Cryptocurrencies’ investors lost $1.2bn to theft–Report

  Investors globally lost cryptocurrencies worth $1.2 billion to stealing across the exchanges in the last two years, New Telegraph has learnt. This came as theft of the virtual currencies continue to grow over the various trading platforms. According to latest report by a United States Department of Homeland Security funded cyrptocurrency security company, CipherTrace, the phenomenal growth in the value of cryptocurrencies such as Bitcoin over recent years, has attracted investors, speculators, and thieves. The study also suggested that the figure of stolen cryptocurrencies in the first of this…

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FCTA seeks investors to develop aquaculture centre

The Federal Capital Territory Administration ( FCTA) has disclosed its intention to partnering with interested private investors in the development of the Maitama reservoir, to serve as both recreation and aquaculture centre.   This disclosure was made by the Secretary, FCT Agriculture and Rural Development Secretariat, Stanley Nzekwe, when he distributed fisheries input to fish farmers in Bwari Area Council of FCT. Nzekwe said that development of the aquaculture centre in the territory became necessary, following a growing demand of fish and fisheries products by the residents of the nation’s…

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‘Investors lose 45% revenue to multiple check-points’

  Industrialists are losing about 45 per cent of their revenue to multiple check-points along Benin Republic and Nigeria international highway. In separate interviews with New Telegraph in Lagos, the immediate past Chairman, Lagos Chamber of Commerce and Industry Small and Medium scale Enterprises Group (LCCI SMEG), Jon Kachikwu, and a former Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), John Isemede, lamented that the situation was part of the reasons consumers were paying higher for certain classes of goods. Kachikwu said some manufacturers and exporters…

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Developers, investors flay new Lagos Land Use Charge

Despite the kick-off of the new Land Use Charge payment in Lagos State by Governor Akinwunmi Ambode, real estate developers, who are major investors and practitioners have continued to fault the new property tax. They argued that it would discourage investment at a time many houses are still begging for occu- pation in the metropolis.   Specifically, former President, International Federation of Real Estate , Nigeria Chapter, Chief Kola Akomolede, said it was wrong for the government to base an annual tax on capital value of a property.   Rather,…

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‘Emerging market investors snub ratings firms on downgrades’

Emerging-market investors are not worried about the opinion of ratings companies these days as the hunt for yield outweighs what they consider rear-view assessments. Most of the developing nations that were downgraded in the past six months, including Brazil, Colombia and South Africa, saw their risk premium rise just briefly following the decision before quickly resuming their downward march amid a strong risk-on mood. According to reports from Bloomberg, investors have been chasing high payouts in an environment of stubbornly low interest rates and willing to take on more risk…

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Why retail investors’ apathy persists

Despite the current market rally in Nigeria’s capital market, many retail investors have remained on the sideline following low confidence that trailed the 2008 market crash. CHRIS UGWU writes   Following the economic recovery Nigeria witnessed in 2017, market turnover in the equities market of the Nigerian Stock Exchange (NSE) increased by 121 per cent to N1.27 trillion from N575 billion posted in 2016. The NSE recovered from the macroeconomic overhang of the commodity down-cycle to become the third best performing market in 2017 globally, with a 42 per cent…

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‘Nigerian maritime laws crippling local investors’

Twenty-two years after the demise of the Nigerian National Shipping Line (NNSL), Nigeria has not been able to midwife another fleet as the Nigerian merchant shipping act  does not favour  local ship owners. BAYO AKOMOLAFE reports Unfavourable policies, which have led to the collapse of indigenous shipping lines in the last two decades in Nigeria,  is yet to be reviewed by lawmakers unlike other maritime countries. For instance, foreign vessels, which do not meet the requirements of the nation’s Cabotage Act, have  dominated Nigerian waters at the expense of Nigerian…

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Investors: It’s risky investing institutional capital in real estate

Weak property laws, poor regulatory frameworks and non-conducive policy on forex control are some of the reasons foreign investors find it highly risky investing institutional capital in real estate, New Telegraph has learnt. Besides, conflicting housing deficit’s figures and lack of adequate data, investment experts said, were among reasons real estate sector is not attracting institutional capital. According to Chairman, Mixta Africa, South Africa, Mr. Deji Alli, who was  one of the guest  speakers at Real Estate Unite forum in Lagos, narrow focus of the private sector and policy problems…

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Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

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