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Bitcoin hits $80,000 for first time

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Bitcoin soared to a new record high on Sunday, as traders bet that Donald Trump’s return to the White House will be good for the cryptocurrency.

The digital currency passed $80,000 for the first time in its history shortly after 12:00 pm (1200 GMT).

It has been rising since Republican candidate Trump won last Tuesday’s US presidential election over sentiment that he will ease regulations on digital currencies.

“The odds that Bitcoin and crypto will become a significantly larger asset class have risen markedly,” Charles Morris, an analyst at investment company ByteTree told AFP.

Bitcoin reached $75,000 on Wednesday, topping its previous all-time peak of $73,797.98 achieved in March.

“We shouldn’t expect this bullish trend to be interrupted for a long time — about a year. The next level for me is $100,000,” Stephane Ifrah,  of French crypto asset management company Coinhouse, told AFP.

Trump was seen as the pro-crypto candidate in his battle with the Democratic Party’s candidate Kamala Harris.

During his first presidency Trump referred to cryptocurrencies as a scam, but has since radically changed his position, even launching his own platform for the unit.

He has pledged to make the United States the “bitcoin and cryptocurrency capital of the world,” and to put tech billionaire and right-wing conspiracy theorist Elon Musk in charge of a wide-ranging audit of governmental waste.

The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into high-growth assets such as cryptocurrency.

Trump announced in September that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial.

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But it had a faltering sales launch earlier this month, with only a fraction of its tokens that went on the market finding a buyer.

Cryptocurrencies have made headlines since their creation, from their extreme volatility to the collapse of several industry giants, foremost among them the FTX exchange platform.

In the run-up to the election, Trump apparently became the first former president to use bitcoin in a purchase, as he bought burgers at a New York City restaurant, which hailed it as a “historic transaction”.

Bitcoin is listed continuously, including on Sundays.

AFP

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Distinguished Senator SMK; constantly in touch with his grassroots

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By Manasseh Istifanus

Senator Sunday Marshall Katung stands out as a notable politician, driven by a genuine concern for the welfare of his constituents. With unwavering dedication, he remains closely connected to the grassroots, constantly striving to improve their lives. His impressive track record since assuming office speaks volumes about his deep commitment to his role as our senator. Through his unwavering actions and notable accomplishments, he has silenced naysayers and gained the unwavering support of the public, proving that he takes his responsibilities seriously and will not betray the trust bestowed upon him by our people.

Despite his demanding schedules, Senator SMK has never lost touch with the needs of his constituents. He recognizes the importance of being actively involved in the daily lives of our people to truly understand their struggles and concerns. His regular visits to different parts of our Senatorial District, where he strives to identify areas for improvement and make positive impact on the lives of the people he represents is truly commendable.

Recently, for two weeks in a stretch, Senator Katung dedicated his time in the village to diligently explore various sectors within our region. His goal was to identify opportunities for positive change and to enhance the overall quality of life for our people. This proactive approach is a testament to his unwavering commitment and sincere desire to see our zone and our people thrive.

Senator Katung is a man of great foresight, prioritizing long-lasting projects over temporary fixes. Of all the areas close to his heart, education holds a special significance for him. He understands the crucial role education plays in paving the way for a better tomorrow for our youth and siblings. Keeping this in mind, he wasted no time immediately he was inaugurated as our Senator and, in less than a year and a half, successfully advocated, lobbied and advanced the establishment of a Federal University of Applied Sciences in our region. Today, his vision has become a reality, setting a new record for the speed and efficiency with which it was accomplished. This is undoubtedly one of the finest achievements in our history as a region.

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Senator SMK is also making several interventions in different sectors of our socio-economic life, most especially in education; with interventions in different schools within our region and the impact is already being felt within those communities.

His recent visits to the facility of the Federal University of Applied Sciences in Kachia to ensure a smooth and seamless academic take-off later in September this year further demonstrated his tireless efforts and dedication to meeting the educational needs of our people.

As we prepare for September take-off of the University, we hope to see our children and younger siblings admitted to this unique University, which will bring us immense joy and hope for a better future. In addition to this, we anticipate a brighter future for our people as hundreds of individuals will secure employment and be able to earn a decent livelihood. The economy of our region will thrive, offering endless possibilities for our people to pursue. We are grateful to God and forever indebted to Distinguished Senator Sunday Marshall Katung and all those who contributed to making this dream a reality.

Keep trusting the process…..

~ Manasseh Istifanus writes from Gora Bafai, Zangon Kataf Local Government Area of Kaduna State.
4th March, 2025.

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PETROAN lauds NNPC Ltd, Dangote refinery over fuel price reduction

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The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has commended the NNPC Retail Ltd. for slashing the price of Premium Motor Spirit (PMS), known as petrol from N920 to N875 per litre.

PETROAN said the bold move was expected to alleviate the financial burden on Nigerians amidst rising inflation.

In a statement on Monday, the National President of the association, Dr Billy Gillis-Harry praised the NNPC Retail Ltd. for taking proactive steps to support the Nigerian people.

“This price reduction will be a huge relief to many Nigerians struggling to make ends meet,” he said.

Gillis-Harry said the reduction in pump price was expected to positively impact Nigerians by reducing transportation costs, making it easier for people to commute and transport goods.

He said the reduced transportation costs would lead to reduced food prices, making it easier for Nigerians to access affordable food.

The PETROAN’s President also lauded Dangote Refinery for agreeing to refund N65 to retail outlet owners affected by the price reduction.

This refund initiative follows Dangote Refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.

According to the refinery, customers who purchased PMS at higher rates than the advertised prices from Dangote’s key partners are eligible for a refund.

The refund amount is N65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price.

He said that Dangote had absorbed a N16 billion loss to implement these refunds, demonstrating its commitment to fair pricing and consumer welfare.

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The refund initiative, he said would also positively impact retail outlet owners, who would benefit from reduced prices and refunds.

“Many retail outlet owners purchased PMS at the higher rate before the price reduction, and the refund will help mitigate their losses.
“We commend Dangote Refinery for this initiative, which will help reduce the financial burden on our members,” Gillis-Harry said. (NAN)

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Dangote cement reports N3.58bn revenue growth in 2024

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Dangote Cement has reported a 62.2 per cent revenue growth, reaching N3,580.6 billion in 2024.

The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also grew by 56.0 per cent to N1,388.2 billion, with a 38.6 per cent margin.

Arvind Pathak, Chief Executive Officer and Group Managing Director of Dangote Cement, disclosed this in a corporate filing with the Nigerian Exchange Ltd. (NGX).

Pathak said “We wrapped up 2024 with strong momentum, driven by our focus on operational efficiency and excellence.

“Our group volume grew by 1.6 per year-on-year, reaching 27.7 Mt, driven by a strong recovery in Nigeria, where we improved efficiency and boosted sales growth by 7.9 per cent.

“A major milestone was the launch of the Document Management System (MMS), which enables customers to independently manage sales transactions and track deliveries, remotely.

DMS is the use of a computer and software to store, manage and track electronic documents and electronic images of paper-based information captured through the use of a document scanner.

“Over 80 per cent of our customers actively use this platform, and we aim to increase adoption to 90 per cent .

“Despite macroeconomic challenges, both globally and domestically, we remain committed to innovation and value creation, delivering strong returns for our stakeholders.”

He noted that the group’s revenue grew by 62.2 per cent to N3,580.6 billion, which was driven by a combination of volume growth and price adjustments to reflect inflationary trends.

He said as a result of this, the EBITDA reached a record high, surpassing the N1 trillion mark for the first time at N1,382.0 billion, while profit after tax (PAT) grew by 10.5 per cent year-on -year, totaling N503.2 billion.

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“Reflecting our strong financial performance, the board has proposed a dividend of ₦30.00 per share for the 2024 financial year.

“By leveraging our strong export-to-import strategy, Dangote Cement achieved a record 31 clinker shipments from Nigeria to Ghana and Cameroon, driving a 69.1 per increase in Nigerian exports and strengthening our commitment to Africa’s cement self-sufficiency.

“We also made significant strides in sustainability, particularly in alternative fuel investments.

“Our Thermal Substitution Rate (TSR) improved to 10 per cent , with 11 alternative feed systems installed across our plants, enabling greater flexibility in energy sourcing.

“Recognising our sustainability efforts, the Carbon Disclosure Project (CDP) upgraded Dangote Cement’s rating to B across both climate and water categories,” he said.

Looking ahead, Pathak noted that the group would remain focused on strengthening the Nigerian market position, enhancing productivity, and driving economic growth across its operating regions.

He said, “we are now set to commission our 3Mta Cote d’Ivoire grinding plant in 2025, further expanding our footprints to capitalise on the high-growth African cement market.” (NAN)

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