FTX investors have been warned that the crypto exchange may be forced to file for bankruptcy protection if it doesn’t get a cash infusion, Bloomberg reported Wednesday.

The news follows reports that Binance balked at an earlier promise to buy the troubled trading empire after looking at its books. Bloomberg reported the FTX exchange faces an $8 billion shortfall.

SAM Bankman-Fried told FTX.com investors on Wednesday (Nov 9) that without a cash injection the company would need to file for bankruptcy, according to a person with direct knowledge of the matter.

Read Also – US elections: Biden hails better-than-expected midterms results

Before Binance pulled an about-face and bailed on its takeover offer, Bankman-Fried informed investors his crypto exchange faced a shortfall of up to US$8 billion, said the person, who requested anonymity discussing private talks. FTX is attempting to raise rescue financing in the form of debt, equity, or a combination of the two, the person said.

FTX has been on a tailspin for a week following CoinDesk’s reports of the blurred lines in the books of Sam Bankman-Fried’s once-mighty empire.

Bankman-Fried’s acknowledgement of his firm’s deep financial hole and limited options reflects the uncertain fate of FTX and its clients. It’s the latest twist in a stunning turn of events for the crypto industry’s onetime wunderkind, who was once worth US$26 billion and likened to John Pierpont Morgan.

Still, Bankman-Fried remained defiant during a hectic period of roughly 24 hours that included mounting speculation that Binance wouldn’t go through with the deal.

He repeatedly told investors during a conference call on Wednesday afternoon that it was simply not true that Changpeng Zhao was walking away from the takeover, the person said.

See also

FTX Warns of Bankruptcy Without Rescue for $8 Billion Shortfall
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Swansea – Access to solar panels and a home battery has reduced energy bill worries for Nikita Harris on one of Europe’s largest green retrofit projects.

“Where I used to worry going to bed, I don’t have to worry now,” said Nikita, 26, whose home in Swansea now runs partially on a battery.

Some 644 properties are being connected to a unique energy-sharing scheme, social housing provider Pobl said.

Housing Minister Julie James has called the scheme “transformational”.

Power from linked solar panels on roofs across the Penderi estate is used to charge batteries in homes.

Nikita’s battery is fitted to a wall just inside the entrance of her terraced property.

By limiting the use of her big appliances to when the sun is up, the mother-of-two said she had cut her electricity bills significantly.

“I used to spend £20 a week on my electric,” she said, “now with the solar panels and battery I’m putting in £10 a week.

“By having the battery in my home… I feel calmer,” she said, explaining how sad she is for other people faced with having to limit their electricity use.

With energy storage and smart energy management technology now installed in 200 homes, Pobl said the estate had already started to cut the amount of power being drawn from the national grid.

Source – https://www.bbc.co.uk/

Swansea estate cuts bills by generating energy
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The newly inaugurated Nigeria Egypt Cultural and Socio Economic Forum (NECSEF) is a model business association focused on promoting successful economic relations between Nigeria and Egypt.

NECSEF’s aspiration is to be the one stop organisation and preferred gateway for conducting business in Nigeria by Egyptians, providing trust and the ability to engage with highly influential people who can provide access and market intelligence into every aspect of the Nigerian market.

NECSEF organised its first conference in collaboration with Nigeria Embassy in Cairo, and strategic partners Egyptian African Businessmen’s Association (EABA) on the 10^th – 12^th October 2022 to a roaring success.

The conference titled Nigeria – Egypt Trade Conference & B2B Meeting attracted over 300 high level business leaders and government officials. The event took place at the conference halls of the stunning St. Regis hotel Almasa, in the new federal capital territory, Cairo Egypt.

The idea for the conference according to Mr. Mahmood Ahmadu, chairman of NECSEF and OIS, the main organisers, was to strengthen bilateral trade relations between the two largest African economies, Nigeria and Egypt with the aspiration to boost trade from the current of circa $180 million US.

The NECSEF chairman Mr Ahmadu and Dr Yousry El Sharkawi EABA chairman made a joint announcement that an agreement of $30 million dollars was signed during the conference as part of strengthening bilateral relations.

Nigeria is Africa’s most populous country with over 225 million people, and Egypt is the third most populous country in Africa with over 104 million people. Egypt enjoys a mixed economy strong in tourism, agriculture, construction, fossil fuels with an emerging ICT sector.

Nigeria on the other hand has a mixed economy focused upon petroleum, and a growing agriculture sector, it also has an emerging market with expanding technology, service, financial and communications sectors.

There is great demand in Nigeria for Egyptian products and it’s really a promising market for Egyptian investments with some great Egyptian companies already operating in Nigeria.

A great percentage of Nigeria’s exports to Egypt are petroleum and gas products followed by agricultural commodities.

The objectives of the conference in part was to reach a new and viable vision with a view of mobilizing the private sector, civil society and business community of both countries to increase trade and actively participate in African development.

The well attended event was spaced out over three days; with the first day being the main conference with many high level speakers, attended by government leaders, senior members of several diplomatic missions, and leaders from the business sector.

The second day was a highly interactive B2B session, matchmaking several sectors with hundreds of the delegates where Nigerian and Egyptian business people participated in pitching and introducing their various businesses.

The third day was all about tours and external visits to some of Egypt’s most iconic centers. Delegates chose from one of two tour options, either a visit to the world famous Suez Canal Economic Zone, an innovative and self-sustaining industrial development and commercial hub, or the world class International Medical Center, a military hospital that is one of the largest in the Middle East.

Read Also – Nigerian tech company OIS opens latest offices in Cairo to offer Visa, Passport, BVN, NIN services in Egypt.

The dignitaries who graced the event included Governor Nasir El-Rufai of Kaduna State, Minister of Water Resources Suleiman Adamu, Minister of State Works and Housing, Minister of State Industry, Trade and Investment, Ambassador Mariam Katagum, H.E Nura Abba Rimi, Nigerian Ambassor in Egypt, Mr Anthony Nwachukwu, Vice President of Innovate 1 Pay, Mr Babatunde Irukera, CEO Federal Competition & Consumer Protection, Mr Khalifa Abdullahi, Chairman KK Kingdom Group, Dr Kassim Gidado from Nigeria Arab Gulf Chamber of Commerce.

Also in attendance was Dr Yousry El-Sharkawi, chairman Egyptian African Businessmen’s Association (EABA) Walid Gamal El Din, Chairman of the General Authority Economic Zone, Suez Canal, Dr Sherif El-Gabaly, chairman African Affairs, Egyptian House of Representatives, Eng. Ahmed Sameer,

Egyptian Ministry of Trade & Industry, Mr Walid Jamal Eldin, chairman of the Egyptian Nigeria Business Council among many others.

There were senior representatives from Nigeria Export Promotion Council, Nigeria Investment Promotion Commission, Nigerian Ministry of Foreign Affairs, African Export & Import Bank (Afreximbank), PWC, AFDB and others.

Source – https://expressday.ng/

<strong>$30m trade agreement signed at the recently concluded Nigeria – Egypt Trade Conference in Cairo Egypt</strong>
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The NAGCC formally unveiled its new and beautiful offices at their Dubai Headquarters located at Silver Tower, Cluster I, Jumeirah Lake Towers, Dubai, on the 26^th of July 2022.

By opening this new office in the heart of the business district in Dubai, it provides the opportunity for companies with a desire to do business in the vast Nigerian and the Arab Gulf markets to physically visit and meet with high-level members of the NAGCC face-to-face.

This will significantly enhance trust and confidence by meeting with senior individuals who have the ability to provide knowledgeable guidance, market intelligence, expertise and most importantly the right contacts. This will assist potential investors in navigating an unfamiliar terrain in the most populous country and largest African market Nigeria and the Gulf States.

Read Also – Mahmood Ahmadu and Robert Jreissati Signs MOU to Boost Trade Opportunities Between Nigeria and Poland

The unveiling was graced by several dignitaries including;

• H.E. Amb. Zubairu Dada, Hon. Minister of State for Foreign Affairs, Nigeria.
• H.E. Mohammed Dansanta Rimi, Nigeria’s Ambassador to the UAE.
• H.E. Dr. Fahad Al Taffaq – the UAE Ambassador to Nigeria,
• Amb. Tayyibat  Atinuke Mohammed, Nigeria’s Consul-General to the UAE,
• NAGCC President Mahmood Ahmadu
• Shaikh Abdulrahman Saif Al Sharqi alongside other VIP’S.

The NAGCC is a model investment association dedicated to the development of prosperous business relationships and economic contacts between Nigeria and the Arabian Gulf. The NAGCC board is made up of leading entrepreneurs who enjoy excellent business relations in Nigeria and the Arabian Gulf Countries.

The objectives of the NAGCC are to promote trade and investments in Nigeria and the Arabian Gulf States, to facilitate excellent economic relations between Nigerian and Arabian Gulf companies, and to provide trade information and business consultancy services to its clients and other potential partners.

For more information please email: info@nigeriaarabgulf.com

Article contributed by;

Charles Ajayi-Khiran

Inspirational leadership speaker

Corporate trainer & Consultant

NAGCC Unveils State of the Art Offices in Dubai
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Rishi Sunak – The race to succeed Boris Johnson as prime minister was already slipping into acrimony on Saturday as Conservative factions briefed against Rishi Sunak, the early favourite, while one senior MP called for “no hope” candidates to drop out.

With predictions that up to 15 could put themselves forward as the next Conservative leader, Tory MPs expressed concern at the potential timetable for the race and the prospect of bitter infighting.

On Saturday, the newly appointed chancellor, Nadhim Zahawi, launched his campaign by pledging to lower taxes for individuals, families and business, boost defence spending and continue with education reforms he started in his previous role.

Grant Shapps announced his leadership bid by telling the Sunday Times he was ruling out a general election. He said he would instruct his chancellor to cut personal tax for the most vulnerable and give state support to firms with high levels of energy consumption.

The foreign secretary, Liz Truss, is expected to launch her bid by pledging that she will advocate “classic Conservative principles”, the Mail on Sunday reported.

Sunak, the former chancellor, who entered the race on Friday evening with a slickly edited video campaign message posted on Twitter under the slogan “Ready for Rishi”, is viewed as one of the likely frontrunners.

Read Also – Sri Lanka: President Rajapaksa to resign after palace stormed

But he has already faced criticism among fellow MPs for indicating he will focus more on fiscal prudence than immediate tax cuts, with his video taking aim at other candidates who may offer “comforting fairytales” rather than economic truths.

Jacob Rees-Mogg, a Johnson loyalist, said on Friday evening that he could not back Sunak, whose resignation as chancellor helped precipitate the loss of faith in the prime minister that led to him resigning as Tory leader on Thursday.

“We have had a high-tax chancellor and I belong to a low-tax party and I want to see us getting back to being a low-tax party,” Rees-Mogg, the Brexit opportunities minister, told BBC Radio 4’s Any Questions.

Sunak was also hit by the start of what is likely to be a wave of anonymous briefings from Johnson’s Downing Street, where his role in the prime minister’s departure has caused significant anger.

One senior No 10 official was quoted in the Financial Times as calling Sunak “a treacherous bastard”, while a Johnson supporter in the cabinet told the paper: “Rishi will get everything he deserves for leading the charge in bringing down the prime minister.”

Source – https://www.theguardian.com/

Rishi Sunak – Johnson loyalists hit back at ‘treacherous’ as race begins
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Elon Musk – The world’s richest man – alongside Tesla and SpaceX, the companies he is CEO of – are accused of “promoting Dogecoin to profit from its trading”.

Elon Musk is being sued for $258bn (£209bn) over accusations he ran a pyramid scheme to promote a cryptocurrency called Dogecoin.

Read Also – Dame Kelly Holmes announces she is gay – and kept it hidden for 34 years

The digital asset was launched as a joke in 2013 and was designed to mock Bitcoin.

But the cryptocurrency – also known as DOGE – hit the headlines after surging dramatically last year.

In a little over four months, Dogecoin rallied from $0.004 to $0.73 – a gain of more than 18,000%.

Musk regularly tweeted about DOGE during this period, and on the day the coin began to fall, he described it as a “hustle” on the US comedy show Saturday Night Live.

Dogecoin has fallen dramatically over the past year – and at the time of writing, it has fallen 92% from the record high seen last May.

The world’s richest man – alongside Tesla and SpaceX, the companies he is CEO of – are accused of “promoting Dogecoin to profit from its trading”.

A complaint filed in a New York court adds: “Musk used his pedestal as the world’s richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and amusement.”

Musk is being sued by an American man called Keith Johnson, who alleges he was “defrauded out of money” as a result of the entrepreneur’s endorsements.

Mr Johnson’s lawyers assert that the cryptocurrency “has no value at all” – and court filings feature quotes from billionaires Bill Gates and Warren Buffett, who have both questioned the value of such digital assets.

The plaintiff wants to represent those who have lost money through Dogecoin since 2019.

Beyond his demands for $258bn in damages, he also wants Musk, Tesla and SpaceX to be banned from promoting DOGE.

Earlier this year, Tesla began accepting Dogecoin as a payment method for merchandise – but not its electric cars.

Source – NewSky

Elon Musk sued for $258bn over claims he ran a pyramid scheme
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Expo 2020 Dubai – The Nigerian Arabian Gulf Chamber of Commerce (NAGCC) hosted the last instalment of the Nigerian Trade & Investment Forum as part of the ongoing and soon to be concluded Expo 2020 Dubai.

The event featured senior government ministers from the ministries of Power, Water resources and the Federal Capital Territory, showcasing unique investment opportunities to the global audience. The Hon. Minister of Water Resources H.E ENGR. Suleiman Adamu presented the attractive investment opportunities in the water sector, H.E Muhammad Musa Bello, Hon. Minister Federal Capital Territory (FCT) delivered a compelling and comprehensive presentation unveiling powerful opportunities in the FCT, and the ministerial segment was rounded up with a presentation by H.E Goddy Jedy Agba Hon Minister of State for Power.

The panel discussions focused on Renewable Energy and African Continental Free Trade Area (ACFTA) opportunities featuring senior directors from the Ministry of Water Resources, Power and the Nigerian Investment Promotion Commission alongside many other experts.

The Expo 2020 Dubai has over 190 countries participating and driven by a vision to “Connect Minds, and Create the Future” with a mission to offer a global platform for “cross-pollination” between different cultures from around the world. The expo as of February last month had recorded over 13.5 million unique visitors. It combines innovation, technology, art and culture to offer a superior experience with different countries showcasing their very best ideas to the world.

Read Also – Mahmood Ahmadu and Robert Jreissati Signs MOU to Boost Trade Opportunities Between Nigeria and Poland

It will be recalled that the NAGCC in collaboration with the Federal Ministry of Industry, Trade & Investment, and the Nigerian Investment Promotion Commission hosted its first and hugely successful Nigerian Trade & Investment Forum as part of the Expo on the 4^th of December 2021 with a Presidential Dinner on the 3^rd. His Excellency, Muhammadu Buhari GCFR, President of the Federal Republic of Nigeria was the special guest of honour at that event, and in his speech he wooed investors informing them that Nigeria remains the viable and most attractive investment destination in Africa. 

There were no less than 16 senior ministers and Governors from Nigeria along with high-level Emirati delegates led by – His Excellency Dr Thani Bin Ahmed Al Zeyoudi, Honourable Minister of State for Foreign Trade, UAE who also attended that event with the President all making powerful cases for investment in Nigeria to the global audience.

Chairman of the organizing committee of the NAGCC Mahmood Ahmadu in his final remarks spoke of his excitement at the success of the event, he further added how elated and encouraged he is by the growing confidence that investors and businesses from the UAE and the Gulf region are entrusting to the NAGCC as the primary gateway into the huge Nigerian market.

About the NAGCC

The Nigerian– Arabian Gulf Chamber of Commerce (NAGCC) is a model bilateral trade association dedicated to the development of prosperous business relationships and economic contacts between Nigeria and all the Arabian Gulf countries (Saudi-Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait & Oman). Its board and members are leading entrepreneurs and companies who enjoy excellent business relations in Nigeria and the Arabian Gulf Countries.

The objectives of the Chamber are to promote its members in Nigeria and the Arabian Gulf States, to facilitate the economic relations between Nigerian and Arabian Gulf companies, and to provide trade information and business consultancy services to its members and other potential partners. NAGCC’s primary focus is to act works as a platform for global business leaders.

Expo 2020 Dubai – An Exciting and Final Segment of the Nigerian Trade & Investment Forum
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The Federal Government through the Nigerian Arabian Gulf Chamber of Commerce (NAGCC) has signed a memorandum of understanding (MoU) with the National Polish Arab Chamber of Commerce to facilitate trade and investment opportunities.

The Chairman of the NAGCC, Mahmood Ahmadu, signed on behalf of his organisation while Robert Jreissati signed for the National Polish Arab Chamber of Commerce.

According to a statement by Executive Assistant to the Chairman NAGCC, Souzan Owji, the agreement was signed in Dubai, United Arab Emirates on the margins of EXPO 2020, where President Muhammadu Buhari and other world leaders attended.

The statement said the partnership will unleash many business investments that will be finalised in the coming months.

“From EXPO 2020 Dubai, which will end in March 2022, we at NAGCC are excited that many businesses in the Middle East are interested in the Nigeria market and the signing of this MOU signals a new beginning for new investments in Africa’s largest economy.

Read Also – Mahmood Ahmadu adds another coveted award for ‘visionary leadership’ in business to his numerous collection

“Already, the International Investors Council, which sits on an investment capital of trillion of dollars, is talking with us and once we have a good understanding they are willing to bring their investments to Nigeria,’” Ahmadu said.

The Chairman also commended President Buhari for the immense strides of his administration at repositioning the Nigerian economy and painstaking efforts to promote ease of doing business in the country, including issuing an Executive Order on Promotion of Transparency and Efficiency in the Business Environment.

On the recently launched National Development Plan (NDP), 2021 to 2025, Ahmadu welcomed the decision by the Buhari led administration to amend laws that impede the private sector from being the main driver of the economy.

He expressed confidence that the implementation of the NDP 2021 to 2025, which seeks to improve investments in the country with the private sector as the main driver, would improve foreign direct investments.

The Nigerian Arabian Gulf Chamber of Commerce (NAGCC), is a private sector bilateral and multilateral trade and investment vehicle committed to the development and promotion of business relationships, the facilitation of trade and investment engagements, the platform for financial linkages and technical support between Nigeria and the Arabian Gulf countries

Source – https://thebossnewspapers.com/

Mahmood Ahmadu and Robert Jreissati Signs MOU to Boost Trade Opportunities Between Nigeria and Poland
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On November 21st 2021 at the super prestigious 7 Star Burj Al Arab Jumeirah, Dubai, FIN (Foreign Investment Network) held its Trade and Investment Forum with an august gathering of both local and international audiences.

The event was themed – Road To A Prosperous Africa! The keynote addresses were delivered by Indian born Swiss businessman and billionaire Prakash Hinduja CEO of the Hindujah Group, one of Europe’s most successful businesses and H.E Ahmed Elmetwally, CEO, Sheikh Mohamed Bin Ahmed Bin Hamadan Al Nahyan.

Mrs Yinka Fayomi publisher of FIN magazine, who is a specialist in cross border investment, Entrepreneurship, Youthpreneur, financing of projects and promotion of local contents in FDI projects, said she was truly elated at the calibre of people that graced the event. She also said she was deeply encouraged by the success of the event and the financial commitment from powerful investors to Africa.

The event itself began with a Trade & Investment round table and panel discussion, followed by a Ministerial roundtable with several African government ministers participating. The highly acclaimed FIN Awards rounded up the day featuring several high profile recipients spanning from industry, business, arts, philanthropy and government.
Here is the list of awardees:

• PRAKASH HINDUJAH, Billionaire Chairman of the Hindujah Group – Lifetime Achievement Award
• MR DATO YURO TY, CEO, Tri-T Platinum Builders Gold Trading LLC – Outstanding Entrepreneur Award
• MAHMOOD AHMADU OON, Founder & Executive Chairman Online Integrated Solutions Ltd (OIS) – Visionary Leader Award
• AMB DAVID BALONDEMU, Chairman of Kampala district land board – Award of Distinction
• DR. ROZIOUS SIATWAMBO, CEO of the Great North Road Group of Companies
• DR. AHMED SALAWUDEEN – FIIN, FCIB, FCALM, PhD, ACII (London) Chairman of Signature Global Real Estate, and CEO of Standard Insurance Consultants Limited – Business Icon Award
• VIKAS BHARGAVA, Advertising supremo – Outstanding Leader in Art & Media Award

Read Also – President Buhari, Governors, Senior Ministers and Business Leaders grace The Nigerian Trade & Investment Forum at the Dubai Expo 2020

Some of the previous distinguished recipients of the FIN Awards include the following:

• Chief Olusegun Obasanjo – former President of Nigeria
• Alhaji Aliko Dangote – Chairman Dangote Group
• Dr. Ngozi Okonjo Iweala – former Finance Minister of Nigeria and now Head of WTO
• Vincente Fox – former President of Mexico
• Dr. Akinwunmi Adesina – President African Development Bank
• Dr Mohammed Bakindo – OPEC Secretary-General

About Mahmood Ahmadu:

Mahmood Ahmadu is a leading African entrepreneur and renowned philanthropist. He is the founder and executive chairman of online Integrated Solutions Ltd (OIS). OIS is a specialist visa application agency that provides online passport, visa processing and technical support services for Governments.
Mahmood is also the life President of the Nigerian Arabian Gulf Chamber of Commerce (NAGCC). The chamber’s aspiration is to become the largest business organization in Nigeria and the Arabian Gulf; representing businesses across all sectors, working at local, national and international levels to support businesses from sole traders to multinational corporations.

Mahmood’s other significant business interests span the following sectors; Mining, Real Estate, Construction, Agriculture, Bottling Water, E-education, E-healthcare, and Fintech spread across 53 countries in 5 continents. His philanthropic activities have made it possible for hundreds of students to afford good quality education both locally in Africa and abroad. He is the recipient of the Nigerian National Honour of the ‘Officer of the Order of the Niger’ (OON), he is also a two time Forbes award recipient among other significant awards and recognition globally.

Mahmood Ahmadu adds another coveted award for ‘visionary leadership’ in business to his numerous collection
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Dubai Expo 2020, initially scheduled for 20th October 2020 to 10th April 2021, was postponed to 1st October 2021 and will run until 31st March 2022 due to the COVID-19 pandemic. Despite being postponed, the organizers retained the theme “Expo 2020” for marketing and branding purposes. The event brought 192 countries together with a sole vision of connecting minds and Creating the Future.

The special guest of honour at the Nigerian Trade & Investment Forum which took place at the Jumeirah Emirates Tower hotel was the President of the Federal Republic of Nigeria – President Muhammadu Buhari GCFR. Speaking at the event, President Buhari commended captains of industry and entrepreneurs who had shown interest in further enhancing trade and investment relations with Nigeria. The Nigerian leader also stressed the need for world leaders to work together and reinforce partnerships to limit the catastrophic consequences of the global surge in cases of COVID-19.

Also in attendance were the Governors of Kaduna and Zamfara States, and a strong contingent of senior ministers representing various
ministries – including Industry, Trade & Investment, Power, Agriculture, Transport, Petroleum, water, Finance, Communication & Digital Economy, Mines & Steel, Humanitarian Affairs & Disaster Management all showcasing the huge opportunities in Nigeria to the high-level attendees.

Read Also – Mahmood Ahmadu Wins Big in Forbes 2021 Awards

It was a hugely successful and breakthrough event as billions of investment dollars was committed by many foreign investors.
Mahmood Ahmadu, chairman of the influential Nigerian-Arabian Gulf Chamber of Commerce – (NAGCC) organisers of the Presidential Dinner, and the Trade and Investment Forum also urged investors to take turns in harnessing the virgin and untapped opportunities, especially in Nigeria.

The Dubai based entrepreneur with a global business interest rekindles his passion for showcasing Nigerian innovations and industry to the world through this forum. Mahmood also expressed joy and anticipation toward the positive outcome of such a breathtaking/creative event.

While appreciating everyone who attended, he stressed the need for unity and continual implementation of the peace policy to enhance infrastructural growth.

President Buhari, Governors, Senior Ministers and Business Leaders grace The Nigerian Trade & Investment Forum at the Dubai Expo 2020
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