By Patrick Ochoga A Professor of Law at the Ambrose Alli University, Ekpoma, Edo State, Professor Jim Akhere, has stated that bitcoin as an encrypted virtual currency is a revolutionary and disruptive concept of currency that is bound to hold sway in Modern Global economic order. He argued  that “ the normal currency which depends on central government planning and control is subject to instability, economic volatility and it is used for transaction settlements during which process it can easily be debased adding that “paper money ultimately reverts to its original intrinsic value which is zero“ This position was contained in a paper presentation made available to LEADERSHIP by Professor Jim Akhere, on Cryptocurrency under the aegis of DBI & Spindlar Cyberlaw Centre. He pointed out that the advantages in the use of Cryptocurrency- it's  scam free nature, instantaneous settlements,  lower fees, accessibility to everyone and absence of identity theft, are irresistible qualities in the...
… CBN, Crypto Consulting, others parley on digital currency BY BUKOLA IDOWU, Lagos, MARK ITSIBOR and EJIKE EJIKE, Abuja Despite the several calls from the real sector for a cut in the benchmark interest rate, the governor of the Central Bank of Nigeria, (CBN) Godwin Emefiele has reiterated the decision of the apex bank to hold rates saying a cut in rates would cause the economy to sink further into recession. Speaking at 2017 annual general conference of the Nigerian Bar Association in Lagos, yesterday, Emefiele stated that cutting the Monetary Policy Rate which is currently at 14 per cent would swell the volume of money supply in the economy and cause a spike in inflation rate. The apex bank had kept benchmark interstitial rate at a high of 14 per cent since last year. Emefiele explained that with the crash in global oil price, Nigeria at some point was a simultaneous case...
By MARK ITSIBOR, Abuja Vice President, Prof. Yemi Osinbajo yesterday urged the Economic Community of West African Stares (ECOWAS) bank for Investment and Development (EBID) to become more active in supporting the nation’s massive investment and infrastructure drive. The Vice President said the Nigerian government is working hard to attract greater number of local and foreign investments. He said the current administration has put in place the needed reforms to create the enabling environment and, other business environment reforms. “Here in Nigeria, we like to see you become even more active in supporting our investment and infrastructure ambition,” Prof. Osinbajo said yesterday while declaring the 15th Ordinary annual meeting of the ECOWAS Bank for Investment and Development Board of Governors open in Abuja. Continuing, Prof. Osinbajo expressed confidence that the bank’s “investment in Nigeria will continue to be a smart business decision.” “There is no doubt that the success of the Nigerian economy...
By TundeOguntola, Abuja The National Social Safety Net Programme  (NASSP) is partnering with the Nasarawa state government in order to build durable institution and systems that would support pro-poor sustainable intervention programmes. This is as the national coordinator of NASSP, Mr. Peter Papka, has lamented that despite government’s increased spending on poverty reduction interventions,  there is no corresponding movement of people out of the poverty circle. Papka,  who was represented by the head of social registration, Mr. Vincent Oriokpa, made this known in Lafiayesterday, at a workshop organised for Community Based Targeting Teams and the State Operation Coordinating  United  (SOCU). He attributed the worrying trend to weak partnership between tiers of government, poor coordination of pro-poor programmes at all levels and inappropriate targeting process. He said in order to surmount this challenge the agency is evolving stronger mechanisms and systems for sustained poverty reduction through devolving responsibility of identification of the poor to the...
BY MBAKAAN KWEN and MARK ITSIBOR, Abuja Investment inflows into Nigeria rose by 95.02 per cent from $884.1 million in the first quarter of this year to $1.79bn in the second quarter. The National Bureau of Statistics (NBS) disclosed this in a capital importation report released yesterday. The bureau, in the report made available to LEADERSHIP, attributed the main driver of the quarterly growth in capital importation in the second quarter to 146.7 per cent increase in Portfolio Investments. According to the report, other Investments, also grew by 95.02 per cent, including Foreign Direct Investment, which increased by 29.8 per cent over the previous quarter. The report noted:  “The total value of capital imported into Nigeria in the second quarter of 2017 was estimated to be $1.792bn. This figure was $884.1m more than the figure recorded in Q1 2017, a growth of 95.02 per cent. “Year on year, this was an increase of 43.6 per...
 By ABAH ADAH,   ...Says It is underfed Abuja Electricity Distribution Company (AEDC) says it has improved its electricity carrying capacity to 800 mega watts (MW) even as it maintained that it has not been getting anything near its capacity from the national grid. The Head of Media and Publicity, Ahmed Shekarau who disclosed this to LEADERSHIP in Abuja in response to recent claims that point to the distribution companies (DisCos) as the weakest link in the electricity value chain said at no point in time has AEDC gotten up to capacity from the grid, adding that the DisCo is only entitled to 11.5% of whatever is generated in line with the allocation formula. Recall that at the 18th monthly of the Hon. Minister of Power, Works and Housing held in Kano recently, the minister, Babatunde Fast ola said the greatest challenge on the path of the journey to improved power supply...
The ECOWAS Commissioner for industry and private sector promotion Kalilou Traore has charged member countries to have a regional accreditation system to promote national quality policies to suit the different countries. He said there are challenges in building a quality structure, but these challenges would help countries implement the national policy at the regional level. Addressing the media at the steering committee and the enlarged regional steering committee of the West Africa quality system programme in Abuja, the Commissioner said the Commission's mandate is to have a regional quality agency in countries despite the challenges. Mr Traore said: “the need for sustainability is also been advocated for by partners to ensure that consumers enjoy the benefits of products especially for small medium scale business and the private sectors.” Also speaking, the programme Manager, Bernard Bau said:  “The members believe that the implementation of quality policy in the regions would be maintained through the...
BY MARK ITSIBOR, Abuja The Central Bank of Nigeria (CBN) on Monday, boosted the FOREX market by offering a total of $195m in three segments of the market. In the wholesale segment of the inter-bank Foreign Exchange market, it auctioned $100m and also intervened in the Small and Medium Enterprises (SMEs) and invisible segments, with the sum of $50 million and $45million respectively. A statement from the bank said. The acting director, Corporate Communications Department, Mr. Isaac Okorafor, said during this season when there are pressures on the market from those seeking forex for school fees and vacations, the Bank has kept faith with its resolve to ensure that there is sustained liquidity in the market and ensure that genuine requests for FOREX are met, as well as improve liquidity and flexibility in the market. This comes on the heels of last week’s intervention in which the retail secondary market intervention sales...
President Muhammadu Buhari has been urged to remain focused in his determination to transform the lot of the country and put the economy in good shape. This charge was contained in a statement issued at the weekend and signed by National Chairman of Petroleum Tanker Drivers’ Branch of the National Union of Petroleum and Natural Gas Workers, (NUPENG), Otunba Salmon Oladiti. Recall that Buhari returned to the country at the weekend after over 100 days on medical vacation in the United Kingdom. In a statement made available to journalists in Abuja, Oladiti who expressed concern over negative comments on the state of health of President Buhari, while he was out of the country, said he was excited that certain individuals who were playing god that Buhari’s health had worsen and he would not return to his seat have been put to shame. He said: " Now that President Buhari is back in the country, we are waiting for those who promised to commit...
By OLUSHOLA BELLO, Lagos - It’s has been a great time of rewards for the teeming retailers of Dangote Cement as the officials of the company have been moving from locations to locations in a carnival-like procession to deliver the products and containers to each of its winners at their business locations in the ongoing Dangote Cement Retailers Bonanza. There was brief suspension of trading activities in major markets at Mararaba main market in Ilorin, Kwara State and Jericho cement market Ibadan, Oyo State when the Dangote Cement Retailers Bonanza season two processions entered the markets with decorated truck-loads of cements for delivery to the star winners in the new promo being run by the Dangote cement Plc. The Company had in between headed to Benin where similar deliveries were done for some six star winners, one from Auchi and the remaining five from Benin City, the Edo state capital. Each of...