Business
IPMAN tackles Sanusi, el-Rufai on fuel subsidy removal
The Independent Petroleum Marketers Association of Nigeria has responded to comments by the former Emir of Kano, Alhaji Muhammad Sanusi II, and the Kaduna State Governor, Mallam Nasiru El-Rufai, fuel subsidy, saying with the current economic situation in the country, its removal will cause more hardship for Nigerians.
The IPMAN Chairman, Northern chapter, Alhaji Bashir Danmalam, stated this while addressing newsmen in Kano on Tuesday.
According to Danmalam, Sanusi, who is also former Central Bank Governor, and el-Rufai had for long been talking about the removal of subsidy at every forum they found themselves.
“What happened after the subsidy of gas (diesel) was withdrawn. The price of anything you can think of has gone up as a litre of diesel is now being sold at N850,” IPMAN chairman said.
Danmalam was reacting to Sanusi’s comments at the seventh edition of the Kaduna Economic and Investment Summit where he was full of pity for the incoming President on account of the scale of the economic challenges awaiting him, particularly the knotty issue of petroleum subsidy and debt servicing.
“The reform of the oil sector has already started by the passing of the Petroleum Industry Act by Mr President, with a 24-month transition period. The management of the NNPC must be commended for their consistency in seeing the PIA was passed and implemented to the letter,” he said.
Danmalam further said, “Today halfway through the transition period, the NNPC has completed its transition and is now a full-fledged limited liability company with strategic commanding shares in the nearly completed Dangote refinery, the largest refining in the world.
“It means that as Nigeria exits fuel subsidy, the management of the NNPC has invested wisely in local refining capacity to boost domestic consumption, eliminate importation, ease the pressure on our forex, straighten the Naira, provide jobs and boost our GDP. Mele Kyari and his team deserve commendation for their doggedness, patriotism and nationalism.
“However, the issue of removing fuel subsidies has to be gradual in order to make it effective and result-oriented for national economic growth and development.”
Speaking on the the volume of petrol being consumed in Nigeria on a daily basis, Danmalam advised the former Emir and Governor El-Rufai to visit all the depots where the product is being kept before distribution to ascertain whether it is being imported or not.
Danmalam said if the former emir and Governor El-Rufai were smart, they would have helped Kaduna State to be independent of FAAC allocation like what Tinubu and his successors did by making Lagos to survive even without FAAC allocation, but they did not.
Business
SEC announces stricter measures to protect investors
SEC announces stricter measures to protect investors
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.
According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.
“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.
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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.
He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.
“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.
“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”
Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”
SEC announces stricter measures to protect investors
Business
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.
As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.
The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.
Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.
“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.
Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.
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Solana Outperforms Peers Amid Positive Market Sentiment
Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.
The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.
Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.
The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.
Bitcoin rises above $86,000 as crypto market gains momentum
Railway
Lagos Govt to redesign Oshodi motor park for rail integration
Lagos Govt to redesign Oshodi motor park for rail integration
The Lagos State Government has announced plans to redesign the Oshodi Transport Interchange (OTI) to integrate the facility with the Red Line and Blue Line rail systems, advancing its Rail Mass Transit project.
This initiative aims to deliver seamless connectivity between the two key rail networks and enhance commuters’ experience in Lagos.
The disclosure was conveyed via a statement shared on the official X (formerly Twitter) account of the Lagos State Ministry of Transportation on Saturday, highlighting the need to optimize the design and operations of the OTI to boost efficiency and align with global standards.
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To kickstart the process, the Honourable Commissioner for Transportation, Seun Osiyemi, held a meeting with stakeholders to assess the current state of the interchange and outline strategies for its improvement.
“The Ministry of Transportation sought to address the ongoing developments and challenges affecting the Oshodi Transport Interchange (OTI) in preparedness for the integration of the Rail Mass transit system; Red Line rail project connecting the Blue Line.
“The Ministry recognized that a review of the OTI’s design and operations is essential for its optimization which led to the Honourable Commissioner for Transportation, Oluwaseun Osiyemi meeting with relevant Stakeholders to discuss the current state of the OTI and identify viable solutions that would enhance its operational efficiency in alignment with global standards and Standard Operating Procedures,” the statement read in part.
Lagos Govt to redesign Oshodi motor park for rail integration
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