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Despite ban, Nigerians trade N92.25m bitcoin on Paxful

Nigerians traded bitcoin volumes of over N92.25m ($225K) on Paxful, a cryptocurrency trading platform, from March to June 2021. This was according to a source in Paxful.

The source added that from November 2020 to February 2021, trading volumes from Nigeria was about N73.8m.

In an email correspondence, the source said, “From March through June 2021, Paxful had a bitcoin trading volume of over $225K in Nigeria.

“It’s best to compare Nov 2020 to Feb 2021; they are both four months. From this date range, we have bitcoin trading of nearly $180K.”

Read Also: Nigeria becomes Paxful’s biggest market, hits $1.5bn over 1.5m users

In April, Paxful announced that Nigeria was its biggest crypto market, with volumes of $1.5bn and 1.5 million users.

PIB: Dangote refinery, others to buy crude in naira

Holders of refining licences in the country can pay for domestic crude oil supply in naira, according to the Petroleum Industry Bill passed by the National Assembly on Thursday.

Companies holding refining licences include Dangote Oil Refinery Company, Waltersmith Refining & Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery & Petrochemicals and Edo Refinery and Petrochemical Company Limited.

The Senate and House of Representatives, according to copies of the passed bills seen by our correspondent, recommended that payment guarantees to be provided by refinery licence holders shall be in dollars or naira.

“Since refiners themselves may only be paid in naira for deliveries to the domestic market, it may be onerous to require US dollar payments,” the Senate Joint Committee on Downstream Petroleum Sector; Petroleum Resources (Upstream); and Gas said in its report.

The bill provides that two regulators be established, namely the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

In Section 109 subsections 2 and 3, the National Assembly said, “The commission may issue regulations or guidelines on the mechanism for the imposition of a domestic crude oil supply obligation on lessees of upstream petroleum operations, including applicable penalties.

Only 88,950 out of 3.4 million hectares irrigated, agric outputs suffer

A total of 3.4 million hectares of land in Nigeria need irrigation. However, only 88,95 hectares currently benefit from the practice, leaving the rest to depend on the forces of nature.

Out of the 3.14 million hectares of farmland with irrigation potential in Nigeria, only 88,950 hectares have been developed, leaving millions of hectares of farms to depend majorly on rainfall for crop production.

Although the government through its Ministries of Agriculture and Rural Development, as well as Water Resources, stated that efforts were being made to expand irrigation across the country, farmers and experts condemned poor farmland irrigation system in Nigeria.

They told the media that the food crisis currently experienced in Nigeria was further worsened by the lack of irrigated farmlands in many states.

Figures obtained from the agric and water ministries in Abuja on showed that while only 88,950 hectares of farmland had been irrigated as of 2020, the country’s irrigation annual water demand was about 1.926 Billion Cubic Meters.

In a document on irrigation that was sighted at the water ministry, the government said, “Nigeria’s irrigation potential is about 3.14 million Ha (hectares) out of which only 88,950 Ha have been developed as of 2020.

Senate summons ex-NSITF bosses over alleged N84bn 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 been misappropriated by some officials of the NSITF.”

The senator added that the committee discovered that the agency was unable to present any financial documents relating to the issue raised by the committee.

Southern Govs Meet Today in Lagos

The 17 governors of the Southern states will today meet in Lagos to continue their search for the solution to the problems confronting the country.

The first meeting of the forum held on May 11, was hosted by Governor Ifeanyi Okowa of Delta State with 15 of the 17 governors in attendance.

The meeting was chaired by the Chairman of Southern Governors’ Forum and Ondo State Governor, Mr. Rotimi Akeredolu.

The governors had at the end of the meeting, issued a 12-point resolution, which included the ban on open grazing in all the states and the call for restructuring, among others.