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Over 200K BTC now stored in Bitcoin ETFs and other institutional products

Bitcoin (BTC) investment vehicles are seeing “gargantuan” inflows this month, which is a fresh sign that traders’ appetite for BTC exposure is mounting. Data from monitoring firm Arcane Research published this week shows that Bitcoin exchange-traded products (ETPs) now have record high BTC under management. “Happier days” for Bitcoin ETPs as buyers pile in Despite BTC price action failing to draw in buyers at over 50% below all-time highs, not everyone is feeling risk-off. According to Arcane’s data, Bitcoin ETPs have seen a flurry of interest from institutional investors both this month and last. In total, Bitcoin ETPs, which include products such as the ProShares Bitcoin Strategy exchange-traded fund (ETF), now have 205,000 BTC under their control — a new record. “While the M...

Matt Zhang on a mission to reinvent crypto for institutional investors

Institutional interest in cryptocurrencies is increasing as the space continues to mature. A survey released on Dec. 8 by European investment manager Nickel Digital Asset Management found that 85% of institutional investors and wealth managers have dedicated teams to review cryptocurrencies and digital assets. The study noted that the investors surveyed manage around $108.4 billion in assets. The London-based firm also released a report in September of this year showing that 62% of global institutional investors with zero exposure to cryptocurrencies expect to make their first crypto investments within the next year.  It’s also notable that Wall Street veterans are beginning to enter the crypto industry. Most recently, Matt Zhang, a former trading executive at the global bank Citi, la...

NSITF raises N180 billion from employers’ enrollment in 10 years

The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Dr. Michael Akabogu, has revealed that the agency has raised N180 billion from employers’ enrollment from July 2011-May 30, 2021. He also said that plans were afoot to plug revenue leakages, even as he warned the public to be wary of fraudsters masquerading as agents of NSITF. At an interactive session with Finance Journalists in Abuja on Thursday, Akabogu also stated that the scheme has registered almost 200,000 employers. Out of this number, 170,000 employers are actively involved in the scheme by making their contributions steadfastly. He added: “We have collected both from the private sector who have contributed about 80% of the total revenue and we have collected from the government and all other agencies, so we...

AfreximBank to support Ogun infrastructural development with $200 million

The African Export-Import Bank (Afrexim) has disclosed its plans to support infrastructural development in Ogun State with an envelope of $200m. The fund, according to the bank, will be dedicated towards projects and other developmental initiatives embarked upon by the incumbent administration in the state. The President and Chairman of the Board of Directors of the Afrexim Bank, Benedict Oramah, who made this known when he led management of the bank on a courtesy visit to Governor Dapo Abiodun at his Oke-Mosan Office, Abeokuta, on Monday, equally said the bank would partner Ogun on ensuring that the 250-bed Specialist Hospital, Abeokuta, is completed and begin operations soon. Oramah, while noting that the bank has been investing heavily in the health sector in Africa to develop vaccines ...

Canada, Germany, EU, others funding farming in northeast Nigeria

The People and Government of Canada, the European Union Trust Fund for Africa, the European Civil Protection and Humanitarian Aid Operations, the Federal Republic of Germany, the Kingdom of Norway and the Kingdom of Sweden are funding the 2021 rainy season farming in troubled North-east of Nigeria. The funding, which is implemented through the Food and Agriculture Organisation of the United Nations (FAO), is providing farming inputs to 65,800 farmers in Borno, Adamawa and Yobe States adversely affected by over a decade Boko Haram insurgency. A statement on Friday by FAO recognized that the rainy season farm cultivation is critical to food production in Nigeria, as it ensures food availability and income generation, especially for smallholder and low-income households. The statement read: “...

President Buhari approves employment for families of slain NYSC members

President Muhammadu Buhari has approved automatic employment in the Federal Civil Service for one graduate from each of the immediate families of the 10 slain National Youth Service Corps (NYSC) members in 2011 in Bauchi State. Minister of Youth and Sports Development, Mr. Sunday Akin Dare, who disclosed this on Tuesday said the President also approved scholarships to the four children of Mr. Adowei Elliot, a Delta State indigene killed during the post-election violence. Dare announced these during the inauguration of the National Governing Board of the NYSC on Tuesday in Abuja. The 10 Corps members were killed in Bauchi State in some northern states following the 2011 election won by former President Goodluck Jonathan. In a statement by the Director of Press and Public Relations in the Mi...

Coronavirus: Kwara governor urges resident to remain vigilant

The Kwara State Government has urged citizens of the state to remain vigilant and protect themselves against Covid-19 infection despite the government’s success in containing the disease. The Kwara State Governor, AbdulRahman AbdulRazaq, expressed this yesterday while receiving the Nigeria Covid-19 Action Recovery and Economic Stimulus Committee. Represented by his Deputy, Mr Kayode Alabi, the Governor said Covid – 19 has wreaked havoc in the world but had been contained by State Government’s proactive intervention and public support. AbdulRazaq applauded the Federal Government’s NG CARES Initiative for prioritising the vulnerable and cushioning the effect of Covid – 19 by supporting each state with 20 Million Dollars in World Bank Group grants. The Governor assured Kwarans of proper use o...

PDP: OGSIEC plotting to shut us out of Ogun council poll

The Ogun chapter of Peoples Democratic Party has accused the Chairman of the State Independent Electoral Commission, OGSIEC, Barr. Babatunde Osibodu, of meddling in the affairs of the party. Alh Sikirulai Ogundele, Ogun chairman of PDP said this during a press conference at the Ogun NUJ Secretariat, Okelewo, Abeokuta. Ogundele who was accompanied by some aggrieved members of the party, said there was a renewed calculated attempt by OGSIEC to keep meddling in the affairs of the party by deliberately obstructing the cause of justice as far as PDP’s participation in the forthcoming LG election is concerned. He said this was in spite of the fact that that the party had gone through a phase of robust reconciliation of all interests while verifiable documents have been submitted to properly guid...

Aston Villa set to break transfer record with Emi Buendia signing

Aston Villa are set to break their transfer record for the third consecutive summer window after agreeing a £30,000,000 initial fee with Norwich City for Emi Buendia. The transfer will include a number of add-ons and a sell-on fee should the Argentina international move on from Villa Park in the future. It is thought that the deal offered by Aston Villa was too good to refuse, with the deal set to potentially rise to £40,000,000 in the future. It marks a huge profit for Norwich City, who signed Buendia for £1,500,000 from Spanish side Getafe. It is thought that Emi Buendia has agreed personal terms today whilst away with the Argentina national team, while also completing his medical. When the transfer is set to be officially announced remains to be seen, but it is a sign of Aston Villa’s c...

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