Trading News Now! US Government Faces Impending Debt Crisis

The US government is facing a looming possibility of running out of funds in the coming weeks unless it authorizes additional borrowing. This raises the question of how we arrived at this critical juncture. Recently, US President Joe Biden held a crucial meeting with Republican House Speaker Kevin McCarthy to revive negotiations on the budget, which carries significant implications. The potential consequences of failing to reach an agreement on raising the debt ceiling, also referred to as the borrowing limit, are dire, with predictions of global financial turmoil and the risk of a US debt default. To learn more continue reading the latest edition of our traders digest

US Debt Ceiling: Risks of Default and Economic Consequences The debt ceiling, also known as the debt limit, is a legal restriction on the total amount of money that the government can borrow to cover its expenses. This encompasses various crucial obligations such as federal employee salaries, military funding, Social Security, Medicare, interest on the national debt, and tax refunds. Periodically, the US Congress votes to raise or suspend the debt ceiling to enable additional borrowing. Currently set at approximately $31.4 trillion, the debt limit was surpassed in January, prompting the Treasury Department to employ «extraordinary measures» to provide temporary funding while a solution was sought. Typically, raising the debt limit is a routine procedure for Congress, but this time, agreement on the terms has proven elusive. Treasury Secretary Janet Yellen has issued a warning that without an increase in borrowing, the US government will face a shortfall in meeting its financial obligations as early as June 1. This unprecedented situation raises concerns about significant economic repercussions. Failure to raise the debt ceiling would result in the government being unable to pay federal and military salaries, halt Social Security payments relied upon by millions of pensioners, and jeopardize organizations reliant on government funds.

Moreover, a default on interest payments on the national debt would have severe consequences, potentially causing disruptions in the financial system where over $500 billion of US debt is traded daily. In the event of a prolonged stalemate, Moody’s Analytics predicts a nearly 20% decline in stock prices, an economic contraction of more than 4%, and the loss of over seven million jobs. The implications of a US debt default and the ensuing economic damage make reaching a resolution imperative for the stability of both national and global financial markets. In the long run, if investors perceive US debt as increasingly risky, they will demand higher interest rates when lending money to the US government. As government borrowing significantly influences interest rates across the economy, this would have a ripple effect, leading to higher borrowing costs for individuals seeking loans for homes, cars, and other purposes. There have been discussions regarding the possibility of the government prioritizing interest payments to prevent a debt default. However, politically, it is challenging to justify a situation where financial institutions, pension funds, and foreign investors receive their payments while retirees and other groups are left unpaid.

Advertisement

APPEAL COURT PRESIDENT TO UNVEIL THE ELECTION PETITION AGAINST NIGERIA PRESIDENT ELECT BY MAY 8

Appeal Court President to unveil Presidential Election Petition Tribunal panel May 8

The stage is now set for the President of the Court of Appeal, Justice Monica Bolnaan Dongban-Mensem to formally unveil members of the Presidential Election Petition Tribunal (PEPT) that would adjudicate on all petitions filed against the declaration of Bola Ahmed Tinubu and the All Progressives Congress (APC) as winners of the disputed 2023 Presidential election.

The unveiling of the tribunal members slated for Monday, May 8, 2023, would be carried out at the Court of Appeal Headquarters in Abuja.

Justice Dongban-Mensem since the presidential election result was made public, kept the names of the tribunal members to her chest to avoid undue influence on them.

The unveiling of the tribunal is coming on the heels of the Action Alliance (AA) and its Presidential Candidate in the election, Solomon David Okanigbuan notifying the tribunal of their intentions to withdraw their petition against the declaration of Tinubu as Nigeria’s President-elect.

The notice of withdrawal of the petition would be tabled before the Presidential Election Petition Tribunal (PEPT) on May 8th during the inaugural sitting at the Court of Appeal Headquarters in Abuja.

A motion on notice for the withdrawal of the petition marked CA/PEPC/01/2023 obtained by DAILY POST showed that it has been slated as the first assignment of the tribunal.

Aside from Tinubu, others listed as respondents in AA’s petition are the Independent National Electoral Commission (INEC), All Progressives Congress APC and Hamza Al Mustapha.

However, other petitions slated for the pre-hearing session are those of the Action People’s Party (APP) marked CA/PEPC/02/2023, which has Bola Ahmed Tinubu, the All Progressives Congress (APC) and the Independent National Electoral Commission (INEC) as three respondents.

It would be followed by that of Peter Gregory Obi and the Labour Party (LP) marked CA/PEPC/03/2023 with INEC, Senator Bola Ahmed Tinubu, Senator Kashim Shetima and APC as four respondents.

A Cause List of the tribunal for May 8th sighted by DAILY POST showed that the Allied People’s Movement (APM) would proceed with its petition marked CA/PEPC/04/2023 against Tinubu.

Defendants in APM’s petition are INEC, APC, Bola Ahmed Tinubu, Kashim Shetima and one Kabir Masari.

DAILY POST learned that the petition by Abubakar Atiku and the People’s Democratic Party (PDP) marked CA/ PEPC/05/2023, would be treated last and has INEC, Tinubu Bola Ahmed and the APC as three respondents.

Our correspondent observed that the Court of Appeal’s Main Court Hall to be used by the tribunal has been locked up as part of security measures while security operatives have been deployed to the premises to ward off possible security breaches during the proceedings.

It was also gathered that all parties in the five petitions have been served with hearing notices through the Chambers of their respective lawyers.

Money Gone From Your Account? How To Contact CBN And Recover Your Mone

Numerous bank customers have bemoaned the disappearance of funds from their accounts.

Several people have yet to receive their money back from their banks, however some have received resolution from their banks.

These measures will assist you get the Central Bank of Nigeria’s attention if your bank refuses to repay your money.

When to make a complaint about your bank to the CBN This article is based on the premise that you have already lodged your complaint before your bank and do not seem to have gotten a resolution. The CBN expects the customer to direct his/her complaint to the bank/branch where the issue originated and then allow for a period of 2 weeks to a month, depending on the complaint to be resolved. If the bank fails to engage the customer or resolve the complaint within 2 weeks or 30 days as the case may be, then the complaint must be reported to the Consumer Protection Department (CPD) of the CBN. CBN’s Consumer Protection Department’s contact The CPD attends to all financial-related complaints against financial institutions including commercial banks, microfinance banks, discount houses, and primary mortgage institutions. The CPD can be contacted via the following channels

Email: cpd@cbn.gov.ng Phone call: +234 7002255226 Customers can lodge a complaint directly on the CBN website via this link.

Letter: Director, Consumer Protection Department, Central Bank of Nigeria, Central Business District, Abuja. Note: Your letter can be submitted at the CBN headquarters mentioned above or at any of its branches nationwide. How to write a concise and effective complaints letter to CBN The CBN recommends that your letter must be concise and direct, containing the following information: Name, Address, Contact Phone Number & E-mail of the Complainant; Name of your Financial Institution; Personal banking details (Do NOT include PIN & Passwords, please;) History/Date of the transaction in dispute; Amount claimed (if any); Attach relevant documents to support your claim and; Evidence to show that you have first lodged the complaint at your bank. Interestingly, the CBN does not give a timeline for which your complaint will be resolved, but it is believed this will be done within the most reasonably possible time. Interestingly, the CBN does not give a timeline for which your complaint will be resolved, but it is believed this will be done within the most reasonably possible time.

Trading News Now! BRICS Currency Could Threaten Dollar Dominance.

The BRICS nations are poised to challenge the dominant position of the U.S. dollar as they converge in Cape Town on June 2-3 to discuss de-dollarization and potential expansion. With 19 countries expressing interest in joining the bloc, including Algeria, Argentina, Egypt, Iran, Mexico, Saudi Arabia, Turkey, and several African countries, the rapid expansion could signal a shift away from Western supremacy. If the dollar is no longer used for foreign trade, U.S. sanctions may lose their impact, potentially changing the global economic landscape. To learn more continue reading the latest edition of our traders digest. BRICS New Development Bank Breaks Away From US Dollar The New Development Bank (NDB), established by the BRICS group, is taking a bold step away from the U.S. dollar in international trade, as confirmed by NDB President Dilma Rousseff. The bank plans to provide 30% of its loans in the local currencies of its member nations, challenging the dominance of the U.S. dollar and reducing dependency on it. Rousseff, who took over the NDB leadership in March 2023 after serving as Brazil’s president from 2011 to 2016, believes that utilizing local currencies is crucial in avoiding foreign exchange risks and financial shortages that can hinder long-term investments. In an interview with Chinese media outlet CGTN, Rousseff shared her vision for the NDB’s currency strategy, stating, «It is necessary to find ways to avoid foreign exchange risk and other issues such as being dependent on a single currency, such as the U.S. dollar.» Under this initiative, the NDB will commit 30% of its loan book to be financed in the currencies of BRICS member countries, including Brazil, Russia, India, China, and South Africa. Rousseff highlighted China and Brazil as examples of countries that have already embraced trading in their respective currencies, the Chinese yuan and the Brazilian real. The BRICS members, characterized as industrialized developing countries with large and emerging economies, represent over half of the world’s population. With a combined gross domestic product of $13.6 trillion and foreign exchange reserves totaling $4 trillion, the bloc’s wealth and power are on the rise. In response to the West’s frequent use of sanctions as an economic weapon, BRICS is taking steps to establish its own financial institutions, challenging the dominance of institutions like the World Bank and the International Monetary Fund. This move has garnered significant interest from countries facing sanctions, such as Iran and Turkey, who have submitted membership applications.

   The admission of new members into BRICS will further enhance the prestige and influence of the bloc, making it a formidable economic force for countries seeking independence from Western hegemony. To facilitate this process, the New Development Bank was established by BRICS as a counterweight to the International Monetary Fund and the World Bank, underscoring the bloc’s determination to assert its financial autonomy and promote economic cooperation among its members.

10 Best Free to Air Decoders in Nigeria and Their Prices

Nigeria, being Africa’s most populous country, has a diverse and vibrant television and radio broadcast landscape. Free-to-air decoders provide millions of Nigerians access to local and international TV and radio stations without the need for monthly subscriptions. In this article, we will explore the 10 best free-to-air decoders in Nigeria and their prices.
Strong SRT 4954/4955 The Strong SRT 4954/4955 is a popular option among free-to-air decoders in Nigeria. It offers a plethora of channels, including both local and international options. It supports MPEG-4, HD, and DVB-S2 standards, making it compatible with most satellite services. The price for the Strong SRT 4954/4955 ranges from ₦12,000 to ₦15,000.
QSAT Q28G QSAT Q28G is a versatile decoder offering a wide range of satellite channels. It supports HD and SD channels and has a built-in IPTV functionality. The decoder is compatible with multiple satellite services and is available at an affordable price of ₦15,000 to ₦20,000.
Alphabox X6+ Combo The Alphabox X6+ Combo is a high-quality decoder that supports MPEG-4, DVB-S2, and HD standards. This decoder offers a wide range of channels, including Nigerian and international stations. The Alphabox X6+ Combo is priced between ₦10,000 and ₦13,000.
Satlink WS-6906 The Satlink WS-6906 is a reliable and user-friendly free-to-air decoder. It is compatible with DVB-S and MPEG-2 standards, and supports a wide range of channels. The price for the Satlink WS-6906 ranges from ₦18,000 to ₦22,000.
Gsky V5 HD The Gsky V5 HD is a premium free-to-air decoder that supports MPEG-4, HD, and DVB-S2 standards. It offers a wide range of channels, including Nigerian and international options. The Gsky V5 HD is priced between ₦20,000 and ₦25,000.
Freesat V7 Max The Freesat V7 Max is a high-quality decoder that supports MPEG-4, HD, and DVB-S2 standards. It offers an extensive channel list and is compatible with most satellite services. The Freesat V7 Max is priced between ₦10,000 and ₦15,000.
Starsat SR-2000HD The Starsat SR-2000HD is a versatile decoder that supports MPEG-4, HD, and DVB-S2 standards. It offers a wide range of channels, including Nigerian and international options. The Starsat SR-2000HD is priced between ₦22,000 and ₦28,000.
Openbox Z5 Mini The Openbox Z5 Mini is a compact and affordable decoder that supports MPEG-4, HD, and DVB-S2 standards. It offers a wide range of channels and is compatible with most satellite services. The Openbox Z5 Mini is priced between ₦8,000 and ₦12,000.
Tiger T3000 The Tiger T3000 is a feature-rich decoder that supports MPEG-4, HD, and DVB-S2 standards. It offers a wide range of channels, including Nigerian and international options. The Tiger T3000 is priced between ₦35,000 and ₦40,000.
Hellobox V5 HD The Hellobox V5 HD is a high-quality decoder that supports MPEG-4, HD, and DVB-S2 standards. It offers an extensive channel list and is compatible with most satellite services. The Hellobox V5 HD is priced between ₦15,000 and ₦20,000.
In conclusion, there is a wide range of free-to-air decoders available in Nigeria that cater to different budgets and offer an extensive array of channels. Before purchasing a decoder, ensure it supports the necessary standards and is compatible with your preferred satellite services

Meet 5 Man Panel To Decide Peter Obi’s Petition Against Tinubu

Meet 5 Man Panel To Decide Peter Obi’s Petition Against Tinubu

The petitions challenging the 2023 presidential election will be determined by the Presidential Election Petition Tribunal, PEPT, Court sitting at the Court of Appeal in Abuja.

The PEPT which is the court of first instance and has jurisdiction in presidential-election-related petitions will be manned by selected Court of Appeal judges.

The Chief Justice of Nigeria (CJN), Justice Olukayode Lateef Ariwoola had late last year inaugurated two hundred and seventy-seven election petitions tribunal judges to preside over matters relating to 2023 governorship, national and state assembly elections.

The presidential election petition tribunal judges are yet to be officially declared.

ALSO READ: Peter Obi Won 2416 Polling Units Result Altered In Gombe And 1568 In Kaduna

So far, there are five petitions against the presidential election which are from Peter Obi and the Labour party, Atiku Abubakar and Peoples Democratic Party, Action Alliance (AA) and its presidential candidate Mr Solomon Okangbuan Allied People’s Movement (APM) and its presidential candidate, Princess Chichi Ojei and Actions Peoples Party.

According to The Whistler, exclusively gathered from an official familiar with developments within the Court of Appeal and the National Judicial Council (of which the Court of Appeal president is a member), that the panel of judges that had already begun sitting on motions-exparte earlier filed by respective petitioners is most likely to be retained to continue presiding over the case when pre-hearing and full hearing sessions begin at the PEPT.

The panel of judges from the Court of Appeal who had presided over motions involving the 2023 presidential election and may be in the 2023 Presidential Election Petition Tribunal, PEPT panel are below:

JUSTICE HARUNA SIMON TSAMMANI

Tsammani (64) from Bauchi state was appointed to the Court of Appeal on 16th July 2010. He served as the Chairman of the three-man panel that granted Obi and Atiku’s motions to serve Tinubu their petitions by substituted means. He graduated from the Nigerian Law School, Lagos in 1983 and started out as High Court judge, in Bauchi state on 17th September 1998.

Tsammani has presided over various election and financial matters as a judge.

One of those cases is a petition filed by the former Governor of Oyo State, Abiola Ajimobi, challenging the judgment of the 2019 Election Petition Tribunal which had on November 19 same year upheld PDP’s Kola Balogun as the winner of the senatorial election for Oyo South held on February that year.

Balogun was said to have polled a total of 105,720 votes to defeat Ajimobi who garnered 92,218 votes but the latter disagreed and approached the Court of Appeal in Ibadan for redress.

Ajimobi based his petition on the allegation that his PDP counterpact was not qualified to represent his party at the election.

But Justice Haruna Tsammani who prepared the lead judgment dismissed Ajimobi’s petition for lacking in merit, holding that a person who was not part of a political party has no right to challenge the outcome of its primary election.

JUSTICE STEPHEN JONAH ADAH

Adah (66) served as a member of the three-man panel that granted Obi and Atiku’s motions to serve Tinubu their petitions by substituted means. He is from De-Kina LGA of Kogi State. He passed out from the Nigerian Law School in 1982 and became a Federal High Court judge on November 12, 1998 prior to his promotion to the Court of Appeal on November 5, 2012.

Adah has passed verdicts on several cases and one of his landmark decision was in the appeal filed by the Economic and Financial Crimes Commission in 2020 against a trial court’s decision which partially upheld the no-case submission filed by former President Goodluck Jonathan’s cousin, Robert Azibaola.

The antigraft agency had instituted $40 million money laundering charges against him.

But Adah dismissed the appeal saying EFCC could not prove the allegation beyond reasonable doubt.

“The trial court was in order to discharge and acquit Azibaola and his company in counts 1,4,5,6,7,8 and 9 because offences of money laundering were not sufficiently proved, nor did the prosecution establish any prima facie case against the respondents.

“We have gone through the records and found that the appeal is lacking in merit, the appeal is hereby dismissed and the Judgment of the lower court upheld”, Mr Adah said.

JUSTICE ABBA BELLO MOHAMMED

Mohammed (62) from Kano State was part of the three-man panel that granted Obi and Atiku’s motions to serve Tinubu their petitions by substituted means.

He finished the Nigerian Law School in 1985 and was appointed as a judge of the High Court of the FCT in 2010. After serving for about 10 years, he was promoted to the Court of Appeal on the 28th of June 2021.

Justice Mohammed presided over the Nasarawa State Governorship Election Tribunal in 2019.

The PDP governorship candidate in the 2019 general election, Hon. David Emmanuel Ombugadu had sued INEC and Governor Abdulahi Sule of the All Progressive Congress (APC).

But Justice Mohammed dismissed the petition for lacking in merit , holding that the petitioner’s allegation of over-voting and electoral violence could not be substantiated.

JUSTICE JOSEPH IKYEGH

Justice Joseph Shagbaor Ikyegh(65) who hails from Benue State, led the PEPT panel that ordered the Independent National Electoral Commission to allow Atiku and Obi to inspect the electoral materials used during the presidential election.

He graduated from the Nigerian Law School, Lagos in 1980 and became a Judge of the High Court, Benue State on March 27, 1991 before his appointment as a Court of Appeal Justice on July 16th, 2010. Interestingly, Ikyegh was part of the 5-man panel that presided over the presidential election petitions in 2019 between Atiku and President Muhammadu Buhari.

The panel dismissed the Atiku’s case.

JUSTICE MONICA BOLNA’AN DONGBAN-MENSEM

The Court of Appeal president, Dongban-Mensem(66) finished at the Nigerian Law School, Lagos State in 1980. She was appointed judge of the FCT High Court in 1993 and ten years later, got into the Court of Appeal (25th June 2003).

She is an authority in Criminal and Civil Procedure Law, Legislative Drafting, Constitutional and Administrative Law among others.

One of the high-profile cases she presided over was that of the former chairman of the federal House of Representatives ad-hoc committee on fuel subsidy, Farouk Lawan.

Lawan was sentenced to seven years imprisonment on June 2021, by the FCT HIgh Court having found him guilty of bribery in 2012 following a three-count charge filed against him by the Independent Corrupt Practices Commission (ICPC).

But he appealed to the Court of Appeal.

In its verdict in 2022, a three-member panel led by Appeal Court President, Monica Dongban-Mensem, said the ICPC did not prove its allegations in counts 1 and 2 which bordered on how Lawan allegedly demanded $3 million from business mogul Femi Otedola to remove his company from the list of defaulters in the fuel subsidy scam.

She added that the trial court’s decision on the two counts cannot stand.

By the judgment, Lawan’s jail term was reduced from seven to five years.

Checks showed that aside from Justice Ikyegh, the 5-man panel of Justices that presided over the 2019 Presidential election petitions have all left the Court of Appeal except Justice Peter Ige who would be retiring on July 12, 2023, having attained retirement age of 70.

Since the Tribunal has 180 days from the conclusion of the election to constitutionally conclude election-related petitions, it is not certain that Ige would be in the 2023 panel.

Drawing from the previous pattern or tradition of the Court of Appeal where its former President, Justice Zainab Bulkachuwa earlier led the 2019 PEPT panel, it is most likely that the current president, Justice Monica Dongban-Mensem may agree to lead the 2023 PEPT Tribunal.

Although Bulkachuwa had to recuse herself from the 2019 PEPT following a petition by the PDP that alleged she would not give justice in the case because her husband was a senator-elect under the APC.

As disclosed on the Court of Appeal website, there are currently 77 Justices of the appellate court.

The most senior judges after Dongban-Mensem are: Justices Raphael Chikwe Agbo(2), Jimi Olukayode Bada(3), Oyebisi Folayemi Omoleye (4), Ahmad Olanrewaju Belgore(5), Jummai Hannatu C. Sankey (6), Ali Abubakar Babandi Gumel (7), Uzoamaka Ifeyinwa Ndukwe-Anyanwu (8), Chidiebere Nwaoma Uwa (9),Chioma E. Nwosu-Iheme (10), Theresa Ngolika Orji-Abadua (11), Joseph Shagbaor Ikyegh(12) and Haruna Simon Tsammani (13).

Since the five-man panel of the 2019 PEPT were seniors in the appellate court at the time (most of whom have retired after proceeding to the Supreme Court), it is likely that selection into the 2023 presidential panel will follow suit.

CBN Approves 17 Companies as Mobile Money and PoS Operators in Nigeria

The Central Bank of Nigeria has released the names of licensed mobile money operators in Nigeria
The mobile money operators are empowered to operate PoS Services in the country
In a recent guideline issued by CBN, the bank barred commercial banks from running PoS services in the country
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!

Due to the recent hiccups experienced by bank customers and their inability to use mobile apps and other digital touchpoints, Nigerians have begun the search for alternatives as fintech firms have taken over the ecosystem and provided better experiences.

These licensed mobile operators have provided relief to many Nigerians at the time of unprecedented transaction failures.

Governor of the Central Bank of Nigeria, Godwin Emefiele Credit: NurPhoto / Contributor
Source: Getty Images
CBN allays customers’ worries
The mobile money operators offer incentives such as zero transfer charges and daily rewards to customers.

READ ALSO

Access Bank partners AfriGOPay to provide first National Domestic Card developed by CBN

PAY ATTENTION: Follow us on Instagram – get the most important news directly in your favourite app!

Many customers on these platforms are concerned about the legality of the platforms and wonder if they are authorised or licensed to operate in Nigeria.

The worries have prompted the apex bank to draw up a list of authorised operators in the financial ecosystem.

The development comes as the CBN barred bank agents from offering PoS services.

CBN releases guidelines for PoS operations
CBN released the regulatory framework for agent banking operations, which includes several restrictions to mitigate risks in the financial sector.

The guideline was announced in a circular titled Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria, signed by Musa I. Jimoh, the director of the Payments System Management Department.

In the 31-page document, the CBN dedicated Section 8.3 to outline prohibited activities for agents.

READ ALSO

CBN sets new rules, approves 10 digital banks to operate as microfinance bank in Nigeria

Vanguard reports that one of the key restrictions in the guideline is that agents must not use the purchase option on PoS terminals for cash-in and cash-out transactions.

The CBN has also warned agents against transactions where a receipt or acknowledgment cannot be generated. In addition to the abovementioned restrictions, the circular prohibits agents from conducting transactions in foreign currency. Agent banking is a financial inclusion service that aims to extend the reach of retail banking services to all segments of the population, especially residents of rural areas.

The service providers include First Monie, EcoBank Express, UBA Moni, Zenith Mobile Money, and others. The CBN has observed that the agent banking initiative has led to the proliferation of financial service agents across Nigeria.

Reports say a significant and growing portion of financial transactions is now conducted through agents.

Approved mobile money operators
Abeg Technologies Limited
Chams Mobile Limited
eTranzact International Limited
Fortis Mobile Money Limited
Funds And Electronic Transfer (FETS) Limited
Hedonmark Management Services Limited
Pagatech Limited
Palmpay Limited
Parkway Projects Limited
Teasy International Company Limited
NowNow Digital Systems Limited
VTNetwork Limited
Xpress MTS Limited
Kongapay Technologies Limited
Visual ICT Limited
READ ALSO

CBN releases new rules for banks, other financial institution looking to upgrade, expand services

Supreme Court ruling: PoS charges fall by 90% as CBN awaits legal advice
Legit.ng reported that there has been a charge crash by Point of Sale operators following the Supreme Court ruling of Friday, March 3, 2023, which says that N200, 500, and N1000 notes should remain legal tender until December 31, 2023.

Feelers from the public indicate that PoS operators began to reduce their charges on cash withdrawals by about 90 per cent as banks make more cash available to their customers.

The apex court ruling triggered the fall as more bank customers could access cash across the counter and at ATMs.

See What CBN Is Saying About Palmpay, OPAY Accounts

At a time like this where a lot of unverified information is circulating, one must find out what is the truth before passing such information around.

The Central Bank of Nigeria (CBN) has played the role of a good father by coming out to debunk the unfounded rumors that the accounts of some Fintech companies like OPAY and PALMPAY had been suspended.

Speaking on what it described as fake news, the Acting Director, of Corporate Communications of CBN, Isa AbdulMumin, on Friday, March 24, in Abuja, debunked the rumours saying the viral news “is simply fake’’.

The viral news credited to AbdulMumin claimed that the CBN was about to suspend accounts of the Fintech companies because they were being used to perpetrate fraud.

The viral news partly read: “Please if you are using OPAY, PALMPAY, or any of these CHINA APPs or their POS, stop keeping much money in the account or stop using it.

“The CBN is about to suspend their accounts because these apps are being used to perpetrate fraud.”’

Meanwhile, OPAY and PALMPAY had in separate social media messages denied being under the radar of the CBN.

OPAY had stated that “the post mentioning the CBN shutting down our operations is false and misleading to the general public”.

PALMPAY also posted a similar disclaimer stating: “We are aware of news currently being spread on social media about CBN shutting down the operations of PALMPAY”.

The company says the claim is a false.

BREAKING! Nollywood Actor Yul Edochie lost Son, Kambilichukwu.

A very disturbing report just coming in indicate that Nollywood actor, Yul Edochie has lost his first son, Kambilichukwu Edochie.
 
It was gathered that Yul’s first son was rushed to the hospital after falling unconscious.
 
May’s sister who was at the scene said the boy read throughout the night preparing for his exam today. After his exam in school, he joined his mates to play football and that’s when he developed a seizure and was rushed to Mother and Child Hospital. All efforts by the doctors to resuscitate him proved abortive, the report added.
 
This is coming two months after Yul Edochie and his first wife May, celebrated their first son and second child as he turned 15; showering encomiums and blessings on him.
“My first son just turned 15. Happy birthday to you Kambi Leo Yul-Edochie. Many more great years I wish you with loads of accomplishments and greatness. May God be with you always. Daddy loves you,” his father wrote on Instagram
Yul, the last child of veteran actor, Pete Edochie, married his wife, Mary, at 22 after they both dated for six years. He followed in his father’s footsteps and debuted in the movie industry a year after his marriage.
 
FACEBOOK TWITTER PIN IT LINKEDINBUFFER WHATSAPP
New Posts
EFCC arraigns ex-ABU VC, Bursar for alleged N1bn fraud❚ 0 0
Iwuanyanwu’s remark targetted at MC Oluomo, not Yorubas – Ohanaeze apologises to Afenifere❚ 0 0
Ex-Assembly speaker seeks increased FG presence in Taraba❚ 0 0
Related Posts
Nigerian Pastor Shares Edited Photo Of Blessing CEO’s One-Legged Outfit (Photos)❚ 0 2
“A Big Lesson After Elections”: PSquare Brothers Buy New Houses Abroad (Photos)❚ 0 0
Paul Okoye acquires new house in Atlanta (Photos)❚ 1 0
JAMESANY
Emeh James Anyalekwa, is a Seasoned Journalist, scriptwriter, Movie producer/Director and Showbiz consultant. He is the founder and CEO of the multi Media conglomerate, CANDY VILLE, specializing in Entertainment, Events, Prints and Productions. He is currently a Special Assistant (Media) to the Former Governor of Abia State and Chairman Slok Group, Dr. Orji Uzor Kalu. Anyalekwa is also the National President, Online Media Practitioners Association of Nigeria (OMPAN) https://web.facebook.com/emehjames
 
 
PLEASE GIVE US YOUR VALUABLE COMMENT
Comment *
Name
*
Email
*
 
Recent Posts
EFCC arraigns ex-ABU VC, Bursar for alleged N1bn fraud❚ 0 0
Iwuanyanwu’s remark targetted at MC Oluomo, not Yorubas – Ohanaeze apologises to Afenifere❚ 0 0
Ex-Assembly speaker seeks increased FG presence in Taraba❚ 0 0
Make any unauthorised advert on NYSC, face full weight of law – Management warns❚ 0 0
BREAKING: Fire guts Olowu spare parts market in Lagos❚ 0 0
Most Liked
JUST IN!!! TimesofIsrael Nominates Nnamdi Kanu for Jewish Nobel Prize❚ 277 68
Gov. Wike Disobeys Buhari!!! Says: “We Are Ready For War, I Don’t Take Orders From Abuja!”❚ 203 121
Happy Birthday To Popular Nigerian Writer, Chimamanda Adichie As she Celebrates Her 41st Birthday Today(Photos)❚ 138 71
My father, his mistress’ son take turns to rape me – 12-yr-old girl❚ 137 92
Nnamdi Kanu To Appear In Court On Monday Despite Judges’ Vacation❚ 126 51
 
Top Posts
I Am Not A Drug Baron, Don’t Involve Me In Ozubulu Massacre– Alloysius (a.k.a Bishop) Finally Speaks Out❚ 49 38
Gov. Wike Disobeys Buhari!!! Says: “We Are Ready For War, I Don’t Take Orders From Abuja!”❚ 203 121
We Will Not Stop Citizens Of Countries Affected By Coronavirus From Entering Nigeria – FG❚ 27 18
Coronavirus : Nigerian Lady Cries Out After School Took Children To Airport For An Excursion❚ 37 46
Happy Birthday To Popular Nigerian Writer, Chimamanda Adichie As she Celebrates Her 41st Birthday Today(Photos)❚ 138 71
 
© 2023 BaConSol Custom Themes. All Rights Reserved.
Website Design & Hosting by BaConSol.com
IgbereTvNews
Home
About Us
Advertise
News
Politics
Strange News
Sports
Entertainment
Opinion
Biafra
More
Religion
Business
Health
WorldNews
Niger-Delta Militants
IgbereTV Awards
Voting
Submit Guest Posts
Join our feeds to automatically receive the latest headlines, news, and information on news.
X A very disturbing report just coming in indicate that Nollywood actor, Yul Edochie has lost his first son, Kambilichukwu Edochie.
 
It was gathered that Yul’s first son was rushed to the hospital after falling unconscious.
 
May’s sister who was at the scene said the boy read throughout the night preparing for his exam today. After his exam in school, he joined his mates to play football and that’s when he developed a seizure and was rushed to Mother and Child Hospital. All efforts by the doctors to resuscitate him proved abortive, the report added.
 
This is coming two months after Yul Edochie and his first wife May, celebrated their first son and second child as he turned 15; showering encomiums and blessings on him.
“My first son just turned 15. Happy birthday to you Kambi Leo Yul-Edochie. Many more great years I wish you with loads of accomplishments and greatness. May God be with you always. Daddy loves you,” his father wrote on Instagram
Yul, the last child of veteran actor, Pete Edochie, married his wife, Mary, at 22 after they both dated for six years. He followed in his father’s footsteps and debuted in the movie industry a year after his marriage.
 
FACEBOOK TWITTER PIN IT LINKEDINBUFFER WHATSAPP
New Posts
EFCC arraigns ex-ABU VC, Bursar for alleged N1bn fraud❚ 0 0
Iwuanyanwu’s remark targetted at MC Oluomo, not Yorubas – Ohanaeze apologises to Afenifere❚ 0 0
Ex-Assembly speaker seeks increased FG presence in Taraba❚ 0 0
Related Posts
Nigerian Pastor Shares Edited Photo Of Blessing CEO’s One-Legged Outfit (Photos)❚ 0 2
“A Big Lesson After Elections”: PSquare Brothers Buy New Houses Abroad (Photos)❚ 0 0
Paul Okoye acquires new house in Atlanta (Photos)❚ 1 0
JAMESANY
Emeh James Anyalekwa, is a Seasoned Journalist, scriptwriter, Movie producer/Director and Showbiz consultant. He is the founder and CEO of the multi Media conglomerate, CANDY VILLE, specializing in Entertainment, Events, Prints and Productions. He is currently a Special Assistant (Media) to the Former Governor of Abia State and Chairman Slok Group, Dr. Orji Uzor Kalu. Anyalekwa is also the National President, Online Media Practitioners Association of Nigeria (OMPAN) https://web.facebook.com/emehjames
 
 
PLEASE GIVE US YOUR VALUABLE COMMENT
Comment *
Name
*
Email
*
 
Recent Posts
EFCC arraigns ex-ABU VC, Bursar for alleged N1bn fraud❚ 0 0
Iwuanyanwu’s remark targetted at MC Oluomo, not Yorubas – Ohanaeze apologises to Afenifere❚ 0 0
Ex-Assembly speaker seeks increased FG presence in Taraba❚ 0 0
Make any unauthorised advert on NYSC, face full weight of law – Management warns❚ 0 0
BREAKING: Fire guts Olowu spare parts market in Lagos❚ 0 0
Most Liked
JUST IN!!! TimesofIsrael Nominates Nnamdi Kanu for Jewish Nobel Prize❚ 277 68
Gov. Wike Disobeys Buhari!!! Says: “We Are Ready For War, I Don’t Take Orders From Abuja!”❚ 203 121
Happy Birthday To Popular Nigerian Writer, Chimamanda Adichie As she Celebrates Her 41st Birthday Today(Photos)❚ 138 71
My father, his mistress’ son take turns to rape me – 12-yr-old girl❚ 137 92
Nnamdi Kanu To Appear In Court On Monday Despite Judges’ Vacation❚ 126 51
 
Top Posts
I Am Not A Drug Baron, Don’t Involve Me In Ozubulu Massacre– Alloysius (a.k.a Bishop) Finally Speaks Out❚ 49 38
Gov. Wike Disobeys Buhari!!! Says: “We Are Ready For War, I Don’t Take Orders From Abuja!”❚ 203 121
We Will Not Stop Citizens Of Countries Affected By Coronavirus From Entering Nigeria – FG❚ 27 18
Coronavirus : Nigerian Lady Cries Out After School Took Children To Airport For An Excursion❚ 37 46
Happy Birthday To Popular Nigerian Writer, Chimamanda Adichie As she Celebrates Her 41st Birthday Today(Photos)❚ 138 71
 
© 2023 BaConSol Custom Themes. All Rights Reserved.
Website Design & Hosting by BaConSol.com
IgbereTvNews
Home
About Us
Advertise
News
Politics
Strange News
Sports
Entertainment
Opinion
Biafra
More
Religion
Business
Health
WorldNews
Niger-Delta Militants
IgbereTV Awards
Voting
Submit Guest Posts
Join our feeds to automati

VIDEODifferences Between HIV-1 And HIV-2 Everyone Needs To Know

Even though there have been some important new discoveries about the Human Immunodeficiency Virus (HIV), most people still don’t know how bad it is. Because of this, it has spread quickly through our culture and hasn’t stopped. Most people know HIV by its acronym, but there are actually two different strains of the virus, called HIV-1 and HIV-2.

HIV-1 is the most common type of HIV, and 99% of all HIV infections in the world are caused by it. Even though both viruses kill the body’s immune system (white blood cells) and cause disease in the same way, they are treated differently. If someone has been diagnosed with HIV, there is a very high chance that they also have HIV-1. But these two things are not the same in important ways.

Based on what VerywellHealth says, I’d like to explain the differences between HIV-1 and HIV-2 in the next post.

  1. Origin

It was found that the first people to get HIV-1 were chimpanzees and gorillas in west Africa. The number of people getting cancer because of HIV-1 is much higher in western African countries, like Nigeria. While the sooty mangabey, a type of monkey found in west Africa, was found to be the source of HIV-2, the virus itself was found in eastern Africa.

  1. Predominance

HIV-1 is more common than HIV-2 due to the fact that it can spread more quickly (it is more infectious) and that it can subvert the immune system of the body (more virulent) (more virulent). Because HIV-1 is so common, it is thought to be responsible for most cases of HIV.

  1. How many people got sick and how many died

HIV-1 is more likely to cause death and is more likely to spread than HIV-2. People who have HIV-1 or HIV-2 will eventually die from complications if they don’t get treatment. However, people with HIV-1 may have a higher chance of dying sooner because the disease moves quickly and causes more deaths.

  1. Diagnosis

Using a test called the Multispot HIV-1/HIV-2, you can tell which of these infections (HIV-1 or HIV-2) you have. People from west Africa or who aren’t getting better from HIV treatment need to get tested for HIV-1.