N493/$1, according to data on abokiFX.com, a website that collates parallel rates in Lagos. It also appreciated against the pound sterling to close at N710 and N600, gaining N3 and N6, respectively, on the street. At the importer and exporter (I&E) window, it appreciated 0.13 percent to close at N411.50 to the dollar. Last week, Godwin Emefiele, CBN governor, met with bank CEOs and agreed to increase the amount of foreign exchange allocated to banks to meet legitimate needs. Emefiele cautioned them to ensure that...
Juventus eye move for Liverpool target Youri Tielemans
Juventus have joined the race to sign Leicester City winger Youri Tielemans in the summer transfer window. Tielemans is a key player for Brendan Rodgers’ side, but the Belgian international has been linked with a move away from the club. Liverpool are one of the clubs looking to sign the 24-year-old, but Leicester are unlikely to sanction a sale unless they receive a ridiculous offer. The Reds are looking to bolster their midfield options this summer, and Tielemans would be a superb addition to the side. However, fresh reports from Italy suggest that Juventus are also looking to lure him away. The Old Lady have been following the Belgian for a long time, and they now want the FA Cup winner. Juventus have already made contact with the player’s representatives. Tielemans has been simply outs...
Iran says nuclear talks policy won’t change after presidential vote
Iran’s policy in talks with world powers to revive the 2015 nuclear accord will remain unchanged after a June 18 presidential election because the issue is decided by its highest leadership, a government spokesman said on Tuesday. A host of barriers to the revival of the nuclear deal remain firmly in place ahead of talks due to resume this week, suggesting a return to compliance with the accord is still a way off, diplomats, Iranian officials and analysts said. “We have shown that we adhere to our international obligations under all circumstances, and this was a national decision,” cabinet spokesman Ali Rabiei told a weekly news conference. Rabiei said Iran’s nuclear policy, set by Supreme Leader Ayatollah Ali Khamenei, is not linked to internal developments and that the new government wou...
Iran bans cryptocurrency mining for four months
Iran is temporarily banning cryptocurrency mining after some of the country’s major cities experienced repeated blackouts. President Hassan Rouhani said that the ban would last until September 22nd. The country has experienced summer blackouts in years past, and while the current round of outages is mostly being blamed on a drought that’s affecting the country’s ability to generate hydroelectric power, it seems that the Iranian government is eager to cut down on any aggravating factors. Power-hungry cryptocurrency mining operations, for instance. According to the BBC, Iran operates a program where Bitcoin miners must register with with the government, pay extra for electricity, and sell their coins to the central bank. President Rouhani stated that the legal mining operations in the countr...
House summon AGF over ‘blockage’ of $60 billion repatriation
The House of Representatives has again summoned the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) for allegedly halting the repatriation of $60 billion loot from Texas, United States of America. The Chairman of the Ad hoc Committee on Assessment and Status of All Recovered Loots – Movable and Immovable Assets from 2002 to 2020 by Agencies of the federal government for Effective Efficient Management and Utilisation, Rep. Adejoro Adeogun, summoned Malami on Wednesday in Abuja when a former Special Prosecutor to the Special Presidential Investigation Panel (SPIP), Mr Tosin Ojaomo, appeared before it. He also revealed that before the panel which was headed by Okoi Obono-Obla was disbanded, it investigated the Auditor General of the Federation for the withdra...
Armed men rob expatriate, kill orderly, driver in Umuahia
Dare-devil armed men attacked an expatriate in Umuahia, Abia State, on Friday, killing his police orderly and driver. The police spokesperson in Abia, Godfrey Ogbonna, who confirmed the attack, said the bandits robbed the expatriate of N3 million. Ogbonna, a superintendent of police, told reporters that the expatriate, said to be a Chinese, escaped unhurt. The man was said to have come from Aba to withdraw money from a bank in Umuahia and was returning, when the bandits trailed him. It was learnt that the man’s SUV was intercepted in a traffic hold-up on Mission Hill, near the office of the Nigerian Correctional Service at about noon. A witness said, “They intercepted the man at Mission Hill and shot his orderly dead, while his driver sustained gunshot injuries.” The driver was said to hav...
Police arrest two ‘highway robbers’ in Osun
The Osun Police Command on Friday said it had arrested two suspected members of a highway robbery gang after they were identified by one of their victims in Ile-Ife. According to a statement by the Osun Police Spokesperson, SP Yemisi Opalola, the suspects were arrested at about 12 noon on Friday after the driver of a bus they robbed earlier in the day spotted them at a bank and alerted the police. “We have arrested two suspected armed robbers, namely; Abiodun Abdulahi, 35, living in Ado Ekiti and Godwin John, 19, living in Lagos, but hails from Imo state. “They were arrested today at about 12p.m. at Ile-Ife by policemen. “The two and other gang members now at large, at around 9:45a.m. on Friday, robbed and dispossessed passengers of a bus coming from Lagos and heading towards Ilesa via Ife...
Sustaining economic empowerment through financial inclusion, energy access
Financial inclusion and provision of sustainable energy is at a turning point in Africa’s largest economy, Nigeria. With a population of over 200 million, about 50 per cent of the total population live in rural areas, and only 39 per cent of those living in rural communities have access to electricity. This is in addition to over 40 per cent of the entire population who are financially excluded or underserved. However, the proliferation of digital financial services in Nigeria – powered largely by growth in fin-tech companies – has catalysed an unparalleled increase in the current number of people with access to formal financial services, while further opening up opportunities to address power supply challenges across rural communities; a major feat instrumental towards achieving the broad...
