Connect with us

Business

Nigerians in pains as another ponzi, 86FB, crashes

Published

on

The topic “86FB” has become a trend on social media after it was reported that the investment platform has crashed with a lot of investors’ money in it.

Quite a number of netizens have referred to the platform as a Ponzi and as such, the reason for their sudden crash after promising Nigerians juicy returns on their investments even if the odds were against them.

Described as a betting investment platform, 86FB during their operations, were said to have used investors’ money to invest in betting odds and assured their investors of sweet returns on their investments.

However, the past few hours has left a lot of investors unable to withdraw their monies from the platform. The panic has caused a number of people to storm the platform’s physical address in search of answers about their money.

Advertisement

A video that was shared online shows a couple of people crowded in front of an office building — the user who shared the video revealed that they were asked to exercise patience as they would be attended to individually. However, there was no satisfactory response after hours of waiting.

This and the fact that people have been unable to withdraw their monies from the platform has caused people to believe that the platform has supposedly crashed.

Watch the video that was shared as you scroll,

Advertisement
ALSO READ  CBN: Mutilated naira notes shall attract 400 per cent value penalty
Continue Reading
Advertisement

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Benin pipeline dispute: Niger stops oil exports to China

Published

on

Benin pipeline dispute: Niger stops oil exports to China

Niger has stopped exporting oil to China through its pipeline to Benin’s coast.

Oil Minister, Mahamane Moustapha Bako, disclosed this on Thursday, escalating an ongoing standoff between the West African neighbours.

Also read:Oil earnings rise by N450bn in two months, says FG

At the Agadem oilfield in eastern Niger, Bako supervised the shutdown of a section of the 2,000-km (1,243-mile) pipeline, which was meant to transport oil to China as part of a $400 million agreement with China National Petroleum Corp, according to Africabriefing.

Relations between Niger and Benin have been tense since May when Benin blocked crude exports through its port, insisting that Niger’s junta reopen the border to Beninese goods and restore normal relations.

Advertisement

Earlier in the month, Benin authorities detained five Niger nationals for allegedly entering the Seme-Kpodji pipeline terminal under false pretenses—a charge Niger rejected, stating the group was supervising crude loading per their agreement with Benin.

“We can’t just sit back while our oil is stolen by other people, because we’re not there where it’s loaded,” Minister Barke Bako told workers, justifying the halt in oil flows, according to a state television broadcast.

Tensions stem from a coup in Niger in July 2023, which prompted the regional bloc ECOWAS to impose strict sanctions for over six months. Although trade was expected to normalize after ECOWAS lifted the sanctions, Niger has continued to keep its borders closed to goods from Benin.

Advertisement
ALSO READ  Nigerian govt committed to harnessing mineral wealth
Continue Reading

Business

Naira Falls to N1,476.24/$1 at Official Market

Published

on

The Naira performed badly against the United States Dollar in the in the Nigerian Autonomous Foreign Exchange Market (NAFEX) after resumption of trading activities following the Democracy Day holiday observed on Wednesday.

Yesterday, the value of the Naira weakened by 0.17 per cent or N2.58 to sell at N1,476.24/$1, in contrast to Tuesday’s closing price of N1,473.66/$1.

Also read: Dollar supply rises to $11bn, naira closes 1,572/$

However, the local currency appreciated against the Pound Sterling in the official market during the session by N7.23 to wrap the session at N1,876.39/£1 versus the preceding session’s N1,883.62/£1 and against the Euro, it gained N11.84 to trade at N1,580.19/€1 versus N1,592.03/€1.

The mixed trading outcome happened as FX supply to the spot market depreciated by 75.9 per cent or $239.23 million to $92.68 million from the $385.91 million recorded in the preceding session.

Advertisement

In the black market, the domestic currency depreciated against the American currency during the trading day by N10 to settle at N1,490/$1, in contrast to the preceding session’s rate of N1,480/$1.

Meanwhile, in the cryptocurrency market, the benchmarked tokens recorded depreciation as the US Producer Price Index (PPI) print for May came in lower than expectations across the board, showing inflation to be losing steam. Technically a positive sign for risk assets and crypto, the latter offered a cool reaction to PPI.

Solana (SOL) slumped by 4.6 per cent to trade at $148.06, Cardano (ADA) dropped 3.5 per cent to close at $0.4226, Binance Coin (BNB) went south by 2.9 per cent to finish at $601.18, and Dogecoin (DOGE) recorded a value depreciation of 2.6 per cent to sell at $0.1419.

ALSO READ  Why We Are Delivering Value And Growing our Numbers - Adebise

In addition, Ethereum (ETH) slid by 2.4 per cent to finish at $3,481.39, Ripple (XRP) fell by 2.3 per cent to settle at $0.4794, and Bitcoin (BTC) recorded a 2.1 per cent loss to sell for $66,926.75.

However, Litecoin (LTC) recorded a 0.9 per cent rise to close at $79.23, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

Advertisement

Continue Reading

Business

Oil mafia tried to stop our refinery, says Dangote

Published

on

The founder of Dangote Group, Aliko Dangote, has revealed that both local and international criminal organisations, which he described as “mafia”, made repeated attempts to sabotage his $19bn refinery project located in Lagos.

Speaking at the Afreximbank Annual Meetings, Dangote likened the oil cartels to a mafia stronger than the drug mafia hell-bent on maintaining their grip on the industry.

 

Also read: Dangote refinery gets valid operating licence soon – FG

 

Advertisement

“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” he said.

Dangote, who described himself as a fighter, said they “tried all sorts” to stop him.

“But I’m a person that has been fighting all my life. You know, so I think it’s part of my life to fight,” he said.

He added, “As a matter of fact during the COVID period, some of the international banks really were looking forward to making sure that they push us into default of our loans so that the project will just be dead. And that didn’t happen with the help of banks like Afreximbank.”

Theheute reports that Dangote also revealed that he has paid off $2.4bn of the $5.5bn borrowed for the Lagos-based refinery.

Advertisement

Dangote also unveiled plans to diversify into the steel sector, aiming to utilise solely Nigerian-produced steel and achieve self-sufficiency.

Dangote Refinery recently rescheduled the launch of its petrol sales to July 10-15, pushing back its initial June target due to “minor” logistical issues.

ALSO READ  Skim Coating Market Size 2021 Analysis by Top Key Players | BASF,Lafarge,Saint Gobain Gyproc

Continue Reading

Trending

Copyright © 2022 TheHeute.