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BUSINESS ROUNDUP: Bitcoin active addresses fall lowest since March 2020; Gas flaring drops by 92%; Other stories

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Private sector got over N46trn in loans from banks in 9 months –NBS

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

  • Gas flaring drops by 92%
  • 76% of employed Nigerians work for MSMEs —Nigerian govt
  • Bitcoin active addresses drop to lowest since March 2020
  • PenCom recoups N608.55m from defaulting employers

Summary:

Mariam Yalwaji Katagum, Minister of State for Industry, Trade, and Investment has disclosed that the Micro, Small, and Medium Enterprises (MSMEs) sector employs around 76 percent of Nigeria’s workforce.

The Minister stated this at the maiden edition of National Micro, Small, and Medium Enterprises Discourse with the theme “Little beginnings; Huge Impact” as part of the activities lined up for the celebration of the National MSME Week in Abuja.

She also added that MSMEs holds about 50 percent to the Gross Domestic Product (GDP) and can play a pivotal role in stimulating economic growth and providing employment to vulnerable groups such as youth, women, and the poor. Read more

The hype around bitcoin is dropping, and this is affecting demands and price of the most popular cryptocurrency. This was reflected in the decline of active addresses.

The digital coin has been experiencing a depleted performance since May this year following Tesla boss, Elon Musk’s tweet, which declared that bitcoin was no longer accepted by the carmaker.

Since the middle of second quarter 2021, holders have been selling off their possessions, and this has been driving down the crypto’s value. Read more

The  National Pension Commission (PenCom) said it recovered N608.55m from defaulting employers who deducted their workers monthly emoluments but failed to remit to their Retirement Savings Accounts with their respective pension fund administrators.

Out of this amount, the principal contribution of the workers was N162.3 million, while penalties of N446.17 million were recovered after a demand notice.

PenCom stated this in its first-quarter 2021 report obtained by Ripples Nigeria on Wednesday. Read more

The federal government, on Sunday said gas flaring in oil communities have been reduced by 92 percent, and those complaining are only exaggerating.

The Minister of State for Petroleum, Timipre Sylva, made this known while speaking at a forum in Abuja.

According to the Minister, gas flaring is no longer the major problem of our oil communities today. Read more

On NSE ROUNDUP: Investors pocket N160bn. Nascon, Ikeja Hotel among top gainers

Investors at the Nigerian capital market gained N160 billion gained N160 billion at the close of business on Friday.

Read also: BUSINESS ROUNDUP: Bitcoin investors lose $59.9bn; Dangote to invest in Cameroon’s oil market; Other stories

This followed a rise in market capitalisation from N19.75 trillion to N19.91 trillion at the end of the day’s business.

The All Share Index was up by 313.45 basis points and increased to 38,212.01 from 37,898.56 reported on Thursday. Read more

On the tech scene, we saw loaded week with a lot to talk about as startups such as Carbon, Cowrywise, Ogelle and Jiji featured amongst our major tech editorials.

During the week, we covered our Cowrywise secured new license from SEC to upgrade its service portfolio while Jijiacquired car marketplace Cars45.

For Carbon, the week’s milestone was the signing of a partnership deal with American multinational company, Visa. Read full review

Remarks

Thanks for joining the roundup this week. See you next week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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