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BUSINESS ROUNDUP: Twitter’s Jack Dorsey to mine bitcoin; Nigerian govt reveals borrowing plan for Q1, 2022; 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:

  • Super Eagles, 23 others to earn cryptocurrency in AFCON
  • Twitter founder, Jack Dorsey, to start mining bitcoin for crypto market
  • Nigerian govt reveals borrowing schedule for Q1, 2022
  • LCCI estimates cost from Twitter ban at N10.72trn

Summary:

The Lagos Chamber of Commerce & Industry (LCCI) has provided an insight on the huge losses incurred during the seven-month shutdown of twitter operation in Nigeria.

In a press statement on Friday, the Director-general of LCCI, Chinyere Almona put the total lost incurred at a whopping N10.72 trillion ($26.1billion.

The Federal government suspended the use of twitter in the country between June 5, 2021 and January 13, 2022.

The Nigerian government has announced the schedule for its domestic borrowing plans for the first three months of 2022 from citizens.

The Debt Management Office (DMO) of Nigeria released the calendar on its website on Friday.

The borrowing which comes as a form of bond, DMO said, is fully backed by all assets of the country.

According to the press release, the issuance for the quarter under review will be held on 19th January, 16th February, and 23rd March 2022 respectively.

Twitter founder, Jack Dorsey, is set to go into the business of mining bitcoin through its payment startup, Block, as the firm plans to make mining more accessible to interested individuals.

Dorsey had complained about the limited access to bitcoin mining in October, stating that mining was complex, and there wasn’t enough incentive for individuals to overcome the complexity.

His payment company, formerly known as Square, will now be providing mining essentials to bitcoin miners, according to Block’s general manager for hardware, Thomas Templeton.

Super Eagles players representing Nigeria at the ongoing African Nations Cup (AFCON) in Cameroon will receive payments in cryptocurrency throughout their stay in the tournament.

The Central Bank of Nigeria (CBN) had last year banned trading in cryptocurrency in the country.

Although the Nigerian Football Federation (NFF) will pay the players in Naira for wearing the country’s colours at AFCON, some of them will earn crypto for their exploits in Africa’s flagship soccer tournament due to the involvement of the world’s largest cryptocurrency exchange, Binance, in the tournament.

On NSE ROUNDUP: Transcorp, Hallmark Insurance among top gainers as investors trade stocks worth N3.65bn

Investors at the Nigerian capital market lost N2.20 billion as the bourse slipped back to the bearish territory after eight hours of trading on Thursday.

This followed the drop in equity capitalization from N24.034 trillion to N24.032 trillion on Thursday.

Read also: BUSINESS ROUNDUP: Nigerian govt insists on removal of fuel subsidy; Bitcoin holders lose $50.34bn; Other stories

The All-Share Index was down by 4.08 basis points to close at 44,604.74 compared to 44,608.82 posted on Wednesday. Investors traded 321.75 million shares valued at N3.65 billion in 4,565 deals on Thursday.

On the tech scene this week, Imerging Careers, Tawfeer Market, Lipa Later, SeamlessHR, Bolt and ThankUCash were some of the names that made the headlines.

Lagos-based ICT career development institute, Imerging Careers, has launched a 9 month code bootcamp for young Nigerians looking to enter into the tech industry.

Also, during the week, SeamlessHR, a Nigerian HR technology startup, has announced closing a US$10 million Series A funding round.

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