Restructuring
Crypto lender Genesis has no solution yet for withdrawal halts
Crypto lending platform Genesis has informed its customers that its withdrawal freeze is likely to last “additional weeks” amid efforts to stave off a potential bankruptcy filing. In a Dec. 7 letter to its customers shared by Genesis to Cointelegraph, interim CEO Derar Islim — who took the temporary helm of the company in August — said it will be weeks for them to formulate a recovery plan that could see withdrawals reopened, stating: “At this point, we anticipate that it will take additional weeks rather than days for us to arrive at a path forward.” The letter also stated that Genesis is “working in consultation with highly experienced advisors” and are “evaluating the most effective path to preserve client assets, strengthen our liquidity, and ultimately move our business forward.” “All...
Genesis calls in restructuring expert in its fight to avoid bankruptcy
Cryptocurrency lending firm Genesis Global Capital has reportedly hired a restructuring adviser to explore all possible options that include, but aren’t limited to, a potential bankruptcy. It is understood that the firm has hired investment bank Moelis & Company to explore options, while people familiar with the situation have stressed that no financial decisions have been made and that it is still possible for the company to avoid a bankruptcy filing, according to a New York Times report on Nov. 22. Interestingly, Moelis & Company was also one of the firms engaged by Voyager Digital after it suspended withdrawals and deposits on Jul. 1 in order to explore “strategic alternatives.” Days later, Voyager Digital filed for Chapter 11 bankruptcy in the Southern District Court of N...
PANDEF cautions Nigerian government over Nnamdi Kanu, Sunday Igboho, others
The Pan Niger Delta Forum (PANDEF) has cautioned the Federal Government over some of its recent actions, warning that the government should consider the consequences of treating with contempt, the 16-Point Agenda it presented to President Muhammadu Buhari in November 2016. The group also condemned the midnight raid on the house of Yoruba Nation agitator, Sunday Adeyemo, popularly called Sunday Igboho and cautioned the Government’s plan to identify the sponsors of the rearrested leader of the Independent People of Biafra (IPOB), Nnamdi Kanu. The socio-cultural organization said the action of the government has caused the Niger Delta youths to declare a vote of no-confidence on PANDEF because it was the leaders of the region that requested them to stay action when they took a decision to cri...
Ekiti governor urges Nigerians to rise up, defend democracy
The Chairman of the Nigeria Governors’ Forum, and Governor of Ekiti State, Kayode Fayemi, has called on Nigerians to rise to the defence of democracy in Nigeria with a view to advancing the development of the country. Mr Fayemi made the call Tuesday in Abuja when he visited the Canadian Ambassador to Nigeria, Nicolas Simard, at his residence. The visit by the NGF Chairman was part of the Chairman’s shuttle diplomacy to representatives of the diplomatic corps in Nigeria, which is one of the initiatives of the Nigeria Governors’ Forum’s secretariat towards engendering inter-governmental synergy between global governments at the subnational level. Mr Fayemi’s visits on Monday took him to the residence of the Canadian ambassador to Nigeria, and the embassy of the People’s Republic of China and...
Presidency: Niger Delta Avengers’ threat unnecessary
File Photo The Presidency on Sunday reacted to the threat by the Niger Delta Avengers to bomb oil installations if some demands were not met by federal government, saying the recent threat of force by the Avengers is unnecessary. It, however, said it was curious that the threat was coming barely 48 hours after President Muhammadu Buhari met with the leadership of the Niger Delta and Ijaw National Congress (INC), at the State House, Abuja and the germane issues, especially call for restructuring of the federation, and the inauguration of a Board for the Niger Delta Development Commission (NDDC), had been thrashed out. A release on Sunday by the Media Adviser to the President, Femi Adesina, stressed that the media was Sunday awash with threats and demands by a group, Niger Delta Avengers, to...
June 12: MKO Abiola represented hope, liberty – Gani Adams
File Photo Aare Ona Kakanfo of Yoruba land, Chief Gani Adams, has said that the late Chief MKO Abiola represented hope, liberty and freedom during his lifetime. Adams stated this at the commemoration of the annulled June 12, 1993 presidential election by Oodua People’s Congress (OPC) on Saturday in Lagos. According to him, Nigeria’s democracy is still not in tune with the ideals, which Abiola, winner of the election, lived and died for. He said that the democratic ideals of the late business mogul enabled him to win the presidential election, even in the North where his main opponent, Alhaji Bashir Tofa, came from. Adams, who decried what he called disunity, rivalry and senseless killings, said that these challenges had had adverse effect on the nation’s democracy. He said: “This present d...
South-East National Assembly caucus decry attacks, killings in Igbo land
The South-East Caucus of the National Assembly said it was surprised with the recent spike in violence in the South-East region, noting that it is now worried over the latest developments, which have thrown Igbo land into violence and confusion. The caucus led by a former deputy Senate President, Senator Ike Ekweremadu (PDP, Enugu) is a platform of all Senators and Members of House of Representatives from the South-East zone irrespective of political party. It, therefore, called on the Inspector General of Police, Usman Alkali Baba, to dig deep in his investigations to unravel the actual identities of the unknown gunmen causing havoc in the South-East. In a statement issued on Sunday and jointly signed by 10 federal lawmakers cutting across both chambers of the National Assembly, the South...
PDP governors asks President Buhari to summon Police Council meeting
The Peoples Democratic Party (PDP) Governors’ Forum has unanimously has asked President Muhammadu Buhari to immediately summon the meeting of the Nigerian Police Council to implement strategies to combat the security challenges facing the nation. The governors, who met in Ibadan, Oyo State capital on Monday to further review the State of the nation, particularly, as it concerns the worsening security situation and the country’s collapsing economy said the meeting of the Police Council which comprises Mr President and all State Governors and other critical stakeholders should be called to evolve strategies to present threats to Nigeria as a country, especially with respect to policing Chairman of the PDP Governors’ Forum and Governor of Sokoto State, Rt. Hon. Aminu Waziri Tambuwal, who read...
Edwin Clark cautions against agitation for Nigeria’s break-up
YouTube An elder statesman and former Minister of Information, Chief Edwin Clark, has cautioned against calls for secession in some parts of the country. Clark told journalists in Abuja yesterday that the calls for secession in some quarters are not the solution to the country’s problems. The South-south leader explained that he did not believe in Nigeria’s break-up in spite of rising insecurity and economic challenges in the country. Clark argued that instead of breaking up Nigeria and beating war drums, efforts should be made to develop workable strategies to solve the problem of insecurity and other challenges making lives unbearable for Nigerians. “Nigeria will remain one. Some of us do not believe in the call for secession. Where do we go to? Who are we leaving the country for? Who ow...
Southern speakers support governors’ ban on open grazing, restructuring, others
File Photo Speakers of Southern States Legislatures, weekend, threw their weight the Southern Governors resolutions, banning open grazing of cattle, call for national dialogue, restructuring of the country and respect for Federal Character. The Speakers in a statement, commended the Southern Governors for coming together to speak with one voice, saying the resolutions of the Southern Governors were pathways to resolving the problems facing the country. The Speakers, said: “We the Speakers of State Legislatures in Southern Nigeria commend the Governors of the Southern States for their patriotism and firm belief in the unity of the country. “We salute the Governors for their initiative and restate our support for the positions of the Governors. We wish to state unequivocally that the issues ...
Senator Buhari: Nigeria needs restructuring, not secession
National Insight Sen. Abdulfatai Buhari (APC – Oyo North) says Nigeria needs restructuring to resolve its myriads of problems, not secession. Buhari who disclose this to newsmen in Ibadan on Wednesday said that secession would only lead to “war within war.” Newsmen report that Buhari is the Chairman, Senate Committee on Land Transport. “I don’t believe in secession; restructuring, I believe in it so much. “Yoruba Presidency I am 100 percent, I believe in what is called rotational, it’s just fairness. “If you say democracy is a game of number, I agree, but there is what is called a situation for the right place and where you find yourself. “Secession does not bring peace, but war within war,’’ he said. The lawmaker, who expressed strong support for restructuring, added that a better Nigeria...
Femi Falana: Southern governors should legalise open grazing ban to prosecute offenders
Naijaloaded Human rights lawyer, Femi Falana (SAN), has urged southern governors in the country to back their ban on open grazing with a legal instrument to enable the prosecution of offenders. Falana spoke on Wednesday evening while featuring on Channels Television’s ‘Politics Today’ programme monitored by newsmen. Newsmen had earlier reported that about 17 southern governors met on Tuesday in Asaba, Delta State, and resolved to ban open grazing and movement of cattle by foot in the region. The governors also called on President Muhammadu Buhari to address the nation and convoke a national dialogue to address widespread agitations amongst various groups in the region. Speaking on the television programme on Wednesday, Falana said the ban on open grazing, night grazing, underage grazing wa...
