Business
Bitcoin trades above $80,000 — first time in history
Bitcoin, the world’s most valuable cryptocurrency, surged to over $80,000 for the first time on Sunday.
On Wednesday, Bitcoin price crossed $75,000, the same day Donald Trump, a Republican Party candidate, won the United States presidential election.
Yesterday, TheCable observed that the leading cryptocurrency gained over 5.24 percent over the past 24 hours, to trade at $80,945.35 at 7:31pm (GMT+1), according to CoinMarketCap, a price-tracking website for crypto assets.
The market-wide surge also saw Ethereum, the world’s second-largest cryptocurrency by market value, appreciate by 4.64 percent to $3,220.
Also, the cryptocurrency market capitalisation hit a new high of $2.65 trillion – up by 2.20 percent and recording $157.07 billion in 24 hours.
In May 2024, the Trump campaign announced that supporters can make donations in crypto, including bitcoin, ether, and dogecoin — indicating crypto will be a key issue during the election.
Business
FCCPC warns of substandard sugar brands circulating in Nigerian markets
The Federal Competition and Consumer Protection Commission (FCCPC) says it has uncovered the availability of substandard and unregistered sugar products in Nigerian markets.
The FCCPC said the products include smuggled brands from Brazil such as Grupo Moreno, Terous, USI S. Joao, Alvean, and Arapora Bionergia.
In a statement on Wednesday, Ondaje Ijagwu, director of corporate affairs at FCCPC, said the products, which failed to meet mandatory Vitamin A fortification requirements, pose serious health risks to consumers.
Ijagwu said the substandard products undermine the integrity of the local sugar industry and contribute to price manipulation that harms the market.
“Acting on a tip-off, FCCPC operatives conducted discreet investigations across the country, particularly in the South-West and the North-East,” the statement reads.
“The investigations revealed that many of the identified sugar products lacked normal labeling, including production and expiry dates, batch numbers, and the mandatory National Agency for Food and Drug Administration and Control (NAFDAC) registration.
“Even more concerning, most of the products were not fortified with Vitamin A, a critical nutrient essential for good vision, immune health, and overall well-being.
“The absence of this fortification exposes Nigerian consumers to serious health risks, including blindness and increased susceptibility to infections, particularly among vulnerable groups such as children and pregnant women.
“The FCCPC is also deeply concerned about the economic impact of these products.”
According to Ijagwu, the influx of smuggled sugar undermines fair competition, placing undue pressure on compliant local producers who adhere to regulatory standards.
He said importers of the substandard products engage in price manipulation to the detriment of genuine producers and consumers while pretending that the products are genuine.
The director said this jeopardises the sustainability of the Nigerian sugar industry and also erodes consumer trust in the market.
“Smuggling, facilitated through porous borders, particularly from neighboring countries such as Cameroun and Benin Republic, further complicates enforcement efforts and hampers traceability,” Ijagwu said.
“FCCPC wishes to reassure the general public that, consistent with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, it is taking decisive steps to address this issue.
“The Commission is committed to educating consumers about the dangers of non-fortified and substandard sugar products through nationwide awareness campaigns.”
He urged Nigerian consumers to verify the authenticity of sugar products by ascertaining they carry proper labelling, including NAFDAC registration and evidence of Vitamin A fortification.
‘FCCPC COLLABORATING WITH NAFDAC, NCS TO TACKLE SMUGGLED SUGAR PRODUCTS’
Ijagwu also added that the FCCPC is intensifying enforcement and surveillance in collaboration with NAFDAC, the Nigeria Customs Service (NCS), and other relevant agencies.
He said part of the commission’s efforts include enhanced surveillance and follow-up market inspections to disrupt the supply chain of smuggled sugar products.
The director said the FCCPC is also engaging with industry stakeholders to promote compliance with quality standards, protect local producers, and foster fair competition within the sugar market.
He advised customers to remain vigilant and report any suspected substandard or unregistered sugar products to the commission.
Ijagwu said reports can be made through the commission’s email: contact@fccpc.gov.ng, or its official social media channels.
Business
CBN warns bank customers against use of fake Swift messages for FX transfers
The Central Bank of Nigeria (CBN) has advised bank customers to be cautious about the use of fake SWIFT messages during foreign exchange (FX) remittances.
SWIFT messages are sent through the Society for Worldwide Interbank Financial Telecommunication network to facilitate financial transactions between banks and financial institutions.
The CBN gave the warning in a statement signed by Hakama Sidi-Ali, its acting director of corporate communications department, on Tuesday in Abuja.
The apex bank said it had been inundated with claims by some stakeholders about the conclusion of foreign currency transfer to their Nigeria bank accounts.
According to Sidi Ali, stakeholders like private entities, individuals, law firms, and government agencies complained that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.
“In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested assistance towards releasing the funds to them,” She said.
“The requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.
“It has become imperative to state that the SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable.”
Sidi Ali added that the SWIFT messages are always not traceable on the SWIFT platform and the funds are not received to enable their application to the beneficiary’s account.
“In a situation where a fund transfer beneficiary receiving bank claims non-receipt of funds remitted by the foreign entity, the standard practice is for the sending customer to contact the sending bank.
“The purpose for the sending bank to send a tracer to trace where the fund is hanging and recall it.
“For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.
“Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.”
The CBN spokesperson urged the general public to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.
She also warned that the CBN would not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution.
Business
Yuletide: There’ll be less delays and cancellations of flights, says NCAA
Nigerian Civil Aviation Authority, NCAA, has assured air travellers that there will be minimal flight delays and cancellations during the festive season, saying cases of flight disruptions will also be better managed than previous years.
The regulatory agency said with the signing of the Irrevocable Deregistration and Export Request Authorisation, IDERA, operators were expanding their fleet to meet rising demand.
In October, Director General of the NCAA, Captain Chris Najomo, signed the IDERA to enable Nigerian airlines have access to dry lease aircraft to boost operational capacity.
Since then, United Nigeria Airlines has boosted its fleet with five Embraer aircraft (E190s) with the first of the planes arriving early this month.
Also, Ibom Air expanded its fleet with the addition of two Bombardier CRJ 900 next-generation aircraft.
Addressing newsmen after the NCAA Consumer Protection National Stakeholder Summit themed: ‘Achieving Increased Adoption of Digital Technology in Air Travel Customer Complaints Management: The Regulatory Perspective’ held in Lagos, Director of Public Affairs and Consumer Protection, Michael Achimugu, urged travellers to report issues of delays and cancellations to the agency.
Achimugu said: “This is the high season, there will be flight disruptions, however, it should be better than the previous years because with the signing of IDERA, more aircraft are coming to Nigeria. One of the domestic airlines recently said they brought in 10 new aircraft.
“This would not have been possible before. So we are monitoring. We have our consumer protection officers at every airport. If there is a disruption, please report to us. We can always mitigate some of those concerns. We are on ground to help deal with some of these situations as they arise.”
On the reason for the summit, he said: “The task before us is huge. We will step on toes to get the right thing done. We will make decisions and adjustments that will not compromise safety and security, but will uplift the travel experience of the people for whose sake the industry exists.
“I also invite all passengers to remember that airlines are in business and must make certain decisions based on the same principles that passengers also apply to their personal businesses as well. We must, therefore, strike a balance in the best interest of all parties. So, as you insist on having your rights protected, also do well to remember to honour your responsibilities as clearly stated in Part 19 of the NCAA Regulations 2023.”
-
Politics1 week ago
Okpebholo fires permanent secretaries, dissolves boards
-
Business1 week ago
No November salary for workers without valid residents registration number, says Kwara state government
-
Politics5 days ago
DSS operatives arrest man with bags of cash during Ondo guber
-
News5 days ago
Nnamdi Emeh: Suspect Facing Charges In Court, Process Independent Of Police Influence
-
News5 days ago
Alice Loksha, abducted UNICEF nurse, escapes captivity after 6 years
-
Celebrities5 days ago
Daddy Freeze, Akah Nnani clash over Emmanuel Iren
-
World1 week ago
French newspapers sue X for using content without paying
-
World1 week ago
Trump appoints Elon Musk to lead department of government efficiency