Business

Spray naira notes and go to jail – CBN warns Nigerians

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The Central Bank of Nigeria (CBN), has reiterated its warning that anyone caught spraying Naira notes will be prosecuted.

This directive is a bid by the apex bank to curb the rate at which Nigerians ‘mutilate, deface, squeeze and even spray and sell’ the naira notes during memorable occasions such as weddings and birthday parties.

An Assistant Director at CBN Currency Operations Department, Aladeen Badejo made this known during the commencement of the CBN two-day sensitisation fair held in Abeokuta, Ogun state on Thursday, June 10.

Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both,” Badejo said at the event

Business

National Assembly moves to bar bankers from operating foreign accounts

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The House of Representatives is considering a bill seeking to bar bank workers and staff of other financial institutions from operating accounts outside the shores of Nigeria.

Their spouses and children may also be mandated to declare their assets when a bill presently at the House becomes law.

This was contained in the ‘Bank Employees, Etc., (Declaration of Assets)(Amendment) Bill 2021’, which has scaled first reading, The Punch reports.

The legislation was titled ‘A Bill for an Act to amend the bank employees, etc., (Declaration of Assets) Act CAP. B1 Laws of the federation of Nigeria 2004 to reflect the prevailing situation in the country’.

Shina Peller, the lawmaker representing Iseyin/Itesiwaju/Kajola/Iwajowa Federal constituency in Oyo State, sponsored the bill and proposed a series of amendments to the Act.

Section 1 of the Act is to be amended by deleting the existing subsections and inserting new ones that read; “(1) Every employee of a bank shall, immediately after assuming duty and, thereafter, at the determination of his (or her) employment, and in the case of a serving banker, within thirty (30) days of the receipt of the Declaration of Assets form from the appropriate authority or at such other intervals as the President or the appropriate authority may specify, make a full disclosure of his (or her) properties, assets and liabilities, and those of his (or her) spouse or unmarried children under the age of 18 years.

(2) For the purpose of this section, a transfer or secondment from one bank to another shall be treated as a new employment.”

The bill is also seeking amendment to Section 5 by inserting new subsections that prohibits foreign accounts for bank workers.

(a) A bank employee shall not maintain or operate a personal bank account in any country outside Nigeria.

“(b) Any complaint that a bank employee has committed a breach of or has not complied with the provisions of this Act shall be made to the Central Bank of Nigeria or the appropriate regulatory body in the case of employees of other Financial Institutions.”

Section 12 of the Act is to be amended by deleting the existing provisions and replacing them with, “(1) The President may direct by an instrument published in the Federal Gazette that the provisions of this Act be applied to other financial institutions. (2) Where the President directs as provided in Subsection 1 of this section, the Act shall apply subject to such textual modification as may be necessary for its execution.”

Business

3,000 defaulters owe AMCON N5tn

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The Asset Management Corporation of Nigeria (AMCON) has revealed its ongoing process towards the recovery of N5 trillion debt from about 3,000 debtors across the country.

It further disclosed that the matters are currently being litigated at various courts to further aid the recovery process.

This was contained in a statement issued on Sunday titled ‘Recovery for N5tn debt burden, AMP scheme pivotal – AMCON CEO’ and signed by the Managing Director, Ahmed Kuru.

This was after a two-day training for Asset Management Partners of AMCON in Lagos.

“The AMPs scheme of the government agency currently has about 6,000 Eligible Bank Assets at different stages of resolution and about 3,000 matters at various courts in the country,” the corporation said.

AMCON said through the AMPs, it was essential that each of the cases were properly captured as they progressed in the courts.

Kuru also revealed that five years after AMCON launched the AMP scheme, the initiative had been a major tool in the recovery efforts of the corporation and key to its success.

The statement recalled that AMCON was making efforts to recover over N5tn from obligors that had remained unwilling to repay their debt.

It said of this figure, the government agency had informed Nigerians that only 350 obligors alone accounted for N3.6tn, which was over 82 per cent of the outstanding exposure.

Business, Lifestyle, World News

Bill & Melinda Gates Foundation have sold all their shares in Apple and Twitter just to purchase stock in a South Korean firm, Coupang, which operates in global e-commerce market.

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Bill & Melinda Gates Foundation have sold all their shares in Apple and Twitter just to purchase stock in a South Korean firm, Coupang, which operates in global e-commerce market.

The couple had sold their one million Apple shares and the 272,420 Twitter shares by the end of the first quarter in 2021, indicating the sale took place before their divorce was made public.

The capital from the sold shares was divested into Coupang which had its public listing in March. The divestment from Apple came at a period the smart gadget firm’s stock was losing market value.

Business

Elon Musk’s Starlink plans to launch in Nigeria, to compete with MTN, Glo, Airtel

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Tesla founder, Elon Musk through SpaceX, is in the process of getting necessary licences to bring Starlink, its satellite-based broadband services to Nigeria; a move that will pit it against network providers like MTN Nigeria, Globacom, Airtel and 9mobile.

Starlink is under SpaceX, an American aerospace manufacturer, which is also owned by Musk.

The company had been in discussion with the Nigerian Communications Commission, NCC virtually for several months.

Having made significant progress in the discussion, the NCC granted SpaceX’s request for a face-to-face discussion to gain better insights on the prospects of its proposal.

Executive Commissioner, Technical Services, NCC, Ubale Maska, said, “As the regulator of a highly dynamic sector in Nigeria, the commission is conscious of the need to ensure that our regulatory actions are anchored on national interest.

“We have listened to your presentation and we will review it vis-à-vis our regulatory direction of ensuring effective and a sustainable telecoms ecosystem where a licensee’s operational model does not dampen healthy competition among other licensees.”

The SpaceX’s team was led by SpaceX’s Starlink Market Access Director for Africa, Ryan Goodnight.

The NCC said it was interested in making necessary regulatory efforts to increase broadband penetration in the country as contained in the Nigerian National Broadband Plan, 2020-2025.

The agency is empowered by Section 70 (2) of the Nigerian Communications Act (NCA), 2003 to regulate the provision and use of all satellite communications services and networks, in whole or in part within Nigeria or on a ship or aircraft registered in Nigeria.

Starlink is an Internet service launched by SpaceX to provide high-speed, low-latency broadband connectivity especially in areas of the globe where Internet is expensive, unreliable, or entirely unavailable.

Starlink satellites are 60 times closer to earth than traditional satellites, hence they are suited to areas where ground infrastructure might be a challenge to ensure that they can deliver high-speed broadband Internet to areas where the infrastructure is missing.

Business

Honeywell tackles CBN over loan default claim

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Honeywell Flour Mills has questioned a statement by Godwin Emefiele, Governor of Central Bank of Nigeria (CBN) that it defaulted on its loan from First Bank of Nigeria.

CBN on Thursday had instructed Honeywell to repay within 48 hours its loan obligations to First Bank.

“The insiders who took loans in the bank, with controlling influence on the board of directors, failed to adhere to the terms for the restructuring of their credit facilities which contributed to the poor financial state of the bank,” CBN said in a statement announcing the sack of board members of First bank and FBN holdings.

The insider is believed to be Oba Otudeko, one of the sacked board members and owner of Honeywell Flour Mills.

The apex bank also threatened, it will take appropriate regulatory measures to ensure it is paid.

However, in a statement on Friday signed by its company secretary Yewande Giwa, the food and the agro-allied company said the outstanding loan with the bank is based on agreed terms.

With reference to the credit facility with First Bank of Nigeria (FBN); over many decades, the company has had a long standing, mutually beneficial credit relationship and continues to fulfill all its obligations to the Bank, and all its facilities are fully performing,” the statement reads.

The statement which was submitted to the Nigerian Exchange Limited, also noted that the company has adequate security to cover its loan exposure and has not defaulted or shown signs of distress.”

“The terms of the loan with FBN have been fulfilled in line with industry standards and in accordance with agreed terms throughout its course and the Company expects to continue to do so.

We remain committed to complying with regulations governing our industry and our obligations to First Bank and our various financial counterparts”, it said.

Business

CBN sacks all First Bank directors

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The Central Bank of Nigeria (CBN) has fired the entire members of the board of First Bank of Nigeria Limited.

The apex bank also reinstated Sola Adeduntan as the managing director and chief executive officer of First Bank of Nigeria Limited.

CBN Governor, Godwin Emefiele made the announcement in a press briefing on Thursday.

The CBN had faulted the appointment of Abdullahi Ibrahim as deputy managing director, as well as the appointment of Ini Ebong, Segun Alebiosu, Seyi Oyefeso and Bashirat Odunewu, as executive directors.

Details later…

Business, Entertainment, Lifestyle, World News

A pair of shoes designed and worn by musician Kanye West has sold for $1.8m (£1.3m) at an auction.

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A pair of shoes designed and worn by musician Kanye West has sold for $1.8m (£1.3m) at an auction. It is the highest amount ever paid for a pair of trainers.

The Nike Air Yeezy 1 Prototypes beat the previous record, which was held by a pair of Nike Air Jordan 1s that sold for $615,000 last year.

“The sale also marks the first pair of sneakers to top $1m,” Sotheby’s auction house said on Monday.

West first wore the shoes while performing at the Grammys in 2008. They are a US size 12, or a UK 11.

The shoes were bought by RARES, an internet platform for investing in rare footwear. Its users can buy shares in a pair in a similar way to how investors buy stocks in a company, Yahoo news states.

They were sold by the shoe collector Ryan Chang in a private sale, which means neither the buyer nor the final sale price can be publicised unless the buyer themselves comes forward.

“The sale marks the highest publicly recorded price for a sneaker sale ever,” the auction house said in a statement.

Business, World News

China’s economy grows in post Covid era

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China’s economy grew a record 18.3% in the first quarter of 2021 compared to the same quarter last year.

It’s the biggest jump in gross domestic product (GDP) since China started keeping quarterly records in 1992.

However, Friday’s figures are below expectations, with a Reuters poll of economists predicting 19% growth.

They are also heavily skewed, and less indicative of strong growth, as they are compared to last year’s huge economic contraction.

In the first quarter of 2020, China’s economy shrank 6.8% due to nationwide lockdowns at the peak of its Covid-19 outbreak.

“The national economy made a good start,” said China’s National Bureau of Statistics, which released the first quarter data.

But it added: “We must be aware that the Covid-19 epidemic is still spreading globally and the international landscape is complicated with high uncertainties and instabilities.”

Other key figures released by China’s statistics department also point to a continuing rebound, but are also unusually strong because they are compared against extremely weak numbers from last year.

Industrial output for March rose 14.1% over a year ago, while retail sales grew 34.2%.

Business

Beijing has more billionaires than any city

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Beijing is now home to more billionaires than any other city in the world, according to the latest Forbes’ annual rich list.

The Chinese capital added 33 billionaires last year and now hosts 100, said the business magazine.

This narrowly beats New York City, which hosts 99 and has held the top ranking for the last seven years.

China’s quick containment of Covid-19, the rise of its technology firms and stock markets helped it gain top spot.

Although Beijing now has more billionaires than the Big Apple, the combined net worth of New York City’s billionaires remained US$80bn (£58bn) greater than that of their counterparts in Beijing.

Beijing’s richest resident was Zhang Yiming, the founder of video-sharing app TikTok and chief executive of its parent firm ByteDance. He saw his net worth double to $35.6bn.

In contrast, New York City’s richest resident, former Mayor Michael Bloomberg, had a fortune worth $59bn.

China, along with the US, has seen its technology giants become even bigger during the pandemic as more people shopped online and looked for sources of entertainment.

This saw the massive creation of personal wealth for the founders and shareholders of these tech titans.

China, whose figure included Hong Kong and Macao in the Forbes count, added more billionaires to the list than any other country globally, with 210 newcomers.

Half of China’s new billionaires made their fortunes from manufacturing or technology ventures, including female billionaire Kate Wang, who made her money from e-cigarettes.

With 698 billionaires, China is closing in on the US, which still leads with 724 billionaires.

A record 493 newcomers joined the list globally last year, roughly one new billionaire every 17 hours, according to Forbes.

India had the third-highest number of billionaires, with 140. In total, the 1,149 billionaires from Asia Pacific were worth $4.7tn, compared with the US billionaires’ $4.4 tn.

Jeff Bezos, founder and chief executive of Amazon, remains the world’s richest person for the fourth consecutive year. His net worth grew by $64bn to $177bn last year.

Business

“We’ll close down our Smartphone business… it’s not making profit” — LG

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LG Electronics said on Monday it would close down its loss-making smartphone business.

In January, the South Korean electronics giant said it was looking at all options for the division after almost six years of losses totalling around $4.5bn (£3.3bn).

LG had made many innovations including ultra-wide angle cameras, rising to third largest smartphone maker in 2013.

But bosses said the mobile phone market had become “incredibly competitive”.

While Samsung and Apple are the two biggest players in the smartphone market, LG has suffered from its own hardware and software issues.

As LG struggled with losses it had held talks to sell part of the business but these fell through.

It still ranks as the third most popular brand in North America but has slipped in other markets. LG phones are still fairly common in its domestic South Korean market.

“LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics and artificial intelligence,” it said in a statement.

Last year it shipped 28 million phones, which compares with 256 million for Samsung, according to research firm Counterpoint.

The smartphone business is the smallest of LG’s five divisions, accounting for just 7.4% of revenue. Currently its global mobile phone market share is about 2%.

It has been innovating its phones to compete with its bigger rivals, with last year’s launch of the T-shaped Wing, a smartphone with a larger screen which swivels out to reveal a second, smaller one underneath.

What about other products like Electric cars and TVs

LG still has a strong consumer electronics business, particularly with home appliances and televisions. LG is the world’s second best-selling TV brand after Samsung.

In December it launched a joint venture with automotive supplier Magna International that will make key components for electric cars.

LG’s phone inventory will continue to be available for sale, and it will still provide service support and software updates for existing customers. The divisions is expected to be wound down by the end of July.

LG has a joint venture with automotive supplier Magna International to make parts for electric cars.
image captionLG has a joint venture with automotive supplier Magna International to make parts for electric cars.

“Moving forward, LG will continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas,” a spokesman added.

Analysts said South Korean rival Samsung and Chinese companies such as Oppo, Vivo and Xiaomi are likely to benefit the most from LG’s exit.

Smartphone makers struggled during the pandemic with sales down about 10% in 2020 mainly due to lockdowns limiting store openings.

Business

Banks to stop accepting old cheque book from Thursday

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Starting from tomorrow, Thursday 1, April the old cheque book will no longer be accepted at the clearing house in line with the Central Bank Nigeria (CBN)’s circular, last year, to Deposit Money Banks(DMBs) in the country.

CBN had in January extended the full implementation of the newly revised cheque book.

Sam Okojere, Director, Banking Services Department, in a circular posted on the CBN website, dated Dec. 9, 2020, referenced BKS/DIR/CIR/GEN/02/042 on the subject, the parallel run, in which old and new cheques are allowed to co-exist, will end on 31st March 2021, and thus only new cheques would be allowed in the clearing system from 1st April 2021.

Full enforcement of the second edition of the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version 2.0 will commence April 1, 2021, and the NCS/NICPAS 2.0. The sanction grid will be fully operational on April 1, 2021.

“All deposit money banks are (therefore) directed to actively enlighten their customers and ensure necessary provisions are put in place for a smooth migration to the New standard.

Already on Wednesday morning, deposit Money Banks have started to notify their customers that they will no longer accept the old cheque book while urging customers to requestfor the revised cheque books.

One of the banks, Ecobank, disclosed this to its customers through an email, entitled ‘CBN circular on new cheque design.’

In the email, it told customers, “We wish to remind you that effective 1st April 2021, the old standard cheque books would no longer be accepted through the cheque clearing system, while same will only be acceptable for In-branch transaction processing only.”

This is further to the revised Central Bank of Nigeria (CBN) circular on implementing the requirements of the Nigerian Cheque Standards (NCS) and the Nigerian Cheque Printers Accreditation Scheme (NICPAS) dated 28th February, 2019.”

“While we advise that you kindly request for the new cheque book (if you are yet to do so) before the cutoff date of 31st March 2021, we also encourage you to use our other digital channels (Ecobank Online, Mobile App, USSD and Debit Card) so you can continue to seamlessly carry out your transactions.”

Business

Electric vehicles: Tesla’s rival launches a premium electric car brand

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China’s biggest carmaker Geely is launching a premium electric car brand it hopes will take on Tesla.

The Chinese company, which owns Volvo and Lotus, announced its Zeekr brand on Tuesday to tap into China’s demand for electric vehicles (EVs).

It comes as Elon Musk goes on the charm offensive in China praising its plans to tackle carbon emissions.

The Tesla founder has seeking to allay Chinese concerns about his cars’ onboard cameras.

Geely said it would develop and manufacture high-end EVs under the Zeekr brand and expected to begin deliveries in the third quarter of 2021.

It already has exposure to premium electric cars through the brands it owns. Polestar, owned by Volvo Cars, develops electric performance cars. It is headquartered in Sweden with vehicle production taking place in China.

Lotus, which is majority-owned by Geely, is working on an electric-powered supercar called Evija.

The Lotus Evija is a limited production electric sports car.
image captionGeely-owned Lotus has a limited production electric sports car called Evija.

Geely also owns London black cab maker, the London EV Company, and has focused on building plug-in hybrid taxis, which have both a petrol engine and electric battery.

Zeekr, its own home-grown EV brand, will face fierce competition from Tesla whose Model 3 was the top-selling electric vehicle model in China last year. It will also compete with Chinese groups Nio, Xpeng and Li Auto which are seeing healthy sales.

Last week, Dongfeng Motor, the Chinese partner of Japan’s Nissan and PSA Peugeot Citroen of France, said its new EV brand Voyah could start delivering cars to Chinese customers in July.

Beijing wants more than a fifth of vehicles sold in China to be electric by 2025.

Geely has ambitions to become China’s first global automaker with a reach similar to Volkswagen. Along with its Volvo and Lotus brands, it owns a minority stake in Mercedes-Benz owner Daimler.

The initial strategy for Zeekr will be focused on the Chinese market but it will also explore overseas opportunities given rising global demand for premium electric vehicles.

The premium brand will operate under a new entity named Lingling Technologies, which will be based in Hefei, eastern China.

Polestar is a brand owned by Volvo Cars and its parent company Geely.
image captionPolestar is an electric car brand owned by Volvo Cars and its parent company Geely.

“Chairman Li Shufu senses a need to inject his 24 year-old company, Geely, with a startup vibe like what he sees at NIO, Xpeng and Li Auto,” said Michael Dunne, chief executive of ZoZo Go, a consultancy firm focusing on the Asian car market.

“To get there, he envisions an electric baby – Lingling Technologies – that operates independently from Geely”.

On Tuesday Geely reported its annual results which saw it sell 1.32 million cars in 2020, compared with 1.36 million in the previous year.

Business

Twitter founder, Jack Dorsey sells first tweet for $2.9 million

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Twitter founder, Jack Dorsey, on Monday, sold his first tweet in an auction to a Malaysia-based for $2.9 million.

The tweet is in the form of a Non-Fungible Token (NFT) – a kind of unique digital asset that has increased popularity this year.

Dorsey sold his first tweet, “just setting up my Twitter,” tweeted on March 21, 2006, to Sina Estavi, the Chief executive of technology firm, Bridge Oracle, on Monday, according to Valuables by Cent, the digital platform where the digital auction for the tweet was held.

The platform will receive five percent of the sale.

It was bought using ether, a popular cryptocurrency that is similar to Bitcoin.

“This is not just a tweet. I think years later, people will realise the true value of this tweet; like the Mona Lisa painting,” Estavi tweeted.

A unique digital certificate that identifies the owner of a photo, video, or any form of online media will be issued to the buyer, popularly known as the NFT certificate, which will be digitally signed and verified by Dorsey.

The Twitter co-founder confirmed that the proceeds would go to charity.

Business

Adekunle Gold cheating on Simi with a lady

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Social media is a buzz with reports that Nigerian singer, Adekunle Gold has been cheating on his wife, Simi.

According to popular blogger, Gistlovers, Adekunle started cheating on Simi while she was pregnant with their baby.

Gistlovers called out a model named Teminikan, claiming she is the lady the Orente hitmaker has been having an affair with.

The blog shared photo of the lady and warned her to stay clear of the father of one.

Nigerians have taken to Twitter to express their feelings in response to the news.

While some believe the report is false, others joked about the alleged infidelity.

Business

Naira value drops by N1.10 to the dollar

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No respite yet for Naira at the foreign exchange (FX) market, two weeks after the introduction of a new FX policy tagged “Naira 4 Dollar” scheme by the Central Bank of Nigeria (CBN).

Naira at the Investor and Exporter window on Friday closed the week, trading at N410.05 per dollar. This represents a slump by 0.26 percent or N1.15 when compared to the rate of 408.90 it opened on Monday, 15 March.

When compared to the N409.67 per dollar it closed after Thursday’s trading, Nigeria’s currency lost in value by 0.08 percent, according to data from the FMDQ Security exchange.

During Friday’s trading Naira exchange at a low of N394.00 and a high of N412.

Similarly, the foreign exchange turnover declined 8.36 percent week-on-week to $46.43 million at the close of the trading week on Friday, from $50.67 million recorded on the opening day of the market, data compiled by Ripples Nigeria from the FMDQ indicated.

The low liquidity again shows a continued persistence of dollar scarcity in the country amid increasing demand by end users.

MTN Nigeria last week blamed the dollar scarcity for its inability to repatriate profits to its parent company.

However, at the unofficial black market Naira remained unchanged throughout the week from the N485 per dollar it opened the week data from Aboki fx shows.

Following Friday’s trading the official market rate and unofficial difference remains at over N70 it opened the week.

Business

Nigerian govt’s approval of $1.5bn for rehabilitation of refinery a huge waste – Ex-gov Obi

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The former Anambra State Governor, Peter Obi, on Friday questioned the approval of $1.5 billion for the renovation of the Port Harcourt refinery by the Federal Government.

The ex-governor, who spoke on the development on his Twitter handle, said the approval of such a huge sum for the renovation of the refinery was a huge waste considering the country’s present economic situation.

He accused Nigerian leaders of worsening the country’s situation with their financial rascality.

Obi wrote: “The news of the planned expenditure of a whopping $1.5 billion for Port Harcourt refinery repairs is worrisome to well-meaning Nigerians. In light of our precarious economic situation, it is a huge waste.

Our country on life support, but sadly the managers of our affairs are worsening the situation by their financial rascality.”

The Federal Executive Council on Wednesday approved the release of $1.5 billion for rehabilitation of the Port Harcourt refinery.

The repair works will be undertaken in three phases.

Business, Lifestyle, World News

Kanye West Not Yet Richest Black Person In America — Forbes Report.

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The organisation said West is currently worth less than one-third of that. Forbes has refuted reports that celebrity Kanye West is worth nearly $7 billion, saying such estimates are based on the magical thinking around sales that don’t exist yet.

The organisation said West is currently worth less than one-third of that. On Wednesday, multiple outlets reported that Kanye West is the richest Black person in America, worth as much as $6.6 billion.

The news comes after Bloomberg reported that his sneaker brand Yeezy — as well as Yeezy Gap, which has yet to sell one item of clothing — have a combined value of as much as $4.7 billion. The publication mentioned, without going into full detail, an additional $1.7 billion in assets. 

“It’s not true, based on our calculations. Forbes estimates he’s worth less than a third of that, or $1.8 billion. That’s a big jump from last May when Forbes first pegged his net worth to be $1.3 billion, but nowhere near as much as the purported $6.6 billion. Vista Equity’s Robert F. Smith remains the richest Black person in the US, worth an estimated $6 billion, while Aliko Dangote of Nigeria, worth $11.8 billion, is the richest black person in the world. 

Kanye West

“The sky high estimate is the latest of West’s attempts to inflate his net worth—in the past he’s said that Forbes was “purposely snubbing me.”   

“In actuality, it’s nothing personal. Forbes’ much more grounded number is based on that old-fashioned idea of current revenues — not theoretical future expectations. Yeezy Gap has brought in no revenue, let alone any profits. Who knows if the line will be popular. Maybe another hip-hop star will create the next trendy sneaker in a year or two, and Yeezys will be old news. The same thinking goes for Yeezy Supply, West’s ecommerce platform. He has high hopes to turn it into a fashion destination — as of now, it just shills his shoes.

“As for Yeezy sneakers, they’re selling crazy well. The company’s revenue grew 30% last year. and its most recent limited drop, the 450 in Cloud White, sold out in under a minute. Analysts with whom we spoke agree there’s growth left in the business, and if that occurs, his net worth will continue to climb. But even that’s not 100% certain, so for now, we are sticking with 2020’s numbers,” the Forbes report said.

“Forbes is treating West the same way we do everyone else with similar royalty-based businesses: we take the most recent year’s licensing income and apply a multiple to it to account for the fact that this is an ongoing revenue stream. This is how we value Donald Trump’s licensing businesses and Jay-Z’s music catalogue.

“West’s wildly optimistic approach to his net worth mirrors the approach used by Donald Trump, who insists the value of his name be included in any net worth estimate. Trump, who we value at $2.5 billion, says his brand has an intrinsic value, regardless of actual revenue. West and his camp are making a similar argument for businesses attached to the Yeezy name,” it added.

Business, World News

Nigerian Discovers Gold Deposits Along Abuja-Nasarawa Highway

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Gold deposits have been discovered along the Abuja, Nasarawa axis through the National Integrated Mineral Exploration Project undertaken by the Federal Ministry of Mines and Steel Development.
Minister of Mines and Steel Development, Olamilekan Adegbite, disclosed this while playing host to the Governor of Nasarawa State, Abdullahi Sule, in Abuja.
In a statement issued in Abuja on Wednesday by his media aide, the minister, Ayodeji Adeyemi, told his guest that the FMMSD would develop the mineral resources in Nasarawa.
He said his ministry had resolved to avoid a repeat of the Zamfara experience (where bandits were mainly in charge of the gold mining) in Nasarawa State.
He added that the NIMEP project, which had cost the ministry N15bn, generated many geoscience data that got foreign investors excited about the mining prospects across the country.
Adegbite was quoted as saying, “Nasarawa State is the home of solid minerals in the country. We had an earlier discussion about the recent discovery of precious minerals in the Nasarawa, Abuja axis.
“As you might be aware, we have been talking about this for a while. There is a programme we call NIMEP, executed by the ministry where the government has put about N15bn into exploration for minerals, one of which is gold.
“We have done this exploration across the country and we have discovered a very nice track of gold deposits, especially between Abuja and Nasarawa, where we share borders.”

Adegbite allayed the concerns of the Nasarawa State Government about the menace of illegal gold mining snowballing in the state due to the large deposits of gold in the state.
He said the ministry was working with relevant security agencies to avert such unwanted activities from happening.
On his part, the governor of Nasarawa state said his state was prepared to work with the ministry to prevent the snowballing of illegal mining in Nasarawa.
Sule stressed that his administration was indeed concerned about the threat of illegal mining and its associated vices.
He noted that despite experiencing some form of illegal mining of gold in the area called Ukai, the area had attracted some respectable companies who were mining legally in the state.

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