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Getting funds out of FTX could take years or even decades: Lawyers
While investors are eager to know when they will be able to get their funds back from the now-bankrupt crypto exchange FTX, insolvency lawyers warn it could take “decades.” The crypto exchange, along with 130 affiliates filed for Chapter 11 bankruptcy protection in the United States on Nov. 11. Insolvency lawyer Stephen Earel, partner at Co Cordis in Australia said it will be an “enormous exercise” in the liquidation process to “realize” the crypto assets then work out how to distribute the funds, with the process potentially taking years, if not “decades.” This is due to the complexities that come with cross-border insolvency issues and competing jurisdictions, he said. Earel said unfortunately FTX users are in the queue with everyone else including other creditors, investors and venture ...
ConsenSys commits $2.4M annually to launch MetaMask Grants DAO
Blockchain technology firm ConsenSys will spend $2.4 million annually to fund its newly launched MetaMask Grants DAO aimed at driving further development of the Web3 ecosystem. The fund will be led by MetaMask employees who will manage the decentralized autonomous organization (DAO). The DAO will be responsible for issuing grants to developers working outside of ConsenSys that are building products and services within MetaMask’s ecosystem and the wider Web3 space. The project will initially run for 12 months to assess its viability and success, with the DAO processing votes and proposals publicly through SnapShot on the Codefi Activate platform. ConsenSys is committing $600,000 per quarter in an effort to drive decentralization and adoption of Web3 mechanisms and business models. MetaMask’...
Over 200K BTC now stored in Bitcoin ETFs and other institutional products
Bitcoin (BTC) investment vehicles are seeing “gargantuan” inflows this month, which is a fresh sign that traders’ appetite for BTC exposure is mounting. Data from monitoring firm Arcane Research published this week shows that Bitcoin exchange-traded products (ETPs) now have record high BTC under management. “Happier days” for Bitcoin ETPs as buyers pile in Despite BTC price action failing to draw in buyers at over 50% below all-time highs, not everyone is feeling risk-off. According to Arcane’s data, Bitcoin ETPs have seen a flurry of interest from institutional investors both this month and last. In total, Bitcoin ETPs, which include products such as the ProShares Bitcoin Strategy exchange-traded fund (ETF), now have 205,000 BTC under their control — a new record. “While the M...
Matt Zhang on a mission to reinvent crypto for institutional investors
Institutional interest in cryptocurrencies is increasing as the space continues to mature. A survey released on Dec. 8 by European investment manager Nickel Digital Asset Management found that 85% of institutional investors and wealth managers have dedicated teams to review cryptocurrencies and digital assets. The study noted that the investors surveyed manage around $108.4 billion in assets. The London-based firm also released a report in September of this year showing that 62% of global institutional investors with zero exposure to cryptocurrencies expect to make their first crypto investments within the next year. It’s also notable that Wall Street veterans are beginning to enter the crypto industry. Most recently, Matt Zhang, a former trading executive at the global bank Citi, la...
NSITF raises N180 billion from employers’ enrollment in 10 years
The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Dr. Michael Akabogu, has revealed that the agency has raised N180 billion from employers’ enrollment from July 2011-May 30, 2021. He also said that plans were afoot to plug revenue leakages, even as he warned the public to be wary of fraudsters masquerading as agents of NSITF. At an interactive session with Finance Journalists in Abuja on Thursday, Akabogu also stated that the scheme has registered almost 200,000 employers. Out of this number, 170,000 employers are actively involved in the scheme by making their contributions steadfastly. He added: “We have collected both from the private sector who have contributed about 80% of the total revenue and we have collected from the government and all other agencies, so we...
Senate summons ex-NSITF bosses over ‘N84 billion embezzlement’
The Senate has summoned former managing directors of the Nigeria Social Insurance Trust Fund over alleged missing financial documents in the agency. The former NSITF bosses are expected to appear before the Senate Public Accounts Committee on Tuesday. The Chairman of SPAC, Senator Matthew Urhoghide, at the last meeting of his panel on Thursday, said 50 queries were issued against the NSITF officials by the office of the Auditor General for the Federation. Urhoghide said the ex-NSITF bosses were being invited following the failure of the officials of the agency to respond to the queries of the AuGF regarding some alleged financial infractions. He said, “Twelve out of the 50 queries of the Auditor General of the Federation so far reviewed by the committee revealed that N84bn had allegedly be...
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 ...
RMAFC begins review of revenue sharing formula
The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission, Elias Mbam, has revealed that the commission has completed plans to begin the review of revenue allocation formula. Mbam made this known in Abuja during a courtesy visit to his office by members of the National Assembly Service Commission led by Ahmed Amshi. A press statement titled ‘Review of revenue allocation formula kick starts fully – RMAFC’ issued by the commission’s Public Relations Officer, Nwachukwu Christian, stated that the review of remuneration for political and Judicial office holders will equally commence as soon as the Federal government release fund for it. The statement read, “The Revenue Mobilisation Allocation and Fiscal Commission has concluded arrangements to fully commence the review of the na...
Canada, Germany, EU, others funding farming in northeast Nigeria
The People and Government of Canada, the European Union Trust Fund for Africa, the European Civil Protection and Humanitarian Aid Operations, the Federal Republic of Germany, the Kingdom of Norway and the Kingdom of Sweden are funding the 2021 rainy season farming in troubled North-east of Nigeria. The funding, which is implemented through the Food and Agriculture Organisation of the United Nations (FAO), is providing farming inputs to 65,800 farmers in Borno, Adamawa and Yobe States adversely affected by over a decade Boko Haram insurgency. A statement on Friday by FAO recognized that the rainy season farm cultivation is critical to food production in Nigeria, as it ensures food availability and income generation, especially for smallholder and low-income households. The statement read: “...
Senate vows to expose MDAs refusing to account for public funds
President of the Senate, Ahmad Lawan, has said that the upper chamber will publish the names of government agencies that have refused to appear before the Public Accounts Committee to defend the interrogations of the Auditor-General for the Federation in the 2015 report. Lawan made this known in his remarks after the Senate considered the report of the Committee on Public Accounts on the annual report of the Auditor-General for the Federation on the accounts of the Federation for the year ended 31st December, 2015. According to the Senate President, any public official that refuses to account for public funds at their disposal must be shown the way out of office. He said, “This is one of our major responsibilities as a parliament, to hold the executive to account. “[And] whoever is given t...
President Buhari approves employment for families of slain NYSC members
President Muhammadu Buhari has approved automatic employment in the Federal Civil Service for one graduate from each of the immediate families of the 10 slain National Youth Service Corps (NYSC) members in 2011 in Bauchi State. Minister of Youth and Sports Development, Mr. Sunday Akin Dare, who disclosed this on Tuesday said the President also approved scholarships to the four children of Mr. Adowei Elliot, a Delta State indigene killed during the post-election violence. Dare announced these during the inauguration of the National Governing Board of the NYSC on Tuesday in Abuja. The 10 Corps members were killed in Bauchi State in some northern states following the 2011 election won by former President Goodluck Jonathan. In a statement by the Director of Press and Public Relations in the Mi...
Coronavirus: Kwara governor urges resident to remain vigilant
The Kwara State Government has urged citizens of the state to remain vigilant and protect themselves against Covid-19 infection despite the government’s success in containing the disease. The Kwara State Governor, AbdulRahman AbdulRazaq, expressed this yesterday while receiving the Nigeria Covid-19 Action Recovery and Economic Stimulus Committee. Represented by his Deputy, Mr Kayode Alabi, the Governor said Covid – 19 has wreaked havoc in the world but had been contained by State Government’s proactive intervention and public support. AbdulRazaq applauded the Federal Government’s NG CARES Initiative for prioritising the vulnerable and cushioning the effect of Covid – 19 by supporting each state with 20 Million Dollars in World Bank Group grants. The Governor assured Kwarans of proper use o...
