₦airaland Forum

Fuel marketers have expressed concerns over the further reduction by the Federal Government of the pump price of Premium Motor Spirit, also known as petrol. The Petroleum Products Pricing Regulatory Agency, in a circular to marketers dated May 31, 2020, announced a new pump price band of N121.50 to N123.50 per litre for petrol.

In the circular, which was obtained by our correspondents on Monday, the agency noted the recent approval of the pricing regime that became effective on March 19 and the provision for the establishment of a monthly price band within which retailers should sell the product.

The PPPRA said, “After a review of prevailing market fundamentals in the month of May and considering marketers’ realistic operating costs as much as practicable, we wish to advise of a new PMS guiding pump price with the corresponding ex-depot price for the month of June 2020, as follows: price band N121.50 – N123.50 per litre.

“Ex-depot price: N102.13 – N104.13 per litre. Ex-depot for collection: N109.78 – N111.78 per litre. All marketers are advised to operate within the indicative prices as advised by the PPPRA.”

The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hit a record low in March, wiping off subsidy on the product. The pump price of petrol was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19. The PPPRA further announced on March 31 a price band of N123.50 to N125 per litre, effective April 1.

The Chief Executive Officer/Executive Secretary, Major Oil Marketers Association of Nigeria, Mr Clement Isong, said the price modulation by the government was hurting marketers’ businesses. He urged the PPPRA to carry the operators along in determining the monthly price band for the product.

Isong said many marketers had recorded losses following the recent reductions in the pump price of petrol as they still had old stocks when the price was adjusted.

“As a law-abiding organisation, our members will comply with the new petrol price band,” Isong added. According to him, full deregulation is the ultimate solution to the challenges in the downstream petroleum sector of the nation’s oil and gas industry.

The National Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said members of the association would abide by the new price band but only after selling their old stocks.

“We are going to sell our old stocks before complying with the new price. By weekend, everybody is supposed to comply,” he told our correspondent.

SOURCE: https://punchng.com/marketers-groan-as-fg-cuts-petrol-price-to-n121-50/

In the midst of the COVID-19 pandemic, the world continues to overlook the epidemic raging on in some of the poorest regions of Africa since 2013: the Ebola outbreak. The Ebola virus is a severe disease with a death rate of up to 90% in humans.

EBOLA ORIGIN
The virus was first identified in 1976 with two simultaneous outbreaks; one in the Yambuku village in the Democratic Republic of the Congo and the other in a remote area of Sudan. Along with health workers, the people most susceptible to contracting the virus are those who have direct contact with bodies during traditional burial rituals.

As of 2020, there is no dedicated treatment for the Ebola virus. While oral rehydration is used as a supportive measure for patients, the first-ever multi-drug randomised trial was conducted in 2018 during the 2018-2019 Ebola outbreak in the Democratic Republic of the Congo.

EBOLA VACCINE
Before the 2018 drug trial, in 2015, an experimental vaccine known as rVSV-ZEBOV was studied in a trial involving 11,841 people in Guinea. This trial was led by the World Health Organisation, together with Guinea’s Ministry of Health, Médecins Sans Frontières, and the Norwegian Institute of Public Health in collaboration with other international partners. While the experimental vaccine of 2015 showed up to a 100% efficacy rate in individuals, there is still no conclusive evidence that it has the capacity to protect populations through herd immunity.

It is interesting to note that the Ebola vaccine research had a start in Canada more than 2 decades ago with German scientist, Heinz Feldmann, studying haemorrhagic fevers in Canada’s National Microbiology Laboratory in Winnipeg. Based on this research, in the early 2000s with a majority of the funding provided by the public sector, Canadian scientists were able to get 1,000 doses of their vaccine manufactured for clinical trials.

As a result, during the West Africa Ebola outbreak in 2014, Canada donated 800 doses of its experimental vaccine for use. Meanwhile, the federal government also continued to provide support for clinical trials for the vaccines to be run at the Canadian Centre for Vaccinology in Halifax.

Pharmaceutical giant, Merck, which was originally transferred the Ebola vaccine patent in 2014 for $50 million by NewLink Genetics, has only this year had its vaccine, Ervebo, approved for commercial sale by the US Food and Drug Administration and the European Medicines Agency.

COVID-19 VACCINE
In contrast, the international response to COVID-19 has been robust and consistent. This started with the WHO taking rapid measures to alert the global media of the situation happening in Wuhan, China and the severity of the virus. Following this, pharmaceutical companies globally have been developing a vaccine to COVID-19 with human trials already beginning as of May 2020.

The question then becomes: Why is there such a strong international response to the COVID-19 pandemic by governments, research labs, and pharmaceutical companies, but not towards an ongoing epidemic in Africa? In general, the international response to COVID-19 has been much swifter compared to that of Ebola. In 2015, the WHO was criticised for being too slow in responding to the Ebola outbreak. It waited 5 months after Guinea and Liberia had notified it of their outbreaks to declare an international public health emergency.

COVID-19, comparatively, was identified on December 31, 2019, in Wuhan; on January 5, 2020, the WHO published its first Disease Outbreak News on the new virus, alerting the global media, and by January 30, 2020, the WHO had declared an international public health emergency. This was just one month after COVID-19 was first identified.

EBOLA VS COVID-19
In looking at the impacts of these two outbreaks, one cannot turn a blind eye to the apparent disparities between the demographics affected by these viruses. Although there have been deaths outside of Africa due to Ebola, the majority of fatalities have been in low-income African countries such as Guinea, Sierra Leone, and Liberia.

Even though the first Ebola outbreak was documented in 1976, one of the reasons why pharmaceutical companies have not jumped to produce a vaccine is likely due to the fact that there is little financial promise for major pharmaceutical companies to invest in vaccines or drugs until the viruses are a threat to countries that have consumers who can afford the medicine.

There has been a huge failure on the part of what people term “big pharma” — Merck, Pfizer, GSK, and Sanofi, amongst others — to mount a response to develop a vaccine for Ebola. The World Bank even put the cost of the Ebola outbreak at more than US$32.6 billion by the end of 2015, significantly more than it would have cost to develop an effective therapy to stop the epidemic.

In contrast, there has been a swift international response by the pharmaceutical industry in regard to COVID-19. Specifically, China, the US, Germany, and the UK are leading the way in developing a vaccine for COVID-19. As of May 6, 2020, pharmaceutical giant, Pfizer, had already started human trials.

COVID-19 VACCINE PATENT WAR?
Now, the question becomes whether these vaccines to the newest global threat will be available to the most vulnerable countries, such as those living in the poorest regions of Africa, or whether there will be a repeat of the events that took place with Tamiflu in 2009 — where the wealthiest nations stockpiled drugs and vaccines?

We may be in for a patent war for the COVID-19 vaccine, with the wealthiest nations looking to control the rights to the vaccines and drugs so that their countries ultimately control distribution of the most sought-after treatment. But hope appears to be on the horizon following the just concluded WHA of the WHO where Costa Rica and Chile secured a technology pooling approach to ensure equitable access to all of COVID-19 health products reminiscent of the DOHA Declaration.

Meanwhile, Africa continues to be ravaged not only by COVID-19, but also by Ebola. While we observe the lock-down measures from the comfort of our homes, this is not a reality for people living in parts of Africa. More than two-thirds of people surveyed in 20 African countries said they would run out of food and water if they observed the 14-day lockdown measures. In Kenya, a widow was forced to cook stones for her 8 children, to make them believe she had food to feed them.

In the wake of this pandemic, Africa should be praised for its response to COVID-19. The continent has learned from its past experiences with Ebola (and, for that matter, HIV) to be able to prevent transmission at a very early stage. However, the continent now needs to turn its attention to its poorest regions and find a balance between reducing transmission and preventing further social and economic distress to those already living in extreme poverty.

Meanwhile, international pharmaceutical giants are being applauded for their quick discoveries to treat COVID-19 — but their corporate agendas and their failure to respond to the Ebola epidemic in Africa are ethically questionable. Where do we draw the line between scientific discovery, the pharmaceutical patenting process, free trade, and ethical considerations? Will the most vulnerable people in Africa be forgotten again in the wake of a COVID-19 discovery?

EQUAL ACCESS VITAL
Let the thousands of deaths caused by Ebola in Africa serve as a lesson in the midst of COVID-19. The international community must come together to ensure that developing countries, which do not have the infrastructure to deal with a mass pandemic, are provided with equal access to vaccines and drugs as developed countries.

Taking into account significant public funds invested across the world in the race for a COVID-19 vaccine and given the global pandemic status of the contagion, there is no alternative to a ‘global public good’ approach to a potential COVID-19 vaccine. However, Africa needs to ramp up its institutional capacity to manufacture such vaccine and other COVID-19-associated health products locally. That would be perhaps the best cost-saving and pragmatic approach under the prevailing circumstances.

--Prof. Oguamanam and Ms. Ramsoomair wrote in from the Open African Innovation Research Partnership at the University of Ottawa

SOURCE: https://punchng.com/covid-19-ebola-patent-war-to-come/

The Petroleum Products Pricing Regulatory Agency has announced a new pump price band of N121.50 to N123.50 per litre for Premium Motor Spirit, also known as petrol. The PPPRA, which is an agency of the Federal Government, disclosed this in a circular to fuel marketers dated May 31, 2020, which was obtained by our correspondent on Monday.

The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product. The pump price of petrol, which is still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19.

The PPPRA further announced on March 31 a price band of N123.50 to N125 per litre, effective April 1.

SOURCE: https://punchng.com/breaking-fg-reduces-petrol-pump-price-to-n121-50/

Pharmacists under the umbrella of Pharmaceutical Society of Nigeria warn that ingestion of high doses of vitamin C can lead to insomnia, organ failure and, in extreme cases, death. They warned that vitamin C is a poison, just like any other medication, hence the need to avoid random consumption as evident since the outbreak of the COVID-19 pandemic.

Vitamin C, also known as ascorbic acid, is involved in many bodily functions, including formation of collagen, absorption of iron, strengthening the immune system, wound healing, and the maintenance of cartilage, bones, and teeth. It is mostly found in fresh fruits and vegetables, especially in citrus fruits like orange and grape.

The medication is considered as one of the 10 most sought-after drugs in states experiencing COVID-19, as recently published by PUNCH HealthWise. According to PSN president, Sam Ohuabunwa, the medication seems to be receiving unusual attention, particularly because of its growing reputation for immune-boosting and wound repair.

“Because the body does not produce or store vitamin C, it is important to take it in the diet. While too much dietary vitamin C is unlikely to be harmful, mega doses of the drug may cause some health challenges. Normal dose is between 65-90mg per day for adults. But in times of sickness or in order to boost immunity (like in COVID-19), you may reach a maximum of 2000mg per day.

“Excess of this may lead to side effects such as nausea, vomiting, heartburn, abdominal cramps, headache and insomnia (difficulty to sleep),” Ohuabunwa said.

Speaking in the same vein, the National Chairman of Clinical Pharmacists Association of Nigeria, Dr. Joseph Madu, said misuse of vitamin C or any other medicine has nothing to do with craving or compulsion.
The clinical pharmacist warned of dire consequence when more than the normal recommended dosage is consumed. According to him, the normal recommended doses will depend on many factors such as age, pre-existing medical conditions and other factors.

“The consequences can be disastrous, as it can lead to death or morbidity. For example, diabetics are advised not to take more than 500mg vitamin C per day; otherwise, it can lead to false urinary glucose levels. Again, persons who are about to undergo amine occult blood tests should avoid vitamin C for about 72 hours before such a test in order to get reliable results.

“Most importantly, diabetic patients and persons with kidney problems can develop kidney stones if they take more than the recommended doses of vitamin C,” he said.

While warning that kidney failure can result from excess intake of the vitamin because of hyperoxaluria (too much oxalate crystals in urine), Madu said persons with iron absorption and storage conditions such as hemachromatosis (too much iron build- up in the body) should desist from taking high vitamin C doses, as that can cause damage to liver and other organs.

He advised Nigerians to always consult certified pharmacists or other health care providers before taking vitamin C, in order to avoid misuse. “The dose of any medicine, including vitamin C, depends on the user and factors such as age, sex, comorbid conditions, reason for intake, other medications the person may be taking and even the dosage form of the medicine.

“For instance, in the absence of other limiting factors, a normal adult with burns may require 1000mg to 2000mg of vitamin C daily. This is usually the highest dosage range. But persons who eat sufficient fruits and vegetables and are not sick or deficient in vitamin C may need just about 75 to 100 mg daily,” Madu advised.

The pharmacist emphasised that Vitamin C is good for boosting the immune system, especially against conditions such as COVID-19.

SOURCE: https://healthwise.punchng.com/excess-vitamin-c-can-cause-organ-failure-pharmacists/

The President, Major General Muhammadu Buhari (retd.), has said close to $1bn was “stolen under a previous, undemocratic junta in the 1990s.” Buhari, in an article published in Newsweek, a United States-based magazine, expressed appreciation to the “friendly nations” that returned the stolen funds.

Though the President did not mention Abacha by name, it was apparent he was referring to the deceased dictator. Saturday PUNCH reports that, three weeks after, Nigeria received $311m in repatriated Abacha loot from the United States and the Bailiwick of Jersey.

After Nigeria recovered the loot from US and Jersey, the Attorney-General of the Federation, Abubakar Malami, said the money would be used in expediting construction of the Lagos-Ibadan expressway, Abuja-Kano road, and the Second Niger Bridge. Previous recoveries had also been made from UK and Switzerland.

Buhari, in his article, stated that the country could move forward with road, rail and power station construction, “partly under own resources, thanks to close to $1bn of funds stolen from the people of Nigeria under a previous, undemocratic junta in the 1990s that have now been returned to our country from the US, UK and Switzerland.”

The President added, “That the friendly nations agreed to return the funds after so long is a testament to the fact that, with our governance reforms, Nigeria is rightly seen as an increasingly stable and beneficial place to transact and invest.”

SOURCE: The Punch

May 26, 2020 -- You can catch COVID-19 if an infected person coughs or sneezes and contagious droplets enter your nose or mouth. But can you become ill if the virus lands in your eyes?

Virologist Joseph Fair, PhD, an NBC News contributor, raised that concern when he became critically ill with COVID-19, the disease caused by the coronavirus. From a hospital bed in his hometown of New Orleans, he told the network that he had flown on a crowded plane where flight attendants weren’t wearing masks. He wore a mask and gloves, but no eye protection. “My best guess,” he told the interviewer, “was that it came through the eye route.” Asked if people should start wearing eye protection, Fair replied, “In my opinion, yes.”

While Fair is convinced that eye protection helps, other experts aren’t sure. So much remains unknown about the new coronavirus, SARS-CoV-2, that researchers are still trying to establish whether infection can actually happen through the eyes.

“I don’t think we can answer that question with 100% confidence at this time,” says H. Nida Sen, MD, director of the Uveitis Clinic at the National Eye Institute in Bethesda, MD, and a clinical investigator who is studying the effects of COVID-19 on the eye. But, she says, “I think it is biologically plausible.”

Some research has begun pointing in that direction, according to Elia Duh, MD, a researcher and professor of ophthalmology at the Johns Hopkins School of Medicine in Baltimore. The clear tissue that covers the white of the eye and lines the inside of the eyelid, known as the conjunctiva, “can be infected by other viruses, such as adenoviruses associated with the common cold and the herpes simplex virus,” he says.

There’s the same chance of infection with SARS-CoV-2, says Duh. “If there are droplets that an infected individual is producing by coughing or sneezing or even speaking, then the front of the eyes are directly exposed, just like the nasal passages are exposed. In addition, people rub and touch their eyes a lot. So there’s certainly already the vulnerability.”

To study whether SARS-CoV-2 could infect the eyes, Duh and fellow researchers at Johns Hopkins looked at whether the eye’s surface cells had key things that made the virus more likely to enter and infect them. In their study, which is now being peer-reviewed, the team examined 10 post-mortem eyes and five surgical samples of conjunctiva from patients who did not have the coronavirus. They wanted to see whether the eyes’ surface cells produced the key receptor for coronavirus, the ACE2 receptor.

In order for SARS-CoV-2 to enter a cell, “the cell has to have ACE2 on its surface so that the coronavirus can latch onto it and gain entry into the cell,” Duh says. Not much research existed on ACE2 and the eye’s surface cells, he says. With the team’s findings, “We were really struck that ACE2 was clearly present in the surface cells of all of the specimens.” In addition, the researchers found that the eye’s surface cells also produce TMPRSS2, an enzyme that helps the virus enter the cell.

More research is needed for a definitive answer, Duh says. But “all of this evidence together seems to suggest that there’s a good likelihood that the ocular surface cells are susceptible to infection by coronavirus.” If that’s the case, the virus then could be transmitted through the tear ducts that connect the eyes to the nasal cavity and subsequently infect the respiratory cells, he says.

Edward E. Manche, MD, a professor of ophthalmology at Stanford University Medical School, says that while doctors don’t know for sure, many think eye infection can happen. “I think it’s widely believed now that you can acquire it through the eye. The way the virus works, it’s most commonly transmitted through the mouth and nasal passages. We have mucosal tissues where it can get in.” Manche says the eyes would be “the least common mode of transmission.”

Besides looking at the eyes as an entryway, researchers are also exploring whether people with SARS-CoV-2 in their eyes could infect others through their tears or eye secretions. “The virus has been detected in tears and conjunctival swab specimens from individuals with COVID-19,” Duh says. “If someone rubs their eyes and then touches someone else or touches a surface, that kind of transmission mechanism could occur. It again highlights how contagious the coronavirus is and how stealthy it can be in its contagiousness,” he says.

If it turns out that the coronavirus can infect the eyes, the virus could persist there as a source of contagion, Duh says. “The eyes and tears could serve as a source of infection to others for longer.” He noted a case of a COVID-infected woman with conjunctivitis who still had detectable virus in her eyes 3 weeks after her symptoms started.

Conjunctivitis, commonly called pinkeye, could be a symptom of COVID-19, says Sen, who is also an ophthalmologist. She recommends that people get tested for COVID-19 if they have this condition, which is marked by redness, itchiness, tearing, discharge, and a gritty sensation in the eye.

Fair, the virologist, was released from the hospital to recover at home and continued to urge eye protection. “People like to call people like me fearmongers, things like that, but the reality is, we’re just trying to keep them safe,” he told NBC News.

The CDC hasn’t issued such advice. In an email, the agency says it “does not have specific recommendations for the public regarding eye protection. However, in healthcare settings, CDC does recommend eye protection for healthcare workers to prevent transmission via droplets.”

Sen agrees. “For the general public, I don’t think we have enough data to suggest that they should be covering the eyes in some form,” she says. When she goes to the grocery store, she doesn’t wear eye protection. “I am only wearing goggles when I’m seeing ophthalmology patients up close, basically because I’m 4 or 5 inches away from them.”

But fuller protection -- a mask, gloves, and even eye protection, such as goggles -- might help those taking care of a COVID-19 patient at home, Manche says. “If you’re caring for somebody, that’s a much higher risk because they’re shedding viral load. You lessen the chance of transmission.”

For the public, Sen stresses the continued importance of hand hygiene. “In an abundance of caution, I would still encourage hand-washing and not touching the eye for many reasons, not just COVID. You can transmit simple infections to your eye. We have other viruses and bacteria that are circulating in the environment and in our bodies elsewhere, so we can easily carry those to the eyes.”

Switching from contact lenses to eyeglasses could help cut down on touching the eyes, she says. Glasses can also be a “mechanical barrier” to keep hands away. Glasses might block some droplets if someone nearby sneezes or coughs, Manche says, although glasses “aren’t sealed around the edges. They’re not like true medical goggles that are going to keep out the virus.”

Duh agrees that health care workers must don eye protection, but he says the public doesn’t need to start wearing goggles, face shields, or other eye protection. “I still think the major mode of transmission is through the nasal passages and the respiratory system,” he says.

It’s unclear whether eye protection is warranted for plane passengers, Manche says. “It probably wouldn’t hurt, but I think the more important thing would be to take precautions: wearing a face mask, washing your hands, cleaning the seats and tray tables in front of you, and not touching things and then touching your face and eyes.”

SOURCE: webMD.com

Some houses in that price range are available in the Lekki-Sangotedo corridor (if you are willing to consider that neighbourhood).

cocolacec:
Hi everyone,
How much can one buy a 4-5 bedroom house in Lagos?.Ikeja,VGC and Amuwo odofin are areas of Interest.


Budget is N 20-25m

Explained: All the risks associated with investing in Cryptocurrency by Manasseh Egedegbe

In September 2016, Bitcoin was selling for around $600; by December 2016, the price was around $770. About a year later, the currency was selling at $15,500. There is no widespread and easily accessible asset that has done this well, except a couple of other cryptocurrencies. Therein lies the risk — an asset that can gain over 2,900% in just under a year can easily lose 99% of its value in just one week. Know this and know peace; then construct your portfolio accordingly.

Before we go on, I need to point something out real quick. There are a lot of schemes out there that promise some kind of Bitcoin payouts if you buy Bitcoins and invest in their schemes. Please note that these are pyramid schemes. The pyramids will collapse one day, and you will be left with the short end of the stick. These schemes are done using Bitcoins, but note that these schemes are not Bitcoins. Just the same way that the MMM pyramid scheme used Naira does not equate MMM with Naira.

THE BAD NEWS
Cryptocurrency prices are going to crash. This is something that will happen as long as the sun rises from the East. But the problem is I don’t know when and I don’t know how, and I also don’t know at what level this will happen.

There are two types of risky investments:
A. One in which there is a lot of small gains and one large loss, with a variable chance of occurrence, which can wipe out your entire portfolio and even run you into huge debt.
B. The other one in which you make small losses, but one huge again, also with a variable chance of occurrence, which can make you wealthy.

The latter is associated with gambling, but the former seems to be describing Bitcoin/cryptocurrencies at the moment.

It doesn’t matter at what price you enter, it just looks as if it is almost impossible to lose. Those who bought when the price hit a previous all time high of $7,600, before dropping to $5,700 are probably now smiling because the price is now climbing towards $16,000. Those who bought at $19,000 before it dropped to $11,000 and held on are probably heaving some sigh of relief now as the currency seems to be recovering. The drop and then a quick recovery has been the hallmark of Bitcoin for several years now, but the question is how sustainable can this be?

I am now going to focus on the risks facing Bitcoin. Bitcoin is the largest and most established cryptocurrency, and for as long as this currency is alive, other cryptocurrencies (not all of them though) are going to do well. Bitcoin will have to crash first before the dominoes come falling down. Whether Bitcoin will remain as the largest cryptocurrency after everything comes down is something I cannot tell.

RISK 1: PYRAMID SCHEMES
I have already mentioned the first risk that Bitcoin faces — pyramid schemes. This is not likely to bring down Bitcoins, because most Bitcoin holders know about pyramid schemes. It is only newbies, who really don’t understand what Bitcoin is, that are going to be caught in this storm. The damage to Bitcoin itself will be very minimal.

RISK 2: REGULATIONS
The second risk is from Government regulations. Governments may decide to shut down Bitcoin from within their borders, but this will require coordinated actions from all Governments. Now the problem here is that Australia, Switzerland, Russia, Japan, and Canada already have policies that favor Bitcoin. Even Vanuatu is now providing citizenship in exchange for Bitcoins. It will take a lot of effort to make all of them backtrack, and the chances of this happening is slim to none. I believe the risk from this is also minimal even if Jamie Dimon thinks otherwise.

RISK 3: CONSENSUS
The third risk is the lack of consensus in the Bitcoin community. This has led to a few forks with many more lined up for the future as a few factions break away. This weakness also happens to be the strength; there is a decentralization of the currency, which means just a few people cannot dictate how the asset should behave. This is how markets work — many people with diverging self-interests who finally settle for an equilibrium where everyone reaches compromise. The risk here is there is no one can predict what a breakaway faction can decide to do to the mother-ship. But the risk here is also minimal, because whatever they do will also negatively affect the coin they are promoting, and they will jettison the idea.

RISK 4: VOLATILITY
The fourth risk is the fact that the price has run up in a very short time, which has created a bubble. But how long will this bubble, that has burst so many times, last? Will investors/speculators just wake up and start selling because the price is ‘too high’? I don’t think so. Something will have to cause the price crash. And the truth is a bubble can only be deemed so with the benefit of hindsight. This is a real risk to Bitcoin and other cryptocurrencies as an asset class, but it does not change the underlying value. (Please don’t ask me about the fair value of Bitcoin, I don’t know. Just exactly the same way no one knows the true fair value of Gold. The value is whatever the market says it is.)

A short while ago, conversations around cryptocurrencies centered on what value the cryptocurrency was trying to deliver, and what gap it was trying to fill, but now conversations are now about how high can the price go? People who discovered Bitcoin, are now discovering hundreds of other cryptocurrencies and the question is, “Which one is going to gain 300% next?” The question is not, “Which one is going to change the way we do things and deliver value over the long term?”

The fever is sky high, and the evidence is in the market. From about 70% of total market share just some months ago, Bitcoin now accounts for less than 45% of market share. People are spinning off new cryptocurrencies every day, and people are lapping them up because, “Wow! Bitcoin is doing well, but it is too slow, other cryptocurrencies are moving faster than Bitcoin!”

Coinbase now has more accounts than Charles Schwab. And Coinbase has been forced to include a couple of other cryptocurrencies because of huge demand for them. Most cryptocurrencies exchanges are bursting at the seam as huge cash flows into the market.

I joined a couple of Telegram groups, which talk about different cryptocurrencies and it is pure madness. You see people screaming “Hodl!”, “To the mooooon!” and so on. I have seen people banned from Telegram groups for asking questions about the underlying value the cryptocurrency. I have also seen people banned for asking why the 24 hour volume of a certain cryptocurrency is more than 50% of its market capitalization.

I watched Bitcoin buyers eat up a sell wall of $500,000 (half a million US dollars) at $19,500.00 in about 30 seconds. It was beautiful to watch, breathtaking and scary. (My heart goes out to those people who bought up the coins at $19,500.) I saw a fintech microcap company gain 2,400% after admitting its link to cryptocurrency.

We have a great technology in our hands but irrational exuberance has taken over. People are taking out mortgage and credit cards to buy Bitcoins and other cryptocurrencies. Well here is the problem: by taking out a loan to buy an asset, you either believe the asset will throw out cash at you, which cryptocurrency does not do, or continue to go up in value. Continuing to go up in value is contingent on new money flowing in.

If people are borrowing to buy an asset, it means that they have finished using their disposable income. Now that people have finished using their disposable income, they will soon finish borrowing to fund purchases. When all that is done, where is the new money going to come from? Now, for people who borrowed money to buy the asset, what happens when cryptocurrencies can no longer go up, because no new money is coming in? Yes, they will have to start selling to meet up with debt repayment. At that point in time, all of us are going to be on our own.

I am doing a sign of the cross one more time for those who bought Bitcoins at $19,500, except they were lucky to use the bitcoins to buy alternative coins (altcoins). Now that altcoins have gone crazy, because people feel they will move faster than bitcoins, what happens when no new money comes in again?

Worst still is that cryptocurrencies are trading in unregulated markets. Prices can be manipulated downwards or upwards by those who have money. There is no control, no investor protection. Sooner or later, human greed will take over and all hell will be let loose.

I can confidently say we are at the inflection point, or very close to it. Markets always do the opposite of what people expect. When Saxo Bank predicted that Bitcoin was going to hit $2,100 before the end of 2017, people laughed from Shanghai to San Francisco. That time Bitcoin was $700.

RISK 5: THE UNKNOWN
The fifth and the last risk is the unknown unknown. Bitcoin is going to crash, and that time is not far. The cause of this crash, and how it will happen, is unknown, for now. We are all going to be blindsided — it may be insidious and it may be fast. Will it drop to zero? I don’t know, but it is highly unlikely. Even the people who will cause the crash will be surprised that they actually crashed Bitcoin. And when it finally happens, many will act like it had always been obvious all along, as all markets crashes are always obvious with benefit of hindsight.

Many Bloomberg, Financial Times and New York Times articles will go to town with how they predicted that Bitcoin was going to crash, and they will do everything to force their current narratives to that event. But I can bet everything I have to my last shirt, that the crash will not be anywhere near what anyone is currently predicting will be the cause.

HOW DO I KNOW THIS?
Bitcoin is a very young asset class. It takes very little to move the price up and down, hence its current volatility. Early 2018, the ducks were all lined up for the death of Bitcoin, largely because of the inability of the promoters to reach a consensus with regards to the way forward. The network was clogged. Transaction fees were going through the roof. Ethereum was taking up market share, and people were beginning to predict that Ethereum market capital would soon overtake that of Bitcoin.

Until one man, somewhere, came up with a solution. No one saw the solution coming, but lo and behold, the community was ready to activate SegWit. The market was still uncertain until Litecoin activated SegWit successfully. Bitcoin price doubled, not long after that. One man, working assiduously day and night, saved the day. One man cannot save oil price. One man cannot save stock market prices. One man cannot save the real estate markets. But one man saved Bitcoin. Bitcoin is still a very young asset class, and the headwinds are coming.

If you are still reading, and haven’t sold your cryptocurrencies yet, then let’s talk about the good news. Thank you for staying with me so far.

THE GOOD NEWS
Bitcoin has shown resilience in its short life, and it will weather the storm. After the crash, cryptocurrencies will evolve and become bigger and better than it currently is, but this is not going to happen in weeks or months like the market is currently behaving. We are already in a world where almost every single thing we do is in bytes. Zeros and Ones. Bitcoin is filling a gap — a digital asset that is outside the control of a few people (read: central banks). The market (read: the people) determine what the price of this asset should be, at every point in time.

Bitcoin has limited supply, except the whole community agrees to increase the supply, which is unlikely to happen. There was once a time a rise in Bitcoin price led to increase in purchase of goods and services in Bitcoin. Now, those who hold Bitcoins have started reducing its use, except when they want to trade for other cryptocurrencies, and most of them have plans of coming back into Bitcoins at one point in the future. Those who don’t believe in Bitcoins state problems such as slow transaction speed, fear of Government intervention, etc.

All of a sudden we have two sets of people — those who are holding Bitcoins, because they are now seeing it as a store of value, and those who believe it does not have any kind of utility. But the rising price is now bringing in people who once thought it was some kind of Ponzi scheme, and they are now becoming ‘hodlers’. People are no longer buying Bitcoin because it is a new type of digital currency (Ethereum has filled that gap), they are buying it because it is now increasingly looking like a new type of asset, a store of value.

It is this ongoing switch in identity that will make Bitcoin survive the oncoming crash.

There is one more thing in play. Global asset prices are at historical highs, from bonds to treasury bills to real estate to equities to private equities. Startups are now raising money like they never raised in the past. Interest rates are at historical lows and even negative in some countries. Cash is becoming worthless, and billions of dollars are roaming the world looking for where to park. Bitcoin price increase should be viewed through this context, albeit with caution because people are using easy credits to fuel a possible bubble. There is really nowhere else to put money. Now, even regulated institutional investors want a skin in the game, hence the excitement about the Bitcoin futures market.

There has been a lot of logical argument against the use of Bitcoins and other cryptocurrencies, but in reality, the price is whatever the market deems it to be. For as long as the market is confident in the pricing of an asset, that is what the price is. While we can only predict a bubble with the benefit of hindsight, I am sure that the cryptocurrency market will probably lose 50–70% of it’s value in the coming months.

CONCLUSION
While my Twitter timeline may look like a cryptocurrency ticker, please use this post as my warning that we are playing a dangerous game with our money. I am aware of the risks, and I also want you to be aware.

Disclosure: I have sold about 40% of my cryptocurrency holdings, and I will still sell more.
Medium · by Manasseh Egedegbe · December 27, 2017

SOURCE (abridged/updated): Nairametrics

"Indian summer" is a period of unseasonably warm, dry weather that sometimes occurs in autumn in Northern America and other temperate regions of the world during late September to November.

In an article on the US National Weather Service's web site, weather historian William R. Deedler writes that Indian Summer can be defined as "any spell of warm, quiet, hazy weather that may occur in October or November."

The opposite of this is "Blackberry Winter". Blackberry winter is a colloquial expression used in south & midwest North America, referring to a cold snap that often occurs in late spring when blackberries are in bloom.

Do you know what each of your fingers is called?

Check the attached picture...

1. SUPREME COURT
Location: Abuja.
Composition: Chief Justice of Nigeria & 21 judges.
Jurisdiction: Highest (i.e. it is the apex court - no further appeal).

2. COURT OF APPEAL
Location: Different states.
Composition: President of the Court & other judges as preassigned by an Act of the National Assembly.
Jurisdiction: 2nd highest (appeals from all lower courts & all tribunals).

3. FEDERAL HIGH COURT
Location: Different states.
Composition: Chief Judge & 49 judges.
Jurisdiction: 3rd highest (civil cases & matters outlined in section 251-1 of the 1999 constitution).

4. STATE HIGH COURT
Location: Every state & FCT.
Composition: Chief Judge & other judges as preassigned by an Act of the State Assembly..
Jurisdiction: 3rd highest (appellate jurisdiction over area courts, magistrate courts, customary courts etc).

5. NATIONAL INDUSTRIAL COURT
Location: Some states.
Composition: President of the Court, with various judicial separations.
Jurisdiction: 3rd highest (like a state high court but dealing with industrial matters).

6. SHARIA COURT OF APPEAL
Location: Abuja & states that have implemented it.
Composition: Grand Kadi & a number of Kadis.
Jurisdiction: 3rd highest (deals with civil cases involving Islamic personal law).

7. CUSTOMARY COURT OF APPEAL
Location: FCT & states that have implemented it.
Composition: President of the Court & other judges.
Jurisdiction: 3rd highest (deals with civil cases involving customary law).

8. MAGISTRATE & DISTRICT COURTS
Location: All states & FCT.
Composition: Magistrate.
Jurisdiction: 4th highest.

9. CUSTOMARY/ AREA / SHARIA COURTS
Location: All states & FCT.
Composition: Judge.
Jurisdiction: Lowest.

Sudden influx of able bodied youths from different states in the North to states in the South East and South South is raising concern among people of the zones. Their movements became more worrisome as they are invading the states at a time the Federal and various state governments have restricted movements, with curfew even imposed.

It is very curious why this sudden influx. Initially, it was reported that Almajiris displaced from the Northern states were making their way to the South East. But a closer look at these people showed they were no almajiris but youths ranging from 15 to 30 years and above which belied the earlier speculation.

Incidentally, these youth are secretly entering the states as they hide under tucks conveying cattle and food stuff and some of them usually entered in the dead of the night. The question remains what their mission is, more so in a period interstate movements are banned and all the states in the country have closed their interstate boundaries because of the fight to flatten the curve of the dreaded COVID-19 pandemic.

Worrisome is that despite the Federal government’s ban on interstate movements as well as 8pm to 6am curfew (as measures to curtail spread of Covid-19), these people beat all the security mounted from the various states all the way from the Northern states down to states in the south. This exposes the compromise of security men manning the various interstate boundaries.

Some of the youth were so desperate in getting down to the east that one of them rode all the way from Nasarawa state on a motorcycle to Enugu State where he was intercepted at Nsukka and asked to turn back to Nasarawa. For an example, on Wednesday, 6th May, about 7 mini buses and a luxury bus conveying the youths through the Enugu-Benue -Kogi boundaries were intercepted by the Nsukka Vigilante group and other local security, with the assistance of soldiers. They were escorted by soldiers out of Enugu back to where they were coming from.

The frequency has become worrisome. The matter has also given some of the governors concern that they now constantly come out in the night to monitor compliance to the curfew and some of them like Governor Ifeanyi Ugwuanyi of Enugu State and Willy Obiano have been monitoring and arresting offenders. These movements have been witnessed in all the five states of the South East zone.

Also, in Enugu state, the local government areas boarding Benue and Kogi states like Isi-Uzo, Udenu, Igboeze North, Igboeze South, Nsukka and Uzo-Uwani council areas have been fortified with local security. At Awgu local government area of Enugu that has boundary with Abia state, the Vice Chairman of the Council, Mr. Lotachukwu Ogbonnia, on May 7, intercepted a truck loaded with about 30 Northern youths who claimed they were coming from Port Harcourt and were travelling to Kano state.

Initially, the driver of the truck told the Agwu Task force team that he was carrying salt but when the team insisted on searching, 30 human beings were rather discovered instead of salt. They were made to reverse and go back to wherever they were coming from.

Also, on Monday, May 11, the Nigeria Air force at its checkpoint at Penox junction, along Enugu-Ontisha expressway intercepted over 60 northern youths packed into a 40 feet container. They claimed they were going to Nassarawa state. The interception in the daytime, drew the attention of different security agencies and civilians, including the chairman of Enugu East local government area, Mr. Alex Ugwu.

Public Relations Officer of the NAF in Enugu, Flt Lt. John Ogili told Saturday Vanguard that the Air force team handed over the arrested northerners to the police. The police, it was learnt, reloaded the northern youths into a truck that took them out from Enugu and headed north while the truck that conveyed them was impounded by the police. Still in Enugu, some Shua Arabs from Niger republic were, on Tuesday this week, apprehended along Enugu-Port Harcourt expressway with some loads and after interrogation the Chairman of Enugu South local government council, Mr. Monday Eneh turned them back toward the northern boundary where they said they came from.

The matter has been of concern to the people of south East prompting Ohaneze Ndigbo to react. Ohanaeze Ndigbo has rejected the ferrying of Northern youths and Almajiris in large numbers to the South East States, saying that their movement was not with good intentions. Publicity secretary of Ohaneze Ndigbo, Prince Uche Achi-Ogbaga wondered why the large numbers of youths from the North are making their way to the South East especially when interstate boundary movement is banned.

SOURCE (abridged): https://www.vanguardngr.com/2020/05/tension-builds-up-over-influx-of-northern-youths-into-s-east/

Gernot Rohr, Super Eagles technical adviser, has confirmed that he had sealed a two and half years contract extension with the Nigeria Football Federation (NFF). Rohr, whose contract with the NFF expires in June, had been in contract renewal talks with the federation since the beginning of the year.

But on Friday, Rohr told TheCable that he is delighted in the confidence reposed in him by the NFF. The new contract is expected to end after the FIFA World Cup in Qatar in 2022. The 66-year-old, who became the Super Eagles manager in August 2016, also admitted that it is a privilege to have been given the opportunity to work with the same national team for 6 years.

“Yes, I can confirm that we found an agreement with NFF to continue our collaboration for two and half years,” Rohr told TheCable.

“I am proud of the confidence shown by NFF, it is rare to work in the same national team for more than 6 years. Our team has a good future, our players have discipline and the staff is working in the same spirit.” The Franco-German tactician added that he is happy to be given the opportunity to continue to build the team he has been working with in the last four years.

“Yes, we want to go to the next AFCON and do very well there. And we want to start the World Cup qualifiers well and participate in Quatar with good results there,” he said. “I am happy to continue with the squad we built together since 4 years. Stability is important for progress and complicity. There is still big work to do. With the commitment of the players and the support of the fans we will able to do great things.”

Rohr led the Super Eagles to the 2018 FIFA World Cup. He also led the national team to a third-place finish at the 2019 AFCON in Egypt on July 17, 2019.

SOURCE: https://www.thecable.ng/rohr-to-continue-as-eagles-coach-till-2022

A picture is worth a thousand words! See the attached, for today's lesson.

10. The most common bird on earth is the African red-billed quelea.

Found in Sub-Saharan Africa, there are around 1 to 10 billion queleas in the world.

-- https://www.audubon.org/news/what-most-abundant-wild-bird-world

9. Sweden has more islands than any other country.

Sweden has 221,800 islands. However, only about 1,000 of them are inhabited.

-- https://www.worldatlas.com/articles/which-country-has-the-most-islands.html

8. Africa and Asia have almost 90% of earth's rural population.

-- https://www.reuters.com/article/us-world-population-factbox/10-facts-about-the-worlds-population-idUSKBN1K02AQ

7. Japan is the world's most earthquake-prone country.

-- https://www.usgs.gov/faqs/which-country-has-most-earthquakes?qt-news_science_products=0#qt-news_science_products

6. The coldest temperature ever recorded on earth was -144 degrees Fahrenheit (i.e. -97.78 degrees celsius).

This was recorded in Antarctica during research between 2004 and 2016. A few breaths of air at that temperature would induce hemorrhaging in the lungs and kill a person.

SultanM:
which position is Dubai?

Dubai is a state in the country called the United Arab Emirates (UAE). The entire UAE had 15.8m visitors in year 2017, and 15.9m in 2018. By my calculations, that makes the UAE around number 22 globally.

However, as a CITY, Dubai has been the 4th most visited destination in the world, for the past 5 years. See the top 8 cities for year 2019 below:

TOP MOST VISITED CITIES YEAR 2019
1. Bangkok — 22.78m
2. Paris — 19.1m
3. London — 19.09m
4. Dubai, United Arab Emirates — 15.93m
5. Singapore — 14.67m
6. Kuala Lumpur, Malaysia — 13.79m
7. New York City — 13.6m
8. Istanbul — 13.4m

5. Only 3 countries in the world don't use the metric system.

They are Liberia, Myanmar, and the United States.

4. The Canary Islands are actually named after dogs, not birds.

Although located off the coast of northwestern Africa, the archipelago is actually part of Spain. In Spanish, the area's name is "Islas Canarias", which comes from the Latin phrase Canariae Insulae for "island of dogs."

3. More people visit France than any other country.

France received 86.9 million visitors in 2017. Spain was the 2nd-most popular destination with 81.8m visitors, followed by the USA (76.9m), China (60.7m), and Italy (58.3m).

---https://www.e-unwto.org/doi/pdf/10.18111/9789284419876

2. The world’s entire population could fit inside Los Angeles.

That is, if every one of the 7.78 billion humans stood shoulder-to-shoulder, we could all fit within the 500 square miles of the city.

---https://www.nationalgeographic.com/news/2011/10/111031-population-7-billion-earth-world-un-seven/

1. You can't buy Coca-Cola in Cuba or North Korea.

That's because these countries are under long-term U.S. trade embargoes.

---https://www.bbc.com/news/magazine-19550067

The Lagos State Police Command has arrested a Bus Rapid Transit driver, Collins Nnodi, who went into hiding after ramming a businesswoman, Grace Okeleke, to death in the Agric area of Ikorodu.

PUNCH Metro had reported that Grace, wife of the Head of Public Relations, Globacom, Andrew Okeleke, attempted to cross the road after being dropped off by her driver around 7.20pm, on Monday, May 11, 2020, when Nnodi, who was driving a BRT bus with number plate, EPE 59 XR, knocked her down. While the businesswoman died on the spot, Nnodi, however, zoomed off and abandoned the victim at the scene of the accident.

Annoyed by the development, an angry mob vandalised some BRT buses plying the route. Chief Security Officer, Primero Transport Services Limited (the franchise holder of the BRT buses), Cletus Okodolor, while commiserating with the family, said efforts were on to apprehend Nnodi for abandoning the victim at the scene of the crash.

Okodolor told our correspondent on Monday that the fleeing driver had been arrested, adding that his guarantor facilitated his arrest. He stated, “Initially, the family of the victim thought we were hiding the busman, but we don’t do that and we disassociate ourselves from what the busman did. Why would he run? What we told them was that if an accident occurs, they should report at the nearest police station.

“We were able to apprehend the fleeing busman on Friday and we took him to the police station. We arrested him through his second guarantor, whom we told the implication of what he did. So, he cooperated and he even said the busman did not inform him about the incident.”

When contacted, the Police Public Relations Officer in the state, Bala Elkana, confirmed Nnodi’s arrest saying, “The DPO confirmed to me that the accident happened. The woman was about to cross the road and she was knocked down by the BRT bus. The driver has been apprehended and the bus has also been impounded. Investigation is ongoing.”

SOURCE: https://punchng.com/brt-driver-who-killed-businesswoman-handed-over-to-police/

Former Super Eagles goalkeeper, Abiodun Baruwa, believes poor preparation and the obsession to play in Europe are responsible for the failure of Nigerian goalkeepers in Europe’s top leagues. The former Sturm Graz goalie, capped 5 times by Nigeria, said failure to learn the goalkeeping trade remained the undoing of the new generation of keepers.

“I played about 7 to 8 seasons in the domestic league before moving abroad, same with Ike Shorunmu,” Baruwa told The PUNCH. “We played, gathered experience both in the league and on the continent. Shorunmu also played in the league, he played for Stores, held his place, Dosu (Joseph) did same with Julius Berger before travelling out.

“But, these days, you find out that these new guys are in haste to leave and are not prepared to perform at the next level. Goalkeeping is tough mentally and physically; you need years of experience to excel.”

SOURCE: https://punchng.com/baruwa-why-nigerian-keepers-fail-in-europe/

Obviously a challenging situation. However, as a trained Counsellor, I believe every problem has a solution. Here is my advice:

1. Stop trying to change your husband, especially by combative means. From my experience, about 98% of problems wives have in marriage usually arise from their husbands believing (whether rightly or wrongly) that their wives are disrespectful. And about 98% of problems men have in marriage usually arise from their wives believing (whether rightly or wrongly) that their husbands don't truly love them.

2. The human psyche can be programmed positively or negatively. In your mind, build a picture of how you want your home and your family to become (the type of house you want to build, the type of places you will visit for vacation, the type of loving relationship you'll have with your husband and children, etc). Hold this picture in your mind constantly and let it guide your thoughts, words, and actions.

3. The secret of wealth creation is INVESTMENT. Start giving your husband suggestions on investments you can both make. Whether or not you put your husband's name on your plot of land is really not important at this point. Think of additional investments that will give both of you multiple streams of income. In fact, when your husband sees that you are doing very well, your opinions will carry greater weight with him.

4. Once a man or woman has children, my advice is that they should always think of the long-term best interest of the kids. Whether your husband does the same or not, keep developing yourself and keep investing. Remember, if your husband drops dead today, everything you have experienced and written here becomes HISTORY.

5. The greatest force in the universe is the power of Almighty GOD, and God is love. Because of this, the best that any human being can do for another is to love as oneself. Endeavour to positively focus on your love for your husband, and his love for you. Whenever he does anything for you or the children, show him that you love and appreciate him. Occasionally give him a surprise gift. Love does wonders!

A virtuous woman wins her battles by her godly traits and force of character, not by trying to prove that she is not a fool. Together, you and your husband can overcome the vicissitudes of life and build a loving and prosperous home.

Here's wishing you all the best!

Anni3e:
Hi, I have been married for 9 years now, the problem I have with my husband is that his family members keep sucking him dry and the way he neglects us his immediate family.

He is the first child of 7 children, his siblings even the married ladies keep asking him for money. He keeps spending money on them and their husbands. His brothers keep crying they are broke, they keep leeching off him.

His two junior brothers that always ask him for money, one of them built a house in Port Harcourt and the other one built a big house in the village. Still they won't let him rest.

His married sisters are the worst. If they cough they would call him to send money, every minor thing they would expect money. Just this evening his sister called him to ask for money. We don't have a house of our own, I keep telling my husband to stop giving in to all their demands and invest the money on something, he would say I am turning him against his family.

We have 2 kids and I have told him we need to start saving for their future, I pay the electricity bill, foodstuffs, and most times the children school fees, he pays the house rent and rarely keeps money for home upkeep, he sometimes drops two thousand and that's it for the whole week. He always complains he has no more, but once his family calls him he sends money immediately.

I have saved enough to buy a land and I am not planning to include his name in the property. I don't know what to deal with, his family entitlement mentality or the way he neglects the kids and I and treat us like outsiders.

I am really pissed off and tired.

Sorry for the long post.