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South African brothers accused of vanishing with billions of dollars in cryptos deny allegation

Raees Cajee, who is the co-founder and CEO of South African cryptocurrency investment platform, AfriCrypt, has denied claims that he and his brother, Ameer Cajee, who is the COO of the company, took off with billions in investor funds, asserting the platform only lost $5 million in a hack.

Last week, the media reported that AfriCrypt, a cryptocurrency investment company that offers daily returns of up to 10%, vanished with 69,000 BTC of investors funds. Considering the current price of Bitcoin as of the time of writing this report, this puts the dollar value of the allegedly stolen Bitcoin at $2.4 billion.

Petrol price should be more than N280/litre, says Kyari

The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said the price of petrol should be more than N280/litre at which Automotive Gas Oil, also known as diesel, is being sold.

Kyari said smuggling of petrol from Nigeria had impacted negatively on the Nigerian oil sector but added that this would not lead to another closure of the borders.

He said on Tuesday during a programme on Channels Television that efforts were rather being made to curb smuggling.

Read also: Okitipupa Oil Palm hits highest revenue in 12yrs

The NNPC boss said although petrol evacuation by NNPC in Nigeria was currently about 60 million litres daily, the corporation was sure that consumption was not up to that volume.

Bitcoin will plunge to $25,000, says JPMorgan

JPMorgan Chase’s analysts have said that bitcoin price will decline to the $25,000 level before longer momentum will signal capitulation.

They expect the cryptocurrency market to soon begin the process of healing, but expect further sell-offs before capitulation.

Bitcoin price stood at $36,343.15 at 3:43 pm on Tuesday, according to CoinMarket.

According to news.bitcoin.com, the analysts, including Josh Younger and Veronica Mejia Bustamante, recently wrote about the outlook of the cryptocurrency market in a note.

They explained that the near-term outlook for the crypto market was “challenging,” noting that blockchain data suggested recent cryptocurrency sell-offs were made to cover losses.

“There is likely still an overhang of underwater positions which need to be cleared through the market,” they said.

Respite as repair works begin on Lagos airport link bridge

Six months after the Toyota Bus Stop stretch of the Murtala Mohammed airport link bridge was closed to traffic due to a fire incident that damaged a part of the bridge, repair works have commenced on the bridge.

The bridge has been put out of use since the tanker conveying 44,000 litres of diesel crashed with another trailer and discharged its contents, which led to an explosion under the bridge.

Senate Receives PIB Report, Begins Consideration Tomorrow

The Senate yesterday received the report of its Joint Committee on Petroleum (Downstream), Petroleum (Upstream) and Gas Resources on the Petroleum Industry Bill (PIB) 2021 and promised to debate the report tomorrow (Thursday).

Also, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, will today meet with members of the House of Representatives as part of efforts aimed at ensuring the smooth passage of the PIB.

The PIB report was laid during the plenary by the Chairman of the Joint Committee, Senator Sabo Mohammed.

Speaking after the report was laid, the President of the Senate, Dr. Ahmad Lawan, told his colleagues that the report would be considered tomorrow.

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