BUSINESS ROUNDUP: Bitcoin investment grows by 16.7%; NNPC discovers oil in Nasarawa; other stories

Hello, and welcome to the 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:

· Bitcoin investment grows by 16.7%, as FTX recovers $5bn assets

· WEF raises concern about Nigeria’s economy, lists five risks for 2023

· Chevron dismisses rumors of planned exit from Nigeria

· MDAs owing N40bn electricity bills – EKEDC

· NNPC discovers oil in Nasarawa, to drill first well in March

Summary:

Bitcoin (BTC) appreciated in value this week on the back of fund recovery in bankrupt cryptocurrency exchange platform, Futures Exchange (FTX).

Bitcoin had closed January 8, 2023 with $17,074.62, but according to analysis of figures obtained from bitcoin price aggregator, CoinGecko, it closed Friday with $19,941.78.

The price tag of bitcoin increased by $2,867.16 during the period in review, and in similar fashion, Ripples Nigeria analysis showed that investment of BTC investors grew by 16.7 per cent within five days.

The Group Chief Executive of the Nigerian National Petroleum Company Limited (NNPC) Limited, Melee Kyari, said on Friday the company has discovered oil in Nasarawa State.

Kyari, according to a statement issued by the company’s spokesman, Garba-Deen Mohammad, stated this when the Nasarawa State Governor, Abdullahi Sule, led a delegation of prominent indigenes from the state on a courtesy visit to the NNPC headquarters in Abuja.

He said the discovery was the result of exploratory activities that confirmed the presence of substantial hydrocarbon resources in the state.

The Eko Electricity Distribution Company (EKEDC) said on Friday that Ministries, Departments, and Agencies (MDAs) are owing N40 billion in electricity bills as of December last year.

The Managing Director of EKEDC, Tinuade Sanda, disclosed this in a statement on Friday in Lagos.

She added that the company’s total unpaid debt by customers stood at N116 billion during the period.

Chevron Nigeria Limited (CNL) has dismissed rumours of its planned exit from the country.

In a statement issued on Thursday by its General Manager, Policy, Government and Public Affairs, Esimaje Brikinn, the oil firm restated its commitment to the country.

The statement read: “Please note that the allegation is untrue and does not represent the position of Chevron in Nigeria.

The World Economic Forum (WEF) has raised concerns about the health of the Nigerian economy and the tough job ahead for the country’s next president.

In a new report titled: “The Global Risks Report 2023,” published on its website on Wednesday, WEF said its submission on Nigeria was based on responses from 1,200 private-sector risk managers, public policy-makers, academics, and industry leaders across the world

Read also:BUSINESS ROUNDUP: Nigeria’s debt profile to hit N72trn; Train revenue drops to N734.47m amid terror attack; other stories

The organization listed terror attacks, debt crises, cost of living, severe commodity supply crises, rapid or sustained inflation, and unemployment or livelihood crises as the most immediate risks facing the country’s economy.

On NSE ROUNDUP: Investors gain N252.5bn as Nigeria’s capital market closes high

The Nigerian capital market closed on a high note on Friday with the equity capitalization rising by 0.89 per cent at the close of the day’s business.

This represented a N252.52 billion rise in market capitalization from N28.34 trillion to N28.60 trillion after eight hours of trading today.

In the same vein, the All Share Index appreciated by 463.63 basis points to close at 52, 512.48, up from 52,048.85 achieved by the bourse on Thursday.

On the tech scene, TikTok, Gebeya, Twitter, Flutterwave, Alibaba Group, Kakao Entertainment, Amazon, Jetstream were some of the names that made the headlines in the tech ecosystem this week.

African payment unicorn, Flutterwave, has announced plans to acquire UK fintech, Railsr.

Also, America’s e-commerce giant, Amazon, may return to laying off some of its staff members after its resolution to shut three UK warehouses.

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