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Blockchain Offers High FDI Potential for Nigeria – KureCoin CEO



L-R: Tega Abikure, Chief Executive Officer, Kure Holdings Limited; Oshioke Edmund, Managing Director, Kamen Aggregates and Construction Limited; and Emeka Ndukwe, Managing Director, Kure Funds, at Kure Holdings Investors Forum held in Lagos.

With effective industry collaboration and government support, the adoption of blockchain technology can become a major source of foreign direct investment for Nigeria, the Chief Executive Officer of Kure Holdings, Mr.  Tega Abikure, has said.

Speaking on Saturday at the company’s investors’ forum in Lagos, he noted that Nigerian government was slow in understanding and embracing the technology to drive economic development in the nation at a time other nations were already taking advantage of it.

Abikure revealed that with global cryptocurrency market, having a capitalisation in excess of $500 billion, the ecountry can take advantage of it and attract a lot of money into the country, once the right expertise is developed in locally to tap into it.

According to him, Blockchain represents the new economic revolution of the 21st century with a vast possibility of its application in several areas of the economy such as finance, medicine, agriculture, insurance, voting system etc.

According to him, government must stop foot-dragging and adopt a very robust approach at promoting Blockchain adoption and development in the country so that it will not fall behind others in the continent and the world at large.

According to him, some African countries have begun to take steps to integrate the blockchain technology into their economy having realised its potentials for growth.

“South Africa has already started taking actions, same as Uganda,” he stated.

He regretted that the use of the technology in cryptocurrencies and the subsequent involvement of Nigerians with ponzi schemes had wrongly created the impression that Blockchain is a technology used for such questionable things.

He advised Nigerian wishing to make money from cryptocurrencies and other applications of Blockchain to invest in education as this is very central to benefitting from what it offers today.

Nigerians, he explained have invested funds in excess of $5 million into the cryptocurrency market in recent years but without little to show for it due to ignorance of how they work.

“The 21st century economy is one based on information and proper education. Blockchain and its applications would only bring ultimate benefits when people begin to study properly and then put this knowledge to effective use,” he stated.

He revealed that his company’s project, KureCoin Hub, was the biggest Blockchain project in Africa and once fully developed will shape the industry in Africa within a very short period of time.

Abikure added that Kure Holdings Limited,  the parent company of KureCoin Hub, had already succeeded in many areas of the economy and believed that it will also succeed in the Blockchain industry.

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Customer Raises Alarm as N350m Disappears from his Access Bank Accounts



Serious trouble may be brewing for Access Bank Plc as Mr Pascal Nwabueze Innocent has alleged that over N350 million been fraudulently withdrawn from the two accounts he operates with the bank without his authorization.


Mr Pascal Nwabueze Innocent raised the alarm when he discovered that over N116 million has been fraudulently withdrawn from both his personal and corporate accounts with the bank.


However, in the course of probing into the circumstances surrounding the disappearance of the N116 million, the customer further discovered that over N350 million was missing from the account.


The businessman said  that the two accounts from which the funds were withdrawn are from his personal account and De Chimex Aluminum & Steel Company Limited, a corporate account both operated by Pascal Nwabueze Innocent and domiciled at the Access Bank Plc, Wuse Market branch, Abuja.


According to him, the latest fraud is even separate from over N74 million which the bank was said to have appropriated in 2016 when he installed heavy duty machines which he imported from China.


It was gathered that when he approached the bank through a letter dated July 5, 2018, to ascertain who and how the transaction were carried out, Access  Bank, in their reply dated July 9, the bank assured him that it “has commenced investigation into the alleged unauthorized fraudulent withdrawals from your account”


Access Bank also requested him to provide “the details of the transactions in other to assist in their investigation, promising to furnish him with the outcome of their investigation.


It was further gathered that the request made by Nwabueze Innocent for Access Bank to furnish him with that instruments used in the withdrawals were rebuffed by the bank.


However, it was also learnt that rather than keep it promise of furnishing the customer the findings of their investigation, Access Bank reported the Nwabueze Innocent to the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force (NPF), FCT Command.


It was further learnt that it was when the Police stepped into the matter that the bank reluctantly made available 43 Fund Transfer/Standing Order Forms, out of which only five were authorized by Nwabueze Innocent while the remaining 38 were “unauthorized and fraudulent”.


Top Police sources said preliminary report of the investigation has shown that it was a clear case of criminal conspiracy, criminal breach of trust and outright theft.


According to Police sources, Access Bank is “becoming hesitant in responding to several issues relating to the withdrawals from the two accounts maintained by Nwabueze Innocent.


For instance, it was learnt that the bank is being reluctant to produce the original mandate for the withdrawals and the Closed Circuit Television (CCTV) footage between May 1, 2018 and June 30, 2018 when the fraudulent transactions were made.


According to sources familiar with the police investigations, central to the whole drama around the illegal withdrawals from the two accounts was one Ms Uche Gloria Michael Sado, a staff of Access Bank who is also the accounts officer for the two accounts.


Investigations by the Police was said to have revealed that funds were pulled from the two accounts maintained by Nwabueze Innocent and channeled to Mikuch Global Limited, from where the funds are withdrawn and disbursed among the “beneficiaries” of the fraudulent act.


It was further discovered during the police investigations that Mikuch Global Limited is owned by one Michael Sado, alleged husband to Ms Uche Gloria Michael, the Account Officer to the two banks from which the withdrawals were made.


According to Police sources, the fraud was perfected by forging the signature, telephone number and company name of the two accounts while at the same time diverting the Alert from the original telephone number of the account holder.


Police investigations also showed that Access Bank is being economical with the truth as the Uche Gloria Michael Sado, whom the bank is alleging to have “stolen” the funds and is alleged to be on the run is still on the payroll of the bank.

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NAICOM Dissociates Self from New Ponzi Scheme



Godwin Emefiele, Governor of the Central Bank of Nigeria

National Insurance Commission (NAICOM) has dissociated itself from a Ponzi scheme, which was recently ascribed to it and is currently trending on the social media.


Mr Abdulrasaq Abdulsalami, NAICOM spokesman, said in a statement on Thursday in Lagos that the scheme, which was tagged “National Insurance Commission Newly Launched: Merging Automated’’, was a fraud.


“NAICOM’s attention has been drawn to the scheme and it has hereby disclaimed this group that is trending on social media.

“Members of the public are advised to ignore it; it is a fraud,’’ he said.


Abdulsalami said that the Ponzi scheme floated in NAICOM’s name was currently trending on the social media.


“It deceives members of the public, as it promises to double their donations in less than 25 minutes,’’ he added.


He added said that the scheme was also a contrivance, aimed at hoodwinking Nigerians to take the risk and get “instant payment’’.

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Bauchi Worries over Liquidation of Six Micro-Finance Banks



Bauchi State Government has expressed concern over the liquidation  of six Micro-finance Banks by the Central Bank of Nigeria (CBN) across the state.

The liquidated banks include Garu, Guddiri, Darazo, Misau, Warji and Itas Gadau microfinance banks located in different parts of the State.

Alhaji Liman Bello, state head of Civil Service, said during a press conference in Bauchi on Thursday that the closure of the banks had impacted negatively on pensioners, civil servants and petty traders in the state.


“Our concern is that the closure of the banks affect our pensioners, civil servants and some petty traders that operate with the banks,” he said.


He appealed to the affected civil servants and retirees not to panic as NDIC was doing everything to protect their interest.


He also apologized to them for the delay in securing their entitlements as a result of the liquidation of the banks.

‎” The affected are advised to open accounts in other banks of their choice and submit the details to their ministries, departments and agencies, state pension board and local government pension board in the case of pensioners.

” If they already have alternative accounts, they can also submit same through which they would be paid their entitlements,” he said.


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