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CBN Shuts Down Cryptocurrency Exchange Bank Accounts (Details)

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A directive has been sent out by the Central Bank of Nigeria to shut down cryptocurrency exchange bank accounts with immediate effect, according to multiple online reports.

According to a letter shared by social media users, the CBN earlier today urged banks to identify and close the bank accounts of people trading in cryptocurrency.

The letter read;

“February 5, 2021

LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS

The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers.

Father to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto curencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs.

NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within tier systemsand ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”

Social media users have since reacted negatively to the directive as many stated that the apex back is taking the country back to the stone age.

 

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FG To Introduce Tollgates On 12 Highways (Full List)

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In its bid to ensure the regular maintenance of its road network across Nigeria, the Federal Ministry of Works and Housing plans to concession no fewer than 12 federal highways to private entities to manage.

The arrangement would enable the private companies to introduce toll gates on the 12 highways and collect revenue which they would use and regularly maintain such roads.

This information is contained in a document, which Vanguard obtained, yesterday, from the Federal Ministry of Works and Housing in Abuja.

The 12 highways to be concessioned under the Ministry’s “Highway Management Development Initiative”, HMDI, are: Benin-Asaba, Abuja-Lokoja, Kano-Katsina, Onitsha-Owerri, Shagamu-Benin and Abuja-Keffi-Akwanga.

Others are: Kano-Shuari, Potiskum-Damaturu, Lokoja-Benin, Enugu-Port Harcourt, Ilorin-Jebba, Lagos-Ota-Abeokuta and Lagos-Badagry-Seme Border.

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Again, Elon Musk Becomes the Richest Man In the World

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Just days after Jeff Bezos was named as the richest man in the world, another businessman has overtaken him to reclaim the position.

Elon Musk became the richest man in the world on Friday.

The Tesla chief’s wealth surged to $200 billion after the rocket company, SpaceX he founded completed another funding round, pushing him atop the Bloomberg Billionaires Index for the second time in 2021.

He moved past, Amazon’s founder Jeff Bezos, who is now worth $194 billion and had some days ago earlier reclaimed the title as the world’s richest person this week after Tesla shares plunged.

Recent reports suggest SpaceX raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.

Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.

 

November 15, 2016, filing with the Federal Communications Commission revealed the tech billionaire owned 54% of SpaceX.

Although Bloomberg’s analysis assumes he hasn’t sold his shares in subsequent rounds and that his stake has been diluted to about 47% in proportion to the amount raised. The value is reduced by 15% to account for typical discounts that shares in unicorns attract on the secondary market, according to two brokers.

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All markets in Lagos has been ordered to be closed

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The order was given by the Iyaloja-General, Chief Folashade Tinubu-Ojo as a sign of respect for the former Lagos state Governor, late Alhaji Lateef Jakande.

Chief Tinubu-Ojo told The Nation that the first civilian governor of Lagos state deserved more than that for his giant strides.

She said it was a mark of respect and solidarity in honour of the deceased.

“We are shutting down all markets tomorrow (today) to mourn our father. We all know he was the former governor of Lagos, who dedicated his time to develop the state, and dedicating a day in his honour is a good thing,” she said.

Confirming the directive, Chief Executive Officer of Bolswot Ventures at Oshodi Market, Alhaja Bola Olufowobi, said the Iyaloja-General’s initiative was a welcome idea.

The late Jakande, she said, deserved the honour.

“He was a good man. We are happy with the directive,” she said.

Most street traders around the Idimu axis were not aware, but Madam Beatrice, at Ikotun market, said an announcer went round the market to announce the closure.

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