The most popular digital coin in the world, Bitcoin, recently broke the resistance level of $7500 after re-entering the bullish level above $7000. This development has made a lot of Nigerians inquisitive about how to invest in the Bitcoin market.
Just in case you are one of those contemplating this, it is imperative to learn how to keep your investment safe in this market. This is because thousands of Bitcoin investors have, overtime, been defrauded of their hard-earned money around the world. The fraudsters use both old and new tactics to defraud their targets in schemes based on Bitcoins exchanged through online ledgers known as blockchain.
Have you been approached by an unqualified investment professional asking you to invest in the Bitcoin market, without doing any professional analysis about the Bitcoin market? Perhaps this unqualified investment professional asked you to invest without even without showing you evidence of his accomplishments?
Have you been receiving email messages about investing in bitcoin with the promise of too good to be true returns on your investment in a brief time? Have you ever been asked for your private Bitcoin wallet login details?
If yes to any of these questions above, you might need to be incredibly careful. Bitcoin fraudsters use tactics such as:
Aggressive marketing tactics are often used by Bitcoin criminals to make you invest your funds in their scheme without conducting enough due diligence about them, like checking if they are regulated in their respective jurisdictions for such services.
If you’re being pushed hard to invest your funds quickly via unsolicited emails, Instagram, Twitter, or Facebook, without carrying out due diligence about the company or fund you are investing in, be cautious; there is a high chance that you will end up losing your funds.
Recently, a hacker compromised multiple accounts of YouTube users to broadcast a video of Bill Gates talking about investing in a cryptocurrency fund. Details revealed that the hacker had taken an excerpt from the original speech and stratified it with details of a Ponzi scheme, deceiving individuals to invest in the scheme.
One of the most peculiar characteristics of financial scams is the promise of unrealistic high returns. An investment firm that promises you 100% returns in a brief period after investing is a Ponzi scheme.
They use too-good-to-be-true tactics to lure victims into their Ponzi scheme nets. These financial criminals promise unrealistic returns to investors, returns never again seen (like the bull run of 2017) in the Bitcoin market.
Recently, a bitcoin exchange known as Bisq found out that a hacker took advantage of a flaw found on its trading software and stole money directly from its users. These cryptocurrency thefts were executed when the attacker managed to compromise users’ accounts without their knowledge.
Using cold wallets or a proprietary smartphone is recommended. These are specifically designed tools to keep your bitcoin from falling into the hands of hackers on the internet.
Next time you are thinking of investing your funds in a bitcoin fund or firm, consider the promised returns versus the performance of the cryptocurrency market. A fund cannot promise 100% returns, while Bitcoin is only seeing 9% increases weekly.
COVID-19: Russia produces first batch of its newly approved vaccine
Russia announced on Saturday, August 15, 2020, that it has produced the first batch of its newly approved vaccine, Sputnik V, hours after the health ministry reported the start of its production.
The disclosure was made in a statement by the Russian Health Ministry and quoted by Russian news agencies.
This is coming some days after the Russian President, Vladimir Putin, announced the registration of the world’s first COVID-19 vaccine in what could be described as a step ahead of other vaccine developments.
The announcement is seen as a propaganda coup for the Russian government against the west amid a global race to develop vaccines against the coronavirus disease.
The announcement of the vaccine registration by Putin was met with caution from scientists and the World Health Organization (WHO), who said that it still needed a rigorous safety review. Some of the scientists fear that with this fast regulatory approval, Russia may be putting national prestige ahead of safety.
Putin had said the vaccine was safe and that one of his own daughters had been inoculated, although the final stage testing involving over 2,000 people just started this week. Such trials are considered very important before a vaccine can secure regulatory approval.
Russia has said the vaccine which is the first for the coronavirus disease to go into production, will be rolled out by the end of August.
The Gamaleya Research Institute, which developed the vaccine in collaboration with the Russian Defence Ministry, said that Russia would be producing about 5 million doses a month by December or January.
Heineken scoops more Nigerian Breweries shares in insider disclosure
The company has about 8 billion shares outstanding with Heineken as the majority shareholder.
Nigerian Breweries major shareholder, Heineken disclosed it purchased 274,542 units at an average price N35.76 per unit.
Insider disclosures are reported on the Nigerian Stock Exchange as a regulatory requirement especially when it informs a major shareholder or director of a company purchasing shares in the company they own.
In a related development, its chairman Chief Kolawole Babalola Jamodu also purchased 10,000 units at N37 per unit.
Nigeria Breweries closed at N36 per share on Friday trading at a price to earnings of 34x. The company has about 8 billion shares outstanding with Heineken as the majority shareholder.
What this means: Insider purchases are often an indication of how shareholders perceive the company’s valuation. It can also mean a lot of things from a possible capital raise to a strengthening of their existing holdings.
Nigerian Breweries has struggled for growth over the last few years as consumers continue to experience a change to taste and preference for alcohol.
Lagos announces additional tax incentives for businesses, individuals
Waiver of penalty for late payment of liabilities under PAYE that were due during the period when the state was under lockdown.
The Lagos State Government has announced additional tax incentives and reliefs for businesses and individuals in the state, as part of measures aimed at reducing the burden on taxpayers amid the COVID-19 pandemic.
The disclosure was made in a public notice issued by the Lagos State Internal Revenue Service (LIRS) and signed by its Executive Chairman, Ayodele Subair.
The additional tax incentives are part of the several measures implemented by the LIRS to mitigate the impact of the coronavirus pandemic on taxpayers in Lagos and ensure business continuity.
The government had earlier given 3 months extension of deadline for filing annual returns from March 31 to June 30, 2020.
The additional measures being implemented by the state government include:
- LIRS shall be allowing on a case by case basis, the payment of outstanding liabilities in instalments to ease cash flow challenges that may affect taxpayers.
- Waiver of penalty for late payment of liabilities under PAYE that were due during the period when the state was under lockdown (March-May 2020).
- Waiver of penalties due on late filing of 2020 annual tax returns (Form A).
- Waiver of interest and penalty components of outstanding tax audit liabilities from 2009 to 2015 for entities that present and keep to a structured payment plan that terminates on or before December 31, 2020.
- Grant of tax credits of 20% of cash and kind donations made for COVID-19 by resident individuals to Lagos State Government for the 2021 Year of Assessment only subject to a cap of 35% of tax due.
- Increase of payment channels to make payment of taxes easier, simpler and more convenient for all.
- Adopting of video conferencing as the default mode for conduct of Tax Audit Reconciliation Committee (TARC) meetings in consonance with social distancing advisories from Government and other relevant authorities.
The Lagos state government expressed hope that all residents of the state would take advantage of these palliatives and reciprocate the government’s kind gestures by discharging their civic responsibilities by promptly paying their taxes and levies to the state.