Former US president Donald Trump’s cryptocurrency platform had a faltering sales launch Tuesday, with only a fraction of its digital tokens that went on the market finding a buyer.

The Republican candidate announced in mid-September that he, along with his sons and entrepreneurs, would launch the platform named World Liberty Financial.

Some 20 billion digital tokens, priced at 1.5 cents each, were offered by the company — a total value of $300 million — but just three percent had been purchased by Tuesday evening.

The tokens can be used as cryptocurrencies and give buyers a vote on the platform’s governance.

Many observers blamed the low sales on technical problems, as the company’s website suffered outages earlier in the day.

World Liberty Financial will enable users to lend or borrow cryptocurrencies to or from one another, a service already offered by many platforms, one of the best-known of which is Aave.

During his presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, presenting himself as a “pro-bitcoin president” if elected in November.

The Managing Director (MD) and Country Chair of Shell Petroleum Development Company (SPDC), Osagie Okunbor, has said that the firm will remain in Nigeria for the long term.

Okunbor confirmed Shell’s continued presence in Nigeria, despite the company’s planned divestment of its onshore assets at the 30th Nigerian Economic Summit (#NES30) in Abuja on Tuesday.

“Shell is in Nigeria for the long term. We are not going away, we are re-balancing our portfolio from the on-shore, while we focus on and invest much more in our deepwater operations,” Okunbor declared.

“I repeat it that Shell is not leaving Nigeria. We are not going anywhere, and we will be together for a long time.”

According to Okunbor, while Shell would be divesting its onshore assets to a consortium of four companies, it is still fully focused on deepwater operations, where it has a technological and financial edge.

The company, which has deep investments in the country, is currently spending $5 billion on a single deep offshore project.

The Shell MD speaking on the sidelines of #NES30 added that such investments only go to show the company’s commitment to the Nigerian oil and gas industry.

The Naira on Tuesday depreciated at the official market, trading at N1,658.97 to the dollar.

Data from the official trading platform of the FMDQ Exchange revealed that the Naira lost N106.05.

This represents a 6.82 per cent loss when compared to the previous trading date on Monday when it exchanged at N1,552.92 to a dollar.

Also, the total daily turnover reduced to 217.86 million dollars on Tuesday down from 343.71 million dollars recorded on Monday.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,670.50 and N1,556.29 against the dollar.

The Nigerian Naira has emerged as one of the weakest-performing currencies in sub-Saharan Africa by the end of August 2024, according to the latest Africa’s Pulse report published by the World Bank.

The report highlights that the Naira’s poor performance is comparable to that of the Ethiopian Birr and the South Sudanese Pound, which have also recorded significant declines in the region.

The World Bank attributed the depreciation of the Naira to a sharp increase in the demand for US dollars, coupled with limited inflows of foreign currency.

This demand surge has been driven by various financial institutions, asset managers, and other market participants, including non-financial users, seeking to secure dollars through the parallel market.

Meanwhile, slow foreign exchange disbursements by Nigeria’s central bank to currency exchange operators have further exacerbated the situation, limiting access to foreign exchange and contributing to the Naira’s downward spiral.

The report noted that, as of August 2024, the Naira had lost approximately 43 percent of its value since the beginning of the year.

This sharp decline places it among the worst-performing currencies across the region.

Both the Ethiopian Birr and the South Sudanese Pound have also experienced similar trajectories, reflecting widespread challenges with currency stability in several African economies.

The Naira’s struggle deepened toward the end of August, as it continued to lose ground against the US dollar.

On Tuesday, the currency weakened significantly, trading at ₦1,658.97 per dollar, compared to ₦1,552.92 per dollar on Monday. The report underscores that the continuous depreciation has resulted from pressures in the parallel market, where dollar demand remains strong despite limited supply.

In addition to market dynamics, the depreciation reflects broader structural issues in the Nigerian economy, including foreign exchange management challenges, inflationary pressures, and a lack of sufficient foreign investments to support the currency.

With limited dollar inflows and ongoing delays in the central bank’s foreign exchange interventions, the Naira remains under severe pressure.

This trend raises concerns over Nigeria’s economic stability and highlights the need for comprehensive policy measures to restore confidence in the local currency.

Minister of Aviation and Aerospace Development, Festus Keyamo, has requested airline operators to serve passengers Nigerian dishes. Keyamo said this while receiving the delegation of the Lufthansa Group in his office yesterday in Abuja.

The minister, who commended Lufthansa for their services in the aviation industry over the years, equally mandated all aircraft leaving or coming to Nigeria to ensure they treat Nigerians well on board their flights.

He said the essence of requesting local dishes during outbound flights is to promote Nigeria’s cultural heritage, and economic development, and encourage local caterers.

Keyamo appealed to foreign airlines to ensure all aircraft coming to Nigeria are in good shape and decried the level at which some foreign airlines lift Nigerian passengers with outdated aircraft while using the most modern ones in other countries.

Keyamo informed the Lufthansa Group that the Nigerian government has upgraded Muhammadu Buhari Airport Maiduguri to an international airport and urged them to utilise this opportunity to harness the huge market awaiting all airlines when the airport commences operations on January 1, 2025.

Rene Koinzack, Senior Director Sales, Southern and East Africa, Nigeria and Equatorial Guinea, commended President Bola Ahmed Tinubu and the aviation minister for the uncommon transformation at the airports.

He said the Nigeria Immigration Service has been doing excellently well at the airport and promised to ensure all passengers have value for their money.

Rene said the essence of the meeting was to thank the minister for the ease of doing business in Nigeria and further strengthen the partnership between Nigeria and the Lufthansa Group.

He stated that going forward, Lufthansa would serve Nigerian dishes to Nigerian passengers on board Lufthansa, maintaining that the airline will continue to support the growth of Nigeria’s aviation and her economy.

The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has allayed the fears of many Nigerians regarding a possible new tax regime in light of proposed tax reforms.

Speaking during an interactive session with the Senate Committee on Finance in Abuja, he said that the reform legislation would not introduce new taxes or raise existing rates.

Adedeji stated, “The tax reform will not add any new taxes or increase the rates of current ones; instead, it aims to reduce the overall number of taxes that Nigerians pay.”

He further clarified that no agencies would be merged as part of this process, ensuring that no jobs would be lost.

The primary goal of the tax reform, according to Adedeji, is to enhance the simplicity and efficiency of tax administration in Nigeria.

He assured that the existing tax policies initiated by President Bola Tinubu focus on taxing prosperity rather than poverty, stressing returns on investments rather than the investments themselves.

Regarding the executive bills submitted to the National Assembly, Adedeji outlined four key proposals: the Nigeria Tax Bill, the Nigeria Tax Administration Act (Amendment) Bill, the Nigeria Revenue Service Bill, and the Joint Revenue Board (Establishment) Bill.

He noted that, if passed, these bills would streamline multiple tax laws, modernise tax administration, promote efficiency, and align with international standards, all while expanding Nigeria’s tax base.

When questioned about the proposed name change from FIRS to Nigeria Revenue Service (NRS), Adedeji explained that the current title does not accurately reflect the agency’s comprehensive services, particularly in regard to Value Added Tax (VAT), where 85% of collections are allocated to states and only 15% to the federal government.

Senator Sani Musa, Chairman of the Finance Committee, highlighted the importance of the session for gaining insights into the aims of the tax reform bills.

He acknowledged that tax reforms are central to the government’s agenda and require input from various stakeholders.
He praised Adedeji for meeting revenue targets for the fiscal year while encouraging him to exceed those goals.

Other committee members, including Senators Seriake Dickson, Osita Isunazo, and Ahmed Wadada, also commended the FIRS for its efforts, particularly in boosting non-oil revenue generation.