Connect with us

Business

BUSINESS ROUNDUP: Hackers steal $150m worth of digital coins; IMF worried cryptos may displace nations’ currencies; Other stories

Published

on

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:

• Access Bank leads as Nigerian banks record over N3trn income in nine months
• IMF worried cryptos may displace naira, other currencies of developing countries
• Lagos state struggling to get investors for its N125bn bond
• Hackers steal $150m worth of crypto tokens on BitMart;

Summary:

Nigerian banks have posted a gross earning of N3.06 trillion in the first nine months of 2021, according to data collated from the third-quarter earnings of the banks from the Nigerian Exchange.

This is a N130 billion or 4.93% increase from the N2.93 trillion the banks made in the corresponding period of 2020

The banks reviewed included Zenith Bank Plc, Access Bank Plc, Guaranty Trust Bank Plc, Stanbic IBTC Bank, Sterling Bank Plc, Wema Bank Plc, United Bank for Africa Plc, Union Bank of Nigeria, First Bank and Fidelity Bank Plc.

The International Monetary Fund has expressed concern that cryptocurrencies would become a major currency in Nigeria and other developing countries.

It also added that the currency has made it very difficult to protect the world financial system.

The IMF disclosed this in a report titled, ‘Global Crypto Regulation Should be Comprehensive, Consistent, and Coordinated’ released on Thursday.

Three weeks after it was announced, the Lagos State Government is finding it difficult to convince investors to subscribe to its Series IV Bonds of up to N125 billion designed to help fix roads in the states.

The struggle to meet the target has seen the date for the closing of the offer scheduled for Friday, December 3rd. postponed at least two times.

In fact, Lagos state increased the yields to entice investors, the bond offering could still not get up to N100 billion in bids from potential investors.

READ ALSO: BUSINESS ROUNDUP: Bitcoin investors lose $193.13bn; World Bank criticizes CBN exchange policies; Other stories

BitMart, a cryptocurrency exchange, has lost $150 million worth of tokens to hackers at a period the cryptocurrency market was struggling to replicate its 2020 Q4 bullish run.

The attack on BitMart crypto wallets has forced the company to halt withdrawals by customers until further notice, a move made to prevent panic sell off on the exchange.

BitMart wallets storing Ethereum and Binance Smart Chain tokens were listed as some of the affected, while other wallets were declared safe by the firm on Monday.

On NSE ROUNDUP: NGX Roundup: Investors spend N26.90bn on stocks, First Bank, Sterling Bank top trades

Investors traded 2.630 billion shares worth N26.90 billion in 20,848 deals on the floor of the Nigerian capital market this week.

This surpassed the 1.278 billion shares valued at N17.340 billion that exchanged hands in 21,052 deals last week.

The week’s top three performing sectors were the Financial Services Industry, the Services Industry, and Consumer Goods Industry.

The Financial Services Industry traded 2.234 billion shares valued at N21.449 billion in 11,482 deals this week.

Meanwhile, on the tech space, uLesson, Teesas, Greenbles, HealthPlus, Equinix, GIG Mobility, and TradeDepot were some of the names that made the headlines this week.

Edtech startup, Teesas, during the week, signed and unveiled Nollywood filmmaker and producer, Mercy Johnson, as brand ambassador.

Also, African edtech startup, uLesson, secured fresh $15M led by Nielsen Ventures and Tencent.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now