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Oyo ‘ll become major investors’ destination in Nigeria by 2020- Makinde

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Oyo state governor, Engr Seyi Makinde  has disclosed that before the first quarter of 2020, the state would have become the major investors’ destination in Nigeria as it partnered with Nigeria Investment Promotion Commission (NIPC), Nigerian Maritime Administrative and Safety Agency (NIMASA) and the Development Agenda for Western Nigeria Commission (DAWN Commission).

The Executive Assistant to the governor on Investment Promotion and Public Private Partnership, Hon. Segun Ogunwuyi, made this disclosure when he paid courtesy visits to the federal government agencies on Thursday at Ibadan, the state capital.

The former member of the Federal House of Representatives said Oyo state was positioned to benefit maximally from partnership with the agencies in its quest to revive moribund State industries and assets in order to bring about progressive commercial climate to the State as a whole.

Speaking at the Ibadan office of DAWN Commission, the governor’s aide  pointed out that the State could not wait to fast track activities toward achieving financial independence through revitalization of State-owned industries that would soon be co-owned by private individuals and corporate bodies.

He promised the Director General of the Commission, Seye Oyeleye that the State was ready to key into the programmes of DAWN Commission for the aim of promoting investment in the State.

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“We appreciate the DAWN Commission for her pivotal role in the region on integration and development. Oyo State is on board with InvestWest 2020. The administration of  His Excellency Engr. Seyi Makinde is ready and open for Investment especially in the area of resuscitating the State moribund companies and assets through PPP.

“Other areas of interest the State is working on is to improve the business environment in Oyo State and make it more conducive. We know this is where DAWN Commission has being active at the Regional level.

“Also, we are interested in having a functional Investment promotion agencies backed by law in Southwest, likewise the recreation of Dugbe as Central Business District (CBD) while maximizing the economic opportunities of the Lagos – Ibadan Railway project through the rail routes and stations.”

Director General, DAWN Commission, Seye Oyeleye, while welcoming the entourage from the state government said the body was planning towards the Western Nigeria Investment Summit (Investwest) 2020 calling for collaboration from the State.

Oyeleye thanked the Executive Assistant and his team for deeming it necessary to visit the office, asking newly appointed cabinet members across the region to do same.

At the NIPC office, the head of the Ibadan zone, Mr Lawal Hassan appreciated the efforts of the State administration on revamping local industries and thereby promoting investments and employment opportunities.

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“Investment promotion is expensive but required in order to create wealth and job opportunities. The list moribund companies will be needed for profiling by the Commission. Before long, the State will become the preferred destination for investors,” he expressed optimism.

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Bitcoin Hits $50,000 For First Time Since 2021

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A picture taken on February 6, 2018 shows a visual representation of the digital crypto-currency Bitcoin, at the “Bitcoin Change” shop in the Israeli city of Tel Aviv. (Photo by JACK GUEZ / AFP)

Bitcoin surpassed the $50,000 mark on Tuesday, marking its highest value in over two years.

Investor optimism surged as anticipation grew regarding broader trading approval in the US, with hopes riding high on potential green lights for cryptocurrency exchange-traded funds (ETFs).

Despite an initial dip following Washington’s approval signal last month, Bitcoin has rebounded impressively, boasting a 25 percent rally since January 22.

As of the latest data from Bloomberg, the cryptocurrency peaked at $50,328, underscoring the resilience and upward momentum in the crypto market, leaving observers optimistic about its future trajectory.

“Enthusiast buyers bring in more enthusiast buyers pushing prices further up,” Fadi Aboualfa, of Copper Technologies, said.

“The cryptocurrency has momentum on the back of several green weeks and has a large chance of going up further when markets see weekly movements upwards of 10 percent (as we saw last week).”

By 0330 GMT Tuesday, bitcoin had dropped slightly, to $49,950.

While Bitcoin has made an impressive recovery, currently standing above $50,000, it still lags significantly behind its peak value of nearly $69,000 in 2020. This rally signals a bounce-back for the cryptocurrency, which faced turbulent times marked by high-profile scandals and collapses within the crypto industry.

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Last year, FTX, the world’s second-largest crypto exchange, suffered a dramatic downfall, with its CEO, Sam Bankman-Fried, now confronting potential consequences. Prosecutors have characterised the situation as “one of the biggest financial frauds in American history,” and Bankman-Fried faces the looming threat of up to 110 years in prison.

In November, Changpeng “CZ” Zhao resigned as CEO of Binance, the world’s largest crypto exchange, following both his and the company’s admission of guilt in extensive money laundering violations.

Bitcoin’s upward trajectory is further fueled by optimism surrounding potential interest rate cuts by the US Federal Reserve this year, as inflation appears to be easing. The cryptocurrency’s value is also influenced by an anticipated supply crunch next year, attributed to the recurring event known as “halving.”

Bitcoin, earned through intricate problem-solving by powerful computers in a process called “mining,” experiences a reduction in reward every four years. With the next “halving” scheduled for April, the limited supply dynamic continues to be a driving force behind Bitcoin’s value surge.

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Microsoft Joins Apple In $3 Trillion Club

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Microsoft joined Apple on Wednesday as a three trillion dollar company, as its big bet on artificial intelligence continued to impress Wall Street.

Now second to Apple as the world’s biggest company by market capitalization, Microsoft’s shares were up 1.31 percent at $404.

 

Apple remains narrowly in first place at $3.02 trillion after reaching the $3 trillion market capitalization mark for the first time in January 2022.

 

But it has fallen below the milestone, even briefly losing the pole position as biggest company on the markets when Microsoft briefly overtook the iPhone maker earlier this month.

 

Microsoft more than any other tech giant is riding the wave of excitement over AI.

The Redmond, Washington-based group has a major partnership with OpenAI, creator of ChatGPT, that is reportedly worth $13 billion.

Since the arrival of ChatGPT, Microsoft has launched several products enabling companies and individuals to use the capabilities of generative AI, notably via its Bing search engine and Copilot virtual assistant.

Since the launch of ChatGPT in early November 2022, Microsoft shares have gained some 67 percent, with Apple’s up by about 40 percent.

Microsoft publishes its results on January 30.

 

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Nigeria: Shell Announces Sale of Onshore Oil Assets

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In an aerial view, gas prices nearing $6.00 a gallon are displayed at a Shell gas station on February 23, 2022 in San Francisco, California. Justin Sullivan/Getty Images/AFP

Shell has announced a deal to offload its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance.

The acquiring entity, Renaissance, stands as a consortium comprising four local exploration and production companies in Nigeria, alongside an international energy group.

Shell,  in a Tuesday statement on its website, said, “Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

“Transaction will preserve SPDC’s operating capabilities for the benefit of a joint venture. The transaction has been designed to preserve the full range of SPDC’s operating capabilities following the change of ownership. This includes the technical expertise, management systems, and processes that SPDC implements on behalf of all the companies in the SPDC Joint Venture (SPDC JV)”.

But, it said, “SPDC’s staff will continue to be employed by the company as it transitions to new ownership”.

Shell emphasised  that amidst the competitive landscape, the company remains committed to supporting the management of SPDC JV facilities. These facilities play a crucial role in supplying a significant portion of feed gas to Nigeria LNG (NLNG), highlighting Shell’s dedication to assisting the nation in maximizing value from its NLNG endeavors.

“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions,” Shell’s Integrated Gas and Upstream Director Zoë Yujnovich said.

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“It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.

“Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy.”

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