BUSINESS ROUNDUP: Bitcoin investment rises 16.7%; NNPC discovers oil in Nasarawa; other stories – Ripples Nigeria


Hello and welcome to this week’s Business Roundup. Here we bring you the highlights of the week’s events – from the capital market to key business activities, while not forgetting the tech/economy setup.
Here are the Headlines:
· Bitcoin investment rises 16.7% as FTX recovers $5 billion in assets
· WEF raises concerns about Nigeria’s economy, lists five risks for 2023
· Chevron denies rumors of planned exit from Nigeria
· MDAs owed N40 billion electricity – EKEDC
· NNPC explores oil in Nasarawa to drill first well in March
Summary:
Bitcoin (BTC) gained value this week on the back of the recovery of the bankrupt cryptocurrency exchange platform Futures Exchange (FTX).
Bitcoin had closed on January 8, 2023 at $17,074.62, but closed Friday at $19,941.78, according to an analysis of numbers from bitcoin price aggregator CoinGecko.
Bitcoin’s price tag increased by $2,867.16 during the period under review and similarly, Ripples Nigeria analysis showed that BTC investors’ investments increased by 16.7 percent in five days.
The group chief executive officer of Nigerian National Petroleum Company Limited (NNPC) Limited, Melee Kyari, said on Friday that the company has discovered oil in Nasarawa State.
Kyari, according to a statement by the company’s spokesperson, Garba-Deen Mohammad, said this when Governor Abdullahi Sule of Nasarawa State led a delegation of prominent indigenes of the state on a courtesy visit to the headquarters of the NNPC in Abuja.
According to him, the discovery is the result of exploration activities that confirm the presence of significant hydrocarbon reserves in the state.
The Eko Electricity Distribution Company (EKEDC) said on Friday that Ministries, Departments and Agencies (MDAs) owed N40 billion for electricity as at December last year.
The Managing Director of EKEDC, Tinuade Sanda, disclosed this in a statement on Friday in Lagos.
He added that the company’s total debt outstanding from customers during this period was N116 billion.
Chevron Nigeria Limited (CNL) has denied reports that it is leaving the country.
The oil company reiterated its commitment to the country in a statement issued on Thursday by its General Manager, Policy, Government and Public Relations, Esimaje Brikinn.
The statement read: “Please note that this claim is untrue and does not reflect Chevron’s position in Nigeria.
The World Economic Forum (WEF) has raised concerns about the health of the Nigerian economy and the difficult task ahead of the country’s next president.
In a new report titled ‘Global Risks Report 2023’ published on its website on Wednesday, the WEF said the presentation on Nigeria was based on responses from 1,200 private sector risk managers, public policy makers, academics and industry leaders. the world
Also Read:BUSINESS ROUNDUP: Nigeria’s debt profile to reach N72trn; Train revenue drops to N734.47 million during terror attack; other stories
The organization ranked terrorist attacks, debt crises, living standards, severe commodity supply crises, rapid or persistent inflation, unemployment or livelihood crises as the most immediate risks facing the country’s economy.
On NSE ROUNDUP: Investors earn N252.5 billion as Nigeria’s equity market closes high
The Nigerian capital market closed on a high note on Friday, with share capitalization up 0.89 percent at the end of the day.
This is an increase of N252.52 billion with market capitalization increasing from N28.34 trillion to N28.60 trillion after eight hours of trading today.
Likewise, the All Share Index rose 463.63 basis points to close at 52,512.48 from Thursday’s 52,048.85.
In the tech scene, TikTok, Gebeya, Twitter, Flutterwave, Alibaba Group, Kakao Entertainment, Amazon, Jetstream were some of the names making headlines in the tech ecosystem this week.
African payments unicorn Flutterwave has announced plans to acquire UK fintech Railsr.
Also, American e-commerce giant Amazon may return to layoffs following its decision to close three of its UK warehouses.
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