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We will make transparency our watchword in Oyo – Makinde

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Oyo State Governor, Engineer Seyi Makinde, has pledged that his administration’s watchword will remain openness and transparency throughout his tenure.

Governor Makinde, who stated this while receiving a delegation of the First City Monument Bank (FCMB) led by Mrs. Bukola Smith,  who paid him a courtesy call in his Office, Secretariat, Ibadan said that Oyo State was open to business that breeds development.

A statement signed by the Chief Press Secretary to the Governor, Mr. Taiwo Adisa, quoted the Governor as saying that he would conduct the business of governance in the state in an open and transparent manner in order to bring the desired development to the State.

The Governor said: “Oyo State is open for business and we try to take a different trajectory from what we have been used to in the past. What we are doing is very simple. It’s just to be open and transparent; these are our watchwords.

“We want to conduct government business in an open and transparent manner.”

He added that his administration was ready to partner with any organisation whose proposal would bring value to the Government and the people of the state.

Governor Makinde assured the FCMB team that his government would give equal opportunities to all banks, urging the team to be comfortable in making their proposition.

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He hinted further that the working proposal submitted by the team would be studied and acted on accordingly, saying: “You don’t have to lobby anybody if what you have in your proposal is good and is able to bring value to the Government and people of Oyo State. Of course, we will be open and discuss it with you. If we have issues that we are not clear about, we will put them on the table.

“So, you should really be comfortable dealing with us, because we will definitely give you equal opportunity with other banks. We don’t have any preference for any bank. We are value-driven. If there is value on the table, we will deal with.”

The Governor appreciated the support received from the FCMB during the just-concluded retreat organised for the top functionaries and political appointees in the state held at the International Institute of Tropical Agriculture (IITA).

“I want to thank you for the support you showed to us during the retreat at IITA. We appreciate the support and your bank. You have supported us and it won’t be out of place if we give you support from our side, so we can get into a win-win situation,” Makinde said.

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Earlier, the leader of the team, Mrs Bukola Smiths, who is also the Executive Director of FCMB, said the visit was to intimate the governor with the products of the bank.

Smiths noted that the visit was also to rejoice with the governor on his victory at the Election Petitions Tribunal, adding that the bank recognised achievements recorded so far by the new administration.

She said the bank was ready to partner with Governor Makinde and see how to help to make him achieve his administration’s objectives in areas such as health, education, security and industry.

“FCMB has great skills in those areas and we will like to bring these skills here to help you achieve your various objectives,” she said.

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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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