Author: Chronicle Editor

Bitcoin has traded below $10,000 for the first time since early December. The value of one bitcoin fell to $9,958 (£7,222) before making a slight recovery, according to a price index run by the news site Coindesk. However, it later fell again dipping just below $9,200. That represents a drop of more than 53% since it peaked close to $19,800 five weeks ago. Other crypto-currencies have also experienced steep falls, including Ethereum, Ripple and Bitcoin Cash. There has been concern among some experts that a bubble had been forming in the market as casual investors piled into an asset they…

Stakeholders in the oil and gas as well as the maritime industry, converged in Abuja, sought leeway to export Nigerian crude oil in order to attract maximum benefits. The meeting led by the Ministry of Petroleum Resources, and the Nigerian Maritime Administration and Safety Agency (NIMASA), is expected to fast track the country’s transition from the Free-on-Board (FOB) to Cost, Insurance and Freight (CIF) system of exporting the nation’s oil. Speaking at the forum, which focused on: “Free On-Board (FOB) and Cost, Insurance and Freight (CIF) Incoterms Framework for Export of Nigerian Crude Oil and Gas,” the Minister of State…

Ahead of the revolution expected to happen when broadband services become more ubiquitous in the country, the Nigerian Communications Commission (NCC) is to develop a new and proper pricing structure for high speed Internet services in Nigeria. The move is in line with the Commission’s mandate of creating an enabling environment and promoting fair competition in the telecoms industry and in line with the strategic objectives of the National Broadband Plan. The NCC said this will not only ensure the affordability and availability of Broadband but also ensure fair competition by checking price discrimination, excessive pricing, predatory pricing, margin squeeze…

Petroleum Tanker Drivers (PTD) on Wednesday threatened to boycott bad roads should the Federal Government fail to repairs important roads before the rains begin. The PTD National Chairman, Comrade Salimon Oladiti made the threat in Abuja in a statement signed by Mr Abdulkadir Garba, Head Media Relations of the union. According to him, the warning may affect the smooth supply and distribution of petroleum products to some parts of the country. ”Despite the visit by the Vice President, Prof. Yemi Osinbajo, the road leading to the Tatabu Bridge is still in a deplorable state stretching from Jebba to Mokwa, where…

Kidnappers have abducted two Americans and two Canadians in the northern Nigerian state of Kaduna, killing two police officers, a police spokesman said on Wednesday. Kidnappings are rife in Nigeria, where domestic security is weak, though they overwhelmingly target other Nigerians. However, abductions of foreigners are not uncommon. The foreigners were ambushed by unknown gunmen on their way from the town of Kafanchan in Kaduna state to the capital Abuja, Mukhtar Aliyu, a spokesman for the Kaduna state police, said by telephone. Kafanchan is about 3-1/2 hours’ drive northeast of Abuja. “The two police escorts attached to them engaged the…

Jordan Ayew and Wilfried Bony scored in either half as Premier League strugglers Swansea beat Championship leaders Wolves in their FA Cup third-round replay. Ayew opened the scoring with a dazzling individual goal, dribbling past five defenders and finishing neatly to put the hosts ahead at half-time. Wolves controlled the tie after the interval and responded with a fine solo effort of their own as Diogo Jota twisted and turned his way to an equaliser two minutes after coming on as a substitute. But that parity lasted only three minutes as Bony pounced on a loose ball to restore Swansea’s…

Chelsea beat Norwich on penalties in the FA Cup third-round replay as English football had its first video refereeing controversy. Blues keeper Willy Caballero saved the Canaries’ first penalty from Nelson Oliveira – the only missed kick of the shootout. Michy Batshuayi had given Chelsea the lead in the 55th minute when he tapped home Kenedy’s cross from close range. But Jamal Lewis headed home Timm Klose’s cross in injury time to force an extra 30 minutes. The big moment of controversy came when Willian went down after being caught by Klose in the area, but the Chelsea player…

A double suicide bombing at a market in Nigeria’s northern city of Maiduguri killed at least 12 people and wounded 48 others on Wednesday, residents and an emergency official said. Ibrahim Usman, a trader in Muna Garage market, said the first bomber attacked inside the market while the other remained outside, killing only himself. “Suddenly there was a loud bang and everywhere became disorganized,” he said. “I counted 12 corpses and over 40 injured victims.” The head of rescue operations for the State Emergency Management Agency, Bello Dambatta, said a female bomber attacked the market while the other attacker was…

Asset Management Corporation of Nigeria (AMCON) has dragged a limited liability company Reachout Nigeria Limited and it’s chairman Barrister Steve Ahaneku before a Federal high court in Lagos over unpaid loan of N99,969,754.13. Joined as co-defendants in the debt recovery suit are, the Managing Director of the company Bona Nlemadim and Maxwell Ignatius Eze who is the owner of a property located at 14 Chief Idowu Rufai Avenue, Off Ago Palace Way that was pledged as security for the loan. According to a statement of claim filed before the court by a Lagos lawyer Barrister Gerald Eguaroje, it was alleged…

Tax experts have warned against non-compliance with the Voluntary Assets and Income Declaration Scheme (VAIDS), a tax amnesty programme of the Federal Ministry of Finance. Speaking at a one-day VAIDS workshop for professionals in tax advisory services in Port Harcourt on Tuesday, the experts warned that those who fail to fully declare their assets and incomes at the expiration of the window offered by the scheme on 31 March risk prosecution among other penalties. Among the speakers was Chief Cyril Ede, President, Chartered Institute of Taxation of Nigeria (CITN), who warned that there will be no hiding place for tax…