Five Things to Know to Start Your Day
Bloody Tuesday: Many Crypto investors liquidated, as trader loses $7 million
A growing number of investors in the cryptoverse have seen their trading accounts record considerable losses amid the sudden drop in Bitcoin.
At press time, the major reasons for the violent dump included Donald Trump’s negative bias on Bitcoin, coupled with growing concerns that hackers use the digital asset to launder money.
For the day, about 149,015 crypto traders had their account worth about a billion dollars wiped off momentarily in the Crypto derivative market. The largest single liquidation order happened on Bybit-ETH valued at $7 million.
Nigeria among top three countries with electricity deficits – World Bank
The World Bank has listed Nigeria among the three countries with the largest electricity deficits in the world.
It said during the last decade, a greater share of the global population gained access to electricity than ever before, but the number of people without electricity in Sub-Saharan Africa increased.
The bank disclosed this on Monday in a report, titled ‘Universal access to sustainable energy will remain elusive without addressing inequalities’.
“Nigeria, the Democratic Republic of Congo and Ethiopia had the biggest electricity access deficits, with Ethiopia replacing India in the top three.”
Airports authority unveils equipment to curb bird strikes
The Federal Airports Authority of Nigeria says it has unveiled bird equipment, also known as wildlife management equipment, at its headquarters annex.
FAAN said it inaugurated the equipment in its Lagos officer in a bid to improve safety flight operations and manage bird hazards at the nation’s airports.
According to a statement issued by the authority on Monday, the bird equipment will help regulate the occurrences of bird strikes at various airports.
The Managing Director, FAAN, Captain Rabiu Yadudu, represented by the Director of Commercial and Business Development, Alhaji Sadiku Rafindadai, described the equipment provided by the agency as some of the best around.
National Assembly concludes PIB deliberations, Gbajabiamila says bill not anti-business
The President of the Senate, Ahmed Lawan, on Monday, assured that the National Assembly will pass the Petroleum Industry Bill before the end of this month.
Lawan, who spoke during the opening session of the 2021 Nigeria International Petroleum Summit in Abuja, said both chambers of the National Assembly were currently concluding work on the bill.
The non-passage of the PIB had dragged on for about 20 years, despite stakeholders views that the bill would positively transform the oil and gas sector in Nigeria.
The senate president said lawmakers wanted to be very fair in listening to everyone in order to adequately address the concerns of stakeholders pertaining the bill.
Lawan said, “In our legislative agenda for 2019-2023 in the 9th Assembly we decided that we must have a better way. We found out that neither the solo effort of the executive nor the solo effort of the legislature could deliver the PIB in the past.”
Dangote Fertiliser assures FG of forex as urea production commences
Dangote Fertiliser Limited has announced the commencement of urea production in commercial quantity, assuring the Federal Government of foreign exchange from its export.
President of Dangote Group, Aliko Dangote, said the plant, with a production capacity of three million metric tonnes of urea yearly, is one of the biggest projects in the global fertilizer industry.
Dangote recently told bankers and Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, at the inspection of the facility that the phase one of the project, estimated at $2.5 billion, would produce three million metric tonnes of urea.
He said capacity would be expanded to produce multi-grades of fertilisers to meet soil, crop and climate-specific requirements for the African continent.
Dangote added that the fertiliser plant would make Nigeria the biggest urea exporting country in sub-Saharan Africa and biggest producer of polypropylene and polyethylene.
Experts condemn 3,689MW power generation despite CBN interventions
Power sector experts on Monday expressed worry over the decline in power generation despite interventions by the Central Bank of Nigeria in the sector.
Figures released by the System Operator, an arm of the Transmission Company of Nigeria, showed that the country’s power generation stood at 3,689.2 megawatts on Monday.
Although it moved up by 111.9MW when compared to the preceding day’s generation figure, experts wondered why the performance of the sector had not adequately reflected the financial interventions made in the sector by the Federal Government.
“The decline in service is worrisome for the end-users, despite the interventions,” the President, Nigeria Consumer Protection Network, Kunle Olubiyo, said.