Nigeria plans to contract Russian firm in reviving steel company

The Nigerian government is expected to sign a Memorandum of Understanding(MoU) with a Russian firm for the resuscitation of the multi-billion U.S. dollars Ajaokuta Steel Rolling Mill in Kogi State in January 2020.

Olamilekan Adegbite, Nigeria's Minister of Mines and Steel, who disclosed this on Monday, said the government meant to bring back on stream the steel rolling mill which was down since the late Nigerian President Shehu Shagari regime.

The minister spoke during his facility tour of the National Steel Raw Material Exploration Agency on Monday in Kaduna State.

While addressing the management staff of the agency, the minister said once the Russian contractors to handle the resuscitation of the Ajaokuta Steel Rolling Mill were identified, the MoU would be signed and work would commence earnestly.

Adegbite said funds for the resuscitation of the steel mill is already in place, adding that a committee has been set up to kick-start the project.

The minister, however, directed the head of the National Steel Raw Material Agency, Umar Hassan to nominate two persons to be part of the committee, saying that the agency was critical to the Ajaokuta project.

Hassan said the agency saddled with the responsibility of mining and exploration in the country, was constrained by inadequate skills, inadequate project vehicles, modeling software as well as dilapidated offices.

Xinhua

Nigeria is forging on with crypto despite regulatory hurdles

 Nigeria’s cryptocurrency industry has been on an uphill trend in the past few years, and it’s showing no sign of regression. This is despite the country’s central bank issuing constant warnings to the citizens, asking them to steer clear of cryptos. The latest industry reports indicate that this trend is set to continue in 2020.

Africa’s biggest economy, Nigeria, has been a leader in the crypto industry in Africa for years now. Its vibrant crypto industry has also seen it claim the top spot for Bitcoin searches on Google globally, ahead of established crypto hubs such as the U.S. and Japan.

In its annual market report, the Chartered Institute of Bankers of Nigeria (CIBN) noted the continued rise of cryptos, stating, “The CBN has also declared that digital currencies are not legal tender with naira as the sole legal tender. There are concerns on the use of other digital currency which is currently changing the global payment ecosystem.”

For Nigerians, cryptos offer hope of a better, more accessible and efficient financial system. Despite being the largest economy in Africa, the country has over 60 million citizens with no access to formal banking services. And while other African countries have sought to go around this through the use of mobile money, Nigeria hasn’t had much success with this either. According to the World Bank, only 6% of Nigerians use mobile money. This makes Nigeria a perfect market for crypto.

While the Nigerian Central Bank has discouraged its citizens from using cryptos, the country’s Securities and Exchange Commission (SEC) intends on integrating cryptos into its capital market. The SEC has set up a committee that will work on a regulatory framework for cryptos. It will look into issues such as investor protection, maintaining the integrity of the financial market and ensuring financial stability.

Crypto trading platforms in Nigeria have continued to see increased activity, with Paxful being one of the leaders. The exchange, which hit 3 million wallets recently, revealed that Nigeria continues to be one of its leading markets.

Twitter and Square CEO Jack Dorsey recognized the great potential the West African country has as a crypto hub. In his recent visit to Nigeria, he attended crypto meetups, later stating that he believes Africa will determine the future of crypto.

By Steve Kaaru

Coinggeek

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Nigerian activist Sowore re-arrested hours after he was freed

A Nigerian activist and former presidential candidate whose detention has prompted protests by rights groups was re-arrested on Friday at a court hearing hours after he was freed on bail, his lawyer told Reuters.

Omoyele Sowore, who ran against President Muhammadu Buhari in February’s election, was first arrested in August and has pleaded not guilty to charges of treason, money laundering and harassing the president.

He was released on bail on Thursday ahead of a court hearing on Friday. However, his lawyer, Femi Falana, said the activist was re-arrested by state security officials on Friday after the hearing, screaming and shouting as he was dragged away.

Falana said the state security had filed new charges against Sowore, without elaborating.

Sowore’s continued detention despite being granted bail has led to criticism of Buhari’s administration and allegations that human rights have been flouted in this case and those of other high-profile figures.

Prior to Thursday’s release, the Department for State Security said Sowore’s bail conditions had not been met and detained him for several weeks. But a court in Abuja said on Thursday he must be released within 24 hours.

“Having complied with the order of court ... what is therefore required is for the state security service to allow our clients enjoy their limited freedom,” Falana told Reuters after Sowore was re-arrested on Friday.

Sahara Reporters, the online Nigerian news organization Sowore founded, said he has been taken to the state security headquarters after his latest arrest.

Reuters